Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
The Semi-annual Report 2020
August 2020
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
I. Important Notice, Table of Contents and Definitions
The Board of Directors , Supervisory Committee ,Directors, Supervisors and Senior Executives of the Company
hereby guarantees that there are no misstatement, misleading representation or important omissions in this report
and shall assume joint and several liability for the authenticity, accuracy and completeness of the contents hereof.
Mr.Wang Jin, The Company leader, Mr. Liu Wei, Chief financial officer and the Mr.Meng Fei, the person in
charge of the accounting department (the person in charge of the accounting )hereby confirm the authenticity and
completeness of the financial report enclosed in this semi- annual report.
Other directors attending the Meeting for the Semi-annual report deliberation except for the followed:
Name of director absent Title for absent director Reasons for absent Attorney
Wang Jin Director Due to business Zheng Yunpeng
Li Fangji Director Due to business Zheng Yunpeng
Chen Ze Director Due to business Rao Subo
Yan Ming Director Due to business Wen Lianhe
Liang Peilu Director Due to business Sha Qilin
Mao Qinghan Director Due to business Ma Xiaoqian
This semi-annual report involves the forecasting description such as the future plans, and does not constitute the
actual commitments of the company to the investors. Investors and stakeholders should all maintain sufficient
awareness of risks for this and understand the differences between plans, forecasts and commitments.
The Company is mainly engaged in thermal power generation. The business of thermal power generation is
greatly affected by factors including electric power demand and fuel price. Refer to Section X(4) of Chapter 4 of
this annual report-situation faced and countermeasures for relevant information.
The Company Will not distribute cash dividend or bonus shares, neither capitalizing of common reserves for the
report period.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Table of Contents
The Semi-annual Report 2020
I.Important Notice, Table of contents and Definitions
II. Basic Information of the Company and Financial index
III. Outline of Company Business
IV. Management’s Discussion and Analysis
V. Important Events
VI. Change of share capital and shareholding of Principal Shareholders
VII. Situation of the Preferred Shares
VIII. Information about convertible corporate bonds
IX. Information about Directors, Supervisors and Senior Executives
X. Corporate Bond
XI. Financial Report
XII. Documents available for inspection
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Definition
Terms to be defined Refers to Definition
Guangdong Energy Group Refers to Guangdong Energy Group Co., Ltd.
Guangqian Company Refers to Shenzhen Guangqian Electric Power Co., Ltd.
Bohe Company Refers to Guangdong Yudean Bohe Coal & Electricity Co., Ltd
Dapu Company Refers to Guangdong Dapu Power Generation Co., Ltd.
Wind Power Company Refers to Guangdong Wind Power Co., Ltd.
Lincang Company Refers to Lincang Yudean Energy Co., Ltd.
Qujie Wind Power Company Refers to Guangdong Yudean Qujie Wind Power Generation Co., Ltd.
Electric Power Sales Company Refers to Guangdong Yudean Electric Power Sales Co., Ltd.
Anxin Electric Inspection & Installation Guangdong Yudean Anxin Electric Inspection & Installation Co.,
Refers to
Company Ltd
Tongdao Wind Power Company Refers to Tongdao Yuexin Wind Power Generation Co., Ltd.
Zhongyue Compamy Refers to Zhanjiang Zhongyue Energy Co., Ltd.
Yuejiang Company Refers to Guangdong Shaoguan Yuejiang Power Generation Co., Ltd.
Yongan Natural Gas Company Refers to Guangdong Yudean Yongan Natural Gas Thermal Power Co., Ltd.
Leizhou Wind Power Company Refers to Guangdong Yudean Leizhou Wind Power Generation Co., Ltd.
Zhanjiang Company Refers to Zhanjiang Electric Power Co., Ltd.
Zhanjiang Wind Power Company Refers to Guangdong Yudean Zhanjiang Wind Power Co., Ltd.
Huizhou Natural Gas Company Refers to Guangdong Huizhou Natural Gas Power Co., Ltd.
Zhenneng Company Refers to Maoming Zhenneng Thermal Power Co., Ltd.
Jinghai Company Refers to Guangdong Yudean Jinghai Power Co., Ltd.
Red Bay Company Refers to Guangdong Red Bay Power Co., Ltd.
Huadu Natural Gas Company Refers to Guangdong Huadu Natural GasT Thermal Power Co., Ltd.
Humen Power Company Refers to Guangdong Yudean Humen Power Co., Ltd.
Yuejia Company Refers to Guangdong Yuejia Electric Power Co., Ltd.
Pinghai Power Plant Refers to Guangdong Hluizhou Pinghai Power Co., Ltd.
Pingdian Integrated Energy Company Refers to Huizhou Pingdian Integrated Energy Co., Ltd.
Zhencheng Integrated Energy Company Refers to Guangdong Yudean Zhencheng Integrated Energy Co., Ltd.
Daya Bay Company Refers to Guangdong Yudean Daya Bay Integrated Energy Co., Ltd.
Qiming Company Refers to Guangdong Yudean Qiming Energy Co., Ltd.
Binhaiwan Energy Company Refers to Guangdong Yudean Binhaiwan Energy Co., Ltd.
Dianbai Wind Power Company Refers to Guangdong Yudean Dianbai Wind Power Co., Ltd.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Yangjiang Wind Power Company Refers to Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd.
Heping Wind Power Company Refers to Guangdong Yudean Heping Wind Power Co., Ltd.
Pingyuan Wind Power Company Refers to Guangdong Yudean Pingyuan Wind Power Co., Ltd.
Zhuhai Wind Power Company Refers to Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd.
Wuxuan Wind Power Company Refers to Guangxi Wuxuan Yudean New Energy Co., Ltd.
Xupu Wind Power Company Refers to Hunan Xupu Yuefeng New Energy Co., Ltd.
Shibeishan Wind Power Refers to Guangdong Yudean Shibeishan Wind Energy Development Co., Ltd.
Huilai Wind Power Company Refers to Huilai Wind Power Generation Co., Ltd.
Yudean Industry Fuel Company Refers to Guangdong Power Industry Fuel Co., Ltd.
Guangdong Energy Property Insurance Captive Co., Ltd. (formerly "
Guangdong Energy Insurance Company Refers to Guangdong Yudean Property Insurance Captive Co., Ltd.." renamed
on July 27, 2020)
Shanxi Energy Company Refers to Shanxi Yudean Energy Co., Ltd.
Yudean Shipping Company Refers to Guangdong Yudean Shipping Co., Ltd.
Yudean Western Investment Company Refers to Guangdong Yudeann Holdings Western Investment Co., Ltd.
Guangdong Energy Group Finance Co., Ltd. (formerly "Guangdong
Energy Group Finance Company Refers to
Yudean Finance Co., Ltd." renamed on March 10, 2020)
Guohua Taishan Company Refers to Guangdong Guohua Yudean Taishan Power Generation Co., Ltd.
Weixin Energy Co., Ltd. Refers to Yunnan Yuntou Weixin Energy Co., Ltd.
Zhongxinkeng hydropower station Refers to Yangshan Zhongxinkeng Power Co., Ltd.
Jiangkeng hydropower station Refers to Yangshan Jiangkeng hydropower station
Southern Offshore wind power Refers to Southern Offshore wind power Union Development Co., Ltd.
Sunshine Insurance Refers to Sunshine Insurance Group Co., Ltd.
Shenzhen Capital Refers to Shenzhen Capital Group Co., Ltd.
GMG Refers to GMG International Tendering Co., Ltd.
Shenzhen Energy Refers to Shenzhen Energy Group Co., Ltd.
Shenergy Company Refers to Shenergy Company Limited
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
II. Corporate Profile and Key Financial Results
I.Company information
Stock abbreviation Yue Dian Li A, Yue Dian Li B Stock code： 000539、200539
Stock exchange for listing Shenzhen Stock Exchange
Name in Chinese 广东电力发展股份有限公司
Abbreviation of Registered Company
粤电力
Name in Chinese(If any)
English name (If any) GUANGDONG ELECTRIC POWER DEVELOPMENT CO.,LTD
English abbreviation (If any) GED
Legal Representative Wang Jin
Ⅱ.Contact person and contact manner
Board secretary Securities affairs Representative
Name Liu Wei Qin Xiao
35F, South Tower, Yudean Plaza, No.2 36/F, South Tower, Yudean Plaza, No.2
Contact address Tianhe Road East, Guangzhou,Guangdong Tianhe Road East, Guangzhou,Guangdong
Province Province
Tel (020)87570251 (020)87570251
Fax (020)85138084 (020)85138084
E-mail liuw@ged.com.cn qinxiao@ged.com.cn
III. Other info.
1. Way of contact
Whether registrations address, offices address and codes as well as website and email of the Company changed in
reporting period or not
□ Applicable √ Not applicable
Registrations address, offices address and codes as well as website and email of the Company has no change in
reporting period, found more details in annual report 2019.
2. Information inquiry
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
None of the official presses, website, and place of enquiry has been changed in the semi report period. For details
please find the Annual Report 2019.
IV.Summary of Accounting data and Financial index
May the Company make retroactive adjustment or restatement of the accounting data of the previous years
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
□ Yes √ No
Reporting period Same period of last year YoY+/-（%）
Operating income（yuan） 12,539,917,823 12,874,181,250 -2.60%
Net profit attributable to the shareholders
813,684,495 581,569,383 39.91%
of the listed company（yuan）
Net profit after deducting of non-recurring
gain/loss attributable to the shareholders of 784,542,709 588,588,917 33.29%
listed company（yuan）
Cash flow generated by business operation,
4,018,221,897 3,803,441,801 5.65%
net（yuan）
Basic earning per share(yuan/Share) 0.1550 0.1108 39.89%
Diluted gains per share(yuan/Share) 0.1550 0.1108 39.89%
Weighted average income/asset ratio（%） 3.03% 2.37% 0.66%
As at the end of the
As at the end of last year YoY+/-（%）
reporting period
Gross assets（yuan） 79,265,582,617 75,472,027,123 5.03%
Shareholders’ equity attributable to
26,356,282,412 26,178,241,077 0.68%
shareholders of the listed company（yuan）
V.The differences between domestic and international accounting standards
1．Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed
in the financial reports of differences in net income and net assets.
√ Applicable □Not applicable
In RMB
Net profit attributable to the shareholders of the Net Assets attributable to the shareholders of
listed company the listed company
Amount in the Amount in the previous End of the reporting Beginning of the
reporting period period period reporting period
According to CAS 813,684,495 581,569,383 26,356,282,412 26,178,241,077
Items and amount adjusted according to IAS
The difference arising from
recognition of goodwill after
38,638,777 38,638,777
merger of enterprises under
the same control
Difference arising from
recognition of land use value -315,000 -315,000 16,655,000 16,970,000
after enterprise merger
Influence on minority interests 27,060 27,060 4,891,399 4,864,339
According to IAS 813,396,555 581,281,443 26,416,467,588 26,238,714,193
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese
accounting standards.
□ Applicable √Not applicable
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
The Company had no difference of the net profit or net assets disclosed in financial report, under either foreign
accounting rules or Chinese GAAP(Generally Accepted Accounting Principles) in the period.
3.Note to the Difference in the Accounting Data based on the Accounting Standards of CAS and IAS.
√ Applicable □ Not applicable
(a) The difference arising from recognition of goodwill after merger of enterprises under the same control and
recognition of land value after enterprise merger.
As required by new Chinese accounting standards, the goodwill formed by the merger of enterprises under
the same control shall not be recognized and capital surplus shall be adjusted. Under IFRS, the golldwill
formed by the merger of enterprises under the same control shall be recognized and equal to the difference
between merger cost and share of fair value of recognizable net assets of the purchased party obtained in
merger. Meanwhile, all assets of the purchased party obtained in merger shall be accounted for according to
their fair value while such assets shall be accounted for according to their book value according to original
Chinese accounting standards for business enterprises. Therefore, this difference will continue to exist.
(b) Influence on minority interests
Housing reform loss occurred to the Company and some holding subsidiaries. Therefore, there’s some
influence on minority interests.
VI.Items and amount of deducted non-current gains and losses
√ Applicable □ Not applicable
In RMB
Items Amount Notes
Yuejia Company liquidated the
Non-current asset disposal gain/loss(including the write-off part
51,176,776 proceeds from the sale of
for which assets impairment provision is made)
machinery and equipment.
Mainly due to Zhenneng
Company received
Govemment subsidy recognized in current gain and
unemployment insurance rebate
loss(excluding those closely related to the Company’s business 8,974,941
and Guangqian Company
and granted under the state’s policies)
received subsidy for stable
growth of electricity.
Other non-business income and expenditures other than the above -285,673
Fines and overdue payment fees -2,784,751
Mainly due to the income from
scrapped fixed assets of
Non-current assets scrap income 8,035,492
Zhongyue Company and Pinghai
Power Plant.
Loss of Non-current assets scrapped -1,124,738
Less: Amount of influence of income tax 16,693,859
Influenced amount of minor shareholders’ equity (after tax) 18,156,402
Total 29,141,786 --
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Compaines Offering their Securities to the Public-Non-recurring Gains and Losses and
its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as
recurring gains and losses, it is necessary to explain the reason.
□ Applicable√ Not applicable
None of Non-recurring gain /loss items recorgnized as recurring gain /loss/items as defined by the information
disclosure explanatory Announcement No.1- Non –recurring gain/loss in the report period.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
III. Outline of Company Business
Ⅰ.Main Business the Company is Engaged in During the Report Period
The Company mainly engages in the investment, construction and operation management of power projects, and the
production and sales of electric power. It belongs to the power, heat production and supply industry classified in the
“Guidelines for the Industry Classification of Listed Companies” by the China Securities Regulatory Commission.
Since its foundation, the Company has always adhered to the business tenet of “Capital from the people, using it for
electricity, and benefiting the public” and adheres to the business policy of “Centering on the main business of
electricity, with diversified development”, focusing on the main business of power and making the power structure
go diversified. In addition to the development, construction and operation of large-scale coal-fired power plants, it
also has clean energy projects such as LNG power generation, wind power generation and hydropower generation,
which provides reliable and clean energy to users through the grid company. As of June 30,2020,
As of the end of the reporting period, the company has controllable installed capacity of 21.192 million kilowatts,
including holding installed capacity of 19.536 million kilowatts and equity participation installed capacity of
1.657 million kilowatts. Including: the holding installed capacity for coal-fired power generation of 15.09 million
kilowatts; the holding installed capacity for gas and electricity of 3.72 million kilowatts and renewable energy
generation like wind power and hydropower of 726,000 kilowatts.
Income source is primarily contributed by power production and sales, and main business income is derived from
Guangdong Province. The company electricity sales price is subject to the benchmark price verified by the price
authority per relevant policies based on National Development and Reform Commission (NDRC) and the
electricity transaction price through the market trade implementation per Guangdong Electricity Market Trade
Basic Rules and supporting files. In the reporting period, the electricity sold is 31.284 billion kwh, a decrease of
0.76% YOY; average price stated in the consolidated statements is 442.46 Yuan/ thousands kwh (tax included ,the
same below ), a decrease of RMB 17.28 yuan/ thousands kwh and a decrease of 3.80% YOY, the total operating
income was RMB 12,539.92 million, a decrease of RMB 334.26 million and YoY drop of 2.60%
The company's business is dominated by coal-fired power generation, and the fuel costs account for a large portion
of operating costs, thus the fluctuations in coal prices have a significant impact on the company's operating
performance. During the reporting period, affected by the increase in power generation and the continuous increase
in coal prices, the company’s Generation fuel costs were 7042.96 million yuan, which accounted for 63.15% of the
main business costs; Affected by the fall in electricity and coal prices, a decrease of 785.43 million yuan or a
decrease of 10.03% over the same period of last year.
During the reporting period, under the positive effects of normalization of epidemic prevention and control and
overall planning of economic and social development, the company's power production was generally stable, the
main cost control effect was good, and the profit rate of main business was improved, which made the company's
operating performance achieve a certain growth year-on-year, achieving a net profit attributable to shareholders of
the parent company of 813.69 million yuan, with a year-on-year increase of 39.91%, and an earning per share of
0.1550 yuan.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Ⅱ.Major Changes in Main Assets
1.Major Changes in Main Assets
Main assets Major changes
Equity assets No major changes
Fixed assets No major changes
Intangible assets No major changes
Construction in process No major changes
2. Main Conditions of Overseas Assets
□ Applicable √ Not applicable
Ⅲ. Analysis On core Competitiveness
1. The largest listed company of power in Guangdong
The Company's main power generation assets are located in Guangdong Province, with a total asset size of more
than 79 billion. It is the largest listed company of power in Guangdong Province. As of June 2020, the controllable
installed capacity and entrusted installed capacity of the company totaled 34.465 million kilowatts, accounting for
about 26% of the unified installed capacity of Guangdong Province.
2. Strong background resources advantage
As a provincial key energy enterprise, Guangdong Energy Group, the controlling shareholder of the company, has
been actively supporting the development and expansion of the company by taking advantage of its resources,
technology and asset scale. As the main force of Guangdong's energy resources, the company has always been
subordinated to serving the overall situation of the reform and development of Guangdong Province and
Guangdong Energy Group. It has deeply cultivated the main power industry, fully played the value discovery
function and resource allocation function of the capital market, and assisted the reform and development of
Guangdong Province's energy resources.
3. Comprehensive advantages of main business
The 13th Five-Year Plan of the Company specified the overall strategy of taking power generation as the core
business, optimizing the development of coal-fired power, steadily developing gas power, vigorously developing
clean energy such as wind power and hydropower, continuously optimizing the power supply structure, and heading
to an efficient, clean and low-carbon road. The company has abundant project reserves and broad development
prospects, with about 10 million kilowatts of total installed capacity of thermal power generation, onshore wind
power, offshore wind power and other power projects currently under construction and in the early stage, clear
main business, reasonable structure, prominent industrial position and market share, and strong comprehensive
strength and broad development prospects.
4. Competitive advantage in electricity market
The company's generator set has high parameters, large capacity, high operation efficiency, low coal consumption,
stable operation, superior environmental protection performance and strong market competitive advantage. In the
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
first half of 2020, the company completed a total of 31.284 billion kWh of electricity in the market, and the scale
of electricity sales continued to rank first in the province, with electricity sales prices superior to the province's
average. The company gives full play to its three advantages of scale, brand and service. With its marketing
service network all over the province and its technical accumulation and comprehensive resources in the power
industry, the company provides auxiliary value-added services such as peak regulation, frequency modulation and
backup for the power grid, and provides high-quality value-added services such as comprehensive energy saving
and power consumption consultation for users, thus realizing the transformation from a power generation
enterprise to an energy comprehensive service enterprise.
5. Advantage of financial resources
As of June 2020, the company's total assets were 79.266 billion yuan, net assets were 34.389 billion yuan, net
assets attributable to the parent company were 26.356 billion yuan, and net profit attributable to the parent
company was 814 million yuan; The net cash inflow from operating activities was 4.018 billion yuan, the net cash
outflow from investment activities was 3.327 billion yuan, and the net cash outflow from financing activities was
47 million yuan. The company has large assets, stable operating results, abundant cash flow and strong financial
resources.
6. Regional development advantages
As the main energy source in Guangdong Province, the company shoulders the important task of helping
Guangdong Province to build a clean, low-carbon, safe and efficient modern energy system. The company will
actively integrate into the construction of Guangdong-Hong Kong-Macao Greater Bay Area, Shenzhen's advanced
demonstration zone and the development of Guangdong's "one core, one belt and one area". It will steadily push
forward the construction of key energy projects and the development of new energy resources in the province and
actively seek to expand into regions with better resource conditions and higher power demand.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
IV. Management’s Discussion and Analysis
Ⅰ.General
In the first half of 2020, affected by the COVID-19, the demand for industrial electricity in the whole society
declined. However, with the solid resumption of production and business, the total electricity consumption in
Guangdong Province reached 296.484 billion kWh, which was close to the same level last year, and the decline
continued to narrow. From January to June, 2020, Guangdong Province's power generation and purchase
decreased by 1.93% year-on-year, nuclear power and wind power in Guangdong Province increased by 19.54%
and 23.1% year-on-year, and the power purchase of XD Group decreased by 20.36% year-on-year. The company
completed 31.284 billion kWh of on-grid power, down by 0.76% year-on-year, and the average utilization hours
of holding coal-fired units were 1764 hours, down by 60 hours year-on-year.
In 2020, the scale of marketization transaction in Guangdong Province continued to expand, with the total volume
reached 260 billion kWh (an increase of 30% over 2019). According to the data released by the Guangdong
Electric Power Trading Center, the 2020 annual bilateral negotiation transaction volume organized by the
Guangdong Electric Power Trading Center was 211.713 billion kWh, and the average transaction price difference
was -47.1 Cent(RMB)/kWh. In the first half of 2020, the monthly concentrated bidding transaction power was
9.837 billion kWh, and the average clearing spread was -33.4 Cent(RMB)/kWh. In 2020, the Company's
budgetary on-grid electricity was 72.867 billion kWh, of which the base electricity was 6.054 billion kWh,
accounting for about 10%; the annual long-term contracted was 50.317 billion kWh, accounting for about 70%;
the rest was monthly bidding volume, accounting for about 20%. In the first half of 2020, the average selling price
of the Company's consolidated statements was 442.46 yuan / thousand kWh (excluding tax), a decrease of 17.28
yuan / thousand kWh.
In the first half of 2020, under the positive effects of normalization of epidemic prevention and control and overall
planning of economic and social development, the company's power production was generally stable, the main
cost control effect was good, and the profit rate of main business was improved, which made the company's
operating performance achieve a certain growth year-on-year. As of June 2020, the total assets according to the
company's consolidated statements were 79.266 billion yuan, with an increase of 5.03% over the beginning of the
year, and the equity attributable to shareholders of the parent company was 26.356 billion yuan, with an increase
of 0.68% over the beginning of the year. The company's revenue according to the consolidated statement was
12.54 billion yuan, with a year-on-year decrease of 2.60%; The net profit attributable to shareholders of the parent
company was 814 million yuan, with a year-on-year increase of 39.91%; Earnings per share is 0.1550 yuan.
According to the consolidated statement of the company, the total liabilities are 44.877 billion yuan, and the
asset-liability ratio is 56.62%.
In the first half of 2020, all 36 wind turbines of the Wailuo offshore wind power project (36×0.55 million
kilowatts), which was controlled by the company, were put into operation in parallel, and 34 of them passed the
250h trial operation and were officially put into production, increasing the controllable installed capacity by
187,000 kilowatts. As of June 2020, the company has controllable installed capacity of 21.192 million kilowatts,
including holding installed capacity of 19.536 million kilowatts and equity participation installed capacity of
1.657 million kilowatts. Including: the holding installed capacity for coal-fired power generation of 15.09 million
kilowatts, accounting for 77.2%; The holding installed capacity for gas and electricity of 3.72 million kilowatts,
accounting for 19.0%; The holding installed capacity for renewable energy power generation such as wind power
and hydropower of 726,000 kilowatts, accounting for 3.7%. In addition, the company's installed capacity under
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
management is 13.273 million kilowatts (11.069 million kilowatts for thermal power and 2.204 million kilowatts
for hydropower), with the above-mentioned controllable installed capacity and the installed capacity under
entrusted management totaling 34.465 million kilowatts.
II. Main business analysis
Refer to relevant contents of “1.Summarization” in “Discussion and Analysis of Management”.
Changes in the financial data
In RMB
This report period Same period last year YOY change（%） Cause change
Operating income 12,539,917,823 12,874,181,250 -2.60%
Operating cost 10,150,973,022 11,024,143,476 -7.92%
In order to grasp the
opportunity of power market
reform, the company
strengthened its investment
Sale expenses 22,894,557 12,844,788 78.24%
in the power market
marketing business, so the
sales expenses increased
significantly year-on-year.
Administrative expenses 301,675,673 270,884,804 11.37%
Financial expenses 561,314,905 635,395,970 -11.66%
Mainly due to the company's
Income tax expenses 472,879,412 309,835,930 52.62%
profit increased year-on-year.
Mainly due to Zhanjiang
Electric Power invested more
R & D Investment 831,109 347,523 139.15%
in research and development
this year.
Cash flow generated by
4,018,221,897 3,803,441,801 5.65%
business operation, net
Mainly due to the company
increased its investment in
Net cash flow generated
-3,327,095,659 -1,616,320,253 105.84% wind power and gas power
by investment
projects during the reporting
period.
mainly due to a year-on-year
increase of 5.323 billion
Net cash flow generated yuan in borrowings and a
-46,707,153 -2,560,881,610 -567.46%
by financing year-on-year increase of
2.308 billion yuan in cash
paid for debt repayment.
mainly due to the
Net increasing of cash year-on-year increase in
644,419,313 -373,760,017 -1,631.48%
and cash equivalents financing this year, which led
to large changes in cash.
Major changes to the profit structure or sources of the Company in the reporting period
□ Applicable √Not applicable
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
The profit composition or sources of the Company have remained largely unchanged during the report period.
Component of Business Income
In RMB
This report period Same period last year
Increase /decrease
Amount Proportion Amount Proportion
Total operating
12,539,917,823 100% 12,874,181,250 100% -2.60%
revenue
On Industry
Electric power ,
Steam sales and 12,359,160,846 98.56% 12,744,689,154 98.99% -3.03%
labor income
Other 180,756,977 1.44% 129,492,096 1.01% 39.59%
On products
Sales Electric Power 12,249,310,829 97.68% 12,657,308,705 98.32% -3.22%
Thermal sales 68,698,614 0.55% 67,875,105 0.53% 1.21%
Comprehensive
145,845,255 1.16% 90,635,771 0.70% 60.91%
utilization of fly ash
Other 76,063,125 0.61% 58,361,669 0.45% 30.33%
Area
Guangdong 12,517,016,866 99.82% 12,847,440,711 99.79% -2.57%
Yunnan 22,900,957 0.18% 26,740,539 0.21% -14.36%
(2)Situation of Industry, Product and District Occupying the Company’s Business Income and Operating Profit
with Profit over 10%
√ Applicable □Not applicable
In RMB
Increase/decrease Increase/decrease Increase/decrease
of revenue in the of business cost of gross profit
Gross profit
Turnover Operation cost same period of over the same rate over the same
rate(%)
the previous period of period of the
year(%) previous year (%) previous year (%)
On Industry
Electric power ,
Steam sales and 12,359,160,846 10,137,771,229 17.97% -3.03% -8.02% 4.45%
labor income
On Products
Sales Electric
12,249,310,829 10,045,115,327 17.99% -3.22% -8.39% 4.62%
Power
Thermal sales 68,698,614 43,547,861 36.61% 1.21% 0.50% 0.45%
Area
Guangdong 12,517,016,866 10,124,838,024 19.11% -2.57% -7.93% 4.70%
Under circumstances of adjustment in reporting period for statistic scope of main business data, adjusted main
business based on latest on year’s scope of period-end.
□ Applicable √Not applicable
15
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Explanation for a year-on –year change of over 30%
□ Applicable √Not applicable
Ⅲ. Analysis of Non-core Business
□ Applicable √Not applicable
IV. Analysis of assets and liabilities
1.Significant changes in asset composition
In RMB
End of Reporting period End of same period of last year
As a percentage Change in Reason for
As a percentage of percentage(%) significant change
Amount Amount of total
total assets(%)
assets(%)
Monetary fund 5,726,061,282 7.22% 5,081,641,969 6.73% 0.49%
Accounts
3,409,377,594 4.30% 3,197,690,464 4.24% 0.06%
receivable
Inventories 1,817,548,570 2.29% 1,817,059,269 2.41% -0.12%
Real estate
50,818,225 0.06% 52,093,631 0.07% -0.01%
Investment
Long-term equity
6,360,521,327 8.02% 6,455,784,562 8.55% -0.53%
investment
Fixed assets 39,909,743,395 50.35% 38,555,718,718 51.09% -0.74%
Construction in
10,126,473,896 12.78% 10,882,003,846 14.42% -1.64%
process
Short-term loans 6,947,498,951 8.76% 5,904,132,791 7.82% 0.94%
Long-term loans 17,444,945,172 22.01% 16,587,103,380 21.98% 0.03%
2.Asset and Liabilities Measured by Fair Value
√ Applicable □Not applicable
In RMB
Gain/loss on Cumulative
Impairment Purchased Sold amount
Amount at fair value fair value
provisions in amount in the in the Other Amount at year
Items year change in the change
the reporting reporting reporting changes end
beginning reporting recorded into
period period period
period equity
Financial
assets
4．Investment
in other
3,142,371,373 2,195,266,542 3,134,892,598
equity
instruments
Total 3,142,371,373 2,195,266,542 3,134,892,598
16
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Financial
0 0 0
Liability
Did great change take place in measurement of the principal assets in the reporting period ?
□ Yes √ No
3. Restricted asset rights as of the end of this Reporting Period
(1) On June 30, 2020, individual subsidiaries of the Group pledged the right to impose electricity charges to banks
to obtain long-term loans of RMB 4,304,422,985,of which: the balance of long-term loans due within one year
was 241,373,286 yuan (as of December 31, 2019: 4,231,292,593 yuan). including: the long-term borrowings due
within one year amounted to RMB240,907,909 . The borrowings are detailed as follows:
1.As at June 30, 2020, the long-term pledge borrowings of the following subsidiaries were based on their power
fee charging rights and accounts receivable as pledges:
In RMB
Name June 30,2020 December 31,2019
Guangdong Shaoguan Yuejiang Power Generation Co., Ltd. 1,937,211,666 1,976,685,804
Guangdong Yudean Leizhou Power Generation Co., Ltd. 228,045,480 232,038,267
Guangdong Yudean Qujie Wind Generation Co., Ltd. 1,289,704,200 1,155,920,000
Guangdong Yudean Zhanjiang Wind Power Generation Co.,
112,665,000 121,425,000
Ltd.
Lincang Yudean Energy Co., Ltd. 671,000,000 676,000,000
Guangdong Yudean Xuwen Wind Power Generation Co., Ltd. 65,796,639 69,223,522
Total 4,304,422,985 4,231,292,593
2.As at June 30, 2020, the long-term pledge borrowings of the following subsidiaries due within one year were
based on their power fee charging rights and accounts receivable as pledges:
In RMB
Name June 30,2020 December 31,2019
Guangdong Shaoguan Yuejiang Power Generation Co., ltd. 193,721,168 188,255,791
Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd. 22,860,000 22,860,000
Lincang Yudean Energy Co., Ltd. 10,000,000 15000000
Guangdong Yudean Xuwen Wind Power Generation Co., Ltd. 6,806,543 6,806,543
Guangdong Yudean Leizhou Power Generation Co., Ltd. 7,985,575 7,985,575
Total 241,373,286 240,907,909
2.As at June 30,2020, The book value of fixed assets leased by the company through finance leasing is about
RMB 1,238,649,692(Original value RMB 2,962,401,108 )
①.As at June 30,2020, The book value of fixed assets leased by Zhanjiang Zhongyue Energy Co., Ltd.
through finance leasing is about RMB 352,068,940 (Original value RMB 900,000,000 );
②As at June 30,2020, The book value of fixed assets leased by Guangdong Shaoguan Yuejiang Power Generation
Co., Ltd.through finance leasing is about RMB 781,164,085 (Original value RMB1,062,401,108 );
17
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
③As at June 30,2020, The book value of fixed assets leased by Guangdong Yudean Jinghai Power Generation Co.,
Ltd.through finance leasing is about RMB 105,416,667 (Original value RMB1,000,000,000);
3. On June 30, 2020, the book value of the construction in progress of the Company to form a finance lease after
sale and leaseback was RMB 1,863,118,149 (December 31,2019: 1,696,460,736)
① The book value of the construction in progress by finance lease by Guangdong Yudean Bohe Coal and
Electricity Co., Ltd was RMB 1,008,308,409(December 31,2019: 1,007,806,525).
②The book value of the construction in progress by finance lease by Guangdong Yudean Qujie Wind Power
Generation Co., Ltd was RMB595,131,079 (December 31,2019: 496,524,360 ).
③The book value of the construction in progress by finance lease by Guangdong Yudean Yangjiang Sea Wind
Power Co., Ltd. was RMB156,494,075 (December 31,2019: 98,973,445 ).
④③The book value of the construction in progress by finance lease by Guangdong Yudean Zhuhai Sea Wind
Power Co., Ltd. was RMB103,184,586 (December 31,2019: 100,962,931 ).
18
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
V. Investment situation
1. General
√ Applicable □ Not applicable
Investment of the period Investment of same period of last year Scale of change
447,600,000 980,162,240 -54.33%
2.Condition of Acquiring Significant Share Right Investment during the Report Period
√Applicable □ Not applicable
In RMB
Gain or
Capit Invest Less or
Name of the Main Invest Share Whether to Date of
Investment al ment Product Progress up to Balance Anticipat the
Company Busin ment Propor Partner Involve in Disclosure(if Disclosure Index(if any)
Amount Sourc Horizo Type Sheet Date ed Current
Invested ess Way tion % Lawsuit any)
e n Income Investmen
t
During the reporting Announcement
Wind No.:2020-13)Published in
Guangdong Capita period, the construction of
Powe
Wind Power l Self Long-t Electric Taiyangshan Wind Farm China Securities Daily, Securities
r 50,000,000 100% No -153,609 No April 11,2020
Generation increas Funds erm power Project in Xupu, Hunan Times and
Gener
Co., Ltd. e Province was progressing http//.www.cninfo.com.cn
ation
normally.
Wind During the reporting Announcement
Guangdong Capita
Powe period, the construction of No.:2019-58)Published in
Wind Power l Self Long-t Electric November
r 50,000,000 100% No Guangxi Wuxuan Wind -204,770 No China Securities Daily, Securities
Generation increas Funds erm power 29,2019
Gener Farm Phase I project was Times and
Co., Ltd. e
ation progressing normally. http//.www.cninfo.com.cn
Wind During the reporting Announcement
Guangdong Capita
Powe period, the construction of No.:2019-05)Published in
Wind Power l Self Long-t Electric January
r 100,000,000 100% No Zhuhai Jinwan Offshore -80,922 No China Securities Daily, Securities
Generation increas Funds erm power 26,2019
Gener Wind Farm Project was Times and
Co., Ltd. e
ation progressing normally. http//.www.cninfo.com.cn
19
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Guangdong During the reporting
Wind Announcement
Yudean Capita period, the construction of
Powe No.:2019-40)Published in
Qujie Wind l Self Long-t Electric Zhanjiang Wailuo Offshore August
r 80,000,000 100% No -1,540,546 No China Securities Daily, Securities
Power increas Funds erm power Wind Power Project Phase 31,2019
Gener Times and
Generation e II was progressing
ation http//.www.cninfo.com.cn
Co., Ltd. normally.
Guangdong During the reporting
Wind Announcement
Yudean Capita period, the construction of
Powe No.:2019-59)Published in
Qujie Wind l Self Long-t Electric Zhanjiang Xinliao November
r 80,000,000 100% No -1,312,340 No China Securities Daily, Securities
Power increas Funds erm power Offshore Wind Power 29,2019
Gener Times and
Generation e Project was progressing
ation http//.www.cninfo.com.cn
Co., Ltd. normally.
During the reporting
Tongdao Wind period, the construction of Announcement
Capita
Yuexin Wind Powe Dagaoshan Wind Power No.:2020-13)Published in
l Self Long-t Electric
Power r 50,000,000 100% No Project in Tongdao Dong -109,532 No April 11,2020 China Securities Daily, Securities
increas Funds erm power
Generation Gener Autonomous County of Times and
e
Co., Ltd. ation Hunan Province http//.www.cninfo.com.cn
was progressing normally.
Huizhou
During the reporting
Daya Bay
period, the preliminary
Natur Petrificatio Announcement
Guangdong Capita work of the Western
al n No.:2020-10)Published in
Yudean Daya l Self Long-t Electric Comprehensive Energy February
Gas 17,600,000 80% Industrial -63,973 No China Securities Daily, Securities
Bay Energy increas Funds erm power Station Project of Daya 15,2020
Gener Zone Times and
Co., Ltd. e Bay Petrochemical Zone in
ation Investment http//.www.cninfo.com.cn
Huizhou was progressing
Co., Ltd.：
normally.
20%
During the reporting
Guangdong Natur period, the preliminary Announcement
Capita
Yudean al work of the Alternative No.:2019-58)Published in
l Self Long-t Electric November
Qiming Gas 20,000,000 100% N Power Supply Project at -182 No China Securities Daily, Securities
increas Funds erm power 29,2019
Energy Co., Gener Shenzhen Guangming Times and
e
Ltd. ation Plant was progressing http//.www.cninfo.com.cn
normally.
Total -- -- 447,600,000 -- -- -- -- -- -- 0 -3,465,874 -- -- --
20
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
3.Situation of the Significant Non-equity Investment Undergoing in the Report Period
□ Applicable √ Not applicable
4. Financial assets at fair value
√ Applicable □ Not applicable
In RMB
Initial Changes in fair value Cumulative fair value Purchase amount in the Sale amount in the Gain/loss of the Source of the
Category Accounting items
investment cost of the this period changes in equity this period this period reporting period shares
Stock 15,890,628 -19,782,000 42,573,372 0 0 0 58,464,000 Self funds
Stock 235,837,988 5,553,225 92,357,610 0 0 0 328,195,598 Self funds
Stock 3,600,000 6,750,000 10,332,000 0 0 0 13,932,000 Self funds
Other 258,297,440 0 637,702,560 0 0 0 896,000,000 Self funds
Other 356,000,000 0 1,412,000,000 0 0 0 1,768,000,000 Self funds
Other 70,000,000 0 301,000 0 0 0 70,301,000 Self funds
Total 939,626,056 -7,478,775 2,195,266,542 0 0 0 3,134,892,598 --
5.Investment of Financial Asset
（1）Securities investment
√ Applicable □Not applicable
In RMB
Book value Book value
Cumulative Purchase Sale Gain/loss
Initial Mode of balance at the Changes in balance at the
Security Security Stock fair value amount in amount in of the Accounting Source of
investment accounting beginning of fair value of end of the
category code Abbreviation: changes in the this the this reporting items the shares
cost measurement the reporting the this period reporting
equity period period period
period period
Domestic Other
Shenzhen
and 000027 15,890,628 FVM 78,246,000 -19,782,000 42,573,372 0 0 0 58,464,000 equity Self funds
Energy
foreign instrument
21
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
stocks Investment
Domestic
and
foreign Other
stocks equity
600642 Shenergy 235,837,988 FVM 322,642,373 5,553,225 92,357,610 0 0 0 328,195,598 Self funds
instrument
Investment
Domestic Other
and equity
831039 NEEQ 3,600,000 FVM 7,182,000 6,750,000 10,332,000 0 0 0 13,932,000 Self funds
foreign instrument
stocks Investment
Total 255,328,616 -- 408,070,373 -7,478,775 145,262,982 0 0 0 400,591,598 -- --
Disclosure date for the notice of
October 31,2019
approval by the Board (If any)
Disclosure date for the notice of
approval by shareholders’ Meeting (If
any)
（2）Investment in Derivatives
□ Applicable √ Not applicable
The Company had no investment in derivatives in the reporting period.
22
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
VI. Sales of major assets and equity
I. Sales of major assets
□ Applicable √ Not applicable
The Company had no sales of major assets in the reporting period.
II.Sales of major equity
□ Applicable √ Not applicable
Ⅶ.Analysis of the Main Share Holding Companies and Share Participating Companies
√ Applicable □ Not applicable
Situation of Main Subsidiaries and the Joint-stock Company with over 10% net profit influencing to the Company
In RMB
Company Main Registered Operating
Type Total assets Net assets Turnover Net Profit
name business capital profit
Guangdong
Power
Yudean
generation
Jinghai
Subsidiary and power 2,919,272,000 8,161,606,527 3,683,358,784 2,094,435,066 321,375,140 234,819,135
Power
station
Generation
construction.
Co., Ltd.
Guangdong
Power
Huizhou
generation
Natural gas
Subsidiary and power 1,499,347,500 3,792,797,176 2,143,132,862 1,870,193,932 389,543,606 300,691,468
Power
station
Generation
construction.
Co., Ltd.
Shenzhen Power
Guangqian generation
Electric Subsidiary and power 1,030,292,500 1,734,265,600 1,479,309,818 766,998,482 177,637,824 131,278,969
Power Co., station
Ltd. construction.
Guangdong
Huizhou Power
Pinghai generation
Power Subsidiary and power 1,370,000,000 5,414,614,282 2,226,043,196 1,443,009,856 324,803,326 242,186,835
Generation station
Plant Co., construction.
Ltd.
Guangdong Power
Red Bay generation
Power Subsidiary and power 2,749,750,000 5,943,068,036 3,333,205,924 1,630,674,910 209,623,212 152,599,944
Generation station
Co., Ltd construction.
Acquirement and disposal of subsidiaries in the Reporting period
√ Applicable □ Not applicable
23
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Way of acquiring and disposing of subsidiary Impact on the whole producing operation
Company name
corporations within the reporting period and performance
During the reporting period, The Projectt
Guangdong Yudean Daya Bay Energy Co.,
Invested was in the preliminary stage and with
Ltd.
construction not commenced yet.
During the reporting period, The Projectt
Guangdong Yudean Qiming Energy Co.,
Invested was in the preliminary stage and with
Ltd.
construction not commenced yet.
Note
During the reporting period, By the comprehensive impact of the year-on-year decline in the price of coal, dividend from the
implementation of tax reduction and fee reduction policy and the Company's effective control of various costs and
expenses, the overall profitability of the Company's coal-fired power plants went up YOY, Zhenneng Company
and Zhongyue Company turned losses into profit.
VIII．Structured vehicle controlled by the Company
□ Applicable √ Not applicable
IX. Prediction of business performance for January -September 2020
Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss
probably or the warning of its material change compared with the corresponding period of the last year and
explanation of reason.
□ Applicable √ Not applicable
X. Risks facing the Company and countermeasures
(1) Possible risks
At present, affected by the COVID-19, the characteristics of accelerated great changes in the world have become
more obvious, and the sources of global instability and risk points have increased significantly. Meanwhile, China
is in the critical period of transforming the development mode, optimizing the economic structure and converting
the growth momentum, and the downward pressure on the economy is increasing. The reform of state-owned
assets of state-owned enterprises is advancing in depth, and the energy policy and market environment are
undergoing profound changes. The task of deepening reform and promoting development will be even more
arduous.
Firstly, external policies and the market situation are grim. 2020 is the last year of the "Thirteenth Five-Year Plan".
According to the requirements of the state for optimizing the energy structure, the installed capacity of coal and
electricity in the country is controlled within 1.1 billion kilowatts, accounting for 55%, and there is limited room
for development of coal and electricity. As of June, 2020, the holding installed capacity of the company's
coal-fired power accounts for 77.2%, which is comparatively higher. On the other hand, affected by the
COVID-19, the growth rate of electricity demand in the whole society has slowed down or even experienced
negative growth, and the competition among units in the province has intensified. The newly added nuclear power
installed capacity and the increase of renewable energy power will further reduce the on-grid electricity
consumption of power generation units under unified regulation. In addition, due to the combined influence of the
unplanned increase in delivery for "West to East Power Transmission", the acceleration and expansion of
24
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
electricity market reform, carbon emissions and unit economy, the profits of coal and electricity are obviously
reduced.
Secondly, the production safety situation is complicated. Some thermal power units of the company have been in
operation for a long time and are subject to deep peak regulation. The aging problem of unit equipment is
prominent and the reliability of equipment is seriously reduced; During the infrastructure construction, there are
problems of lax control in design review, equipment installation and acceptance, commissioning supervision and
system handover; The management rigidity of major hazard sources such as ammonia station needs to be
improved; The contractor's safety management still needs to be strengthened.
Thirdly, the reform of the power system continued to deepen. In 2020, the new electricity price policy is surging.
China has made clear the timetable for independent operation of electricity trading institutions, requiring the basic
establishment of a unified nationwide electricity trading organization system within the "14th Five-Year Plan"
period. Guangdong Province plans to launch the first full-month settlement trial operation of the spot electricity
market in the first half of 2020. The trial operation of "spread monthly transaction+absolute price weekly
transaction+spot" settlement will be organized continuously throughout the month. Competition in the Guangdong
electricity market will become increasingly fierce, and spot electricity trading will bring new challenges.
