深圳南山热电股份有限公司 2013 半年度报告全文
Shenzhen Nanshan Power Co., Ltd.
SEMI-ANNUAL REPORT 2013
Notice No.: 2013-027
13 August 2013
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深圳南山热电股份有限公司 2013 半年度报告全文
Section I. Important Notice, Contents and Paraphrase
Board of Directors, Supervisory Committee, all directors, supervisors and senior
executives of Shenzhen Nanshan Power Co., Ltd. (hereinafter referred to as the
Company) hereby confirm that there are no any fictitious statements, misleading
statements, or important omissions carried in this report, and shall take all
responsibilities, individual and/or joint, for the reality, accuracy and completion
of the whole contents.
All directors are attended the Board Meeting for report deliberation.
The Company has no plans of cash dividend distributed, no bonus shares and
has no share converted from capital reserve either.
Chairman of the company Yang Haixian, managing director Fu Bo, CFO Lu
Xiaoping and financial management manager Huang Jian hereby confirm the
truthfulness and completeness of the Financial Report in the Semi-annual
Report 2013.
The report has been prepared in both Chinese and English, for any
discrepancies, the Chinese version shall prevail.
Please read the full report seriously, concerning the forward-looking statements
with future planning involved in the Semi-Report, they do not constitute a
substantial commitment for investors. Investors are advised to exercise caution
of investment risks.
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深圳南山热电股份有限公司 2013 半年度报告全文
Content
Semi-Annual Report 2013 .................................................................................................................1
Section I Important Notice, Contents and Paraphrase ..................................................................4
Section II Company Profile ...............................................................................................................5
Section III Accounting data and summary of finnaical indexes ....................................................7
Section IV Report of the Board of Directors ...................................................................................9
Section V Important Events ............................................................................................................15
Section VI Changes in shares and particular about shareholders.................................................0
Section VII Directors, Supervisors and Senior Executives .........................................................25
Section VIII Financial Report.........................................................................................................25
Section IX Documents Available for Reference ...........................................................................25
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深圳南山热电股份有限公司 2013 半年度报告全文
Paraphrase
Items Refers to Definition
Shenzhen Nanshan Power Co., Ltd.
Company, the Company, Shen Nan Dian Refers to
Shen Nan Dian Zhongshan Co Refers to Shen Nan Dian (Zhongshan) Electric Power Co., Ltd.
Shen Nan Dian Dongguan Co Refers to Shen Nan Dian (Dongguan) Weimei Electric Power Co., Ltd
Shenzhen Shennandian Turbine Engineering Technology Co.,
Shen Nan Dian Engineering Co., Refers to
Ltd.
Shen Nan Dian Envionment Protection Co., Refers to Shenzhen Shen Nan Dian Envionment Protection Co., Ltd.
Server Co., Refers to Shenzhen Server Petrochemical Supplying Co., Ltd.
New Power, New Power Co., Refers to Shenzhen New Power Industrial Co., Ltd.
Singapore Company Refers to Shen Nan Energy (Singapore) Co., Ltd.
Zhongshan Shenzhong Real Estate Investment Properties Co.,
Shenzhong Properties Company Refers to
Ltd
Shenzhong Real Estate Company Refers to Zhongshan Shenzhong Real Estate Development Co., Ltd
Syndidome Co., Refers to Hong Kong Syndidome Co., Ltd.
Jiangxi Nuclear Power Refers to CPI Jiangxi Nuclear Power Co., Ltd.
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深圳南山热电股份有限公司 2013 半年度报告全文
Section II Company profile
I. Company Profile
Short form for share Shen Nan Dian A, Shen Nan Dian B Code for share 000037, 200037
Listing stock exchange Shenzhen Stock Exchange
Chinese name of the Company 深圳南山热电股份有限公司
Abbr. of Chinese name of the
深南电 A、深南电 B
Company(if applicable)
Legal Representative Yang Haixian
II. Contact person and ways
Secretary of the Board Rep. of securities affairs
Name Hu Qin -
16/F-17/F, Hantang Building, OCT,
Contact adds. Nanshan District, Shenzhen, Guangdong -
Province
Tel. 0755-26948888 -
Fax. 0755-26003684 -
E-mail investor@nspower.com.cn -
III. Others
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 2012.
2. Information disclosure and preparation place
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
The newspaper appointed for information disclosure, website for semi-annual report publish appointed by CSRC and preparation
place for semi-annual report have no change in reporting period, found more details in Annual Report 2012.
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深圳南山热电股份有限公司 2013 半年度报告全文
3. Registration changes of the Company
Whether registration has changed in reporting period or not
□ Applicable √ Not applicable
Date/place for registration of the Company, registration number for enterprise legal license, number of taxation registration and
organization code have no change in reporting period, found more details in Annual Report 2012.
4. Other relevant information
Whether other relevant information has changed in reporting period or not
□ Applicable √ Not applicable
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深圳南山热电股份有限公司 2013 半年度报告全文
Section III. Accounting data and summary of financial indexes
I. Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data for accounting policy changed and accounting
error correction or not
□Yes √ No
Increase/decrease in this
Current period Same period of last year
report y-o-y (%)
Operating revenue (RMB) 565,476,934.91 705,842,198.56 -19.89%
Net profit attributable to shareholders of
-101,535,348.67 -105,739,436.64 -3.98%
the listed company(RMB)
Net profit attributable to shareholders of
the listed company after deducting -110,880,260.43 -128,966,580.86 -14.02%
non-recurring gains and losses(RMB)
Net cash flow arising from operating
505,430,314.24 121,728,257.73 315.21%
activities(RMB)
Basic earnings per share (RMB/Share) -0.17 -0.18 -5.56%
Diluted earnings per share (RMB/Share) Not applicable Not applicable -
Weighted average ROE (%) -6.78% -6.22% -0.56%
Increase/decrease in this
End of current period End of last period report-end over that of last
period-end (%)
Total assets (RMB) 5,567,046,294.66 5,536,067,729.98 0.56%
Net assets attributable to shareholder of
1,447,384,079.13 1,548,919,427.80 -6.56%
listed company(RMB)
II. Difference of accounting data under CAS and IAS
The net profit and net assets in and out of China stays the same in reporting period.
III. Items and amounts of extraordinary profit (gains)/loss
In RMB
Item Amount Note
Governmental subsidy reckoned into current gains/losses (not
including the subsidy enjoyed in quota or ration according to
1,478,830.68 -
national standards, which are closely relevant to enterprise’s
business)
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深圳南山热电股份有限公司 2013 半年度报告全文
Other non-operating income and expenditure except for the
460,940.17 -
aforementioned items
Import VAT refunds for natural gas 10,739,822.79 -
Impact on minority shareholders’ equity (post-tax) -3,334,681.88 -
Total 9,344,911.76 --
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深圳南山热电股份有限公司 2013 半年度报告全文
Section IV. Report of the Board of Directors
I. Introduction
As the prediction at the beginning of the year, economy condition in Guangdong province presented a steady state in the first half of
the year, demands of power for whole society growth steady in a low speed, the province overall electricity market shows a balance
in terms of supply and demand. Being affected by more supplying ability to Shenzhen from provincial grid, electricity purchased
outside rising rapidly and the dilemma condition of power subsidy from the government, the generating capacity of 9E gas turbine
power plant still suffer a lot in restriction. At the same time, Guangdong Province continued to use subsidies standards of 2012 in
2013, that is, annual gas processing fees implemented the principle of “balance of payments, determine expenditures on income”, no
new subsidy policy for local gas turbine power enterprise come up, than the price of natural gas continued to operating in a high
level.
Under the premise of ensuring safety in production, to all difficulties the abovementioned, the company further tapped the potential
for consumption reduction and increased income and decreased expenditure in reporting period. However, due to a serious shortage
of generating capacity, the electricity prices were still hanging upside, subsidies could not cover the actual cost of electricity; the
Company was still in a loss.
II. Main business analysis
Introduction
During the reporting period, the accumulative operating revenue of the Company was RMB 565,476,900, a 19.89% down as
compared to the same period of last year, operating costs was RMB 911,164,200, a 20.55% down as compared to the same period of
last year, which mainly due to the generating capacity reduced; Net profit attributable to owners of the parent company was RMB
-101,535,300, basically the same as the period one year before; and the main reason for loss was that electricity prices were still
hanging upside, subsidies could not cover the actual cost of electricity. As of 30 June 2013, the Company’s total assets was about
RMB 5.567 billion, net assets was RMB 1.609 billion and the asset-liability ratio was up to 71.10%.
Y-o-y changes of main financial data
In RMB
Y-o-y increase/decrease
Current period Same period of last year Reasons for changes
(%)
Operating revenue 565,476,934.91 705,842,198.56 -19.89% -
Operating costs 911,164,225.22 1,146,829,174.36 -20.55% -
Mainly because
emergency handing
charges for sludge
Sales expenses 1,097,790.70 510,156.84 115.19%
transport from Shen Nan
Dian Envionment
Protection Co., increased.
Administration expenses 45,078,741.44 50,598,310.93 -10.91% -
Finance expenses 102,005,328.28 101,300,639.07 0.7% -
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深圳南山热电股份有限公司 2013 半年度报告全文
Shen Nan Dian
Income tax expenses 638,646.90 -100% Dongguan Co., was at a
loss in the period.
Payable unpaid
Net cash flow arising
505,430,314.24 121,728,257.73 315.21% purchases of natural gas
from operating activities
increased
Expenditure of
Net cash flow arising construction of long-term
from investment -16,214,944.45 55,960,903.08 -128.98% assets increased,
activities recovery of investment
funds decreased.
Net cash flow arising Net financing decreased,
-398,063,841.88 -167,038,600.00 138.31%
from financing activities financial costs increased.
Net cash flow from
Net increase of cash and
91,004,926.21 10,598,395.33 758.67% operating activities
cash equivalent
increased.
Major changes on profit composition or profit resources in reporting period
□ Applicable √ Not applicable
No major changes on profit composition or profit resources occurred in reporting period.
The future development and planning extended to reporting period that published in disclosure documents as prospectus, private
placing memorandum and recapitalize statement
□ Applicable √ Not applicable
No future development and planning extended to reporting period that published in disclosure documents as prospectus, private
placing memorandum and recapitalize statement
□ Applicable √ Not applicable
Review on the previous business plan and its progress during reporting period
1. In reporting period, the Company achieved the safety management target of “Four Nos”, safety in production with 3,348 days in a
row, providing an important guarantee for daily operation and sustainable development of the Company.
2. Being deliberated and approved in annual Board Meeting and Shareholders’ General Meeting, Shenzhong Real Estate Company
and Shenzhong Property Company have implemented the vary pre-phrase works in terms of land development projects.
3. Active to comprehend relevant Xinjiang-supporting policy, participate in research of the Guangdong Xinjiang-supporting Project,
investigate the power market and investment environment in Kashgar, furthermore, entered into a “Cooperation Framework
Agreement for Investment and Development Projects” with local government.
III. Constitution of main business
In RMB
Operating Gross profit ratio Increase or Increase or Increase or
Operating cost
revenue (%) decrease of decrease of decrease of gross
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深圳南山热电股份有限公司 2013 半年度报告全文
operating revenue operating cost profit ratio over
over same period over same period same period of
of last year (%) of last year (%) last year (%)
According to industries
Energy 541,342,937.69 889,160,298.08 -64.25% -20.84% -21.43% -24.68%
Engineering
510,000.00 2,408,143.85 -372.19% 6.25% 0.07% -292.14%
labor
Sludge drying 20,730,847.11 14,979,601.46 27.74% 5.87% 66.65% -90.11%
Other revenue 2,072,210.23 4,522,366.87 -118.24% 18.35% 26.23% -67.11%
According to products
Power marketing 540,526,165.74 888,742,410.93 -64.42% -20.58% -20.97% 0.72%
Thermal
816,771.95 417,887.15 48.84% -75.15% -94.08% 163.43%
marketing
Engineering labor 510,000.00 2,408,143.85 -372.19% 6.25% 0.07% 29.13%
Sludge drying 20,730,847.11 14,979,601.46 27.74% 5.87% 66.65% -26.49%
Rent and other
2,072,210.23 4,522,366.87 -118.24% 18.35% 26.23% -13.61%
revenue
According to region
Shenzhen area 30,931.69 49,564.19 -60.24% -31.05% -28.68% -5.33%
Dongguan area 9,788.48 19,849.38 -102.78% -11.25% -12.61% 3.16%
Zhongshan area 15,827.52 21,702.85 -37.12% 7.73% -3.43% 15.84%
IV. Core competitive-ness analysis
The Company, as a leader in the field of gas turbine generator, was honor the title of “The biggest gas turbine power generation
enterprise in China”; it is the enterprise with the most 9E (PG9171E gas-steam combined-cycle generator-transformer unit) held so
far, and also it is the President Unit of Guangdong Gas Turbine Generator Association. The Company realized transformation from
traditional power plant to a energy cascade comprehensive utilization enterprise in terms of power, cooling and heat supplying
(hot-water and steam) to areas as well as recycling treatment of sludge. The Company named as the “National Advanced Unit of
Recycle Economy” by National Development and Reform Commission (NDRC) in October 2012, one of only forth advanced units
in Guangdong Province. After two decades construction and development, the Company has training and absorbing a large number of
gas turbine technology specialist, meanwhile, through reinforcing the communication and cooperation with the industry in same
profession, created a gas turbine talent training base, which lay out a favorable foundation for the follow-up development of the
enterprise.
With a favorable peaking performance in gas turbine, plus obviously environmental mitigation effect for natural gas, therefore, the
gas turbine is indispensable to the economically developed coastal areas in particular, whether in terms of roles in emergency grid
loading and regional security and environmental protection needs. Along with the reform and implementation of national electricity
price system, natural gas reform and gas turbine enterprise still owns a competition-ness and major operation rooms.
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深圳南山热电股份有限公司 2013 半年度报告全文
V. Investment analysis
1. External equity investment
(1) External investment
External investment
Investment at same period of last year
Investment in reporting period (RMB) Changes (%)
(RMB)
8,000,000.00 8,000,000.00 0%
Invested company
Proportion of equity held by listed
Name Main business
company in invested company (%)
Development, construction and operation
of the nuclear power projects; power
generating and relevant products; foreign
trading (excluded import and export
CPI Jiangxi Nuclear Power Co., Ltd. 5%
business with state-run trade management
concerned); (excluding projects, the above
mentioned, with national special
permission hold)
2. Trust management, derivative investment and entrust loans
The Company has no trust management, derivative investment and entrust loans in reporting period.
3. Main subsidiaries and joint-stock companies analysis
Main subsidiaries and joint-stock companies
In RMB
Main
Industry Registered Operation Operation
Name Type products or Total assets Net assets Net profit
involved capital revenue profit
service
Shen Nan
Dian Constructio
(Dongguan) n and
Power US$35,040, 970,984,479 275,253,208 97,884,779. -128,019,81 -24,776,228.
Weimei Subsidiary operation of
industry 000 .30 .81 39 4.86 79
Electric natural gas
Power Co., power plant.
Ltd
Shenzhen Power Waste heat RMB 1,047,513,9 45,671,947. 153,437,901 -36,093,381 -36,093,381.
Subsidiary
New Power industry utilization 113,850,000 40.95 21 .33 .37 37
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深圳南山热电股份有限公司 2013 半年度报告全文
Industrial technology
Co., Ltd. developmen
t (limited
project
excluded);
power
generation
by waste
heat
utilization.
Add: gas
turbine
electricity
generated.
Zhongshan
Shenzhong
RMB 1,077,714,7 17,972,152. -12,532,550 -12,233,405.
Real Estate Subsidiary Real estate Real estate 0.00
177,800,000 37.68 82 .48 18
Developme
nt Co., Ltd
4. Major project invested by non-raised funds
In ten thousand Yuan
Amount invested
Total investment Amount invested in
Project accumulative till end Progress Earnings
planned this period
of reporting period
CPI Jiangxi Nuclear Developed prelimin
34,785.00 800.00 5,731.5 N/A
Power Co., Ltd. ary work
Total 34,785.00 800.00 5,731.5 - -
VI. Prediction of business performance from January – September 2013
Estimation on 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 on reason
□ Applicable √ Not applicable
VII. Explanation from the Board for “Qualified Opinion” of last year’s
In year 2011, Deloitte Touche Tohmatsu CPAs Co., Ltd. issued qualified auditor’s report with paragraph of emphasized matters for
the Company. During the report period, the matter involved in non-standard qualified opinion has no any progress. (More details
found in notice of No.: 2013-010 from Annual Report of 2012)
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深圳南山热电股份有限公司 2013 半年度报告全文
VIII. Implementation of profit distribution in reporting period
Implementation or adjustment of profit distribution plan in reporting period, cash dividend plan and shares converted from capital
reserve in particular
□ Applicable √ Not applicable
The Company has no profit distribution and shares converted from capital reserve either, which was deliberated and approved in
annual shareholders’ general meeting of 2012.
IX. In the report period, reception of research, communication and interview
No reception of research, communication and interview occurred in reporting period.
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深圳南山热电股份有限公司 2013 半年度报告全文
Section V. Iimportant Events
I. Corporate governance
In strict accordance with Company Law, Securities Law and relevant requirement of laws and regulations from CSRC, the Company
further improves the governance structure and continues to operate regularly. Currently, actual condition of the corporate governance
has roughly the same as requirement of normative documents with governance concerned issued from CSRC.
1. The Article of Association, Work Rules for Independent Directors and Management Method of On-line Voting for Shareholders’
General Meeting were revised in reproting period, and the revision should submite for deliberation in 15th meeting of 6th session of
the board;
2. Undisclosed imformation offered to first largest shaerholder including: daily output, power production obstacles statemetn and
accident statement as well as monthly security briefings. Present collected proposals to relevant directors and supervisors after
revised in discussion of the GM office by secretariat of the Board, before board meeting and supervisory meeting helds, as required,
and file in to the property rights legal department and administraive department at the same time.
3. Training the insider trading prevention between the directors, supervisors and manager with middle-and-high-ranking title,
furthermore, increase the column of “Securities Regulation” in inner website for reprinting State Laws, administrative regulations,
rules and regulation of supervison department.
II. Significant lawsuits and arbitrations of the Company
No significant lawsuits and arbitrations of the Company in reporting period.
III. Question from media
No universal questioned by media in reporting period
IV. Bankruptcy reorganization
In reporting period, the Company has no bankruptcy reorganization occurred.
V. Transaction in assets
The company had no major acquisitions, sales of assets and enterprise merger in the reporting.
VI. Implementation and its influence of equity incentive
The company had not yet made the plan of equity incentive in the reporting.
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深圳南山热电股份有限公司 2013 半年度报告全文
VII. Insignificant related transactions
1. In the reporting period, the Company has no related transaction and assets acquisition with daily operational concerned,
and no related transaction occurred from sales as well as material related transaction from jointly investment outside
2. Current related liabilities and debts
Whether exist non-operating contact of related liabilities and debts or not
√Applicable □Not applicable
whether exist Balance at Occurred Balance at
non-operating period-begin amount in the period-end (in
Related parties Relationship Type Reason (in 10 period (in
occupation of thousand 10 thousand 10 thousand
funds Yuan) Yuan) Yuan)
Current
Debts payable
Shen Nan Dian money from
Subsidiary to related No 10,493.72 329.42 10,823.14
Engineering Company day-to-day
party
operations
Claims No
Shen Nan Dian receivable Profit
Subsidiary 5,626.5 0 5,626.5
Engineering Company from related distribution
party
Claims Current No
Shen Nan Dian receivable money from
Subsidiary 56,517.48 -1,389.97 55,127.51
Zhongshan Company from related day-to-day
party operations
Claims Current No
Shenzhong Real Estate receivable money from
Subsidiary 73,582.62 1,932.97 75,515.59
Company from related day-to-day
party operations
Subsidiary Claims Current No
Shenzhong Real Estate receivable money from
0 8,485.88 8,485.88
Company from related day-to-day
party operations
Subsidiary Claims Current No
Shen Nan Dian receivable money from
8,110.27 214.78 8,325.05
Dongguan Company from related day-to-day
party operations
Subsidiary Current No
Debts payable
Shen Nan Dian money from
to related 2,328.56 57.4 2,385.96
Dongguan Company day-to-day
party
operations
Subsidiary Debts payable Current No
New Power Company to related money from 61,831.41 7,453.15 69,284.56
party day-to-day
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深圳南山热电股份有限公司 2013 半年度报告全文
operations
Subsidiary Claims No
receivable Profit
New Power Company 59,787.59 0 59,787.59
from related distribution
party
Subsidiary Current No
Debts payable
money from
Server Company to related 3,654.37 4.24 3,658.61
day-to-day
party
operations
Subsidiary Claims Current No
receivable money from
Server Company 627.94 0 627.94
from related day-to-day
party operations
Subsidiary Claims Current No
Shen Nan Dian
receivable money from
Environment 161.05 2,020.44 2,181.49
from related day-to-day
Protection Company
party operations
Subsidiary Claims Current No
receivable money from
Singapore Company 14.43 6.8 21.23
from related day-to-day
party operations
Subsidiary Claims Current No
receivable money from
Syndidome Company 4.86 0.6 5.46
from related day-to-day
party operations
Subsidiary Current No
Debts payable
money from
Syndidome Company to related 167.71 -2.83 164.88
day-to-day
party
operations
Debts payable Capacity No
Shenzhen Energy
Shareholders to related advanced 1,458.6 0 1,458.6
Group
party received
Influence on business performance Influence on financial status from related liabilities and debts: increased current assets RMB
and financial status of the Company
from related liabilities and debts 112,715,000 in the period and increased current liabilities RMB 78,413,800 in the period.
3. Other insignificant related transactions
The company had no other insignificant related transactions in reporting period.
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深圳南山热电股份有限公司 2013 半年度报告全文
VIII. Significant contracts and its implementation
1. Trusteeship, contract and lease
(1) Trusteeship
Explanation on trusteeship
According to the the “Operation Contract of Assts Trasteeship for Generator Unit of Shenzhen New Power Industrial Co., Ltd.”
signed in 2003, the assets of generator units, owned by New Powe Company, the wholly-owned subsidiary of the Company, were
being trusteeship by the Company. Service charge for the assets trust RMB 6,171,700 was obtained by the Company in reproting
period.
