Guangdong Electric Power
Development Co., Ltd.
Semi-Annual Report 2009
August 13，20092
Important Notices
The Board of directors and directors of the Company hereby guarantees that there are
no false records, misleading representation or important omissions in this report and
shall assume joint and several liability for the authenticity, accuracy and completeness
of the contents hereof .
Director Zhong Weimin, Director Wu Bin, Director Wu Xu absented of meeting of
board, and entrusted director Li Zhuoxian, Independent director Zhang Yao,
Independent director Sha Qilin to vote on their behalves.
Chairman of the Board of Directors, Pan Li, General Manager, Lin Shizhuang ,and Financial
Deputy General Manager, Li Xiaoqing and Financial Manager ,Liu Xuemao represent and
warrant the financial and accounting report in the Semi-annual report is true and
complete.
The financial report of the semi-annual report has not been audited.3
Table of contents
I. Basic information of the Company
II.Highlights of financial data and indicators
III. Change of share Capital and Shareholding of principal shareholders
IV.Information about Directors, Supervisors and senior Executives
V.Discussion and Analysis of Management
VI.Important Events
VII.Financial Report
VIII. Documents for reference4
I. Basic Information of the Company
(I) Statutory name of the Company in Chinese:广东电力发展股份有限公司
Name in English：GUANGDONG ELECTRIC POWER DEVELOPMENT CO.,LTD.
English abbreviation：GED
(2)Stock exchange for listing：Shenzhen Stock Exchange
Stock abbreviation：Yue Dian Li A, Yue Dian Li Ｂ
Stock code：000539、200539
(3)Registered address of Company：23-26/F, South Tower, Yudian Plaza , 2 Tianhe Dong
Road, Guangzhou, Guangdong Province
Office address：23-26/F, South Tower, Yudian Plaza , 2 Tianhe Dong Road, Guangzhou,
Guangdong Province
Company’s web site：http://www.ged.com.cn
Company’s E-mail：ged@ged.com.cn
(4)Legal Representative：Pan Li
General Manager：Lin Shizhuang
(5)Secretary to the board of Directors：Liu Wei
Contact Tel：(020)87570276
E-mail：liuw@ged.com.cn
Representative of stock affairs：Liang Jiangyong
Contact Tel：（020）87570251
E-mail：ljy@ged.com.cn
Fax：（020）85138084
Address：26/F, South Tower, Yudian Plaza , 2 Tianhe Dong Road, Guangzhou, Guangdong
Province
Post code：510630
(6)For information discloosure：China Securities Daily, Securities Times and Hong
Kong Commercial Daily (overseas newspaper for English version).
Web site：http://www.cninfo.com.cn
Place where company’s periodic report is kept：Office of board affairs5
II. Highlights of financial data and indicators
(I)Highlights of financial data and indicators
Unit：RMB
Ended this report Ended previous
year Increase/Decrease（％）
Total assets 26,528,617,246.65 24,629,209,771.32 7.71%
Owners’ equity(shareholders’ equity 8,740,335,404.82 8,438,837,767.89 3.57%
Net assets per share 3.29 3.17 3.79%
In the report
period (From
January-June)
The same period
of last year
Increase/decrease（％）
Operating profit 537,808,118.75 -136,758,521.81 -
Total profit 539,104,992.94 -141,400,170.92 -
Net profit attributable to shareholders of the
parent company 378,903,882.43 -56,449,013.74 -
Net profit attributable to shareholders of the
Parent company after deducting
non-recurring gains and losses
370,950,716.11 -154,132,505.22 -
Basic earnings per share 0.142 -0.021 -
Diluted earnings per share 0.142 -0.021 -
Net return on equity(%) 4.34% -0.67% 5.01 个百分点
Net cash flow generated by Business
operation 1,656,740,224.40 -1,134,922,189.51 -
Net cash flow generated by business
operation per share 0.62 -0.43 -
Note: The amount of non-recurring gains and losses in the report period was RMB