Meanwhile, Guangdong's electricity market will expand to 260 billion kilowatt-hours in 2020, with a year-on-year
increase of 60 billion kilowatt-hours, placing higher demands on electricity marketing.
II. Solutions
2020 is the year when a well-off society is completed in an all-round way and the 13th Five-Year Plan is
completed. At the same time, it is facing a greater impact from the COVID-19 epidemic. It is of vital importance
to do all the work well. Firstly, adhere to the "two focuses" of epidemic prevention and production to ensure stable
and orderly production and operation of the company. Since the outbreak of the epidemic, the company has
actively promoted the implementation of the epidemic prevention and control measures in accordance with the
arrangements made by the Party Central Committee and the higher authorities. The management team has adhered
to its posts and conducted the front-line operations, and has coordinated the prevention and control of the
epidemic and the resumption of work and production. At present, through arduous efforts from all over the country,
the situation of epidemic prevention and control has initially shown a trend of continuous improvement and
accelerated recovery of production and living order. The company shall strengthen epidemic prevention and
control in a prudent manner so as not to reduce its vigilance against the epidemic and not to reduce the prevention
and control requirements. It shall resolutely implement the relevant requirements for strengthening safe
production during the epidemic prevention and control period, continue to implement strict safety and prevention
measures for key parts, key areas, key operations and key personnel, further strengthen supply chain management,
innovate power marketing and customer service methods, and ensure stable and orderly production and operation
management.
Secondly, adhere to the new development concept and continuously push forward the optimization and adjustment
of power supply structure. Pay special attention to the closed-loop management of the company's "13th Five-Year
Plan" development tasks and scientifically compile the "14th Five-Year Plan" development plan. Actively
integrate into the construction of Guangdong-Hong Kong-Macao Greater Bay Area, Shenzhen's advanced
demonstration zone and the development of Guangdong's "one core, one belt and one area" and actively seek to
expand into regions with better resource conditions and higher power demand. Accelerate the promotion of
existing key projects to ensure the full production of Bohe Coal and Electricity Project and Zhanjiang Wailuo
Offshore Wind Power Project; Solidly promote the construction of offshore wind power projects such as Zhuhai
Jinwan, Yangjiang Sharpa, Zhanjiang Wailuo Phase II, Zhanjiang Xinyu and other natural gas cogeneration
25
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
projects such as Dongguan Ningzhou Project and Huadu Project to ensure the completion of the annual project
investment and construction plan according to schedule; Increase investment in clean energy development and
project reserves, and accelerate the advance of Shenzhen Guangming Gas and Electricity, Huizhou Mobil
Chemical Complex supporting thermal power projects, Zhaoqing Yongan Natural Gas Thermal Power Project and
Yangjiang Qingzhou Offshore Wind Power Project. Resolutely perform the responsibility to prevent and control
pollution, vigorously promote the "clean water project" and speed up the implementation of the transformation of
zero emission of waste water from thermal power plants.
Thirdly, deepen the drive of reform and innovation to improve the development quality of listed companies.
Implement the decision-making arrangements made by the Party Central Committee and the State Council to
actively develop the mixed ownership economy and the relevant arrangements made by the provincial SASAC
and Guangdong Energy Group to promote the reform of mixed ownership; Formulate and implement a plan to
integrate the property rights of managed power generation assets and gradually resolve the problem of
inconsistency between the property rights relationship and the management relationship. Steadily push forward
the reform and innovation of the system and mechanism, improve the system and mechanism suitable for the
high-quality development of listed companies, stimulate the endogenous power and vitality of enterprises,
establish and improve the assessment methods for sub-enterprises, and study and build an assessment and
distribution incentive mechanism that integrates incremental incentives, bottom line constraints and fault tolerance
mechanisms.
Fourthly, continue to strengthen the ability to identify and control risks and strive to prevent and resolve major
risks. According to the newly revised and implemented Securities Law, Guidelines for the Standardized Operation
of Shenzhen Stock Exchange and other laws and regulations, optimize the system and management process,
further improve the corporate governance structure, and comprehensively enhance the corporate governance
system and governance capability. Establish and improve the prevention and control management system, and
fully utilize the internal audit and subsidiary supervisory board's supervisory function. Continue to improve the
large-scale supervision system, ensure full coverage of audit supervision, expand the daily supervision and
inspection scope of subsidiary supervisory boards, and strengthen the admissibility and application of audit,
supervision and inspection results in assessment and evaluation. Firmly establish compliance awareness,
consolidate a risk control management system based on compliance management, with internal control as a means
and comprehensive risk management as a guide, and effectively prevent listed companies from decision-making
risks, operational risks and debt risks.
26
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
V. Important Events
I. Annual General Meeting and Extraordinary Shareholders’ Meetings in the Reporting Period
1.Annual General Meeting
Investor Index to disclosed
Meeting Type Convened date Disclosure date
participation ratio information
Announcement
First Provisional No.:2020-28)..
Provisional
Shareholders’ Published in China Sec
Shareholders’ 72.62% April 27,2020 April 28,2020
general meeting of urities Daily, Securities
general meeting
2020 Times and http//.www
.cninfo.com.cn.
Announcement
No.:2020-37)..
Annual
2019 Shareholders’ Published in China Sec
Shareholders’ 72.63% May 20,2020 May 21,2020
general meeting urities Daily, Securities
General Meeting
Times and http//.www
.cninfo.com.cn
2. Preferred stockholders restored voting rights to request to convene Provisional Shareholders’ Meeting.
□Applicable√Not applicable
II. Proposal for profit distribution and converting capital Reserve into share actual for the reporting period
□ Applicable √Not applicable
For the reporting period, the Company plans not to distribute cash dividends or bonus shares or convert capital
reserve into share capital.
III. The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of the
reporting period made by the company, shareholder, actual controller, acquirer, director, supervisor,
senior management personnel and other related parities.
□ Applicable √Not applicable
There are no commitments that the company, shareholders, actual controller, offer or, directors, supervisors, senior
management or other related parties have fulfilled during the reporting period and have not yet fulfilled by the end
of reporting period.
IV. Particulars about engagement and disengagement of CPAs firm
Whether the semi-annual financial report had been audited?
□ Yes √ Not
The semi-annual report was not audited.
27
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
V. Explanations given by board of directors and supervisory board regarding “ Modified auditor’s” Issued
by CPAs firm for the reporting period
□ Applicable √ Not applicable
VI. Explanations given by Board of Directors regarding “ Modified auditor’s Report” Issued for last year
□ Applicable √ Not applicable
VII. Bankruptcy and restructuring
□ Applicable √ Not applicable
No such cases in the reporting period.
28
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
VIII. Legal matters
Significant lawsuits or arbitrations
√ Applicable □Not applicable
Situation of
Lawsuit Whether
Trial results and execution of
amount form into Process of
Basic situation of lawsuit(arbitration) influences of judgment of Disclosure date Disclosure index
(RMB Ten estimated lawsuit(arbitration)
lawsuit(arbitration) lawsuit
thousands) liabilities
(arbitration)
On April 1, 2019, Guangdong Huizhou Pinghai Power Plant
Co., Ltd., a holding subsidiary to the Company, received a set
of legal documents including the “Notice of Responding to
action”, “Subpoena” and “Civil Indictment” from Huizhou
Intermediate People's Court of Guangdong Province, involving The lawsuit has
the case of contract dispute of China Energy Construction The two pre-trial not yet been heard.
Group Guangdong Thermal Power Engineering Co., Ltd suing preparation meetings for the There are
Pinghai Power Plant on Construction Project, with the case case were held in the uncertainties in the
Announcement
number of No. 363-(2018) Yue Civil Action. The lawsuit Intermediate People's Court final judgment and
No.:2019-12)Published in
claims include: 1. The Pinghai Power Plant is ordered to pay of Huizhou City execution, so it is April 4,
23,845.74 No No China Securities Daily,
the project amount of RMB 165,978,408 (principal) and Guangdong Province temporarily 2019
Securities Times and
interest of RMB 72,478,979 (temporarily calculated as for the respectively on May 14, impossible to
http//.www.cninfo.com.cn
period from May 1, 2011 to October 31, 2018, with the final 2019 and July 18, 2019, the judge the impact
interest calculated as of the date of actual payment shall be court session time is yet to on the company's
calculated in accordance with the benchmark interest rate of be determined. profits in 2019 and
similar loans of the people's bank of China in the same period) beyond.
to Guangdong Thermal Power; the above principal and interest
amount to RMB 238,457,387; 2. The Pinghai Power Plant is
ordered to bear all the litigation costs including the acceptance
fee and the appraisal fee.
On July 8, 2019, Guangdong Huizhou Pinghai Power Plant The case was originally During the trial of Announcement
Co., Ltd., the company's controlling subsidiary, received a set scheduled to be heard in the case in the first No.:2019-29)Published in
of legal documents such as Summon, Notice of Proof and 12,607.45 No Huizhou Intermediate instance, there are No July 11,2019 China Securities Daily,
Notice of Respondence to Action from the Intermediate People's Court on August uncertain factors in Securities Times and
People's Court of Huizhou City, Guangdong Province, which 14, 2019, and was later the final judgment http//.www.cninfo.com.cn
29
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
involved the case of China Energy Construction Group rescheduled to January 17, result and
Guangdong Electric Power Engineering Bureau Co., Ltd. v. 2020 for the first hearing of execution, so it is
Pinghai Power Plant Construction Contract Dispute (case No. the first instance. The two temporarily
(2019) Y13MC No. 163). The lawsuit claims include: 1. parties exchanged evidence impossible to
Pinghai Power Plant pays Guangdong Electric Power and cross-examined, and judge the impact
Engineering Bureau 89.548053 million yuan (principal) and debated the controversial on the company's
interest of 36.526452 million yuan, with the above principal issues and the focus issues. profits in 2019 and
and interest totaling 126.074505 million yuan; 2. Pinghai According to the content of beyond.
Power Plant bears the litigation expenses in this case. the trial, continue to collect
relevant information and
well ensure the next step of
responding to the lawsuit.
Other lawsuits
□Applicable √Not applicable
30
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
IX. Doubts from media
□ Applicable √Not applicable
The Company had no issues about which media generally raised doubts in the reporting period.
X. Punishments and rectifications
□ Applicable √ Not applicable
No such cases in the reporting period.
XI. Credit conditions of the Company as well as its Controlling shareholder and actual Controller
□ Applicable √ Not applicable
XII. Equity incentive plans, employee stock ownership plans or other incentive measures for employees
□ Applicable √ Not applicable
No such cases in the reporting period.
XIII. Material related transactions
1. Related transactions in connection with daily operation
□ Applicable √ Not applicable
No such cases in the reporting period.
2. Related-party transactions arising from asset acquisition or sold
□Applicable √ Not applicable
No such cases in the reporting period.
3. Related-party transitions with joint investments
□Applicable √ Not applicable
No such cases in the reporting period.
4. Related-party transitions with joint investments
□Applicable √ Not applicable
No such cases in the reporting period.
5. Credits and liabilities with related parties
√ Applicable □Not applicable
（1）2020 daily related transactions were carried out after examination and approval by 2020 first provisional
shareholders' general meeting. Refer to (5) Related transactions of XII. Relationship between related parties and
31
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
the transactions between them of the Financial Report of this report for details.
（2）On January 17, 2020, the 10th meeting of the ninth board of directors reviewed and approved the Proposal on
Daily Related Transactions between the Company and Guangdong Energy Group Co., Ltd. in 2020, the Proposal
on Signing the Financial Services Framework Agreement between the Guangdong Yudean Finance Co., Ltd., the
Proposal on Signing the Financial Leasing Cooperation Framework Agreement between the Company and
Guangdong Yudean Financial Leasing Co., Ltd., the Proposal on Signing the Framework Agreement on
Cooperation in Insurance and Risk Management Services between the Company and Guangdong Yudean Property
Insurance Self-insurance Co., Ltd., and the above related party transactions will be implemented after being
reviewed and approved by the first extraordinary general meeting of shareholders in 2020.
Website for temporary disclosure of the connected transaction
Announcement Date of disclosure Website for disclosure
Estimates announcement of the Daily Related Party Transactions of
January 18,2020 http//www.cninfo.com.cn.
2020
Announcement of Related Transactions on Signing of the Financial
Services Framework Agreement, Framework Agreement on
January 18,2020 http//www.cninfo.com.cn.
Financing Leasing Cooperation and Framework Agreement on
Cooperation in Insurance and Risk Management Services
XIV. Particulars about the non-operating occupation of funds by the Controlling shareholder and other
related parties of the Company
□Applicable √ Not applicable
The company was not involved in the non-operating occupation of funds by the controlling shareholder and other
related parties during the reporting period.
XV. Significant contracts and execution
1.Entrustments, contracting and leasing
(1) Trusteeship
√ Applicable □Not applicable
Statement of Trusteeship Situation :
According to the statement of Guangdong Energy Group on fulfilling relevant matters, and to avoid the horizontal
competition and fulfill the relevant commitment of the horizontal competition, the Company signed Stock
Trusteeship Agreement with Guangdong Energy Group, wherein the shareholder's rights within the trusteeship
range, except the ownership, right of earning and right of disposition, will be trusted to the Company, which is
predicted to charge 245,000 yuan as trustee fee per year. See details at the " Related Transaction Announcement
on Stock Trusteeship Agreement signed with Guangdong Yudean Group Co., Ltd." published by the Company in
China Securities Daily, Securities Times and http://www.cninfo.com.cn on January 13, 2018(Announcement
No.2018-04).
Gains/losses to the Company from projects that reached over 10% in total profit of the Company in reporting
period
□Applicable √ Not applicable
32
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
No gains or losses to the Company from projects that reached over 10% in total profit of the Company in
reporting period
(2) Contract
□ Applicable √ Not applicable
No any contract for the Company in the reporting period.
(3) Lease
√Applicable □ Not applicable
Note As a lessee, the Company rented houses and billboards from Yudean Real Estate Company, and the rental fee
incurred this year was RMB4,909,655;
Note As a lessee, the Company rented Power Generation equipment from Yudean Finance Lease Comapny , and
the rental fee incurred this year was RMB43,685,957;
The parent company of the Company, as a leassor, leases the houses and parking spaces to units and individuals
such as Guangdong Electric Power Communication and Information Company and Guangdong Electric Power
Dispatching Center. The rental income for this year was confirmed to be RMB 11,423,427.
Project which generates profit or loss reaching over 10% of total profits of the Company during the Reporting
Period
□ Applicable √ Not applicable
There were no leases with a 10% or greater impact on the Company’s gross profit in the Reporting Period.
2.Guarantees
√Applicable □ Not applicable
（1）Guarantees
In RMB 10,000
Guarantee of the Company for the controlling subsidiaries (Exclude controlled subsidiaries)
Relevant
Guarantee
disclosure Date of Complete
for
Name of the date/No. of Amount of happening (Date Actual mount of Guarantee Guarantee implemen associated
Company the Guarantee of signing guarantee type term tation or parties
guaranteed agreement) not
(Yes or no)
amount
Yunnan Baoshan
Binlangjiang Guaranteeing
December November
Hydroelectricity 4,350 1,740 of joint 15 years No No
19,2007 30,2007
Development Co., liabilities.
Ltd.
Yunnan Baoshan November November Guaranteeing
7,250 145 12 years No No
Binlangjiang 12,2008 14,2008 of joint
33
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Hydroelectricity liabilities.
Development Co.,
Ltd.
Yunnan Baoshan
Binlangjiang Guaranteeing
May
Hydroelectricity 9,367 June 22,2009 4,727 of joint 18 years No No
27,2009
Development Co., liabilities.
Ltd.
Yunnan Baoshan
Binlangjiang Guaranteeing
May
Hydroelectricity 7,250 May 27,2009 725 of joint 15 years No No
27,2009
Development Co., liabilities.
Ltd.
Total amount of approved Total actually amount of
external guarantee in the report 0 external guarantee in the -725
period(A1) report period(A2)
Total amount of approved Total actually amount of
external guarantee at the end of 190,835 external guarantee at the end 7,337
the report period(A3) of the report period(A4)
Guarantee of the company for its subsidiaries
Related Date of Complete Guarantee
Name of the Actually
announcem Amount of happening(date Guarantee Guarantee implemen for related
company guarantee
ent date and guarantee of signing type term tation or party(yes
guaranteed amount
no. agreement) not or no)
Zhanjiang Wind Guaranteeing
April
Power Generation 18,572 October 9,2010 6,579.66 of joint 18years No No
29,2009
Co., Ltd. liabilities.
Total of guarantee for
Total of actual guarantee for
subsidiaries approved in the 0 -342.69
subsidiaries in the period (B2)
period(B1)
Total of guarantee for
Total of actual guarantee for
subsidiaries approved at 18,572 6,579.66
subsidiaries at period-end(B4)
period-end(B3)
Guarantee of the subsidiaries for the controlling subsidiaries
Relevant
Date of Complete Guarantee
disclosure
Name of the Amount happening Actual implemen for
date/No. of Guarantee Guarantee
Company of (Date o mount of tation associated
the type term
guaranteed guarantee signing guarantee or parties
guaranteed
agreement) not (Yes or no)
amount
The Company’s total guarantee(i.e.total of the first three main items)
Total guarantee quota approved Total amount of guarantee
in the reporting period 0 actually incurred in the -1,067.69
（A1+B1+C1） reporting period（A2+B2+C2）
Total guarantee quota already Total balance of the actual
approved at the end of the 209,407 guarantee at the end of the 13,916.66
reporting period（A3+B3+C3） reporting period（A4+B4+C4）
The proportion of the total amount of actually guarantee in the
0.53%
net assets of the Company (that is A4+B4+C4）%
Including：
The debts guarantee amount provided for the 7,337
34
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Guaranteed parties whose assets-liability ratio exceed
70% directly or indirectly（E）
Total guarantee Amount of the abovementioned guarantees
7,337
（D+E+F）
Description of the guarantee with complex method
(2) Illegal external guarantee
□ Applicable √ Not applicable
No Illegal external guarantee in the report period.
3. Other significant contract
□ Applicable √ Not applicable
No other significant contracts for the Company in reporting period.
(3)Situation of Entrusted Finance
□ Applicable √ Not applicable
No Entrusted Finance for the Company in reporting period.
4. Other significant contract
□ Applicable √ Not applicable
No other significant contracts for the Company in reporting period.
XVI. Social responsibilities
1.Major environmental protection
The Listed Company and its subsidiary whether belongs to the key sewage units released from environmental
protection department
Yes
Main Emission
Emission Verified
Company or pollutant Emissio port Implemented Total Excessive
Emission concentratio total
subsidiary and specific n port distributio pollutant emission emission emission
way n emission(To
name pollutant number n standards (Tons) condition
(mg/Nm3) ns)
name condition
Emission Standard
of Air Pollutants
Concentrate
Guangdong Red for Thermal Power
d emission Within the Not
Bay Power Smoke 4 2.76 Plants 44.76 No
through factory approved
General Co., ltd. (GB13223-2011)
chimney
special emission
limit
35
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Emission Standard
of Air Pollutants
Concentrate
Guangdong Red for Thermal Power
d emission Within the Not
Bay Power SO2 4 8.60 Plants 141.85 No
through factory approved
General Co., ltd. (GB13223-2011)
chimney
special emission
limit
Emission Standard
of Air Pollutants
Concentrate
Guangdong Red for Thermal Power
d emission Within the Not
Bay Power NOX 4 30.67 Plants 504.46 No
through factory approved
General Co., ltd. (GB13223-2011)
chimney
special emission
limit
Emission Standard
of Air Pollutants
Concentrate
Zhanjiang for Thermal Power
d emission Within the
Zhongyue Smoke 2 1.15 Plants 7.33 480 No
through factory
Energy Co., Ltd. (GB13223-2011)
chimney
special emission
limit
Emission Standard
of Air Pollutants
Concentrate
Zhanjiang for Thermal Power
d emission Within the
Zhongyue SO2 2 14.29 Plants 91.01 1200 No
through factory
Energy Co., Ltd. (GB13223-2011)
chimney
special emission
limit
Emission Standard
of Air Pollutants
Concentrate
Zhanjiang for Thermal Power
d emission Within the
Zhongyue NOX 2 24.69 Plants 157.22 1587 No
through factory
Energy Co., Ltd. (GB13223-2011)
chimney
special emission
limit
Emission Standard
of Air Pollutants
Guangdong Concentrate
for Thermal Power
Yudean Jinghai d emission Within the
Smoke 4 1.95 Plants 46.71 1770 No
Power General through factory
(GB13223-2011)
Co., Ltd. chimney
special emission
limit
Emission Standard
of Air Pollutants
广 Guangdong Concentrate
for Thermal Power
Yudean Jinghai d emission Within the
SO2 4 20.73 Plants 495.45 6502 No
Power General through factory
(GB13223-2011)
Co., Ltd. chimney
special emission
limit
Emission Standard
Guangdong Concentrate of Air Pollutants
Yudean Jinghai d emission Within the for Thermal Power
NOX 4 35.22 842.0 4687 No
Power General through factory Plants
Co., Ltd. chimney (GB13223-2011)
special emission
36
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
limit
Emission Standard
of Air Pollutants
Concentrate
Zhanjiang for Thermal Power
d emission Within the Not
Electric Power Smoke 2 1 Plants 14.909 No
through factory approved
Co., Ltd. (GB13223-2011)
chimney
special emission
limit
Emission Standard
of Air Pollutants
Concentrate
Zhanjiang for Thermal Power
d emission Within the Not
Electric Power SO2 2 13 Plants 184.344 No
through factory approved
Co., Ltd. (GB13223-2011)
chimney
special emission
limit
Emission Standard
of Air Pollutants
Concentrate
Zhanjiang for Thermal Power
d emission Within the Not
Electric Power NOX 2 29 Plants 339.663 No
through factory approved
Co., Ltd. (GB13223-2011)
chimney
special emission
limit
Emission Standard
of Air Pollutants
Guangdong Concentrate
for Thermal Power
Huizhou Pinghai d emission Within the
Smoke 2 2.11 Plants 29.81 700 No
Power Plant through factory
(GB13223-2011)
Co., Ltd. chimney
special emission
limit
Emission Standard
of Air Pollutants
Guangdong Concentrate
for Thermal Power
Huizhou Pinghai d emission Within the
SO2 2 24.07 Plants 310 1750 No
Power Plant through factory
(GB13223-2011)
Co., Ltd. chimney
special emission
limit
Emission Standard
of Air Pollutants
Guangdong Concentrate
for Thermal Power
Huizhou Pinghai d emission Within the
NOX 2 34.67 Plants 437.63 3500 No
Power Plant through factory
(GB13223-2011)
Co., Ltd. chimney
special emission
limit
Emission Standard
of Air Pollutants
Concentrate
Guangdong for Thermal Power
d emission Within the
Yudean Dapu Smoke 2 1.53 Plants 17.049 593 No
through factory
Power Plant (GB13223-2011)
chimney
special emission
limit
Emission Standard
Concentrate
Guangdong of Air Pollutants
d emission Within the
Yudean Dapu SO2 2 14.07 for Thermal Power 156.297 1447 No
through factory
Power Plant Plants
chimney
(GB13223-2011)
37
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
special emission
limit
Emission Standard
of Air Pollutants
Concentrate
Guangdong for Thermal Power
d emission Within the
Yudean Dapu NOX 2 35.10 Plants 389.849 1502 No
through factory
Power Plant (GB13223-2011)
chimney
special emission
limit
Emission Standard
Guangdong of Air Pollutants
Concentrate
Huizhou Natural for Thermal Power
d emission Within the
gas Power Smoke 6 0.32 Plants 5.87 116 No
through factory
Generation Co., (GB13223-2011)
chimney
Ltd. special emission
limit
Emission Standard
Guangdong of Air Pollutants
Concentrate
Huizhou Natural for Thermal Power
d emission Within the
gas Power NOX 6 26.26 Plants 622 1016 No
through factory
Generation Co., (GB13223-2011)
chimney
Ltd. special emission
limit
Emission Standard
of Air Pollutants
Concentrate
Shenzhen for Thermal Power
d emission Within the
Guangqian NOX 3 11.22 Plants 83.73 1312.5 No
through factory
Power Co., Ltd. (GB13223-2011)
chimney
special emission
limit
Emission Standard
Guangdong of Air Pollutants
Concentrate
Guohua Yudean for Thermal Power
d emission Within the
Taishan Power Smoke 6 1.77 Plants 47.78 -- No
through factory
Generation Co., (GB13223-2011)
chimney
Ltd. special emission
limit
Emission Standard
Guangdong of Air Pollutants
Concentrate
Guohua Yudean for Thermal Power
d emission Within the
Taishan Power SO2 6 18.29 Plants 494.83 4780 No
through factory
Generation Co., (GB13223-2011)
chimney
Ltd. special emission
limit
Emission Standard
Guangdong of Air Pollutants
Concentrate
Guohua Yudean for Thermal Power
d emission Within the
Taishan Power NOX 6 29.46 Plants 797.12 9560 No
through factory
Generation Co., (GB13223-2011)
chimney
Ltd. special emission
limit
Emission Standard
Concentrate
Shajao A Power Within the of Air Pollutants
Smoke d emission 1 1.02 5.468 121.9 No
Plant factory for Thermal Power
through
Plants
38
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
chimney (GB13223-2011)
special emission
limit
Emission Standard
of Air Pollutants
Concentrate
for Thermal Power
Shajao A Power d emission Within the
SO2 1 15.39 Plants 82.239 426.65 No
Plant through factory
(GB13223-2011)
chimney
special emission
limit
Emission Standard
of Air Pollutants
Concentrate
for Thermal Power
Shajao A Power d emission Within the
NOX 1 29.10 Plants 155.737 609.5 No
Plant through factory
(GB13223-2011)
chimney
special emission
limit
Emission Standard
Guangdong of Air Pollutants
Concentrate
Shaoguan for Thermal Power
d emission Within the
Yuejiang Power Smoke 2 1.61 Plants 17.89 717.78 No
through factory
Generation Co., (GB13223-2011)
chimney
Ltd. special emission
limit
Emission Standard
Guangdong of Air Pollutants
Concentrate
Shaoguan for Thermal Power
d emission Within the
Yuejiang Power SO2 2 16.51 Plants 91.90 2303.55 No
through factory
Generation Co., (GB13223-2011)
chimney
Ltd. special emission
limit
Emission Standard
Guangdong of Air Pollutants
Concentrate
Shaoguan for Thermal Power
d emission Within the
Yuejiang Power NOX 2 33.24 Plants 370.16 2809.07 No
through factory
Generation Co., (GB13223-2011)
chimney
Ltd. special emission
limit
Emission Standard
of Air Pollutants
Maoming Concentrate
for Thermal Power
Zhenneng d emission Within the
Smoke 2 1.61 Plants 13.32 168.12 No
thermal power through factory
(GB13223-2011)
Co., Ltd. chimney
special emission
limit
Emission Standard
of Air Pollutants
Maoming Concentrate
for Thermal Power
Zhenneng d emission Within the
SO2 2 15.52 Plants 106.53 385.51 No
thermal power through factory
(GB13223-2011)
Co., Ltd. chimney
special emission
limit
Concentrate Emission Standard
Maoming Within the
NOX d emission 2 30.78 of Air Pollutants 286.56 689.58 No
Zhenneng factory
through for Thermal Power
39
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
thermal power chimney Plants
Co., Ltd. (GB13223-2011)
special emission
limit
Prevention and control of pollution facilities construction and operation
In accordance with the national environmental protection plan, each power plant of the company implements
positively requirements of Coal-fired Power Energy Saving and Emission Reduction Upgrading and Transform
Action Plan (2014-2020) and National Energy Administration Comprehensive Division Notice about
Decomposition and Implementation of Coal-fired Power Energy Saving and Emission Reduction Upgrading and
Transform Target Tasks, etc. and promotes the ultra-low emission transformation project. At present, the
company's subordinate coal-fired units have all completed ultra-low emission transformation work, and the
emission concentration of export flue gas pollutants has been greatly reduced on the basis of the original
environmental emission standards, During the reporting period, the pollution control facilities built in the
subordinate power plants operated normally.
In addition, in accordance with the requirements of the "13th Five-Year Plan" for wastewater treatment, the
company actively promotes the "Clear Water Project", while strengthening the water-saving management and
carrying out water-saving renovation of thermal power plants, it comprehensively promotes the advanced
treatment of thermal power plant wastewater, and realized zero discharge of thermal power plant wastewater.
Currently, the zero discharge projects of thermal power plants of the company have been fully started.
Conditions of environmental impact assessment and other environmental protection administrative licensing of
construction projects
The company's construction projects that have been approved by government agencies have all undergone
environmental impact assessments and have obtained other necessary environmental protection administrative 建
Emergency plan for emergency environmental incidents
Combining with the Environmental Protection Law of the People's Republic of China and the Opinions of the
Ministry of Environmental Protection on Strengthening Environmental Emergency Management Work and other
laws and regulations on the monitoring of environmental risks, the company’s subordinate power generation
enterprises have formulated the Emergency Plan for Emergency Environmental Incidents according to their actual
conditions, which has standardized and improved the handling of emergent environmental events from the aspects
of environmental accident risk analysis, emergency command organization and responsibilities, disposal
procedures, and disposal measures, improved the ability to respond to unexpected environmental events, and
ensured that after an outbreak of an environmental incident, the company can organize emergency rescue work in
a timely, orderly and efficient manner to prevent pollution of the surrounding environment, minimize the damage
and social harm caused by the incident, maintain social stability, and protect public health and property safety.
Environmental self-monitoring program
During the reporting period, the company’s subordinate power generation companies organized annual
environmental self-monitoring programs in accordance with the national Administrative Measures on Automatic
Monitoring of Pollution Sources (No. 28 order of State Environmental Protection Administration) and other laws
and regulations, and conducted self-monitoring of the environment in accordance with the monitoring program,
and announced its own monitoring results in Guangdong Province's key pollution source regulatory information
platform and the national pollution source monitoring information and sharing platform. Both the announced rate
40
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
and completion rate had reached 100%.
Other environmental information that should be disclosed
None
Other environmental protection related information
None
2.Overview of the annual targeted poverty alleviation
（1）Precise poverty plan
The Company will in depth implement the spirits of the Central work Conference on Poverty Alleviation and the
Development and General Secretary Xi Jinping's series of important speeches on poverty alleviation and the
development, and in accordance with the Guangdong Provincial people's Government's "Opinions on the
implementation of Three years Strongly Tackling Difficulties on Precision Poverty Alleviation and Precision
Poverty Reduction in the New Time" and the overall plan and arrangement of Guangdong Province's 2016-2018
of new time of "Precision Poverty Alleviation and Precision Poverty Reduction", by adhering the concept of
innovation, coordination, green, open and shared development, the Company will strengthen the awareness of the
overall situation and the sense of responsibility of “The Rich fist leads latter, and realize the common prosperity”,
fully utilize the advantages, carry out the measures of precision poverty alleviation to the village-under-aid,
effectively enhance the local “vitality-making” function, focus on boosting the village’s collective economic
strength, developing the environment and society and people’s livelihood, thus to increase the income of
poverty-alleviation objects, so as to ensure the accomplishment of various project goals and tasks.
1. Soundly do the work of the poverty alleviation by industry development. Formulate the characteristic industry
development for the village-under-aid, implement the “one village, one product” industry promotion action, tap
into the resources advantages, precisely select the dominant industry and the dominant products, support the
construction of characteristic agricultural bases with high participation of poverty households, support the large
agricultural households and professional cooperatives , small and micro enterprises and so forth agricultural
operation bodies to speed up the development. Explore the “Internet + Precision Poverty Alleviation” model,
strengthen the training of rural E-commerce merchants in poor villages, and encourage farmers to open online
stores for self-development.
2. Explore the poverty alleviation by shares. Promote the income-increase mode of poor village collective
economy, allow the financial special poverty alleviation funds and other agricultural-related funds to invest in
facilities such as agriculture, farming, industrial parks, hydropower, rural tourism and so forth without changing
their use purposes, and the resulting asset income can be converted to shares quantization to poor villages and
poor households. Cooperate with the local to explore and promote the rights confirmation of land management
with accordingly converting to shares, guide poverty-stricken households, especially those who are incapable of
working, to voluntarily transfer the land management rights according to law, and use assets such as land,
agricultural facilities, and poverty alleviation funds to price to convert into shares, gaining the operating income
according to shares.
3. Cooperation in training and employment. Oriented towards enhancing the ability of the poor to get employment,
assist to carry out the all kinds of policy training, promote the relevant vocational and technical colleges to recruit
children from poor families, thus to enable them to achieve skills to get out of poverty.
4. Improve the infrastructure. Cooperate with the local to improve the traffic conditions and development
environment in the village-under-aid; support and help key villages-under-aid of the safe drinking water projects;
improve farmland water conservancy facilities; improve sewage facilities; improve the garbage collection and
41
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
treatment and the cleaning system; improve village cultural and leisure activities, public toilets, landscaping and
greening and other facilities; ensure that the relevant indicators meet the provincial standards.
5. Boost the education culture. In coordination with the local education and cultural departments, the Company
will vigorously promote the poverty alleviation through education so that all children in the villages-under-aid can
receive a good education, increase the education subsidies for poor families, ensure that children from poor
households do not drop out of school due to poverty, pay attention to left-behind children, and build left-behind
children's service centers.
6. Help to improve the environment. Cooperate with the local to raise funds by multi-channels to help
impoverished households complete the renovation of dilapidated buildings and fully complete the task of assisting
low-income people in housing reconstruction, assisting in the improvement of domestic garbage disposal, sewage
treatment, public toilets and greening and beautification of villages. We will use the entire village as a platform to
accelerate the improvement of production and living conditions of poor villages, and steadily promote the
construction of beautiful livable villages to realize the new appearance of the old villages.
7. Consolidate the grassroots foundation. Cooperate with the local people to adhere to the Party building and
poverty alleviation both at the same time, with the party building to help the poor and with the poverty alleviation
to promote the party building. Organize and hold regular meetings of the "two committees" meetings of the
villages to study the work of aiding the poor; the assigned cadres should assist the "two committees of the village"
to do a good job in organizing the masses, serving the masses, uniting the masses, and enhancing the ability of the
cadres of the "two committees" of the poor villages to lead the people out of poverty and run to health; It’s
necessary to constantly strengthen the development consciousness, market awareness, teaching ideas, teaching
methods and teaching experience of cadres at the grass-root level, mobilizing the grass-root level cadres,
strengthen the grass-root organizations, muster up the drive to fight against poverty, and build up “The
never-leaving Task Force on Poverty Alleviation”, thus to lay the foundation for the sustainable and healthy
development of poor villages.
8. Lead multiple parties to participate in. Guide industries, enterprises, social organizations and individuals to
participate in poverty alleviation, and encourage companies to actively undertake social responsibilities, fully
stimulate the market's vitality, and help villages to invest in industries, develop training skills, absorb employment,
and help the poor with donated money through various forms such as resource development and joint construction
of villages and enterprises.
9. Strengthen the publicity for poverty alleviation. Adhere to the guidance of public opinion, comprehensively
publicize and accurately interpret the decision-making and deployment of “Precision poverty alleviation and
Precision poverty reduction”, strengthen the ideological education and guidance, and strengthen the cadres and the
masses' centripetal force and cohesion in poverty alleviation work and the development work. Guide the villagers
to change the obsolete customs and habits, stimulate the impoverished people to work hard and develop good
enthusiasm, and create a positive atmosphere for self-reliance, hard-working and getting rid of poverty and
becoming better off.
（2）Half-year poverty relieving summary
During the reporting period, the company actively implemented the overall deployment and arrangement of
Guangdong province's work on "targeted poverty relief and targeted poverty alleviation", actively invest human,
material and financial resources in poverty relief work, and its six subsidiaries, namely Yuejiang company,
Zhanjiang Wind Power Company, Zhenneng company, Zhanjiang company and Dabu company and Zhanjiang
42
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
wind power company, actively carried out targeted poverty relief assistance work.
I Counterpart assistance of Yuejiang Company on Mi Xiashui village, Quan’an Town, Nan Xiong City
As of June 2020, Mixiashui Village has poverty alleviation for 41 households including 99 relatively poor people,
and stably achieved the goal of "two no worries, three guarantees and one equivalent" for the poor people in
Mixiashui Village. With the exit rate of poverty alleviation reaching 100%, it has been excluded from the list of
relatively poor villages.
(I) Ensure party building and promote poverty alleviation. It continues to thoroughly implement the important
guiding spirit put forward by General Secretary Xi Jinping at the Central Poverty Relief and Development Work
Conference, "Well ensuring party building to promote poverty alleviation is an important experience for
poverty-stricken areas to get rid of poverty and become rich", and organically combines the consolidation of rural
grassroots party organizations with poverty alleviation. Firstly, strengthen the political consciousness. Carry out
in-depth study of Xi Jinping's new era of socialism with Chinese characteristics and the spirit of the 19th National
Congress of the Communist Party of China, as well as the important instructions and comments of General
Secretary Xi Jinping, actively adopt the way of "going out" and "inviting in" to carry out the study of party
building knowledge, persist in arming the mind with the advanced thoughts of the Party, and promote theory to
guide practice. Secondly, strengthen the guidance of party building. Centering on the deployment requirements of
the central government, provinces, cities and counties on the Party's construction to promote poverty alleviation,
and in combination with the actual situation in Nanxiong City and Quan'an Town, efforts are focused on "grasping
points, expanding areas, improving quality and strengthening capabilities" to give full play to the exemplary and
leading role of Party members, and to promote the village collective economy to blossom and grow. Thirdly, pay
special attention to the co-construction of branches. Organize and help the Party branch of the unit to carry out the
co-construction work of Party branch in Mixiashui Village, and promote the cohesion and combat effectiveness of
the village grass-roots party organizations to a higher level.
(II) Earnestly well ensure poverty alleviation and consolidation. In strict accordance with the working principle of
"poverty alleviation by following policies and undertaking responsibilities", continue to track and understand the
production and living conditions of poor households in Mixiashui Village, and focus on the basic requirements of
"one policy for each household" to well ensure poverty alleviation and consolidation for poor households; In
guiding the Industry development of poor households, it is necessary to give full play to the resource advantages
of Mixiashui Village in a down-to-earth manner, such as enhancing the planting and breeding of rice, peanut and
poultry, and to plan new ideas in combination with the new situation, actively explore and introduce characteristic
industries suitable for large-scale planting and breeding, and give full play to the building function of the industry
to ensure that poor households can get rid of poverty stably without returning to poverty.
(III) Actively pilot new projects in new industry. Focusing on the goal of consolidating and improving the village
collective income, strive to enlarge and strengthen the village collective poverty alleviation industrial economy.
On the basis of well ensuring the existing passion fruit planting base, plan to develop new industry and realize the
multiple development for poverty relief industry; Relying on the advantages of abundant water resources in
Mixiashui Village, explore launching some poor households with working ability and villagers to try to raise loach
and crayfish in a small scale; Continue to implement the supporting measures of the policy of "substituting awards
for subsidies", and combine with Nanxiong's policy of substituting awards for subsidies, and continue to well
ensure the supporting subsidies for poor households that breed poultry, grow rice, peanuts and other crops by
distributing feed, fertilizer and other means of production. In the first half of the year, 9 poor households have
been awarded a total of 4,200 yuan as compensation funds according to the standard of 400 yuan/mu for planting
peanuts.
(IV) Strive to well ensure poverty relief through consumption. Adhere to the consumption poverty relief policy as
43
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
the fulcrum to increase the villagers and village collective income, rely on the platform of Mixiashui Village
Zhongzhi Cooperative to smooth sales channels and to create order agriculture, make good use of the production
and sales model of "company+cooperative+poor households (farmers)" to make bigger and stronger leading
industries for high-quality rice, passion fruit and peanuts in Mixiashui Village, and realize poverty alleviation by
industry-driven hard work; Explore investing poverty relief funds to purchase a batch of agricultural products
processing and packaging equipment, concentrate on purchasing and packaging the agricultural products of poor
households and villagers in Mixiashui Village, further enhance the value of agricultural products, and actively
connect with individuals, government agencies and social organizations, make efforts to publicize the agricultural
products in Mixiashui Village, expand the sales volume of products, and earnestly implement the policy of
poverty relief by consumption.
(V) Promote the construction of new socialist countryside. According to the construction requirements of beautiful
countryside, continue to make great efforts to build a new rural demonstration village in Mixiashui Village,
carefully check and sort out the village appearance, hardening of village roads, drinking water safety, farmland
water conservancy construction, sewage treatment facilities construction and public service facilities construction
of village committees in Mishuixia Village, and continue to strive for various poverty relief funds and industry
guidance funds for secondary upgrading. Meanwhile, organically combine the work of village planning, one house
for each household, demolition and reclamation, and make efforts to create a highlight for new rural construction,
so that the new village construction along provincial highways and Shijiaowan Village Group and Rongshuxia
Village Group can adapt to and connect with each other, ensuring that the new rural construction conforms to the
actual rural development and rural revitalization requirements, promoting the implementation of rural
revitalization strategy with high quality, and striving to make Mixiashui Village a beautiful homeland where local
people live and work in peace and contentment. In June this year, 59 houses along provincial highways have been
renovated in facades and beautified, afforested and hardened along the highways, and the excellent route
construction of new rural demonstration villages along provincial highways in Mixiashui Village has achieved
outstanding results.
(VI) Implement the "three guarantees" policy. Fully implement the "three guarantees" policy and fully implement
the poverty relief education guarantee for poor households in accordance with the policy requirements; Continue
to solidly promote the full coverage of medical security, fully implement the medical security policy, and
subsidize 41 poor households to purchase urban and rural medical insurance; Well ensure the people's livelihood
security, continue to implement the living materials security project for poor households, and provide appropriate
living materials security to all poor households in a timely manner to help poor households improve their lives;
Continue to implement the warmth and condolence offering program for poor households, and carry out warmth
and condolence offering activities to all poor households in a timely manner. In January this year, Yuejiang Power
Generation Company distributed Spring Festival condolences to 41 poor households according to the standard of
200 yuan/household, totally RMB 8,200; In May, it distributed a solatium of RMB 3,300 during the epidemic
period to 11 poverty-stricken households according to the standard of 300 yuan/household.
II. Counterpart assistance of Zhanjiang Wind Power Co., Ltd. on Houhai Village, Xinliao Town, Xuwen County
Zhanjiang Wind Power Company fulfilled the social responsibility of state-owned enterprises and sent 2
outstanding cadres to participate in the targeted poverty relief work in Xuwen County, Shuitou Village of Anzhen
Town and Houhai Village of Xinliao Town. Earnestly grasp the following management measures: Firstly,
establish a responsibility mechanism. Ensure that every poor household is under the help of cadres; Secondly,
strengthen communication. Strengthen coordination with functional departments such as poverty relief, agriculture,
construction, water conservancy and civil affairs, actively mobilize and integrate assistance resources, and
enhance poverty relief momentum; Thirdly, pay attention to assessment management. Formulate poverty relief
44
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
assessment measures, and incorporate the target responsibility system for implementing targeted poverty relief
work into the annual assessment scope of assistant responsible person. Fourthly, strengthen the integrity
supervision. Ensure that poverty relief work becomes a clean project and a sunny project.
At the same time, in close cooperation with various support units, actively implement assistance projects such
as asset assistance, industrial assistance, employment poverty relief, holiday condolences, etc. Through innovative
measures such as household filing, dynamic management and control, and one policy for each household, with the
financial support of the provinces, cities and counties, use poverty relief funds to carry out photovoltaic power
generation projects, invest in shops projects, invest in Zhanjiang city management enterprise projects, and develop
transportation industry, and develop the poverty relief model of "company+cooperative+base+poor households",
party building poverty relief and other practical poverty relief projects, which have effectively improved the
accuracy and comprehensiveness of poverty relief work and achieved good benefits.