(2) Lease
Statement of lease situation
In RMB
Basis for
Influence on the
Amount of Lease determinin
Asset Valid from Expiry date Company from
Lessor Lessee assets involved income g of lease
lease income
income
The Shen Nan Land - 2011.01.01 2014.12.31 576,000.00 Agreement Net profit
Company Dian price increased RMB
Envionment 576,000.00. in
Protection profit statement
Co.,
The Shen Nan Office 3,533,679.16 2012.01.01 2014.12.31 330,000.00 Agreement Net profit
Company Dian building price increased RMB
Envionment 330,000.00. in
Protection profit statement
Co.,
Items generated over 10% gains/losses in total profit in reporting period for the Company
□ Applicable √ Not applicable
(3) The company had no other major trusteeship and contract except for the abovementioned
2. Guarantees
In ten thousand Yuan
Particulars about the external guarantee of the Company (Barring the guarantee for the controlling subsidiaries)
Guarante
Related Actual date of
Complete e for
Announcem happening
Name of the Guarantee Actual Guarantee Guarantee implemen related
ent (Date of
Company guaranteed limit guarantee limit type term tation or party
disclosure signing
not (Yes or
date agreement)
no)
Guarantee of the Company for the subsidiaries
Name of the Related Guarantee Actual date of Actual Guarantee Guarantee Complete Guarante
Company guaranteed Announcem limit happening guarantee limit type term implemen e for
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深圳南山热电股份有限公司 2013 半年度报告全文
ent (Date of tation or related
disclosure signing not party
date agreement) (Yes or
no)
Shen Nan Dian Joint liability
2013-05-18 25,000 2013-06-03 20,000 1year No Yes
Dongguan Company guarantee
Shen Nan Dian Joint liability 1year
2013-05-18 10,000 2013-05-02 10,000 No Yes
Dongguan Company guarantee
Shen Nan Dian Joint liability 1year
2013-05-18 7,500 2013-06-17 7,500 No Yes
Dongguan Company guarantee
Shen Nan Dian Joint liability 1year
2013-05-18 30,000 2012-08-28 13,136 No Yes
Dongguan Company guarantee
Shen Nan Dian Joint liability 1year
2013-05-18 5,000 2013-05-31 5,000 No Yes
Dongguan Company guarantee
Shen Nan Dian Joint liability 1year
2013-05-18 10,000 2012-08-03 10,000 No Yes
Dongguan Company guarantee
Shen Nan Dian Joint liability 1year
2013-05-18 7,000 2013-01-14 7,000 No Yes
Dongguan Company guarantee
Shen Nan Dian Joint liability 1year
2013-05-18 4,900 2013-05-15 2,000 No Yes
Dongguan Company guarantee
Shen Nan Dian Joint liability 1year
2013-05-18 500 2013-05-17 500 No Yes
Dongguan Company guarantee
Shen Nan Dian Joint liability 2year
Environment 2013-05-18 10,000 2009-11-03 1,600 No Yes
Protection Co. guarantee
Shen Nan Dian Joint liability 1year
Environment 2013-05-18 3,000 2012-09-13 2,000 No Yes
Protection Co. guarantee
New Power Joint liability 1year
2013-05-18 10,000 2012-12-14 10,000 No Yes
Company guarantee
New Power Joint liability 1year
2013-05-18 10,000 2012-12-20 10,000 No Yes
Company guarantee
New Power Joint liability 1year
2013-05-18 30,000 2012-11-26 20,000 No Yes
Company guarantee
Total amount of actual
Total amount of approving
occurred guarantee for
guarantee for subsidiaries in 162,900 118,736
subsidiaries in report period
report period (B1)
(B2)
Total balance of actual
Total amount of approved
guarantee for subsidiaries at
guarantee for subsidiaries at the 162,900 118,736
the end of reporting period
end of reporting period (B3)
(B4)
Total amount of guarantee of the Company( total of two abovementioned guarantee)
Total amount of approving Total amount of actual
guarantee in report period 162,900 occurred guarantee in report 118,736
(A1+B1) period (A2+B2)
Total amount of approved 162,900 Total balance of actual 118,736
19
深圳南山热电股份有限公司 2013 半年度报告全文
guarantee at the end of report guarantee at the end of report
period (A3+B3) period (A4+B4)
The proportion of the total amount of actually guarantee in the
73.79%
net assets of the Company (that is A4+ B4) (%)
Including:
Amount of guarantee for shareholders, actual controller and its
0
related parties(C)
The debts guarantee amount provided for the guaranteed parties
115,136
whose assets-liability ratio exceed 70% directly or indirectly(D)
Proportion of total amount of guarantee in net assets of the
824,463.42
Company exceed 50%(E)
Total amount of the aforesaid three guarantees(C+D+E) 197,582.5
Explanations on possibly bearing joint and several liquidating
Nil
responsibilities for undue guarantees (if applicable)
Explanations on external guarantee against regulated
Nil
procedures (if applicable)
3. Other significant contract
Net book Appraisal
value of value of
Base date Whether
assets assets Appraisal
of assets Dealing the
Parties in involved involved( agency Implementa
Counterp Date for evaluatio Pricing price (10 related Relations
the (10 10 (if tion end as
arty signing n (if principle thousand transacti hip
contract thousand thousand applicabl the Report
applicabl Yuan) on or
Yuan) (if Yuan) (if e)
e) not
applicabl applicabl
e) e)
Be
composed
of three
parts of
Guangd LNG
ong price,
Trade comprehen
Branch sive
Refer Related
of Not Not Not Not service Not
The to contracts
CNOO 2013-1 applica applica applica applica charge and applica
compan ble ble ble ble pricing No ble still in
C Gas -15 taxes. Two
y princip implemen
& different
les ting
Power price of
Group LNG
Co., should be
Ltd. set in two
period
later from
2013, 2014
and later
20
深圳南山热电股份有限公司 2013 半年度报告全文
contract
years
IX. Commitments made by the Company or shareholders holding above 5% shares of the
Company in reporting period or extending to reporting period
No commitments mad by the Company and directors, supervisors, senior executives and shareholders holding above 5% shares of the
Company, that probably arising major influence on the operation results and financial status of the Company, in reporting period or
commitments extending to the reporting period
X. Engagement and non-reappointment of CPA
Whether the semi-annual report was audited or not
□ Yes √ No
XI. Explanation on other significant events
In year 2012, Deloitte Touche Tohmatsu CPAs Co., Ltd. issued qualified auditor’s report with paragraph of emphasized matters for
the Company. In the reporting period, the progress of the matter involved in non-standard qualified opinion was disclosed in Annual
Report 2012 dated 23 April 2013. (More details found in Juchao Website of Notice No.: 2013-010)
21
深圳南山热电股份有限公司 2013 半年度报告全文
Section VI. Changes in Shares and Particulars about Shareholders
I. Changes in Shares
Before the Changes Increase/Decrease in the Change (+, -) After the Changes
Public
Proportion Newly- Proportio
Bonus reserve-co
Amount issued Others Subtotal Amount
(%) shares nverted n (%)
shares
shares
I. Restricted shares 18,263 18,263
5. Senior executives’
18,263 18,263
shares
602,744,3 602,744,3
II. Unrestricted shares
33 33
338,894,0 338,894,0
1.RMB ordinary shares
12 12
2.Domestically listed 263,850,3 263,850,3
foreign shares 21 21
602,762,5 602,762,5
III. Total shares
96 96
Reasons for share changed
□ Applicable √ Not applicable
Approval of share changed
□ Applicable √ Not applicable
Ownership transfer of share changes
□ 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
□ Applicable √ Not applicable
Explanation on changes in aspect of total shares, shareholders structures as well as structure of assets and liability of the Company
□ Applicable √ Not applicable
II. Number of shares and shares held
In Share
Total shareholders at period-end 39,274
Shareholders with over 5% shares held
Numb Change Amou Amou Number of share pledged/frozen
Nature of Proportion of
Shareholders er of s in nt of nt of
shareholder shares held (%) State of share Amount
shares reporti restric un-res
22
深圳南山热电股份有限公司 2013 半年度报告全文
held ng ted tricted
at period shares shares
period held held
-end
Shenzhen State-owned 16.72% 100,7 100,7
Guangju
corporate 69,71 69,71
Industrial Co.,
Ltd. 2 2
HONG KONG Overseas 15.28% 92,12 92,12
NAM HOI corporate 3,248 3,248
(INTERNATIO
NAL) LTD
SHENZHEN State-owned 10.8% 65,10 65,10
ENERGY corporate 6,130 6,130
(GROUP) CO.,
LTD.
BNP P Overseas 8.2% 49,42 49,42
P/PANDA corporate 6,518 6,518
INVESTMENT
COMPANY
LIMITED
State-owned 5.42% 32,67 Reduci 32,67
STATE GRID corporate 3,560 ng 3,560
SHENZHEN
ENERGY 975,00
DEVELOPME 0
NT (GROUP)
CO., LTD. shares
held
Yang Fangping Domestic 0.27% 1,620, 1,620,
natural person 900 900
Wang Lan Domestic 0.27% 1,602, 1,602,
natural person 500 500
Jinbang
Overseas 0.25% 1,500, 1,500,
Security
Holding Co., corporate 000 000
Ltd
Wang Domestic 0.21% 1,253, 1,253,
Tingsheng natural person 078 078
Ji Hongjun Domestic 0.19% 1,152, 1,152,
natural person 700 700
1. Shenzhen Energy (Group) Co., Ltd. holds indirectly 100% equities of Hong Kong Nam
Explanation on associated
Hoi (International) Limited;
relationship among the aforesaid
2. Among other social public shareholders, the Company did not know whether there were
shareholders
associated relationships or belonging to consistent actors.
Particular about top ten shareholders with un-restrict shares held
23
深圳南山热电股份有限公司 2013 半年度报告全文
Type of shares
Shareholders Amount of un-restrict shares held at period-end
Type Amount
Shenzhen Guangju Industrial Co., 100,769,712 RMB ordinary 100,769,712
Ltd. shares
HONG KONG NAM HOI 92,123,248 Domestically 92,123,248
(INTERNATIONAL) LTD listed foreign
shares
SHENZHEN ENERGY (GROUP) 65,106,130 RMB ordinary 65,106,130
CO., LTD. shares
BNP P P/PANDA INVESTMENT 49,426,518 Domestically 49,426,518
COMPANY LIMITED listed foreign
shares
STATE GRID SHENZHEN 32,673,560 RMB ordinary 32,673,560
ENERGY DEVELOPMENT
(GROUP) CO., LTD. shares
Yang Fangping 1,620,900 RMB ordinary 1,620,900
shares
Wang Lan 1,602,500 RMB ordinary 1,602,500
shares
1,500,000 Domestically 1,500,000
Jinbang Security Holding Co., Ltd listed foreign
shares
Wang Tingsheng 1,253,078 RMB ordinary 1,253,078
shares
Ji Hongjun 1,152,700 RMB ordinary 1,152,700
shares
1. Shenzhen Energy (Group) Co., Ltd. holds indirectly 100% equities of Hong Kong Nam
Expiation on associated
Hoi (International) Limited;
relationship or consistent actors
2. Among other social public shareholders, the Company did not know whether there were
within the top 10 un-restrict
associated relationships or belonging to consistent actors.
shareholders and between top 10
un-restrict shareholders and top 10
shareholders
Whether has a buy-back agreement in reporting period or not
□Yes √No
III. Changes of controlling shareholders or actual controller
1. Controlling shareholders
The company had no controlling shareholders, which had no changes in reporting period.
2. Actual controller
The company had no actual controller, which had no changes in reporting period.
24
Section VII. Directors, Supervisors and Senior Executives
I. Changes of shares held by directors, supervisors and senior executives
□ Applicable √ Not applicable
Shares held by directors, supervisors and senior executives have no changes in reporting period, found more details in Annual Report 2012.
II. Resignation and dismissal of directors, supervisors and senior executives
Directors, supervisors and senior executives of the company were in office and had on changes in reporting period.
Section VIII. Financial Report (Un-audited)
The 2013 Semi-annual Financial Report is un-audited (attached).
IX. Documents Available for Reference
I.Semi-annual Report of 2013 carried with the personnel signature of Legal Representative;
II.Accounting Statements carried with the signature and seals of the Legal Representative, General Manager and CFO;
III.All the original Company’s documents and public notices disclosed in Securities Times, China Securities Journal and Hong Kong
Commercial Daily in the report period;
IV.Place for inspection: Secretariat of the Board of Director of the Company.
Shenzhen Nanshan Power Co., Ltd.
13 August 2013
25
深圳南山热电股份有限公司 2013 半年度报告全文
Accounting Statement & Annotations
January - June of 2013
1
深圳南山热电股份有限公司 2013 半年度报告全文
Consolidated Balance Sheet
In RMB
Liabilities and owner’s
Assets 2013-6-30 2012-12-31 2013-6-30 2012-12-31
equity
Current assets: Current liabilities:
Monetary fund 617,857,047.62 526,852,121.41 Short-term loan 2,961,361,552.86 3,210,361,552.86
Note receivable - - Note payable 20,000,000.00 29,670,000.00
Account receivable 895,924,610.09 924,997,868.15 Account payable 515,640,970.10 70,970,449.91
Account paid in Account received in
2,121,505.69 12,132,738.08 17,058,855.00 14,586,000.00
advance advance
Interest receivable - - Remuneration payable 32,824,690.65 35,431,332.25
Dividend receivable - - Tax payable 167,226.67 2,961,440.37
Other accounts
19,526,261.11 16,297,883.22 Interest payable 91,624,493.40 86,232,475.82
receivable
Inventory 1,295,424,894.51 1,220,486,524.51 Dividend payable - -
Long-term debt
investment due within - - Other account payables 260,758,702.34 303,027,729.31
one year
Long-term liabilities
Other current assets 564,741,615.01 606,661,855.88 - -
due within one year
Other current liabilities - -
Total current assets 3,395,595,934.03 3,307,428,991.25 Total current liabilities 3,899,436,491.02 3,753,240,980.52
Non-current assets: Non-current liabilities:
Long-term equity
57,315,000.00 49,315,000.00 Long-term borrowing 16,000,000.00 16,000,000.00
investment
Other non-current
Investment real estate 4,208,016.79 4,429,359.55 42,536,634.96 44,015,465.64
liabilities
Total non-current
Fixed assets 1,973,616,480.73 2,040,100,204.81 58,536,634.96 60,015,465.64
liabilities
Project under
50,430,997.18 47,177,164.98 Total liabilities 3,957,973,125.98 3,813,256,446.16
construction
Disposal of fixed
- - Owners’ equity:
assets
Intangible assets 60,767,233.67 62,471,514.35 Share capital 602,762,596.00 602,762,596.00
Long-term expenses
20,828.60 45,822.68 Capital reserve 363,633,446.84 363,633,446.84
to be amortized
Deferred income tax
2,782,546.88 2,782,546.88 Surplus reserves 332,908,397.60 332,908,397.60
assets
Other non-current
22,309,256.78 22,317,125.48 Retained profit 148,079,638.69 249,614,987.36
assets
Translation difference
Total non-current
2,171,450,360.63 2,228,638,738.73 in foreign currency - -
assets
statement
Total equity attributable
to owners of the parent 1,447,384,079.13 1,548,919,427.80
company
Minority shareholders’
161,689,089.55 173,891,856.02
equity
2
深圳南山热电股份有限公司 2013 半年度报告全文
Total shareholders'
1,609,073,168.68 1,722,811,283.82
equity
Total liabilities and
Total assets 5,567,046,294.66 5,536,067,729.98 5,567,046,294.66 5,536,067,729.98
shareholders’ equity
Person in charge of the Company:
CFO:
Person in charge of financial department:
Check:
Tabulator:
Balance Sheet of Parent Company
In RMB
Liabilities and owner’s
Assets 2013-6-30 2012-12-31 2013-6-30 2012-12-31
equity
Current assets: Current liabilities:
Monetary fund 354,811,794.41 204,114,395.05 Short-term loan 1,810,000,000.00 1,929,000,000.00
Note receivable - - Note payable - -
Account receivable 639,658,493.43 589,569,090.03 Account payable 389,983,926.50 9,875,959.85
Account paid in Account received in
329,761.21 394,954.21 14,586,000.00 14,586,000.00
advance advance
Interest receivable - - Remuneration payable 15,810,249.94 17,344,092.23
Dividend receivable 654,140,866.58 654,140,866.58 Tax payable 1,606,193.27 1,073,552.54
Other accounts
1,504,557,242.20 1,391,822,925.79 Interest payable 3,308,603.33 4,066,892.25
receivable
Inventory 90,823,784.60 88,668,143.49 Dividend payable - -
Long-term debt
investment due within - - Other account payables 879,867,316.94 801,846,707.84
one year
Long-term liabilities
Other current assets 409,200,107.76 435,035,629.99 - -
due within one year
Other current liabilities - -
Total current assets 3,653,522,050.19 3,363,746,005.14 Total current liabilities 3,115,162,289.98 2,777,793,204.71
Non-current assets: Non-current liabilities:
Long-term equity
749,297,849.76 741,297,849.76 Long-term borrowing - -
investment
Investment real Other non-current
- - 34,963,108.89 36,270,689.55
estate liabilities
Total non-current
Fixed assets 273,420,891.38 279,009,436.68 34,963,108.89 36,270,689.55
liabilities
Project under
36,721,794.78 35,828,374.94 Total liabilities 3,150,125,398.87 2,814,063,894.26
construction
Disposal of fixed
- - Owners’ equity:
assets
Intangible assets 8,696,586.17 9,419,549.87 Share capital 602,762,596.00 602,762,596.00
Long-term expenses
20,828.60 45,822.68 Capital reserve 288,769,132.47 288,769,132.47
to be amortized
Deferred income tax - - Surplus reserves 332,908,397.60 332,908,397.60
3
深圳南山热电股份有限公司 2013 半年度报告全文
assets
Other non-current
- - Retained profit 347,114,475.94 390,843,018.74
assets
Translation difference
Total non-current
1,068,157,950.69 1,065,601,033.93 in foreign currency - -
assets
statement
Total shareholders’
1,571,554,602.01 1,615,283,144.81
equity
Total liabilities and
Total assets 4,721,680,000.88 4,429,347,039.07 4,721,680,000.88 4,429,347,039.07
shareholders’ equity
Person in charge of the Company:
CFO:
Person in charge of financial department:
Check:
Tabulator:
Consolidated Profit Statement
In RMB
Items Jan.-Jun. of 2013 Jan.-Jun. of 2012
I. Operation revenue 565,476,934.91 705,842,198.56
Less: operation cost 911,164,225.22 1,146,829,174.36
Operation tax and surcharge 3,024,057.73 3,279,859.65
Sales expense 1,097,790.70 510,156.84
Management expense 45,078,741.44 50,598,310.93
Financial expense 102,005,328.28 101,300,639.07
Loss of assets impairment - -
Add: gain of fair value change - -
Investment gain (loss) - -
Including: gain (loss) of investment - -
from affiliated and joint enterprises
II. Operation profit (loss) -496,893,208.46 -596,675,942.29
Add: Non-operation revenue 383,165,093.32 474,161,438.45
Less: Non-operation expense 10,000.00 37,764.81
Including: Loss from disposal of non-current - -
assets
III. Total profit -113,738,115.14 -122,552,268.65
Less: income tax expense - 638,646.90
4
深圳南山热电股份有限公司 2013 半年度报告全文
IV. Net profit -113,738,115.14 -123,190,915.55
Net profit attributable to shareholders of -101,535,348.67 -105,739,436.64
parent company
Minority interests -12,202,766.47 -17,451,478.91
V. Earnings per share - -
(i) Basic earnings per share -0.17 -0.18
(ii) Diluted earnings per share Not applicable Not applicable
VI. Other consolidated incomes - -
VII. Total consolidated incomes -113,738,115.14 -123,190,915.55
Total consolidated incomes attributable to -101,535,348.67 -105,739,436.64
shareholders of the parent company
Total consolidated incomes attributable to -12,202,766.47 -17,451,478.91
minority shareholders
Person in charge of the Company:
CFO:
Person in charge of financial department:
Check:
Tabulator:
Profit Statement of Parent Company
In RMB
Items Jan.-Jun. of 2013 Jan.-Jun. of 2012
I. Operation revenue 144,185,090.51 344,470,185.31
Less: operation cost 323,163,492.48 533,917,664.37
Operation tax and surcharge 2,543,064.05 2,633,234.63
Sales expense - -
Management expense 12,946,082.42 23,592,854.98
Financial expense 33,683,875.02 27,530,741.77
Loss of assets impairment - -
Add: gain of fair value change - -
Investment gain (loss) - -
Including: gain (loss) of investment
from affiliated and joint enterprises - -
II. Operation profit (loss) -228,151,423.46 -243,204,310.44
Add: Non-operation revenue 184,422,880.66 263,213,275.10
5
深圳南山热电股份有限公司 2013 半年度报告全文
Less: Non-operation expense - 2,785.84
Including: Loss from disposal of non-current
assets - -
III. Total profit -43,728,542.80 20,006,178.82
Less: income tax expense - -
IV. Net profit -43,728,542.80 20,006,178.82
V. Earnings per share -
(i) Basic earnings per share Not applicable Not applicable
(ii) Diluted earnings per share Not applicable Not applicable
VI. Other consolidated incomes - -
VII. Total consolidated incomes -43,728,542.80 20,006,178.82
Person in charge of the Company:
CFO:
Person in charge of financial department:
Check:
Tabulator:
Consolidated Cash Flow Statement
In RMB
Items Jan.-Jun. of 2013 Jan.-Jun. of 2012
I. Cash flow from operation activities
Cash received from sales of products and supply of labor 584,003,955.03 1,021,997,589.76
Tax expense returns received - -
Cash received related to other operation activities 489,681,616.68 203,329,322.17
Subtotal of cash inflows from operation activities 1,073,685,571.71 1,225,326,911.93
Cash paid for purchase of goods and acceptance of labor 415,836,299.40 1,002,227,845.16
Cash paid to or for staff 56,387,263.90 52,746,098.27
Taxes paid 12,703,196.28 18,678,976.83
Cash paid and related to other operation activities 83,328,497.89 29,945,733.94
Subtotal of cash outflows from operation activities 568,255,257.47 1,103,598,654.20
6
深圳南山热电股份有限公司 2013 半年度报告全文
Net cash flow from operation activities 505,430,314.24 121,728,257.73
II. Cash flow from investment activities:
Cash received from investment - 106,342,100.00
Net cash drawback from disposal of capital assets, intangible assets
320,000.00 -
and other long-term assets
Other investment-related cash received - -
Subtotal of cash inflows of investment activities 320,000.00 106,342,100.00
Cash paid for construction of fixed assets, intangible assets and
8,534,944.45 42,381,196.92
other long-term assets
Cash paid for investment 8,000,000.00 8,000,000.00
Net cash paid for obtaining subsidiary and other units - -
Other investment-related cash paid - -
Subtotal of cash outflows from investment activities 16,534,944.45 50,381,196.92
Net cash flow from investment activities -16,214,944.45 55,960,903.08
III. Cash flow from financing activities:
Cash received from investment take-up - 70,000,000.00
Cash received from obtaining borrowings 1,539,000,000.00 2,033,884,008.18
Cash received from other financing-related activities - 62,536,060.00
Subtotal of cash inflow from financing activities 1,539,000,000.00 2,166,420,068.18
Cash paid for debts 1,788,000,000.00 2,140,824,953.89
Cash paid for dividend or profit distribution, or interest 149,063,841.88 124,133,714.29
Other funding-related cash paid - 68,500,000.00
Subtotal of cash outflows from financing activities 1,937,063,841.88 2,333,458,668.18
Net cash flow from financing activities -398,063,841.88 -167,038,600.00
IV. Influence of exchange rate fluctuation on cash and cash equivalents -146,601.70 -52,165.48
V. Net increase of cash and cash equivalents 91,004,926.21 10,598,395.33
Add: Balance of cash and cash equivalents at Period-beginning 526,852,121.41 629,318,992.12
VI. Balance of cash and cash equivalents at Period-end 617,857,047.62 639,917,387.45
Person in charge of the Company:
CFO:
Person in charge of financial department:
Check:
Tabulator:
Cash Flow Statement of the Parent Company
In RMB
Items Jan.-Jun. of 2013 Jan.-Jun. of 2012
I. Cash flow from operation activities
Cash received from sales of products and supply of labor 275,919,064.65 548,972,971.88
Tax expense returns received - -
Cash received related to other operation activities 383,857,550.04 897,063,509.61
Subtotal of cash inflows from operation activities 659,776,614.69 1,446,036,481.49
Cash paid for purchase of goods and acceptance of labor 58,304,818.15 432,050,267.81
7
深圳南山热电股份有限公司 2013 半年度报告全文
Cash paid to or for staff 30,165,482.18 29,498,600.19
Taxes paid 5,645,697.86 6,754,852.07
Cash paid and related to other operation activities 216,822,943.17 675,676,545.41
Subtotal of cash outflows from operation activities 310,938,941.36 1,143,980,265.48
Net cash flow from operation activities 348,837,673.33 302,056,216.01
II. Cash flow from investment activities:
Cash received from investment - 106,342,100.00
Other investment-related cash received - -
Subtotal of cash inflows of investment activities - 106,342,100.00
Cash paid for construction of fixed assets, intangible assets and
1,082,953.00 28,998,530.98
other long-term assets
Cash paid for investment 8,000,000.00 200,500,000.00
Net cash paid for obtaining subsidiary and other units - -
Other investment-related cash paid - -
Subtotal of cash outflows from investment activities 9,082,953.00 229,498,530.98
Net cash flow from investment activities -9,082,953.00 -123,156,430.98
III. Cash flow from financing activities:
Cash received from investment take-up - -
Cash received from obtaining borrowings 1,039,000,000.00 1,024,000,000.00
Cash received from other financing-related activities - -
Subtotal of cash inflow from financing activities 1,039,000,000.00 1,024,000,000.00
Cash paid for debts 1,158,000,000.00 1,140,824,953.89
Cash paid for dividend or profit distribution, or interest 70,056,691.78 67,784,593.22
Other funding-related cash paid - -
Subtotal of cash outflows from financing activities 1,228,056,691.78 1,208,609,547.11
Net cash flow from financing activities -189,056,691.78 -184,609,547.11
IV. Influence of exchange rate fluctuation on cash and cash equivalents -629.19 -200.87
V. Net increase of cash and cash equivalents 150,697,399.36 -5,709,962.95
Add: Balance of cash and cash equivalents at Period-beginning 204,114,395.05 303,150,447.89
VI. Balance of cash and cash equivalents at Period-end 354,811,794.41 297,440,484.94
Person in charge of the Company:
CFO:
Person in charge of financial department:
Check:
Tabulator:
8
深圳南山热电股份有限公司 2013 半年度报告全文
Consolidated Statement of Changes in Owners’ Equity
In RMB
Jan.-Jun. of 2013 2012
Shareholders’ equity attributable to the parent company Minority Total Shareholders’ equity attributable to the parent company Minority Total
Items
Capital Surplus shareholders’ shareholders’ Capital Surplus shareholders’ shareholders’
Share capital Retained profit Share capital Retained profit
reserve reserves equity equity reserve reserves equity equity
I. Balance at the end of last year 602,762,596.00 363,633,446.84 332,908,397.60 249,614,987.36 173,891,856.02 1,722,811,283.82 602,762,596.00 363,629,927.51 332,908,397.60 454,070,630.72 134,439,441.22 1,887,810,993.05
Add: Change of accounting
- - - - - - - - - - - -
policy
II. Balance at the beginning of
602,762,596.00 363,633,446.84 332,908,397.60 249,614,987.36 173,891,856.02 1,722,811,283.82 602,762,596.00 363,629,927.51 332,908,397.60 454,070,630.72 134,439,441.22 1,887,810,993.05
current year
III. Increase/decrease changed in
- - - -101,535,348.67 -12,202,766.47 -113,738,115.14 - 3,519.33 - -204,455,643.36 39,452,414.80 -164,999,709.23
Year
(i) Net profit - - - -101,535,348.67 -12,202,766.47 -113,738,115.14 - - - -204,455,643.36 -30,548,465.03 -235,004,108.39
(ii) Other consolidated income - - - - - - - - - - - -
Subtotal of the above (i) and (ii) - - - -101,535,348.67 -12,202,766.47 -113,738,115.14 - - - -204,455,643.36 -30,548,465.03 -235,004,108.39
(III) Capital invested or reduced
- - - - - - - 3,519.33 - - 70,000,879.83 70,004,399.16
by shareholders
1. Capital invested by
- - - - - - - - - - 70,000,879.83 70,000,879.83
shareholders
2. Others - - - - - - - 3,519.33 - - - 3,519.33
(IV) Profit distribution - - - - - - - - - - - -
(V) Internal settlement and
- - - - - - - - - - - -
transfer of shareholders’ equity
1. Capital reserves transferred to - - - - - - - - - - - -
9
深圳南山热电股份有限公司 2013 半年度报告全文
share capital
2. Surplus reserves transferred to
- - - - - - - - - - - -
share capital
IV. Balance of end of this year 602,762,596.00 363,633,446.84 332,908,397.60 148,079,638.69 161,689,089.55 1,609,073,168.68 602,762,596.00 363,633,446.84 332,908,397.60 249,614,987.36 173,891,856.02 1,722,811,283.82
Person in charge of the Company: CFO: Person in charge of financial department: Check:
Tabulator:
10
深圳南山热电股份有限公司 2013 半年度报告全文
Statement of Changes in Owners’ Equity (Parent Company)
In RMB
Jan.-Jun. of 2013 2012
Items Total shareholders’
Share capital Capital reserve Surplus reserves Retained profit Total shareholders’ equity Share capital Capital reserve Surplus reserves Retained profit
equity
I. Balance at the end of last year 602,762,596.00 288,769,132.47 332,908,397.60 390,843,018.74 1,615,283,144.81 602,762,596.00 288,769,132.47 332,908,397.60 420,267,929.67 1,644,708,055.74
Add: Change of accounting policy - - - - - - - - - -
II. Balance at the beginning of
602,762,596.00 288,769,132.47 332,908,397.60 390,843,018.74 1,615,283,144.81 602,762,596.00 288,769,132.47 332,908,397.60 420,267,929.67 1,644,708,055.74
current year
III. Increase/decrease changed in
- - - -43,728,542.80 -43,728,542.80 - - - -29,424,910.93 -29,424,910.93
Year
(i) Net profit - - - -43,728,542.80 -43,728,542.80 - - - -29,424,910.93 -29,424,910.93
(ii) Other consolidated income - - - - - - - - - -
Subtotal of the above (i) and (ii) - - - -43,728,542.80 -43,728,542.80 - - - -29,424,910.93 -29,424,910.93
(III) Capital invested or reduced by
- - - - - - - - - -
shareholders
1. Capital invested by shareholders - - - - - - - - - -
2. Others - - - - - - - - - -
(IV) Profit distribution - - - - - - - - - -
1.Withdrawl of surplus reserves - - - - - - - - - -
2. Others - - - - - - - - - -
(V) Internal settlement and transfer
- - - - - - - - - -
of shareholders’ equity
1. Capital reserves transferred to share
- - - - - - - - - -
capital
2. Surplus reserves transferred to
- - - - - - - - - -
share capital
IV. Balance of end of this year 602,762,596.00 288,769,132.47 332,908,397.60 347,114,475.94 1,571,554,602.01 602,762,596.00 288,769,132.47 332,908,397.60 390,843,018.74 1,615,283,144.81
Person in charge of the Company: CFO: Person in charge of financial department: Check:
Tabulator:
11
II. Annotations of the financial statements
(I.) Company Profile
Shenzhen Nanshan Power Co., Ltd (hereinafter called as “Company”) was reorganized to be a joint-stock
enterprise from a foreign investment enterprise in 1993, upon the approval of General Office of Shenzhen
Municipal Government with Document Shen Fu Ban Fu No.897 in 1993. When transformed, the
Company’s total capital was 103,000,000 Yuan with paper value per share 1 Yuan.