7,953,166.32. The items involved and their amount are as follows:
Unit：（RMB）
Items of non-recurring
gains and losses Amount
Commission investment
income 7,510,199.84
Non-operating income 1,007,671.63
Non-operating expenses -564,705.15
Total 7,953,166.32
(II)Appendix table for profit statement
Return Pfrofit for the report period（RMB） on equity （%） Earnings per share（RMB）
Fully diluted Weighted av Fully diluted Weighted av
Main Operating profit 882,178,090.03 10.09 10.21 0.332 0.332
Operating profit 537,808,118.75 6.15 6.22 0.202 0.202
Net profit attributable to
shareholders of the parent
company
378,903,882.43 4.34 4.38 0.142 0.142
Net profit attributable to
shareholders of the Parent
company after deducting
370,950,716.11 4.25 4.29 0.139 0.1396
non-recurring gains and
losses
(III) Difference between items calculated pursuant to domestic and foreign accounting
standards
Unit ：（RMB’0000）
January- June
2009
June 30, 2009 December 31, 2008
Consolidated
net profit
Consolidated
shareholders' equity
Consolidated shareholders'
equity
Stated pursuant to new Chinese
accounting standards
37,890.4 874,033.5 843,883.8
Adjustment pursuant to
international accounting
standards:
- - Deferred housing reform loss
amortization -510.9 511 1,021.9
- - Difference of land use right
amortization -373.6 2,712.4 3,086
- The difference arising from land
use right after merger of
enterprises under the same control - 6,462.3 6,462.3
-- The difference arising from
recognition of goodwill after
merger of enterprises under the
same control -31.5 2,358.5 2,390
- Influence of the said
standard-arising difference on
minority interests 111.2 96.9 -14.2
- Other
Disclosure pursuant to
international accounting
standards 37,085.6 886,174.6 856,829.8
III.Change of share capital and shareholding of Principal
shareholders
(I).Statement of changes in shares
Unit :Shares
Before this change Increase or decrease this time (+/-) After this change
Quantity proportio
n
Share
allotm
ent
Bonus
shares
Capitaliz
ation of
common
reserve
fund
other subtotal Quantity proportio
n
I. Share with
conditional
subscription
1,239,475,145 46.61% -1,232,256,158 -1,232,256,158 7,218,987 0.27%
1.State-owned
shares
2.Staee-owned
legal person
shares
1,232,256,158 46.34% -1,232,256,158 -1,232,256,158 0 0.00%7
3.Other domestic
shares
7,202,540 0.27% 7,202,540 0.27%
Of which：
Non-state owned
domestic legal
person shares
7,137,656 0.27% -386,093 -386,093 6,751,563 0.25%
Domestic
natural person
shares
64,884 0.00% 386,093 386,093 450,977 0.02%
4.Foreign
shareholding
Of which：
Foreign legal
person shares
Foreign natural
person shares
5.Senior executives’
shares 16,447 0.00% 16,447 0.00%
II. Shares with
unconditional
subscription
1,419,928,855 53.39% 1,232,256,158 1,232,256,158 2,652,185,013 99.73%
1.Common shares
in RMB 754,602,355 28.37% 1,232,256,158 1,232,256,158 1,986,858,513 74.71%
2.Foreign shares
in domestic
market
665,326,500 25.02% 665,326,500 25.02%
3.Foregin shares
in overseas market
4.Other
III. Total of
capital shares 2,659,404,000 100.00% 2,659,404,000 100.00%
(II)As of June 30, 2009, the Company had totally 135,930 shareholders, of them, 78,604
shareholders of A-share, and 57,326 shareholders of B-share.
(III) (II) Particulars of the shareholding of the top ten shareholders as of June 30,
2009
Unit：Shares
Name of
shareholder
(full name)
Increase or
decrease in
the year
Number of
shares held at
the end of year
Proportio
n (%) Type of share
Conditional
shares
Quant
ity of
pledg
ed or
frozen
shares
Properties of
shareholder
Guangdong
Yudean Group
Co., Ltd.