As of the first half of 2020, Zhanjiang Wind Power Company has basically completed the task of poverty
relief. There are 98 households with 450 people in Xuwen County and Shuitou Village of Anzhen Town, all of
which meet the "eight possessions" standard for poverty alleviation and meet the alleviation requirements, with a
poverty alleviation rate of 100%; A total of 362 people from 93 poor households in Houhai Village of Xinliao
Town have achieved "eight possessions" and reached the poverty alleviation standard, with a poverty alleviation
rate of 100%. Meanwhile, efforts have been made to achieve the "five improvements" of poverty relief points: the
level of industry development has improved significantly; The quality of human settlements has improved
significantly; The level of social security has improved significantly; Rural governance capacity has been
significantly improved; Party building at the grass-roots level has improved significantly.
III. Counterpart assistance of Zhenneng Company on Xinpo Village, Shalang Town, Dianbai District, Maoming
City
In 2020, Zhenneng Company adopted the "one method for each household" assistance measures, so that the
remaining one poor household could reach the alleviation standard of relatively poor people, ensuring full poverty
alleviation. Through various assistance measures, it will consolidate the effectiveness of poverty alleviation, so
that the annual per capita disposable income of villagers in Xinbei Village and the annual per capita disposable
income of poor households meet or exceed the assessment requirements of 2020, and achieve comprehensive
poverty alleviation; Vigorously implement the rural revitalization strategy, and significantly improve the
production and living infrastructure, living environment, public service facilities and service level.
Help measures
(I) Carry out partner assistance. According to work needs, timely adjust the person responsible for partner
assistance, and implement the "one-on-one" partner assistance requirements; Those responsible for assistance
should visit poor households at least 4 times a year to understand the existing problems, analyze the causes,
formulate and implement assistance measures, adhere to the combination of poverty relief and motivation, daily
assistance and temporary relief, material assistance and spiritual encouragement, continuously improve the
awareness of poor households, play their main roles, and achieve stable poverty alleviation through their own
efforts.
(II) Promote poverty relief and stable development of concentrated industries. Firstly, assist in maintaining
and promoting the photovoltaic poverty relief power station project, ensure the normal operation of the project,
and ensure fixed dividends to poor households; Secondly, promote the construction of guava planting industrial
park project, ensure the continuous operation during the year, solve some employment nearby according to the
willingness and actual needs of poor households, and gradually implement fixed dividends to poor households.
(III) Continuously implement the family vegetable basket project. Guide poor households to exert their
45
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
autonomy, assist poor households to actively carry out decentralized planting and breeding, provide certain means
of production for poor households in a timely manner, and meanwhile, further promote the policy of poverty relief
by consumption, find ways to help solve practical difficulties and sell agricultural products, and realize income
increase.
(IV) Promote the transfer of poor laborers to employment. On the one hand, assist relevant departments to
carry out various skills training and improve the skill level of poor laborers; On the other hand, mobilize and assist
poor laborers to go out for work or work nearby, and increase their income by actively working. Follow up the
provision of public welfare posts and the implementation of relevant treatment.
(V) Implement education subsidies. Assist poor children in school to apply for education subsidies, and track
the implementation of education subsidy funds in time.
(VI) Implement social security. Assist poor households to purchase medical insurance and endowment
insurance for urban and rural residents; Follow up and implement the medical assistance policy; Follow up the
implementation of the five guarantees and minimum living guarantees, and ensure that all households to be
guaranteed are guaranteed.
(VII) Carry out holiday condolences. Before the Spring Festival, July 1 and Mid-Autumn Festival, support
units and support responsible persons are mobilized to visit poor households in the village and send gifts and
holiday greetings.
(VIII) Implement the construction of party-mass service center. Assist the village committee to actively
promote the construction of village-level party-mass service centers, and strive to complete and put them into use
with high standards within the year.
(IX) Help promote the construction of new countryside. Actively cooperate with towns and villages to
promote the construction of sewage facilities, garbage collection facilities, centralized water supply, public toilets,
street lamps, public cultural facilities, etc. in Xinbei Village, making it a model village at a high level.
(X) Improve village rules and regulations. On the one hand, further improve the management measures for the
use of poverty relief funds in Xinbei Village to ensure the safe use of poverty relief funds and maximize their
effectiveness; On the other hand, formulate the regulations of Xinbei Village, and guide the villagers to govern
Xinbei according to laws and regulations through the regulations.
As of the first half of 2020, Yanneng Company has helped poor households Xu Simei to build chicken tool
houses, repaired roof leaks for Cai Yalin, and expressed condolences to the ill poor households Liao Huaguang
and Liao Xiangqiu, with each being distributed a solatium of 1000 yuan; And it assisted three households with
labor force to find jobs, and offered condolences to 16 poor households on July 1st.
IV. Counterpart assistance of Zhanjiang Company on Waiyuan Village, Nanxing Town, Leizhou City
In the first half of 2020, under the care and leadership of the company's Party Committee, and in accordance with
the unified arrangements of the provincial party committee, the provincial government and Zhanjiang City, the
company's poverty relief staff carried out various poverty relief work in a down-to-earth manner. The resident
working group visited the poor households many times to learn about the situation of the poor households, met
with all the village cadres to study the poverty relief work, and formulated assistance measures. Now, the
implementation of all the poor households' projects has been completed, and benefits have been generated. This is
summarized as follows:
(I) Long-term poverty relief projects
1. A total of three poverty relief projects (photovoltaic power generation, investment in Guangdong Yujie
Ecological Agriculture Development Co., Ltd. and investment in Leizhou Chuangyuan Agricultural Ecology Co.,
46
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Ltd) have been completed, and all the projects have generated benefits.
2. The poverty alleviation supervision work for the household (Wang Guangqiu) who is not out of poverty has
been completed.
3. The data collation of poverty relief inspection has been completed.
(II) Public welfare projects supported by Zhandian Company in the first half of 2020
1. Complete the construction of photovoltaic street lamp project with an investment of RMB 21,000.
2. Distribute RMB 19,800 for condolences to poor households during the Spring Festival.
3. Supervise the distribution of the salary for Wang Guangqiu as a cleaner who did not get rid of poverty, totally
RMB 15,400.
(III) Work to be carried out in the first half of 2020
1. Organize and improve the poverty relief materials.
2. Organize to assist the village committee to carry out party building work.
3. Organize and hold nine poverty relief work meetings.
4. Organize and assist the village committee to carry out the rural revitalization work.
5. Organize to assist the village committee to carry out the "anti-crime" work.
6. Organize and assist village committees to carry out anti-drug work.
7. Organize and assist the village committee to carry out the rural revitalization work.
8. Organize party members to attend two party classes and six party day activities.
9. Visit poor households from time to time.
V. Counterpart assistance of Dapu Company on Xiamu Village, Fenglang Town, Dapu County, Meizhou City
In 2020, Dapu Power Generation Company continued to send party building instructors and Jianghai Sub-district
Office of Haizhu District of Guangzhou City to assist Xiamu Village, Fenglang Town, Dapu County, Meizhou
City, and carried out the following aid work:
(1) Solid grassroots party building: invest 29,900 yuan to build the publicity column of the party building of the
village committee and the system publicity on the wall;
(2) Carry out commemorative activities to celebrate the 99th anniversary of the founding of the Party, send
condolences to 16 60-year-old party members, and organize the Activities on the Party Day of the theme of
"Celebrate the July 1 and Keeping in Mind the Mission";
(3) Invest RMB 5,400 in the Spring Festival, send condolences to poor party members, old party members and
seriously ill party members;
(4) Well ensure the prevention and control of COVID-19 and the work of "three clears, three dismantlements and
three rectifications";
(5) At the end of December 2019, there were 70 poor households of 142 people, including 29 poor households
with working ability of 81 people and 41 poor households without working ability of 61 people (including 10
general poor households of 23 people, 45 poor households of 104 people with minimum living allowance, and 15
poor households of 15 people with five guarantees). After verification, 8 aspects, such as family income, housing
security, children's education, basic medical care, drinking water, electricity, television and internet, were all up to
standard. In 2019, 142 poor people from 70 poor households in the whole village were all lifted out of poverty
stably, and Xiamu Village met the alleviation criteria and was excluded from the list of poor villages.
(3)Targeted Poverty Alleviation Result
Index Measurement Quantity / Status
47
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
unit
I. General situation —— ——
Thereinto： 1.Capital 10 thousand 245.34
2. Cash supplies 10 thousand 2.82
3. Ecological protection to poverty alleviation a 1,279
II.Breakdown Input —— ——
1. Poverty alleviation by industrial development —— ——
Poverty Alleviation by agriculture and
Among them: 1.1 Project type of poverty alleviation by industrial forestry; poverty alleviation through
——
development tourism; poverty alleviation from asset
income
1.2 Number of poverty alleviation projects in industrial development a 2
1.3 Investment amount of industrial development poverty alleviation
10 thousand 0
project
1.4 The number of poverty population who had been helped to create a
a 226
file
2. Poverty alleviation by transfer employment —— ——
Among them: 2.1 Investment amount of vocational skill training 10 thousand 0
2.2 Number of people of vocational skill training Person 0
2.3 Quantity of employment of poverty population who had been helped
Person 0
create a file
3. Poverty alleviation by relocation —— ——
Thereinto： 3.1 Employment of relocated households Person 0
4. Educational poverty alleviation —— ——
Among them: 4.1 Investment amount of subsidizing poverty students 10 thousand 10
4.2 Number of subsidized poverty students Person 54
4.3 Improving the investment amount for education in poor areas 10 thousand 0.3
5. Health poverty alleviation —— ——
Among them: 5.1 Investment amount for medical and health resources in
10 thousand 0
poor areas
6. Ecological protection poverty alleviation —— ——
6.2 Investment amount 10 thousand 0
7. Guarantee of all the details —— ——
Among them: 7.1 Investments on stay-at-home children, women and
10 thousand 0
elderly
7.2 Number of stay-at-home children, women and elderly in aid Person 0
7.3 Investments on poor & disable people 10 thousand 0
7.4 Number of poor & disable people in aid Person 0
8. Social poverty alleviation —— ——
Including: 1 Investments on cooperation between West China and East
10 thousand 0
China
8.2 Investments on one-to-one anti-poverty 10 thousand 2.4
8.3 Investments from anti-poverty charity fund 10 thousand 86
9. Other projects —— ——
Among them: 9.1 Number of project a 10
48
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
9.2 Investment amount 10 thousand 106.4
9.3 Number of poverty population who had been helped to create a file Person 812
III. Awards (Content and level) —— ——
（4）Subsequent targeted poverty alleviation program
The Company will continue to implement the relevant provincial, municipal and county regulations on targeted
poverty alleviation, adjust measures to local conditions, and explore an accurate path for targeted poverty
alleviation. Firstly, it will continue to strengthen the Party's style of work, promote the "two committees" in the
villages to strengthen ideological construction. Secondly, it will improve its ability by learning, continue to learn
the spirit of Comrade Xi Jinping's series of important speeches, the spirit of targeted poverty alleviation
documents, the relevant business knowledge of poverty alleviation, the ways and means of dealing with the
masses, and further improve its ability to solve problems for the masses. Thirdly, prioritize the tasks and promote
their implementation. All poverty alleviation working groups will continue to focus on the core of targeted poverty
alleviation, seize the core work of poverty alleviation and carry out and implement relevant work in an all-round
and coordinated manner. For poverty alleviation projects and village collective projects that are included in the
establishment of cards for archives, the support of relevant departments is actively sought in accordance with the
established objectives and tasks, to assist the villages and poor households in implementing poverty alleviation
projects, and ensure the full completion of poverty alleviation objectives and tasks in a pragmatic manner.
XVII.Other material events
√ Applicable □Not applicable
Summary of important matters Name Date of Website for
disclosure disclosure
Guangdong Yudean Bohe Coal & Electricity Co., Ltd., a subsidiary of Announcement on Approval January 11, http//.www.cni
Guangdong Electric Power Development Co.,Ltd., received the of 2×1 million kilowatts 2020 nfo.com.cn
Approval of Guangdong Development and Reform Commission on 2×1 "Developing Large Units and
million Kilowatts "Developing Large Units and Suppressing Small Suppressing Small Ones"
Ones" Power Generation Project of Guangdong Yudean Maoming Bohe Power Generation Project of
Power Plant (YFGHZ [2020] No. 1)，it is agreed to build 2×1 million Guangdong Maoming Bohe
Kilowatts "Developing Large Units and Suppressing Small Ones" Power Plant
Power Generation Project of Guangdong Yudean Maoming Bohe Power
Plant in accordance with the Administrative Licensing Law and the
Regulations on the Administration of Approval and Filing of Enterprise
Investment Projects. It is planned to build two 1 million Kilowatts
ultra-supercritical coal-fired power generating units and simultaneously
build flue gas treatment environmental protection facilities and
wastewater treatment facilities such as flue gas desulfurization,
denitration and dust removal. The project is connected to the system at a
voltage level of 500 KV. The total investment of the project is RMB
8.104 billion, of which the project capital is RMB 1.621 billion,
accounting for 20% of the total investment of the project, and the
domestic loan is RMB 6.483 billion. The Company will fully push
forward the project construction in accordance with the relevant
requirements of the Project Approval Document.
The 10th meeting of the Ninth Board of directors of Guangdong Electric Announcement of January 18, http//.www.cni
Power Development Co., Ltd. held on January 17,2020 examined and Related Transactions on 2020 nfo.com.cn
49
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
adopted the Proposal of Concerning the Signing of Frame Agreement Signing of the Financial
for financial services by the Company and Yudean Finance Co., Ltd., Services Framework
the Proposal on Signing the Framework Agreement on Financing Agreement, Framework
Leasing Cooperation between the Company and Guangdong Yudean Agreement on
Financing Leasing Co., Ltd.and the Proposal of Signs of the Insurance Financing Leasing
Cooperation Framework Agreement with Guangdong Yudean Property Cooperation and
Insurance Captive Co., Ltd., The above related party transactions shall Framework Agreement
be implemented after being reviewed and approved by the first on Cooperation in
provisional General Meeting of Shareholders in 2020. Insurance and Risk
Management Services
The Company's 2020 daily related party transactions are approved and January 18, http//.www.cni
implemented by the 2020 first provisional General Meeting of Estimates announcement of 2020 nfo.com.cn
Shareholders held on April 27, 2020. the Daily Related Party
Transactions of 2020
Announcement of February 15, http//.www.cni
In order to promote the implementation and rapid advancement of the Resolutions of the 2020 nfo.com.cn
western comprehensive energy station project in Huizhou Daya Bay Second Meeting of the Ninth
Petrochemical Zone, it was approved by the second communication Board of Directors by
meeting of the ninth Board of Directors in 2020 on February 14, 2020 Correspondence of 2020
that the company and Huizhou Daya Bay Petrochemical Industrial Zone
Investment Co., Ltd. jointly established the western comprehensive
energy station project company in Huizhou Daya Bay Petrochemical
Zone according to the equity ratio of 80% and 20%. The preliminary
work of project approval is carried out according to 3 H-class (660-800
MW) gas-fired units and 2 150t/h gas-fired boilers (the final
construction scale is reasonably determined in the feasibility study
stage), and the preliminary work cost is controlled within 12 million
yuan. The registered place of the project company is Daya Bay District,
Huizhou City, with the initial registered capital of 22 million yuan. At
present, the company is carrying out the preliminary work of the project
according to the relevant requirements of project approval.
According to the Reply of the National Development and Reform Announcement on the February 27, http//.www.cni
Commission on the Approval of Green Bonds Issued by Guangdong Approval of Issuing Green 2020 nfo.com.cn
Electric Power Development Co., Ltd. (FGQYZQ [2020] No.21), it is Bonds by the National
agreed that the company will issue no more than 4 billion yuan of green Development and Reform
bonds, 800 million yuan of which will be used for Yangjiang Shapa Commission
Offshore Wind Power Project, 1 billion yuan for Zhuhai Jinwan
Offshore Wind Farm Project, 700 million yuan for Yuedean Zhanjiang
Wailuo Offshore Wind Power Project, and 1.5 billion yuan for
supplementary working capital. The company is handling the issues
related to the issuance of green bonds in accordance with relevant
requirements such as the approval documents.
During the reporting period, the corporate bond "12 Yudean Bonds" co Announcement of Corporate March 12, http//.www.cni
mpleted the redemption and delisting of interest on March 18, 2020. “12 Yudean Bonds” Principal 2020 nfo.com.cn
and Interest Payment and
Delisting
In order to optimize the power supply structure and increase the Announcement of April 11, http//.www.cni
proportion of clean energy, the Board of Directors agreed that Resolutions of the Third 2020 nfo.com.cn
Guangdong Yudean Binhaiwan Energy Co., Ltd. (hereinafter referred to Meeting of the Ninth Board
as "Binhaiwan Company"), a wholly-owned subsidiary company, would of Directors by
be the main investor to invest in the construction of a alternative power Correspondence of 2020
supply project at Ningzhou Site in Dongguan, with an installed capacity
of 3×700MW gas-steam combined cycle cogeneration unit. The total
50
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
dynamic investment of the project is 5.928 billion yuan, of which the
capital is about 1.186 billion yuan, accounting for 20% of the total
dynamic investment. After the 270 million yuan which was already
invested in the previous period is deducted, the remaining capital of 916
million yuan will be settled by the company through batch capital
increase to Binhaiwan Company according to the project construction
progress and capital demand.
In order to speed up the large-scale development of the company's Announcement of April 11, http//.www.cni
new energy power generation projects, increase the proportion of clean Resolutions of the Third 2020 nfo.com.cn
energy installed and optimize the power supply structure, the Board of Meeting of the Ninth Board
Directors agreed to invest in the construction of the Dagaoshan Wind of Directors by
Power Project (hereinafter referred to as "Dagaoshan Wind Power Correspondence of 2020
Project") in Tongdao Dong Autonomous County of Hunan Province,
with an installed capacity of 50MW, by Tongdao Yuexin Wind Power
Co., Ltd (hereinafter referred to as "Tongdao Wind Power Company"), a
wholly-owned subsidiary of the company, as the main investor. The
total dynamic investment of the project is 531.74 million yuan,
of which the capital is 106.5 million yuan, accounting for 20% of
the total dynamic investment of the project. In view of the actual
construction progress and capital needs, the capital required for the
Project shall be solved by the Company by increasing capital in batches
to Tongdao Wind Power Company. The Company still requires to
increase its capital by 96.5 million yuan after deducting 10 million yuan
that has been reviewed and approved in the previous period.
In order to further promote the large-scale development of the 《Announcement of April 11, http//.www.cni
company's wind power, the Board of Directors agrees that Guangdong Resolutions of the Third 2020 nfo.com.cn
Wind Power Generation Co., Ltd., a wholly-owned subsidiary of the Meeting of the Ninth Board
company (hereinafter referred to as "the Provincial Wind Power of Directors by
Company"), will invest in the construction and operation of Hunan Correspondence of 2020
Xupu Taiyangshan Wind Farm Project (hereinafter referred to as "Xupu
Wind Power Project"), with an installed capacity of 50MW. The total
dynamic investment of the project is 524.5329 million yuan (including
the investment of self-built transmission line project), of which the
capital is 104.9066 million yuan, accounting for 20% of the total
dynamic investment of the project. According to the actual construction
progress and capital demand of the project, the Provincial Wind Power
Company applies to the company for capital increase based on its own
capital situation.
In order to revitalize the company's existing assets, promote the Announcement on the April 11, http//.www.cni
optimization of the company's asset structure and further focus on its Agreement between 2020 nfo.com.cn
main business, the Board of Directors agrees that Guangdong Yuejia Guangdong Yuejia Electric
Electric Power Co., Ltd., the company's controlling subsidiary, sign the Power Co., Ltd and the
Agreement on the Recovery of State-owned Land Use Right with Government to Recover the
Meizhou Meixian District People's Government and Meizhou Land Right to Use State-owned
Reserve Center. Land
Announcement on April 18, http//.www.cni
According to the Notice on Revising and Printing the Format of Changes in Accounting 2020 nfo.com.cn
Financial Statements of General Enterprises in 2019 (CK [2019] No.6) Policy
issued by the Ministry of Finance, the new income standards and other
notices, the company's accounting policies were changed.
With the approval of the China Securities Regulatory Commission Issuance Announcement on April 24, http//.www.cni
(ZJXK [2019] No.2477), the company publicly issued 1.5 billion yuan Public Issuance of Corporate 2020 nfo.com.cn
of corporate bonds to qualified investors on April 29, 2020, with an Bonds to Qualified Investors
interest rate of 2.45% and an issue period of 5 years, and with the option
51
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
of redemption by the issuer at the end of the third year, the option of in 2020 (Phase I)
raising the coupon rate by the issuer and the option of selling back by
the investor.
In order to standardize the enterprise's multiple reforms, effectively Announcement of May 21, http//.www.cni
revitalize relevant resources and realize asset preservation and Resolutions of the 13th 2020 nfo.com.cn
appreciation, the board of directors reviewed and voted item-by item on Meeting of the Ninth Board
the acquisition of 100% equity of Shenzhen Huaguoquan Electrical of Directors
Service Co., Ltd.，Agreed that the Company will acquire 95% of the
equity of Huaguoquan Company held by Jinfan Company by using
47,196,900 yuan, and the purchase price will be ultimately based on the
converted appraisal value of Huaguoquan Company's net assets
approved by the authority. Agreed that the Company shall acquire the
5% equity of Huaguoquan Company held by the worker union of
Huaguoquan Company by using RMB 2,480,400, and the final purchase
price shall be based on the converted appraisal value of Huaguoquan
Company's net asset approved by the authority.
XVIII. Material events of subsidiaries
√ Applicable □Not applicable
1.The company's holding subsidiary, Guangdong Yudean Pinghai Power Plant Co., Ltd, received the
“Administrative Punishment Decision” issued by the Guangdong Provincial Ocean & Fisheries Bureau on
November 14, 2016 (No. 019-2016 Yuehai Executive Punishment), and the punishment decision “ordered Pinghai
to return the illegally occupied sea areas and restore the sea areas to their original state, and sentenced 10 times
fines to the use fees of sea areas that shall be imposed within the period of that illegally occupied 16.3947 hectares,
amounted to RMB 172,144,350.00” for that Pinghai Power Plant carried out the site leveling and bank protection
work of Pinghai power plant without approval and did the reclamation of 16.3947 hectares and its behavior
violated the provisions of Article 3 of the Law of the People's Republic of China on the Administration of the Use
of Sea areas. Based on the audited net profit of RMB 3.238 billion attributable to the shareholders of the parent
company in 2015, the amount involved in the above-mentioned administrative penalty affects the net profit
attributable to shareholders of the parent company of about 77.4 million-which accounts for 2.39% of the net
profit of the most recently audited period.
Pinghai Power Plant disagreed with the punishment measures of the “Administrative Punishment Decision" and
applied for administrative reconsideration to the People's Government of Guangdong Province on January 16,
2017 in accordance with Article 6 of the "Administrative Reconsideration Law of the People's Republic of China".
On June 16, 2017, the People's Government of Guangdong Province issued a decision on the administrative
reconsideration, which stated “According to the provisions of Item 1 of Paragraph 1 of Article 28 of the
Administrative Reconsideration Law of the People's Republic of China, the Administrative Punishment Decision
(No. 019-2016 Yuehai Executive Punishment) made by the respondent’s Provincial Department of Ocean and
Fisheries is maintained.” Pinghai Power Plant disagreed with the aforementioned administrative reconsideration
decision and filed an administrative litigation to the Guangzhou Maritime Court on July 18, 2017. On December
28, 2017, the Guangzhou Maritime Court issued an administrative decision, stated “In accordance with the
provisions of Article 69 of the Administrative Procedure Law of the People's Republic of China, the decision is as
follows: the claim of the plaintiff Guangdong Huizhou Pinghai Power Plant Co., Ltd was rejected”. Pinghai Power
Plant disagreed with the verdict, and lodged an appeal to the Guangdong Provincial Higher People's Court against
the verdict.
On August 23, 2019, the higher people's court of Guangdong province issued the Administrative Judgment (Case
52
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
No.: (2018) YXZ No. 409). The provincial high court held that the original court's judgement on that the
Administrative Penalty Decision No. 019 [2016] issued by the provincial ocean and fishery department and the
Administrative Reconsideration Decision No. 48 [2017] issued by the provincial government were both legal, and
the lawsuit request of Pinghai Power Plant Co., Ltd. was rejected were made based on sufficient grounds and
without any impropriety. The court upheld the judgment. According to Article 89, Paragraph 1 (a), of the
administrative procedure law of the People's Republic of China, the judgment is as follows: the appeal is rejected
and the original judgment is upheld. The acceptance fee for the second trial case, 100 yuan, shall be borne by the
appellant, Guangdong Huizhou Pinghai Power Plant Co., Ltd. The case is final. "
On February 20, 2020, Pinghai Power Plant applied to the Supreme People's Court for a retrial of the case, which
was accepted by the Supreme People's Court. Pinghai Power Plant applied to the Supreme People's Court for
withdrawal of the lawsuit in June 2020, and the Supreme People's Court issued an Administrative Ruling on July 6,
allowing Pinghai Power Plant to withdraw its retrial application.
The Company has included the above penalty amount into the non-recurring profit and loss in 2016 according to
the Decision on Administrative Penalty (YHZCF [2016] No.019), which affected the reduction of net profit
attributable to shareholders of the parent company by about 77.4 million yuan in 2016. Pinghai Power Plant has
paid the fine according to the judgment. According to the Agreement on Issuance of Shares and Purchase of
Assets signed by Guangdong Energy Group and the Company in 2012, Guangdong Energy Group will
compensate the Company according to the results of the above events and the actual losses caused by these
events.
2. Guangdong Yudean Pinghai Power General Plant Co., Ltd., a controlling subsidiary of the Company, received
the Decision on Administrative Punishment (YHDCF [2019] No.042-1) issued by Huidong County Oceanic and
Fishery Bureau on November 13, 2018. The act of illegally occupying 1.2813 hectares of sea area by Pinghai
Power Plant to construct a sand barrier violated the provisions of the second paragraph of Article 3 of the Law of
the People's Republic of China on the Use of Sea Areas and the decision was that "It is ordered to return the
illegally occupied sea area, restore the sea area to its original state, and imposed an administrative penalty of RMB
11,531,700".
Pinghai Power Plant refuses to accept the punishment measures in the Decision on Administrative Penalty and
filed an application for administrative reconsideration with Huidong County People's Government. On April 23,
2019, Huidong County People's Government made the Decision on Administrative Reconsideration to maintain
the administrative penalty decision made by Huidong County Oceanic and Fishery Bureau. On April 24, 2019,
Pinghai Power Plant filed an administrative lawsuit with Guangzhou Maritime Court. The Guangzhou Maritime
Court held a hearing on June 12, 2019 and has made no judgment so far.
According to the Company's audited net profit attributable to the shareholders of the parent company of 743
million yuan in 2017, the amount of the above administrative penalty affects the net profit attributable to the
shareholders of the parent company of about 5,189,300 yuan, accounting for about 0.7% of the latest audited net
profit. Pinghai Power Plant refused to accept the punishment measures in the Decision on Administrative
Punishment and filed an application for administrative reconsideration.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
VI. Change of share capital and shareholding of Principal
Shareholders
I. Changes in share capital
1. Changes in share capital
In shares
Before the change Increase/decrease（+，-） After the Change
Amount Proportion Capitalizatio
Share Bonus Proporti
n of common Other Subtotal Quantity
allotment shares on
reserve fund
I. Share with conditional
1,897,968,946 36.15% 1,897,968,946 36.15%
subscription
2. State-owned legal
1,893,342,621 36.06% 1,893,342,621 36.06%
person shares
3.Other domestic shares 4,626,325 0.09% 4,626,325 0.09%
Of which：Domestic legal
4,620,666 0.09% 4,620,666 0.09%
person shares
Domestic natural person
5,659 0% 5,659 0%
shares
II. Shares with
3,352,315,040 63.85% 3,352,315,040 63.85%
unconditional subscription
1.Common shares in RMB 2,553,907,040 48.64% 2,553,907,040 48.64%
2.Foreign shares in
798,408,000 15.21% 798,408,000 15.21%
domestic market
III. Total of capital shares 5,250,283,986 100% 5,250,283,986 100%
Reasons for share changed
□Applicable √Not applicable
Approval of Change of Shares
□Applicable √Not applicable
Ownership transfer of share changes
□Applicable √Not applicable
Progress on any share repurchase:
□ Applicable √ Not applicable
Progress on reducing the repurchased shares by means of centralized bidding:
□ Applicable √ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to
common shareholders of Company in latest year and period
□ Applicable √ Not applicable
Other information necessary to disclose for the company or need to disclosed under requirement from security
regulators
54
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
□ Applicable √Not applicable
2. Change of shares with limited sales condition
□ Applicable √Not applicable
Ⅱ.Issuing and listing
□ Applicable √Not applicable
III. Shareholders and shareholding
In Shares
Total number of preferred
Total number of common
shareholders that had restored the
shareholders at the end of the 94,823 voting right at the end of the 0
reporting period
reporting period (if any) (note 8)
Particulars about shares held above 5% by shareholders or top ten shareholders
Changes Number of share
Proportion Number of Amount of Amount of pledged/frozen
Nature of in
Shareholders of shares shares held at restricted un-restricted
shareholder reporting State of
held（%） period -end shares held shares held Amount
period share
Guangdong Energy Group State-owned
67.39% 3,538,005,285 1,893,342,621 1,644,662,664
Co., Ltd. legal person
China Securities Finance Co., State-owned
2.84% 148,862,420 148,862,420
Ltd. legal person
Guangzhou Development State-owned 116,693,6
2.22% 116,693,602 116,693,602
Group Co., Ltd. legal person 02
Guangdong Electric Power State-owned
1.80% 94,367,341 94,367,341
Development Corporation legal person
Domestic
Li Zhuo 0.60% 31,756,823 133,300 31,756,823
Natural person
Domestic
Zheng Jianxiang 0.45% 23,372,798 137,900 23,372,798
Natural person
Domestic
Non-State
Harbin Hali Industry Co., Ltd. 0.40% 20,942,945 -283,869 20,942,945
owned legal
person
VANGUARD TOTAL
Overseas
INTERNATIONAL STOCK 0.34% 17,697,397 4,608,769 17,697,397
Legal person
INDEX FUND
CHINA INT'L CAPITAL
Overseas
CORP HONG KONG 0.29% 15,216,066 -100,000 15,216,066
Legal person
SECURITIES LTD
Domestic
Harbin Daoli District Charity Non-State
0.26% 13,667,406 8,900 13,667,406
Foundation owned legal
person
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
The fourth largest shareholder Guangdong Electric Power Development Corporation is the
Explanation on associated relationship among wholly-owned subsidiaries of the largest shareholder Energy Group. These two companies
the aforesaid shareholders have relationships; whether the other shareholders have relationships or unanimous acting was
unknown
Shareholding of top 10 shareholders of unrestricted shares
Quantity of unrestricted shares held at the Share type
Name of the shareholder
end of the reporting period Share type Quantity
Guangdong Energy Group Co., Ltd. 1,644,662,664 RMB Common shares 1,644,662,664
China Securities Finance Co., Ltd. 148,862,420 RMB Common shares 148,862,420
Guangzhou Development Group Co., Ltd. 116,693,602 RMB Common shares 116,693,602
Guangdong Electric Power Development
94,367,341 RMB Common shares 94,367,341
Corporation
Li Zhuo 31,756,823 RMB Common shares 31,756,823
Foreign shares placed in
Zheng Jianxiang 23,372,798 23,372,798
domestic exchange
Harbin Hali Industry Co., Ltd. 20,942,945 RMB Common shares 20,942,945
VANGUARD TOTAL INTERNATIONAL Foreign shares placed in
17,697,397 17,697,397
STOCK INDEX FUND domestic exchange
CHINA INT'L CAPITAL CORP HONG KONG Foreign shares placed in
15,216,066 15,216,066
SECURITIES LTD domestic exchange
Harbin Daoli District Charity Foundation 13,667,406 RMB Common shares 13,667,406
Explanation on associated relationship or
consistent action among the top 10 shareholders The fourth largest shareholder Guangdong Electric Power Development Corporation is the
of non-restricted negotiable shares and that wholly-owned subsidiaries of the largest shareholder Energy Group. These two companies
between the top 10 shareholders of have relationships; whether the other shareholders have relationships or unanimous acting
non-restricted negotiable shares and top 10 was unknown.
shareholders
The Fifth largest shareholder Li Zhuo holds 249,500 A shares of the Company through A
shares ordinary stock account, and holds 31,756,823A shares of the Company through stock
account with credit transaction and guarantee.
The Seventh largest shareholder Harbin Hali Industry Co., Ltd. holds300 A shares of the
Company through A shares ordinary stock account, and holds 20,942,645 6A shares of the
Explanation on shareholders participating in the
Company through stock account with credit transaction and guarantee, hold 20,942,945
margin trading business(if any )(See Notes 4)
shares of the Company's stock totally.
The Tenth largest shareholder Harbin Daoli District Charity Foundation holds16,800 A shares
of the Company through A shares ordinary stock account, and holds 13,650,606A shares of
the Company through stock account with credit transaction and guarantee, hold 13,667,406
shares of the Company's stock totally.
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a
buy-back agreement dealing in reporting period.
□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company
have no buy –back agreement dealing in reporting period.
IV. Change of the controlling shareholder or the actual controller
Change of the controlling shareholder in the reporting period
□ Applicable √ Not Applicable
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
There was no any change of the controlling shareholder of the Company in the reporting period.
Change of the actual controller in the reporting period
□ Applicable √ Not applicable
There was no any change of the actual controller of the Company in the reporting period.
57
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
VII. Situation of the Preferred Shares
□Applicable √Not applicable
The Company had no preferred shares in the reporting period
58
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
VIII Information about convertible corporate bonds
□ Applicable √Not applicable
During the reporting period, the company did not have convertible corporate bonds.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
IX. Information about Directors, Supervisors and Senior Executives
I. Change in shares held by directors, supervisors and senior executives
□Applicable √Not applicable
There was no change in shareholding of directors, supervisors and senior management staffs, for the specific
information please refer to the 2019 Annual Report.
II. Changes in directors, supervisors and senior management staffs
□Applicable √Not applicable
No change has taken place in directors, supervisors and senior executives of the Company during the reporting
period. For the detail, refer to 2019 Annual Report.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
X. Corporate Bond
Whether the company has corporate bonds that have been publicly issued and listed on the stock exchange, and
not yet due or due but not folly cashed on the approval date of annual report
Yes
I.Basic information of corporate bonds
Bond balance
Bond short
Bond name Bond code Issue day Due day (Ten Interest rate Servicing way
name
thousand )
Using simple interest rate on a
Public Issuance
yearly basis, regardless of
of Corporate
compound interest. Due
Bonds to 20 Yudean April
149113.SZ April 29,2025 150,000 2.45% payments once a year, maturing
Qualified 01 29,2020
debt at a time. In the final phase,
Investors in
interest is paid together with the
2020 (Phase I)
principal redemption.
Corporate bonds listed or
Shenzhen Stock Exchange
trading places
Investor Proper
Not applicable
Arrangement
During the reporting period,
During the reporting period, the Bonds have not yet reached the interest payment date.
interest payment situation
of the company bonds
If the corporate bonds
attached to special clauses
to the issuer or the investors The term of the current bonds is 5 years, attaching the option that the issuer will redeem at the end of
such as option clause and the third year, the option that the issuer raises the coupon rate and the option that the investors will put
exchangeable clause, please back.
specify the implementation
status of the corresponding
clauses. (When applicable)
II. Bond trustee and the credit rating agency information
Bond trustee：
CITIC 2/F, B building, Kaiheng
Name Securities Co., Office Center, Chaoyangmen Street, Contact Liu Renshuo Tel 010-86451370
Ltd. Dongcheng District , Beijing
The credit rating agencies which follow and rate the corporate bond during the reporting period
Building 6,, Yinhe SOHO, No.2 Nanzhugan Alley ,
Name CCXI Office address
Dongcheng District, Beijing
During the report period, the bond trustee, credit
rating agency employed by the company that have
changed, reasons for the change, performing Not applicable
procedures, relevant influence on investors,etc(If
applicable).
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
III. The usage of corporate bonds to raise money
According to the relevant contents of the prospectus of the bonds issued by the
The usage and performance of raised funds company on April 24, 2020, the company plans to use the raised funds of RMB
from Corporate bonds 150,000 to repay the debts due and supplement the working capital of the company. As
of the end of the reporting period, the raised funds of the bonds have been used up.
At the end of balance (RMB 10,000) 0
The net raised funds of the bonds were remitted to the special account for raised funds
on April 29, 2020, and the raised funds of RMB 1,500,000 have been used to repay the
Special fund raising account operation debts due and supplement the working capital of the company. The operation of the
special account for raised funds is standardized, and relevant procedures have been
performed before each fund withdrawal.
Whether the usage of the raised money
corresponding to the purposes of promise, Yes
use plans, and other agreement
IV.Corporate bond rating information
On April 20,20209, CCXI traced and analyzed the credit status of the company and the company’s bonds of
“20Yudean 01”, Finalized by the China Credit Rating Credit Rating Committee, maintained the credit rating of AAA for
the main body of the company, with a stable outlook; maintained the credit rating of AAA for the corporate
bonds.(The rating results were disclosed on the website: http://www.ccxi.com.cn and http://www.cninfo.com.cn, with
the title of Credit Rating Report for Public Issuance of Corporate Bonds to Qualified Investors in 2020 (Phase I) of
Guangdong Electric Power Development Co., Ltd.
During the reporting period, the rating agencies did not issue a tracking rating report.
V.Corporate bond credit mechanism, the debt repayment plans and other security measures
(1)The credit-raising mechanism: No guarantee of the company’s bonds.
（2）Debt repayment plan: The payment of principal and interest of the Bonds will be handled through bond
registration agencies and relevant institutions. The specific matters of payment will be explained in the
announcement disclosed by the issuer in the media specified by CSRC, Shenzhen Stock Exchange and China
Securities Industry Association in accordance with relevant regulations.
（3）Debt repayment guarantee measures: In order to fully and effectively safeguard the legitimate rights and
interests of bondholders of the Bonds, the issuer has worked out a series of work plans for timely and full
repayment of the Bonds, and strove to form a set of guarantee measures to ensure the safe redemption of bonds.
Including setting up a special reimbursement working group, formulating and strictly implementing the fund
management plan, formulating the Rules of Bondholders' Meeting, giving full play to the role of bond trustee and
strictly fulfilling information disclosure obligations, etc.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
VI. During the reporting period the bondholder meeting
During the reporting period, the company did not hold bondholders meeting.
VII. During the reporting period the bond trustee perform his duties
As the trustee of the bonds, China Securities has performed the duties of the bond trustee in strict accordance with
the Code of Practice of Corporate Bond Trustee, Prospectus and Trustee Management Agreement, and has
continuously tracked the company's credit status, management and application of raised funds, and repayment of
principal and interest of corporate bonds, and urged the company to fulfill the obligations agreed in the prospectus
of corporate bonds, thus safeguarding the legitimate rights and interests of bondholders.
During the reporting period, there was no conflict of interest between China Securities and the issuer when China
Securities performs the duties as a bond trustee.
VIII.During the reporting period, the company's major accounting data and financial indicators for last 2
years
In RMB 10,000
Items June 30,2020 December 31, 2019 At the same time rate of change
Current ratio 58.89% 60.28% -1.39%
Debt ratio 56.62% 55.92% 0.70%
Quick ratio 45.11% 46.63% -1.52%
Amount of this period Amount of last period At the same time rate of change
EBITDA interest coverage ratio 3.25 2.41 34.85%
Loans repayment rate 100% 100% 0%
Interest payment rate 100% 100% 0%
The material reasons for the changed ratio of the accounting data or financial indicators exceeds 30% over the last
year
√ Applicable □Not applicable
The reason for the larger year-on-year increase of EBITDA's interest guarantee multiple is that the profit this year
is relatively good and the interest expense decreases year-on-year.
IX. The company fails to repay the debt
□ Applicable √ Not applicable
No such cases in the reporting period.
X. Information about the repayment of interest and principal for other bonds or debt financing
instruments
1. On March 18, 2013,the Company publicly issued 12 Yudean bonds to the public with a nominal amount of
RMB 1,200,000,000 and a term of 5+2 years. It is a kind of real-name book-entry corporate bonds. The interest
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
paid back during the reporting period was RMB42,301,671.75.
2.The Company issued 18 Yudean MTN001 on August 27, 2018, with an issue amount of RMB 800,000,000 for a
period of 3 years. During the reporting period, the Company repaid the principal and interest of RMB 0.
3.The Company issued 19 Yudean SCP003 on August 14, 2019, with an issue amount of RMB 900,000,000 for a
period of 180 days. During the reporting period, the Company repaid the principal and interest of
RMB911,950,819.67.
4.The Company issued 19 Yudean SCP004 on November 15, 2019, with an issue amount of RMB1,000,000,000
for a period of 180 days. During the reporting period, the Company repaid the principal and interest of
RMB1,011,311,475.41.
5.The Company issued 20 Yudean SCP001 on February 20, 2020, with an issue amount of RMB1,100,000,000 for
a period of 180 days. During the reporting period, the Company repaid the principal and interest of RMB0.
XI.Information about the bank credit obtaining and use, as well as repayment of the bank loans during the
reporting period
In ther report period, the company signed an unconditional available bank amount limit of about RMB 56.176
billion, of which the used amount limit was RMB 19.44 billion, thus the remaining available bank amount limit
was about RMB 36.736 billion. In this year, the company repaid bank loans of about RMB8.06 billion, and the
balance of bank loans was RMB 26.978 billion.
XII. Information about fulfillment of the stipulations or commitments specified in the Prospectus of the
issuance of the bonds during the reporting period
The company had committed to pay the principal and interests to the bondholders according to the stipulations of
the prospectus of “20 Yudean 01” issuance. During the reporting period, the company strictly fulfilled the above
commitments.
XIII. Major events occurred during the reporting period
None
XIV. Whether the corporate bonds have a guarantor
□ Yes √No
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
X. Financial Report
I. Audit report
Has this semi-annual report been audited?
□ Yes √ No
The semi-annual financial report has not been audited.
II. Financial statements
Currency unit for the statements in the notes to these financial statements: RMB
1. Consolidated balance sheet
Prepared by：Guangdong Electric Power Development Co., Ltd.