After approved by Document Shen Zhu Ban Fu No. 179 in 1993 issued by Shenzhen Securities
Regulatory Office, the Company offered 40,000,000 RMB common shares and 37,000,000 foreign
exchange shares listed in China respectively to domestic and overseas investors, which were listed in
Shenzhen Stock Exchange respectively on 1 July 1994 and 28 November 1994.
Headquarter of the Company located in Shenzhen Guangdong Province.
The Company together with its subsidiaries (hereafter referred as the Company) is mainly engaged in
businesses as production of power and heat, plant constructional, oil trader, property developmental,
construction technology consultation and sludge drying etc.
No controlling shareholder and actual controller exist in the Company, Shenzhen Energy Corporation
(hereafter referred as the Energy Corp.) is the first largest shareholder of the Company.
(II) Preparation basis of Financial Statements
1．Preparation basis of Financial Statements
The Company executes the Accounting Standard for Business Enterprises issued by MOF on February 15,
2006. Moreover, the Company disclosed relevant financial information complied with the Preparation
Rules on Information Revelation for the Company with Securities Public Offering No. 15 – General
Rules of Financial Report (Revised 2010)
Continued operation
As of 30 June 2013, the total current liabilities of the Company exceeded the total current assets with
RMB 503,840,556.99, meanwhile, as set out in note 7 Contingency, as of the date for approving issue of
this financial statement, the Company hasn’t concluded unanimous agreements with Jierun (Singapore)
Private Ltd (hereinafter referred to as Jierun) in connection with the liabilities and compensation upon the
termination of option contract. There is possibility to solve the dispute by both parties through justice
channel. Since the unutilized banking facilities of the Group amounted to RMB1, 997,640,000 which was
available to satisfy the Group’s capital requirements, and also since the Company believed that the
matters set out in note 7 Contingency would not result in material cash outflow in the year of 2013 for the
Group, the Company prepared this financial statement assuming a continued operation.
Book keeping basis and pricing principle
The Company takes the accrual system as the bookkeeping basis of accounting auditory. In addition to
some financial instruments of fair value measurement, the Financial Statements are measured on the basis
of historic cost. As for the assets impairment, available is the corresponding impairment provision
accrued in line with the relevant rules.
2．Declaration of obedience to corporate accounting principles
The Financial Statements are up to requirements of corporate accounting principles, and also a true and
thorough reflection to the Company together with its financial information as consolidated financial
12
position on 30th June 2013, and the Company together with its consolidated operation results, and
consolidated cash flow in the first half of 2013.
3．Accounting period
The Group’s accounting year is Gregorian calendar year, namely from 1st January to 31st December.
4．Bookkeeping standard currency
RMB is the currency in the Group’s main business economic environment and the bookkeeping standard
one, which is adopted in preparation of the financial statements.
5．Accounting methods for consolidation of enterprises under the same control or otherwise
The combination was divided into enterprise consolidation under the same control and the one not under
the same control
5.1 Consolidation of enterprises under the same control
The enterprises involved in the consolidation are all under the final control of one party or parties and the
control is not temporary. That is the corporate consolidation under the common control.
As for assets and liabilities obtained in enterprise consolidation, measured by the book value of the
merged party on consolidation day. The difference between the book value of the net assets and the
consideration value with total book value of stock is used for reserve adjustment while it is used for
retained earnings adjustment as not sufficient for eat up part of reserve.
Directly related expenses for corporate combination are reckoned into the current loss/gain
5.2 Consolidation of enterprises not under the same control and goodwill
The enterprises involved in the consolidation are ones not under the same final control of the common
party or parties before and after the consolidation. That is the corporate consolidation under the different
control.
The consolidation cost is assets paid for and the liabilities responsible for the obtaining of the control
right from the purchased party, together with the fair value of the equity instruments offered. For merger
under different control done through multiple trades by step, the merger cost is the sum of consideration
paid at purchased day and the fair value of equity of bought party before purchasing on purchased date.
For equity of bought party held before purchasing, re-measured by fair value on purchased date, and the
difference of fair value and its book value should reckoned into current investment income; For equity of
bought party held before purchasing but with other consolidation income involved, the other
consolidation income related to them should transferred into current investment income at purchased
date.
Measured on fair value on the purchase day are the recognizable assets, liabilities or the contingent
liabilities obtained in the consolidation and recognized as qualified. Measured by fair value is
consolidation cost and recognized assets of the purchaser. The plus difference between fair values of the
consolidation cost and the recognized net assets is recognized as business fame in form of an item of
assets and calculated initially by cost while as for the minus one, firstly the measurements of consolidated
cost and fair value of the recognizable assets, liabilities or contingent liabilities was checked, and the
consolidated cost which was checked and less than the fair value of the net assets obtained from the
purchased party is reckoned into current loss/gain.
Goodwill formed by enterprise consolidation will list independently in consolidation financial statement
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and measure by the cost after accumulated impairment provision deducted. Impairment test on goodwill
should verify at end of the every year at least.
The test is taken in accordance with the relevant assets group or portfolio of groups. Namely, the book
value of the fame is diluted reasonably into the relevant group from the purchase day; the assets loss is
recognized if the sum receivable of the assets group or the portfolio of the diluted business fame is lower
than the book value. The impairment loss abates the book value of the business fame diluted into the
group or the portfolio firstly and then abates book value of other assets proportionally according to the
proportion of the book value of other assets.
The recoverable sum is the higher one between the net of assets fair value less disposal expenses and the
current value of the future cash flow. The assets fair value is determined by the sales agreement price in
the fair trade. As for the assets not in the sales agreement but in the active market, their fair value is
determined by the offering price of the purchaser; as for the assets neither in the agreement nor in the
active market, their fair value is based on the best information receivable. The disposal expenses are
composed of the law expense, relevant tax, cartage, and the actual direct expenses enable the assets to be
available. The assets current value of future cash flow is determined according to the future expected cash
flow in the continual use and the final disposal and the appropriate discount rate.
Goodwill impairment will be included in current loss and gains and not be written back in subsequent
fiscal periods as soon as it was recognized.
6． Preparation methods for corporate consolidated statements
The scope is determined on the basis of control. The control is right to decide another enterprise’s
accounting and operation policies and obtain the interest according to the latter enterprise’s operation.
For subsidiaries being disposed, their business result and cash flow before the disposal day (losing power
of control day) have been appropriately demonstrated in the consolidated income statement and cash flow
statement.
Subsidiaries added as merger of enterprises under different control, their operation results and cash flow
from the beginning of purchasing day (gaining power of control day) have been appropriately
demonstrated in the consolidated income statement and consolidated cash flow statement. And the
comparison amount and period-begin amount in the consolidated financial statement shall not be
adjusted.
Subsidiaries added as merger of enterprises under common control, their operation results and cash flow
from the beginning of current term to the merger day have been appropriately demonstrated in the
consolidated profit statement and consolidated cash flow statement.
The subsidiaries’ main accounting policies and period are determined by the Company’s uniform ones.
All substantive accounts o transactions between the Company and its subsidiaries or among the
subsidiaries are balanced out in consolidation.
The amount not attributable to the parent company is the minority shareholders’ equity and is listed in the
consolidated balance sheet as minority interests. The amount attributable to minority shareholders’ equity
of current net loss/gains of subsidiaries is listed in the net profit item of consolidated profit as minority
interests.
When the share of losses attributable to the minor shareholders has exceeded their shares in the owners’
equity at the beginning of term attributable to minority shareholders in the subsidiary, the balance shall
14
offset the minor shareholders’ equity.
Concerning the purchasing of minority shareholders’ equity from subsidiary or the transaction of partial
equity investment disposal without control rights loss in the subsidiary, calculated them as equity
transaction. And reflect relevant equity changes in the subsidiary for adjusting the owners’ equity
attributable to parent company and book value of minority shareholders’ equity. Difference between the
adjusted amount on minority equity and fair value of consideration received/paid will adjust as capital
reserve, adjusted as income retained while capital reserve fail for off-setting.
For control rights loss in original subsidiary for partial equity investment disposal or other reasons, the
remained equity should re-measured based on the fair value at date of control losses. The difference
between the net assets of original subsidiary share by proportion held that sustainable calculated since
purchased date and sum of consideration obtained by equity disposal and fair value of remain equity,
reckoned into the current investment income of control rights loss. The other consolidation income
related to original subsidiary’s equity investment will transfer to current investment income while control
rights loss.
7. Determination criteria of cash equivalent in cash flow statements
Cash is the corporate storage cash and deposits available for payment anytime. Cash equivalents are
investment of short-term, strong mobility and easy transfer to known sum cash, and slight risk of value
vibration.
8. Foreign currency exchange
The current rate of the trading day is adopted in the initial recognition of the foreign exchange.
Foreign monetary items are converted at the current rate on the assets/liabilities statements’ day, for the
exchange difference due to inconsistency of the current exchange rate on that day and in the initial
recognition or on the last balance sheet day, in addition to: (1) the foreign specific borrowing difference
up to the capitalization conditions reckoned into the relevant assets cost via capitalization; (2) difference
of the hedging instruments for avoidance of the foreign exchange risk handled by the hedging accounting
methods; (3) difference of the non-monetary items and from the changes of the book value of financial
assets in addition to the diluted cost all reckoned into the current loss/gain.
Non-monetary items measured in historical cost are still measured by sum on the bookkeeping standard
currency at the current exchange rate. The items measured by the fair value are converted at the current
rate on the fair value recognition day. The difference is dealt as the fair value change and reckoned into
the current loss/gain or recognized as the other consolidated income and reckoned into the reserve.
9. Financial instruments
Being party of the Contract of Financial Instruments, the Company recognized a financial assets or
financial liabilities. At initial recognition, financial assets and financial liabilities are measured by fair
value. Concerning the financial assets and financial liabilities that measured by fair value but with
variation reckoned into current gains/loss, relevant transaction expense counted into gains/loss directly;
for other category financial assets and financial liabilities, relevant transaction expense counted into
initial recognization amount.
9.1 Recognition of fair value
The fair value is sum for assets exchange or debts payment between the trading parties. As for instrument
in active market, the fair value is adopted according to the quotation in the active market. As for the
instruments not in the active market, the fair value is recognized by the estimation technology. The
15
technology is composed of the price in the latest fair trade, fair value according to the fundamentally
same instruments, cash flow discount and stock price-setting model.
9.2 Actual interest rate
Actual interest rate is the method for calculation of amortized cost and interest income/expenditure of
every period by actual interest rate of financial assets or financial liabilities (a set of financial assets or
financial liabilities included). Discount the future cash flow of financial assets/liabilities that in predicted
continuance or applicable shorter terms to the rate used in current book value of financial assets/liabilities
consider as the actual interest rate.
While calculating actual interest rate, the Company will predict the future cash flow ( without future
credit loss consideration) on base of all contract clause of financial assets/liabilities consideration, take
the vary expenses, belong to actual interest rate that paid/received between contract parties, transaction
expenses& discount and premium as well as into consideration.
9.3 Classification, reorganization and measurement of financial assts
On initial confirmation, the financial assets are divided into: financial assets measured by fair value and
of which the changes are recognized to be current profit/loss, receivables, tradable financial assets and
held-to-maturity investments. The financial assets are bought or sold by the regular way, and recognized
or terminated to be recognized according to the trading day accounting.
Financial assets of the Company refers to loans and account receivable
Loan and the account receivable
The assets are the un-derivative financial assets without quotation in the active market, steady or
recognizable recoverable sum. The assets are composed of bill receivable, account receivable, receivable
equity and other account receivable.
The actual interest rate and the diluted cost are adopted in the follow-up measurement of loan and
account receivable. Gain or loss is reckoned into the current gain/loss upon the recognition termination,
impairment or dilution.
9.4 Impairment of financial assets
Except for financial assets accounted at fair value and variation accounted into current gain/loss account,
the Company undertakes inspection on the book value of other financial assets at each balance sheet day,
whenever practical evidence showing that impairment occurred with them, impairment provisions are
provided. The practical evidence of impairment for financial assets refers to the items that has influence
on the predicted future cash flow of financial assts, and the influences could measured reliable by the
enterprise which were actually occurred after the initial recognition of financial assets.
Objective evidence for impairment of financial assets is composed of the following events observable:
(1) Sever financial difficulties of offering part or debtor;
(2) Breach of the contract, as in payment of interest or principal or payment overdue;
(3) Recession making for debtors by creditors inconsideration of economic or legal factors;
(4) Probable bankruptcy or other financial restructuring of debtors;
(5) Incapability of trading the financial assets in the market as the offering party’s substantive financial
difficulties;
16
(6) Incapability of recognize whether cash flow of certain assets decreases or not but the discovery after
the general evaluation that as can be measured, the expected future cash flow surely decreases since the
initial recognition, including:
--Gradual worsening of the debtor’s solvency for the group financial assets
--Incidences of the probable chance to cause the group financial assets unable to be paid in the debtors’
country or district;
(7) Material unfavorable changes in the debtor’s operation environment of technology, market, economy
and law;
(8) Severe or permanent fall-down in fair value of equity instrument investment;
(9) Other objective evidence to prove the impairment of the financial assets.
- Loss of impairment of financial assets measured by diluted cost
Loss of impairment of financial assets measured by diluted cost is written down into the present value of
future expected cash flow (un-occurred future credit losses excluded) that converted by original actual
interest rate of the financial assets. The written-down sum is recognized as the impairment loss and
reckoned into the current loss/gain. After the recognition of impairment of the above assets, if there is
practical evidence to show that the asset has recovered, which is related to events following up the loss,
the previous impairment loss is taken back. The book value of the assets transferred back into the
impairment loss is not above the diluted cost supposedly un-accrued on the transfer day.
The Company performs impairment test separately on individual financial assets with major amounts; for
financial assets without major amounts, the Company performs impairment test separately or inclusively
in a group of financial assets with similar characteristics of risks. Those financial assets (individual
financial assets with or without major amounts) tested separately with no impairment found shall be
tested again along with the group of financial assets with similar risk characteristics. Financial assets
confirmed for impairment individually shall not be tested along with the group of financial assets with
similar risk characteristics.
9.5 transfer of financial assets
As for the financial assets up to the following conditions, the recognition termination is available: (1)
Termination of the contract right to take the cash flow of the financial assets;(2) transferred to the
transferring-in part nearly all risk and compensation;(3) all risk and compensation neither transferred nor
retained, and with the give-up of the control over the financial assets.
As for financial assets of almost all risk and compensation neither transferred nor retained, and without
the give-up of the control over the financial assets, it was recognized according to the extension of the
continual entry into the transferred financial assets and relevant liabilities are correspondingly recognized.
The continual entry into the transferred financial assets is risk level which the enterprise faces up to due
to the assets changes.
As for the whole transfer of the financial assets up to the recognition termination conditions, the book
value of the transferred assets, together with the difference between the consideration value and the
accumulative total of the fair value change of the other consolidated income, is reckoned into the current
gain/loss.
As for the partial transfer of the financial assets up to the recognition termination conditions, the book
value of the transferred assets is diluted on the relative fair value between the terminated part and the
un-terminated part; and reckoned into the current loss/gain is the difference between the sum of the
consideration value and the accumulative sum of the valuation change ought to be diluted into the
17
recognition termination part but into the other consolidated income, and the above diluted book value, is
reckoned into the current loss/gain.
9.6 Categorizing, recognition and measuring of financial liabilities
Financial liabilities or equity instrument is recognized by the substance of financial instrument listed in
contract and the definition of financial liabilities and equity instrument for the financial instruments
issued by the Company.
At initial recognition, financial liabilities are classified into financial liabilities measured by fair value
with changes counted into current gains/losses and other financial liabilities.
Financial liabilities of the Company refer to other financial liabilities.
Other financial liabilities
The follow-up measurement by the cost is taken on the derivative financial liabilities which is hooked
with the stock instrument without the quotation in the active market and the reliable measurement, and
settled by handing over the stock instrument. The follow-up measurement at the actuarial rate and by the
diluted cost is taken on the other financial liabilities.
9.7 Termination recognition of financial liabilities
Only is released the whole or part of the current duties, the termination of the liabilities or part of it is
available. The Group (the creditor) signed the agreement with the debtor: the existing liabilities are
replaced by the bearing of the new liabilities; and the contract terms are fundamentally different of the
new liabilities and the existing ones; the termination of the recognition of the existing ones is available;
and the recognition of new ones is available.
As for the whole or partial termination of the recognition of the liabilities, the difference between the
book value of the part of recognition termination and the consideration value paid (including the non-cash
assets transferred out or the liabilities newly beard) is reckoned into the current loss/gain.
9.8 Balance-out between the financial assets and liabilities
As the Company has the legal right to balance out the financial liabilities by the net or liquidation of the
financial assets, the balance-out sum between the financial assets and liabilities is listed in the balance
sheet. In addition, the financial assets and liabilities are listed in the balance sheet without being balanced
out.
9.9 Stock instrument
The stock instrument is the contract to prove the holding of the surplus stock of the assets with the
deduction of all liabilities in the Company. When issuing other stock instruments, the consideration value
received in offering with the deduction of trading expense is used for increasing the shareholders’ equity.
The Company’s all distribution (shares dividend excluded) to the holders of the stock instrument will
decrease the shareholders’ equity. The Company does not recognize the fair value change sum of the
stock instrument.