0 1,232,256,158 46.34% RMB common
shares 0 0 State-owned
Legal person
Guangdong
Guangfa
Electric Power
Investment
Co., Ltd.
0 101,777,185 3.83% RMB common
shares 0 0 State-owned
Legal person
Guangdong 0 78,639,451 2.96% RMB common 0 0 State-owned8
Electric Power
Development
Company
shares Legal person
China Xinda
Asset
Management
Company
0 41,528,500 1.56% RMB common
shares 0 0 State-owned
Legal person
Agricultural
Bank－
Changsheng
Tongde Rise
stock
securities
investment
funds
3,481,300 26,328,542 0.99% RMB common
shares 0 0
Domestic non
State-own
ed
Legal person
Boshi
Increase
securities
Investment
Fund
0 26,000,000 0.98% RMB common
shares 0 0
Domestic non
State-own
ed
Legal person
Guangdong
Guangkong
Group Co.,
Ltd.
-740,000 23,610,428 0.89% RMB common
shares 0 0
Domestic non
State-own
ed
Legal person
102 portfolio
of National
Social Security
Fund
6,701,002 21,004,181 0.79% RMB common
shares 0 0
Domestic non
State-own
ed
Legal person
China
merchants
Bank-Everbrig
ht Pramerica
Securities
Fund
6,044,906 17,480,483 0.66% RMB common
shares 0 0
Domestic non
State-own
ed
Legal person
SCHRODER
INTL
SELECTION
FD-GREATE
R CN FD GTI
25287
9,147,600 17,176,623 0.65%
Foreign shares
placed in
domestic
exchange
0 uncha
rted
Foreign legal
person
Notes to the related relationship
between the top ten shareholders or
their concerted action
Guangdong Electric Power Development Co., Ltd.the Third of the top 10
shareholders, is a subsidiary of Yudean Group, Which is the No.1
shareholder; its is unknown whether relationship exists between other
shareholders.
(IV) Top 10 holders of unconditional shares Unit:Shares
Name of the shareholder） Unconditional shares Type of shares
Guangdong Yudean Group Co., Ltd. 1,232,256,158 RMB Common
shares
Guangdong Guangfa Electric Power
Investment Co., Ltd. 101,777,185 RMB Common
shares
Guangdong Electric Power
Development Company 78,639,451 RMB Common
shares
China Xinda Asset Management
Company 41,528,500 RMB Common
shares9
Agricultural Bank－Changsheng
Tongde Rise stock securities
investment funds
26,328,542 RMB Common
shares
Boshi Increase securities
Investment Fund
26,000,000 RMB Common
shares
Guangdong Guangkong Group Co.,
Ltd. 23,610,428 RMB Common
shares
102 portfolio of National Social
Security Fund 21,004,181 RMB Common
shares
China merchants Bank-Everbright
Pramerica Securities Fund 17,480,483 RMB Common
shares
SCHRODER INTL SELECTION
FD-GREATER CN FD GTI 25287 17,176,623
Foreign shares
placed in domestic
exchange
Notes to the related relationship
between the shareholders or their
concerted action
Guangdong Electric Power Development Co.,
Ltd.the Third of the top 10 shareholders, is a subsidiary
of Yudean Group, Which is the No.1 shareholder; its is
unknown whether relationship exists between other
shareholders.
(V)There was no change in the Company’s controlling shareholder or actual controller during
the reporting period.