June 30,2020
In RMB
Items June 30,2020 December 31,2019
Current asset：
Monetary fund 5,726,061,282 5,081,641,969
Settlement provision
Outgoing call loan
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 3,409,377,594 3,197,690,464
Financing of receivables
Prepayments 733,965,025 605,314,333
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Other account receivable 259,903,770 272,801,588
Including：Interest receivable 25,335,356 20,866,069
Dividend receivable
Repurchasing of financial assets
Inventories 1,817,548,570 1,817,059,269
Contract assets
Assets held for sales
Non-current asset due within 1 year 77,379,009 28,865,131
Other current asset 246,684,685 305,595,567
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Total of current assets 12,270,919,935 11,308,968,321
Non-current assets：
Loans and payment on other’s behalf
disbursed
Creditor's right investment
Other investment on bonds
Long-term receivable 18,581,834 65,856,346
Long term share equity investment 6,360,521,327 6,455,784,562
Other equity instruments investment 3,134,892,598 3,142,371,373
Other non-current financial assets
Property investment 50,818,225 52,093,631
Fixed assets 39,909,743,395 38,555,718,718
Construction in progress 10,126,473,896 10,882,003,846
Production physical assets
Oil & gas assets
Use right assets
Intangible assets 2,084,811,538 1,787,738,640
Development expenses
Goodwill 2,449,886 2,449,886
Long-germ expenses to be amortized 18,078,874 19,473,586
Deferred income tax asset 393,654,849 445,709,226
Other non-current asset 4,894,636,260 2,753,858,988
Total of non-current assets 66,994,662,682 64,163,058,802
Total of assets 79,265,582,617 75,472,027,123
Current liabilities
Short-term loans 6,947,498,951 5,904,132,791
Loan from Central Bank
Borrowing funds
Transactional financial liabilities
Derivative financial liabilities
Notes payable 1,479,992,546 1,364,236,650
Account payable 2,728,491,609 2,465,154,162
Advance receipts 661,044 432,714
Contract liabilities 6,722,800
Selling of repurchased financial assets
Deposit taking and interbank deposit
Entrusted trading of securities
Entrusted selling of securities
Employees’ wage payable 385,926,460 242,510,538
Tax payable 767,944,193 571,377,151
Other account payable 4,559,499,828 4,042,117,097
Including：Interest payable
66
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Dividend payable 9,771,322 9,771,322
Fees and commissions payable
Reinsurance fee payable
Liabilities held for sales
Non-current liability due within 1 year 2,851,276,334 3,182,980,482
Other current liability 1,108,353,973 1,912,282,192
Total of current liability 20,836,367,738 19,685,223,777
Non-current liabilities：
Reserve fund for insurance contracts
Long-term loan 17,444,945,172 16,587,103,380
Bond payable 2,997,729,798 1,496,631,799
Including：preferred stock
Sustainable debt
Lease liability
Long-term payable 2,597,958,205 2,485,346,245
Long-term remuneration payable to
126,396,523 134,988,860
staff
Expected liabilities
Deferred income 137,873,621 139,256,513
Deferred income tax liability 535,515,921 537,385,614
Other non-current liabilities 200,000,000 216,405,569
Total non-current liabilities 24,040,419,240 21,597,117,980
Total of liability 44,876,786,978 41,282,341,757
Owners’ equity
Share capital 5,250,283,986 5,250,283,986
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 5,096,918,174 5,096,918,174
Less：Shares in stock
Other comprehensive income 1,670,533,962 1,676,143,044
Special reserve
Surplus reserves 8,515,360,638 8,245,767,593
Common risk provision
Retained profit 5,823,185,652 5,909,128,280
Total of owner’s equity belong to the
26,356,282,412 26,178,241,077
parent company
Minority shareholders’ equity 8,032,513,227 8,011,444,289
Total of owners’ equity 34,388,795,639 34,189,685,366
Total of liabilities and owners’ equity 79,265,582,617 75,472,027,123
Legal representative ：Wang Jin
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Person-in-charge of the accounting work：Liu Wei
Person-in -charge of the accounting organ：Meng Fei
2.Parent Company Balance Sheet
In RMB
Items June 30,2020 December 31,2019
Current asset：
Monetary fund 903,028,912 224,504,289
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 128,688,475 209,249,102
Financing of receivables
Prepayments 26,632,000 43,002,000
Other account receivable 95,352,451 108,149,278
Including：Interest receivable 1,028,214 689,092
Dividend receivable 2,652,502
Inventories 136,969,575 151,518,056
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 226,408 1,228,009
Total of current assets 1,290,897,821 737,650,734
Non-current assets：
Debt investment
Other investment on bonds
Long-term receivable 546,000,000 340,000,000
Long term share equity investment 27,010,918,630 26,514,106,513
Other equity instruments investment 3,134,892,598 3,142,371,373
Other non-current financial assets
Property investment 6,707,644 7,025,443
Fixed assets 648,726,309 706,435,221
Construction in progress 15,569,681 14,945,019
Production physical assets
Oil & gas assets
Use right assets
Intangible assets 83,793,467 85,839,959
Development expenses
Goodwill
Long-germ expenses to be amortized
68
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Deferred income tax asset
Other non-current asset 208,353,879 356,004,000
Total of non-current assets 31,654,962,208 31,166,727,528
Total of assets 32,945,860,029 31,904,378,262
Current liabilities
Short-term loans 1,301,380,889 1,401,641,708
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 126,587,795 156,122,676
Advance receipts
Contract Liabilities 6,722,800
Employees’ wage payable 101,588,452 63,480,425
Tax payable 29,867,403 44,298,675
Other account payable 55,163,101 71,126,853
Including：Interest payable
Dividend payable 9,771,322 9,771,322
Liabilities held for sales
Non-current liability due within 1 year 1,535,327,137 1,554,314,700
Other current liability 1,108,353,973 1,912,282,192
Total of current liability 4,264,991,550 5,203,267,229
Non-current liabilities：
Long-term loan
Bond payable 2,299,257,333 798,857,333
Including：preferred stock
Sustainable debt
Lease liability
Long-term payable 3,466,237
Long-term remuneration payable to
34,131,865 36,570,958
staff
Expected liabilities
Deferred income 39,984,807 39,984,807
Deferred income tax liability 533,323,991 535,193,684
Other non-current liabilities
Total non-current liabilities 2,906,697,996 1,414,073,019
Total of liability 7,171,689,546 6,617,340,248
Owners’ equity
Share capital 5,250,283,986 5,250,283,986
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 5,599,980,903 5,599,980,903
69
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Less：Shares in stock
Other comprehensive income 1,670,533,962 1,676,143,044
Special reserve
Surplus reserves 8,515,360,638 8,245,767,593
Retained profit 4,738,010,994 4,514,862,488
Total of owners’ equity 25,774,170,483 25,287,038,014
Total of liabilities and owners’ equity 32,945,860,029 31,904,378,262
3.Consolidated Income statement
In RMB
Items The first half year of 2020 The first half year of 2019
I. Income from the key business 12,539,917,823 12,874,181,250
Incl：Business income 12,539,917,823 12,874,181,250
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 11,135,841,343 12,036,981,919
Incl：Business cost 10,150,973,022 11,024,143,476
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Net amount of withdrawal of insurance
contract reserve
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 98,152,077 93,365,358
Sales expense 22,894,557 12,844,788
Administrative expense 301,675,673 270,884,804
R & D costs 831,109 347,523
Financial expenses 561,314,905 635,395,970
Including：Interest expense 594,291,506 664,009,453
Interest income 35,840,406 31,661,505
Add: Other income 13,488,715 39,472,856
Investment gain（“-”for loss） 236,069,065 304,451,356
Incl: investment gains from affiliates 214,698,621 273,618,214
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Financial assets measured at amortized
cost cease to be recognized as income
Gains from currency exchange
Net exposure hedging income
Changing income of fair value 30,626
Credit impairment loss 20,911 -523,441
Impairment loss of assets -16,743,630
Assets disposal income 51,176,776
III. Operational profit（“-”for loss） 1,688,088,317 1,180,630,728
Add ：Non-operational income 16,867,922 5,293,187
Less: Non-operating expense 13,027,594 20,234,696
IV. Total profit(“-”for loss) 1,691,928,645 1,165,689,219
Less：Income tax expenses 472,879,412 309,835,930
V. Net profit 1,219,049,233 855,853,289
(I) Classification by business
continuity
1.Net continuing operating profit 1,219,049,233 855,853,289
2.Termination of operating net profit
(II) Classification by ownership
1.Net profit attributable to the owners of
813,684,495 581,569,383
parent company
2.Minority shareholders’ equity 405,364,738 274,283,906
VI. Net after-tax of other comprehensive
-5,609,082 57,512,582
income
Net of profit of other comprehensive inco
-5,609,082 57,512,582
me attributable to owners of the parent co
mpany.
（I）Other comprehensive income items
that will not be reclassified into
-5,609,082 57,512,582
gains/losses in the subsequent accounting
period
1.Re-measurement of defined benefit pla
ns of changes in net debt or net assets
2.Other comprehensive income under the
equity method investee can not be reclass
ified into profit or loss.
71
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
3. Changes in the fair value of
-5,609,082 57,512,582
investments in other equity instruments
4. Changes in the fair value of the
company’s credit risks
5.Other
（II）
Other comprehensive income that will be
reclassified into profit or loss.
1.Other comprehensive income under the
equity method investee can be reclassifie
d into profit or loss.
2. Changes in the fair value of
investments in other debt obligations
3. Other comprehensive income arising
from the reclassification of financial
assets
4.Allowance for credit impairments in
investments in other debt obligations
5. Reserve for cash flow hedges
6.Translation differences in currency fina
ncial statements
7.Other
Net of profit of other comprehensive inco
me attributable to Minority shareholders’
equity
VII. Total comprehensive income 1,213,440,151 913,365,871
Total comprehensive income attributable
808,075,413 639,081,965
to the owner of the parent company
Total comprehensive income
405,364,738 274,283,906
attributable minority shareholders
VIII. Earnings per share
（I）Basic earnings per share 0.1550 0.1108
(II)Diluted earnings per share 0.1550 0.1108
The current business combination under common control, the net profits of the combined party before achieved ne
t profit of RMB 0.00, last period the combined party realized RMB0.00.
Legal representative ：Wang Jin Person-in-charge of the accounting work：Liu Wei Person-in -charge of
the accounting organ：Meng Fei
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
4. Income statement of the Parent Company
In RMB
Items The first half year of 2020 The first half year of 2019
I. Income from the key business 469,554,164 984,909,082
Incl：Business cost 501,798,888 978,133,881
Business tax and surcharge 3,804,965 5,890,693
Sales expense 1,264,698 675,889
Administrative expense 54,085,038 36,863,889
R & D expense 161,909 269,693
Financial expenses 111,084,805 100,956,761
Including：Interest expenses 112,921,626 101,909,495
Interest income 2,323,189 2,477,731
Add：Other income 44,061 10,000
Investment gain（“-”for loss） 1,335,585,326 1,065,475,482
Including: investment gains from
211,523,852 270,083,891
affiliates
Financial assets measured at amortized
cost cease to be recognized as income
Net exposure hedging income
Changing income of fair value 30,626
Credit impairment loss 20,911 -303,753
Impairment loss of assets -16,743,630
Assets disposal income 157,963 3,218,915
II. Operational profit（“-”for loss） 1,116,418,492 930,549,546
Add ：Non-operational income 9,787,936 7,842
Less：Non -operational expenses 1,374,084 1,181,405
III. Total profit(“-”for loss) 1,124,832,344 929,375,983
Less：Income tax expenses 2,056,715 47,879,436
IV. Net profit 1,122,775,629 881,496,547
1.Net continuing operating profit 1,122,775,629 881,496,547
2.Termination of operating net profit
V. Net after-tax of other comprehensive
-5,609,080 57,512,582
income
（I）Other comprehensive income items
that will not be reclassified into
-5,609,080 57,512,582
gains/losses in the subsequent
accounting period
1.Re-measurement of defined benefit pl
ans of changes in net debt or net assets
2.Other comprehensive income under th
e equity method investee can not be recl -5,609,080 57,512,582
assified into profit or loss.
3. Changes in the fair value of
investments in other equity instruments
73
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
4. Changes in the fair value of the
company’s credit risks
5.Other
(II)Other comprehensive income that wi
ll be reclassified into profit or loss
1.Other comprehensive income under th
e equity method investee can be reclassi
fied into profit or loss.
2. Changes in the fair value of
investments in other debt obligations
3. Other comprehensive income arising
from the reclassification of financial
assets
4.Allowance for credit impairments in
investments in other debt obligations
5. Reserve for cash flow hedges
6.Translation differences in currency fin
ancial statements
7.Other
VI. Total comprehensive income 1,117,166,549 939,009,129
VII. Earnings per share
（I）Basic earnings per share 0.2139 0.1680
(II)Diluted earnings per share 0.2139 0.1680
5. Consolidated Cash flow statement
In RMB
Items The first half year of 2020 The first half year of 2019
I.Cash flows from operating activities
Cash received from sales of goods or
13,888,627,580 14,705,585,514
rending of services
Net increase of customer deposits and
capital kept for brother company
Net increase of loans from central bank
Net increase of inter-bank loans from
other financial bodies
Cash received against original insurance
contract
Net cash received from reinsurance
business
Net increase of client deposit and
investment
Cash received from interest,
commission charge and commission
Net increase of inter-bank fund received
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Net increase of repurchasing business
Net cash received by agent in securities
trading
Tax returned 118,191,168 40,296,334
Other cash received from business
180,127,664 162,228,929
operation
Sub-total of cash inflow 14,186,946,412 14,908,110,777
Cash paid for purchasing of
8,244,133,716 9,504,880,179
merchandise and services
Net increase of client trade and advance
Net increase of savings in central bank
and brother company
Cash paid for original contract claim
Net increase in financial assets held
for trading purposes
Net increase for Outgoing call loan
Cash paid for interest, processing fee
and commission
Cash paid to staffs or paid for staffs 703,279,072 779,694,520
Taxes paid 871,954,680 468,777,176
Other cash paid for business activities 349,357,047 351,317,101
Sub-total of cash outflow from business
10,168,724,515 11,104,668,976
activities
Net cash generated from /used in
4,018,221,897 3,803,441,801
operating activities
II. Cash flow generated by investing
Cash received from investment
retrieving
Cash received as investment gains 331,332,300 197,809,412
Net cash retrieved from disposal of
fixed assets, intangible assets, and other 127,909,560
long-term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash received
Sub-total of cash inflow due to
459,241,860 197,809,412
investment activities
Cash paid for construction of fixed
assets, intangible assets and other 3,786,337,519 1,735,190,767
long-term assets
Cash paid as investment 78,938,898
Net increase of loan against pledge
Net cash received from subsidiaries and
other operational units
Other cash paid for investment
activities
75
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Sub-total of cash outflow due to
3,786,337,519 1,814,129,665
investment activities
Net cash flow generated by investment -3,327,095,659 -1,616,320,253
III.Cash flow generated by financing
Cash received as investment 4,400,000 297,000,000
Including: Cash received as investment
4,400,000 297,000,000
from minor shareholders
Cash received as loans 11,920,106,727 6,396,276,411
Other financing –related cash received
Sub-total of cash inflow from financing
11,924,506,727 6,693,276,411
activities
Cash to repay debts 10,243,656,584 7,933,799,586
Cash paid as dividend, profit, or
1,727,557,296 1,320,358,435
interests
Including: Dividend and profit paid by
405,101,369 282,847,942
subsidiaries to minor shareholders
Other cash paid for financing activities
Sub-total of cash outflow due to
11,971,213,880 9,254,158,021
financing activities
Net cash flow generated by financing -46,707,153 -2,560,881,610
IV. Influence of exchange rate
228 45
alternation on cash and cash equivalents
V.Net increase of cash and cash
644,419,313 -373,760,017
equivalents
Add: balance of cash and cash
5,079,641,969 5,570,382,892
equivalents at the beginning of term
VI ..Balance of cash and cash
5,724,061,282 5,196,622,875
equivalents at the end of term
6. Cash Flow Statement of the Parent Company
In RMB
Items The first half year of 2020 The first half year of 2019
I.Cash flows from operating activities
Cash received from sales of goods or rending of
583,190,697 1,136,209,449
services
Tax returned 1,797,630
Other cash received from business operation 52,625,737 26,129,308
Sub-total of cash inflow 637,614,064 1,162,338,757
Cash paid for purchasing of merchandise and
379,318,233 881,437,635
services
Cash paid to staffs or paid for staffs 138,572,849 139,542,668
Taxes paid 38,922,537 40,999,760
Other cash paid for business activities 28,960,467 26,198,514
Sub-total of cash outflow from business activities 585,774,086 1,088,178,577
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Net cash generated from /used in operating
51,839,978 74,160,180
activities
II. Cash flow generated by investing
Cash received from investment retrieving 16,460,000 300,209,927
Cash received as investment gains 1,437,319,191 969,950,713
Net cash retrieved from disposal of fixed assets,
855,007 3,808,750
intangible assets, and other long-term assets
Net cash received from disposal of subsidiaries or
other operational units
Other investment-related cash received
Sub-total of cash inflow due to investment
1,454,634,198 1,273,969,390
activities
Cash paid for construction of fixed assets,
7,829,959 11,242,719
intangible assets and other long-term assets
Cash paid as investment 653,932,389 980,554,158
Net cash received from subsidiaries and other
operational units
Other cash paid for investment activities
Sub-total of cash outflow due to investment
661,762,348 991,796,877
activities
Net cash flow generated by investment 792,871,850 282,172,513
III. Cash flow generated by financing
Cash received as investment
Cash received as loans 3,800,505,296 1,499,400,000
Other financing –related ash received
Sub-total of cash inflow from financing
3,800,505,296 1,499,400,000
activities
Cash to repay debts 3,201,205,812 1,401,515,857
Cash paid as dividend, profit, or interests 765,486,917 401,603,186
Other cash paid for financing activities
Sub-total of cash outflow due to financing
3,966,692,729 1,803,119,043
activities
Net cash flow generated by financing -166,187,433 -303,719,043
IV. Influence of exchange rate alternation on cash
228 45
and cash equivalents
V.Net increase of cash and cash equivalents 678,524,623 52,613,695
Add: balance of cash and cash equivalents at the
224,504,289 385,577,463
beginning of term
VI ..Balance of cash and cash equivalents at the
903,028,912 438,191,158
end of term
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
7. Consolidated Statement on Change in Owners’ Equity
Amount in this period
In RMB
The first half year of 2020
Owner’s equity Attributable to the Parent Company
Other Equity
Items instrument Less: Comm Minor
Other Speciali Total of owners’
Share Capital Shares Surplus on risk Retained shareholders’
Comprehensiv zed Other Subtotal equity
Capital Prefe Sustain reserves in reserves provisi profit equity
rred Other e Income reserve
able stock on
stock
debt
I.Balance at
5,250,28
the end of last 5,096,918,174 1,676,143,044 8,245,767,593 5,909,128,280 26,178,241,077 8,011,444,289 34,189,685,366
3,986
year
Add: Change
of
accountin
g policy
Correcting of
previous
errors
Merger of
entities under
common
control
Other
II.Balance at
5,250,28
the beginning 5,096,918,174 1,676,143,044 8,245,767,593 5,909,128,280 26,178,241,077 8,011,444,289 34,189,685,366
3,986
of current year
III.Changed in
the current -5,609,082 269,593,045 -85,942,628 178,041,335 21,068,938 199,110,273
year
（1）Total
-5,609,082 813,684,495 808,075,413 405,364,738 1,213,440,151
comprehensiv
78
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
e income
（II）
Investment or
decreasing of 20,805,569 20,805,569
capital by
owners
1．Ordinary S
hares invested
20,805,569 20,805,569
by shareholder
s
2 ． Holders of
other equity i
nstruments inv
ested capital
3．Amount of
shares paid
and accounted
as owners’
equity
4．Other
（III）Profit
269,593,045 -899,627,123 -630,034,078 -405,101,369 -1,035,135,447
allotment
1.Providing of
surplus 269,593,045 -269,593,045
reserves
2.Providing
of common
risk provisions
3．Allotment
to the owners
-630,034,078 -630,034,078 -405,101,369 -1,035,135,447
(or
shareholders)
4．Other
(IV) Internal
transferring of
79
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
owners’ equity
1. Capitalizing
of capital
reserves (or to
capital shares)
2. Capitalizing
of surplus
reserves (or to
capital shares)
3．Making up
losses by
surplus
reserves.
4.Change
amount of
defined
benefit plans
that carry
forward
Retained
earnings
5．Other
comprehensiv
e income
carry-over
retained
earnings
6．Other
(V). Special
reserves
1. Provided
this year
2．Used this
term
（VI）Other
80
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
IV. Balance at
5,250,28
the end of this 5,096,918,174 1,670,533,962 8,515,360,638 5,823,185,652 26,356,282,412 8,032,513,227 34,388,795,639
3,986
term
Amount in last year
In RMB
The first half year of 2019
Owner’s equity Attributable to the Parent Company
Other Equity
Items instrument Less: Minor
Share Other Speciali Common Total of owners’
Capital Shares Surplus Retained shareholders’
Capit Prefe Comprehens zed risk Other Subtotal equity
reserves in reserves profit equity
al rred Sustai Other ive Income reserve provision
nable stock
stock
debt
5,250
I.Balance at the
,283, 5,102,846,886 550,010,133 7,834,155,143 5,490,006,140 24,227,302,288 7,290,519,359 31,517,821,647
end of last year
986
Add: Change of
accounting
policy
Correcting of
previous errors
Merger of entities
under common
control
Other
II.Balance at the 5,250
beginning of ,283, 5,102,846,886 550,010,133 7,834,155,143 5,490,006,140 24,227,302,288 7,290,519,359 31,517,821,647
current year 986
III.Changed in
57,512,582 411,612,450 -145,060,106 324,064,926 288,435,964 612,500,890
the current year
（1）Total
comprehensive 57,512,582 581,569,383 639,081,965 274,283,906 913,365,871
income
81
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
（II）Investment
or decreasing of 297,000,000 297,000,000
capital by owners
1．Ordinary Shar
es invested by sh 297,000,000 297,000,000
areholders
2 ． Holders of ot
her equity instru
ments invested ca
pital
3．Amount of
shares paid and
accounted as
owners’ equity
4．Other
（III）Profit
411,612,450 -726,629,489 -315,017,039 -282,847,942 -597,864,981
allotment
1.Providing of
411,612,450 -411,612,450
surplus reserves
2.Providing of
common risk
provisions
3．Allotment to
the owners (or -315,017,039 -315,017,039 -282,847,942 -597,864,981
shareholders)
4．Other
(IV) Internal
transferring of
owners’ equity
1. Capitalizing of
capital reserves
(or to capital
shares)
2. Capitalizing of
surplus reserves
82
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
(or to capital
shares)
3．Making up
losses by surplus
reserves.
4.Change amount
of defined benefit
plans that carry
forward
Retained earnings
5．Other
comprehensive
income
carry-over
retained earnings
6．Other
(V). Special
reserves
1. Provided this
year
2．Used this term
（VI）Other
5,250
IV. Balance at the
,283, 5,102,846,886 607,522,715 8,245,767,593 5,344,946,034 24,551,367,214 7,578,955,323 32,130,322,537
end of this term
986
8.Statement of change in owner’s Equity of the Parent Company
Amount in this period
In RMB
The first half year of 2020
Items
Share capital Other Equity instrument Capital Less: Shares Other Specialized Surplus Retained Other Total of owners’
83
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
reserves in stock Comprehensive reserve reserves profit equity
Preferred Income
Sustaina Other
stock
ble debt
I.Balance at the end of last
5,250,283,986 5,599,980,903 1,676,143,044 8,245,767,593 4,514,862,488 25,287,038,014
year
Add: Change of
accounting policy
Correcting of previous
errors
Other
II.Balance at the
5,250,283,986 5,599,980,903 1,676,143,044 8,245,767,593 4,514,862,488 25,287,038,014
beginning of current year
III.Changed in the current
-5,609,082 269,593,045 223,148,506 487,132,469
year
（I）Total comprehensive
-5,609,082 1,122,775,629 1,117,166,547
income
(II) Investment or
decreasing of capital by
owners
1．Ordinary Shares invest
ed by shareholders
2 ． Holders of other equit
y instruments invested cap
ital
3.Amount of shares paid
and accounted as owners’
equity
4．Other
（III）Profit allotment 269,593,045 -899,627,123 -630,034,078
1.Providing of surplus
269,593,045 -269,593,045
reserves
2．Allotment to the owners
-630,034,078 -630,034,078
(or shareholders)
84
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
3．Other
(IV) Internal transferring
of owners’ equity
1. Capitalizing of capital
reserves (or to capital
shares)
2. Capitalizing of surplus
reserves (or to capital
shares)
3．Making up losses by
surplus reserves.
4.Change amount of
defined benefit plans that
carry forward
Retained earnings
5．Other comprehensive
income carry-over
retained earnings
6．Other
(V) Special reserves
1. Provided this year
2．Used this term
（VI）Other
IV. Balance at the end of
5,250,283,986 5,599,980,903 1,670,533,962 8,515,360,638 4,738,010,994 25,774,170,483
this term
Amount in last year
In RMB
The first half year of 2019
Other Equity instrument
Items Less: Other Speciali
Capital Surplus Retained Total of owners’
Share Capital Preferred Shares Comprehensive zed Other
Sustaina Other reserves reserves profit equity
stock in stock Income reserve
ble debt
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I.Balance at the end of last year 5,250,283,986 5,605,794,601 550,010,133 7,834,155,143 4,472,241,538 23,712,485,401
Add: Change of accounting policy
Correcting of previous errors
Other
II.Balance at the beginning of
5,250,283,986 5,605,794,601 550,010,133 7,834,155,143 4,472,241,538 23,712,485,401
current year
III.Changed in the current year 57,512,582 411,612,450 154,867,058 623,992,090
（I）Total comprehensive income 57,512,582 881,496,547 939,009,129
(II) Investment or decreasing of
capital by owners
1 ． Ordinary Shares invested by s
hareholders
2 ． Holders of other equity instru
ments invested capital
3.Amount of shares paid and
accounted as owners’ equity
4．Other
（III）Profit allotment 411,612,450 -726,629,489 -315,017,039
1.Providing of surplus reserves 411,612,450 -411,612,450
2．Allotment to the owners (or
-315,017,039 -315,017,039
shareholders)
3．Other
(IV) Internal transferring of
owners’ equity
1. Capitalizing of capital reserves
(or to capital shares)
2. Capitalizing of surplus reserves
(or to capital shares)
3．Making up losses by surplus
reserves.
4.Change amount of defined
benefit plans that carry forward
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Retained earnings
5．Other comprehensive income
carry-over retained earnings
6．Other
(V) Special reserves
1. Provided this year
2．Used this term
（VI）Other
IV. Balance at the end of this term 5,250,283,986 5,605,794,601 607,522,715 8,245,767,593 4,627,108,596 24,336,477,491
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
III．Basic Information of the Company
Guangdong Electric Power Development Co., Ltd. (“the Company”) is a limited liability company jointly
established by Guangdong Electric Power Holding Company, China Construction Bank, Guangdong Province
Trust Investment Company, Guangdong Power Development Co., Ltd., Guangdong International Trust and China
Guangfa Bank (currently named as Guangdong Guangkong Group Co., Ltd.). The address of the Company’s
registered office and head office is F33~F36 South Tower Building of Yudean Square on 2nd Tianhe East Road,
Guangzhou, Guangdong Province, the People’s Republic of China (“the PRC”). The Company’s parent company
is Guangdong Energy Group Co., Ltd. (“GEGC”, previously Guangdong Province Yudean Group Co., Ltd.) and
its ultimate controlling shareholder is the State-owned Assets Supervision and Administration Commission of the
People’s Government of Guangdong Province.
The Company’s issuing RMB ordinary shares (“A-share”) and domestic listed foreign shares (“B-share”) are
listed for transactions in Shenzhen Stock Exchange respectively on 26 November 1993 and 28 June 1995. As at 30
June 2019, the total share capital of the Company is RMB 5,250,283,986 with par value of RMB 1 each.
The Company and its subsidiaries (collectively referred to as “the Group”) are principally engaged in the
businesses of developing and operating electric power plants in Guangdong Province ， Yunnan Province, Hunan
Province and Guangxi, the PRC.
The financial statement has been approved for issue by the Company’s Board of Directors on August 28,2020.
For the Consolidation scope changed of the Group, please refer to VIII and IX(Equity in other entities
IV.Basis for the preparation of financial statements
1.Basis for the preparation
The financial statements are prepared in accordance with the Accounting Standard for Business Enterprises -
Basic Standard, and the specific accounting standards and other relevant regulations issued by the Ministry of
Finance on 15 February 2006 and in subsequent periods (hereafter collectively referred to as “the Accounting
Standard for Business Enterprises” or “CAS”), and “Information Disclosure Rule No. 15 for Companies with
Public Traded Securities - Financial Reporting General Provision” issued by China Security Regulatory
Commission.
2. Continuous operation.
As at 30 June 2020, the Group’s net current liabilities amounted to RMB 8,565 billion. Capital commitments
contracted for by the Group amounted to RMB 16.119 billion, among which the capital expenditure due within
one year amounted to RMB 6.119 billion. Therefore, the Group is to some extent exposed to liquidity risk.
The reason for net current liabilities is that a portion of the Group’s capital expenditure is backed by short-term
borrowings and funds in hand. Management of the Company plans to take the following measures to ensure that
the Group can continuously obtain sufficient working capital to liquidate debts due within 12 months starting from
30 June 2020, therefore, the financial statements are prepared on a going concern basis
(a) The Group continuously generates profit after its generator sets have successively been put into production in
recent years. Management expects stable cash inflows from operating activities in the future; and
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(b) The Group maintains good relations of long-term cooperation with financial institutions (including the
Company’s associate Guangdong Energy Group Finance Co., Ltd. (“Energy Group Finance Company”), formerly
known as Guangdong Yudean Finance Co., Ltd.) in order to obtain sufficient financing credit lines. As at 30 June
2020, , the Group’s available credit line from financial institutions amounted to approximately RMB 43.236
billion, with RMB11.84 billion from Energy Group Finance Company, RMB 24.896 billion from other
commercial banks and financial institutions, The permissible quota of corporate bonds approved by the China
Securities Regulatory Commission is RMB 2.5 billion and RMB 4,000 million from issuance of corporate bonds
approved by the China Securities Regulatory Commission. Among the Group’s available credit line from financial
institutions, approximately RMB 14.247 billionis due before 30 June 2020. Management has communicated with
the financial institutions and hence expected the credit line due before 30 June 2020 to renew the term for another
12 months.
V. Significant accounting policies and accounting estimates
Specific accounting policies and accounting estimates tips:
The Group determines specific accounting policies and accounting estimates based on the characteristics of
production and operation, which are mainly reflected in the measurement of expected credit losses of receivables
(Note 5(9)), costing of inventory (Note 5(12)), fixed asset depreciation and intangible asset amortisation (Notes
5(16),(19)), impairment of long-term assets (Note 5(20)), timing of revenue recognition (Note 5(25)), deferred tax
assets and deferred tax liabilities (Note 5(29)), etc.
Details of the Group's critical judgements used in determining significant accounting policies are set forth in
Note 5(30).
1.Complying with the statements in Accounting Standards for Business Enterprises
The financial Report and statements are prepared with compliance to the requirement of the Enterprise
Accounting Standard. They reflect the financial position as of June 30, 2020 as well as the business performance
and cash flow situation in the first half of 2020 of the Company frankly and completely.
2. Accounting period
Fiscal year is dated from Gregorian calendar Jan., 1 to Gregorian calendar December., 31.
The accounting of the financial statements during the period starts from January 1, 2020 to 6 months ended June 3
0,2020.
3.Business cycle
The Company’s normal business cycle is the period from the acquisition of assets such as those for the generation
of electricity to the realisation of cash or cash equivalents. The business cycles for principal activities are usually
less than 12 months.
4. Functional currency
The Company’s functional currency is Renminbi and these financial statements are presented in Renminbi.
5. Accounting process method of enterprise consolidation under same and different controlling.
(1) Business combinations involving enterprises under common control
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The consideration the combining party paid for the combination and the carrying amount of the net assets
obtained are measured at carrying amount. The difference between the carrying amount of the net assets obtained
and the carrying amount of consideration paid for the combination is adjusted to share premium (capital premium)
in the capital reserve. If the balance of share premium (capital premium) is insufficient, any excess is adjusted to
retained earnings. Any costs directly attributable to the combination are recognized in profit or loss for the current
period when occurred. The transaction costs of issuing equity or debt securities for business combinations.
(2) Business combinations not involving enterprises under common control
The acquirer’s combining costs and the identifiable net assets obtained at the acquisition date are measured at fair
value. If the combining costs are greater than the fair value of identifiable net assets at the acquisition date, the
difference is recognized as goodwill; if the combining costs are less than the fair value of identifiable net assets at
the acquisition date, the difference is recognized in profit or loss for the current period. The direct
acquisition-related costs arising from the business combination are recognized as expenses in the periods in which
the costs are incurred. The costs of the issuance of equity or debt securities as a part of the consideration paid for
the acquisition are included as a part of initial recognition amount of the equity or debt securities.
6.Preparation of the consolidated financial statements
The consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries.
Subsidiaries are consolidated from the date on which the Group obtains control and are de-consolidated from the
date that such control ceases. For a subsidiary that is acquired in a business combination involving enterprises
under common control, it is included in the consolidated financial statements from the date when it, together with
the Company, comes under common control of the ultimate controlling party. The portion of the net profits
realised before the combination date is presented separately in the consolidated income statement.
In the preparation of consolidated financial statements, if the accounting policies or accounting period among the
Company and subsidiaries are inconsistent, the financial statements of subsidiaries have been adjusted to conform
to the Company’s policies and accounting period. For business combination not obtained under common control,
the financial statements have been adjusted based on the fair value of net recognisable asset on the acquisition
date.
All significant intra-group balances, transactions and unrealised profits are eliminated in the consolidated financial
statements. The portion of subsidiaries’ owners’ equity and the portion of subsidiaries’ net profits and losses and
comprehensive incomes for the period not attributable to the Company are recognised as minority interests, net
profit attributed to minority interests and total comprehensive incomes attributed to minority interests and
presented separately in the consolidated financial statements under owners’ equity, net profits and total
comprehensive income respectively. When the Company sells assets to subsidiaries, the unrealised gains and
losses should fully offset the net profit attributed to shareholders of the parent company; when subsidiaries sell
assets to the Company, the unrealised gains and losses should be assigned and offset between the net profit
attributed to shareholders of the parent company and minority interests according to the Company’s distribution
ratio of the subsidiary. The unrealised gains and losses between subsidiaries should be assigned and offset
between the net profit attributed to shareholders of the parent company and minority interests according to the
parent company’s distribution ratio of the subsidiary.
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In preparing the consolidated financial statements, where the accounting policies and the accounting periods of the
Company and subsidiaries are inconsistent, the financial statements of the subsidiaries are adjusted in accordance
with the accounting policies and the accounting period of the Company. For subsidiaries acquired from business
combinations involving enterprises not under common control, the individual financial statements of the
subsidiaries are adjusted based on the fair value of the identifiable net assets at the acquisition date.
7.Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits, and short-term, highly liquid investments,
which are readily convertible into known amounts of cash and are subject to an insignificant risk of change in
value.
8.Foreign currency transactions
Foreign currency transactions are translated into recording currency using the exchange rates prevailing at the
dates of the transactions. At the balance sheet date, monetary items denominated in foreign currencies are
translated into RMB using the spot exchange rates on the balance sheet date. Exchange differences arising from
these translations are recognised in profit or loss for the current period, except for those attributable to foreign
currency borrowings that have been taken out specifically for acquisition or construction of qualifying assets,
which are capitalised as part of the cost of those assets. Non-monetary items denominated in foreign currencies
that are measured at historical costs are translated at the balance sheet date using the spot exchange rates at the
date of the transactions. The effect of exchange rate changes on cash is presented separately in the cash flow
statement.
9. Financial instruments
Financial instruments refer to contracts that form financial assets of one party and financial liabilities or equity
instruments of other parties. When the Group becomes a party to a financial instrument contract, the relevant
financial assets or financial liabilities are recognized.
(a) Financial assets
(i) Classification and measurement
According to the business model for managing financial assets and the contractual cash flow characteristics of
financial assets, the Group classifies financial assets into: (1) Financial assets measured in amortized cost; (2)
Financial assets measured at fair value, whose changes are included in other comprehensive income; (3) Financial
assets measured at fair value and whose changes are included in current profits and losses.
The initial measurement of financial assets is calculated by using fair value. For financial assets measured at fair
value, whose changes are included in current profits and losses, relevant transaction costs are directly included in
current profits and losses; For other types of financial assets, relevant transaction costs are included in the initial
recognition amount. Accounts receivable or notes receivable arising from the sale of products or the provision of
labor services that do not include or take into account significant financing components are initially recognized by
the Group in accordance with the amount of consideration that the Group is expected to be entitled to receive.
Debt instrument
Debt instruments held by the Group refer to instruments that meet the definition of financial liabilities from the
perspective of the issuer and are measured in the following ways:
Measured in amortized cost:
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The Group's business model for managing such financial assets is to collect the contractual cash flow, and the
contractual cash flow characteristics of such financial assets are consistent with the basic lending arrangements,
that is, the cash flow generated on a specific date is only the payment of principal and interest based on the
amount of outstanding principal. The Group recognizes interest income for such financial assets according to the
effective interest rate method. Such financial assets mainly include monetary funds, accounts receivable, other
receivables and long-term receivables. The Group lists long-term receivables due within one year (including one
year) from the balance sheet date as non-current assets due within one year.
Equity instruments
The Group will measure the equity instrument investments that it has no control, joint control and significant
influence on at fair value, and their changes are included in the current profits and losses, and listed as trading
financial assets.
In addition, the Group designated some non-trading equity instrument investments as financial assets measured at
fair value with changes included in other comprehensive income and listed them as other equity instrument
investments. Dividend income related to such financial assets is included in current profits and losses.
(ii) Impairment
For financial assets measured in amortized cost, the Group recognizes loss reserves on the basis of expected credit
losses.
The Group takes into account reasonable and reliable information on historical events, current situation and future
economic situation forecasts, and uses the risk of default as the weight to calculate the probability weighted
amount of the present value of the difference between the cash flow receivable from the contract and the cash flow
expected to be received to confirm the expected credit loss.
On each balance sheet date, the Group separately measures the expected credit losses of financial instruments at
different stages. If the credit risk of financial instruments has not increased significantly since the initial
confirmation, it is in the first stage. The Group measures the loss reserve according to the expected credit loss in
the next 12 months; If the credit risk of a financial instrument has increased significantly since its initial
recognition but no credit impairment has occurred, it is in the second stage. The Group measures the loss reserve
according to the expected credit loss of the instrument throughout the duration; If a financial instrument has
suffered credit impairment since its initial recognition, it is in the third stage. The Group measures the loss reserve
according to the expected credit loss of the instrument throughout the duration.
For financial instruments with low credit risk on the balance sheet date, the Group assumes that their credit risk
has not increased significantly since the initial confirmation, and measures the loss reserve according to the
expected credit loss in the next 12 months.
For financial instruments in the first and second stages and with low credit risk, the Group calculates interest
income based on the book balance before deducting impairment provisions and the actual interest rate. For
financial instruments in the third stage, the interest income shall be calculated according to their book balance
minus the amortized cost after impairment provision and the actual interest rate.
For accounts receivable, regardless of whether there is any significant financing component, the Group measures
the loss reserve according to the expected credit loss throughout the duration.
When a single financial asset cannot evaluate the expected credit loss information at a reasonable cost, the Group
divides the receivables into several combinations according to the credit risk characteristics, calculates the
expected credit loss on the basis of the combinations, and determines the combination on the following basis:
Account receivable portfolio 1: Accounts receivable from electricity sales
Account receivable portfolio 2: Related party receivable
Account receivable portfolio 3:Other account receivable
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Other Account receivable portfolio 1:Advance payments receivable petty cash and other receivable
For accounts receivable divided into combinations, the Group refers to the historical credit loss experience,
combines the current situation with the forecast of future economic situation, compiles a comparison table of
overdue days of accounts receivable and the expected credit loss rate for the whole duration, and calculates the
expected credit loss.
For other receivables divided into portfolios, the Group refers to the historical credit loss experience, combines the
current situation with the forecast of future economic situation, and calculates the expected credit loss through
default risk exposure and the expected credit loss rate within the next 12 months or the whole duration.
The Group includes the accrued or reversed loss reserves into the current profits and losses.
（iii） Derecognition of financial assets
A financial asset is derecognised when: (i) the contractual rights to the cash flows from the financial asset expire,
(ii) the financial asset has been transferred and the Group transfers substantially all the risks and rewards of
ownership of the financial asset to the transferee, or (iii) the financial asset has been transferred and the Group has
not retained control of the financial asset, although the Group neither transfers nor retains substantially all the
risks and rewards of ownership of the financial asset.
When the investment in other equity instruments is derecognized, the difference between the book value and the
consideration received and the accumulated amount of the changes in fair value originally included in other
comprehensive income shall be included in the retained income; On derecognition of a financial asset, the
difference between the carrying amount and the sum of the consideration received and the cumulative changes in
fair value that had been recognised directly in owners’ equity, is recognised in profit or loss.
(b) Financial liabilities
Financial liabilities are classified into the following categories at initial recognition: financial liabilities at fair
value through profit or loss and other financial liabilities.
The financial liabilities of the Group are other comprise financial liabilities, including payables, borrowings and
debentures payable. This kind of financial liabilities are initially measured according to their fair value after
deducting transaction costs, and are subsequently measured using the effective interest rate method. If the term is
less than one year (including one year), it shall be listed as current liabilities; If the term is more than one year but
expires within one year (including one year) from the balance sheet date, it shall be listed as non-current liabilities
due within one year; The rest is listed as non-current liabilities.
When the current obligation of the financial liability has been discharged in whole or in part, the Group terminates
the recognition of the part of the financial liability or obligation that has been discharged. The difference between
the book value of the termination recognition and the consideration paid shall be included in the profit and loss of
the current period.
(c) Determination of the fair value of the financial instruments
The fair value of a financial instrument that is traded in an active market is determined at the quoted price in the
active market. The fair value of a financial instrument that is not traded in an active market is determined by using
a valuation technique. Valuation techniques include using prices of recent market transactions between
knowledgeable and willing parties, reference to the current fair value of another financial asset that is substantially
the same with this instrument, and discounted cash flow analysis, etc. When a valuation technique is used to
establish the fair value of a financial instrument, it makes the maximum use of observable market inputs and relies
as little as possible on entity-specific inputs. When the observable inputs are not available or are unrealistic to
obtained, unobservable inputs shall be used
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10.Account receivable
See Note V (9) Financial Instruments for details.
11.Other account receivable
Determination method of expected credit loss of other receivables and accounting treatment method
See Note V (9) Financial Instruments for details.
12. Inventories
(a) Classification
Inventories include fuel and spare parts measured at the lower of cost and net realisable value..
(b) Cost of inventories transferred out
Cost of fuel transferred out is calculated using the weighted average method. Spare parts are amortised in full
when received for use.
(c) Basis for determining the net realisable value of inventories and provisioning methods for decline in value of
inventories
Any excess of the cost over the net realisable value of inventories is recognised as a provision for diminution in
the value of inventories. Net realisable value is measured by the estimated selling price in the ordinary course of
business less the estimated costs necessary to make the sale and relevant taxes.
(d) The Group maintains a perpetual inventory system..
13. Long-term account receivable
See Note V (9) Financial Instruments for details.
14. Long-term equity investment
Long-term equity investments comprise the Company’s long-term equity investments in its subsidiaries and the
Group’s long-term equity investments in its associates.
Subsidiaries are the investees over which the Company is able to exercise control. Associates are the investees
over which the Group has significant influence, but not control, on their financial and operating policies.
Investments in subsidiaries are presented in the Company’s financial statements using the cost method, and are
adjusted to the equity method when preparing the consolidated financial statements. Investments in associates are
accounted for using the equity method.
(a) Determination of investment cost
For long-term equity investments acquired through a business combination: for long-term equity investments
acquired through a business combination involving enterprises under common control, the investment cost shall
be the absorbing party’s share of the carrying amount of owners’ equity of the party being absorbed at the
combination date; for long-term equity investment acquired through a business combination involving enterprises
not under common control, the investment cost shall be the combination cost. For long-term equity investments
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acquired not through a business combination: if the long-term equity investments are acquired in cash, the initial
investment cost shall be the purchase price actually paid; if the long-term equity investments are acquired by
issuing equity securities, the initial investment cost shall be the fair value of the equity securities.
(b) Subsequent measurement and recognition of related profit and loss
For long-term equity investments accounted for using the cost method, they are measured at the initial investment
costs, and cash dividends or profit distribution declared by the investees are recognised as investment income in
profit or loss.
For long-term equity investments accounted for using the equity method, where the initial investment cost exceeds
the Group’s share of the fair value of the investee’s identifiable net assets at the time of acquisition, the investment
is initially measured at cost. Where the initial investment cost is less than the Group’s share of the fair value of the
investee’s identifiable net assets at the time of acquisition, the difference is included in profit or loss for the
current period and the cost of the long-term equity investment is adjusted accordingly.
For long-term equity investments accounted for using the equity method, the Group recognises the investment
income or losses according to its share of net profit or loss of the investee. The Group discontinues recognising its
share of net losses of an investee after the carrying amount of the long-term equity investment together with any
long-term interests that, in substance, form part of the investor’s net investment in the investee are reduced to zero.