10. Account receivable
10.1 Accounts receivable with significant amount and single provision for bad debt
18
Determination basis and amount The single account receivable above RMB 2 million is
standard of items with single recognized as single substantive account receivable
significant amount
The Company takes the independent impairment test on the
single substantive account. As for the account receivable without
Accrual methods of bad account the impairment in the test, it is included in the account receivable
preparation for single substantive portfolio of the similar credit risk characters for the impairment
account receivable test. As for the account receivable with the recognition of
impairment loss, it is not included in the account receivable
portfolio of the similar credit risk characters for the impairment
test
10.2 providing of bad debt provisions on account receivable by combination
Recognition basis of combination
account receivable with individual The Company believed that the account receivable with
minor amount and with individual individual minor amount and with individual major amount but
major amount but without without impairment found after separately testing has a lower
impairment found after separately credit risk. The Company withdrawal no bad debt provision
testing unless evidence of major credit risk on certain account receivable
been found.
10.3 account receivable with individual minor amount but withdrawal bed debt provision single
If there is evidence proving that the credit risk of certain account
Reasons for bad debt provision single receivable is big, the bad debt provision for account receivable
should be accrued individually.
Methods for bad debt provision Specific Identification Method
11. Inventory
11.1 Categories of inventory
The Company’s inventory mainly consists of fuels, raw materials and developing products in process.
The inventory is measured initially by cost. The cost for developing products consists of the land transfer
capital, supporting infrastructure expenditure, construction installation projects expenditure, the loan
expense before the completion of the development projects and the other relevant expenses in the
development. Other inventory cost consists of the purchase cost, process cost, and other expenditure
enables the inventory to arrive at the present place and the sate to occur.
11.2 Valuation method of inventory delivered
The actual cost of the property development products delivered is recognized by the individual valuation
method. The actual cost of other inventories delivered is recognized by the weighted average method.
11.3 Recognition basis of net realizable value of inventory, and accrual methods of preparation for
inventory depreciation
19
On the balance sheet day, the inventory is measured by the lower one between the cost and the net
realizable value. As the net realizable value is lower than the cost, the inventory depreciation provision is
accrued. The net realizable value is balance of the estimated sale price less the estimated forthcoming
cost upon the completion, the estimated sale expense, and the relevant tax in the daily activities. Upon the
recognition of net realizable value of the inventory, the concrete evidence is based on and the purpose of
holding the inventory and the influence of events after the balance sheet day are considered.
As for the inventory of large sum and lower price, the inventory depreciation provision is accrued by the
inventory categories. As for the inventory related to the product series produced and sold in the same
district, of the same or similar final use or purpose and impossible to be separated from the other items,
the provision is consolidated and accrued. The provision for other inventory is accrued by the difference
between the cost and net realizable value.
Upon the accrual of the inventory depreciation provision, if the previous influence factors on the
inventory deduction disappeared, which resulted in the net realizable value being higher than its book
value; the accrual is transferred back within the previous accrual of the provision and reckoned into the
current gain/loss.
11.4 Inventory system
The inventory system is perpetual inventory system.
12. Long-term equity investment
12.1 Recognition of investment cost
For the long-term equity investment formed by corporate merger, if it is the long-term equity investment
obtained from the corporate merger under the same control, the share of book value of owner's equity on
the merger date shall be taken as the investment cost. The merger cost of long-term equity investment
obtained through the corporate merger under different control shall be taken as the investment cost of
long-term equity investment. Concerning the corporate merger under different control with many
transactions, the long-term equity investment cost refers to the total amount of book value of equity
investment on purchase held before the purchased day and newly added investment cost in purchased day.
The other equity investment besides the long-term equity investment formed by corporate merger shall
conduct initial measurement according to its cost.
12.2 Follow-up measurement and gain/loss recognition
12.2.1. Long-term equity investment checked by the cost
As for the long-term equity investment without the common control over or significant influence on the
invested units, the quotation in the active market and a reliable measurement of the fair value, it is
measured by the cost. In addition, long-term equity investment to subsidiary of the Company adopted the
cost method for calculation in financial statement. Subsidiary refers to the invested units that control by
the Company.
Upon the cost check, the investment is valuated on the initial cost. In addition to the actual prices or the
announced but yet undistributed cash dividend or profit in consideration valuation, the current investment
return is recognized by the announced cash dividend or profit by the invested units.
12.2.2. Long-term equity investment checked by the equity
20
Investment to associated enterprise and joint ventures by the Company adopted equity method for
calculation. Associated enterprise refers to the invested units that the Company has significant influence
on it while joint venture refers to the invested units that controlled by the Company and other investors
together.
When equity basis is adopted, if the initial cost of the long-term equity investment is greater than the
share of fair value of the receiver’s recognizable net asset, the initial investment cost of the long-term
equity investment will not be adjusted; if the initial cost of the long-term equity investment is less than
the share of fair value of the receiver’s recognizable net asset, the balance shall be counted into current
income account, and the cost of long-term equity investment shall be adjusted.
When equity basis is adopted, investment gain/loss of the current term is the share of net gains or losses
of the investment receiver of the current year. Recognition of the share of net gains or losses of the
investment receiver shall be on the basis of fair value of recognizable asset of the receiver when the
investment was made, and recognized after adjustment on the net profit of the receiver in accordance with
the Company’s accounting policies and accounting period. For the gain/loss due to unrealised internal
trade between the Company and co-operations, the share of the Company in this gain/loss shall be
neutralized, and investment gains shall be recognized upon them. But the losses from unrealised trade
between the Company and investment receivers which are regarded as losses from asset transferring shall
not be neutralized. Change of equities of the investment receiver other than net gains or losses shall be
counted into shareholders’ equity, and the book value of long-term equity investment shall be adjusted
correspondingly and recognized as other miscellaneous income and recorded in capital reserves.
Recognition of the share of net loss by the investment receiver shall be limited to when the book value of
long-term equity investment and other long-term equity forms substantial net investment has been
reduced to zero. Beside, if the Company is responsible for other losses of the investment receiver,
predicted liability shall be recognized upon the prediction of responsibilities and recorded into current
investment loss account. If the receiver realized net profit in the period thereafter, the share of gains is
recovered after making up of share of losses which has not been recognized.
12.2.3 Disposal of long-term equity investment
While disposal of long-term equity investment, the difference between the book value and actual price
received shall be accounted into current gains/losses. For long-term equity investment accounted on
equity basis, the part originally accounted into shareholders’ equity is carried over to current gains/losses
at corresponding rate when disposed.
12.3 Recognition standards the common control over and significant influence on the invested units
Controlling power means the power over the firm’s financial and operational decision-making, and can
obtain profit from the operation of such firm. Mutual control means the controlling power on particular
activity hold together with others against particular contract, and shall only take effect when all of the
investment parties have collective affirmative opinions on the major financial or operational issues.
Significant influence means the power to participate in decision-making but cannot control or collectively
control the same. At considering of substantial control or significant influence of a firm, the potential
voting right factors such as current convertible bonds or executable subscription options have been
considered.
12.4 Impairment testing and basis of impairment provision
Impairment testing is performed on the long-term equity investment at each balance sheet date. In case of
there is evidence showing impairment has occurred, the recoverable amount shall be assessed. If the
21
recoverable amount is lower than the book value, the impairment provision shall be provided at the
difference and accounted into current income account.
Once the impairment loss of a long-term equity investment is recognized, it shall not be written back in
subsequent fiscal periods.
13. Investment real estate
Investment real estate is defined as the real estate with the purpose to earn rent or capital appreciation or
both, including the rented land use rights and the land use rights which are held and prepared for transfer
after appreciation, the rented buildings.
Investment real estate is measured according to the initial cost. The follow-up expenses that are related to
investment real estate, if the economic interests related to the assets are is likely to inflow cost and its
costs can be reliably measured, shall be included in the cost of investment real estate. The other follow-up
expense shall be included in the current gains/losses.
The Company adopts the cost model to have follow-up measurements of the investment real estate, and to
conduct depreciation or amortization according to the policies that are in consistent with the land use
rights.
Impairment testing is performed on investment real estate at each balance sheet day. When evidence
showing that impairment has occurred, the recoverable value shall be assessed. Assessment of
recoverable value is based on individual asset. If the recoverable value was hard to evaluate separately, it
shall be decided along with the group of assets it belongs to. If the recoverable value of an asset is lower
than its book value, the balance shall be provided for impairment provision and accounted into current
gains/losses.
Once impairment of investment real estate was recognized, it will not be written back in the subsequent
fiscal periods.
The difference of the income from the sale, transfer, dispose of the investment real estate deducting the
book value and relevant taxes shall be included in the gains and losses of the current period.
14. Fixed assets
14.1 Recognition conditions for the fixed assets
Fixed assets is defined as the tangible assets which are held for the purpose of producing goods,
providing services, lease or for operation & management, and have more than one fiscal year of service
life. The fixed assets recognized on the condition of economy benefit probably in-flow into the Company
and the cost should measured reliably only. Initial measurement shall be conducted on fixed assets
according to the actual cost when obtain them and also considering the expected costs for disposal.
Concerning the follow-up expenses related to fixed assets, if the relevant economy benefit of fixed assets
probably in-flow into the Company and can be measured reliably, reckoned into cost of fixed assets and
terminated the recognition of the book value of the parts that been replaced. Others follow-up expenses
should reckoned into current gains/losses while occurred.
14.2 Depreciation of various fixed assets
22
From the next month since reaching the intended use state, depreciations on fixed assets shall be
accounted by using the method of average life length except the steam turbine generating unit that
accounted by withdrawal the working volume method.
Life expectancy, expected net impairment value and annual depreciation rate of all assets are as follows:
Life Salvage value
Item Annual depreciation rate
expectancy rate
Houses and buildings 20 years 10% 4.5%
Equipment (fuel machinery group
excluded) 15-20 years 10% 4.5%-6%
The work quantity
Equipment--fuel machinery group (note) 10% method
Transportation tools 5 years 10% 18%
Other equipment 5 years 10% 18%
Estimated salvage value refers to the amount of value retrieved after deducting of predicted disposal
expense when the expected using life of a fixed asset has expired and in the expected state of termination.
Note: gas turbine generator set is provided with depreciation under workload method, namely to
determine the depreciation amount per hour of gas turbine generator set based on equipment value,
predicted net remaining value and predicted generation hours. Details are set out as follows:
Depreciation amount
Name of the Company Fixed assets (RMB/Hour)
Generating unit 1# 4,225.09
The Company Generating unit 3# 4,401.76
Generating unit 7# 4,407.11
(“ New Power Company ”)Shenzhen New Power
Generating unit 10# 3,954.47
Industrial Co., Ltd. (“New Power Company”)
Shen Nan Dian (Zhongshan) Power Co., Ltd. Generating unit 1# 3,856.98
(“Zhongshan Power Company”) Generating unit 3# 3,799.49
Shen Nan Dian (Dongguan) Weimei Power Co., Ltd. Generating unit 1# 4,107.76
(“Weimei Power Company”) Generating unit 3# 3,850.07
14.3 Impairment test on fixed asset and providing of impairment provision
Impairment testing is performed on fixed asset at each balance sheet day. When evidence showing that
impairment has occurred, the recoverable value shall be assessed. Assessment of recoverable value is
based on individual asset. If the recoverable value was hard to evaluate separately, it shall be decided
along with the group of assets it belongs to. If the recoverable value of an asset is lower than its book
value, the balance shall be provided for impairment provision and accounted into current gains/losses.
Once fixed asset impairment is recognized, it shall not be written back in subsequent fiscal periods.
14.4 Other remarks
23
The Company rechecks, at least at the end of each year, the useful life, estimated net residual value, and
total hours of power generation of gas turbine generator units and depreciation method of fixed assets. In
case of any change to the above said items, it will be treated as change of accounting estimate
Terminated the recognition of fixed assts that in the status of disposal or pass through the predicted usage
or without any economy benefits arising from disposal. Income from treatment of fixed asset disposing,
transferring, discarding or damage, the balance after deducting of book value and relative taxes is
recorded into current income account.
15． Project under construction
15. Construction-in-progress
Cost of construction in process is determined at practical construction expenditures, including all
expenses during the construction, capitalized loan expenses before the construction reaches useful status,
and other relative expenses. No depreciation accrued on construction in progress. It is transferred to fixed
asset as soon as the construction reaches the useful status.
Impairment testing is performed on construction in process at each balance sheet day by the Company.
When evidence showing that impairment has occurred, the recoverable value shall be assessed.
Assessment of recoverable value is based on individual asset. If the recoverable value was hard to
evaluate separately, it shall be decided along with the group of assets it belongs to. If the recoverable
value of an asset is lower than its book value, the balance shall be provided for impairment provision and
accounted into current gains/losses.
Once impairment of construction in progress impairment is recognized, it shall not be written back in
subsequent fiscal periods.
16. Borrowing expenses
Borrowing expenses that can be directly attributed for purchasing or construction of assets that are
complying with capitalizing conditions start to be capitalized when the payment of asset and borrowing
expenses have already occurred, and the purchasing or production activities in purpose of make the asset
usable have started; Capitalizing will be terminated as soon as the asset that complying with capitalizing
conditions has reached its usable or saleable status. The other borrowing expenses are recognized as
expenses when occurred.
Interest expenses practically occurred at the current term of a special borrowing are capitalized after
deducting of the bank saving interest of unused borrowed fund or provisional investment gains;
Capitalization amounts of common borrowings are decided by the weighted average of exceeding part of
accumulated asset expenses over the special borrowing assets multiply the capitalizing rate of common
borrowings adopted. Capitalization rates are decided by the weighted average of common borrowings.
17． Intangible assets
17.1 Intangible assets
Intangible assets including land-use right and software etc
The intangible assets are subject to initial measurement at cost. Those intangible assets with limited
useful life are evenly amortized on straight basis from the date when they become useable to the end of
expected useful life. The intangible assets with un-certain service life should not be amortized.
24
The useful life and amortization method of intangible asset with limited useful life is rechecked at the end
of the period.
17.2 Impairment test method of intangible assets & calculation method of depreciation reserve
The Company checks, on every balance sheet date, whether the intangible asset with certain useful life
shows evidence of possible depreciation. If any, its recoverable amount will be estimated. The
recoverable amount of assets is estimated on the basis of individual asset. If it is difficult to estimate the
recoverable amount of individual asset, the recoverable amount of asset group will be determined on the
basis of the belonging asset group of the assets. If the recoverable amount of the assets is less than its
book value, the assets depreciation reserve will be accrued according to their balance and counted in the
current gains/losses.
The intangible assets with uncertain service life and those not yet up to the serviceable condition are
subject to impairment test annually whether there is evidence of depreciation.
Once intangible asset impairment loss was recognized, shall not be written back in subsequent fiscal
periods.
18. Long-term expenses to be amortized
Long-term amortizable expenses are those already occurred and amortizable to the current term and
successive terms for over one year. Long-term amortizable expenses are evenly amortized to the benefit
period.
19. Accrual liabilities
Responsibilities connected to contingent issues are the current liability undertaken by the Company and
the liability has the probability of result in financial benefit outflow and the responsibility can be
measured reliably for its value.
At balance sheet day, with reference to the risks, uncertainty and periodic value of currency that
connected to the contingent issues, the accrual liabilities are measured according to the best estimation on
the payment to fulfill the current responsibility. If the monetary value has significant influence, than
recognized the best estimation amount based on discount of predicted future cash flow.
If the expenses for clearing of predictive liability is fully or partially compensated by a third party, and
the compensated amount can be definitely received, it is recognized separated as asset. The compensated
amount shall not be greater than the book value of the predictive liability.
20. Recognition of income
20.1 Goods sales revenue
When significant risks and rewards of ownership of goods have been transferred to buyer, no continuous
management right regularly related to ownership is retained, no effective control is conducted on goods
sold, moreover, amount of income may be measured in a reliable way, relevant economic profit may have
flown into enterprise and relevant incurred cost or to be incurred may be measured in a reliable way,
implementation of goods sales revenue will be confirmed.
As for the income arising from sales of real estate development products, sales contract shall be signed by
vendor and purchaser and filed with the relevant state land authorities; if real estate development products
are completed and reach the condition for its intended use, then products shall be examined and qualified
25
by relevant competent authorities and filing process shall be completed also; sales income is recognized
when purchaser pays the agreed purchase amount according to the payment terms of sales contract and
obtains the occupation qualification as agreed in sales contract, namely vendor receives all the purchase
amount or the right to receive all the purchase amount, which means the relevant economic benefit is able
to flow into the Company in full.
20.2 Revenue from Providing Labor Service
Under the condition of service providing business can be estimated in a reliable way, relevant economic
benefit is likely to flow into enterprise, completion degree of business may be estimated in a reliable way
and relevant incurred cost and to be incurred may be measured in a reliable way, the revenue from labor
service providing recognized. Relevant service revenue may be confirmed by the Company as
percentage-of-completion method on balance sheet date. Completion degree of service business will be
determined as share of incurred service cost in estimated general cost.
If result of service providing business can’t be estimated in a reliable way, service revenue should be
confirmed as amount of incurred service cost expected to be compensated, where incurred service cost is
taken as period charge. If no compensation is expected for incurred service cost, income won’t be
confirmed.
21. Government grant
Government subsidies are those monetary and/or non-monetary assets obtained from the government by
free. Government subsidies are recognized when satisfied the attached qualification of government grant
and receivable on hand.
Those government grants of monetary assets are measured at the amount received or receivable.
Non-monetary government grants are measured at fair value. If no fair value is available, nominal amount
will be adopted. Government subsidies measured at nominal amount are accounted into current
gains/losses directly.
Asset-related government grants are recognized as deferred income and accounted into current
gains/losses evenly upon their service life.
Those income-related government grants used to neutralize relative expenses and losses of successive
periods are recognized as deferred income and accounted into current income at the period when the
expenses are recognized; those used to neutralize relative expenses and losses which have already
occurred are accounted into current gains/losses directly.
If confirmed government grant needs to be surrendered，for government grant with relevant balance of
deferred income，book balance of relevant deferred income will be offset while remnant will be included
in current profit and loss. On the contrary, for government grant without relevant deferred income, it will
be directly in current gain and loss.
Pursuant to the calculation method required by the Notice on Issuance of Provisional Collection of Gas
and Fuel Processing Subsidy to Support the Peak Power Scheme of Local Burning Machine Power Plants
(SFB No.74(2010)) issued by people municipality of Shenzhen, the Reply for Confirming the Power
Generation Subsidy Scheme for Shenzhen Burning Machine Power Plants for 2011 (SZSITIC
No.207(2010)), the Notice on Continuous Collection of Gas and Fuel Processing Subsidy to Support the
Peak Power Generation Losses of Local Burning Machine Power Plants (SZSITIC No.2062011)) and the
Notice on Issuance of Provisional Rules for Management over Power Subsidy of Shenzhen Local Fuel
26
(Gas) Machine sets (SFB No.54(2009)) issued by people municipality of Shenzhen, the Company
recognized fuel subsidy income and recognized as government subsidy income.
According to the notice on collection of gas and fuel process fee on temporary basis (YFH(2008)No.31)
issued by the municipal government of Guangdong and the provisions of relevant documents issued by
Guangdong price bureau, Zhongshan Power Company and Weimei Power Company would confirm
government subsidy income when it receives subsidy for gas and fuel process fee or relevant certificate in
respect of collection of gas and fuel process fee subsidy.
Pursuant to the natural gas sales contract entered into between the Company, Weimei Power Company
and Guangdong Trade branch of China shipping liquefied petroleum gas (LPG) electric group co., LTD,
2011-2012 natural gas sales confirmation letter and its relevant supplementary agreements, the
Company and Weimei Power Company shall realize tax rebate income of natural gas import value-added
tax when it receives accounts from Guangdong Trade branch of China shipping liquefied petroleum gas
(LPG) electric group co., LTD.
22 Deferred income tax asset/ deferred income tax liability
Income tax expense includes current income tax and deferred income tax.
22.1 Current income tax
On balance sheet date, current income tax liability (or asset) formed during and before current period will
be measured as amount of income tax payable (or repayable) as specified by tax law.
22.2 Deferred income tax asset & deferred income tax liability
For balance of book value of some asset/liability item and its tax base, or temporary difference derived
from balance of book value and tax base of the item, which is not confirmed as asset or liability but tax
base can be fixed as specified by tax law, deferred income tax asset & deferred income tax liability will
be confirmed in balance sheet liability approach.
Generally, all temporary difference shall be recognized as relevant deferred income tax. But concerning
the deductable temporary difference, relevant deferred income tax asset may be confirmed subject to
amount of taxable income which is likely to be acquired to deduct deductible loss and taxation decrease
in the future. Furthermore, for taxable temporary difference, which is related to initial recognition for
goodwill and asset or liability produced by transaction which neither is business combination nor affects
accounting profit and taxable income (or deductible loss), relevant deferred income tax liability won’t be
confirmed.
For deductible loss and taxation decrease which can be carried over to following fiscal year, relevant
deferred income tax asset may be confirmed subject to amount of taxable income which is likely to be
acquired to deduct deductible loss and taxation decrease in the future.
The Company recognized deferred income tax liabilities arising from taxable temporary differences of
investment related between the subsidiaries, associated enterprise and joint ventures, unless the Company
control time of switch-back on temporary differences and the difference will not be switch-back probably
in predicted future. For those deductible temporary differences related to investment with subsidiaries,
associated enterprise and joint ventures, the Company have deferred income tax assets recognized on the
condition of temporary differences might probably carry-back in predicted future and in the future, have
the portability obtained taxable amount that should be deducted the deductible temporary differences.
At the balance sheet day, those deferred income tax assets and income tax liabilities, according to the tax
law, calculation will be on tax rate applicable to retrieving period of assets or clearing of liabilities.
27
Other current income tax and deferred income tax or income reckoned into current gains/loss except the
followed: the current income tax and deferred income tax related to the transition and event of other
consolidation income or shareholders’ equity reckoned, counted into other consolidation income or
shareholders’ equity together with the book value of goodwill adjusted of deferred income tax arising
from enterprise merger.
At the balance sheet day, verification will be performed on the book value of differed income tax assets.
If it is not possible to obtain enough taxable income to neutralize the benefit of differed income tax assets,
then the book value of the differed income tax assets shall be reduced. Whenever obtaining of taxable
income became possible, the reduced amount shall be restored.
When accounting with net amount is a stipulated rights, and tending to account with net amount or
acquire of asset and clearing of debts are performed simultaneously, the income tax asset and liabilities of
the current term are accounted at net amount after neutralization.
When accounting of income tax asset and liabilities of current term with net amount is the stipulated
rights, and the income tax asset and liabilities are related to the same subject recognized by the same
taxation authority, or to the different subjects but within each period of writing back the differed income
tax asset and liabilities with great importance, and tending to account with net amount or acquire of asset
and clearing of debts are performed simultaneously, the income tax asset and liabilities of the current
term are accounted at net amount after neutralization.
23. Operational leasing and financial leasing
Finance lease is to virtually transfer all risks and rewards related to ownership of asset. Leases other than
finance lease are operating leases.
23.1 Lease business with the Company as the rentee
The rental is reckoned into the relevant assets cost or the current loss/gain in the linear way. The initial
direct expenses are reckoned into the current gain/loss, or the actual rental into the current loss/gain.
23.2 Lease business with the Company as the rentor
The rental is reckoned into the relevant assets cost or the current loss/gain in the linear way. The initial
direct substantive expenses are capitalized and reckoned into the current gain/loss, or the actual rental
into the current loss/gain. The initial direct small expenses are reckoned into the current actual gain/loss,
or the actual rental into the current loss/gain.
24. Other Main Accounting Policies, Estimations and Preparation Method
24.1 Employee wages
Except for the compensation for labor contract termination, the payable employee wages in the
accounting period of service provided by employee of the Company were recognized as liabilities.
The Company participates in social security system for employee set up by government department as
specified, including basic pension insurance, medical insurance, and housing fund and other systems.
Expenses involved will be included in relevant cost of asset and current profit and loss when actually
incurred.