IV. Particulars of Directors, Supervisors and Senior Executives
In the report period, Director Yao Jiheng resigned from the position of director
due to work change. Director & general manager Liu Luoshou resigned from the
position of director and general manager due to reaching the upper limit of age for
holding office. 2008 annual shareholders' general meeting elected Rao Subo and Lin
Shizhuang as directors of the Company. The 7th meeting of the sixth board of
directors appointed Lin Shizhuang as general manager of the Company. Relevant
resolutions were disclosed on China Securities Daily, Securities Times, Hong Kong Commercial
Daily (English version for overseas areas) and www.cninfo.com.cn on May 27, 2009.
In the report period, the shares of the Company held by the directors, supervisors and senior
executives of the Company remained unchanged. No stock options or restricted stocks were
granted to them.
V. Discussion and Analysis of the Management
In the report period, Under the adverse influence of international financial crisis, the
economic growth of Guangdong Province slowed down and electric power demand somewhat
decreased year on year. With successive promulgation of national policies of economic incentive
and rise of air temperature, social electricity consumption has gradually recovered since June.
In the first six months, the highest daily load of Guangdong power grid was 59.22 million kw,
which set all time record and increased by 18.7% year on year. The electricity consumption of the
whole society was 157.69 billion kwh, a year-on-year decrease of 4.5%,the power output
completed by the Company in terms of consolidated statements in the report period was 12.84810
billion kwh, which decrease by 18.83% The on-grid electricity volume in terms of consolidated
statements was 11.842 billion kwh, a year-on-year decrease of 19.21%. The power output on
equity basis was 11.933 billion kwh, a year-on-year decrease of 13.15%. The on-grid electricity
volume on equity basis was 10.987 billion kwh, a year-on-year decrease of 13.2%.
In the report period, With the decincrease of power output, the Company earned operating income
of RMB 5.271 billion in the report period, which decrease by 7.41% year on year. due to fall of the
price of fuel and transportation, year-on-year rise of electricity rate and apparent growth of
investment income from some investment projects, the earnings of the Company for the first half
year increased by big margin. For the report period, the operating profit for the Company and the
net profit for the shareholders of the Company are RMB 0.538 billion and RMB 0.379 billion
respectively, which were negative for the same period of the previous year. The expenses paid for
purchasing fuel decreased. The net cash flows from operating activities of the Company in the
report period were RMB 1.657 billion, a year-on-year increase RMB 2.792 billion.
In the report period, the Company continued to promote the construction and development of new
projects.Zhanjiang Yangqian wind power generation project of which the Company holds 70%
equity, Oil-to-Coal project of Zhanjiang Zhongyue Energy Co., Ltd. of which the Company holds
39% equity, Yunnan Lincang Xintangfang hydropower project of which the Company holds 49%
equity and Yunnan Binlangjiang hydropower project of which the Company holds 29% equity
were constructed as scheduled. For the phase-I expansion project of Huilai Power Plant
(2×1000MW) of which the Company holds 65% equity, phase-I expansion project of Shanwei
Power Plant (2×660MW) of which the Company holds 25% equity, phase-III expansion project of
Shajiao A Power Plant (2×1000MW) of which the Company holds 60% equity , phase-I
mine-electricity joint operation project of Maoming Oil Shale of which the Company holds
83.66%, Yunnan Weixin coal-electricity integration project (2×600MW) of which the Company
holds 40% equity, the project of constructing new big power units while closing small ones in
Shaoguan and Mei County, wind power project in Zhanjiang (Luzhou Island, Yongshi and Qujie),
power generation project in Bohe, Maoming, initial-stage work is being carried out. The Company
will insist on specialized development, continue to greatly develop main business, moderately
expand relevant industries, optimize industrial structure and enhance risk-resisting ability to
promote its sustainable development in a better way.
(I) Main operating status of the Company in the report period:
1.Main operating scope and its operating status
The Company is a big power generating company engaged in operation and
construction of power stations and power transmission and transformation projects.