However, if the Group has obligations for additional losses and the criteria with respect to recognition of
provisions under the accounting standards on contingencies are satisfied, the Group continues recognising the
investment losses and the provisions. The Company shall adjust the carrying amount of the long term investment
for other changes in shareholders’ equity of the investee (other than net profits or losses), and include the
corresponding adjustment in shareholders’ equity. The carrying amount of the investment is reduced by the
Group’s share of the profit distribution or cash dividends declared by an investee. The unrealised profits or losses
arising from the intra-group transactions amongst the Group and its investees are eliminated in proportion to the
Group’s equity interest in the investees, and then based on which the investment gains or losses are recognised.
For the loss on the intra-group transaction amongst the Group and its investees attributable to asset impairment,
any unrealised loss is not eliminated.
(c) Basis for determining existence of control and significant influence over investees
Control is the power to govern the investee so as to obtain variable returns by participating in the related business
activities of the investees and the ability to affect the returns by exercising its power over the investees.
Joint control is the contractually agreed sharing of control over an investee’s economic activities, and exists only
when the strategic financial and operating decisions relating to the activities require the unanimous consent of the
Group and the parties sharing the control.
Significant influence is the power to participate in the financial and operating policy decisions of the investee, but
is not control or joint control over those policies.
(d) Impairment of long-term equity invest
The carrying amount of long-term equity investments in subsidiaries, joint venture, and associates is reduced to
the recoverable amount when the recoverable amount is less than the carrying amount（Note 5(20).
15. Investment properties
The measurement mode of investment property
The measurement by the cost method
Depreciation or amortization method
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Investment properties, including land use rights that have already been leased out and buildings that are held for
the purpose of leasing are measured initially at cost. Subsequent expenditures incurred in relation to an investment
properties are included in the cost of the investment property when it is probable that the associated economic
benefits will flow to the Group and their costs can be reliably measured; otherwise, the expenditures are
recognised in profit or loss in the period in which they are incurred.
The Group adopts the cost model for subsequent measurement of investment properties. Buildings and land use
rights are depreciated or amortised to their estimated net residual values over their estimated useful lives. The
estimated useful lives, the estimated net residual values that are expressed as a percentage of cost and the annual
depreciation (amortisation) rates of investment properties are as follows:
Estimated useful lives Estimated net residual value Annual depreciation rates
Building 22-40years 0%- 5% 2.38%-4.55%
When an investment property is transferred to owner-occupied properties, it is reclassified as fixed asset at the
date of the transfer. The carrying amount of the fixed asset shall be measured on the basis of fair value of the
investment property.
The investment property’s estimated useful life, net residual value and depreciation (amortisation) method applied
are reviewed and adjusted as appropriate at each year-end.
An investment property is derecognised on disposal or when the investment property is permanently withdrawn
from use and no future economic benefits are expected from its disposal. The net amount of proceeds from sale,
transfer, retirement or damage of an investment property after its carrying amount and related taxes and expenses
is recognised in profit or loss for the current period.
16. Fixed assets
（1）Recognition of fixed assets
Fixed assets comprise plant and building, power generator equipment, motor vehicles and other equipment. Fixed
asset is recognised when it is probable that the related economic benefits will flow to the Group and its cost can be
reliably measured. Fixed assets purchased or constructed by the Group are initially measured at cost at the
acquisition date. The fixed assets injected by the state-owned shareholder during the restructuring of corporation
were initially recorded at the valuated amount approved by the relevant authorities managing state-owned assets.
Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed asset when it is probable
that the economic benefits associated with the fixed asset will flow to the Group and the costs can be reliably
measured. The carrying amount of those parts that are replaced is derecognised and all the other subsequent
expenditures are recognised in income statement when they are incurred.
（2）Depreciation of fixed assets
The method for Expected useful life
Category Estimated residual value Depreciation
depreciation （Year）
House and building Straight-line method 10 - 50 years 5% 1.90%- 9.50%
Generation equipment Straight-line method 5 - 25 years 0%-5% 3.80% - 20%
Transportation Straight-line method
5 - 15 years 0%-5% 6.33% - 20%
equipment
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Other equipment Straight-line method 5 - 22 years 0%-5% 4.32% - 20%
The estimated useful life and the estimated net residual value of a fixed asset and the depreciation method applied
to the asset are reviewed, and adjusted as appropriate at each year-end.
(3)Cognizance evidence and pricing method of financial leasing fixed assets
The lease that essentially transfers all the risks and returns related to the ownership of the asset is classified as
finance lease. The entry value of the fixed assets under finance lease the lower of its fair value and the present
value of the minimum lease payments. The difference between the entry value of the fixed asset under finance
lease and the present value of the minimum lease payment is recognised as unrecognised financing charges（Note
5(28). Fixed assets under finance lease share the same depreciation method with company owned fixed assets. If
there is reasonable certainty that the Group will obtain ownership of a leased asset at the end of the lease term, the
leased asset is depreciated over its estimated useful life. Otherwise, the leased asset is depreciated over the shorter
of the lease term and its estimated useful life.
17.Construction in progress
Construction in progress is measured at its actual costs incurred. Actual costs include construction cost,
installation cost, capitalised borrowing costs, and any other costs directly attributable to bringing the asset to
working condition for its intended use. When the construction in progress is ready for its intended use, it is
transferred to fixed assets and starts depreciation the following month. When recoverable amount of the
construction in progress is lower than its carrying value, its carrying value is then reduced to the recoverable
amount.
18.Borrowing costs
The borrowing costs that are directly attributable to the acquisition and construction of a fixed asset that needs a
substantially long period of time of acquisition and construction for its intended use commence to be capitalised
and recorded as part of the cost of the asset when expenditures for the asset and borrowing costs have been
incurred, and the activities relating to the acquisition and construction that are necessary to prepare the asset for its
intended use have commenced. The capitalisation of borrowing costs ceases when the asset under acquisition or
construction becomes ready for its intended use, the borrowing costs incurred thereafter are recognised in income
statement. Capitalisation of borrowing costs is suspended when the acquisition or construction of a fixed asset is
interrupted abnormally and the interruption lasts for more than 3 months, until the acquisition or construction is
resumed.
For the specific borrowings obtained for the acquisition or construction of a fixed asset qualifying for
capitalisation, the amount of borrowing costs eligible for capitalisation is determined by deducting any interest
income earned from depositing the unused specific borrowings in the banks or any investment income arising on
the temporary investment of those borrowings during the capitalisation period.
For the general borrowings obtained for the acquisition or construction of a fixed asset qualifying for
capitalisation, the amount of borrowing costs eligible for capitalisation is determined by applying the weighted
average effective interest rate of general borrowings, to the weighted average of the excess amount of cumulative
expenditures on the asset over the amount of specific borrowings. The effective interest rate is the rate at which
the estimated future cash flows during the period of expected duration of the borrowings or applicable shorter
period are discounted to the initial amount of the borrowings.
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19. Intangible assets
1. Valuation Method, Service Life and Impairment Test of Intangible Assets
Intangible assets mainly including land use rights, sea use rights, software, associated projects for electricity
transmission and transformation, microwave engineering and transportation engineering are measured at cost.
Intangible assets contributed by the state-owned shareholders at the incorporation of a limited company are
initially recorded at the valuation amount recognised by the state-owned assets supervision and administration
department.
(a) Land use right and sea use right
Land use rights are amortised on a straight-line basis over their approved period of 20 to 70 years. If the purchase
costs of land and attached buildings cannot be reasonably allocated between the land use right and the buildings,
the purchase costs are recognised as fixed assets.
(b) Other intangible assets
Besides land use right, sea use right, associated projects for electricity transmission and transformation,
microwave engineering and transportation engineering, other intangible assets are amortized on a straight-line
basis over their expected life of 2 years to 25 years.
(c) Periodic review on useful life and method of amortisation
For intangible assets with finite useful life, their expected life and amortisation method are reviewed and adjusted
at the end of every year.
(d) Impairment of intangible assets
The carrying amount of intangible assets is reduced to the recoverable amount when the recoverable amount is
less than the carrying amount.
2.Accounting policies for the internal research and development expenditure
Research and development
The expenditure on an internal research and development project is classified into expenditure on the research
phase and expenditure on the development phase based on its nature and whether there is material uncertainty that
the research and development activities can form an intangible asset at the end of the project.
Expenditure on the research phase is recognised in profit or loss in the period in which it is incurred. Expenditure
on the development phase is capitalised only if all of the following conditions are satisfied:
management intends to complete the intangible asset, and use or sell it;
it can be demonstrated how the intangible asset will generate economic benefits: products with the application
of intangible assets or the intangible assets themselves can prove to have market value, intangible assets for
internal use application can prove to be of usefulness;
there are adequate technical, financial and other resources to complete the development and the ability to use or
sell the intangible asset;
it is technically feasible to complete the intangible asset so that it will be available for use or sale; and
the expenditure attributable to the intangible asset during its development phase can be reliably measured.
Other development expenditures that do not meet the conditions above are recognised in profit or loss in the
period in which they are incurred. Development costs previously recognised as expenses are not recognised as an
asset in a subsequent period. Capitalised expenditure on the development phase is presented as development costs
in the balance sheet and transferred to intangible assets at the date that the asset is ready for its intended use.
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20. Impairment of long-term assets
Fixed assets, construction in progress, intangible assets with finite useful lives, investment property measured at
cost and long-term equity investments in subsidiaries, joint venture, and associates are tested for impairment if
there is any indication that an asset may be impaired at the balance date. If the result of the impairment test
indicates that the recoverable amount of the asset is less than its carrying amount, a provision for impairment and
an impairment loss are recognised for the amount by which the asset’s carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and the present value of the
future cash flows expected to be derived from the asset. A provision for asset impairment is determined and
recognised on an individual asset basis. If it is not possible to estimate the recoverable amount of an individual
asset, the recoverable amount of the group of assets to which the asset belongs is determined. A group of assets is
the smallest group of assets that is able to generate independent cash inflows.
Goodwill that is separately presented in the financial statements is tested at least annually for impairment,
irrespective of whether there is any indication that it may be impaired. In conducting the test, the carrying value of
goodwill is allocated to the related asset group or groups of asset groups which are expected to benefit from the
synergies of the business combination. If the result of the test indicates that the recoverable amount of an asset
group or a group of asset groups, including the allocated goodwill, is lower than its carrying amount, the
corresponding impairment loss is recognised. The impairment loss is first deducted from the carrying amount of
goodwill that is allocated to the asset group or group of asset groups, and then deducted from the carrying
amounts of other assets within the asset group or group of asset groups in proportion to the carrying amounts of
assets other than goodwill.
Once the asset impairment loss mentioned above is recognised, it is not allowed to be reversed for the value
recovered in the subsequent periods.
21.Long-term deferred expenses
Long-term prepaid expenses include the expenditure for improvements to fixed assets held under operating leases,
and other expenditures that have been incurred but should be recognised as expenses over more than one year in
the current and subsequent periods. Long-term prepaid expenses are amortised on the straight-line basis over the
expected beneficial period and are presented at actual expenditure net of accumulated amortisation.
22.Constract Liabilities
See Note V (25) Revenue for details.
23. Employee benefits
(1) Short-term employee benefits
Short-term remunerations mainly include wages or salaries, bonuses, allowances and subsidies, staff welfare,
medical insurance, work injury insurance, maternity insurance, housing funds, labour union funds, employee
education funds, short-term paid absence. Short-term remunerations are recognised as current liabilities in the
accounting period in which the service has been rendered by the employees, and as costs of assets or expenses to
whichever the employee service is attributable. Non-monetary benefits are measured at fair value.
（2）Post –employment benefits
The Company’s post-employment benefits scheme includes both Defined Contribution Plan (DCP) and Defined
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Benefit Plan (DBP). A DCP is a pension plan under which the Company pays fixed contributions into a separate
entity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient
assets to pay all employees the benefits relating to employee service in the current and prior periods. A DBP is a
pension plan that is not a defined contribution plan. During the periods of reporting, the Company’s
post-employment benefits scheme mainly includes basic pension insurance and unemployment insurances, both of
which are DCP.
Basic pension insurance
Employees of the Group have entered into the social pension insurance scheme organised by local labour and
social security department. The Group pays basic pension insurances to local labour and social security
department monthly according to local insurance base and corresponding rate. Local labour and social security
department is obligated to pay basic pensions to retired employees.
Supplementary pension insurance
The company purchases supplementary pension insurance on behalf of employees, and pays pension insurances
according to the policies of Energy Group. The amounts based on the above calculations are recognised as
liabilities in the accounting period in which the service has been rendered by the employees, with a corresponding
charge to the profit or loss for the current period or the cost of relevant assets.
(3) Termination benefits
The Group provides compensation for terminating the employment relationship with employees before the end of
the employment contracts or as an offer to encourage employees to accept voluntary redundancy before the end of
the employment contracts. The Group recognises a liability arising from compensation for termination of the
employment relationship with employees, with a corresponding charge to profit or loss at the earlier of the
following dates: 1) when the Group cannot unilaterally withdraw the offer of termination benefits because of an
employment termination plan or a curtailment proposal; 2) when the Group recognises costs or expenses related to
the restructuring that involves the payment of termination benefits.
Early retirement benefits
The Group provides early retirement benefits for employees who enrolled in internal retirement arrangement.
Early retirement benefits refer to wages and social benefit paid by the Group on behalf of the employees who have
not meet retirement age requirement but voluntarily retire after permission from the Group’s management level.
The Group starts paying early retirement benefits to early retired employees from the start date of their early
retirement until they reach the statutory retirement age. For the accounting treatment of early retirement benefits,
the Group adopts the same method as termination benefits, that is, upon confirming the termination benefits
comply with relevant conditions, proposed payment of early retirement wages. and social security from the start
date of termination of services to the date of statutory retirement age are recognised as liability and recorded into
profit and loss at lump sum. The discrepancy caused by change in actuarial assumption and adjustment of welfare
standard is recorded into current profit or loss.
Early retirement benefits that are expected to be paid within one year after balance sheet date are disclosed as
current liabilities.
(4) Other long-term employee benefits
According to the Urban Employee Basic Medical Insurance (UEBMI) policy governing the Company and some of
the Group’s subsidiaries, if an employee’s UEBMI contribution period who participates in basic medical insurance
for urban residents, fails to reach the time requirement when the employee reaches the statutory retirement age,
the employee shall continue to contribute to the UEBMI till the contribution period meets the required time. The
Group determines the amount to be contributed in the residual service period of an employee based on the present
value of the future cash flow expected to be paid for UEBMI till the required time is met, which will be
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recognised as long-term employee benefits liabilities with a corresponding charge to profit or loss or included in
cost of related assets.
24. Estimated Liabilities
Provisions for product warranties, onerous contracts etc. are recognised when the Group has a present obligation,
it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount of the
obligation can be measured reliably.
A provision is initially measured at the best estimate of the expenditure required to settle the related present
obligation. Factors surrounding a contingency, such as the risks, uncertainties and the time value of money, are
taken into account as a whole in reaching the best estimate of a provision. Where the effect of the time value of
money is material, the best estimate is determined by discounting the related future cash outflows. The increase in
the discounted amount of the provision arising from passage of time is recognised as interest expense.
The carrying amount of provisions is reviewed at each balance sheet date and adjusted to reflect the current best
estimate.
The Group recognises the loss provision of financial guarantee contracts which provision is based on ECL.
The provisions expected to be settled within one year since the balance sheet date are classified as current
liabilities.
25.Revenues
Accounting policies adopted for income recognition and measurement
When the customer obtains the control of the relevant goods or services, the Group recognizes the income
according to the expected amount of consideration that it is entitled to receive.
(a) Revenue from sales of electricity and heat energy
When electricity and heat energy are supplied to the power grid company or customer who buy heat, such power
grid company or customer gains control of electricity, and the Group recognizes sales income.
(b) Revenue from sales of by-products
Revenue from the sales of goods is recognised when the Group transfers by-products (such as coal ash) produced
by electricity generations to the designated delivery place pursuant to the contract or agreement and the recipient
resource utilisation confirms receipt.
(c) Provide labor services
The Group provides services, and recognizes the income within a certain period of time according to the progress
of completed services, in which the progress of completed services is determined according to the proportion of
the incurred costs to the estimated total costs. On the balance sheet date, the Group re-estimated the progress of
completed labor services to enable it to reflect the changes in performance.
When the Group recognizes income according to the progress of completed labor services, the part for which the
Group has obtained unconditional collection right is recognized as accounts receivable, and the rest is recognized
as contract assets, and the loss reserve is recognized for accounts receivable and contract assets based on expected
credit losses (Note V (9)); If the contract price received or receivable by the Group exceeds the completed labor
service, the excess shall be recognized as the contract liability (Note V (22)). The Group's contractual assets and
contractual liabilities under the same contract are listed in net terms.
The Group provides external bidding agency service and maintenance service.
The Group provides external bidding agency service, upon the completion of the bidding service, revenue is
recognised based on the pricing difference between the electricity consumption of bidding and auction price, and
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the customer’s conventional price of electricity.
The Group provides external maintenance service, revenue is recognised according to the percentage completion
method, determined by percentage of the total cost incurred.
The adoption of different business models in similar businesses leads to differences in accounting policies for
income recognition
Not applicable
26.Government grants
Government grants refer to the monetary or non-monetary assets obtained by the Group from the government,
including tax return, financial subsidy and etc. Government grants are recognised when the grants can be received
and the Group can comply with all attached conditions. If a government grant is a monetary asset, it will be
measured at the amount received or receivable. If a government grant is a non-monetary asset, it will be measured
at its fair value. If it is unable to obtain its fair value reliably, it will be measured at its nominal amount.
Government grants related to assets refer to government grants which are obtained by the Group for the purposes
of purchase, construction or acquisition of the long-term assets. Government grants related to income refer to the
government grants other than those related to assets. Government grants related to assets are recorded as deferred
income and recognised in profit or loss on a systemic basis over the useful lives of the assets. Government grants
related to income that compensate the incurred costs, expenses or losses are recognised in profit or loss.
Government grants related to income that compensate future costs, expenses or losses are recorded as deferred
income and recognised in profit or loss in reporting the related costs, expenses or losses; government grants
related to income that compensate incurred costs, expenses or losses are recognised in profit or loss directly in the
current period. The Group applies the presentation method consistently to the similar government grants in the
financial statements.
27. Deferred income tax assets/Deferred income tax liability
Deferred tax assets and deferred tax liabilities are calculated and recognised based on the differences arising
between the tax bases of assets and liabilities and their carrying amounts (temporary differences). Deferred tax
asset is recognised for the deductible losses that can be carried forward to subsequent years for deduction of the
taxable profit in accordance with the tax laws. No deferred tax liabilities is recognised for the temporary
differences resulting from the initial recognition of Goodwill. No deferred tax asset or deferred tax liability is
recognised for the temporary differences resulting from the initial recognition of assets or liabilities due to a
transaction other than a business combination, which affects neither accounting profit nor taxable profit (or
deductible loss). At the balance sheet date, deferred tax assets and deferred tax liabilities are measured at the tax
rates that are expected to apply to the period when the asset is realised or the liability is settled.
Deferred tax assets are only recognised for deductible temporary differences, deductible losses and tax credits to
the extent that it is probable that taxable profit will be available in the future against which the deductible
temporary differences, deductible losses and tax credits can be utilised.
Deferred tax liabilities are recognised for temporary differences arising from investments in subsidiaries, joint
venture, and associates, except where the Group is able to control the timing of reversal of the temporary
difference, and it is probable that the temporary difference will not reverse in the foreseeable future. When it is
probable that the temporary differences arising from investments in subsidiaries and associates will be reversed in
the foreseeable future and that the taxable profit will be available in the future against which the temporary
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differences can be utilised, the corresponding deferred tax assets are recognised.
Deferred tax assets and liabilities are offset when:
the deferred taxes are relate to the same tax payer within the Group and same fiscal authority, and;
that tax payer has a legally enforceable right to offset current tax assets against current tax liabilities.
28. Leases
（1）Accounting of operational leasing
Operating lease expenses are recorded in relevant cost of capital or current profit or loss according to straight-line
method over the lease period.
Operating lease revenue are recognised according to straight-line method over the lease period.
（2）Accounting treatment of financing leasing
When the Group acquires an asset under a finance lease, the asset is measured at an amount equal to the lower of
its fair value and the present value of the minimum lease payments, each determined at the inception of the lease.
The difference between the fair value of the leased assets and the minimum lease payments is recognised as
unrecognised finance charges. Unrecognised finance charge under finance lease is amortised using an effective
interest method over the lease term. The minimum lease payment net of unrecognised finance charges are
disclosed as long-term payable.
29. Other significant accounting policies and estimates
Segment information:
The Group identifies operating segments based on the internal organisation structure, management requirements
and internal reporting system, and discloses segment information of reportable segments which are determined on
the basis of operating segments.
An operating segment is a component of the Group that satisfies all of the following conditions: (1) the
component is able to earn revenues and incur expenses from its ordinary activities; (2) whose operating results are
regularly reviewed by the Group’s management to make decisions about resources to be allocated to the segment
and to assess its performance, and (3) for which the information on financial position, operating results and cash
flows is available to the Group. If two or more operating segments have similar economic characteristics and
satisfy certain conditions, they are aggregated into one single operating segment.
Critical accounting estimates and judgements
The Group continually evaluates the critical accounting estimates and key judgements applied based on historical
experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
(a) Key judgement in critical accounting policy
Critical accounting estimates and key assumptions listed bellow contain significant risks to major changes on the
carrying amount of assests and liabilities in the following accouting year:
(i) Classfication of financial assets
The Group determines the classification of financial assets based on the significant judgement of analysis of
business model and cash flow characteristics.
The Group determines the business model of managing financial assets based on the level of financial assets’
group. The consideration factors include the means of assessing and reporting to the key management the
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performance of the financial assets, the risks that hinders the performance assets and the managing style, and the
means of payment to its own management personnel.
The major judgment in determining whether the contractual cash flow characteristics of the financial assets is in
consistency of the borrowing arrangement includes: whether there is a change in the amount of principal or the
timing of the duration when repayment in advance and etc. occurs; whether the mere considerations of interest are
time value of the money, credit risk, other basic risks of debt and consideration for cost and profit. For example,
the judgment on the amount of repayment in advance should be whether or not the amount only reflects the
unpaid principle, the interest that is calculated based on the unpaid principle and the reasonable compensation for
terminating the contract in advance.
(ii) Assessment of significant increase in credit risk
The assessment of the Group on whether the increase of credit risk is significant includes changes in one or more
than one indicators: the conditions of the debtor’s business, the internal and external credit rating, the significant
change in the actual or expected operation result, the value of collateral asset or the significant decrease in the
credit rating of the guarantor.
The assessment of the Group on whether a credit loss occurs includes the debtors are in financial difficulties, in
the restructure of debts or possibly subject to bankruptcy
(b) Critical accounting estimates and key assumptions
(i) Estimates on impairment of long-term assets
As described in Note 5(20), fixed assets, construction in progress, intangible assets with finite useful lives,
investment properties that are measured at cost and long-term equity investments in subsidiaries, joint ventures
and associates are tested for impairment if there are indications that the assets may be impaired at the balance
sheet date.
When assessing whether the above assets are impaired, management mainly evaluates and analyses: (i) whether
events affecting asset impairment occurred; (ii) whether the present value of expected cash flows arising from the
continuing use or disposal of the asset is lower than its carrying amount; and (iii) whether the significant
assumptions used in the calculation of the present value of the estimated cash flows are appropriate.
Relevant assumptions adopted by the Group to determine impairment, e.g. changes in assumptions on discount
rate and growth rate used to calculate the present value of future cash flows, may have material impact on the
present value used in the impairment test, and cause impairment in the above-mentioned long-term assets of the
Group.
(ii) Measurement of expected credit losses
The Group calculates expected credit losses through default risk exposure and expected credit loss rate, and
determines the expected credit loss rate based on default probability and default loss rate. In determining the
expected credit loss rate, the Group uses data such as internal historical credit loss experience, etc., and adjusts
historical data based on current conditions and forward-looking information. When considering forward-looking
information, the indicators used by the Group include the risk of economic downturn, the external market
environment, the technological environment and changes in customer conditions. The Group regularly monitors
and reviews assumptions related to the calculation of expected credit losses. In 2019, there was no significant
change in the above estimation techniques and key assumptions.
(iii) Useful lives and residual values of fixed assets
The useful lives and residual values of fixed assets are determined by management after taking into account their
durability and past maintenance records based on the industry practice. The useful lives and residual values of the
assets are reviewed at each year-end with appropriate adjustments made accordingly.
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(iv) Income taxes
The Group is subject to enterprise income taxes in numerous jurisdictions. There are some transactions and events
for which the ultimate tax determination is uncertain during the ordinary course of business. Significant
judgement is required from the Group in determining the provision for income taxes in each of these jurisdictions.
Where the final tax outcome of these matters is different from the amounts that were initially recorded, such
differences will impact the income tax and deferred tax provisions in the period in which such determination is
made.
(v) Deferred tax assets
Whether to recognise the deferred tax assets arising from deductible losses and deductible temporary differences
largely depends on the judgement of management on whether sufficient future taxable income that can be used to
deduct deductible losses and deductible temporary differences can be obtained in the future periods. A lot of
judgements and estimates are required to calculate the future taxable income, and tax planning strategies and the
influence of overall economic environment shall be considered at the same time. Different judgements and
estimates will impact on the recognition and amount of deferred tax assets.
When it is estimated that sufficient future taxable income, against which deductible losses and temporary
differences can be utilised, can be obtained in the future periods, deferred tax assets are recognised to the extent
that it is probable that taxable income will be available in the future against which deductible losses and
temporary differences can be utilised, using tax rates applicable in the period when the asset would be recovered.
In determining the amount of deferred tax assets, the Group exercises judgements about the estimated timing and
amount of future taxable income, and about the tax rates applicable in the future according to the existing tax
policies and other relevant regulations. Differences between such estimates and the actual timing and amount of
future profits will affect the amount of deferred tax assets.
30.Change of main accounting policies and estimations
(1)Change of main accounting policies
√ Applicable □ Not applicable
The content and reason for change of
Approval process Remark
accounting policy
On April 2, 2020, the 11th meeting of the
9th Board of Directors and the 8th meeting
of the 9th Board of Supervisors reviewed
and approved the Proposal on Accounting
The Ministry of Finance promulgated the
Policy Change, agreeing that the company
revised Accounting Standards for Business
will implement the Accounting Standards
Enterprises No.14-Income in 2017
for Business Enterprises No.14-Income
(hereinafter referred to as the "New
revised by the Ministry of Finance in 2017
Income Standards"), and the Group has
from January 1, 2020, and make
adopted the above standards and notices to
corresponding changes to the relevant
prepare the financial statements for 2020.
contents of the financial statement format
according to the requirements of CK
[2019] No.6 document, and change the
relevant accounting policies. Independent
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
directors and the Board of Supervisors of
the company respectively expressed
independent opinions and audit opinions
on this matter.
Compared with the original income standard, the impact of implementing the New Income Standards on related
items in the 2020 financial statements is as follows:
Affected balance sheet items Affected amount
June 30,2020
Consolidated Company
Contract liabilities 6,722,800 -
Advance payment (6,722,800) -
(2) Change of main accounting estimations
□Applicable√ Not applicable
（3）Adjustments to the Financial Statements at the Beginning of the First Execution Year of any New Standards
Governing Financial Instruments, Revenue or Leases from year 2020
Applicable
Whether need to adjust the balance sheet account at the beginning of the year
□ Yes√ No
The explanation of no need to adjust the balance sheet account at the beginning of the year
No adjustments.
（4）Retrospective Restatement of Previous Comparative Data due to the First Execution of any New Standards
Governing Financial Instruments or Leases from year 2020
□ Applicable √ Not applicable
31.Other
VI. Taxation
1. Main categories and rates of taxes
Class of tax Tax basis Tax rate
Taxable value-added amount (Tax payable
is calculated using the taxable sales
amount multiplied by the applicable tax 6%、9%、13%；3%( Revenue from
VAT
rate less deductible VAT input of the hydropower sales)
current period) Revenue from hydropower
sales
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Consumption tax Amount of VAT paid
City maintenance and construction tax Amount of VAT paid 5% to 7%
Corporate income tax Taxable income 20% and25%
Education surcharges Amount of VAT paid 3%
Local education surcharges Amount of VAT paid 2%
Property’s rental income or the residual
House property tax value from original value less the 12% and1.2%
deducting proportion
Calculated and paid based on the pollution
Calculated and paid based on the
equivalent values or the discharge of
Environmental protection tax applicable tax amounts of different
taxable pollutants multiplied by the
pollutants
applicable tax amounts
In case there exist any taxpayer paying corporate income tax at different tax rates, disclose the information
Name of taxpayer Income tax rates
Dianbai Wind power 12.5%
Qujie Wind Power 12.5%
Leizhou Wind Power 12.5%
Zhanjiang Yuheng Electric Power Maintenance and Installation
20%
Co., Ltd.
2.Tax preferences
Pursuant to the approval documents (Caishui [2008] No. 46 and Guo Shui Fa [2009] No. 80), Xuwen Wind Power,
Dianbai Wind Power, Qujie Wind Power and Leizhou Wind Power are exempted from enterprise income tax in the
first three years counting from the year profits are recorded, and can enjoy half rate reduction in the following
three years. As the local taxation bureau considered that Xuwen Wind Power posted profits for the first time in
2012, and Dianbai Wind Power posted profits for the first time in 2016, Qujie Wind Power posted profits for the
first time in 2016 and Leizhou Wind Power posted profits for the first time in 2017, the applicable enterprise
income tax rates for Dianbai Wind Power, Qujie Wind Power and Leizhou Wind Power are 12.5%,12.5% and
12.5% in 2020 (2019:12.5%,12.50% and 0%) respectively.
In addition, 50% of VAT levied on the sales of electricity generated by Guangdong Yudean Shibeishan Wind
Power Co., Ltd. (“Shibeishan”), Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd. (“Zhanjiang
Wind Power”), Xuwen Wind Power, Dianbai Wind Power, Qujie Wind Power and Leizhou Wind Power and
Huilai Wind Power will be refunded immediately in accordance with the Notice Concerning Value Added Tax
Policies on Wind Power Generation (Cai Shui [2015] No.74)
(b) In accordance with regulations of the Notice on Implementing the Inclusive Tax Deduction and Exemption
Policies for Micro and Small Enterprises (Cai Shui [2019] No. 13), for a small enterprise with low profits, for the
part of the annual taxable income not exceeding RMB 1 million, the amount of taxable income is reduced to 25%
of income and is subject to the enterprise income at the tax rate of 20%; for the part between RMB 1 million and
RMB 3 million, the amount of taxable income is reduced to 50% of income and is subject to the enterprise income
at the tax rate of 20%. The above small enterprises with low profits refer to enterprises that are engaged in
non-restricted and prohibited industries of the country, which meet three conditions of annual taxable income not
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
exceeding RMB 3 million, the number of employees not exceeding 300, and the amount of total assets not
exceeding RMB 50 million. Yuheng Electric met the conditions for small low-profit enterprises in 2019, and its
amount of taxable income was reduced to 25% of income and was subject to the enterprise income tax at the tax
rate of 20%. Therefore, the applicable enterprise income tax rate for Yuheng Electric was20%（2018：20%）.
(c) Pursuant to Notice on Issues Concerning the Implementation of the Preferential Catalogue of Enterprise
Income Tax for Integrated Utilisation of Resources (Cai Shui [2008] No. 47), since 1 January 2008, enterprises
use the resources listed in the Preferential Catalogue of Enterprise Income Tax for Integrated Utilisation of
Resources (2008 Edition) as the main raw materials to produce products in the above catalogue that meet national
or industry related standards, and the income from above products is reduced to 90% of the total income of the
enterprises for the year. The Group’s subsidiaries Zhanjiang Electric and Guangdong Huizhou Pinghai Power
Plant Co., Ltd. (“Pinghai Power Plant”) use coal ash to produce commercial coal ash, which meets the
above-mentioned preferential tax conditions for integrated utilisation of resources. Therefore, in 2020, revenue
from sales of coal ash from Zhanjiang Electric and Pinghai Power Plant was reduced to 90% of the total income
for the year.
3.Other
(a) Pursuant to the Announcement on Relevant Policies for Deepening Value-added Tax Reform ([2019] No. 39)
issued by the Ministry of Finance, the State Administration of Taxation and the General Administration of
Customs and relevant regulations, the applicable tax rates of revenue arising from sales of electricity, sales of
by-products and maintenance and repair services and revenue arising from sales of heat energy of the Group, are
13% and 9% respectively from 1 April 2019, while the VAT rates were 16% and 10% respectively before then.
The Group’s revenue from entrusted loans between companies and training service is subject to VAT at the rate of
6%.
Pursuant to Notice on the Policy of Streamlining and Combination of Value-added Tax Levy Rates jointly issued
by the Ministry of Finance and the State Administration of Taxation, revenue from sales of electricity generated
from small hydropower units at the county level or below is subject to VAT at the rate of 3%. Three small
hydropower plants of Lincang Yudean Energy Co., Ltd. (“Lincang Energy”), a subsidiary of the Company, are
subject to VAT at the rate of 3%.
(b)Except for the subsidiaries including Guangdong Yudean Dianbai Wind Power Co., Ltd. (“Dianbai Wind
Power”), Guangdong Yudean Qujie Wind Power Co., Ltd. (“Qujie Wind Power”), Guangdong Yudean Leizhou
Wind Power Co., Ltd. (“Leizhou Wind Power”), Zhanjiang Electric Co., Ltd. (“Zhanjiang Electric”) and
Zhanjiang Yuheng Power Maintenance Installation Co., Ltd. (“Yuheng Electric”) (Note 3(2)), the applicable tax
rate for the Company and its subsidiaries is 25%.
(c) ) According to the Environmental Protection Tax Law of the People's Republic of China, the Group has
applied the environmental protection tax since 1 January 2018. The taxation objects include air pollutants, water
pollutants, solid waste and noise. Taxation is based on the amount of pollutants’ emissions.
VII. Notes on major items in consolidated financial statements
1. Monetary funds
In RMB
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Items Closing balance Opening balance
Cash on hand 21,592 25,114
Cash at bank 5,724,039,690 5,079,616,855
Other cash balance 2,000,000 2,000,000
Total 5,726,061,282 5,081,641,969
Other note
1.As of June 30,2020,The company’s deposit in Energy Group Finance company is 4,469,328,465 yuan
(4,468,014,839 yuan before December 31, 2019).The deposit in Energy Finance means that deposited in Guangdong
Energy Finance Co., Ltd. (“Energy Finance”). Energy Finance is one financial institution approved by People's
Bank of China and is a subsidiary of Energy Group Co., Ltd.
（b）As of June 30, 2020, the Group had no funds deposited overseas (December 31, 2019: None).
（c） As of June 30, 2020, other cash balances amounted to RMB 2,000,000 (31 December 2019: 2,000,000) and
represented deposits of Huizhou Pingdian Comprehensive Energy Co., Ltd. (“Pingdian Comprehensive”), a
subsidiary of the Group, for the purpose of applying for performance guarantees.
2. Accounts receivable
(1) Accounts receivable disclosed by category
In RMB
Closing balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Category Book
Proportio Proportio value Proportio Proportio Book value
Amount Amount Amount Amount
n% n% n% n%
Of which：
Accrual of bad debt
3,409,51 3,409,377 3,197,845 3,197,690,4
provision by 100% 134,510 0.01% 100% 155,421 0.01%
2,104 ,594 ,885 64
portfolio
Of which：
Electricity sales 3,382,60 3,382,608 3,172,505 3,172,505,9
99.21% 99.21%
receivable 8,628 ,628 ,993 93
Related party 13,452,4 13,452,47
0.40% 9,797,752 0.30% 9,797,752
receivable 76 6
13,451,0 13,316,49 15,542,14
Other 0.39% 134,510 1% 0.49% 155,421 1% 15,386,719
00 0 0
3,409,51 3,409,377 3,197,845 3,197,690,4
Total 100% 134,510 0.01% 100% 155,421 0.01%
2,104 ,594 ,885 64
Accrual of bad debt provision by single item:
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion% Reason
Accrual of bad debt provision by single item:
In RMB
109
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Closing balance
Name
Book balance Bad debt provision Proportion% Reason
Accrual of bad debt provision by portfolio:
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Electricity sales receivable 3,382,608,628 0 0%
Total 3,382,608,628 0 --
Note：
Portfolio 1- Electricity sales receivable，As at 30 June 2020, the amount of receivables from sales of electricity of
the Group was RMB3,382,608,628, which was mainly from China Southern Power Grid Co., Ltd. and its
subsidiaries (collectively referred to as “China Southern Power Grid”). Taking into consideration its good credit,
the Group believes that there is no significant credit risk in the receivables from sales proceeds of electricity, and
the possibility of significant losses due to China Southern Power Grid's default is extremely low. The Group's
expected credit loss rate for sales proceeds of electricity is 0%.
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Related party receivable 13,452,476 0 0%
Total 13,452,476 0 --
Note：
Portfolio 2- Related party receivable：As at 30 June 2020, the amount of receivables from related parties of the
Group was RMB 13,452,476, and the historical loss rate was extremely low. Therefore, The Group believes that
there is no significant credit risk in the receivables from related parties, and the possibility of significant losses
due to their default is extremely low. The Group's expected credit loss rate for receivables from related parties is
0%.
The withdrawal amount of the bad debt provision：0
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Other account receivable 13,451,000 134,510 1%
Total 13,451,000 134,510 --
Note：
Portfolio 3- Other fund receivable: For other fund receivable except Portfolio 1 and Portfolio 2, the estimated
credit loss rate is 1%.
Provision for bad debt by portfolio：
Name Closing balance
110
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Book balance Bad debt provision Proportion%
Note：
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of
other receivables if the provision for bad debts of bills receivable is accrued according to the general model of
expected credit loss:
√ Applicable □Not applicable
Portfolio 1- Electricity sales receivable，As at 30 June 2020, the amount of receivables from sales of electricity of
the Group was RMB3,382,608,628, which was mainly from China Southern Power Grid Co., Ltd. and its
subsidiaries (collectively referred to as “China Southern Power Grid”). Taking into consideration its good credit,
the Group believes that there is no significant credit risk in the receivables from sales proceeds of electricity, and
the possibility of significant losses due to China Southern Power Grid's default is extremely low. The Group's
expected credit loss rate for sales proceeds of electricity is 0%.
Portfolio 2- Related party receivable：As at 30 June 2020, the amount of receivables from related parties of the
Group was RMB 13,452,476, and the historical loss rate was extremely low. Therefore, The Group believes that
there is no significant credit risk in the receivables from related parties, and the possibility of significant losses
due to their default is extremely low. The Group's expected credit loss rate for receivables from related parties is
0%.
Portfolio 3- Fund receivable other than Portfolio 1 and Portfolio 2
June 30,2020
Book balance Bad debt provision
Amount Expected credit loss Amount
rate for the entire
duration
Within 1 year 13,451,000 1% 134,510
In 2020, the amount of bad debt provision of accounts receivable reversed by the Group was RMB 20,911, and the
corresponding book balance was RMB 2,091,149. There was no bad debt provision for accounts receivable
written off this year.
Disclosure by aging
In RMB
Closing balance
Aging
Within 1 year（Including 1 year） 3,408,951,922
1-2 years 560,182
Total 3,409,512,104
(2) Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
In RMB
Category Opening balance Amount of change in the current period Closing balance
111
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Reversed or
Accrual Write-off Other
collected amount
Accounts
155,421 20,911 134,510
receivable
Total 155,421 20,911 134,510
Of which the significant amount of the reversed or collected part during the reporting period
In RMB
Name Reversed or collected amount Method
Dongguan Dejin Energy Technology Co.,
20,911 Cash
Ltd.
Total 20,911 --
（3） Top 5 of the closing balance of the accounts receivable collected according to the arrears party
In RMB
Debtor Book amount Provision for bad debts Proportion%
GPGC 2,997,828,713 87.93% 0
Shenzhen Power supply
194,675,387 5.71% 0
Bureau
GPGC,Zhanjiang Power
157,851,685 4.63% 0
supply Bureau
GPGC,Maoming Power
23,126,470 0.68% 0
supply Bureau
Huizhou Yuxin Company 5,186,800 0.15% 51,868
Total 3,378,669,055 99.10%
3.Prepayments
(1) List by aging analysis:
In RMB
Closing balance Opening balance
Aging
Amount Proportion % Amount Proportion %
Within 1 year 732,438,434 99.79% 603,944,280 99.77%
1-2 years 306,512 0.04% 886,809 0.15%
2-3 years 885,524 0.12% 115,026 0.02%
Over 3 years 334,555 0.05% 368,218 0.06%
Total 733,965,025 -- 605,314,333 --
Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in time
As at June 30,2020, advances to suppliers aged more than 1 year were RMB1,526,591, mainly including
prepayments for spare parts and materials.
112
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
（2）The ending balance of Prepayments owed by the imputation of the top five parties
Name Relationship with the company Amount Proportion %
Guangdong Power Industry Fuel Co., Ltd. Related party 70.71%
518,984,394
Guangdong Zhutou Electric Power fuel Co., Ltd. Third party 13.81%
101,351,474
China Railway (Huizhou)Co., Ltd. Third party 1.86%
13,685,587
Guangzhu Railway Co., Ltd.Guangzhou Freight
Third party 1.60%
Centre 11,729,603
Guangzhu Railway Co., Ltd. Third party 0.93%
6,798,985
Total 88.91%
652,550,043
Other note：
4. Other accounts receivable
In RMB
Items Closing balance Opening balance
Interest receivable 25,335,356 20,866,069
Other accounts receivable 234,568,414 251,935,519
Total 259,903,770 272,801,588
（1）Interest receivable
1) Category of interest receivable
In RMB
Items Closing balance Opening balance
Fixed deposit 25,335,356 20,866,069
Total 25,335,356 20,866,069
2）Bad-debt provision
□ Applicable √ Not applicable
（2） Other accounts receivable
1) Other accounts receivable classified by the nature of accounts
In RMB
Nature Closing book balance Opening book balance
Sales of by-products receivable 80,750,117 76,167,059
113
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Supplementary medical insurance fund
69,862,572 68,705,226
receivable
Land receivable deposit 23,446,000 23,446,000
Receivable petty cash 10,624,555 5,004,220
Advances receivable 8,827,635 8,101,462
Government subsidy receivable 3,195,054 447,197
Land recovery receivable 0 46,536,090
Other 49,608,387 35,274,171
Total 246,314,320 263,681,425
2）Bad-debt provision
In RMB
Stage 1 Stage 2 Stage 3
Bad Debt Reserves Expected credit Expected credit losses for Total
Expected credit loss over
losses over the next the entire duration (credit
life (no credit impairment)
12 months impairment occurred)
Balance as at January 1,
3,308,193 0 8,437,713 11,745,906
2020
Balance as at January 1,
—— —— —— ——
2020 in current
--Transfer to Stage 3 -119,707 119,707 0
Balance as at June
3,188,486 8,557,420 11,745,906
30,2020
Loss provision changes in current period, change in book balance with significant amount
□ Applicable √Not applicable
Disclosure by aging
In RMB
Aging Closing balance
Within 1 year(Including 1 year） 171,647,024
1-2 years 31,663,721
2-3 years 10,465,147
Over 3 years 32,538,428
3-4 years 23,598,340
4-5 years 544,316
Over 5 years 8,395,772
Total 246,314,320
3) Top 5 of the closing balance of the other accounts receivable collected according to the arrears party
In RMB
Proportion of the
total year end Closing balance of
Name Nature Closing balance Aging
balance of the bad debt provision
accounts receivable
Guangdong Yudean Sales of by-products 74,363,831 Within 1 year 15.10% 0
114
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Environmental receivable
Protection Co., Ltd.
Supplementary
Taikang Endowment
medical insurance
Insurance Co., Ltd. 69,862,572 Within 3 years 8.34% 0
funds shall be
Guangdong Branch
receivable
Maoming Bohe
Xingang District Land receivable
23,446,000 3-4 years 4.76% 0
Construction deposit
Command Office
Advance payment
CEEC 4,315,439 Within 1 year 0.88% 43,154
due
Zhuhai Bingxing
Sales of by-products
Building Material 4,275,543 Within 1 year 0.87% 42,755
receivable
Co., Ltd.