28
The Company will sever labor relation with employee prior to expiration of labor contract, or encourage
employee to voluntarily accept layoff and put forward suggestion on compensation. If we have
formulated formal plan for severing labor relation or put forward voluntary layoff suggestion and plan to
put into effect meanwhile the plan and suggestion can’t be withdrawn unilaterally, estimated liability
produced by compensation for severing labor relation with employee will be confirmed and included in
current profit and loss.
24.2 Debt restructures
24.2.1. Obligation of recording debt restructuring as debtor
For debt liquidated with cash, balance between book value of debt to be restructured and amount of
actual payment will be included in current gain and loss. On the contrary, for debt liquidated with
non-cash asset, balance between book value of debt to be restructured and fair value of non-cash asset
transferred will be included in current gain and loss. Balance between fair value of non-cash asset
transferred and book value of debt to be restructured will be included in current gains and loss.
When debt is transferred to capital, balance between book value of debt to be restructured and fair value
of loaner’s share derived from disclaim will be included in current gains and loss.
When other terms of debt are modified, fair value of debt after modification will be taken as entry value
of restructured debt. Balance between book value of debt prior to restructuring and debt restructured will
be included in current gain and loss.
When combination of multiple modes is applied, book value of debt to be restructured will be offset by
cash for payment, fair value of non-cash asset transferred and fair value of loaner’s share successively,
then applicable method under modification mentioned above will be applied.
24.2.2. Obligation of recording debt restructuring as loaner
For debt liquidated with cash, balance between book balance of credit to be restructured and cash
received will be included in current gain and loss. On the contrary, for debt liquidated with non-cash asset,
balance between book balance of credit to be restructured and fair value of non-cash asset received will
be included in current gain and loss.
When debt is transferred to capital, balance between fair value of loaner’s share and book balance of
credit to be restructured will be included in current gain and loss.
When other terms of debt are modified, fair value of credit after modification will be taken as book value
of credit to be restructured. Balance between book balance of debt prior to restructuring and book value
of credit restructured will be included in current gain and loss.
When combination of multiple modes is applied, book balance of credit to be restructured will be offset
by cash received, fair value of] non-cash asset received and fair value of loaner’s share successively,
applicable method under modification mentioned above will be applied.
When depreciation reserve has been accrued in credit to be restructured, accrual depreciation reserve will
be offset by balances above. Remnant after offset will be included in current gain and loss.
25. Major judgment made in adopting accounting policies and key assumption and
Uncertainties adopted in accounting estimation
When using the accounting policies discussed in note 2, the Group needs to made judgment, estimation
and assumption for carrying value of certain items which cannot be measured adequately due to inherent
uncertainty of economic activities. Such judgment, estimation and assumption are based on historical
29
experiences of the Group’s management, together with consideration of other relevant factors. The actual
results may be different from the Group’s estimation. The Group conducts regular re-review on the
aforesaid judgment, estimation and assumption on a continued operation basis. If the change of
accounting estimation only affect current period, the affected amount is recognized in the period when
change occurs. If the change affects current and future periods both, the affected amount is recognized in
the period when change occurs and future periods.
- Key assumption and uncertainties adopted in accounting estimation
As of the balance sheet date, the key assumptions and uncertainties that may result in material
adjustments to carrying values of assets and liabilities of future periods mainly include:
Fixed assets are provided for depreciation by output method
The Group recognizes depreciation for unit electricity based on values of power generation machine sets,
projected power sales volume and projected net remaining value, and provides for depreciation according
to depreciation of unit electricity and actual power sales volume. Taking into account the prevailing
industry policies, technologies, consumption, allocation method of power management authorities and
past experiences, and the Group management believes that it is adequate for utilization life of such power
generation machine sets, projected power sales volume, projected net remaining value and provision
method for depreciation. If the future actual power sales volume differs substantially from the projected
one, the Group would make adjustment to unit electricity depreciation, which would bring affects to the
depreciation expenses included in profit and loss for the current and future periods.
The provisional estimated value of fixed assets
As for the power generation machine sets and related buildings reaching the condition for intended use,
due to the long construction period of power plant projects, high prices and long completion settlement
time, they are accounted provisional based on project budget, project pricing or project actual costs
before process of project completion settlement. And upon such settlement, the Company adjusts the
original provisional value according to the actual costs. If provisional estimated values of power
generation machine sets and related buildings differ materially from the actual costs, the Company may
have to make corresponding adjustments to the values of fixed assets.
（III) Taxes
1. Main taxation items and its tax rate
Taxation
items Calculation bases Tax rate
Output tax calculated based on the 11%,
Balance of current output tax deducting
VAT current input tax 13% or 17% of the sales volume regulated
by Tax Law
Business
Income of business
tax 5%
City
maintena VAT and business tax actually paid
nce tax 1%, 5% or 7%
Education
VAT and business tax actually paid
surtax 3%
Local
education VAT and business tax actually paid
surtax 2%
30
Enterprise
income Taxable income
tax 16.5% to 25%(Note)
Value-added amount from transferring
Land
state-owned land use right , landing Four level progressive rates
VAT
construction and its affiliates
Real Calculated by the original value of real estate 1.2% for the remaining sum of real estate;
estate tax deducting 30%; rent income of the real estate 12% for the rent income of the real estate
Land-use
tax of Land occupation actually area
town 2.5 Yuan ~ 9Yuan per square meter
Note: Tax rate of the enterprise income tax for the Company and its subsidiaries are shown as follows:
Tax rate of enterprise
Name of the Company and its subsidiaries income tax
Jan.-June of
2013 2012
The Company 25% 25%
New Power Company 25% 25%
Shennan Power Gas Turbine Engineering Technique Co., Ltd. (“Engineering
Co.,) 25% 25%
Shenzhen Server Petrochemical Supplying Co., Ltd. (“Server Petrochemical
Supplying”) 25% 25%
Shennandian Environment Protection Company (“Environment Co.,”) 25% 25%
Zhongshan Power Company 25% 25%
Weimei Power Company 25% 25%
SHENNAN ENERGY (SINGAPORE) PTE LTD (“Shennan Singapore”) 20% 20%
Zhongshan Shenzhong Real Estate Development Co., Ltd. (“Shenzhong
Development Co.,”) 25% 25%
Zhongshan Shenzhong Real Estate Investment Property Co., Ltd. (“Shenzhong
Property Investment”) 25% 25%
Huidong Xiefu Harbor Comprehensive Development Co., Ltd. (“Huidong Xiefu
Co.,”) 25% 25%
Huidong Harbor Development Co., Ltd. (“Huidong Harbor Co.,) 25% 25%
16.50
HONG KONG SYNDISOME CO., LIMITED (“Syndisome Co., ) 16.50% %
2. Taxes preferential and approvals
Name of the Relevant regulation and Approval Approval Exemptio Period of
Tax company policies basis institution documents n range validity
31
” Notice of adjustment
and perfection on
resources VAT free
Environment Not Not Not
VAT comprehensive usage for sludge
Co., applicable applicable applicable
and labor VAT treatment
policy”(CS
No.115[2011])
” Arrangement of
avoidance of
Levy
double-taxation and
Enter income
prevention of tax free
prise Syndisome Not Not tax by Not
in mainland China and
incom Co. applicable applicable 10% of applicable
Hong Kong Special
e tax total share
Administrative
interests
Region”(GSH No.
884[2006])
No
enterprise
income
State Tax Shen Guo
Enter tax
’Enterprise Income Tax Bureau of Sui Nan Kou
prise Syndisome should Not
Law of People’s Nanshan Jiao Bei Zi
incom Co. pay for the applicable
Republic of China” District No.:
e tax dividend
Shenzhen [2011]0011
before 31
December
2007
32
(IV) Enterprise merger and Consolidated Financial Statement
Particular about subsidiaries
1. Subsidiaries obtained through establishment or investment
Other item
Full name of Actual balance of net Proportion Proportion Consolidated
Register Business Register
the Type of subsidiaries Business scope investment at investment shares held of voting statement
place nature capital
subsidiaries year-end towards (%) right (%) Yes/No
subsidiaries
Self-business of fuel and
Server agent for import-export;
Petrochemical Limited Liability Shenzhen Trading 53,300,000.00 fuel and oil storage 26,650,000.00 - 50 50 Yes
Supplying business (excluding
product oil)
Technical development
on wasted-heat usage,
New Power Jointed Power
Shenzhen 113,850,000.00 power generation by 113,850,000.00 - 100 100 Yes
Company enterprise(H.K-capital) generation
wasted-heat and fuel
power
Fuel power, waste heat
Zhongshan
Jointed Power power, power & heat
Power Zhongshan 746,800,000.00 597,440,000.00 - 80 80 Yes
enterprise(H.K-capital) generation supplying , leasing of
Company
wharf and oil depot
technical consultation
and relevant maintenance
and inspection on
Engineering Jointed Engineering running equipments for
Shenzhen 10,000,000.00 13,520,000.00 - 100 100 Yes
Co., enterprise(H.K-capital) consultation the union cycle power
station by fuel gas and
steam, import and export
of goods and technology
Establishment and
Weimei Power Jointed Power US$
Dongguan operation of natural gas 208,102,049.76 - 70 70 Yes
Company enterprise(H.K-capital) generation 35,040,000.00
power station
Environment Jointed
Shenzhen Engineering 79,000,000.00 Sludge drying 79,000,000.00 - 100 100 Yes
Co., enterprise(H.K-capital)
Establishment and
Huidong Xiefu Pier operation of
Limited Liability Huizhou 8,620,000.00 6,465,001.00 - 84 84 Yes
Co. operation comprehensive pier and
its affiliated facilities
Huidong Limited Liability Huizhou Pier 10,000,000.00 Establishment and 5,500,000.00 - 55 55 Yes
33
Harbor Co., operation operation of general
cargo pier, oil product
pier, oil depot and
affiliated facilities
(2) Subsidiaries obtained through merger under no common control
In RMB
Other item
Full name of Actually invested balance of net Proportion Proportion Consolidated
Type of Register Business
the Register capital Business scope capital at investment shares held of voting statement
subsidiaries place nature
subsidiaries year-end towards (%) right (%) Yes/No
subsidiaries
gas turbine and its
Shennan Limited
Singapore Trading SG$ 1500000 spares and fuel 6,703,800.00 - 100 100 Yes
Singapore Liability
agents
real estate
investment,
property
Shenzhong
Limited Real estate management, sales
Development Zhongshan RMB177,800,000.00 - - 75 75 Yes
Liability development of self-owned
Co.
commercial
houses, rental and
investment
real estate
investment,
property
Shenzhong
Limited Real estate management, sales
Property Zhongshan RMB 60,000,000.00 - - 75 75 Yes
Liability development of self-owned
Investment
commercial
houses, rental and
investment
Syndisome Limited Import-export import-export
Hong Kong HK$200,000.00 217,807.27 - 100 100 Yes
Co.(Note) Liability trading trading
Note: On December 5, 2008, Shennan Singapore Company and ShenYe Investment and Management Co., Ltd signed the Share Transfer Agreement on the Purchase and Selling 2000 Shares of the Common
Stock of HONGKONGSYNDISOMECO., LIMITED, (Hein after referred to as ShenYe Investment Company), Shennan Singapore Company is to transfer 100% stock right which it has of Syndisome
Company to ShenYe Investment Company at the consideration of 393,885,100.00 Hong Kong dollar. According to this Transfer Agreement, ShenYe Investment Company should pay 1,000,000.00 Hong Kong
dollars on the date of transfer agreement, and pay the remaining transfer money within the six months after the date. Up to the approval day of this financial statements, ShenYe Investment Company hasn’t yet
paid 392,885,100.00 Hong Kong dollar of the remaining transfer money, so the Company still possess the actual control right over Syndisome Company, therefore will include it into the Consolidation scope of
the Consolidation financial statements.
34
(V) Notes to Consolidated Financial Statement
1. Monetary fund
In RMB
2013-6-30 2012-12-31
Amount of foreign Exchange Amount of Amount of foreign Exchange Amount of
Item currency Rate RMB currency Rate RMB
Cash:
RMB 168,417.58 1.0000 168,417.58 92,269.34 1.0000 92,269.34
HKD 82,656.91 0.7966 65,843.49 82,656.91 0.8108 67,018.22
USD 995.22 6.1787 6,149.17 995.22 6.3329 6,255.46
EUO 1,017.87 8.0536 8,197.52 1,017.87 8.3176 8,466.22
Bank savings:
609,350,360.8 517,941,029.2
RMB
609,350,360.87 1.0000 7 517,941,029.26 1.0000 6
HKD 786,676.89 0.7966 626,672.30 791,646.26 0.8108 641,868.52
USD 1,081,190.23 6.1787 6,722,808.40 1,118,259.65 6.3329 7,081,863.75
SGD 56,879.81 4.8470 275,696.44 68,879.81 5.0929 350,797.98
Other monetary
fund:
RMB 628,347.91 1.0000 628,347.91 657,919.99 1.0000 657,919.99
USD 737.04 6.1787 4,553.95 737.04 6.3329 4,632.67
617,857,047.6 526,852,121.4
Total 2 1
Note: among the above other monetary fund, there are 0 Yuan guarantee margin and draft
margin included (on 31 December 2012: RMB 0.00)
2. Account receivable
(1) Account receivable classified according to types:
In RMB
2013-6-30 2012-12-31
Bad debt Bad debt
Book Balance provision Book Balance provision
Propor Propor Propor Propor
Amou tion Amo tion Amou tion Amo tion
Type nt (%) unt (%) nt (%) unt (%)
3,474 3,474
Account receivable with individual major amount and
3,474, ,613. 3,474, ,613.
withdrawal bad debt provision independently
613.06 0.39 06 100.00 613.06 0.37 06 100
Accounts receivable with minor amount and accounts 895,92 924,99
receivable with major amount found no devaluation after 4,610. 7,868.
individual devaluation test 09 99.51 - - 15 99.52 - -
Account receivable with individual minor amount but 946,91 946,9 946,91 946,9
withdrawal bad debt provision independently 5.10 0.11 15.10 100.00 5.10 0.11 15.10 100
900,34 4,421 929,41 4,421
Total 6,138. ,528. 9,396. ,528.
25 100.00 16 0.49 31 100 16 0.48
The Group recognized account receivable with over RMB 2 million (RMB 2 million included) as
significant single amounts.
Age analysis of account receivable:
- 35 -
In RMB
2013-6-30 2012-12-31
Proportion Bad debt Proportion Bad debt
Age Amount (%) provision Book value Amount (%) provision Book value
Within 655,729,422 655,729,422 732,926,788 732,926,788
1year .33 72.83 .33 .39 78.86 - .39
1 to 240,097,300 240,097,300 191,973,192 191,973,192
2years .00 26.67 .00 .00 20.66 - .00
2 to
3years - - - - - - - -
Over 3 4,519,415.9 4,519,415.9
years 2 0.50 4,421,528.16 97,887.76 2 0.48 4,421,528.16 97,887.76
900,346,138 895,924,610 929,419,396 924,997,868
Total
.25 100.00 4,421,528.16 .09 .31 100 4,421,528.16 .15
(2) Account receivable with individual minor amount but withdrawal bad debt provision independently at
period-end:
In RMB
Account receivable Book Balance Withdrawal amount of Withdrawal Reasons
bad debt provision proportion (%)
Account of engineering receivable 800,000.00 800,000.00 100% Un-recover for overdue
Amount of oil sales receivable 146,915.10 146,915.10 100% Un-recover for overdue
Total 946,915.10 946,915.10 100%
(3) There are no account receivable of the shareholders who hold over 5 %( 5% included) voting rights
in report period.
(4)Top 5 companies in account receivables
In RMB
Relationship between the Proportion in total account
Name of the company Amount Age
Company receivable (%)
Bureau of Finance of Shenzhen 558,409,5 Within 1 year and
Government institution
Municipality 07.62 1-2 year 62.02
Bureau of Finance of Zhongshan 89,215,49
Government institution Within 1 year
Municipality 2.40 9.91
Bureau of Finance of Dongguan 92,503,67
Government institution Within 1 year
Municipality 7.24 10.27
Guangdong Power Grid 143,588,9
Non-related client Within 1 year
Corporation 29.71 15.95
10,741,76
Shenzhen Water Bureau Government institution Within 1 year
9.33 1.19
894,459,3
Total
76.30 99.35
3. Account paid in advance
(1) Account paid in advance classified according to age:
In RMB
2013-6-30 2012-12-31
Age Amount Proportion (%) Amount Proportion (%)
Within 1 year 1,973,616.51 93.03 11,952,501.89 98.51
1to 2years - - 1,200.00 0.01
2to 3years - - - -
Over 3 years 147,889.18 6.97 179,036.19 1.48
- 36 -
Total 2,121,505.69 100.00 12,132,738.08 100
(2) Top 5 companies in account paid in advance:
In RMB
Relationship between the
Name of the company Amount Duration Reasons for unsettlement
Company
804,000. Within 1 Purchase amount paid
Shandong Huayuan Power Equipment Co., Ltd. Non-related supplier
00 year in advance
NISHIHARA ENVIRONMENT ENGINEERING 450,000. Within 1 Purchase amount paid
Non-related supplier
(SHANHAI) CO., LTD. 00 year in advance
277,997. Within 1 Purchase amount paid
Ningbo Lvyuan LNG Development Co., Ltd. Non-related supplier
50 year in advance
169,800. Within 1 Purchase amount paid
Baoding Sinosimu Technology Co., Ltd. Non-related supplier
00 year in advance
35,150.0 Within 1 Purchase amount paid
Non-related supplier
Suzhou Sai Acoustique Equipment Co., Ltd. 0 year in advance
1,736,94
Total
7.50
(3)There are no account paid in advance of the shareholders who hold over 5 %( 5% included) voting
rights in report period.
(4) Account paid in advance classified according to clients:
In RMB
Type 2013-6-30 2012-12-31
Account paid in advance with individual major amount - 11,115,049.29
Account paid in advance with minor individual amount but has major
104,724.21 104,724.21
risks after combination of risk profile
Other minor account paid in advance 2,016,781.48 912,964.58
Total 2,121,505.69 12,132,738.08
The Group recognized account paid in advance with over RMB 2 million (RMB 2 million included) as significant single amounts.
Account paid in advance with minor individual amount but has major risks after combination of risk profile refers to
account paid in advance with single minor amount but has over 3 years in book age
4. Other accounts receivable
(1) Other account receivable classified according to type:
In RMB
2013-6-30 2012-12-31
Book Bad debt
Book Balance Bad debt provision Balance provision
Prop Prop
ortio ortio
Amo Amo Amo n Amo n
Type unt Proportion (%) unt Proportion (%) unt (%) unt (%)
26,2 26,2 26,2 26,2
Account receivable with individual major
37,4 37,4 37,4 37,4
amount and withdrawal bad debt provision
04.4 04.4 04.4 56.4 04.4
independently
6 52.81 6 100.00 6 8 6 100
17,0 13,7
Accounts receivable with minor amount and
17,6 89,2
accounts receivable with major amount found no
15.1 37.2 29.6
devaluation after individual devaluation test
1 34.25 - - 2 9 - -
Account receivable with individual minor 6,42 3,91 6,42 13.8 3,91 60.9
- 37 -
amount but withdrawal bad debt provision 5,10 12.93 6,46 60.96 5,10 3 6,46 6
independently 7.45 1.45 7.45 1.45
49,6 30,1 46,4 30,1
80,1 53,8 51,7 53,8
Total
27.0 65.9 49.1 65.9 64.9
2 100.00 1 60.70 3 100 1 1
The Group recognized other account receivable with over RMB 2 million (RMB 2 million included) as significant single amounts.
Other account receivable classified according to age:
In RMB
2013-6-30 2012-12-31
Bad Boo
debt k
Amo Proportion provis valu
Age Amount Proportion (%) Bad debt provision Book value unt (%) ion e
Wit
hin 3,23 3,23
1 3,10 3,10
year 6,451,485.00 12.99 - 6,451,485.00 7.11 6.96 - 7.11
1to
2 68,7 68,7
year 24.2 24.2
s - - - - 4 0.15 - 4
2to 11,1 11,1
3 33,5 23,5
year 53.5 10,00 53.5
s 11,202,277.75 22.55 - 11,202,277.75 1 23.97 0.00 1
Ove 32,0
r 16,3 30,14 1,87
3yea 64.2 3,865. 2,49
rs 32,026,364.27 64.47 30,153,865.91 1,872,498.36 7 68.92 91 8.36
46,4 16,2
Tota 51,7 30,15 97,8
l 49.1 3,865. 83.2
49,680,127.02 100.00 30,153,865.91 19,526,261.11 3 100.00 91 2
(2) Year-end account receivable with individual minor amount but withdrawal bad debt provision
independently:
In RMB
Withdrawal
amount of bad Withdrawal Reasons
Other accounts receivable Book Balance debt provision proportion (%)
Unrecovered for those
Deposit receivable 3,278,632.28 1,404,953.09 42.85 which was overdue
Unrecovered for those
Dormitory amount receivable 2,083,698.16 1,736,004.16 83.31 which was overdue
Bureau of Finance of Zhongshan Unrecovered for those
Municipality 219,192.00 21,919.20 10.00 which was overdue
Administrative Office of Nanshan Unrecovered for those
District Shenzhen 50,000.00 5,000.00 10.00 which was overdue
Unrecovered for those
GE Company 35,000.00 7,000.00 20.00 which was overdue
Other Unrecovered for those
758,585.01 741,585.00 97.76 which was overdue
Total 6,425,107.45 3,916,461.45 60.96
(3) There are no other account receivable of the shareholders who hold over 5 %( 5% included) voting
rights in report period.
- 38 -
(4) Top 5 companies in other account receivable
In RMB
Relationship between the Proportion in total other
Name of the company Amount Duration
Company account receivable (%)
14,311,62
Over 3 years
Huiyang Kangtai Industrial Co., Project cooperation party 6.70 28.81
10,032,00
2-3years
Shenzhen Dapeng LNG Sales Co., Ltd Non-related supplier 0.00 20.19
Shenzhen Nanshan Investment 5,895,738.
Management Company Non-related supplier 00 Over 3 years 11.87
JINAN POWER EQUIPMENT 3,560,000.
FACTORY Non-related supplier 00 Over 3 years 7.17
3,278,633. Within 1 year to Over
Deposit receivable Non-related supplier 28 3 years 6.60
37,077,99
Total 7.98 74.63
5. Inventory
Classification of inventory
In RMB
2013-6-30 2012-12-31
Depreciation Depreciation
Item Book Balance provision Book value Book Balance provision Book value
Fuels 17,926,027.41 11,309,580.52 6,616,446.89 19,011,323.33 11,309,580.52 7,701,742.81
Raw materials 134,995,808.92 29,473,360.35 105,522,448.57 132,249,746.68 29,473,360.35 102,776,386.33
Land Space Needed
to Development
(Note) 1,228,889,630.90 45,603,631.85 1,183,285,999.05 1,155,612,027.22 45,603,631.85 1,110,008,395.37
Total 1,381,811,467.23 86,386,572.72 1,295,424,894.51 1,306,873,097.23 86,386,572.72 1,220,486,524.51
In the balance of inventory at period-end, amount for loan pledge totally to RMB 253,030,916.91 (as at 31 December
2012: RMB 249,444,378.95).