Operating result for first half year of 2009 is as follows：
Unit：RMB’0000
Industry Area Main operating
income
Main
operating cost
Gross
profit(%)
Increase/dec
rease on
main
operating
income over
（％）
Increase
/decrease on
main
operating
cost over
（％）
Increase
/decrease on
gross profit
over
Sale
Electricty
Guangdo
ng 520,349.20 431,367.75 17.10% -7.29% -17.58% Increase
10.35%
Steam Guangdo
ng 3,327.76 2,921.50 12.21% 28.15% -4.6% Increase
30.13%
Labor
services
Guangdo
ng 3,137.75 2,439.88 22.24% 2.53% -7.86% Decrease
19.89%11
The status of power production of the power plants under the Company and its controlled
subsidiaries in the report period is as follows:
Indicator Power plant January-June
The same
period of the
previous year
Year-on-year growth
rate (±%)
Shajiao A Power Plant 31.55 40.06 -21.24
Zhanjiang Power Plant 30.8 35.39 -12.97
Meixian Power Plant 12.84 13.86 -7.36
Shaoguan Power Plant 14.16 16.43 -13.82
Maoming Ruineng 5.43 7.57 -28.27
Maoming Zhenneng 8.24 10.12 -18.58
Power output
(billion kwh)
Huilai Power Plant 25.46 34.85 -26.94
Shajiao A Power Plant 28.98 37.03 -21.74
Zhanjiang Power Plant 28.65 32.99 -13.16
Meixian Power Plant 11.7 12.53 -6.62
Shaoguan Power Plant 12.78 14.98 -14.69
Maoming Ruineng 4.88 6.87 -28.69
Maoming Zhenneng 7.63 9.4 -18.83
On-grid
electricity
volume
(billion kwh)
Huilai Power Plant 23.8 32.78 -27.39
2. There was no material change in the Company's profit structure, main operation
or its structure in the report period. The price of coal somewhat lowered year on year.
gross profit rate sharply increases by 9.98 % from 7.18 % to 17.16 % year on year.
3. The Company was not involved in other business operation activities that had significant
influence on profit.
4. The circumstances where the income from investment in a joint venture accounted for more
than 10% (including 10%) of the Company's net profit.
Due to sufficient source of natural gas, Shenzhen Guangqian Power Co., Ltd. of which the
Company holds 40% equity and Huizhou Natural Gas Power Generation Co., Ltd. of which the
Company holds 32%, their on-grid electricity volume increased year on year. Meanwhile, they
strengthened management and increased technical input so that gas consumption for power supply
decreased year on year. Therefore, their net profit earned in the report period is RMB 144.3
million and RMB 161.16 million respectively.
5. Problems and difficulties occurred in operation
(1) Under the influence of global financial crisis, the underproduction of some industrial
enterprises directly resulted in decrease of electricity demand. The power output of subsidiary
power plants was not very ideal. With the start of operation of some large-capacity machine units
and due to the squeeze of the project of transmitting electricity from west to east in the second half
year, it is still difficult for the Company to fulfill the power generation plan for the whole year.
(2) in the first half year, fuel price was still on relatively high level despite certain lowering over
the previous year. In the second half year, the trend of economy is uncertain. The price of imported
coal has rallied in recent period. Fuel price may continue to rise. Cost pressure of power
generation still exists.
(3) It is more difficult for new power supply projects to obtain approval. Some large-scale power
supply projects planned by the Company have not been approved, which restricted the Company
from enhancing core competitiveness and increasing new channel for profit growth.
(II) The investment of the Company
1.In the report period, There was no other use of raised funds.
2. Investment with non-IPO proceeds and its progress and income in the report period12
Unit: RMB’0000
Project name Investment amount Project progress Income from project/Remark
Guangdong Yuedian Shipping Co., Ltd. 49000
The total transport capability in
operation is 0.52 million tons. The
transport capability of new ships
under construction is 0.69 million
tons.
In the report period,
Investment income is - RMB
8.94 million.
Maoming BMaoming Bohe Harbour
Power Generation Project 700
The project feasibility study report
for coal mixing base is being
prepared.