Total -- 176,263,385 -- 29.95% 85,909
4) Account receivables with government subsidies involved
In RMB
Estimated time, amount
Name Project name Amount in year-end At the end of aging
and basis
Within 1 year（Including
Huilai State Taxation VAT is refunded Expected to be fully
1,714,928 1 year）and1-2 years
Bureau immediately recovered by June 2021
（Including 2 years）
VAT is refunded
Xuwen State Taxation Within 1 year（Including1 Expected to be fully
immediately 1,480,126
Bureau year） recovered by June 2021
5. Inventories
Whether the company need to comply with the disclosure requirements of the real estate industry
No
（1）Category of Inventory
In RMB
Closing book balance Opening book balance
Provision for Provision for
Items
Book balance inventory Book value Book balance inventory Book value
impairment impairment
Raw materials 1,027,752,007 219,427 1,027,532,580 1,090,379,874 219,427 1,090,160,447
Parts 791,517,620 31,533,659 759,983,961 718,858,215 14,790,029 704,068,186
Other 30,032,029 0 30,032,029 22,830,636 0 22,830,636
Total 1,849,301,656 31,753,086 1,817,548,570 1,832,068,725 15,009,456 1,817,059,269
115
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
(2) Inventory depreciation reserve
In RMB
Beginning of Increased in current period Decreased in current period
Items End of term
term Provision Other Transferred back Other
Raw materials 219,427 0 0 0 0 219,427
Parts 14,790,029 16,743,630 0 0 0 31,533,659
Total 15,009,456 16,743,630 0 0 0 31,753,086
(3) Explanation on inventories with capitalization of borrowing costs included at ending balance
(4) Assets unsettled formed by construction contract which has completed at period-end
6. Non-current assets due within 1 year
In RMB
Items Year-end balance Year-beginning balance
Margin for finance lease due within 1 year 77,379,009 28,865,131
Total 77,379,009 28,865,131
Important creditor's rights investment
In RMB
Year-end balance Year-beginning balance
Items Date of Date of
Par value Interest rate Actual rate Par value Interest rate Actual rate
expiry expiry
Other note：
7. Other current assets
In RMB
Items
Year-end balance Year-beginning balance
Contract acquisition cost 0 0
Return cost receivable 0 0
VAT to be deducted 230,892,145 296,729,796
Advance payment of income tax 9,630,310 7,893,174
Other current assets to be disposed 4,208,534
Carbon emission rights assets 1,953,696 0
Other 0 972,597
Total 246,684,685 305,595,567
Other note：
On June 30, 2020, the fixed assets and intangible assets to be disposed of were reclassified to other current assets
116
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
as the subsidiary Yuejia Company ceased to operate.
8. Long-term accounts receivable
(1) List of long-term accounts receivable
In RMB
Closing balance Opening balance
Provision for Provision for Discount rate
Items
Book balance inventory Book value Book balance inventory Book value interval
impairment impairment
After-sale
18,581,834 0 18,581,834 65,856,346 0 65,856,346 5.97%-6.68%
leaseback deposit
Total 18,581,834 0 18,581,834 65,856,346 0 65,856,346 --
Provision for bad debts
In RMB
Stage 1 Stage 2 Stage 3
Expected credit Expected credit losses for
Bad Debt Reserves Expected credit loss over Total
losses over the next the entire duration (credit
life (no credit impairment)
12 months impairment occurred)
Balance as at January 1,
—— —— —— ——
2020 in current period
Loss provision changes in current period, change in book balance with significant amount
□ Applicable √ Not applicable
9. Long-term equity investment
In RMB
Increase /decrease
Profits
and losses Closing
on Cash Withdraw balance
Other
Opening Additiona Decrease investmen Changes bonus or al of Closing of
Investees l in comprehe
balance ts in other profits impairme Other balance impairme
investmen investmen nsive nt
Recogniz equity announce nt
t t income provision
ed under d to issue provision
the equity
method
I. Joint ventures
Industrial 615,218,3 24,355,75 69,090,43 570,483,6
Fuel 00 0 5 15
615,218,3 24,355,75 69,090,43 570,483,6
Subtotal
00 0 5 15
II. Associates
Yangshan 5,397,723 5,397,723
117
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Jiangken
g
Yangshan
Zhongxi 8,043,666 8,043,666
nkeng
West
142,443,2 145,502,8
Investme 3,059,567
82 49
nt
Yudean 448,869,5 -19,926,3 428,943,2
Shipping 93 82 11
Shanxi
1,644,203 99,809,49 20,000,00 1,724,013
Yudean
,546 2 0 ,038
Enerty
Energy 991,882,3 52,363,43 73,161,90 971,083,9
Finance 99 0 3 26
Taishan
Power 2,085,355 40,148,66 146,136,2 1,979,368
Generatio ,939 6 55 ,350
n
Yudean 261,404,0 266,432,4
6,601,704 1,573,263
Captive 11 52
Weixin 196,222,8 201,334,4 96,327,85
5,111,625
Yuntou 00 25 4
Huaneng 56,743,30 59,918,07
3,174,769
Shantou 3 2
5,840,566 190,342,8 240,871,4 5,790,037 96,327,85
Subtotal
,262 71 21 ,712 4
6,455,784 214,698,6 309,961,8 6,360,521 96,327,85
Total
,562 21 56 ,327 4
Other note
10. Other equity instruments investment
In RMB
Items Closing balance Opening balance
Shenzhen Energy Co., Ltd. 58,464,000 78,246,000
Shanghai Shenergy Group 328,195,598 322,642,373
GMG International Tendering Co., Ltd. 13,932,000 7,182,000
Shenzhen Capital Group Co., Ltd. 896,000,000 896,000,000
Sunshine Insurance Group Co., Ltd. 1,768,000,000 1,768,000,000
Southern Offshore wind power Union
70,301,000 70,301,000
Development Co., Ltd
Total 3,134,892,598 3,142,371,373
Itemized disclosure of the current non - trading equity instrument investment
In RMB
118
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Reasons for being
Amount of other measured at fair Reasons for other
comprehensive value and whose comprehensive
Recognized Accumulating Accumulating
Name income changes are income
dividend income gains losses
transferred to included in other transferred to
retained earning comprehensive retained earnings
income
Consideration of
Shenzhen Energy
630,000 42,573,372 strategic Not applicable
Co., Ltd.
investments
Consideration of
Shanghai
450,000 92,357,610 strategic Not applicable
Shenergy Group
investments
GMG
Consideration of
International
10,332,000 strategic Not applicable
Tendering Co.,
investments
Ltd.
Consideration of
Shenzhen Capital
20,290,444 637,702,560 strategic Not applicable
Group Co., Ltd.
investments
Sunshine Consideration of
Insurance Group 1,412,000,000 strategic Not applicable
Co., Ltd. investments
Southern
Offshore wind Consideration of
power Union 301,000 strategic Not applicable
Development investments
Co., Ltd
Other note：
(a) As at 31 June 2020, the Company held 12,600,000 tradable A shares in Shenzhen Energy with fair value of
RMB58,464,000, and the investment cost was RMB 15,890,628. The investment was stated at fair value with
reference to the market price. During the year, gains at fair value amounted to RMB19,782,000 (2019:income of
RMB12,096,000), and other comprehensive income was adjusted upwards accordingly.
(b) As at 30 June 2020, the Company held 55,532,250 tradable A shares in Shanghai Shenergy with fair value of
RMB328,195,598, and the investment cost was RMB 235,837,988. The investment was stated at fair value with
reference to the market price. During the year, gains at fair value amounted to RMB5,553,225 (2019:income of
RMB 51,644,993), and other comprehensive income was adjusted upwards accordingly.
(c) As at 30 June 2020, the Company held 1,800,000 shares of GMG International Tendering Co., Ltd. traded at
the National Equities Exchange and Quotations system with fair value of RMB 13,932,000, and the investment
cost was RMB 3,600,000. The investment was stated at fair value with reference to the market price. During the
year, gains at fair value amounted to RMB 6,750,000 (2019:income of RMB3,564,000), and other comprehensive
income was adjusted upwards accordingly.
(d) Pursuant to the Proposal on Involvement in Capital and Share Increase of Shenzhen Capital Group Co., Ltd.
approved by the Board of Directors in September 2018, the Company was permitted to make a capital injection of
RMB 213,034,000 to Shenzhen Capital Group Co., Ltd. (“SCG”) at its original proportion of shareholding. A
capital injection of RMB 65,135,200 was made in 2018, and a capital injection of RMB 78,162,240 was made in
2019. The remaining capital injection of RMB 69,736,560 would be made in 2020. As at 30 June 2020, the fair
value of the equity that the Company held in SCG amounted to RMB 896,000,000, and the investment cost was
RMB 258,297,440. During the year, gains at fair value amounted to RMB18,796,809 (2019: Nil), and other
119
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
comprehensive income was adjusted upwards accordingly.
(e) As at 30 June 2020, the fair value of the equity that the Company held in Sunshine Insurance amounted to
RMB 1,768,000,000, and the investment cost was RMB 356,000,000. During the year, gains at fair value
amounted to RMB 1,412,000,000 (2019: Nil), and other comprehensive income was adjusted upwards
accordingly.
(f) As at 30 June 2020, the fair value of the equity that the Company held in South Sea Wind Electricity
amounted to RMB 70,301,000, and the investment cost was RMB 70,000,000. During the year, gains at fair value
amounted to RMB 301,000 (2019: Nil), and other comprehensive income was adjusted upwards accordingly.
11.Other non-current assets
In RMB
Items Closing balance Opening balance
Other note：
12. Investment property
(1) Investment property adopted the cost measurement mode
√Applicable □ Not applicable
In RMB
Items House, Building Land use right Construction in process Total
I. Original price
1. Balance at
68,575,914 68,575,914
period-beginning
2.Increase in the current
period
(1) Purchase
(2)Inventory\Fixed
assets\ Transferred from
construction in progress
(3)Increased of
Enterprise Combination
3.Decreased amount of
the period
（1）Dispose
（2）Other out
4. Balance at period-end 68,575,914 68,575,914
II.Accumulated
amortization
1.Opening balance 16,482,283 16,482,283
2.Increased amount of
1,275,406 1,275,406
the period
120
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
(1) Withdrawal 1,275,406 1,275,406
3.Decreased amount of
the period
（1）Dispose
（2）Other out
4. Balance at
17,757,689 17,757,689
period-end
III. Impairment provision
1. Balance at
period-beginning
2.Increased amount of
the period
(1) Withdrawal
3.Decreased amount of
the period
（1）Dispose
（2）Other out
4. Balance at period-end
IV.Book value
1.Book value at period
50,818,225 50,818,225
-end
2.Book value at
52,093,631 52,093,631
period-beginning
(2) Investment property adopted fair value measurement mode
□ Applicable √Not applicable
13. Fixed assets
In RMB
Items Closing balance Opening balance
Fixed assets 39,892,750,878 38,530,031,244
Disposal of fixed assets 16,992,517 25,687,474
Total 39,909,743,395 38,555,718,718
(1) List of long-term accounts receivable
In RMB
Machinery
Items House, building Transportations Other equipment Total
equipment
121
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
I. Original price
1. Balance at
18,608,504,390 58,925,695,568 595,487,302 1,356,377,715 79,486,064,975
period-beginning
2.Increase in the
854,573,242 2,140,569,768 6,237,684 10,225,118 3,011,605,812
current period
(1) Purchase 1,921,105 6,358,984 6,204,958 7,413,681 21,898,728
（2） Transferred fr
852,652,137 2,134,210,784 32,726 2,811,437 2,989,707,084
om construction in p
rogress
(3)Increased of
Enterprise
Combination
3.Decreased amount
344,847,682 880,733,762 17,347,911 30,498,438 1,273,427,793
of the period
（1）Dispose 3,670 880,733,762 8,317,482 30,498,438 919,553,352
（2）Other out 344,844,012 9,030,429 353,874,441
4. Balance at
19,118,229,950 60,185,531,574 584,377,075 1,336,104,395 81,224,242,994
period-end
II. Accumulated
depreciation
1.Opening balance 6,941,728,181 31,757,059,270 442,607,496 930,761,890 40,072,156,837
2.Increased amount
230,495,696 1,311,291,488 8,006,675 84,317,488 1,634,111,347
of the period
(1) Withdrawal 230,495,696 1,311,291,488 8,006,675 84,317,488 1,634,111,347
3.Decreased amount
226,991,499 517,342,215 13,279,056 21,691,688 779,304,458
of the period
（1）Dispose 2,309,322 517,342,215 6,634,929 21,691,688 547,978,154
（2）Other out 224,682,177 6,644,127 231,326,304
4.Closing balance 6,945,232,378 32,551,008,543 437,335,115 993,387,690 40,926,963,726
III. Impairment
provision
1.Opening balance 146,890,986 731,325,859 1,656,135 4,003,914 883,876,894
2.Increase in the
reporting period
（1）Withdrawal
3.Decreased amount
117,106,386 358,114,377 1,233,217 2,894,524 479,348,504
of the period
（1）Dispose 358,114,377 2,894,524 361,008,901
（2）Other out 117,106,386 1,233,217 118,339,603
4. Closing balance 29,784,600 373,211,482 422,918 1,109,390 404,528,390
IV. Book value
1.Book value of the 12,143,212,972 27,261,311,549 146,619,042 341,607,315 39,892,750,878
122
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
period-end
2.Book value of the
11,519,885,223 26,437,310,439 151,223,671 421,611,911 38,530,031,244
period-begin
(2) List of temporarily idle fixed assets
In RMB
Accumulated Impairment
Items Original book value Book value Remark
depreciation provision
(3) Fixed assets leased in from financing lease
In RMB
Accumulated
Items Original book value Impairment provision Book value
depreciation
Jinghai financing leasing
1,000,000,000 894,583,333 105,416,667
assets
Zhongyue financing
900,000,000 547,931,060 352,068,940
leasing assets
Yuejiang financing
1,062,401,108 281,237,023 781,164,085
leasing assets
(4) Fixed assets leased in the operating leases
In RMB
Items End book value
House and Building 42,567,122
(5) Fixed assets without certificate of title completed
In RMB
Items Book value Reason
Temporarily in the government approved
House and Building 155,590,684
stage
Other note
On June 30, 2020, after consulting the Group's legal advisers, the management believed that there would be no
substantive legal obstacles to the handling of these property certificates and would not have a significant adverse
impact on the normal operation of the Group.
（6）Liquidation of fixed assets
In RMB
Items Closing balance Opening balance
123
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Parts of power generation equipment have
16,525,106 24,842,897
been scrapped
Other equipment 467,411 844,577
Total 16,992,517 25,687,474
Other note
On June 30, 2020, as the subsidiary Yuejia Company ceased to operate, the original value of fixed assets to be
disposed of by Yuejia Company was RMB 353,874,441, the accumulated depreciation was RMB 231,326,304,
and the impairment provision was RMB 118,339,603, which were reclassified to other current assets (Note VII
(7)).
14. Construction in progress
In RMB
Items Closing balance Opening balance
Construction in progress 10,024,950,818 10,881,106,316
Engineering Material 101,523,078 897,530
Total 10,126,473,896 10,882,003,846
(1) List of construction in progress
In RMB
Closing balance Opening balance
Items Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Bohe Coal
integration 6,881,800,482 6,881,800,482 6,608,072,801 6,608,072,801
project
Zhuhai Jinwan
Electric offshore
1,096,557,335 1,096,557,335 398,849,306 398,849,306
wind power
project
Yangjiang Shapa
offshore wind 478,937,942 478,937,942 390,159,975 390,159,975
power project
Huadu thermal
and power
191,800,324 191,800,324 136,704,136 136,704,136
cogeneration
project
Qujie Wailuo
offshore wind 111,383,513 111,383,513 57,038,810 57,038,810
power project II
Lincang Dayakou
Hydropower 41,592,791 41,592,791 41,383,032 41,383,032
Station
Shajiao Ningzhou
24,722,458 24,722,458 5,821,536 5,821,536
gas power project
Xuwen Shiban 11,510,908 11,510,908 3,871,208 3,871,208
124
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Ling wind power
project
Qujie Wailuo
offshore wind 0 0 2,306,302,480 2,306,302,480
power project I
Other technology
improvement 715,698,823 715,698,823 576,180,865 576,180,865
projects
Other
infrastructure
672,253,173 201,306,931 470,946,242 558,029,098 201,306,931 356,722,167
construction
projects
Total 10,226,257,749 201,306,931 10,024,950,818 11,082,413,247 201,306,931 10,881,106,316
(2) Changes of significant construction in progress
In RMB
Includin
Capitalis g：
Transferr ation of Current Capitalis
Amount Increase Balance
ed to Other Proporti Progress interest amount ation of Source
Name Budget at year at this in
fixed decrease on(%) of work accumul of interest of funds
beginning period year-end
assets ated capitaliz ratio（%)
balance ation of
interest
Bohe Loans
Coal from
11,037,0 6,608,072 273,727, 6,881,80 434,647, 71,838,2
integrati 65.23% 90% 4.73% financial
75,900 ,801 681 0,482 749 70
on institutio
project ns
Zhuhai
Jinwan Loans
Electric from
5,659,71 398,849,3 697,708, 1,096,55 27,854,1 22,030,3
offshore 20.64% 20.64% 4.09% financial
0,000 06 029 7,335 25 45
wind institutio
power ns
project
Yangjian
Loans
g Shapa
from
offshore 5,999,71 390,159,9 88,777,9 478,937, 10,184,3 8,703,79
8.50% 8.50% 4.30% financial
wind 0,000 75 67 942 86 5
institutio
power
ns
project
Huadu
thermal
and
3,536,71 136,704,1 55,096,1 191,800, 4,125,30 2,996,33
power 5.45% 5.45% 3.79% Other
0,000 36 88 324 0 7
cogenera
tion
project
Qujie Loans
3,789,12 57,038,81 54,344,7 111,383, 1,936,97 1,850,08
Wailuo 3.34% 17.84% 3.91% from
0,000 0 03 513 4 5
offshore financial
125
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
wind institutio
power ns
project II
Lincang Loans
Dayakou from
1,209,57 41,383,03 41,592,7 142,886,
Hydropo 209,759 93.90% 98% 0% financial
8,400 2 91 856
wer institutio
Station ns
Shajiao
Ningzho
5,927,60 18,900,9 24,722,4
u gas 5,821,536 0.42% 0.42% 0% Other
0,000 22 58
power
project
Xuwen
Loans
Shiban
from
Ling 460,639, 7,639,70 11,510,9 13,892,6
3,871,208 81% 90% 79,752 4.41% financial
wind 300 0 08 21
institutio
power
ns
project
Qujie
Loans
Wailuo
from
offshore 3,739,45 2,306,302 526,101, 2,832,40 44,239,8
0 82.35% 100% 0% financial
wind 0,000 ,480 089 3,569 97
institutio
power
ns
project I
Other
technolo
gy 576,180,8 296,821, 157,303, 715,698, 5,870,26
Other
improve 65 473 515 823 1
ment
projects
Other
infrastru
cture 356,722,1 114,224, 470,946, 4,569,51 1,997,87
Other
construct 67 075 242 6 2
ion
projects
41,359,5 10,881,10 2,133,55 2,989,70 10,024,9 690,207, 109,496,
Total -- -- --
93,600 6,316 1,586 7,084 50,818 685 456
(3) List of the withdrawal of the impairment provision of the construction in progress
In RMB
Items Amount Reason
Other note
（4）Engineering material
In RMB
Items End of term Beginning of term
126
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Special Material 1,809,563 729,603 1,079,960 962,696 729,603 233,093
Special equipment 100,443,118 100,443,118 664,437 664,437
Total 102,252,681 729,603 101,523,078 1,627,133 729,603 897,530
Other note
15. Intangible assets
(1) Information
In RMB
Transmissio
n and
Land use Non-patent Transformat Sea use Transportati Franchise
Items Patent Software Total
right Technology ion right on project right
Supporting
Project
I. Original
price
2,068,478,5 2,818,037,3
1.Opening 7,356,943 442,517,684 129,906,544 22,468,672 14,795,352 132,513,656
25 76
balance
2.Increase
d amount 316,400,945 737,972 12,513,210 329,652,127
of the
period
(1)
316,400,945 12,513,210 328,914,155
Purchase
(2)Internal
Developme 737,972 737,972
nt
(3)Increased
of
Enterprise
Combinatio
n
3.Decreased
amount of 4,835,339 190,778,416 7,298,672 202,912,427
the period
（1）
4,835,339 4,835,339
Dispose
（2）
190,778,416 7,298,672 198,077,088
Other out
4. Balance
2,380,044,1 2,944,777,0
at 8,094,915 251,739,268 129,906,544 15,170,000 14,795,352 145,026,866
31 76
period-end
127
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
II.Accumul
ated
amortizatio
n
1. Balance
at
377,104,840 923,531 409,328,310 25,709,325 21,447,068 10,591,406 94,480,905 939,585,385
period-begi
nning
2. Increase
in the
26,305,910 475,007 1,034,228 141,071 4,596,876 32,553,092
current
period
(1)
26,305,910 475,007 1,034,228 141,071 4,596,876 32,553,092
Withdrawal
3.Decreased
amount of 4,809,202 157,589,042 6,277,068 168,675,312
the period
（1）
4,809,202 4,809,202
Dispose
（2）
157,589,042 6,277,068 163,866,110
Other out
4. Balance
at 398,601,548 1,398,538 251,739,268 26,743,553 15,170,000 10,732,477 99,077,781 803,463,165
period-end
III.
Impairment
provision
1. Balance
at
56,502,373 33,189,374 1,021,604 90,713,351
period-begi
nning
2. Increase
in the
current
period
(1)
Withdrawal
3.Decreased
amount of 33,189,374 1,021,604 34,210,978
the period
（1）
Dispose
（2）
33,189,374 1,021,604 34,210,978
Other out
4. Balance
at 56,502,373 0 0 56,502,373
period-end
4. Book
128
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
value
1.Book
1,924,940,2 2,084,811,5
value at 6,696,377 0 103,162,991 0 4,062,875 45,949,085
10 38
period -end
2.Book
value at 1,634,871,3 1,787,738,6
6,433,412 0 104,197,219 0 4,203,946 38,032,751
period-begi 12 40
nning
The intangible assets by the end of the formation of the company's internal R & D accounted of the proportion of
the balance of intangible assets
⑵Details of Land use right failed to accomplish certification of property
In RMB
Items Book value Reason
Land use right 32,911,453 Land use approval procedure in progress
Other note
As at 30 June 2020, the Group had obtained land use right certificates for all of its lands, except for lands with
carrying amount of RMB32,911,453 (31 December 2019: RMB 33,348,275) that were under approval procedures
for land use. After consulting the Group’s legal consultant, management believed that there were no substantial
legal obstacles in obtaining the certificates and no material adverse impact on the normal operation of the Group
would incur.
On June 30, 2020, as the subsidiary Yuejia Company ceased to operate, the original value of power transmission
and transformation supporting projects, microwave projects and transportation projects of Yuejia Power to be
disposed of was RMB 198,077,088, the accumulated amortization was RMB 163,866,110 and impairment
provision was RMB 34,210,978, which were reclassified from intangible assets to other current assets (Note VII
(7)).
16. Development expenditure
In RMB
Increase Decrease
Balance in Internal Recognition Closing
Items Transfers to
year-begin development Other of intangible balance
current gains
expenditure assets
Development
0 737,972 737,972 0
expenditure
Total 0 737,972 737,972 0
Other note
17. Goodwill
(1) Original book value of goodwill
In RMB
Name of the Opening balance Increase Decrease Closing balance
129
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
investees or the
The merger of
events formed disposition
enterprises
goodwill
Guangdong Wind
Power Generation 2,449,886 2,449,886
Co., Ltd.
Lincang
25,036,894 25,036,894
Company
Total 27,486,780 27,486,780
（2）Impairment provision of goodwill
In RMB
Name of the Increase Decrease
investees or the
Opening balance Closing balance
events formed Provision disposition
goodwill
Lincang
-25,036,894 -25,036,894
Company
Total -25,036,894 -25,036,894
Relevant information about the asset group or asset group combination in which goodwill resides
Describe the goodwill impairment test process, key parameters (e.g. forecast period growth rate, stable period
growth rate, profit margin, discount rate and forecast period when forecasting the present value future cash flow)
and the recognition method of goodwill impairment loss
Impact of goodwill impairment test
Other note
18.Long-term amortization expenses
In RMB
Balance in Increase at this Amortization
Items Other decrease Balance in year-end
year-begin period balance
Long-term lease
15,287,462 0 1,014,083 0 14,273,379
charges
Improvements to
fixed assets held
4,115,789 236,264 608,836 0 3,743,217
under operating
leases
Other 70,335 0 8,057 0 62,278
Total 19,473,586 236,264 1,630,976 0 18,078,874
Other note
130
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
19.Deferred income tax assets/deferred income tax liabilities
(1)Details of the un-recognized deferred income tax assets
In RMB
Balance in year-end Balance in year-begin
Items Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference assets difference assets
Provision for asset
384,259,330 95,915,779 408,154,790 101,889,644
impairments
Intra-group transactions 157,833,563 39,458,391 166,852,624 41,713,156
Deductible losses 672,609,893 121,928,285 686,911,585 171,727,895
Net income from test run
included in construction 209,580,236 49,967,756 209,580,236 49,967,756
in progress
Amortisation of
165,954,215 41,488,554 165,954,215 41,488,554
pre-operating costs
Employee benefits
103,644,393 25,911,098 103,644,393 25,911,098
payable
Government grants 86,420,159 21,605,041 86,420,159 21,605,041
Depreciation of fixed
98,784,516 24,696,129 75,431,480 18,857,870
assets
Amortisation of
5,033,260 1,258,318 4,490,857 1,122,714
intangible assets
Total 1,884,119,565 422,229,351 1,907,440,339 474,283,728
(2)Details of the un-recognized deferred income tax liabilities
In RMB
Balance in year-end Balance in year-begin
Items
Temporarily Deductable Deferred Income Tax Temporarily Deductable Deferred Income Tax
or Taxable Difference liabilities or Taxable Difference liabilities
Changes in fair value of
available-for-sale
financial assets included 2,195,266,543 548,816,635 2,202,745,317 550,686,330
in other comprehensive
income
Net expenses in test run
included in construction 38,741,129 9,685,282 38,741,129 9,685,282
in progress
Amortisation of land use
16,451,826 4,112,957 16,451,826 4,112,957
rights
Interest receivable 3,341,332 835,333 3,341,332 835,333
Depreciation of fixed
2,560,854 640,214 2,560,854 640,214
assets
Total 2,256,361,684 564,090,421 2,263,840,458 565,960,116
131
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
(3) Deferred income tax assets or liabilities listed by net amount after off-set
In RMB
Trade-off between the Opening balance of
Trade-off between the End balance of deferred
deferred income tax deferred income tax
Items deferred income tax income tax assets or
assets and liabilities at assets or liabilities after
assets and liabilities liabilities after off-set
period-begin off-set
Deferred income tax
28,574,502 393,654,849 28,574,502 445,709,226
assets
Deferred income
28,574,502 535,515,921 28,574,502 537,385,614
liabilities
(4)Details of income tax assets not recognized
In RMB
Items Balance in year-end Balance in year-begin
Deductible temporary difference 1,421,810,497 1,435,936,580
Deductible loss 1,701,522,119 1,467,976,248
Total 3,123,332,616 2,903,912,828
(5)Deductible losses of the un-recognized deferred income tax asset will expire in the following years
In RMB
Year Balance in year-end Balance in year-begin Remark
2020 0 172,104
2021 299,550,467 141,098,222
2022 603,896,902 603,896,902
2023 567,573,810 567,573,810
2024 152,521,430 155,235,210
2025 77,979,510 0
Total 1,701,522,119 1,467,976,248 --
Other note：
20. Other non-current assets
In RMB
Balance in year-end Balance in year-begin
Items Book balance Provision for Book value Book balance Provision for Book value
devaluation devaluation
Prepayments for equipment fund 2,055,560,44 2,055,560,44 971,323,399 971,323,399
132
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
5 5
1,457,535,11 1,457,535,11
Prepayments for construction fund 488,163,133 488,163,133
4 4
VAT input to be offset 929,398,501 929,398,501 881,814,121 881,814,121
Unrealised losses on sale and lease back 337,932,432 337,932,432 346,314,528 346,314,528
Prepayment for land use rights 111,055,612 111,055,612 64,424,212 64,424,212
Prepayment for income tax 1,458,911 1,458,911 1,451,903 1,451,903
Other 1,695,245 1,695,245 367,692 367,692
4,894,636,26 4,894,636,26 2,753,858,98 2,753,858,98
Total
0 0 8 8
Other note：
21. Short-term borrowings
(1) Category of short-term borrowings
In RMB
Items Closing balance Opening balance
Credit borrowings 6,947,498,951 5,904,132,791
Total 6,947,498,951 5,904,132,791
Note：
22.Notes payable
In RMB
Items Closing balance Opening balance
Commercial acceptance 522,992,546 570,000,000
Bank acceptance bills 957,000,000 794,236,650
Total 1,479,992,546 1,364,236,650
Amount due in next fiscal period is RMB0.00.
23. Accounts payable
(1) List of accounts payable
In RMB
Items Closing balance Opening balance
Fuel payable 2,229,264,706 2,042,046,703
Materials and spare parts payable 445,951,829 372,739,371
133
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Other 53,275,074 50,368,088
Total 2,728,491,609 2,465,154,162
（2）Significant accounts payable that aged over one year
In RMB
The reason for not repaid or carried forwar
Items Balance in year-end
d
Materials and spare parts payable 38,110,586.35
Total 38,110,586.35 --
As at 30 June 2020, accounts payable with ageing over one year amounted RMB38,110,586 (31 December 2019:
RMB37,429,105), mainly unsettled fuel payable
Other note：
24. Advance from customers
(1) List of advance from customers
In RMB
Items Closing balance Opening balance
Advances for grid payment 155,328 207,428
Other 505,716 225,286
Total 661,044 432,714
25.Contract Liabilities
单位： 元
Items Closing balance Opening balance
Contract liabilities 6,722,800 0
Total 6,722,800
The amount and reasons of significant changes in book value during the reporting period
In RMB
Items Change amount Reason for change
Due to the implementation of the New Income Standards, the
Contract liabilities 6,722,800 Company reclassified the advance receipts related to the provision
of labor services to contract liabilities.
Total 6,722,800 ——
26. Payroll payable
(1) List of Payroll payable
In RMB
134
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Items Opening balance Increase Decrease Closing balance
Short-term compensation 210,052,524 797,590,348 648,068,121 359,574,751
Post-employment
benefits - defined 3,386,520 61,012,467 61,217,991 3,180,996
contribution plans
Dismissal welfare 29,071,494 6,161,544 12,062,325 23,170,713
Total 242,510,538 864,764,359 721,348,437 385,926,460
（2）Presentation of short-term compensation
In RMB
Items Opening balance Increase Decrease Closing balance
1.Wages, bonuses,
0 594,155,357 470,085,986 124,069,371
allowances and subsidies
2.Employee welfare 3,089,748 56,551,672 49,145,445 10,495,975
3. Social insurance
108,737,231 43,758,107 34,029,147 118,466,191
premiums
Including：Medical
108,737,231 40,643,635 30,927,985 118,452,881
insurance
Work injury insurance 0 122,647 122,647 0
Maternity insurance 0 2,991,825 2,978,515 13,310
4. Public reserves for
housing 0 64,335,677 63,862,500 473,177
5.Union funds and staff
education fee 92,290,273 20,738,144 16,072,013 96,956,404
8.Other
5,935,272 18,051,391 14,873,030 9,113,633
Short-term remuneration
Total 210,052,524 797,590,348 648,068,121 359,574,751
（3）Defined contribution plans listed
In RMB
Items Balance in year-begin Increase in this period Payable in this period Balance in year-end
1. Basic old-age
0 20,224,532 20,224,532 0
insurance premiums
2.Unemployment
0 1,298,344 1,298,344 0
insurance
3. Annuity payment 3,386,520 39,489,591 39,695,115 3,180,996
Total 3,386,520 61,012,467 61,217,991 3,180,996
Other note：
27.Tax Payable
In RMB
135
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Items Closing balance Opening balance
VAT 358,582,861 330,790,264
Enterprise Income tax 342,489,753 186,789,728
Individual Income tax 1,090,915 14,877,406
City Construction tax 13,645,037 13,996,062
House property Tax 18,855,019 0
Education surcharges 11,932,493 12,344,489
Land use tax 4,133,324 0
Other 17,214,791 12,579,202
Total 767,944,193 571,377,151
Other note：
28.Other payable
In RMB
Items Closing balance Opening balance
Dividend payable 9,771,322 9,771,322
Other payable 4,549,728,506 4,032,345,775
Total 4,559,499,828 4,042,117,097
（1）Dividends payable
In RMB
Items Closing balance Opening balance
Payable to non current shareholders of the
9,771,322 9,771,322
Company
Total 9,771,322 9,771,322
Other explanations, for important dividend payable that has not been paid for more than 1 year, reasons for
non-payment shall be disclosed:
This part of dividends is mainly payable to shareholders of non-tradable shares who have not gone through the
formalities of share-trading reform. This part of dividends will be paid after the formalities are completed.
（2）Other payable
（1）Disclosure by nature
In RMB
Items Closing balance Opening balance
Construction and equipment payable 4,273,791,134 3,754,518,279
136
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Engineering quality guarantee payable 67,741,779 109,048,438
State Oceanic Administration penalty
11,531,700 11,531,700
payable
Other 196,663,893 157,247,358
Total 4,549,728,506 4,032,345,775
(2) Other payables with large amount and aging of over one year
In RMB
Items Closing balance Reason
Other payable 164,420,415 Failure to meet payment terms
Total 164,420,415 --
Other note
Mainly used to cope with project funds and retention money. Since the project has not finished the project and
acceptance and final settlement or in the warranty period of acceptance, the project funds and retention money has
not been settled.
29.Non-current liabilities due within 1 year
In RMB
Items Closing balance Opening balance
Long-term loans due in 1 year 2,513,873,731 2,758,340,013
Bond payable due in 1 year 40,299,969
Long-term Account payable due in 1 year 258,801,025 333,082,890
Long-term loans Interest payable due in 1 year 53,090,380 29,822,181
Bond payable Interest payable due in 1 year 23,390,602 21,081,263
Long-term Account Interest payable due in 1 year 2,120,596 354,166
Total 2,851,276,334 3,182,980,482
Other note：
30. Other current-liabilities
In RMB
Items Closing balance Opening balance
Short-term bond payable 1,108,353,973 1,912,282,192
Total 1,108,353,973 1,912,282,192
Changes in short-term debentures payable：
137
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
In RMB
Balance Amortisat
Balance
at the Issuance ion of Repayme
Face Issuance Maturity Issuance Interest at at the end
Name beginning during the discounts nt for the
value date period amounts face value of the
of the year or period
year
year premium
Third
batch of
short-ter
m 900,000,0 14/08/201 900,000,0 908,987,6 911,950,8
180 days 0 2,963,149 0 0
financing 00 9 00 71 20
bonds
issued of
2019
Fourth
batch of
short-ter
m 1,000,000 15/11/201 1,000,000 1,003,294 1,011,311
180 days 0 8,016,954 0 0
financing ,000 9 ,000 ,521 ,475
bonds
issued of
2019
First
batch of
short-ter
m 1,100,000 20/02/202 1,100,000 1,100,000 1,108,353
180 days 0 8,353,973 0 0
financing ,000 0 ,000 ,000 ,973
bonds
issued of
2020
3,000,000 1,912,282 1,100,000 19,334,07 1,923,262 1,108,353
Total -- -- -- 0
,000 ,192 ,000 6 ,295 ,973
Other note：
31.Long-term borrowings
（1）Long-term term borrowings
In RMB
Items Closing balance Opening balance
Pledged borrowings 4,063,049,699 3,990,384,684
Guarantee loan 39,543,750 45,457,500
Credit loans 13,342,351,723 12,551,261,196
Total 17,444,945,172 16,587,103,380
Other notes including interest rate range：
138
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
32.Bond payable
（1）Bond payable
In RMB
Items Closing balance Opening balance
The first issue of the medium-term note in
799,257,333 798,857,333
2018
Public Issuance of Corporate Bonds to
1,500,000,000
Qualified Investors in 2020 (Phase I)
16 Pinghai 01Bond 698,472,465 697,774,466
Total 2,997,729,798 1,496,631,799
（2）Changes of bonds payable(Not including the other financial instrument of preferred stock and perpetual
capital securities that classify as financial liability
In RMB
The Withdraw Overflow Pay in
Name of Book Issue Opening Closing
Issue date Period current interest at discount current Other
the bond value amount balance balance
issue par amount period
The first
issue of
the 800,000,0 800,000,0 798,857,3 16,760,00 799,257,3
2018/8/27 3 years 0 400,000
medium-t 00 00 33 0 33
erm note
in 2018
Public
Issuance
of
Corporate
1,500,000 1,500,000 1,500,000 1,500,000
Bonds to 2020/4/29 3+2 years 0 6,329,167 0
,000 ,000 ,000 ,000
Qualified
Investors
in 2020
(Phase I)
16
700,000,0 700,000,0 697,774,4 14,686,38 698,472,4
Pinghai 2016/9/26 3+2 years 0 697,999
00 00 66 9 64.41
01Bond
3,000,000 1,496,631 1,500,000 37,775,55 2,997,729
Total -- -- -- 1,097,999
,000 ,799 ,000 6 ,798
(3) Note to conditions and time of share transfer of convertible bonds
33. Long-term payable
In RMB
139
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Items Closing balance Opening balance
Long-term payable 2,557,869,825 2,414,256,713
Special payable 40,088,380 71,089,532
Total 2,597,958,205 2,485,346,245
(1) Long-term payable listed by nature of the account
In RMB
Items Closing balance Opening balance
Financing lease 2,467,869,825 2,324,256,713
Share repurchase payable 90,000,000 90,000,000
Other note：
（2）Specific payable
In RMB
Items Opening balance Increase Decrease Closing balance Cause
Supporting funds for
24,960,000 0 0 24,960,000
expansion
Special fund for
supply of water,
power and heat and 31,001,152 734,274 31,735,426 0
property
management
Liquidation balance
of enterprises with
15,128,380 0 0 15,128,380
diversified
businesses
Total 71,089,532 734,274 31,735,426 40,088,380 --
Other note：
(i) The payables for specific projects represent the fund granted for benefits improvement and capacity expansion
by governments at provincial and central level to Lincang Energy, subsidiary of the Company. According to the
document issued by Yunnan Water Conservancy & Hydropower Investment Co., Ltd. (Yun Shui Tou Fa [2015] No.
16), such payables for specific project were subject to an interest rate of 4% from 1 January 2015. The
corresponding interest was recorded in the financial expenses by the Company.
(ii) Such payables for specific projects represent the fund for supply of water, electricity and heat and property
management granted by the Department of Finance of Guangdong Province and GEGC and received from
Shaoguan Electric Power Plant based on agreement, including RMB 32,205,311 from the Department of Finance
of Guangdong Province and Yudean, RMB 38,647,834 from GEGC and payables of RMB 4,168,733 from
Shaoguan Electric Power Plant. According to the document issued by Department of Finance of Guangdong
Province (Yue Cai Gong [2017] No. 22), the special fund is used for the renovation and reconstruction of the
supply of water, electricity and heat and property management in employees’ family area charged by provincial
enterprises.
In 2019, the non-related electric power enterprises with diversified businesses transferred liquidation balance of
RMB 15,128,380 to Yuejiang Power, subsidiary of the Company, which was specifically invested in its
140
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
employees’ relocation, training and pension funds.
34. Long-term employee salary payable
（1）Long-term employee salary payable
In RMB
Items Closing balance Opening balance
II. Termination benefits 87,566,559 101,999,537
III. Other Long-term benefits 38,829,964 32,989,323
Total 126,396,523 134,988,860
35. Deferred income
In RMB
Items Opening balance Increase Decrease Closing balance Cause
Asset-related
Government subsidy 139,256,513 232,992 1,615,884 137,873,621 government grants
received
Total 139,256,513 232,992 1,615,884 137,873,621 --
Details of government subsidies：
In RMB
Amount Other income Amount of Asset-related
New subsidy
Beginning of transferred to recorded in cost deducted Other or
Items in current End of term
term non-operatio the current in the current changes income-relate
period
nal income period period d
Compensatio
n for
relocation
and Related to
22,245,433 22,245,433
renovation of assets
Shajiao A
Zhenkou
pump house
Special funds
for #1-#3
Related to
generators’ 17,714,334 17,714,334
assets
desulfurisatio
n project
Energy Related to
15,270,657 1,022,589 14,248,068
saving grants assets
Tax refund
for Related to
12,629,142 12,629,142
PRC-made assets
equipment
141
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Comprehensi
ve
technology
upgrading for
the energy
Related to
saving of 8,461,538 8,461,538
assets
1&2#
generator
units turbine
by Zhongyue
Energy
Development
and
Related to
competitiven 7,333,333 7,333,333
assets
ess funds
from SASAC
Second
incentives for
comprehensi
ve and
typical
Related to
demonstratio 7,200,000 450,000 6,750,000
assets
n projects
under
financial
policies of
energy saving
Post
rewarding
subsidies for
Related to
ultra-low 6,279,149 6,279,149
assets
emissions of
1&2#
generators
Incentives for
energy
efficiency of Related to
4,436,729 4,436,729
power plant assets
by Zhongyue
Energy
Incentives for
energy
Related to
efficiency of 6,590,750 6,590,750
assets
power plant
by Dongguan
Post
rewarding
subsidies for
ultra-low
emissions of Related to
3,727,308 3,727,308
designated assets
account of
special fund
in Maonan
District of
142
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Maoming in
2018
Incentives for
energy
Related to
efficiency of 3,062,182 3,062,182
assets
power plant
by Zhanjiang
Dianbai
Reshui wind Related to
3,000,000 3,000,000
power plant assets
project
Expansion on
flow Related to
2,900,038 2,900,038
reconstructio assets
n project
Shajiao A -
2016 central
Related to
finance 2,822,499 2,822,499
assets
energy saving
funds
Special prize
funds of
recycle Related to
2,218,155 2,218,155
economy and assets
energy saving
by Shenzhen
Government
subsidies
from the
financial
treasury Related to
2,651,208 2,651,208
payment assets
centre of
Qujiang
District,
Shaoguan
Energy Related to
2,185,045 2,185,045
saving funds assets
Related to
Other 8,529,013 232,992 143,295 8,618,710
assets
Other note：
36. Other non-current liabilities
In RMB
Items Closing balance Opening balance
Capital injection 200,000,000 216,405,569
Total 200,000,000 216,405,569
Other note
In 2017, Yuejiang Power Generation Company, a subsidiary of the Group, received a capital contribution of RMB
143
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
16,405,569 from minority shareholders, which was transferred to minority shareholders' equity in 2020.
In 2018, the Company’s subsidiaries Yangjiang Wind Power and Qujie Wind Power respectively received capital
injection of RMB 100,000,000 and RMB 50,000,000 from GEGC. The capital will be used for Yangjiang Shapa
offshore wind power plant project and Qujie Wailuo offshore wind power plant project. As at 31 December 2019,
such capital injection was recorded in other non-current liabilities as the registration for changes of business
license had not been completed.
In 2019, the Group’s subsidiary Zhuhai Wind Power received a capital injection of RMB 50,000,000 from
GEGC. The capital will be used for Zhuhai Jinwan Electric offshore wind power project. As at 31 December 2019,
such capital injection was recorded in other non-current liabilities as the registration for changes of business
license had not been completed.