In the balance of inventory at period-end, the capitalizing loan expenses amounting to RMB 181,734,887.55 (as at 31 December 2012: RMB
168,902,319.91). The capitalizing loan expense of this year was RMB 12,832,567.64
6. Other current assets
In RMB
Item 2013-6-30 2012-12-31
VAT input tax deductible 564,741,615.01 606,661,855.88
- 39 -
7. Long-term equity investment
Details of long-term equity investment:
In RMB
Explanation on
Proportion Proportion the incongruity
of share of voting in share holding Impairment
Cash
Calculation Investment holding in rights in proportion and Impairment provision of
Invested company 2012-12-31 Increase/decrease(+,-) 2013-6-30 bonus
method cost invested invested voting provision accruing
this year
company company proportion in this year
(%) (%) invested
company
Shenzhen
Petrol-Chemical
and Oil Tax Free Cost
Not applicable
Trading Co., Ltd. method
(“Petrol-Chemical
ax Free Co.,”) 2,500,000.00 2,500,000.00 - 2,500,000.00 4 4 2,500,000.00 - -
CPI Jiangxi
Nuclear Power
Cost
Co., Ltd. Not applicable
method
(“Jiangxi Nuclear
Power Co”) 49,315,000.00 49,315,000.00 8,000,000.00 57,315,000.00 5 5 - - -
Total 51,815,000.00 51,815,000.00 8,000,000.00 59,815,000.00 2,500,000.00 - -
Less: Impairment
provision 2,500,000.00 - 2,500,000.00
Net long-term
equity investment 49,315,000.00 57,315,000.00
Note: On 5 May 2012. Jiangxi Nuclear Power Co holding the 4th meeting of annual shareholders’ general meeting, decided to invest RMB 400,000,000.00 more, and contributed by the equity proportion held by
shareholders. The Company holds 5% with RMB 20,000,000.00 invested. In 2012, the Company has invested RMB 12,000,000.00 and the rest RMB 8,000,000.00 was paid in February
2013.
- 40 -
8. Investment real estate
In RMB
Book Balance dated 31 Increased this Decreased this Book Balance dated
Item Dec. 2012 year year 30 June 2013
I. Total original book value 9,708,014.96 - - 9,708,014.96
1. House, buildings 9,708,014.96 - - 9,708,014.96
2. Land-use right - - - -
II. Total accumulated depreciation and
accumulated amortization 5,278,655.41 221,342.76 - 5,499,998.17
1. House, buildings 5,278,655.41 221,342.76 - 5,499,998.17
2. Land-use right - - - -
III. Total net book value of investment real
estate 4,429,359.55 4,208,016.79
1. House, buildings 4,429,359.55 4,208,016.79
2. Land-use right - -
IV. Total depreciation provision of investment
real estate - - - -
1. House, buildings - - - -
2. Land-use right - - - -
V. Total book value of investment real estate 4,429,359.55 4,208,016.79
1. House, buildings 4,429,359.55 4,208,016.79
2. Land-use right - -
9. Fixed assets
(1) Change of fixed assets
In RMB
Book Balance dated 31 Book Balance dated 30
Item
Dec. 2012 Increased this year Decreased this year June 2013
I. Total original book value: 4,460,676,793.82 3,561,487.33 - 4,464,238,281.15
Including: House and buildings 487,362,075.06 - - 487,362,075.06
Machinery equipment 3,891,124,142.78 3,384,610.36 - 3,894,508,753.14
Transportation tools 32,315,202.62 - - 32,315,202.62
Other equipment 49,875,373.36 176,876.97 - 50,052,250.33
II. Total accumulated depreciation: 2,366,659,316.35 70,045,211.41 - 2,436,704,527.76
Including: House and buildings 215,311,700.79 10,487,650.33 - 225,799,351.12
Machinery equipment 2,083,126,964.02 58,399,484.49 - 2,141,526,448.51
Transportation tools 27,956,560.40 527,317.26 - 28,483,877.66
Other equipment 40,264,091.14 630,759.33 - 40,894,850.47
III. Total net book value of fixed
2,094,017,477.47 2,027,533,753.39
assts
Including: House and buildings 272,050,374.27 261,562,723.94
Machinery equipment 1,807,997,178.76 1,752,982,304.63
Transportation tools 4,358,642.22 3,831,324.96
Other equipment 9,611,282.22 9,157,399.86
IV. Total impairment provision 53,917,272.66 53,917,272.66
Including: House and buildings 23,291,844.37 23,291,844.37
Machinery equipment 30,402,332.28 30,402,332.28
Transportation tools 81,846.84 81,846.84
Other equipment 141,249.17 141,249.17
- 41 -
V. Total book value of fixed assts 2,040,100,204.81 - - 1,973,616,480.73
Including: House and buildings 248,758,529.90 - - 238,270,879.57
Machinery equipment 1,777,594,846.48 - - 1,722,579,972.35
Transportation tools 4,276,795.38 - - 3,749,478.12
Other equipment 9,470,033.05 - - 9,016,150.69
- 42 -
10. Project under construction
(1)Project under construction
In RMB
2013-6-30 2012-12-31
Item Book Balance Provision for devaluation Book net amount Book Balance Provision for devaluation Book net amount
Oil to Gas Works 39,147,235.65 14,815,695.82 24,331,539.83 39,147,235.65 14,815,695.82 24,331,539.83
Heat and power projects of recycling economy 9,747,037.59 - 9,747,037.59 9,658,977.88 - 9,658,977.88
Equipment Improvement Project 664,062.15 - 664,062.15 - - -
Cogeneration of heat and electricity Project 10,348,097.81 - 10,348,097.81 9,822,910.01 - 9,822,910.01
Sludge drying project 1,449,290.00 - 1,449,290.00 521,164.00 - 521,164.00
Others 4,117,369.80 226,400.00 3,890,969.80 3,068,973.26 226,400.00 2,842,573.26
Total 65,473,093.00 15,042,095.82 50,430,997.18 62,219,260.80 15,042,095.82 47,177,164.98
(2) Changes of significant projects under construction
In RMB
Transferred fixed
Projects Budget Increase of this year Other decrease
2012-12-31 assets 2013-6-30
Oil to Gas Works 74,400,000.00 39,147,235.65 - - - 39,147,235.65
Heat and power projects of recycling economy 30,000,000.00 9,658,977.88 88,059.71 - - 9,747,037.59
Equipment Improvement Project - 664,062.15 - - 664,062.15
Cogeneration of heat and electricity Project 9,822,910.01 525,187.80 - - 10,348,097.81
Sludge drying project 521,164.00 928,126.00 - - 1,449,290.00
Others 3,068,973.26 1,048,396.54 - - 4,117,369.80
Total 62,219,260.80 3,253,832.20 - - 65,473,093.00
- 43 -
11. Intangible assets
In RMB
Increase of this Decrease of
Item 2012-12-31 year this year 2013-6-30
I. Total book original value 100,768,678.72 - - 100,768,678.72
Including: land use right 97,570,241.38 - - 97,570,241.38
Software 3,198,437.34 - - 3,198,437.34
II. Total accumulated amortization 33,182,100.66 1,704,280.68 - 34,886,381.34
Including: land use right 32,222,089.46 1,506,094.80 - 33,728,184.26
Software 960,011.20 198,185.88 - 1,158,197.08
III. Total net value of Intangible
assets 67,586,578.06 65,882,297.38
Including: land use right (Note 5) 65,348,151.92 63,842,057.12
Software 2,238,426.14 2,040,240.26
IV. Total provision for devaluation 5,115,063.71 - - 5,115,063.71
Including: land use right 5,115,063.71 - - 5,115,063.71
Software - - - -
V. Total book value of intangible
assets 62,471,514.35 60,767,233.67
Including: land use right (Note3) 60,233,088.21 58,726,993.41
Software 2,238,426.14 2,040,240.26
12. Long-term expenses to be amortized
In RMB
Increase Amortization
Item 2012-12-31 amount of this amount of 2013-6-30
year this year
Improvements expenses of fixed
45,822.68 - 24,994.08 20,828.60
assets from operating lease
13. Deferred income tax assets
In RMB
Item 2013-6-30 2012-12-31
Deferred income tax assets:
Account receivable Bad debt provision 1,105,382.04 1,105,382.04
Other provision for bad debts of accounts receivable 185,396.25 185,396.25
Provision for inventory devaluation - -
Staff salary payable 728,465.50 728,465.50
Provision for devaluation of long-term equity investment 625,000.00 625,000.00
Other 138,303.09 138,303.09
Total 2,782,546.88 2,782,546.88
- 44 -
14. Other non-current assets
In RMB
Item 2013-6-30 2012-12-31
Project of LNG (Note) 22,309,256.78 22,309,256.78
Account of projects paid in advance - 7,868.70
Total 22,309,256.78 22,317,125.48
Note: the project was jointly constructed by Weimei Power Company and Guangdong Dapeng Liquid Natural Gas Co.,
Ltd.(hereinafter referred to as Dapeng LNG). According to the contract signed between the two parties, before the project involved
by this construction acquired approval from the relevant national authorities, the ownership belongs to both parties. After such
approval, Dapeng LNG will acquire LNG project. Thus, Weimei Power Company recorded it under the item of “other non-current
assets”.
15. Details of assets depreciation reserves
In RMB
Increase Decrease this year
Item 2012-12-31 this year Carry-back Write-off 2013-6-30
I. Bad debt provision 34,575,394.07 - - - 34,575,394.07
II. Provision for inventory 86,386,572.72 - - - 86,386,572.72
III. Impairment for long-term
equity investment 2,500,000.00 - - - 2,500,000.00
IV. Impairment for fixed
assets 53,917,272.66 - - - 53,917,272.66
V. Impairment for
construction in progress 15,042,095.82 - - - 15,042,095.82
VI. Impairment for intangible
assets 5,115,063.71 - - - 5,115,063.71
16. Short-term loan
In RMB
Item 2013-6-30 2012-12-31
Guarantee loans 751,361,552.86 1,181,361,552.86
Credit loans 2,210,000,000.00 2,029,000,000.00
Total 2,961,361,552.86 3,210,361,552.86
17. Note payable
In RMB
Classification 2013-6-30 2012-12-31
Bank acceptance 20,000,000.00 29,670,000.00
18. Account payable
(1)Details of account payable:
In RMB
Item 2013-6-30 2012-12-31
Guangdong Trade Branch of CNOOC Gas & Power Group 429,996,107.09 25,632,232.08
Guangzhou Dongli Gas Co., Ltd. 1,866,398.23 17,685,792.63
- 45 -
Guangdong Guoyu Energy Co., Ltd. 63,942,719.90 11,091,881.96
Guangzhou Yuanheng Energy Co., Ltd. 5,391,082.80 3,103,128.33
Guangdong Yifeng Nature Gas Co., Ltd. 3,442,364.15 -
Zhanjiang Hengyuan Transport Co., Ltd 3,351,175.50 -
Guangdong Chengjiu Energy Co., ltd. 3,290,818.14 -
China Petroleum Zhongtai Logistic (Zhuhai) Co., Ltd. - 2,866,944.42
Zhongshan Bailing Trade Co., Ltd. - 2,823,942.48
Shenzhen Xishun Industrial Development Co., Ltd - 1,426,651.34
Shenyang Electric Power Design Institution - 1,000,000.00
Shenzhen Nangang Power Project Co., Ltd - 761,052.00
Other 4,360,304.29 4,578,824.67
Total 515,640,970.10 70,970,449.91
(2)There is no fund of shareholders with 5% (including 5%) or more of the voting shares in the
company in the balances of accounts payable in the report period.
19. Account received in advance
(1) Details of account received in advance:
In RMB
Item 2013-6-30 2012-12-31
Transfer amount for unit capacity received in advance 14,586,000.00 14,586,000.00
Wuhan Poewr Gas Turbine Installation Co., Ltd. 1,000,000.00 -
Hubei First Electric Power Construction Engineering Company 1,076,200.00 -
Xiamen Xindi Group Co., Ltd. 230,000.00 -
Bid bond 141,500.00 -
Account for materials received in advance 25,155.00 -
Total 17,058,855.00 14,586,000.00
(2) There is no advance fund of shareholders with 5% (including 5%) or more of the voting shares in the company in the balances
of advance payment in the report period.
(3)The age of balance of RMB14, 586,000.00 received in advance from Shenzhen Energy Corporation Co., Ltd. (Energy
Corporation) exceeded 1 year. Since the relevant project had not obtained approval from the NDRC, no income was carried forward
at the end of the Period. The foresaid account has not been carried forward as income till the date the Statement was approved for
disclosure.
20. Remuneration payable
In RMB
Increase this Decrease this
Item 2012-12-31 2013-6-30
year year
I. wages, bonuses, allowances and
27,236,720.68 43,418,954.65 43,924,489.74 26,731,185.59
subsidies
II. Welfare for employee - 18,440.00 18,440.00 -
III. Social insurance 756,778.01 9,484,229.84 9,578,714.42 662,293.43
Including: Medical insurance 147,184.88 2,539,240.97 2,566,495.75 119,930.10
Endowment insurance 462,756.49 6,559,337.59 6,619,841.62 402,252.46
Unemployment insurance 49,259.22 141,218.09 150,973.06 39,504.24
Work injury insurance 94,509.59 221,692.53 220,628.30 95,573.82
Maternity insurance 3,067.83 22,740.66 20,775.68 5,032.81
IV. Housing provident fund 586,773.82 3,803,805.94 3,729,194.65 661,385.11
V. Union funds and staff education
1,473,688.63 934,640.58 888,751.60 1,519,577.61
expenses
- 46 -
VI. Non-monetary welfare 14,516.89 - - 14,516.89
VII. Compensation for labor
- - - -
contract termination
VIII. Enterprise annuities 5,339,930.39 - 2,127,122.20 3,212,808.19
IX. Other 22,923.83 - - 22,923.83
Total 35,431,332.25 57,660,071.01 60,266,712.61 32,824,690.65
There is no fund in arrears in remuneration payable
21. Taxes payable
In RMB
Item 2013-6-30 2012-12-31
VAT - 167,735.99
Business tax 2,081,704.97 2,143,160.85
Enterprise income tax -6,660,257.69 -5,346,413.09
Individual income tax 1,030,325.21 2,202,475.60
Land-use tax of town 1,288,190.99 1,128,785.75
Real estate tax 1,540,655.23 2,247,122.42
Others 886,607.96 418,572.85
Total 167,226.67 2,961,440.37
22. Interest payable
In RMB
Item 2013-6-30 2012-12-31
Long-term loan interest of installment and interest charges 25,380.00 28,200.00
Interest payable of short-term loan 30,356,540.41 31,299,179.48
Xingzhong Group 61,242,572.99 54,905,096.34
Total 91,624,493.40 86,232,475.82
23. Other account payables
(1)Details of other account payable:
In RMB
Item 2013-6-30 2012-12-31
XINGZHONG GROUP (Note 1) 182,152,108.65 182,152,108.65
Bureau of Finance of Zhongshan Municipality(Note 2) 24,679,018.28 24,321,200.00
Temporary option contract amount 13,018,270.48 13,250,331.05
Quality guarantee deposit 6,128,530.00 8,907,601.04
Project expense 5,274,383.96 5,617,379.33
Shenzhen South Harbor Power Engineering Co., Ltd. 4,972,295.00 6,417,095.00
Gas Technology Branch of Xindi Energy Engineering Technology
Co., Ltd. 3,046,525.68 3,069,059.79
Shenzhen Eastern Engineering Co., Ltd. 2,986,485.80 2,311,894.16
Guangdong Industrial Equipment Installment Co., Ltd. 1,416,349.41 1,416,349.41
Wuxi ShijiaThermal Equipment Co., Ltd. 1,088,000.00 1,088,000.00
Shenzhen Hengfulin Construction Decoration Design Engineering
Co., Ltd. 800,643.46 800,643.46
- 47 -
Grants for Board of Directors 549,719.25 1,089,168.75
Land use charge of Tangxia Village 507,465.00 1,014,930.00
Housing reform fund - 1,202,934.95
Dongguan Weimei Ceramics Industry Park Co., Ltd. (“Weimei
Ceramics Company”) - 36,334,698.30
Hangzhou Boiler Plant Engineering Materials Co., Ltd. - 633,589.74
Guangdong Trade Branch of CNOOC Gas & Power Group - 438,720.00
Nanjing Nangang Power Equipment Installation Co., Ltd. - 186,964.10
Other 14,138,907.37 12,775,061.58
Total 260,758,702.34 303,027,729.31
Note 1: represented the amounts borrowed by Shenzhong Development Company from Xingzhong Group with the land use right and
fixed assets owned by it as the pledge.
Note 2: represented the amounts borrowed by Shenzhong Development Company from the
Bureau of Finance of Zhongshan Municipality
24． Long-term borrowing
(1) Classification of long-term borrowing
In RMB
Item 2013-6-30 2012-12-31
Guarantee loan 16,000,000.00 16,000,000.00
(2) Details long-term borrowing
In RMB
Ending
Commencement
date of Balance dated 30 June 2013
date of loan
loan
Credit units Currency Rate (%)
Amount of
foreign RMB amount
currency
Shenzhen Jingtian
Sub-branch of China 2009-11-6 2017-9-20 RMB 6.34 - 16,000,000.00
Merchants Bank
25. Other non-current liabilities
In RMB
Item 2013-6-30 2012-12-31
Treasury subsidies for sludge drying 4,483,750.00 4,611,250.00
Support fund of recycling economy for sludge drying 1,607,291.60 1,651,041.62
Subsidy for project of low-nitrogen transformation for welcoming
34,478,795.17 35,755,787.59
the Universiade (Note)
Support fund of enterprise informationalization 484,313.72 514,901.96
Subsidy for energy-saving technology reform 1,482,484.47 1,482,484.47
Total 42,536,634.96 44,015,465.64
26. Share capital
In RMB
Item Amount at Changes in this year Amount at
- 48 -
year-begin Bonus shares Other Subtotal period-end
Jan.-June of 2013
I. Restricted shares
1.state-owned shares - - - - -
2. shares held by
state-owned companies - - - - -
3. shares held by other
domestic investors 18,263.00 - - - 18,263.00
4. shares held by foreign
investors - - - - -
Total restricted shares 18,263.00 - - - 18,263.00
II. Unrestricted shares
1. RMB common shares 338,894,012.00 - - - 338,894,012.00
2. Domestically listed
foreign shares 263,850,321.00 - - - 263,850,321.00
3. Overseas listed foreign
shares - - - - -
4.other - - - - -
Total unrestricted shares 602,744,333.00 - - - 602,744,333.00
III. Total shares 602,762,596.00 - - - 602,762,596.00
2012:
I. Restricted shares
1.state-owned shares - - - - -
2. shares held by
state-owned companies - - - - -
3. shares held by other
domestic investors 18,263.00 - - - 18,263.00
4. shares held by foreign
investors - - - - -
Total restricted shares
18,263.00 - - - 18,263.00
II. Unrestricted shares
1. RMB common shares
338,894,012.00 - - - 338,894,012.00
2. Domestically listed
foreign shares 263,850,321.00 - - - 263,850,321.00
3. Overseas listed foreign
shares - - - - -
4.other - - - - -
Total unrestricted shares
602,744,333.00 - - - 602,744,333.00
III. Total shares 602,762,596.00 - - - 602,762,596.00
27. Capital reserve
In RMB
Amount at Increase in Decrease in
Item Amount at period-end
year-begin the year the year
Jan. – June of 2013 :
Capital premium 233,998,444.00 - - 233,998,444.00
Including: investors’ capital 215,487,650.42 - - 215,487,650.42
Balance caused by the acquisition of minority
18,510,793.58 - - 18,510,793.58
interests
Other capital surplus 129,635,002.84 - - 129,635,002.84
- 49 -
Including: capital surplus transferred from
129,631,483.51 - - 129,631,483.51
original system
Total 363,633,446.84 - - 363,633,446.84
2012:
Capital premium 233,998,444.00 - - 233,998,444.00
Including: investors’ capital 215,487,650.42 - - 215,487,650.42
Balance caused by the acquisition of minority
18,510,793.58 - - 18,510,793.58
interests
Other capital surplus 129,631,483.51 3,519.33 - 129,635,002.84
Including: capital surplus transferred from
129,631,483.51 - - 129,631,483.51
original system
Total 363,629,927.51 3,519.33 - 363,633,446.84
28. Surplus reserves
In RMB
Amount at year-begin Increase in the Decrease in the year
Item Amount at period-end
year
Jan. – June of 2013 :
legal surplus reserve 310,158,957.87 - - 310,158,957.87
Discretionary surplus
22,749,439.73 - - 22,749,439.73
reserve
Total 332,908,397.60 - - 332,908,397.60
2012:
legal surplus reserve 310,158,957.87 - - 310,158,957.87
Discretionary surplus
22,749,439.73 - - 22,749,439.73
reserve
Total 332,908,397.60 - - 332,908,397.60
29. Retained profit
In RMB
Item Amount
Jan. – June of 2013 :
Retained profit at year-begin 249,614,987.36
Add: net profit attributable to shareholders of parent company
-101,535,348.67
Less: withdrawal of statutory surplus reserve 0
Common Stock dividend payable 0
Retained profit at period-end 148,079,638.69
2012:
Retained profit at year-begin 454,070,630.72
Add: net profit attributable to shareholders of parent company
-204,455,643.36
Less: withdrawal of statutory surplus reserve -
Common Stock dividend payable -
Retained profit at year-end 249,614,987.36
30. Operating revenue, operating cost
(1) Operating revenue
In RMB
Item Amount occurred from Amount occurred from
- 50 -
Jan. to June of 2013 Jan. to June of 2012
Main business revenue 564,655,995.03 705,703,872.06
Other business revenue 820,939.88 138,326.50
Operating cost 911,164,225.22 1,146,829,174.36
(2) Main business (by industries)
In RMB
Amount occurred from Jan. to June of 2013 Amount occurred from Jan. to June of 2012
Industry Main business
Main business revenue Main business cost Main business cost
revenue
Energy Industry 541,342,937.69 889,160,298.08 683,890,631.19 1,131,669,875.59
Engineering labors and
510,000.00 2,408,143.85 480,000.00 2,406,341.85
services
Revenue from sludge
20,730,847.11 14,979,601.46 19,582,305.83 8,988,799.34
treatment
Other revenue 2,072,210.23 4,522,366.87 1,750,935.04 3,582,751.24
Total 564,655,995.03 911,070,410.26 705,703,872.06 1,146,647,768.02
(3) Main business (by products)
In RMB
Amount occurred from Jan. to June of 2013 Amount occurred from Jan. to June of 2012
Products Main business
Main business revenue Main business cost Main business cost
revenue
Electricity sales 540,526,165.74 888,742,410.93 680,603,743.31 1,124,608,977.96
Heat sales 816,771.95 417,887.15 3,286,887.88 7,060,897.63
Engineering labors and
510,000.00 2,408,143.85 480,000.00 2,406,341.85
services
Sludge drying 20,730,847.11 14,979,601.46 19,582,305.83 8,988,799.34
Rent and other revenue 2,072,210.23 4,522,366.87 1,750,935.04 3,582,751.24
Total 564,655,995.03 911,070,410.26 705,703,872.06 1,146,647,768.02
(4) Condition of operating revenue of top 5 clients
In RMB
Proportion in total operating
Clients Operating revenue
revenue (%)
Guangdong Power Grid Corporation 540,526,165.74 95.59
Shenzhen Water Bureau 20,730,847.11 3.67
Huiding Jiahua Materials 1,009,708.72 0.18
CCCC Fourth Harbor Engineering Co., Ltd. 758,737.85 0.13
China Tianchen Engineering Corporation 510,000.00 0.09
Total 563,535,459.42 99.66
31. Operation tax and surcharge
In RMB
Amount occurred from Jan. to June Amount occurred from Jan.
Item
of 2013 to June of 2012
Business tax 2,695,465.62 2,894,025.69
City maintenance tax 183,640.11 201,427.05
Others 144,952.00 184,406.91
Total 3,024,057.73 3,279,859.65
- 51 -
32. Management expense
In RMB
Amount occurred from Jan. to Amount occurred from Jan.