This project is still in initial
stage of development.
Guangdong Yuedian Jinghai Power
Generation Co., Ltd. 18884
In the report period, the Company
acquired 10% equity of this
company, holding 65% equity of
this company. Industrial and
commercial registration of equity
change was completed.
In the report period, The net
profit contributed by this
company to the Company is
RMB 25.8 million.
(III)The plan for the second half year:
It is expected that the situation of power shortage in Guangdong Province will last in the second
half of 2008, which provides favorable market environment for power generation. However, the
high level of fuel and transportation, sharp rise in costs and expenses and decrease of income from
investment projects have brought great pressure to the Company's production and operation.
Though on-grid electricity rate has been somewhat raised, it is hard to completely make up the
fuel cost increased by rise in coal price. It is difficult for the Company to make profit in the year.
Facing tough business environment, the Company will earnestly conduct analysis, actively
respond, organize and coordinate fuel supply, strengthen equipment maintenance, ensure safe
production and strive to fulfill power generation plan for the year. Meanwhile, it will continue to
strengthen cost control, cut down costs and expenditure and try to decrease loss and increase
earnings.
(IV) Assets measured with fair value
Financial assets available for sale were measured according to fair value. In case of change in fair
value and book value, capital surplus shall be adjusted and the profit for the report period shall not
be affected. The financial assets available for sale held by the Company are 7,000,000 shares of
Shenzhen Energy and 37,021,500 shares of Shenergy Company.
The Company's real estate for investment is old office building rent by the Company, which is
measured with cost mode mainly because the obtainment of its fair value relies on appraisal and it
was difficult to continuously and accurately to obtain the market price of real estate of the same or
similar kind from market.
VI. Important Events
(I) Status of corporate governance structure
In the report period, The Company continued to unceasingly improve its own corporate
governance structure and further enhanced the level of its standardized operation strictly according
to the requirements of laws and regulations including the Company Law, the Securities Law,
relevant regulations of CSRC and Stock Listing Rules of Shenzhen Stock Exchange.
In accordance with the requirements of Fundamental Norms of Internal Control of Enterprises and
Guidelines of Shenzhen Stock Exchange for Internal Control of Listed Companies, the Company
unceasingly strengthened the construction of internal control system and improved internal control
system. All internal control systems were examined and adopted by the board of directors and13
strictly implemented in daily management and operation of the Company.
(II) The status of implementation of profit distribution plan of the Company for 2008 in
the report period
The profit distribution plan for 2008 was examined and adopted at the shareholders'
general meeting of the Company on May 26, 2009. And was published in the appointed media on July 15,2009.
Stock right was registered on July 21, 2009 (July 24 for B shares). The ex-dividend date is
July 22, 2009. Cash dividends were distributed on July 22 (for A shares) and July 24 (for B
shares).
(III)The Company was not involved in any material lawsuit or arbitration in the report period.
(IV) Shareholdings of other listed companies
Unit :RMB
Stock Code
Stock
abbreviation
:
Investment
amount at the
beginning
Proportion of
shareholding
Book Value at
the end of report
Profit & loss in
the report period
Change of owner’s
equity in the report
period
000027 Shen Energy
A 16,949,674.00 0.32% 78,120,000.00 0.00 15,907,500.00
600642 SHENERGY 235,837,987.50 1.28% 365,031,990.00 3,702,150.00 107,454,903.75
Total 252,787,661.50 - 443,151,990.00 3,702,150.00 123,362,403.75
(V) Equity of non-listed financial enterprises and companies to be listed held by the
Company
Unit：RMB
Name of object
Amount of
initial
investment
Amount of
shares held
Proportion in
equity of the
Company
Book value at
period-end
Profits or
losses in the
report period
Changes of
owners’
equity in the
report period
Sun Property
Insurance Co.,
Ltd.