37.Stock capital
In RMB
Changed（+，-）
Balance in Capitalization Balance in
Issuance of
year-begin Bonus shares of public Other Subtotal year-end
new share
reserve
Total of capital
5,250,283,986 5,250,283,986
shares
Other note：
38. Capital reserves
In RMB
Items Year-beginning balance Increase in the current Decrease in the current Year-end balance
period period
Share premium 4,543,959,053 4,543,959,053
Other capital reserves 2,919,327 2,919,327
Estimate Increase 119,593,718 119,593,718
Investment from Energy
395,000,000 395,000,000
Group
Share of interests in the
investee in proportion to 14,971,484 14,971,484
the shareholding
Transfer of capital
surplus recognised under 20,474,592 20,474,592
the previous accounting
144
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
system
Total 5,096,918,174 5,096,918,174
Other notes, including the note to its increase/decrease and the cause(s) of its movement in the reporting period:
39.Treasury stock
In RMB
Year-beginning Decrease in the current
Items Increase in the current Year-end balance
balance period
Other notes, including the note to its increase/decrease and the cause(s) of its movement in the reporting period:
40. Other comprehensive income
In RMB
Amount of current period
Less：
Less：Prior
Amount
period
transferred
included
into profit
in other After-tax
Year-beginn Amount and loss in Less： After-tax
Items composite attribute to Closing
ing balance incurred the current income
Income attribute to
minority balance
before period that tax the parent
transfer to shareholde
income tax recognied expenses company
retained r
into other
income in
comprehensi
the current
ve income in
period
prior period
I. Other comprehensive income
1,675,922,5 1,670,31
that will not be subsequently -7,478,775 -1,869,693 -5,609,082
76 3,494
reclassified to profit or loss
Other comprehensive income that
23,863,5
cannot be transferred to profit or 23,863,586
86
loss under equity method
Changes in fair value of
1,652,058,9 1,646,44
investments in other equity -7,478,775 -1,869,693 -5,609,082
90 9,908
instruments
II. Other comprehensive income
that will be subsequently 220,468 220,468
reclassified to profit or loss
Including：Share of other
comprehensive income of the
investee that cannot be transferred 220,468 220,468
to profit or loss accounted for
using the equity method
Total of other comprehensive 1,676,143,0 1,670,53
-7,478,775 -1,869,693 -5,609,082
income 44 3,962
Other notes include the valid part of gain and loss of a cash-flow hedge converted into initial amount of arbitraged
items for adjustment:
145
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
41. Special reserves
In RMB
Items Year-beginning balance Increase in the current Decrease in the current Year-end balance
period period
Statutory surplus reserve 2,828,966,001 77,026,584 2,905,992,585
Optional surplus reserves 5,416,801,592 192,566,461 5,609,368,053
Total 8,245,767,593 269,593,045 8,515,360,638
42. Retained profits
In RMB
Items Amount of this period Amount of last period
Before adjustments: Retained profits in last period
5,909,128,280 5,490,006,140
end
After adjustments: Retained profits at the period
5,909,128,280 5,490,006,140
beginning
Add: Net profit attributable to owners of the 813,684,495 581,569,383
Company for the period
Less: Appropriation to statutory surplus reserve 77,026,584 117,603,557
Drawing discretionary surplus reserve 192,566,461 294,008,893
Drawing Common risk provision 630,034,078 315,017,039
Retained profits at the period end 5,823,185,652 5,344,946,034
As regards the details of adjusted the beginning undistributed profits
(1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations, the affected
beginning undistributed profits are RMB 0.00.
(2) As the change of the accounting policy, the affected beginning undistributed profits are RMB 0.00.
(3) As the correction of significant accounting error, the affected beginning undistributed profits are RMB 0.00 .
(4) As the change of consolidation scope caused by the same control, the affected beginning undistributed profits
are RMB 0.00
(5) Other adjustment of the total affected beginning undistributed profits are RMB 0.00 .
43. Business income, Business cost
In RMB
Amount of current period Amount of previous period
Items
Income Cost Income Cost
Main business 12,359,160,846 10,137,771,229 12,744,689,154 11,021,172,212
Other business 180,756,977 13,201,793 129,492,096 2,971,264
Total 12,539,917,823 10,150,973,022 12,874,181,250 11,024,143,476
Income related information:
146
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
In RMB
Contract classification Division 1 Division 2 Total 合计
Including：
Electric power 12,249,310,829 12,249,310,829
Thermal Energy 68,698,614 68,698,614
Generation by-product 145,845,255 145,845,255
Labor service 63,172,626 63,172,626
Rent 11,423,427 11,423,427
Other 1,467,072 1,467,072
Including：
Guangdong 12,517,016,866 12,517,016,866
Yunnan 22,900,957 22,900,957
Including：
Power market 12,249,310,829 12,249,310,829
Other market 290,606,994 290,606,994
Including：
Sell goods 12,465,321,769 12,465,321,769
Service 63,172,626 63,172,626
Assets use rights 11,423,428 11,423,428
Including：
Recognize at a certain
12,465,321,769 12,465,321,769
time point
Recognize in a certain
74,596,054 74,596,054
period of tim
Including：
Including：
Total 12,539,917,823 12,539,917,823
Information related to performance obligations:
Commodity type Usual performance time of performance obligation Important payment terms Commodity nature
Electric power When power is supplied to the grid company Cash settlement/monthly Electric power
settlement
Heat energy When heat energy is supplied to customers who buy Cash settlement/monthly Heat energy
heat, settlement
Power generation When by-products such as fly ash generated by power Cash settlement/monthly Power generation
by-products generation are transported to the agreed delivery place, settlement by-products
Labor service Service provision period Cash settlement/monthly Labor service
settlement
Information related to the transaction price apportioned to the residual performance obligation:
The income corresponding to the performance obligations that have not been performed or have been performed
incompletely but the contract has been signed at the end of the reporting period is RMB 0, of which RMB 0 is
expected to be recognized as income in the year, RMB 0 is expected to be recognized as income in the year, and
RMB 0 is expected to be recognized as income in the year.
Other note
147
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
44. Business tax and subjoin
In RMB
Items Amount of current period Amount of previous period
Urban construction tax 29,825,058 30,241,304
Education surcharge 22,897,084 24,907,806
Resource tax 0 0
Property tax 23,444,528 22,352,992
Land use tax 5,061,833 5,461,173
vehicle and vessel usage tax 412,002 83,028
Stamp tax 11,158,662 6,314,189
Environmental protection tax 5,352,910 3,985,003
Other 0 19,863
Total 98,152,077 93,365,358
Other note:
45.Selling expenses
In RMB
Items Amount of current period Amount of previous period
Employee’s remuneration 19,851,760 11,185,482
Business expense 634,957 913,871
Publicity Expenses 289,093 67,665
Depreciation expenses 371,964 110,473
Other 1,746,783 567,297
Total 22,894,557 12,844,788
Other note:
46.Administrative expenses
In RMB
Items Amount of current period Amount of previous period
Employee’s remuneration 161,938,884 129,857,707
Amortization of intangible assets 29,226,650 29,404,100
Depreciation expenses 23,540,759 23,986,049
Fire safety expenses 17,401,896 17,319,844
Property management expenses 12,697,371 13,258,724
Insurance expenses 5,030,478 1,102,110
Agency fee 4,683,784 4,272,891
148
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Rental expenses 3,923,000 2,999,404
Afforestation fee 3,518,796 3,240,225
Office expenses 3,727,413 3,772,065
Consulting fee 1,339,055 507,869
Travel expenses 1,210,024 2,674,485
Entertainment expenses 1,089,133 1,322,204
Low consumables amortization 1,015,180 363,422
Expenses on board meetings 387,661 318,139
Other 30,945,589 36,485,566
Total 301,675,673 270,884,804
Other note：
47. R&D Expense
In RMB
Items Amount of current period Amount of previous period
System maintenance fees 161,909 269,693
Outsourced research and development
9,434 77,830
expenses
Other 659,766 0
Total 831,109 347,523
Other note：
48.Financial Expenses
In RMB
Items Amount of current period Amount of previous period
594,291,506 664,009,453
Interest expenses
-35,840,406 -31,661,505
Interest income
Other 2,863,805 3,048,022
Total 561,314,905 635,395,970
Other note：
49.Other income
In RMB
Other sources of revenue Amount of the Current Term Amount of the Previous Term
149
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Revenue from timely levy and refund of
4,513,774 5,546,395
VAT
Government subsidies related to assets 1,615,884 573,598
VAT surcharge is refunded 0 32,205,414
Other 7,359,057 1,147,449
50. Investment income
In RMB
Items Amount of this period Amount of last period
Long-term equity investment income by equity
214,698,621 273,618,214
method
Investment income from the disposal of
252,763
transactional financial assets
Dividends earned during the holding period on
21,370,444 30,580,379
investments in other equity instrument
Total 236,069,065 304,451,356
Other note：
51. Gains on the changes in the fair value
In RMB
Other sources of revenue Amount of the Current Term Amount of the Previous Term
Transactional financial assets 30,626
Total 30,626
Other note：
52. Credit impairment loss
In RMB
Items Amount of the Current Term Amount of the Previous Term
Loss of bad debts in other receivables -22,446
Loss of bad accounts receivable 20,911 -500,995
Total 20,911 -523,441
Other note：
53. Losses from asset impairment
In RMB
Items Amount of the Current Term Amount of the Previous Term
II. Loss of inventory price and Impairment -16,743,630 0
150
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
of contract performance costs
Total -16,743,630
Other note：
54.Assets disposal income
In RMB
Source Amount of this period Amount of last period
Income from disposal of Fixed assets 51,176,776 0
55. Non-Operation income
In RMB
Items Amount of current period Amount of previous period Recorded in the amount of the
non-recurring gains and losses
Gain on disposal of non-current
8,035,492 0 8,035,492
assets
Carbon emissions quota
2,720,755 0 2,720,755
disposal proceeds
Claims and Compensation
2,843,081 346,670 2,843,081
Income
Other 3,268,594 4,946,517 3,268,594
Total 16,867,922 5,293,187 16,867,922
Government subsidy reckoned into current gains/losses
Not applicable
56．Non-current expenses
In RMB
Amount of current period Amount of previous period The amount of non-operating
Items
gains & losses
Foreign donations 138,137 43,072 138,137
Loss on obsolescence of
1,124,738 13,971,117 1,124,738
non-current assets
Fine for delaying payment 2,784,751 250,472 2,784,751
Carbon emission rights assets
6,601,136 0 6,601,136
used for performance
Expenditure of "three supply
and one Industry" 0 4,775,708 0
Transformation Project
Other 2,378,831 1,194,327 2,378,831
Total 13,027,594 20,234,696 13,027,594
151
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Other note：
57. Income tax expenses
（1）Income tax expenses
In RMB
Items
Amount of current period Amount of previous period
Current income tax expense 421,812,657 259,701,729
Deferred income tax expense 51,066,755 50,134,201
Total 472,879,412 309,835,930
（2）Adjustment on accounting profit and income tax expenses
In RMB
Items Amount of current period
Total profits 1,691,928,645
Income tax expenses calculated on legal / applicable tax rate 422,982,161
Effect of different tax rate applicable to the subsidiary Company -12,435,293
Influence of income tax before adjustment 0
Influence of non taxable income -27,180,745
Impact of non-deductible costs, expenses and losses 490,703
Utilisation of deductible losses for which no deferred tax asset
-678,445
was recognised in previous periods
Deductible temporary differences for which no deferred tax asset
39,750,514
was recognised in the current period
Utilisation of deductible temporary differences for which no
-14,355,612
deferred tax asset was recognised in previous periods
Tax filing differences of income tax in prior years 13,255,311
Transfer-out of deductible losses for which deferred tax asset
49,305,800
was recognised
Income tax expenses 472,879,412
Other note：
58. Other comprehensive income
Refer to the notes 40
152
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
59.Items of Cash flow statement
（1）Other cash received from business operation
In RMB
Interest income Amount of current period Amount of previous period
Government Subsidy 30,094,472 32,169,354
Insurance indemnity 7,080,364 406,900
Rent income 6,406,134 2,818,641
Other 7,443,726 8,428,819
Total 129,102,968 118,405,215
Total 180,127,664 162,228,929
(2)Other cash paid related to operating activities
In RMB
Items Amount of current period Amount of previous period
Insurance expenses 60,766,847 43,682,878
Equipment cleaning and hygiene green fee 11,827,265 11,124,545
Transportation fee 9,854,130 11,201,658
Fire guard fee 15,519,230 16,275,293
Business fee 1,335,015 1,805,882
Agency Charge 5,244,325 4,804,268
Office Expense 4,230,271 3,982,263
Travel expenses 1,855,526 3,857,890
Rental fee 8,116,972 5,804,293
Enterprise publicity expenses 2,220,034 2,001,013
Information system maintenance 2,987,286 2,842,793
Water and electrical 16,514,263 20,708,798
R&D 546,572 352,193
Property Management fee 10,267,042 11,745,589
Automobile cost 8,143,840 6,557,024
Union expenses 3,416,782 6,093,910
Other 186,511,647 198,476,811
Total 349,357,047 351,317,101
153
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
(3)Cash received related to other investment activities
Not applicable
(4)Cash paid related to other investment activities
Not applicable
（5）Other cash received in relation to financing activities
Not applicable
（6）Cash paid related with financing activities
Not applicable
60. Supplement Information for cash flow statement
（1）Supplement Information for cash flow statement
In RMB
Supplement Information Amount of current period Amount of previous period
I. Adjusting net profit to cash flow from
operating activities -- --
Net profit 1,219,049,233 855,853,289
Add: Impairment loss provision of assets 16,743,630
Depreciation of fixed assets, oil and gas
1,634,111,347 1,861,598,620
assets and consumable biological assets
Amortization of intangible assets 32,553,092 30,100,103
Amortization of Long-term deferred
1,630,976 2,063,845
expenses
Loss on disposal of fixed assets, intangible
-61,836,734
assets and other long-term deferred assets
Financial cost 594,291,506 665,863,419
Loss on investment -236,069,065 -304,451,356
Decrease in deferred income tax assets 52,054,377 -8,186,403
Increased of deferred income tax liabilities 67,050,296
Decrease of inventories -489,301 -330,356,725
Decease of operating receivables 285,504,917 213,746,816
Increased of operating Payable 480,677,919 750,159,897
Net cash flows arising from operating
4,018,221,897 3,803,441,801
activities
154
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
II. Significant investment and financing
-- --
activities that without cash flows:
3．Movement of cash and cash equivalents： -- --
Ending balance of cash 5,724,061,282 5,196,622,875
Less: Beginning balance of cash equivalents 5,079,641,969 5,570,382,892
Net increase of cash and cash equivalents 644,419,313 -373,760,017
(2) Net Cash paid of obtaining the subsidiary
In RMB
Amount
Including： --
Including： --
Including： --
Other note：
(3) Net Cash receive of disposal of the subsidiary
In RMB
Amount
Including： --
Including： --
Including： --
Other note：
(4) Component of cash and cash equivalents
In RMB
Items Year-end balance Year-beginning balance
I. Cash 5,724,061,282 5,079,641,969
Including：Cash at hand 21,592 25,114
Demand bank deposit 5,724,039,690 5,079,616,855
III. Balance of cash and cash equivalents at
5,724,061,282 5,079,641,969
the period end
Other note：
61. Note of statement of changes in the owner's equity
Specify the description of the item "others" and the adjusted amount of the balance at the end of last year:
62. The assets with the ownership or use right restricted
In RMB
155
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Items Closing book value Causation of limitation
It is the margin deposit that Huizhou
Pingdian Integrated Energy Co., Ltd.
("Pingdian Integrated"), a subsidiary of the
Monetary funds 2,000,000 Group, applied to the bank to issue a
performance guarantee for participating in
the electricity sales business in Guangdong
Electric Power Trading Center.
Fixed assets 1,238,649,692 Financial leased fixed assets.
Construction in process 1,863,118,149 Financial leased Construction in process
Total 3,103,767,841 --
Other note：
63. Foreign currency monetary items
(1) Foreign currency monetary items
In RMB
Closing foreign currency Closing convert to RMB
Items Exchange rate
balance balance
Monetary capital -- -- 13,078.76
Including：USD 189.81 7.0795 1,343.76
Euro
HKD 12,847 0.9134 11,735
Account receivable -- --
Including：USD
Euro
HKD
Long –term borrowings -- -- 59,988,340
Including：USD 8,473,528 7.0795 59,988,340
Euro
HKD
Long-term loans due within one
9,142,586
year
Including：USD 961,444 7.0795 6,806,543
Euro 293,436 7.9610 2,336,043
Other note：
156
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
(2) Note to overseas operating entities, including important overseas operating entities, which should be disclosed
about its principal business place, function currency for bookkeeping and basis for the choice. In case of any
change in function currency, the cause should be disclosed.
□ Applicable √ Not applicable
64. Government subsidies
（1）Government subsidies confirmed in current period
In RMB
Amount included in current
Items Amount Project
profit and loss
VAT collected and refunded
4,513,774 Other income 4,513,774
immediately
Government subsidies related to
1,615,884 Other income 1,615,884
assets
Other 7,359,057 Other income 7,359,057
65.Other
VIII. Changes of merge scope
1. Business merger not under same control
Subsidiaries established during the year：
Subsidiaries Major business Place of Nature of Registered Shareholding% Acquisition
location registration business capital method
Guangdong Huizhou Huizhou Electric Power 22，000，000 80% Establish
Yudean Daya
Bay Energy
Co., Ltd.
Guangdong Shenzhen Shenzhen Electric Power 20，000，000 100% Establish
Yudean Qiming
Energy Co.,
Ltd.
2.Other
IX. Equity in other entity
1. Equity in subsidiary
（1）Constitute of enterprise group
Share-holding ratio
Subsidiary Main operation Registered place Business nature Acquired way
Directly Indirectly
157
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Maoming Electric power
Maoming Maoming 46.54% Establish
Zhenneng
Jianghai Power Jieyang Jieyang Electric power 65% Establish
Zhangjiang Wind
Zhanjiang Zhangjiang Electric power 70% Establish
Power
Anxin Electric
Dongguan Dongguan Electric power 100% Establish
Power Maintenance
Humen Power Dongguan Dongguan Electric power 60% Establish
Bohe Electric
Maoming Maoming Electric power 67% Establish
Power
Business
Yuheng combination
Zhanjiang Zhanjiang Service 76%
Electronic under common
control
Xuwen Wind
Zhangjiang Zhanjiang Electric power 70% Establish
Power
Huadu Natural
Guangzhou Guangzhou Electric power 65% Establish
gas
Dapu Power Meizhou Meizhou Electric power 100% Establish
Leizhou Wind
Leizhou Leizhou Electric power 80% 14% Establish
Power
Dianbai Wind
Maoming Maoming Electric power 100% Establish
Power
Business
combination
Zhanjiang Power Zhangjiang Zhangjiang Electric power 76%
under common
control
Business
combination
Yuejia Power Meizhou Meizhou Electric power 58%
under common
control
Business
combination
Yuejiang Power Shaoguan Shaoguan Electric power 90%
under common
control
Business
combination
Zhongyue Energy Zhanjiang Zhanjiang Electric power 90%
under common
control
Electric sales Guangzhou Guangzhou Electric power 100% Establish
Qujie Wind
Zhanjiang Zhanjiang Electric power 100% Establish
Power
Yangjiang Wind
Yangjiang Yangjiang Electric power 100% Establish
Power
Business
combinations
involving
Lincang Energy Lincang Lincang Electric power 100%
enterprises not
under common
control
158
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Business
Guangqian combination
Shenzhen Shenzhen Electric power 100%
Electric Power under common
control
Business
Huizhou Natural combination
Huizhou Huizhou Electric power 67%
gas under common
control
Business
Pinghai Power combination
Huizhou Huizhou Electric power 45%
Plant under common
control
Business
Shibeishan Wind combination
Jieyang Jieyang Electric power 70%
Power under common
control
Business
combination
Red Bay Power Shanwei Shanwei Electric power 65%
under common
control
Business
combinations
Guangdong Wind involving
Guangzhou Guangzhou Electric power 100%
Power enterprises not
under common
control
Tongdao
Huaihua, Hunan Huihua Electric power 100% Establish
Company
Pingyuan Wind
Meizhou Meizhou Electric power 100% Establish
power
Heping Wind
Heyuan Heyuan Electric power 100% Establish
power
Business
combinations
Huilai Wind involving
Jieyang Jieyang Electric power 89.83%
Power enterprises not
under common
control
Hongrui
Shaoguan Shaoguan Electric power 90% Establish
Technology
Yongan Natural
Zhaoqing Zhaoqing Electric power 90% Establish
gas
Xupu, Huaihai
Xupu Yuefeng Huaihua, Hunan Electric power 100% Establish
Hunan
Wuxuan,
Wuxuan Yuefeng Guangxi Electric power 100% Establish
Guangxi
Pingdian
Huizhou Huizhou Electric power 45% Establish
Comprehensive
Guangdong
Yudean
Maoming Maoming Electric power 37.23% Establish
Zhencheng
Energy Co., Ltd.
159
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Zhuhai Wind
Zhuhai Zhuhai Electric power 100% Establish
Power
Binhai New
Dongguan Dongguan Electric power 100% Establish
Energy
Daya Bay
Huizhou Huizhou Electric power 80% Establish
Company
Qiming Company Shenzhen Shenzhen Electric power 100% Establish
Explanation on share-holding ratio in subsidiary different from ratio of voting right：
Pinghai power was bought by the Company in 2012 by offered non-public shares from Yudean. According to the
agreement between Yudean and Huaxia Electric, which holds 40% share interest in Pinghai Power, the delegated
shareholder and director from Huaxia Electric maintain consensus with those of Yudean when exercising their
voting rights during shareholder and board meeting; while after Yudean transferred its 45% shareholding of
Pinghai Power to the Company, the delegated shareholder and director from Huaxia Electric also maintain
consensus with those of the Company when exercising their voting rights during shareholder and board meeting.
On account of the above facts, with the control power of Pinghai Power, Huaxia Electric enjoys variable returns
through involving in its relevant activities and has the ability to make use of its power to influence the amount of
returns. Therefore, the Company owns the control power over Pinghai Power.
On 30 November 2018, Maoming Zhenneng merged Maoming Thermal, wholly-owned by GEGC. After the
merger, GEGC held 30.12% equity of Maoming Zhenneng. According to the agreement between the Company
and GEGC, the delegated shareholder and director from GEGC maintain consensus with those of the Company
while exercising the voting rights during the shareholders’ meeting and the Board of Directors’ meeting at
Maoming Zhenneng. Therefore, the Company owns control power over Maoming Zhenneng. In addition, pursuant
to the consent agreement entered into between the Company and GEGC, the Company holds 61.33% voting rights
in Zhencheng Comprehensive, a subsidiary whose 80% equity is directly held by Maoming Zhenneng. Therefore,
the Company owns control power over Zhencheng Comprehensive
Explanation that the shareholding ratio in subsidiaries is different from the voting right ratio:
Basis for holding half or less voting rights but still controlling the investee, and holding more than half voting
rights but not controlling the investee:
For the important structured subjects included in the scope of consolidation, the control basis is:
Basis for determining whether the company is an agent or a principal:
Other note：
（2）Significant not wholly-owned subsidiaries
In RMB
Profit or loss attributable
Holding proportion of Dividend declared to Closing balance of
Name to non-controlling
non-controlling interest non-controlling interest non-controlling interest
interest
Huizhou Natural gas 33% 110,466,248 95,094,144 710,968,399
Jinghai Power 35% 80,748,480 130,953,852 1,286,234,095
Pinghai Power plant 55% 133,202,759 0 1,198,228,936
Red Bay 35% 53,409,980 136,940,331 1,165,908,936
Zhanjiang Power 24% 22,682,531 30,653,430 981,432,158
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Other note：
（3）Main financial information of significant not wholly-owned subsidiaries
In RMB
Closing balance Beginning balance
Subsidia Non-curr Non-curr
Non-curr Non-curr
ries Current Total Current ent Total Current Total Current ent Total
ent ent
assets assets liabilities Liabilitie liabilities assets assets liabilities Liabilitie liabilities
assets assets
s s
Huizhou
689,210, 3,103,82 3,793,03 876,608, 761,973, 1,638,58 765,719, 3,212,27 3,977,99 825,563, 1,044,56 1,870,12
Natural
436 1,369 1,805 176 936 2,112 152 1,661 0,813 251 0,000 3,251
gas
Jinghai 984,258, 7,177,77 8,162,02 2,375,80 2,111,26 4,487,07 944,179, 7,485,92 8,430,10 1,944,11 2,667,58 4,611,70
Power 403 1,421 9,824 9,051 6,215 5,266 710 3,562 3,272 5,146 9,649 4,795
Pinghai
1,450,25 3,964,36 5,414,61 1,157,64 2,078,36 3,236,01 1,025,61 4,139,13 5,164,75 1,038,66 2,189,67 3,228,34
Power
3,942 0,340 4,282 6,751 9,464 6,215 8,654 3,331 1,985 9,288 1,466 0,754
plant
798,085, 5,144,98 5,943,06 1,522,38 1,089,51 2,611,89 790,682, 5,336,54 6,127,22 1,388,11 1,169,27 2,557,39
Red Bay
413 2,623 8,036 7,509 2,139 9,648 866 2,066 4,932 9,251 9,149 8,400
Zhanjian 3,063,99 1,306,95 4,370,95 274,610, 7,043,77 281,654, 2,933,34 1,360,93 4,294,28 149,489, 22,283,5 171,772,
g Power 7,922 7,015 4,937 508 2 280 5,468 9,980 5,448 138 74 712
In RMB
Current term Last term
Cash flow Cash flow
Subsidiaries Total Total
Operating from Operating from
Net profit comprehensi Net profit comprehensi
revenue operating revenue operating
ve income ve income
activities activities
Huizhou 1,870,326,11 1,803,498,05
334,746,205 334,746,205 412,544,115 99,075,750 99,075,750 241,821,580
Natural gas 0 7
Jinghai 2,095,200,10 2,001,094,52
230,709,943 230,709,943 661,661,302 123,407,270 123,407,270 896,075,553
Power 2 1
Pinghai 1,443,009,85 1,493,690,02
242,186,835 242,186,835 326,530,144 208,701,960 208,701,960 534,843,205
Power plant 6 1
1,630,674,91 1,806,352,34
Red Bay 152,599,944 152,599,944 639,189,177 177,421,053 177,421,053 318,628,249
0 2
Zhanjiang
770,671,060 94,510,548 94,510,548 209,297,596 838,699,914 145,678,540 145,678,540 200,115,171
Power
Other note：
(4) Significant restrictions of using enterprise group assets and pay off enterprise group debt
Other note：
2. Equity in joint venture arrangement or associated enterprise
(1) Significant joint venture arrangement or associated enterprise
Name of Main Places of Registration Nature of Shareholding Ratio (%) Obtaining
Subsidiary Operation Place Business direct indirect Method
161
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Joint ventures：
Industry Fuel Guangzhou Guangzhou Fuel trade 50% Equity method
Associates ：
Energy Finance Guangzhou Guangzhou Finance 25% Equity method
Shanxi Yudean
Taiyuan Taiyuan Coal investment 40% Equity method
Enerty
Taishan Power
Taishan Taishan Electric 20% Equity method
Generation
Notes to holding proportion of joint venture or associated enterprise different from voting proportion:
Basis of holding less than 20% of the voting rights but has a significant impact or holding 20% or more voting
rights but does not have a significant impact:
（2）Main financial information of Significant joint venture
In RMB
Amount of current period Amount of previous period
Industry Fuel Industry Fuel
Current assets 2,666,950,233 2,525,548,290
Including ：Cash and cash equivalent 693,377,828 1,002,513,579
Non-current assets 221,200,621 236,455,032
Total of assets 2,888,150,854 2,762,003,322
Current liabilities 1,739,412,979 1,523,551,251
Non current liabilities 795,463 795,464
Total liabilities 1,740,208,442 1,524,346,715
Minority shareholder Equity 5,745,726 5,990,551
Attributable to shareholders of the parent
1,142,196,686 1,231,666,056
company
Share of net assets calculated by stake 571,098,343 615,833,028
--Other -614,728 -614,728
Book value of equity investment in joint
570,483,615 615,218,300
venture
Business income 6,784,253,886 8,564,566,924
Financial expenses -6,754,294 -2,556,396
Income tax 22,088,703 26,149,965
Net profit 57,819,131 78,449,896
Total comprehensive income 57,819,131 78,449,896
Dividends received from the joint venture
69,090,435 68,053,122
this year
Other note
(3) Main financial information of significant associated enterprise
In RMB
162
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Closing balance/This period Opening balance/Last period
Taishan Power Taishan Power
Energy Finance Shanxi Energy Energy Finance Shanxi Energy
Generation Generation
Current assets 7,105,301,185 234,936,123 1,504,174,284 5,476,170,472 493,527,957 992,068,417
Non-current
14,550,754,910 4,632,934,399 10,671,186,691 14,966,723,063 4,018,816,040 11,150,344,536
assets
Total of assets 21,656,056,095 4,867,870,522 12,175,360,975 20,442,893,535 4,512,343,997 12,142,412,953
Current liabilities 17,824,720,389 256,173,109 2,277,209,160 16,528,663,938 227,879,801 1,324,769,339
Non-current
275,616,489 167,617,393 390,000,000
liabilities
Total liabilities 17,824,720,389 531,789,598 2,277,209,160 16,528,663,938 395,497,194 1,714,769,339
Minority
shareholder 6,340,940 1,310,066 6,337,937 863,919
Equity
Attributable to
shareholders of
3,831,335,705 4,329,739,984 9,896,841,750 3,914,529,597 4,110,508,866 10,426,779,695
the parent
company
Share of net
assets calculated 957,833,926 1,731,895,994 1,979,368,350 978,557,399 1,644,203,546 2,085,355,939
by stake
--Goodwill 13,325,000 13,325,000
Book value of
equity investment 971,083,926 1,724,013,038 1,979,368,350 991,882,399 1,644,203,546 2,085,355,939
in associates
Business income 343,612,965 4,992,410 2,700,661,824 359,366,978 3,986,327 2,951,909,787
Net profit 209,453,720 269,234,121 201,189,473 215,194,176 282,977,172 421,427,601
Total
comprehensive 209,453,720 269,234,121 201,189,473 215,194,176 282,977,172 421,427,601
income
Dividends
received from the
associated 73,161,903 20,000,000 146,136,255 64,106,710 40,000,000 0
enterprise this
year
Other note
(4) Summary financial information of insignificant joint venture or associated enterprise
In RMB
Amount of current period Amount of previous period
Joint venture: -- --
The total number of the following -- --
Associated enterprise： -- --
Total investment book value 1,115,572,398 1,596,755,878
The total number of the following -- --
--Net Profit -5,153,486 -2,400,408
163
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
--Other comprehensive income 0 0
-- The total number of the following -5,153,486 -2,400,408
Other note
(5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer funds
to the Company
(6) The excess loss of joint venture or associated enterprise
(7) The unrecognized commitment related to joint venture investment
(8) Contingent liabilities related to joint venture or associated enterprise investment
3. Significant common operation
Not applicable
X. Risks Related to Financial Instruments
XI. The disclosure of the fair value
1. Closing fair value of assets and liabilities calculated by fair value
In RMB
Closing fair value
Items Fir value measurement Fir value measurement Fir value measurement
Total
items at level 1 items at level 2 items at level 3
I. Consistent fair value
-- -- -- --
measurement
（3）Other Equity
400,591,598 2,734,301,000 3,134,892,598
instrument investment
II Inconsistent fair value
-- -- -- --
measurement
2.Recognized basis for the market price sustaining and non-persistent measured by fair value on first-order
For financial instruments that are not traded in active markets, the Group adopts valuation techniques to determine
their fair value.
3. Valuation technique and qualitative and quantitative information on major parameters for the fair value measure
sustaining and non-persistent on second-order
For financial instruments that are not traded in active markets, the Group adopts valuation techniques to determine
their fair value. The valuation models used are mainly cash flow discount model and market comparable company
model. The input values of valuation techniques mainly include risk-free interest rate, benchmark interest rate,
exchange rate, credit spread, liquidity premium, dividend model, EBITDA multiplier, illiquidity discount and so
on.
4. Valuation technique adopted and nature and amount determination of important parameters for
consistent and inconsistent fair value measurement items at level 3
164
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
The Group takes the occurrence date of the event that leads to the transition between different levels as the time to
confirm the transition between different levels. This year, there is no transition among the first level, the second
level and the third level.
5. Sensitiveness analysis on unobservable parameters and adjustment information between opening and
closing book value of consistent fair value measurement items at level 3
The Group's financial assets and liabilities measured in amortized cost mainly include: accounts receivable, other
receivables, long-term receivables, short-term loans, fund payable, long-term loans, bonds payable and long-term
payables.
There is no significant difference between the book value and fair value of the Group's financial assets and
financial liabilities that are not measured at fair value.
XII. Related parties and related-party transactions
1. Parent company information of the enterprise
Vote right ratio of
Share ratio of parent
Parent company parent company
Registration place Nature Registered capital company against the
name against the
company(%)
company(%)
Operation and
management of
power generation
enterprises, capital
Guangdong Energy
Guangzhou management of 23,000,000,000 67.39% 67.39%
Group
electricity assets,
construction of
power plant and
sales of electricity
Explanation on parent company of the enterprise
On August 8, 2001, Guangdong Provincial Government had taken the lead in the implementation of the reform of
electric power system. Guangdong Electric power Group was established by inheriting the electricity generation
business of Guangdong electric Power Group Company and its registered capital is RMB 23 billion, with 76%
stake held by Guangdong Provincial People's Government and 24% stake held by China Hua Neng Group,
owning more than 13,000 staff now, and the company is the strongest
On February 18, 2019, With the approval of the state-owned assets supervision and administration commission of
the Guangdong provincial people's government and the approval of the Guangdong provincial market supervision
administration, the former Guangdong Energy group Co., Ltd. was renamed as Guangdong Energy Group Co., Ltd
Ultimate controller of the Company is Guangdong Provincial People’s Govemment state owned assets supervision
and Administration Commission.
Other note：
2.Subsidiary of the Enterprise
See to Notes IX.1.
3.Cooperative enterprise and joint venture
See Notes IX.2.
165
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Other cooperative enterprise and joint venture that have related transaction with the Company in the Period or
occurred in pervious period：
Name Relationship
Yudean Fuel Company Joint venture
Yudean Shipping Comany Associate
Energy Group Finance Cmpany Associate
Yudean Insurance Captive Company Associate
Other note
4.Other related party
Other related party Relationship with the Enterprise
Yudean Environmental protection Controlled by Energy Group
Guanghe Electric Power Controlled by Energy Group
Yuelong Power Generation Controlled by Energy Group
Xinhui Power Plant Controlled by Energy Group
Yunhe Power Generation Controlled by Energy Group
Zhongshan Thermal power plant Controlled by Energy Group
Yuehua Power Generation Controlled by Energy Group
Zhuhai Jinwan Controlled by Energy Group
Guangzhu Company Controlled by Energy Group
Yudean Infornation Technology Controlled by Energy Group
Huangpu Power Engineering Controlled by Energy Group
Yudean Property Controlled by Energy Group
Yangjiang Port Controlled by Energy Group
Yudean Changtan Power Generation Controlled by Energy Group
Yudean Real Estate Controlled by Energy Group
Shajiao C Power Plant Controlled by Energy Group
Energy Group Controlled by Energy Group
Huizhou New Energy Controlled by Energy Group
Deqing New Energy Controlled by Energy Group
Shaoguan Port Controlled by Energy Group
Yudean New Energy Controlled by Energy Group
Qujiang New Energy Controlled by Energy Group
Yudean Environmental protection material Controlled by Energy Group
166
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Yudean Financing leasing Controlled by Energy Group
Huizhou Liquidation Natural gas Controlled by Energy Group
Shenzhen Tianxin Controlled by Energy Group
Energy Group Natural gas Controlled by Energy Group
Other note
5. Related transactions.
（1）Related transactions on purchasing goods and receiving services
Acquisition of goods and reception of labor service
In RMB
Whether over the
Related party Content Current amount Approval trading limit Last amount
trading limit(Y/N)
Fuel Company Fuel purchase 4,902,865,249 No 5,927,855,461
Energy Group
Fuel purchase 742,626,273 No 1,032,808,240
Natural gas
Yudean
Environment Material purchase 68,533,438 No 83,714,919
Protection
Acceptance of
Yudean Property
management 15,521,486 No 7,091,341
Management
services
Acceptance of
Yudean Shipping 13,097,736 No 0
tugboat services
Huangpu Power Maintenance
5,364,513 No 2,703,922
Engineering services
Acceptance of
Yangjiang Port 1,479,405 No 2,945,775
tugboat services
Acceptance of
Yudean Information management 1,057,265 No 1,041,073
services
Acceptance of
Yudean Changtan
management 113,208 No
Power Generation
services
Acceptance of
Yuehua Power
management 37,800 No
Generation
services
Guanghe Electric
Electric purchase 78,863,402 No 44,918,434
Power
Guangzhu
Electric purchase 65,652,082 No
Company
Zhuhai Jinwan Electric purchase 60,817,812 No 51,778,472
Zhongshan Thermal
Electric purchase 44,099,821 No 1,706,351
power plant
Yuehua Power
Electric purchase 29,358,941 No 10,509,583
Generation
167
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Yunhe Power
Electric purchase 28,300,770 No 24,292,659
Generation
Xinhui Power
Electric purchase 28,026,682 No 3,230,849
Generation
Yuelong Power
Electric purchase 14,217,210 No 10,007,613
Generation
Sales of goods and services
In RMB
Related parties Content Occurred current term Occurred in previous term
Yudean Environment Protection Sale of Material 110,603,961 94,544,225
Providing maintenance
Shajiao C plant 19,703,681 11,062,339
services
Providing maintenance
Yunhe Power Generation 12,313,194 6,745,533
services
Xinhui Power Generation Service 5,782,041 2,880,388
Zhongshan Thermal power Providing maintenance
2,445,092 0
plant services
Providing maintenance
Qujiang New Energy 2,307,500 0
services
Deqing New Energy Service 557,677 0
Yudean New Energy Service 312,004 0
Providing maintenance
Yudean Environment Protection 188,522 0
services
Providing maintenance
Huizhou New Energy 19,749 0
services
Notes
The amount of electricity purchased shall be determined according to the downward price difference of the first
on-grid electricity price and the amount of electricity purchased as agreed by the power sales company and the
related power plants.
（2）Related trusteeship or contracting
Related trusteeship or contracting in which the Company is the undertake
In RMB
Gains from the
Name of the Name of the Asset situation of
Start date Terminating date Pricing basis deal in report
employer undertaker the undertaker
period
The custody fee
Shareholders' charged to each
rights except first-class target
Guangdong
Guangdong company directly
Electric Power ownership,
Energy Group January 1,2018 controlled by 1,155,660
Development income right and
Co., Ltd. Guangdong
Co., Ltd. disposition right
Energy Group is
100,000
yuan/year, and
168
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
the custody fee
charged to each
second-class
target company
indirectly
controlled by
Guangdong
Yudean Group is
50,000 yuan/year.
If the custody
period is less than
one complete
fiscal year, the
calculation
formula of the
custody fee of
each target
company is
calculated
according to the
custody days. The
custody scope
includes 20
first-class target
companies and 9
second-class
target companies,
with an estimated
custody fee of
2.45 million
yuan/year.
Note
According to the instructions of Guangdong Energy Group on undertaking to perform related matters, in order to
avoid horizontal competition and fulfill the commitments of related horizontal competition, the Company and
Guangdong Energy Group have signed the Equity Trust Agreement, which entrusts the rights of shareholders of
the Company within the trust scope of Guangdong Energy Group to the Company except for the rights of
ownership, income and disposition. The expected trust fee is RMB 2.45 million/year.
Lists of entrust/contracted
In RMB
Name of the Name of the Charge
entrusted/contract entrusted/ Type Initial date Due date Pricing basis recognized in the
ed contractor reporting period
(3) Information of related lease
The company as lessor:
In RMB
The lease income confirmed in The lease income confirmed in
Name of lessee Category of leased assets
this year last year
Shipping Company Property Leasing 528,807 0
Shajiao C Power plant Property Leas 42,857 0
169
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Shaoguan Port Property Leasing ing 12,465 0
The Company was lessee：
In RMB
The lease income confirmed in
Lessor Category of leased assets Category of leased assets
this year
Yudean Real Estate Leasing service 4,909,655 3,455,180
Yudean Finance lease Financing leasing 43,685,957 33,718,740
Notes
On January 2020,Based on the Framework Agreement on Financial Lease between the Company and Yudean
Leasing, Yudean Leasing is committed to offering the Group a credit line of less than RMB 10 billion, which is
reusable during the one-year agreement period. As at 30 June 2020, the balance of Bohe Coal’s long-term
payables of finance lease through leaseback was RMB 1,008,308,409 (December 31, 2019: 1,007,806,525 ), and its
interest expenses recorded in construction in progress was RMB 26,244,439 (December 31, 2019: 55,545,322);
the balance of Qujie Wind Power’s long-term payables of finance lease was RMB 595,131,079 (December 31,
2019: 496,646,931), and the interest expenses recorded in construction in progress amounted to RMB 12,466,892
((December 31, 2019: 18,018,300 ）.
On June 30, 2020, the long-term payable balance of Zhuhai Wind Power Company formed by financial leasing
was RMB 103,184,586 (December 31, 2019: RMB 77,156,198), and the interest expense included in the
construction in progress this year Is RMB 2,260,681 (December 31, 2019: RMB 444,117) On June 30, 2020, the
long-term payable balance of Yangjiang Wind Power Company formed by financial leasing was RMB
156,494,075 (December 31, 2019: RMB 85,417,014), and the interest expense included in the construction in
progress this year was RMB 2,713,945 (December 31, 2019: RMB 1,080,388)
（4）Status of related party guarantee
As a guarantor for the company
In RMB
Execution accomplished
Guarantor Guarantee amount Start date End date
or not
As a secured party for the company
In RMB
Execution accomplished
Guarantor Guarantee amount Start date End date
or not
Energy Group 1,500,000,000 August 14,2013 August 13,2022 No
(5) Inter-bank lending of capital of related parties：
In RMB
Amount borrowed and
Related party Initial date Due date Notes
loaned
Borrowed
Guangdong Energy
240,000,000 December 6,2007 December 5,2025
Group Finance Co., Ltd.
Guangdong Energy 100,000,000 August 22,2012 August 22,2022
170
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Group Finance Co., Ltd.
Guangdong Energy
291,807,937 December 25,2013 December 24,2028
Group Finance Co., Ltd.
Guangdong Energy
375,900,000 March 11,2013 March 10,2031
Group Finance Co., Ltd.
Guangdong Energy
90,000,000 October 16,2014 October 13,2029
Group Finance Co., Ltd.
Guangdong Energy
60,780,000 December 10,2014 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
1,710,000 December 10,2014 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
1,780,000 December 10,2014 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
69,740,000 December 10,2014 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
1,780,000 December 10,2014 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
1,710,000 December 10,2014 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
62,560,000 December 10,2014 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
19,000,000 October 13,2015 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
19,000,000 October 13,2015 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
144,500,000 December 16,2015 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
144,500,000 December 16,2015 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
49,500,000 Fubruary 11,2015 February 10,2033
Group Finance Co., Ltd.
Guangdong Energy
100,000,000 February 4,2015 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
100,000,000 February 4,2015 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
45,000,000 June 17,2015 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
45,000,000 June 17,2015 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
25,000,000 July 23,2015 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
25,000,000 July 23,2015 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
24,000,000 Septembner 15,2015 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
24,000,000 September 15,2015 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy 30,000,000 September 28,2015 October 27,2029
171
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Group Finance Co., Ltd.
Guangdong Energy
30,000,000 September 28,2015 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
160,000,000 November 30,2016 November 28,2031
Group Finance Co., Ltd.
Guangdong Energy
77,200,000 December 8,2016 August 15,2031
Group Finance Co., Ltd.
Guangdong Energy
100,000,000 December 15,2017 December 14,2020
Group Finance Co., Ltd.
Guangdong Energy
89,300,000 June 23,2017 June 22,2032
Group Finance Co., Ltd.
Guangdong Energy
5,305,000 July 28,2017 June 22,2032
Group Finance Co., Ltd.
Guangdong Energy
12,145,000 August 24,2017 June 22,2032
Group Finance Co., Ltd.
Guangdong Energy
37,855,000 September 22,2017 June 22,2032
Group Finance Co., Ltd.