Item
June of 2013 to June of 2012
Salary 17,853,102.10 19,824,999.03
Taxes 2,056,740.26 2,826,001.66
Leasing expenses 3,141,609.97 2,944,419.08
Entertainment expense 2,154,359.11 2,711,787.14
Expenses for agency appointment 2,291,932.08 3,038,572.30
Vehicles expenses 1,921,740.43 2,258,626.27
Expenses from the Board 914,769.80 1,330,808.14
Housing funds 730,403.33 737,263.63
Depreciation expense 1,858,052.30 1,709,271.98
Amortization of intangible assets 1,416,697.32 1,317,771.72
Specific charges 426,528.00 160,942.60
Environmental expense 1,007,844.78 1,041,730.15
Sundry expenses 1,445,859.61 1,284,449.24
Expenses for enterprise culture 459,813.50 814,907.37
Property expense 473,613.00 527,452.04
Office expenses 197,282.09 294,928.94
Endowment insurance 1,743,425.34 1,450,113.30
Communication charge 612,870.23 828,359.05
Business traveling charge 244,357.26 271,201.52
Stock charge 172,268.03 356,465.00
Medical insurance 767,887.23 773,565.97
Labor union funds 350,989.14 366,562.98
Staff education funds 89,352.57 126,079.96
Long-term expense for amortized 24,994.08 24,994.08
Other 2,722,249.88 3,577,037.78
Total 45,078,741.44 50,598,310.93
33. Financial expense
In RMB
Amount occurred from Jan. to Amount occurred from Jan.
Item
June of 2013 to June of 2012
Interest expenditure 116,589,477.12 121,414,814.44
Less : capitalized interest expenses 12,832,567.64 24,123,746.15
Less : interest income 2,750,339.44 2,619,399.23
Exchange differential -53,829.73 1,832,003.54
Other 1,052,587.97 4,796,966.47
Total 102,005,328.28 101,300,639.07
34. Non-operating revenue
(1) Details of non-operating revenue
In RMB
Amount occurred from Jan. to Amount occurred from Jan. to
Item
June of 2013 June of 2012
Government subsidy 371,954,330.36 444,190,763.42
VAT return on impor&export of natural gas (Note) 10,739,822.79 29,672,435.72
- 52 -
Revenue from disposal of scrap materials 299,145.30 227,693.16
Other 171,794.87 70,546.15
Total 383,165,093.32 474,161,438.45
Note: the RMB 10,739,822.79 for the natural gas obtained by Weimei Power Company from Guangdong Trade Branch of CNOOC
Gas & Power Group.
(2) Particulars about governmental subsidies
In RMB
Amount occurred from Jan. to Amount occurred from Jan. to
Item
June of 2013 June of 2012
Income from fuel subsidies (Note 1) 183,115,300.00 240,627,300.00
Subsidies income of fuel processing fee (Note 2) 187,360,199.68 203,429,713.40
Subsidies of low-nitrogen transformation 1,276,992.42 -
Government subsidy of informationalization 30,588.24 -
Government bond subsidy for sludge drying 171,250.02 133750.02
Total 371,954,330.36 444,190,763.42
Note 1: Pursuant to the calculation method required by the Notice on Issuance of Provisional
Collection of Gas and Fuel Processing Subsidy to Support the Peak Power Scheme of Local
Burning Machine Power Plants (SFB No.74(2010)) issued by people municipality of Shenzhen, the
Reply for Confirming the Power Generation Subsidy Scheme for Shenzhen Burning Machine
Power Plants for 2011 (SZSITIC No.207(2010)), the Notice on Continuous Collection of Gas and
Fuel Processing Subsidy to Support the Peak Power Generation Losses of Local Burning Machine
Power Plants (SZSITIC No.2062011)) and the Notice on Issuance of Provisional Rules for
Management over Power Subsidy of Shenzhen Local Fuel (Gas) Machine sets (SFB No.54(2009))
issued by people municipality of Shenzhen, the Company recognized fuel subsidy income of
RMB183,115,300 for the period from January to June of 2013.
Note 2: Pursuant to the Notice on Provisional Collection of Gas and Fuel processing fees (YFH
No.31 (2008)) issued by people municipality of Guangdong and the calculation method for subsidy
For fuel processing fees in 2011, Zhongshan Power Company and Weimei Power Company were
projected to receive fuel processing subsidy of RMB187, 360,199.68for the period from January
to June of 2013.
35. Non-operating expense
In RMB
Amount occurred from Jan. to Amount occurred from Jan. to
Item
June of 2013 June of 2012
Charitable donation 10,000.00 -
Gains and loss of disposal of fixed assets - 34,978.97
Other - 2,785.84
Total 10,000.00 37,764.81
36. Income tax expenses
In RMB
Amount occurred from Amount occurred from
Item
Jan. to June of 2013 Jan. to June of 2012
Current income tax calculated based on tax laws and relevant
regulations - 638,646.90
- 53 -
37. Calculation of basic EPS and diluted EPS
Current net profit attributable to shareholder of parent company while calculating the basic EPS:
In RMB
Item Amount in this year Amount at last year
Current net profit attributable to shareholder of
parent company -101,535,348.67 -105,739,436.64
Including: Net profit attributable to sustainable
operation -101,535,348.67 -105,739,436.64
Net profit attributable to termination of - -
operation
When calculating basic earnings per share, the denominator is the weighted average of common
shares outstanding. The calculation process is as follow:
In Share
Item Amount in this year Amount at last year
Numbers of common shares outstanding at the
beginning of year 602,762,596 602,762,596
Plus: weighted average of common shares
outstanding this year - -
Minus: the weighted number of common shares
repurchased this year - -
Weighted average of common shares outstanding
at the end of year 602,762,596 602,762,596
Earnings per share
In RMB
Item Amount in this year Amount at last year
Calculated according to the net profits attributable to shareholders of
the parent company:
Basic earnings per share -0.17 -0.18
Diluted earnings per share Not applicable Not applicable
Calculated according to the net profits of sustainable operations
attributable to shareholders of the parent company:
Basic earnings per share -0.17 -0.18
Diluted earnings per share Not applicable Not applicable
Calculated according to the net profits of discontinued operations
attributable to the shareholders of the parent company:
Basic earnings per share - -
Diluted earnings per share Not applicable Not applicable
The Company has no diluted earnings per share, as the Company has no potential common shares
with dilution.
38. Notes to item of cash flow statement
(1)Cash received related to other operation activities
In RMB
Amount occurred from Amount occurred from Jan.
Item
Jan. to June of 2013 to June of 2012
Received import tax refund of natural gas 10,739,822.79 29,672,475.10
- 54 -
Revenue of fuel subsidies 474,528,624.40 164,829,383.00
Government grant and bonus - 610,000.00
The due fixed deposit received - 3,240,000.00
Others 4,413,169.49 4,977,464.07
Total 489,681,616.68 203,329,322.17
(2) Other cash paid related to operating activities
In RMB
Amount occurred from Amount occurred from Jan.
Item
Jan. to June of 2013 to June of 2012
Discount of public facilities paid 24,680,608.20 -
Land price paid as ultra-capacity land 32,386,269.86 -
Expenses for agency appointment 2,173,007.55 4,733,572.30
Expenses from the Board 815,569.82 1,408,978.54
Leasing expenses 2,891,588.07 4,762,060.60
Entertainment expense 1,989,284.91 2,981,036.09
Vehicles expenses 1,945,279.17 2,596,721.18
Expenses for enterprise culture 402,803.50 814,907.37
Communication charge 566,882.56 948,917.97
Environmental expense 1,270,267.02 1,221,389.60
Supplementary pension 2,120,828.20 -
Land costs 1,453,650.00 1,014,930.00
Land restrict charge 438,720.00 438,720.00
Route maintenance 263,892.00 263,892.00
Account of pilot test of voltage equipment 350,000.00 -
Others 9,579,847.03 8,760,608.29
Total 83,328,497.89 29,945,733.94
(3) Cash received related to other financing activities
In RMB
Amount occurred from Amount occurred from
Item
Jan. to June of 2013 Jan. to June of 2012
Margin received - 62,536,060.00
(4) Cash paid for other financing activities
In RMB
Amount occurred from Amount occurred from
Item
Jan. to June of 2013 Jan. to June of 2012
Margin paid - 68,500,000.00
39. Supplementary information of cash flow sheet
(1) Supplementary information of cash flow sheet
In RMB
Amount occurred
Amount occurred from
Supplementary information from Jan. to June of
Jan. to June of 2013
2012
1.Operating activities cash flow transferred from net profit:
Net profit -113,738,115.14 -123,190,915.55
Add: provision for assets devaluation - -
- 55 -
Fixed assets depreciation 70,045,211.41 93,966,107.59
Intangible assets amortization 1,704,280.68 1,672,145.58
Amortization of long-term prepaid accounts 24,994.08 24,994.08
Loss (gains) of disposal of fixed assets, intangible assets and other
-299,145.30 -
long-term assets
Loss from scrap of fixed assets - 34,978.97
Financial expense (income)) 102,005,328.28 100,745,117.85
Investment loss (income) - -
Decrease of deferred income tax assets (increase) - -
Decrease of inventory (increase) -62,105,802.36 21,127,319.80
Decrease of operating accounts receivable (increase) 77,776,353.43 -133,665,409.80
Decrease of operating accounts payable (increase) 430,017,209.16 161,013,919.21
Others - -
Net cash flow from operation activities 505,430,314.24 121,728,257.73
2.Significant investment and financing activities un-related to
income and expense of cash:
Debts transferring to assets - -
Convertible bonds due within 1 year - -
Fixed assets financed by leasing - -
3. Net change of cash and cash equivalent:
Period-end balance of cash and cash equivalent 617,857,047.62 639,917,387.45
Less: year-begin balance of cash and cash equivalent 526,852,121.41 629,318,992.12
Net increase amount of cash and cash equivalent 91,004,926.21 10,598,395.33
(2) Constitution of cash and cash equivalent
In RMB
Item 2013-6-30 2012-6-30
I. Cash
Including: inventory cash 248,607.75 234,509.70
Bank deposit which can be used for payment at any time 616,975,538.01 638,990,115.51
Other currency capital which can be used for payment at any time 632,901.86 692,762.23
II. Year-end balance of cash and cash equivalent 617,857,047.62 639,917,387.45
- 56 -
(VI)Related party and related transaction
1. Parent company of the Company
Share holding proportion of any shareholder of the Company didn't reach 50%, and couldn't form
a holding relationship of the Company through any methods. The Company has no parent
company.
2. Subsidiaries of the Company
Detail of subsidiaries sees in Note (IV).
3. Other related parties of the Company
Other related parties name Relationship between the Company Organization code
Shareholders have major influence on
Energy Group the Company 19218918-5
Minority shareholders of the
Xingzhong Group subsidiaries 733112675
Energy Holding Subsidiary of Energy Group 19224115-8
Directors of the Company and other senior executives Key management staff Not applicable
4. Related Transactions
(1) Lending money of related party
Jan.-June of 2013:
In RMB
Amount of Commencement Balance dated 30
Related parties Maturity Date
lending money date June 2013 Note
Borrowing
Xingzhong
Group 125,316,816.85 2012.01.01 2013.12.31 125,316,816.85 Renewal
Xingzhong
Group 23,750,000.00 2012.01.01 2013.12.31 23,750,000.00 Renewal
Xingzhong
Group 16,250,000.00 2012.01.01 2013.12.31 16,250,000.00 Renewal
Xingzhong
Group 14,335,291.80 2012.01.01 2013.12.31 14,335,291.80 Renewal
Xingzhong
Group 2,500,000.00 2012.01.01 2013.12.31 2,500,000.00 Renewal
Last year:
In RMB
Amount of Commencement Balance at end of
Related parties Maturity Date
lending money date 2012 Note
Borrowing
Xingzhong
Group 125,316,816.85 2011.01.01 2011.12.31 125,316,816.85 Renewal
Xingzhong
Group 23,750,000.00 2011.01.01 2011.12.31 23,750,000.00 Renewal
Xingzhong
Group 16,250,000.00 2011.01.01 2011.12.31 16,250,000.00 Renewal
Xingzhong
Group 14,335,291.80 2011.01.01 2011.12.31 14,335,291.80 Renewal
Xingzhong
Group 2,500,000.00 2011.01.01 2011.12.31 2,500,000.00 Renewal
Weimei
Ceramics 35,785,979.94 2011.07.16 2012.07.16 35,785,979.94
- 57 -
Company
(2) Fund occupation expenses
In RMB
Amount occurred from Jan. Amount occurred from
to June of 2013 Jan. to June of 2012
Price Proportion Proportion
Transaction Transaction
Related parties setting in amount in amount
type content
principal Amount of similar Amount of similar
transaction transaction
(%) (%)
Fund Note
Xingzhong
occupation Interest
Group
expenses expenses 6,337,476.65 100.00 6,040,973.48 84%
Weimei Fund Note
Ceramics occupation Interest
Company expenses expenses - - 1,186,822.14 16%
Note: payment for the use of state funds is calculated according to loan rate of current capital of
peer banks.
(3) Account payable/receivable from related parties
Account payable to related parties
In RMB
Item Related parties 2013-6-30 Balance at year-begin
Other account
payables Xingzhong Group 182,152,108.65 182,152,108.65
Weimei Ceramics Company - 36,334,698.30
Account received in
advance Energy Holding 14,586,000.00 14,586,000.00
Interest payable Xingzhong Group 61,242,572.99 54,905,096.34
(VII) Contingency
In March 2008, the Company and Jierun Company entered into a Contract Confirmation (hereafter
referred to as “the Confirmation”) with contract numbers of 165723967102.11 and
165723968102.11.
The first confirmation is valid from March 3rd, 2008 to December 31st, 2008, constituted by three
options contracts. When the floating price (that is, the arithmetic average of the closing settlement
prices of light crude future contracts of New York Mercantile Exchange at that month within every
decision validity) is higher than 63.50 U.S. dollars / barrel, the Company will receive 300,000 U.S.
dollars of income per month (200,000 barrels × 1.50 U.S. dollars / barrel); When the floating price
is 62.00-63.50 U.S. dollars / barrel, the Company will obtain the income of (the floating price
-62.00 USD / barrel) × 200,000 barrels per month; when the floating price is less than 62.00 U.S.
dollars / barrel, the company will pay Jierun Company an amount equivalent to (62.00 U.S. dollars /
barrel - the floating price) × 400,000 barrels per month.
- 58 -
The second confirmation is valid from January 1st, 2009 to October 31st, 2010, constituted by three
options contracts, Jierun Company has a right to choose whether to implement before 18:00 on
December 30th, 2009. When the floating price is higher than 66.50 U.S. dollars / barrel, the Company
will receive 340,000 U.S. dollars of income per month (200,000 barrels × 1.70 U.S. dollars / barrel);
when the floating price is 64.80-66.50 U.S. dollars / barrel, the Company will receive a monthly
income of (the floating price -64.80 U.S. dollars / barrel) × 200,000 barrels; when the floating price
is lower than 64.50 U.S. dollars / barrel, the Company will pay Jierun Company an amount
equivalent to (64.50 U.S. dollars / barrel – the floating price) × 400,000 barrels.
From Apr.2008 to Oct.2008, based on the above confirmations, Jierun Company pays to the
Company with US$ 2.10 million (equivalent to RMB 14,352,083.46), the Company includes it into
"other payables" item after receives this payment.
On November 6th, 2008, Jierun Company writes to the Company. They deems that the Company
intends to not perform transaction in the notice issued by the Company on October 21st ,2008 and the
statement of the meeting held by the Company on October 29th ,2008, which has constituted a breach
of contract, and Jierun Company announces the termination of the transaction. The Company replies
Jierun Company that the company has never made any statement not intend to continue to perform
transactions, and deems that Jierun Company's unilateral termination of the contract and refuse of
paying the A/C payable under the first confirmation as of October, 2008 has constituted a breach of
contract, so the Company announces the termination of the transaction. Although both sides
terminate the transaction confirmation for different reasons, there are no differences about the
termination reality of confirmation and transactions. After the transaction terminated, Jierun
Company sends a letter to request the Company to compensate for the transaction termination loss,
while sends another letter to express the hope to resolve the disputes by the commercial way. The
company replies Jierun Company that the Company does not accept claims for loss compensations,
while sends a separate letter to agree to peace talks. Then both sides do several rounds of
consultations and negotiations, but no agreement has reached. On November 27th, 2009, the
Company receives a letter of Allen & Overy LLP, which describes above matters and requires the
Company to compensate Jierun with a total of US$79,962,943.00 and the interests of
US$3,736,958.66 as of November 27th, 2009. The Company replies on January 25th, 2010, which
shows that the Company did not accept claims for loss compensation.
On March 31 2011, Jierun Company sent another letter to the Company which claimed that they are
willing to coordinate with the Company continuously as for USD 79,962,943.00 we owed them and
interests from the day of Nov. 6 of 2008, and invited the Company to raise up suggestion on this
matter, meanwhile Jierun Company stressed to remain all the rights on this matter. The Company
replied them with a letter on Apr. 6 of 2011 which showed we didn’t accept requirements from Jierun
Company about compensation for loss, and agreed to answer their invitation and negotiate based on
equality without influence on rights of both parties.
On 6 February 2012, Jierun sent letter to the Company again, requiring the Company to pay the
arrears of USD83, 699,901.66 and the related interests. The Company replied on 10 February 2012
to deny the loss compensation requirements of Jierun and require Jierun to pay the Company the
amount payables of USD300, 000.00 under the confirmation latter No. 165723967102.11 arising in
October 2008 and the interests accrued since 7 November 2008. And the Company agreed to be
invited by Jierun for further negotiation in connection with this dispute provided that interests of
both parties were not influenced. If the negotiation doesn’t succeed, in the judgment of the
management of the Company, it is possible to solve this dispute through justice channel.
In 2013, the board of directors of the Company believes that:
(1)Two confirmation letters and transaction have been terminated by both parties;
- 59 -
(2)Various uncertainties still exist during the process of this issue, so it is not possible to make
estimation for the potential solution approaches and results;
(3)Since the final results cannot be estimated reasonably and reliably currently, projected liabilities
shall not be recognized in the financial statements for the first half of 2013.
The Board of Directors of the Company will promptly review the relevant accounting operation
according to the progress of the above matters.
(VIII) Commitment
1. Capitalization commitment
In RMB
Item 2013-6-30 2012-12-31
Signed capital expenditure commitment which was still not
recognized in financial statements
-Construction commitment of long-term assets 408,083.64 1,270,920.99
-External investment commitment - 8,000,000.00
Total 408,083.64 9,270,920.99
2. Commitment on operating lease
Till the balance sheet day, the condition of irrevocable operating lease contract the Group externally
signed is as follow:
In RMB
Item 2013-6-30 2012-12-31
Minimum lease payments of irrevocable operating lease:
The first year after balance sheet day 3,346,786.63 3,515,510.00
The second year after balance sheet day 3,250,646.50 1,400,586.63
The third year after balance sheet day 1,427,596.50 1,427,596.50
Subsequent years 63,846,397.05 65,009,429.93
Total 71,871,426.67 71,353,123.06
- 60 -
(IX) Segment report
According to the internal organization structural, management requirements and internal reporting systems of the Company, the operation business of the group is classified into 5 reporting segments, i.e. power
and heat supply, fuel trade, sludge drying, real estate development and other relevant business. Management of the Company regularly evaluates the operation results of the reporting segments, so as to decide
to distribute resources to them and evaluate their achievements.
The segment report information is disclosed according to the accounting policies and measuring standards adopted by all segments when reporting to the management and such measuring bases are kept
consistent with the accounting and measuring bases upon preparation of the financial statements.
In RMB
Power and heat supply Fuel trade Real estate development Sludge drying Construction labor Inter-segment offset Total
Item
Jan.-June Jan.-June Jan.-June Jan.-June Jan.-June Jan.-June Jan.-June Jan.-June Jan.-June Jan.-June Jan.-June Jan.-June Jan.-June Jan.-June
2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
Business
revenue
Foreign
trade 541,723,41 683,303,929 2,512,675 2,475,963 20,730,84 19,582,30 510,000.0 480,000.0 565,476,93 705,842,198
revenue 1.81 .65 .99 .08 - - 7.11 5.83 0 0 - - 4.91 .56
Inter-seg
ment trade 12,059,576. 8,717,583.5 -12,059,57 -8,717,583
income 53 7 - - - - - - 6.53 .57 - -
Total
segment
business 553,782,98 692,021,513 2,512,675 2,475,963 20,730,84 19,582,30 510,000.0 480,000.0 -12,059,57 -8,717,583 565,476,93 705,842,198
income 8.34 .22 .99 .08 - - 7.11 5.83 0 0 6.53 .57 4.91 .56
Segment 905,260,57 1,141,130,6 4,931,786 4,868,613 15,741,50 13,406,99 2,603,236 2,667,335 -13,365,26 -11,454,37 915,171,83 1,150,619,1
expenses 6.23 21.07 .47 .25 - - 1.53 2.63 .96 .56 7.64 1.66 3.55 90.85
Managem
ent 34,894,061. 38,800,099. 4,757,335 4,180,157 1,906,806. 3,244,846 1,814,229. 2,401,269. 1,820,548 1,971,939 45,192,981. 50,598,310.
expense 16 17 .47 .09 84 .29 85 26 .22 .12 - - 54 93
Financial 91,499,050. 104,270,482 -1,276,46 -1,060,07 13,599,331 802,852.9 1,837,606. 1,531,684. -3,502,15 -4,292,48 -152,042.9 102,005,32 101,300,639
expense 82 .65 2.48 8.78 .97 5 87 43 5.98 4.79 2 48,182.61 8.28 .07
Investmen
t
income - - - - - - - - - - - - - -
Operatin -477,870,69 -592,179,68 -5,899,98 -5,512,72 -15,506,13 -4,047,69 1,337,508. 2,242,359. -411,629. 133,210.1 1,457,734. 2,688,605. -496,893,20 -596,675,94
g profit 9.87 9.67 3.47 8.48 8.81 9.24 86 51 20 1 03 48 8.46 2.29
- 61 -
Non-opera
ting 382,582,90 473,729,449 284,939.3 171,250.0 133,750.0 383,165,09 474,161,438
income 3.13 .12 13,300.00 410,940.17 1 2 2 - - - - 3.32 .45
Non-opera
ting
expenses 10,000.00 18,598.81 19,166.00 - - - - - - - - 10,000.00 37,764.81
Total -95,297,796 -118,468,83 -5,899,98 -5,518,59 -15,095,19 -3,762,75 1,508,758. 2,376,109. -411,629. 133,210.1 1,457,734. 2,688,605. -113,738,11 -122,552,26
profit .74 9.36 3.47 4.48 8.64 9.93 88 53 20 1 03 48 5.14 8.65
Income
tax - 593,707.44 - - - - - - 44,939.46 - - - 638,646.90
-95,297,796 -119,062,54 -5,899,98 -5,518,59 -15,095,19 -3,762,75 1,508,758. 2,376,109. -411,629. 1,457,734. 2,688,605. -113,738,11 -123,190,91
Net profit
.74 6.80 3.47 4.48 8.64 9.93 88 53 20 88,270.65 03 48 5.14 5.55
- 62 -
(X). Note to items of parent company’s financial statements
1. Accounts receivable
(1) Accounts receivable classifying according to the category:
In RMB
2013-6-30 2012-12-31
Bad debt Bad debt
Book Balance provision Book Balance provision
Propor Am Propor Propor Am Propor
Amou tion oun tion Amou tion oun tion
Category nt (%) t (%) nt (%) t (%)
Account receivable with individual major amount and withdrawal
bad debt provision independently - - - - - - - -
Accounts receivable with minor amount and accounts receivable 639,65 589,56
with major amount found no devaluation after individual 8,493. 9,090.
devaluation test 43 100 - - 03 100 - -
Account receivable with individual minor amount but withdrawal
bad debt provision independently - - - - - - - -
639,65 589,56
8,493. 9,090.