356,000,000.00 350,000,000.00 11.63% 356,000,000.00 0.00 0.00
Total 356,000,000.00 350,000,000.00 - 356,000,000.00 0.00 0.0014
(VI)Matters related transactions
Type of related
transaction
Further division in
terms of product or
service
Related party
Actual
transaction
amount in the
first half year
(RMB)
Proportion
to amount
of similar
transactions
Purchase of fuels Guangdong Electric power
Industry Fuels Co., Ltd. 3,354,520,178.10 82.77%
Purchase of fuels
and materials Shaoguan Power Plant 464,526,250.34 11.46%
Purchase of fuels Guangdong Tianneng
Investment Co., Ltd. 14,234,635.54 0.35%
Purchase of fuels
and materials
Subtotal 3,833,281,063.98 94.58%
Operating costs Shaoguan Power Plant 61,558,556.60 97.53%
apportion Shajiao C power plant 1,558,617.78 2.47%
Cost-sharing
of public
Production
Subtotal 63,117,174.38 100%
Commission
contract
management
Maoming
Thermoelectricity Plant 27,957,632.91 53.39%
maintenance
repair
Guangdong Yudean
hydropower
Maintenance
installation Co.,
Ltd.
761,414.54 1.45%
Accept labor
Subtotal 28,719,047.45 54.84%
maintenance
repair Shajiao C power plant 12,557,119.67 40.02%
Provision services
Subtotal 12,557,119.67 40.02%
Heating Maoming
Thermoelectricity Plant 5,097,535.68 13.56%
Product sales
Subtotal 5,097,535.68 13.56%
Deposit /Interest Guangdong Yudean
financial Company 5,815,193.38 72.27%
Deposit /Interest
Subtotal 5,815,193.38 72.27%
Shaoguan D Power Plant
Co., Ltd. 1,750,736.68 50.73%
Rent Guangdong Yudean real
estate investment Co.,
Ltd.
1,700,160.00 49.27%
Land rental
expenses
Subtotal 3,450,896.68 100%
Land rental
income Rent Zhanjiang Zhongyue
Energy Co., Ltd. 880,000 72.94%15
Subtotal 880,000 72.94%
The pricing policy of the said related transaction:：For the price of fuel purchase, if the state
sets a price, such price shall apply. If the State does not set a price, market price shall apply. The
related parties promised that the price offered would not be higher than the price of products of the
same quality offered to third parties. The price of materials shall be settled according to market
price. Labor services/services are accepted and provided at the price agreed by both parties
according to cost price and by reference to the market price of similar services. Products are sold
at the price agreed by both parties according to cost and by reference to the market price of similar
products. Relevant regulations of People's Bank of China apply to deposits. Site rent is collected
in the mode agreed by all parties based on cost price.
The said related transactions were settled in cash and did not have unfavorable influence
on the profit of the Company. There is no significant difference from estimated related
transactions.
（VII） Information about other material related transactions
1. In the report period, According to actual fund demand, the Company borrowed money
from and discount bills at Guangdong Yuedian Finance Co., Ltd. held by Guangdong Yuedian
Group Co., Ltd., the controlling shareholder of the Company. The balance of loan and discount
was respectively RMB 1481.8632 million and RMB 491.8632 million. Loan interest of RMB
35.9316 million and discount interest of RMB 5.3303 million were respectively paid.
2. In the report period，Guangdong Yuejia Electric Power Co., Ltd., Guangdong Shaoguan
Yuejiang Power Generation Co., Ltd., Maoming Ruineng Thermal Power Co., Ltd., Maoming
Zhenneng Thermal Power Co., Ltd.Guangdong Yudean Jinghai Power Generation Co., Ltd., and
Guangdong Yudean Zhanjiang wind Power Generation Co., Ltd. controlled subsidiaries of the
Company, respectively borrowed money from Guangdong Yudean Finance Co., Ltd. held by
Guangdong Yudean Group Co., Ltd., the controlling shareholder of the Company according to
respective actual fund demand. The balance of borrowings is respectively RMB 100 million, RMB
200 million, RMB 100 million, RMB 100 million,RMB 1758.4392 and RMB 264 million. They
respectively paid RMB5.3618 million, RMB 3.9619 million, RMB 3.2195 million, RMB 3.3839
million ,RMB 44.0361 and RMB5.1071 million as interest on borrowings.