Guangdong Energy
256,990,000 September 22,2017 June 22,2032
Group Finance Co., Ltd.
Guangdong Energy
12,000,000 June 20,2018 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
12,000,000 June 20,2018 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
26,000,000 July 31,2018 July 22,2033
Group Finance Co., Ltd.
Guangdong Energy
17,000,000 September 20,2018 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
17,000,000 September 20,2018 October 27,2029
Group Finance Co., Ltd.
Guangdong Energy
80,000,000 October 18,2019 October 17,2020
Group Finance Co., Ltd.
Guangdong Energy
100,000,000 October 28,2019 October 22,2020
Group Finance Co., Ltd.
Guangdong Energy
200,000,000 November 14,2019 November 13,2020
Group Finance Co., Ltd.
Guangdong Energy
30,000,000 November 24,2019 November 23,2020
Group Finance Co., Ltd.
Guangdong Energy
20,000,000 December 17,2019 December 16,2020
Group Finance Co., Ltd.
Guangdong Energy
20,000,000 December 18,2019 December 17,2020
Group Finance Co., Ltd.
Guangdong Energy
200,000,000 December 20,2019 December 19,2020
Group Finance Co., Ltd.
Guangdong Energy
50,000,000 December 24,2019 December 23,2020
Group Finance Co., Ltd.
Guangdong Energy
23,000,000 December 27,2019 December 26,2034
Group Finance Co., Ltd
Guangdong Energy 140,000,000 December 9,2019 December 8,2020
172
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Group Finance Co., Ltd.
Guangdong Energy
550,000,000 April 24,2019 May 1,2021
Group Finance Co., Ltd.
Guangdong Energy
127,984,742 June 26,2019 June 25,2039
Group Finance Co., Ltd.
Guangdong Energy
100,000,000 July 15,2019 July 14,2020
Group Finance Co., Ltd.
Guangdong Energy
70,000,000 July 22,2019 July 21,2020
Group Finance Co., Ltd.
Guangdong Energy
100,000,000 July 24,2019 July 23,2020
Group Finance Co., Ltd.
Guangdong Energy
45,000,000 July 25,2019 July 24,2020
Group Finance Co., Ltd.
Guangdong Energy
40,000,000 July 30,2019 July 29,2020
Group Finance Co., Ltd.
Guangdong Energy
70,000,000 July 31,2019 July 30,2020
Group Finance Co., Ltd.
Guangdong Energy
30,000,000 August 12,2019 August 11,2020
Group Finance Co., Ltd.
Guangdong Energy
20,000,000 August 26,2019 August 25,2020
Group Finance Co., Ltd.
Guangdong Energy
200,000,000 August 29,2019 August 28,2020
Group Finance Co., Ltd.
Guangdong Energy
20,000,000 August 9,2019 August 7,2020
Group Finance Co., Ltd.
Guangdong Energy
20,000,000 September 11,2019 September 10,2020
Group Finance Co., Ltd.
Guangdong Energy
10,000,000 September 18,2019 September 17,2020
Group Finance Co., Ltd.
Guangdong Energy
416,662,561 September 2,2019 May 26,2030
Group Finance Co., Ltd.
Guangdong Energy
5,000,000 September 20,2019 September 18,2020
Group Finance Co., Ltd.
Guangdong Energy
100,000,000 September 24,2019 September 23,2020
Group Finance Co., Ltd.
Guangdong Energy
50,000,000 September 29,2019 September 22,2020
Group Finance Co., Ltd.
Guangdong Energy
223,000,000 September 30,2019 December 27,2036
Group Finance Co., Ltd.
Guangdong Energy
40,000,000 September 9,2019 September 8,2020
Group Finance Co., Ltd.
Guangdong Energy
130,000,000 January 13,2020 January 12,2021
Group Finance Co., Ltd.
Guangdong Energy
20,000,000 January 15,2020 January 14,2021
Group Finance Co., Ltd.
Guangdong Energy
6,000,000 January 16,2020 January 15,2021
Group Finance Co., Ltd.
Guangdong Energy 120,000,000 January 7,2020 January 6,2021
173
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Group Finance Co., Ltd.
Guangdong Energy
57,386,446 January 7,2020 May 26,2030
Group Finance Co., Ltd.
Guangdong Energy
154,890,555 February 26,2020 January 2,2040
Group Finance Co., Ltd.
Guangdong Energy
100,000,000 February 26,2020 February 25,2021
Group Finance Co., Ltd.
Guangdong Energy
13,000,000 March 12,2020 January 15,2021
Group Finance Co., Ltd.
Guangdong Energy
30,000,000 March 16,2020 March 15,2021
Group Finance Co., Ltd.
Guangdong Energy
230,000,000 March 23,2020 March 22,2021
Group Finance Co., Ltd.
Guangdong Energy
50,000,000 March 23,2020 March 22,2021
Group Finance Co., Ltd.
Guangdong Energy
30,000,000 March 23,2020 March 22,2021
Group Finance Co., Ltd.
Guangdong Energy
32,992,546 March 23,2020 March 23,2021
Group Finance Co., Ltd.
Guangdong Energy
30,000,000 March 24,2020 January 15,2021
Group Finance Co., Ltd.
Guangdong Energy
40,000,000 March 30,2020 March 25,2021
Group Finance Co., Ltd.
Guangdong Energy
60,000,000 March 9,2020 March 8,2021
Group Finance Co., Ltd.
Guangdong Energy
100,000,000 April 10,2020 April 13,2021
Group Finance Co., Ltd.
Guangdong Energy
30,000,000 April 14,2020 April 13,2021
Group Finance Co., Ltd.
Guangdong Energy
150,000,000 April 17,2020 April 16,2021
Group Finance Co., Ltd.
Guangdong Energy
50,000,000 April 20,2020 April 19,2021
Group Finance Co., Ltd.
Guangdong Energy
100,000,000 April 27,2020 April 26,2021
Group Finance Co., Ltd.
Guangdong Energy
100,000,000 April 29,2020 April 26,2021
Group Finance Co., Ltd.
Guangdong Energy
100,000,000 April 3,2020 April 2,2023
Group Finance Co., Ltd.
Guangdong Energy
80,000,000 April 7,2020 April 6,2021
Group Finance Co., Ltd.
Guangdong Energy
10,000,000 May 11,2020 May 10,2021
Group Finance Co., Ltd.
Guangdong Energy
150,000,000 May 19,2020 May 18,2021
Group Finance Co., Ltd.
Guangdong Energy
96,000,000 May 19,2020 January 15,2021
Group Finance Co., Ltd.
Guangdong Energy 10,000,000 May 20,2020 May 19,2021
174
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Group Finance Co., Ltd.
Guangdong Energy
13,700,000 May 21,2020 May 18,2035
Group Finance Co., Ltd.
Guangdong Energy
15,000,000 May 25,2020 May 24,2021
Group Finance Co., Ltd.
Guangdong Energy
100,000,000 May 25,2020 May 24,2021
Group Finance Co., Ltd.
Guangdong Energy
150,000,000 May 25,2020 May 24,2021
Group Finance Co., Ltd.
Guangdong Energy
10,000,000 May 25,2020 May 24,2021
Group Finance Co., Ltd.
Guangdong Energy
51,000,000 May 26,2020 January 15,2021
Group Finance Co., Ltd.
Guangdong Energy
104,000,000 May 26,2020 May 18,2021
Group Finance Co., Ltd.
Guangdong Energy
9,550,000 May 28,2020 May 28,2035
Group Finance Co., Ltd.
Guangdong Energy
100,000,000 May 29,2020 May 28,2021
Group Finance Co., Ltd.
Guangdong Energy
30,000,000 May 29,2020 May 28,2021
Group Finance Co., Ltd.
Guangdong Energy
10,000,000 May 7,2020 May 6,2021
Group Finance Co., Ltd.
Guangdong Energy
100,000,000 June 10,2020 June 9,2021
Group Finance Co., Ltd.
Guangdong Energy
10,000,000 June 10,2020 June 9,2021
Group Finance Co., Ltd.
Guangdong Energy
160,000,000 June 11,2020 June 10,2021
Group Finance Co., Ltd.
Guangdong Energy
40,000,000 June 11,2020 June 10,2021
Group Finance Co., Ltd.
Guangdong Energy
200,000,000 June 11,2020 June 10,2021
Group Finance Co., Ltd.
Guangdong Energy
90,000,000 June 12,2020 June 11,2021
Group Finance Co., Ltd.
Guangdong Energy
100,000,000 June 12,2020 June 11,2021
Group Finance Co., Ltd.
Guangdong Energy
3,000,000 June 12,2020 May 18,2035
Group Finance Co., Ltd.
Guangdong Energy
140,000,000 June 15,2020 June 14,2021
Group Finance Co., Ltd.
Guangdong Energy
45,000,000 June 15,2020 June 14,2021
Group Finance Co., Ltd.
Guangdong Energy
70,000,000 June 16,2020 June 15,2021
Group Finance Co., Ltd.
Guangdong Energy
10,000,000 June 16,2020 June 15,2021
Group Finance Co., Ltd.
Guangdong Energy 180,000,000 June 18,2020 June 17,2021
175
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Group Finance Co., Ltd.
Guangdong Energy
40,000,000 June 18,2020 June 17,2021
Group Finance Co., Ltd.
Guangdong Energy
15,000,000 June 18,2020 June 17,2021
Group Finance Co., Ltd.
Guangdong Energy
60,000,000 June 12,2020 June 1,2021
Group Finance Co., Ltd.
Guangdong Energy
20,000,000 June 23,2020 June 22,2021
Group Finance Co., Ltd.
Guangdong Energy
50,000,000 June 24,2020 June 23,2021
Group Finance Co., Ltd.
Guangdong Energy
1,500,000 June 30,2020 May 18,2035
Group Finance Co., Ltd.
Guangdong Energy
5,000,000 June 4,2020 June 3,2021
Group Finance Co., Ltd.
Guangdong Energy
85,000,000 June 9,2020 June 8,2021
Group Finance Co., Ltd.
Loaned
(6) Related party asset transfer and debt restructuring
Not applicable
(7) Rewards for the key management personnel
In RMB
Items
Amount of current period Amount of previous period
Annual salary of the operator 3,053,040 3,321,082
（8）Other related transactions
(a)Allocation of common expenses
In the first half of 2020,, the common expenses received by the Group from Shajiao C was RMB 1,711,963.( In the
first half of 2019, the common expenses received by the Group from Shajiao C was RMB,260,423 )
(b) Interest income
In RMB
Items Amount of current period Amount of previous period
Deposit interest of Energy 32,889,591 23,802,960
Group Finance
Proportion % 91.77% 73.99%
176
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
(c)Interest expense
Items Amount of current period Amount of previous period
Loan interest paid to Energy 135,226,054 118,174,115
Group Finance
Discount interest on Energy 12,277,995 14,987,476
Group Finance
Proportion % 24.82% 20.04%
（d）Interest payable
Items
Amount of current period Amount of previous period
Yudean Finance Lease interest 43,685,957 33,718,740
(e)Joint Investment
Name Energy Group
Zhenneng Company 30.12%
Bohe Company 33%
Energy Group Finance Company 65%
Industry Fuel 50%
Shanxi Energy Company 60%
Capital Company 51%
West Investment 35%
Yudean Shipping 65%
6. Payables and receivables of the related party
（1）Receivables
In RMB
At end of term At beginning of term
Project Related parties
Book balance Bad debt provision Book balance Bad debt provision
Energy Group
Moentary funds 4,469,328,465 4,468,014,839
Finance Company
Xinhui Power
Account receivable 4,420,372 1,706,822
Generation
Yunhe Power
3,000,766 3,123,537
Generation
Shajiao C plant 2,770,356 901,427
Qujiang New Energy 1,336,462 1,699,980
Zhongshan Thermal
263,160 846,660
Power
Yudean
Environmental 39,967 0
protection
Shaoguan Port 8,392 0
Yudean New Energy 0 941,609
177
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Huizhou New
0 577,717
Energy
Yudean
Other account
Environmental 74,363,831 69,568,758
receivable
protection
Yudean Real Estate 1,715,273 1,536,942
The Group 1,191,184 2,311,321
Yunhe Power
1,026,270
Generation
Capital Company 963,630
Shajiao C plant 941,563
Yudean Property 520,708 466,572
Zhongshan Thermal
21,617
Power
Shaoguan Port 13,455
Energy Group
25,335,356 20,866,069
Finance Company
Yudean Shipping
576,400
Comapny
Liquefaction natural
329,096
gas
Advance payment Industry Fuel 518,984,394 455,412,330
Capital Company 2,233,887
Energy Group
673,873
Finance Company
Shenzhen Tianxin 9,717
Other non current Yudean Infornation
700,000 700,000
assets Technology
（2）Payables
In RMB
Name Related party Amount at year end Amount at year beginning
Energy Group Finance
Note Payable 962,992,546 870,000,000
Company
Account Payable Industry fuel 1,933,188,661 1,638,254,539
Energy Group natural gas 63,049,407 222,256,982
Yudean Environmental
39,772,779 28,147,157
Protection
Huangpu Electric Engineering 5,208,774
Yudean Shipping Company 2,300,000 2,300,000
Yudean Property 2,160,322 8,044,985
Yudean Infornation Technology 119,860 92,000
Other account payable Yudean Property 3,512,266 1,568,761
Yudean Environmental 501,188 766,080
178
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Protection
Yudean Infornation Technology 355,500 959,440
Yudean Real Estate 290,864
Yudean Shipping Company 260,000
Yudean Changtan Power
120,000
Generatiion
Huangpu Electric Engineering 104,359 8,327,106
Industry fuel 97,211
Shenzhen Tianxin 70,000
Qujiang New Energy 9,000 9,000
Energy Group Finance
Short-term loan 4,208,952,146 4,119,893,053
Company
-Principal 4,200,200,000 4,115,000,000
-Interest 8,752,146 4,893,053
Non-current liability due in 1 Energy Group Finance
241,127,304 254,025,779
year Company
-Principal 235,551,032 249,872,476
-Interest 5,576,272 4,153,303
Energy Group Finance
Long-term loan 3,116,476,458 2,765,740,493
Company
Long-term payable Yudean Finance 1,863,118,149 1,667,026,669
Energy Group 0 12,217,551
7. Related party commitment
8.Other
XIII. Commitments
1.Importance commitment events
Important commitments of existence of balance sheet date
(1) Commitments of capital expenditure
The following are the capital expenditure commitments signed by the Group on the balance sheet date, which do
not need to be listed on the balance sheet:
June 30,2020 December 31,2019
House ,Building and Generation 16,114,606,795 13,726,826,554
equipment
Intangible assets 5,309,654 8,244,396
16,119,916,449 13,735,070,950
(2) Operating lease commitments
According to the signed irrevocable operating lease contract, the minimum rent payable by the Group in the future
179
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
is summarized as follows:
June 30,2020 December 31,2019
Within 1 year 17,070,740 24,818,237
1-2 years 5,341,790 5,159,843
2-3 years 2,717,202 1,681,275
Over 3 years 8,067,689 6,578,799
33,197,422 38,238,154
(3) Performance of previous commitments
（a）The Second Meeting of the Ninth board of Directors examined and adopted the Proposal on Establishing
the Huizhou Daya Bay Petrochemical District Western Comprehensive Energy Station Project Company and
Carrying out the Upfront Work, In order to promote the implementation and speed up the progress of the Western
Comprehensive Energy Station Project of Huizhou Daya Bay Petrochemical District, the board of directors agrees:
The Company and Huizhou Daya Bay Petrochemical Industrial Zone Investment Co., Ltd establish the Huizhou
Daya Bay Petrochemical District Western Comprehensive Energy Station Project Company in Daya Bay District
by the share structure ratio of 80%:20%, with the initial registered capital of RMB 22 million-of which the
Company contributes RMB17.6 million according to the share ratio. After the establishment of the project
company, the project company will be responsible for the upfront work of the western comprehensive energy
station project in the Daya Bay Petrochemical District of Huizhou (the project construction scale is temporarily
based on 3 H-class (660-800MW) gas units and 2 150t / h gas boilers, with the final construction scale will be
researched in the feasibility study stage and then be determined after approval), and the upfront work costs will be
controlled at RMB12 million .
On June 30, 2020, the Company has injected RMB 17.6 million into Daya Bay Company.
（b） On November 28, 2019, the voting results of the 6th Communication Meeting of the 9th Board of Directors
of the Company in 2019 reviewed and approved the Proposal on Establishing Shenzhen Guangming Plant
Alternative Power Supply Project Company and Carrying out Pre-project Work. In order to ensure the
implementation and rapid promotion of replacement capacity after Shajiao Power Plant is shut down and
decommissioned, the Board of Directors agreed that the Company set up Guangming Project Company
wholly-owned, registered in Guangming District, Shenzhen, with the initial registered capital of RMB 20,000,000.
According to the scale of 2 H-class (660-800MW) gas units, the project company carried out the preliminary
approval work of Guangming project. On June 30, 2020, the Company has injected RMB 20,000,000 into Qiming
Company.
（c）On Apri8l 10,2020,The Third Meeting of the Ninth board of Directors examined and adopted the
Proposal on Investment in Construction of Alternative Power Supply Project at Ningzhou Site in Dongguan
In order to optimize the power supply structure and increase the proportion of clean energy, the Board of
Directors agreed that Guangdong Yudean Binhaiwan Energy Co., Ltd. (hereinafter referred to as "Binhaiwan
Company"), a wholly-owned subsidiary company, would be the main investor to invest in the construction of a
alternative power supply project at Ningzhou Site in Dongguan, with an installed capacity of 3×700MW
gas-steam combined cycle cogeneration unit. The total dynamic investment of the project is 5.928 billion yuan, of
which the capital is about 1.186 billion yuan, accounting for 20% of the total dynamic investment. After the 270
million yuan which was already invested in the previous period is deducted, the remaining capital of 916 million
yuan will be settled by the company through batch capital increase to Binhaiwan Company according to the
project construction progress and capital demand.On June 30,2020, the Company has injeted RMB 270,000,000
180
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
into Binhaiwan Company.
（d）On Apri8l 10,2020,The Third Meeting of the Ninth board of Directors examined and adopted the Proposal on
Investment in the Construction of the Dagaoshan Wind Farm Project along the Hunan Corridor， In order to speed
up the large-scale development of the company's new energy power generation projects, increase the proportion of
clean energy installed and optimize the power supply structure, the Board of Directors agreed to invest in the
construction of the Dagaoshan Wind Power Project in Tongdao Dong Autonomous County of Hunan Province,
with an installed capacity of 50MW, by Tongdao Yuexin Wind Power Co., Ltd (hereinafter referred to as "Tongdao
Wind Power Company"), a wholly-owned subsidiary of the company, as the main investor. The total dynamic
investment of the project is531,740,000 yuan, of which the capital is 106.5 million yuan, accounting for 20% of
the total dynamic investment of the project. In view of the actual construction progress and capital needs, the
capital required for the Project shall be solved by the Company by increasing capital in batches to Tongdao Wind
Power Company. The Company still requires to increase its capital by 96.5 million yuan after deducting 10
million yuan that has been reviewed and approved in the previous period. On June 30, 2020, the Company has
injected RMB 60,000,000 into Tongdao Company, of which RMB 50,000,000 was as supplementary capital for
this year.
（e）The Third Meeting of the Ninth board of Directors examined and adopted the Proposal on Investment in
the Construction of Taiyangshan Wind Farm Project in Xupu of Hunan， In order to further promote the
large-scale development of the company's wind power, the Board of Directors agrees that Guangdong Wind Power
Generation Co., Ltd., a wholly-owned subsidiary of the company (hereinafter referred to as "the Provincial Wind
Power Company"), will invest in the construction and operation of Hunan Xupu Taiyangshan Wind Farm Project
(hereinafter referred to as "Xupu Wind Power Project"), with an installed capacity of 50MW. The total dynamic
investment of the project is 524.5329 million yuan (including the investment of self-built transmission line
project), of which the capital is 104.9066 million yuan, accounting for 20% of the total dynamic investment of the
project. According to the actual construction progress and capital demand of the project, the Provincial Wind
Power Company applies to the company for capital increase based on its own capital situation.
Hunan Xupu Yuefeng New Energy Co., Ltd., a wholly-owned subsidiary of the provincial wind power company,
is the main body of the project investment and is responsible for the investment, construction and operation of the
project. On June 30, 2020, the Company injected a total capital of RMB 50,000,000 into the project, of which
RMB 50,000,000 was as supplementary capital for this year.
（f）On January 25, 2019,The Seventh Meeting of the Ninth board of Directors examined and adopted the
Proposal the Investment and Construction of Zhuhai Jinwan Offshore Wind Power Project，In order to further
promote the Company's large-scale development of offshore wind power in Guangdong Province and in the
southeast coast, the Board of directors agreed to invest in Zhuhai Jinwan offshore wind farm project (300,000 kw),
with a total dynamic investment of RMB 5643.17 million-of which the capital is RMB 1128.634
million-accounting for 20%, According to the progress of project construction and capital needs, the Company
increased capital to provincial wind power and then increased capital to Zhuhai wind power. On June 30, 2020,
the Company injected a total capital of RMB 365,000,000 into the project, of which RMB 100,000,000 was as
supplementary capital for this year.
(g) On March 23, 2018, the first communication meeting of the ninth Board of Directors of the Company in 2018
reviewed and approved the Proposal on Launching the Preliminary Work of Zhanjiang Wailuo Offshore Wind
Power Project (Phase II) and the ninth meeting of the ninth Board of Directors on August 29, 2019 reviewed and
approved the Proposal on Investing in Zhanjiang Wailuo Offshore Wind Power Project Phase II. In order to speed
up the large-scale development of new energy power generation projects, to increase the proportion of clean
181
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
energy installed capacity and optimize the power supply structure, the Board of Directors agreed that Qujie Wind
Power, a wholly-owned subsidiary of the Company, should be the main investor for investment in the construction
of Wailuo Phase II. The total dynamic investment of the project is RMB 3,789,120,000, of which the capital is
RMB 757,824,000, accounting for 20% of the total dynamic investment. In view of the actual construction
progress and capital needs of the Project, the capital required for the Project shall be solved by the Company by
increasing capital in batches to Qujie Wind Power. On June 30, 2020, the Company injected a total capital of
RMB 208,000,000 into the project, of which RMB 80,000,000 was as supplementary capital for this year.
（h）On November 28,2019, The Sixth Meeting of the Ninth board of Directors examined and adopted the
Proposal on Starting Investment and Construction of Zhanjiang Xinliao Offshore Wind Power Project， In order
to optimize the company's energy structure, improve the proportion of clean energy, the Board of Directors agrees
that Qujie Wind Power Company, a wholly-owned subsidiary of the Company, should be the main investor to
invest in the construction of Zhanjiang Xinliao Offshore Wind Power Project . with the installed capacity of
203.5MW. The total dynamic investment of the Project is 3,698.88 million yuan, of which the capital of the
Project is 739.776 million yuan, accounting for 20% of the dynamic investment of the project. In view of the
actual construction progress and capital needs of the Project, the capital required for the Project shall be solved by
the Company by increasing capital in batches to Qujie Wind Power Company. On June 30, 2020, the Company
injected a total capital of RMB 120,000,000 into the project, of which RMB 80,000,000 was as supplementary
capital for this year.
2.Contingency
（1）Significant contingency at balance sheet date
（a）As at 30 June 2020, the Company provided joint guarantee for bank borrowings amounting to RMB
73,370,000 for Yunnan Baoshan Binlangjiang Hydroelectricity Development Co., Ltd., of which the liability
relief procedure is being handled.
（b）Pinghai Power failed to complete settlement with two of its engineering contractors due to the dispute of
settlement regarding construction and installation project contracts
①On 22 October 2018, one of the contractors filed a lawsuit in the local municipal people's court, demanding
Pinghai Power to make payment for the additional construction expenses of RMB 165,978,408 arising from
modification of scope of contract and the interest of RMB 72,478,979 arising from delay in payment. On April 1,
2019, it received a summons from the local intermediate people's court, attended the pre-trial preparation meeting
of the first instance on May 14 and July 18, 2019, and decided to hire a third party to carry out cost appraisal on
disputes. On April 13, 2020, the court confirmed the cost appraisal institution by rolling ball and requested
Pinghai Power Plant to submit appraisal materials in May. Pinghai Power Plant has submitted relevant appraisal
materials and cross-examination opinions according to the notice of the court.
②On July 2, 2019, another engineering contractor sued Pinghai Power Plant in the local intermediate people's
court, demanding that Pinghai Power Plant pay RMB 89,548,053 for the extra project cost arising from the
modification of the contract scope and RMB 36,526,452 for the interest arising from the delayed payment. On
August 14, 2019, both parties attended the first-instance trial, and Pinghai Power Plant's application for
jurisdiction objection was rejected. On November 8, 2019, a counterclaim was submitted to the local intermediate
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
people's court, and the counterclaim contractor was held liable for breach of contract due to delayed completion.
On January 17, 2020, both parties attended the first-instance trial again, and exchanged evidence in the court. In
April 2020, the court asked Pinghai Power Plant to submit appraisal materials, and on July 10, 2020, the cost
appraisal institution was determined by rolling ball. At present, Pinghai Power Plant has submitted relevant
appraisal materials and cross-examination opinions according to the court notice.
As of the date of issuance of this report, due to the fact that the above litigation cases have not yet been heard and
the Group's management is unable to predict the outcome of the litigation after consulting legal counsel, the
project funds and interest related to the above litigation have not been accrued in the 2020 semi-annual financial
statements.
（2）The Company have no significant contingency to disclose, also should be stated
The was no significant contingency in the Company.
3.Other
XIV. Post-balance-sheet events
1. Significant events had not adjusted
In RMB
Items Content Influence Reason
2. Profit distribution
In RMB
Profits or dividends declared upon examination and approval 0
3. Note to other matters after the balance sheet date
XV. Other significant events
6. Segment information
(1) Recognition basis and accounting policies of reportable segment
As the Group's operating income, expenses, assets and liabilities are mainly related to the production and sale of
electricity and related products, the management of the Group takes the electricity business as a whole, and
regularly obtains and evaluates its financial status, operating results and cash flow and other relevant accounting
information. Therefore, the Group has only the power business segment, so it has not prepared the report segment
information.
The Group's main business income comes from the development and operation of power plants in China, and all
its assets are in China.
From January to June, 2020, the income of the Group's power plants from China Southern Power Grid
Corporation was RMB 12,227,202,300 (January to June, 2019: RMB 12,631,577,798), accounting for 97.52% of
the Group's operating income (January to June, 2019: 98.12%)
(2) There was no reportable segment, or the total amount of assets and liabilities of each part of reportable
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
segment, shall disclose the reason.
As the Group's operating income, expenses, assets and liabilities are mainly related to the production and sale of
electricity and related products, the management of the Group takes the electricity business as a whole, and
regularly obtains and evaluates its financial status, operating results and cash flow and other relevant accounting
information. Therefore, the Group has only the power business segment, so it has not prepared the report segment
information.
2. Other important transactions and events have an impact on investors’ decision-making
3.Other
XVI. Notes s of main items in financial reports of parent company
（1）Account receivable
1.Classification account receivables.
In RMB
Closing balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Category Book
Proportio Proportio value Proportio Proportio Book value
Amount Amount Amount Amount
n% n% n% n%
Of which：
Accrual of bad debt
128,688, 128,688,4 209,270,0 209,249,10
provision by 20,911
475 75 13 2
portfolio
Of which：
Electricity sales 128,688, 128,688,4 207,178,8 207,178,86
100% 0 0% 99% 0 0%
receivable 475 75 64 4
Other 0 0 2,091,149 1% 20,911 1% 2,070,238
128,688, 128,688,4 209,270,0 209,249,10
Total 100% 0 0% 100% 20,911 0.01%
475 75 13 2
Accrual of bad debt provision by single item:
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion% Reason
Accrual of bad debt provision by portfolio:
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Electricity sales receivable 128,688,475 0 0%
Total 128,688,475 0 --
Note：
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Portfolio 1- Electricity sales receivable，As at 30 June 2020, the amount of receivables from sales of electricity of
the Group was RMB128,688,475, which was mainly from China Southern Power Grid Co., Ltd. and its
subsidiaries (collectively referred to as “China Southern Power Grid”). Taking into consideration its good credit,
the Group believes that there is no significant credit risk in the receivables from sales proceeds of electricity, and
the possibility of significant losses due to China Southern Power Grid's default is extremely low. The Group's
expected credit loss rate for sales proceeds of electricity is 0%.
Accrual of bad debt provision by portfolio:
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion
Other account receivable 0 0 0%
Total 0 0 --
Accrual of bad debt provision by portfolio:
I n RMB
Closing balance
Name
Book balance Bad debt provision Proportion
Note：
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of
other receivables if the provision for bad debts of bills receivable is accrued according to the general model of
expected credit loss:
√ Applicable □Not applicable
For accounts receivable, regardless of whether there is any significant financing component, the Company
measures the loss reserve according to the expected credit loss throughout the duration.
Portfolio 1-
On June 30, 2020, the amount of electricity sales receivable from the Company was RMB 128,688,475, which
was mainly the fund receivable from China Southern Power Grid Corporation. Considering its high credit level,
the Company considered that there was no significant credit risk in the electricity sales receivable, and the
possibility of heavy losses caused by the default of China Southern Power Grid Corporation was extremely low.
The expected credit loss of the Company to the electricity sales receivable was 0%.
Portfolio 2-
On June 30, 2020, the Company did not have any accounts receivable in portfolio 2.
Portfolio32-
On June 30, 2020, the Company did not have any accounts receivable in portfolio 3.
Disclosure by aging
In RMB
Closing balance
Aging
Within 1 year（Including 1 year） 128,688,475
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Total 128,688,475
(2) Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
In RMB
Amount of change in the current period
Category Opening balance Reversed or Closing balance
Accrual Write-off Other
collected amount
Other account
20,911 20,911 0
receivable
Total 20,911 20,911 0
Of which the significant amount of the reversed or collected part during the reporting period
In RMB
Name Reversed or collected amount Method
Dongguan Dejin Energy Technology Co., Ltd. 20,911 Cash
Total 20,911 --
（3） Top 5 of the closing balance of the accounts receivable collected according to the arrears party
In RMB
Debtor Book amount Provision for bad debts Proportion%
GPGC 128,688,475 100% 0
Total 128,688,475 100%
2. Other accounts receivable
In RMB
Items Closing balance Opening balance
Interest receivable 1,028,214 689,092
Dividend receivable 2,652,502
Other accounts receivable 94,324,237 104,807,684
Total 95,352,451 108,149,278
（1）Interest receivable
1) Category of interest receivable
In RMB
186
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Items Closing balance Opening balance
Fixed deposit 205,901 108,112
Entrust loans 822,313 580,980
Total 1,028,214 689,092
2）Bad-debt provision
□ Applicable √ Not applicable
（2）Dividend receivable
1）Category of dividend receivable
In RMB
Items Closing balance Opening balance
Guangdong Yudean Anxin Company 0 2,652,502
Total 2,652,502
2）Bad-debt provision
□ Applicable √ Not applicable
Other note：
（2） Other accounts receivable
1) Other accounts receivable classified by the nature of accounts
In RMB
Nature Closing book balance Opening book balance
Entrust loans receivable 50,000,000 66,460,000
Supplementary medical insurance fund
16,652,424 18,333,314
receivable
Sales of by-products receivable 12,356,357 8,282,082
Advances receivable 7,888,627 7,809,969
Other 7,577,994 4,073,484
Total 94,475,402 104,958,849
2）Bad-debt provision
In RMB
Stage 1 Stage 2 Stage 3
Bad Debt Reserves Expected credit Expected credit losses for Total
Expected credit loss over
losses over the next the entire duration (credit
life (no credit impairment)
12 months impairment occurred)
Balance as at January 1,
151,165 151,165
2020
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Balance as at January 1,
—— —— —— ——
2020 in current
Balance as at June
151,165 151,165
30,2020
Loss provision changes in current period, change in book balance with significant amount
□ Applicable √Not applicable
Disclosure by aging
In RMB
Aging Closing balance
Within 1 year(Including 1 year） 77,612,018
1-2 years 16,743,677
2-3 years 0
Over 3 years 119,707
4-5 years 119,707
Total 94,475,402
3) Top 5 of the closing balance of the other accounts receivable collected according to the arrears party
In RMB
Proportion of the
total year end Closing balance of
Name Nature Closing balance Aging
balance of the bad debt provision
accounts receivable
Entrust loans Within 1 year
Lincang Company 50,000,000 52.92% 0
receivable （Including 1 year）
Taikang Endowment Supplementary
1-2 years（Including
Insurance Co., Ltd. medical insurance 16,652,424 17.63% 0
2 years）
Guangdong Branch fund receivable
Guangdong Yudean
Sales of by-products Within 1 year
Environmental 12,356,357 13.08% 0
receivable （Including 1 year）
Protection Co., Ltd.
Guangdong Yudean
Within 1 year
Binhaiwan Energy Advances receivable 6,414,037 6.79% 0
（Including 1 year）
Co., Ltd.
Guangdong Energy Within 1 year
Other 1,155,660 1.22% 0
Group （Including 1 year）
Total -- 86,578,478 -- 91.64% 0
3. Long-term equity investment
In RMB
End of term Beginning of term
Items Impairment Impairment
Book Balance Book value Book Balance Book value
provision provision
188
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Investment in
21,962,139,454 1,251,824,079 20,710,315,375 21,366,889,333 1,251,824,079 20,115,065,254
subsidiaries
Investment in
joint ventures and 6,396,931,109 96,327,854 6,300,603,255 6,495,369,113 96,327,854 6,399,041,259
associates
Total 28,359,070,563 1,348,151,933 27,010,918,630 27,862,258,446 1,348,151,933 26,514,106,513
（1）Investment in subsidiaries
In RMB
Increase /decrease
Closing balance
Opening Withdrawn
Investees Add Decreased Closing balance of impairment
balance impairment Other
investment investment provision
provision
Zhanjiang
2,185,334,400 2,185,334,400
Company
Yuejia Company 0 0 455,584,267
Zhenneng
687,458,978 687,458,978
Company
Jianghai
1,930,395,668 1,930,395,668
Company
Zhanjiang Wind
242,277,000 242,277,000
power Co., Ltd.
Zhongyue
963,000,000 963,000,000 187,248,115
Comapny
Humen Power
Generation 3,192,416 3,192,416 86,807,584
Company
Anxin Company 20,000,000 20,000,000
Bohe Company 3,167,000,000 3,167,000,000
Pinghai Power
720,311,347 720,311,347
Generation plant
Red Bay
2,220,023,386 2,220,023,386
Comany
Huizhou Natural
1,205,199,446 1,205,199,446
gas Company
Guangqian
1,353,153,223 1,353,153,223
Company
Yuejiang
745,200,000 147,650,121 892,850,121 408,494,674
Company
Huadu Natural
186,550,000 186,550,000
Gas Company
Dapu Company 1,040,000,000 1,040,000,000
Guangdong
Wind Power 1,531,419,390 200,000,000 1,731,419,390
Company
Leizhou Wind
80,800,000 80,800,000
Power Company
189
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Qujie Wind
919,750,000 160,000,000 1,079,750,000
Power Company
Yudean Electric
230,000,000 230,000,000
Sale
Lincang
314,000,000 314,000,000 113,689,439
Company
Yongan Natural
90,000,000 90,000,000
Gas Company
Tongdao Wind
10,000,000 50,000,000 60,000,000
Power Company
Binhaiwan
270,000,000 270,000,000
Company
Daya Bay
0 17,600,000 17,600,000
Company
Qiming
0 20,000,000 20,000,000
Company
20,115,065,25
Total 447,600,000 147,650,121 20,710,315,375 1,251,824,079
4
（2）Investment in joint ventures and associates
In RMB
Increase/decrease in this period
Balance
Announce of the
Investme
Name of Beginnin Increase Decrease Other d for Provision End of provision
nt income Other
investee g of term in in comprehe distributin for term on for
under changes Other
investmen investmen nsive g cash impairme impairme
equity in equity
t t income dividend nt nt
method
or profit
I.Joint venture
Industry 615,218,3 24,355,75 69,090,43 570,483,6
Fuel 00 0 5 15
615,218,3 24,355,75 69,090,43 570,483,6
Subtotal
00 0 5 15
II. Associated
Guohua
2,085,355 40,148,66 146,136,2 1,979,368
Taishan
,939 6 55 ,350
Company
Shanxi
1,644,203 99,809,49 20,000,00 1,724,013
Energy
,546 2 0 ,038
Company
Yudean
448,869,5 -19,926,3 428,943,2
Shipping
93 82 11
Company
West
Investme 142,443,2 145,502,8
3,059,567
nt 82 49
Company
Yangshan 5,397,723 5,397,723
190
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Jiangkeng
Yangzhan
Zhongxin 8,043,666 8,043,666
keng
Energy
Group 991,882,3 52,363,43 73,161,90 971,083,9
Finance 99 0 3 26
Company
Yudean 261,404,0 266,432,4
6,601,704 1,573,263
Captive 11 52
Weixin
196,222,8 201,334,4 96,327,85
Energy 5,111,625
00 25 4
Company
5,783,822 187,168,1 240,871,4 5,730,119 96,327,85
Subtotal
,959 02 21 ,640 4
6,399,041 211,523,8 309,961,8 6,300,603 96,327,85
Total
,259 52 56 ,255 4
（3）Other note
4. Business income, Business cost
In RMB
Amount of current period Amount of previous period
Items
Income Cost Income Cost
Main business 433,972,161 501,292,187 958,557,256 977,497,449
Other business 35,582,003 506,701 26,351,826 636,432
Total 469,554,164 501,798,888 984,909,082 978,133,881
Income related information:
In RMB
Contract classification Division 1 Division 2 Total
Including：
Power Selling 433,972,161 433,972,161
粉煤灰销售收入 11,187,917 11,187,917
Rent 5,107,497 5,107,497
Other income 19,286,589 19,286,589
Including：
Guangdong 469,554,164 469,554,164
Including：
Power Market 433,972,161 433,972,161
Other market 35,582,003 35,582,003
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Including：
Physical delivery 445,160,078 445,160,078
Provide labour 19,286,589 19,286,589
Provide use right 5,107,497 5,107,497
Including：
Recognize at a certain
445,160,078 445,160,078
time point
Recognize in a certain
24,394,086 24,394,086
period of time
Including：
Including：
Total 469,554,164 469,554,164
Information related to performance obligations:
Commodity type Usual performance time of performance Important payment terms Commodity nature
obligation
Electric power When power is supplied to the grid company Cash settlement/monthly Electric power
settlement
Power generation When heat energy is supplied to customers Power generation
products who buy heat, by-product commodity
Labor service When by-products such as fly ash generated Labor service
by power generation are transported to the
agreed delivery place,
Information related to the transaction price apportioned to the residual performance obligation:
The income corresponding to the performance obligations that have not been performed or have been performed
incompletely but the contract has been signed at the end of the reporting period is RMB 0, of which RMB 0 is
expected to be recognized as income in the year, RMB 0 is expected to be recognized as income in the year, and
RMB0 is expected to be recognized as income in the year.
It is the margin deposit that Huizhou Pingdian Integrated Energy Co., Ltd. ("Pingdian Integrated"), a subsidiary of
the Group, applied to the bank to issue a performance guarantee for participating in the electricity sales business
in Guangdong Electric Power Trading Center.
Other note：
5. Investment income
In RMB
Items Amount of current period Amount of previous period
Long-term equity investment income
1,092,290,730 754,387,025
accounted by cost method
Long-term equity investment income
211,523,852 270,083,891
accounted by equity method
Investment income from the disposal of
252,763
tradable financial assets
Dividend income from investments in other
21,370,444 30,580,379
equity instruments during the holding period
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
Other 10,400,300 10,171,424
Total 1,335,585,326 1,065,475,482
6.Other
XVII. Supplement information
1. Particulars about current non-recurring gains and loss
√ Applicable □ Not applicable
In RMB
Items Amount Notes
Non-current asset disposal
Yuejia Company liquidated the proceeds
gain/loss(including the write-off part for 51,176,776
from the sale of machinery and equipment.
which assets impairment provision is made)
Govemment subsidy recognized in current Mainly due to Zhenneng Company
gain and loss(excluding those closely related received unemployment insurance rebate
8,974,941
to the Company’s business and granted and Guangqian Company received subsidy
under the state’s policies) for stable growth of electricity.
Other non-business income and expenditures
-285,673
other than the above
Fines and overdue payment fees -2,784,751
Mainly due to the income from
Non-current assets scrap income 8,035,492 scrapped fixed assets of Zhongyue
Company and Pinghai Power Plant.
Loss of Non-current assets scrapped -1,124,738
Less: Amount of influence of income tax 16,693,859
Influenced amount of minor shareholders’
18,156,402
equity (after tax)
Total 29,141,786 --
Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in
the Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the
Public-Extraordinary Gains and Losses, or classifies any extraordinary gain/loss item mentioned in the said
explanatory announcement as a recurrent gain/loss item.
□ Applicable √Not applicable
2. Return on net asset and earnings per share
Earnings per share
Profit of report period Weighted average return on equity(%) Basic earnings per Diluted earnings per
share(yuan/share） share(yuan/share)
Net profit attributable to the
Common stock shareholders of 3.03% 0.1550 0.1550
Company.
Net profit attributable to the
Common stock shareholders of 2.91% 0.1494 0.1494
Company after deducting of
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
non-recurring gain/loss.
3.The differences between domestic and international accounting standards
（1）Simultaneously pursuant to both Chinese accounting standards and international accounting standards
disclosed in the financial reports of differences in net income and net assets.
√ Applicable □ Not applicable
In RMB
Net profit Net assets
Amount in the reporting Amount in the previous End of the reporting Beginning of the
period period period reporting period
According to CAS 813,684,495 581,569,383 26,356,282,412 26,178,241,077
Items and amount adjusted according to IAS
The difference arising
from recognition of
goodwill after merger of 38,638,777 38,638,777
enterprises under the same
control
Difference arising from
recognition of land use
-315,000 -315,000 16,655,000 16,970,000
value after enterprise
merger
Influence on minority
27,060 27,060 4,891,399 4,864,339
interests
According to IAS 813,396,555 581,281,443 26,416,467,588 26,238,714,193
(2) Discrepancy in net profit and net assets as disclosed in the financial report respectively according to the
accounting standards outside Mainland China and CAS
□ Applicable √ Not Applicable
(3) Note to the discrepancy in accounting data under the accounting standards outside Mainland China. In case the
discrepancy in data which have been audited by an overseas auditing agent has been adjusted, please specify the
name of the overseas auditing agent.
(a) The difference arising from recognition of goodwill after merger of enterprises under the same control and
recognition of land value after enterprise merger.
As required by new Chinese accounting standards, the goodwill formed by the merger of enterprises under
the same control shall not be recognized and capital surplus shall be adjusted. Under IFRS, the golldwill
formed by the merger of enterprises under the same control shall be recognized and equal to the difference
between merger cost and share of fair value of recognizable net assets of the purchased party obtained in
merger. Meanwhile, all assets of the purchased party obtained in merger shall be accounted for according to
their fair value while such assets shall be accounted for according to their book value according to original
Chinese accounting standards for business enterprises. Therefore, this difference will continue to exist.
(b) Influence on minority interests
Housing reform loss occurred to the Company and some holding subsidiaries. Therefore, there’s some
influence on minority interests.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
4.Other
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2020
XII. Documents available for inspection
1.Text of Semi-annual report carrying the signature of Chairman of the Board;
2.Financial statements bearing the seal and signature of legal representative, financial controller and the person in
charge of the accounting organ;
3.All original copies of official documents and notices, which were disclosed in Securities Times, China Securities
and Hong Kong Commercial Daily (Both English and Chinese version);
4.The article of association of the Company;
5. English version of the semi-annual report.
The documents mentioned above are kept in office, and are ready for reference at any time (except public holidays,
Saturday and Sunday).
The Board of Directors of Guangdong Electric Power Development Co., Ltd.
Chairman of the Board: Wang Jin
August 28, 2020
196