Total 43 100 - - 03 100 - -
Accounts receivable classifying according to the account age:
In RMB
2013-6-30 2012-12-31
Proportion Bad debt Proportion Bad debt
Age Amount (%) provision Book value Amount (%) provision Book value
Within 1 399,520,365 399,520,365 397,683,293 397,683,293
year .81 62.46 - .81 .41 67.45 - .41
240,097,300 240,097,300 191,882,907 191,882,907
1-2years
.00 37.54 - .00 .62 32.55 - .62
2-3years 37,938.62 0.01 - 37,938.62 - - - -
Above 3
2,889.00
years - - 2,889.00 2,889.00 - - 2,889.00
639,658,493 639,658,493 589,569,090 589,569,090
Total .43 100.00 - .43 .03 100.00 - .03
(2) No account receivable with minor individual amount but withdrawal bad debt provision
independently at year-end.
(3）Balance of account receivables excludes the debts of the shareholders who hold over 5% (including
5%) of voting share of our company in this reporting period.
(4) Particulars about top 5 units owing accounts receivable
In RMB
Proportion in total account receivable
Company name Relationship Amount Terms
(%)
Bureau of Finance of Shenzhen Government 558,409,507.6 Within 1
87.30
Municipality division 2 year
Within 1
Guangdong Power Grid Corporation Non-related clients 80,836,120.71 12.64
year
Within 1
Shenzhen University Non-related clients 281,204.00 0.04
year
63 - -
Shenzhen Nanshan Meat Processing Within 1
Non-related clients 90,677.40 0.01
Factory year
Within 1
Guangdong Xin An Pollytechnic Non-related clients 17,708.00 0.00
year
639,635,217.7
Total 100.00
3
2. Other accounts receivable
(1) Other accounts receivable classifying according to the category:
In RMB
2013-6-30 2012-12-31
Bad debt Bad debt
Book Balance provision Book Balance provision
Propo Propo Propo Propo
Amoun rtion Amou rtion Amoun rtion Amou rtion
Category t (%) nt (%) t (%) nt (%)
22,67 22,67
Account receivable with individual major amount and
22,677, 7,404. 22,677, 7,404.
withdrawal bad debt provision independently
404.46 1.48 46 87.83 404.46 1.6 46 100
Accounts receivable with minor amount and accounts 1,502,3 1,389,6
receivable with major amount found no devaluation after 35,869. 01,552.
individual devaluation test 01 98.17 - - 60 98.02 - -
3,140, 3,140,
Account receivable with individual minor amount but 5,362,3 957.2 5,362,3 957.2
withdrawal bad debt provision independently 30.44 0.35 5 12.17 30.44 0.38 5 58.57
1,530,3 25,81 1,417,6 25,81
75,603. 100.0 8,361. 100.0 41,287. 100.0 8,361.
Total 91 0 71 0 50 0 71 1.82
Other accounts receivable classifying according to the account age:
In RMB
2013-6-30 2012-12-31
Account Proportion Bad debt Proportion Bad debt
age Amount (%) provision Book value Amount (%) provision Book value
Within 1 560,967,828. 560,967,828. 448,233,511. 448,233,511.
year 19 36.66 - 19 78 31.62 - 78
253,063,347. 253,063,347. 253,063,347. 253,063,347.
1-2years
15 16.54 - 15 15 17.85 - 15
43,771,156.4 43,771,156.4 43,771,156.4 43,771,156.4
2-3years
0 2.86 - 0 0 3.09 - 0
Above 3 672,573,272. 646,754,910. 672,573,272. 646,754,910.
years 17 43.95 25,818,361.71 46 17 47.44 25,818,361.71 46
1,530,375,60 1,504,557,24 1,417,641,28 1,391,822,92
Total 3.91 100.00 25,818,361.71 2.20 7.50 100.00 25,818,361.71 5.79
(2) Other account receivable with individual minor amount but withdrawal bad debt provision
independently:
In RMB
Amount of accruing
Accruing
Other accounts receivable Book Balance provision for bad Reason
proportion
debts
Deposit receivable 3,278,632.28 1,404,953.09 45% Unrecovered for overdue
Dormitory amount receivable 2,083,698.16 1,736,004.16 55% Unrecovered for overdue
Total 5,362,330.44 3,140,957.25 59%
64 - -
(3) Balance of other account receivables excludes the debts of the shareholders who hold over 5%
(including 5%) of voting share of our company in this reporting period.
(4) Particulars about top 5 units owing other accounts receivable
In RMB
Relationship with the Total proportion in accounts
Units Amount Age limit
Company receivable (%)
Subsidiary of the 755,155,885. Within 1 year and over
Shenzhong Development Co. 49.34
Company 26 3 years
Subsidiary of the 551,275,129. Within 1 year and over
Zhongshan Power Company 36.02
Company 37 3 years
Zhongshan Real Estate Subsidiary of the 84,750,000.0
Within 1 year 5.54
Property Co., Ltd. Company 0
Subsidiary of the 83,250,522.0 Within 1 year and over
Dongguan Weimei Company 5.44
Company 9 3 years
Subsidiary of the 21,814,864.3
Shennandian Environment Co., Within 1 year 1.43
Company 3
1,496,246,40
Total 97.77
1.05
65 - -
3. Long-term equity investment
Long-term equity investment:
In RMB
Reason
for
difference
Equity Voting
between Accrued
holding right Cash
Balance dated equity Provision provision
Calculation Investment Increase and Balance dated proportion proportion dividend
Invested units 31 December holding for for
method cost decrease 30 June 2013 in in of this
2012 proportion devaluation devaluation
invested invested year
and of this year
units (%) units (%)
voting
right
proportion
Server
Not
Petrochemical Cost 26,650,000.00 26,650,000.00 - 26,650,000.00 50 50 - - -
applicable
Supplying method
New Power Cost Not
71,270,000.00 71,270,000.00 - 71,270,000.00 75 75 - - -
Company method applicable
Zhongshan
Not
Power Cost 410,740,000.00 410,740,000.00 - 410,740,000.00 55 55 - - -
applicable
Company method
Engineering Cost Not
6,000,000.00 6,000,000.00 - 6,000,000.00 60 60 - - -
Co., method applicable
Weimei
Not
Power Cost 115,319,049.76 115,319,049.76 - 115,319,049.76 40 40 - - -
applicable
Company method
Shennan Cost Not
6,703,800.00 6,703,800.00 - 6,703,800.00 100 100 - - -
Singapore method applicable
Environment Cost Not
55,300,000.00 55,300,000.00 - 55,300,000.00 70 70 - - -
Co., method applicable
Shenzhong
Not
Development Cost - - - - 75 75 - - -
applicable
Co. method
Shenzhong
Not
Property Cost - - - - 75 75 - - -
applicable
Investment method
Jiangxi
Not
Nuclear Cost 49,315,000.00 49,315,000.00 8,000,000.00 57,315,000.00 5 5 - - -
applicable
Power Co method
66 - -
Total 741,297,849.76 741,297,849.76 8,000,000.00 749,297,849.76 - - -
Less:
devaluation - - -
provision
Net amount
of long-term
741,297,849.76 8,000,000.00 749,297,849.76
equity
investment
67 - -
4. Fixed assets
In RMB
Book Balance dated Increased in this Decreased in Book Balance dated
Item 31 Dec. 2012 year this year 30 June 2013
I. Original book value Total : 1,454,388,719.03 620,575.43 - 1,455,009,294.46
Including: Houses and buildings 101,120,907.32 - - 101,120,907.32
Machinery equipment 1,298,400,992.42 504,746.37 - 1,298,905,738.79
Transportation tools 16,349,068.89 - - 16,349,068.89
Other equipment 38,517,750.40 115,829.06 - 38,633,579.46
II. Total accumulated depreciation 1,162,289,544.55 6,209,120.73 - 1,168,498,665.28
Including: Houses and buildings 54,832,100.48 2,020,634.66 - 56,852,735.14
Machinery equipment 1,059,871,276.50 3,881,499.08 - 1,063,752,775.58
Transportation tools 14,879,173.99 43,380.00 - 14,922,553.99
Other equipment 32,706,993.58 263,606.99 - 32,970,600.57
III. Total net book value of fixed assets 292,099,174.48 286,510,629.18
Including: Houses and buildings 46,288,806.84 44,268,172.18
Machinery equipment 238,529,715.92 235,152,963.21
Transportation tools 1,469,894.90 1,426,514.90
Other equipment 5,810,756.82 5,662,978.89
IV. Depreciation reserve Total 13,089,737.80 - - 13,089,737.80
Including: Houses and buildings - - - -
Machinery equipment 13,089,737.80 - - 13,089,737.80
Transportation tools - - - -
Other equipment - - - -
V. Total book value of fixed assets 279,009,436.68 273,420,891.38
Including: Houses and buildings 46,288,806.84 44,268,172.18
Machinery equipment 225,439,978.12 222,063,225.41
Transportation tools 1,469,894.90 1,426,514.90
Other equipment 5,810,756.82 5,662,978.89
5. Operating revenue and operating cost
(1) Operating revenue
In RMB
68 - -
Amount occurred from Amount occurred from
Item
Jan. to June of 2013 Jan. to June of 2012
Main business revenue 132,378,837.12 336,421,818.94
Other business revenue 11,806,253.39 8,048,366.37
Operating cost 323,163,492.48 533,917,664.37
(2) Main business (by industry)
In RMB
Amount occurred from Jan. to June of
2013 Amount occurred from Jan. to June of 2012
Main operating Main operating
Main operating cost Main operating cost
Industry revenue revenue
Energy Industry 132,378,837.12 323,069,677.52 336,421,818.94 529,483,326.41
(3) Main business (by products)
In RMB
Amount occurred from Jan. to June of
2013 Amount occurred from Jan. to June of 2012
Main operating Main operating
Main operating cost Main operating cost
Products revenue revenue
Electricity sales 131,562,065.17 322,651,790.37 333,283,480.20 525,796,231.87
Heat sales 816,771.95 417,887.15 3,138,338.74 3,687,094.54
Total 132,378,837.12 323,069,677.52 336,421,818.94 529,483,326.41
(4) Main business (by areas)
In RMB
Amount occurred from Jan. to June of
2013 Amount occurred from Jan. to June of 2012
Main operating Main operating Main operating
Main operating cost
Areas revenue cost revenue
Domestic 132,378,837.12 323,069,677.52 336,421,818.94 529,483,326.41
(5) Operating income of top 5 clients
In RMB
Proportion in total operating
Clients Operating revenue
revenue (%)
69 - -
Guangdong Power Grid Corporation 131,562,065.17 91.25
New Power Company 7,023,037.20 4.87
Shennandian Environment Co., 4,545,023.57 3.15
Shenzhen University 699,352.50 0.49
Zhongcai Energy Management Service Co., Ltd. 63,332.50 0.04
Total 143,892,810.94 99.80
6. Supplementary information of cash flow statement
In RMB
Amount occurred from Amount occurred from
Supplementary information
Jan. to June of 2013 Jan. to June of 2012
1. Net profit transferred to cash flow of operating activities:
Net profit -43,728,542.80 20,006,178.82
Add: provision for assets devaluation - -
Fixed assets depreciation 6,209,120.73 30,158,307.74
Intangible assets amortization 663,794.16 704,963.70
Long-term accounts prepaid amortization 24,994.08 24,994.08
Financial expense (income) 68,038,686.24 25,245,086.79
Investment loss (income) - -
Decrease of inventory (Increase) -2,155,641.11 17,740,593.06
Decrease of operating accounts receivable(Increase) -136,923,004.58 305,525,100.14
Increase of operating accounts payable (Decrease) 456,708,266.61 -97,349,008.32
Other -
Net cash flow from operation activities 348,837,673.33 302,056,216.01
2. Significant investment and financing activities unrelated to
cash income and expense:
Debts transferred to assets - -
Fixed assets financed by leasing - -
3. Net changes in cash and cash equivalents:
Period-end balance of cash and cash equivalents 354,811,794.41 297,440,484.94
Less: period-begin balance of cash and cash equivalent 204,114,395.05 303,150,447.89
Amount of increase of cash and cash equivalent 150,697,399.36 -5,709,962.95
7. Related Transactions
(1) Related transaction of commodities purchase, labor service received/provided
70 - -
Statement of commodity purchased/labor service received
In RMB
Amount occurred from Jan. to Amount occurred from Jan. to
June of 2013 June of 2012
Proportion in
Related Transaction Proportion in
amount of
parties content amount of
Price setting Amount similar Amount
similar
principal and transaction
transaction (%)
strategy procedures (%)
Reference to the
Warehouse
Server market price or
and
Petrochemical based on the price 440,465.76 100.00 725,028.04 100.00
transportation
Supplying from executives
charge
department
Reference to the
market price or
New Power Fuel
based on the price 130,180,642.74 30.79 78,984,589.65 13.77
Company purchasing
from executives
department
Commodity sold/labor service provided
In RMB
Amount occurred from Jan. to Amount occurred from Jan.
June of 2013 to June of 2012
Proportion in Proportion in
Related Transaction Price setting principal
amount of amount of
parties content and strategy procedures
Amount similar Amount similar
transaction transaction
(%) (%)
Reference to the market
New Power Charge of price or based on the
851,347.20 100.00 47,293.06 100.00
Company flue gas used price from executives
department
Dongguan Reference to the market
Weimei Materials price or based on the
- - 16,028.35 100.00
Power lease price from executives
Company department
Reference to the market
Sales of
Environment price or based on the
cooling 2,309,109.86 100.00 3,346,931.62 100.00
Co., price from executives
water
department
71 - -
Reference to the market
Environment price or based on the
Land lease 906,000.00 100.00 906,000.00 100.00
Co., price from executives
department
LNG and
Reference to the market
using charge
Environment price or based on the
of 1,329,913.71 100.00 - -
Co., price from executives
non-standard
department
diesel
(2) Related entrusted
Statement of entrusted:
In RMB
Name of Name of Date of Due date recognized
Entrusted
consigner entrusted beginning basis of
Transaction type Asset trust income
entrusted
confirmed
income
Calculated
Power
based on the
New generation
The RMB
Power Trusteeship income unit of 2013.01.01 2013.6.30 6,171,690.00
Company 0.025kwh of
Company 2#,10# and
the generation
11#
volume
Calculated
Power
based on the
New generation
The RMB
Power Trusteeship income unit of 2012.01.01 2012.6.30 3,580,237.50
Company 0.025kwh of
Company 2#,10# and
the generation
11#
volume
Allocated
Power
based on
New generation
The generating
Power Cost-allocation unit of 2013.01.01 2013.6.30 3,576,812.95
Company capacity of
Company 2#,10# and
New Power
11#
Company
Allocated
Power
based on
New generation
The generating
Power Cost-allocation unit of 2012.01.01 2012.6.30 1,378,596.45
Company capacity of
Company 2#,10# and
New Power
11#
Company
72 - -
Allocated
Power
based on
New generation
The generating
Power Expenses-allocation unit of 2013.01.01 2013.6.30 13,405,060.31
Company capacity of
Company 2#,10# and
New Power
11#
Company
Allocated
Power
based on
New generation
The generating
Power Expenses-allocation unit of 2012.01.01 2012.6.30 5,781,962.71
Company capacity of
Company 2#,10# and
New Power
11#
Company
Notes: according to the Custody and Operation Contract Concerning the Power Generation Machine Sets of Shenzhen New
Power Industry Co., Ltd. entered into by the Company and New Power Company dated 23 December 2003, the Company
was entrusted to operate and manage the 2#, 10# and 11# machine sets assets owned by New Power Company. The scope of
the entrustment included: production plan, power scheduling, power measure and agent sales, collection of electricity fees
and safe operation and management of equipments, as well as purchase, stock and management of consumed materials and
facilities required for maintenance and repairmen, normal maintenance of power generation equipments and facilities,
organization and management of big- and middle-sized repair projects, technological innovation and updates for power
generation equipments, etc.
As for the fuels required for power production, they were purchased by New Power Company and then given to the
Company for general use. Costs were charged according to the actual fuel consumption of the machine sets owned by New
Power Company.
As for substantial repair expenses and facilities, they were purchased collectively by the Company as per the custody
contract. When occurred, those cost attributable to the relevant machine sets were charged as the machine sets costs of New
Power Company.
As for those costs that cannot be directly attributable to machine sets of New Power Company (such as utilities, depreciation
of common assets and personnel salaries, etc), they should be shared by New Power Company and the Company based on
the proportion of power generated.
The Company and New Power Company declared taxes according to the above share method
73 - -
(3) Related guarantee
In RMB
Assurance Guarantee Guarantee Guarantee due Impletion of
Guarantee received
Provider amount beginning date date guarantee or not
Weimei Power
The Company 200,000,000.00 2013.06.03 2014.06.03 No
Company
Weimei Power
The Company 100,000,000.00 2013.05.02 2014.05.02 No
Company
Weimei Power
The Company 75,000,000.00 2013.06.17 2014.05.29 No
Company
Weimei Power
The Company 131,360,000.00 2012.08.28 2013.08.28 No
Company
Weimei Power
The Company 50,000,000.00 2013.05.31 2014.05.31 No
Company
Zhongshan Power
The Company 100,000,000.00 2012.08.03 2013.08.03 No
Company
Zhongshan Power
The Company 70,000,000.00 2013.01.14 2014.01.14 No
Company
Zhongshan Power
The Company 20,000,000.00 2013.05.15 2013.08.15 No
Company
Zhongshan Power
The Company 5,000,000.00 2013.05.17 2014.05.17 No
Company
The Company Environment Co., 16,000,000.00 2009.11.03 2017.09.30 No
The Company Environment Co., 20,000,000.00 2012.09.13 2013.09.13 No
New Power
The Company 100,000,000.00 2012.12.14 2013.12.13 No
Company
New Power
The Company 100,000,000.00 2012.12.20 2013.12.20 No
Company
New Power
The Company 200,000,000.00 2012.11.26 2014.02.24 No
Company
(4) Lending money of related party
In RMB
Amount of Commencement Maturity Balance dated 30
Related parties Note
lending money date Date June 2013
Borrowing
Engineering 60,000,000.00 2012.11.21 2013.11.25 60,000,000.00
74 - -
Co.,
Engineering
4,000,000.00 2013.02.09 2014.02.09 4,000,000.00
Co.,
Engineering
9,400,000.00 2013.02.10 2014.02.10 9,400,000.00
Co.,
Engineering
25,000,000.00 2012.12.06 2013.12.05 25,000,000.00
Co.,
Server
Petrochemical 6,000,000.00 2012.07.18 2013.07.18 6,000,000.00
Supplying
Server
Petrochemical 15,000,000.00 2012.08.30 2013.08.30 15,000,000.00
Supplying
Server
Petrochemical 9,000,000.00 2013.02.10 2014.02.10 9,000,000.00
Supplying
Server
Petrochemical 5,000,000.00 2012.11.16 2013.11.15 5,000,000.00
Supplying
Weimei Power
16,500,000.00 2012.11.01 2013.11.01 16,500,000.00
Company
New Power
130,000,000.00 2012.12.07 2013.12.07 130,000,000.00
Company
New Power
80,000,000.00 2013.03.29 2014.03.29 80,000,000.00
Company
Shenzhong
Development 20,000,000.00 2012.12.31 2013.12.31 20,000,000.00
Co.
Shenzhong
Development 10,000,000.00 2013.02.10 2014.02.10 10,000,000.00
Co.
Offering
Shenzhong
Development 545,250,000.00 2012.12.31 2013.12.31 545,250,000.00
Co.
Shenzhong
Property 84,750,000.00 2013.06.24 2014.06.24 84,750,000.00
Investment
Weimei Power 71,571,959.87 2011.07.15 2013.07.15 71,571,959.87
75 - -
Company
Zhongshan
Power 55,000,000.00 2013.03.26 2014.03.26 55,000,000.00
Company
Zhongshan
Power 55,000,000.00 2013.03.28 2014.03.28 55,000,000.00
Company
Zhongshan
Power 55,000,000.00 2013.03.30 2014.03.30 55,000,000.00
Company
Zhongshan
Power 23,000,000.00 2012.09.08 2013.09.08 23,000,000.00
Company
Zhongshan
Power 100,000,000.00 2012.12.20 2013.12.20 100,000,000.00
Company
Zhongshan
Power 100,000,000.00 2013.01.11 2014.01.11 100,000,000.00
Company
Zhongshan
Power 40,000,000.00 2012.09.05 2013.09.05 40,000,000.00
Company
Zhongshan
Power 10,000,000.00 2012.09.06 2013.09.06 10,000,000.00
Company
Environment
10,000,000.00 2013.01.08 2014.01.08 10,000,000.00
Co.,
Environment
5,000,000.00 2013.06.18 2014.06.18 5,000,000.00
Co.,
(5) Fund occupation expenses
In RMB
Price
Transaction Transaction Amount occurred from Jan. Amount occurred from Jan. to
Related parties setting
type content to June of 2013 June of 2012
principal
Fund
Engineering Interest
occupation Note 3,418,234.68 2,889,935.12
Co., expenses
expenses
Server Fund Interest
Note 1,158,404.45 1,051,057.77
Company occupation expenses
76 - -
expenses
Fund
Weimei Power Interest
occupation Note 574,071.68 3,820,562.22
Company expenses
expenses
Zhongshan Fund
Interest
Power occupation Note 16,100,365.62 23,818,124.00
income
Company expenses
Fund
Weimei Power Interest
occupation Note 2,159,087.46 2,373,644.30
Company income
expenses
Shenzhong Fund
Interest
Development occupation Note 19,332,880.48 18,291,045.37
income
Co. expenses
Shenzhong Fund
Interest
Property occupation Note 108,762.50
income -
Investment expenses
Note: payment for the use of state funds is calculated according to loan rate of current capital
of peer banks.
(6) Account receivable/payable of related parties
Account receivable from related parties
In RMB
Item Related parties 2013-6-30 2012-12-31
Other accounts receivable Shenzhong Development Co. 755,155,885.26 735,826,164.78
Zhongshan Power Company 551,275,129.37 565,174,763.75
Weimei Power Company 83,250,522.09 81,102,663.74
Environment Co., 21,814,864.33 1,610,545.01
Server Petrochemical
6,279,375.00 6,279,649.17
Supplying
Shennan Singapore 212,337.56 144,340.87
Syndisome Co. 54,626.53 48,576.08
Zhongshan Real Estate Property
84,858,762.50 -
Co., Ltd.
Dividend receivable New Power Company 597,875,904.41 597,875,904.41
Engineering Co., 56,264,962.17 56,264,962.17
77 - -
Account payable to related parties
In RMB
Item Related parties 2013-6-30 2012-12-31
Account received in
Energy Holding 14,586,000.00 14,586,000.00
advance
Server Petrochemical
Account payable 106,174.17 516,000.25
Supplying
Other account payables New Power Company 692,845,612.12 618,314,078.53
Weimei Power Company 23,859,642.09 23,285,570.41
Engineering Co., 108,231,413.61 104,937,178.93
Server Petrochemical
36,586,098.25 36,543,715.07
Supplying
Syndisome Co. 1,648,814.50 1,677,095.25
(XI) Supplementary
1. Particulars about current non-recurring gains and loss
In RMB
Amount occurred Amount occurred
Item from Jan. to June of from Jan. to June of
2013 2012
Loss and gains of disposal of non-current assets
Government subsidies included in current gains and loss (excluding those
closely in accordance with corporation business and enjoyed according to 1,478,830.68 133,750.02
fixed amount under national united standard)
Gains/losses from debt reorganization - -
Impairment reversal of accounts receivable with single devaluation test - -
Import VAT refund for natural gas 10,739,822.79 29,672,435.72
Other non-operating income/expenses beside the above said items 460,940.17 260,474.50
Influence amount of income taxes - -
Influence amounts of minority shareholders (after tax) -3,334,681.88 -6,839,516.02
Total 9,344,911.76 23,227,144.22
2. Return on equity and earnings per share
In RMB
78 - -
Earnings per share
Weighted average return
Diluted earnings per
Profit in reporting period on equity (%) Basic earning s per share
share
Net profit attributable to ordinary
-6.78% -0.17 Not applicable
shareholders of the Company
Net profit attributable to ordinary
shareholders of the Company deducting -7.40% -0.18 Not applicable
non-recurring gains and loss
79 - -