3. At the end of the report period, the balance of principal invested by the Company in Guangdong
Yuedian Holding West Investment Co., Ltd., a related party, in equity proportion and in the form
of entrusted loan according to project construction progress was RMB 70.2829 million. The
accumulated interest income in the report year was RMB 2.0583 million.
4. In the report period, According to the agreement with Guangdong Yudean Shipping Co., Ltd.,
an affiliated enterprise of Guangdong Yudean Group Co., Ltd., on acceptance of labor services,
Guangdong Yuedian Jinghai Power Generation Co., Ltd. of which the Company holds 65% equity
paid tugboat service fee of RMB 5.4333 million to Guangdong Yudean Shipping Co., Ltd.
5. In the report period, Together with Guangdong Yudean Group Co., Ltd., the controlling
shareholder of the Company, the Company increased the capital of Guangdong Yudean Shipping
Co., Ltd. held by Guangdong Yudean Group Co., Ltd. by RMB 490 million in equity proportion of
35%. Business scope of Guangdong Yudean Shipping Co., Ltd.: Domestic coastal transportation
by ordinary cargo ships, international ship transportation of general cargo, domestic commerce,
supply and marketing of materials and harbor tug operation. At the end of the report period, its
registered capital, total assets, net assets and net profit were RMB 1600 million, RMB 4998.59
million, RMB 1634.12 million and RMB -25.54 million respectively. The total transport capability16
in operation is 0.52 million tons. The transport capability of new ships under construction is 0.69
million tons. The Company's said action of capital increase contributes to relieving the fund
pressure arising from ship purchase, improving its financial conditions, promoting the further
enlargement of the transport capability of this company and ensuring the transportation of coal for
power generation.
6. In the report period, The Company acquired 10% equity of Guangdong Yudean Jinghai Power
Generation Co., Ltd., held by Guangdong Yudean Group Co., Ltd., the controlling shareholder of
the Company. The transaction amount is RMB 188.84 million. After the acquisition of such equity,
the Company holds 65% equity of Guangdong Yudean Jinghai Power Generation Co., Ltd. In the
report period, the industrial and commercial registration of equity change was completed. The net
profit contributed by this company to the Company in the report period is RMB 25.80 million.
(VIII)Important contracts and commitments of the Company
1. In the report period, the company conducted no major contract issues which recognized
by Shenzhen Stock Exchange according to . The Company did not hold in trust or contract for or lease the material assets of
other companies nor did other companies hold in trust, contract for or lease the material assets
of the Company in the report period.
2. In the report period, the Company was not involved in any material entrusted money
management or any entrusted money management that existed in previous periods and
continued in the report period.
3. Significant guarantee:
Unit: RMB’0000
External Guarantee (Exclude controlled subsidiaries)
Name Date of contract
Amount
guarantee
d
Type
guaranteed Term Complet
ed or not
Related
party or not
Lincang
YuntouYudean
Hydroelectricity
Development Co.,
Ltd.
December 25,2006 3,430.00
Guaranteei
ng of joint
liabilitie
s.
15 years No No
Yunnan Baoshan
Binlangjiang
Hydroelectricity
Development Co.,
Ltd.
November 30,2007 2,900.00
Guaranteei
ng of joint
liabilitie
s.
14 years No No
Yunnan Baoshan
Binlangjiang
Hydroelectricity
Development Co.,
Ltd.
November 30,2007 1,305.00
Guaranteei
ng of joint
liabilitie
s.
11 years No No
Yunnan Baoshan
Binlangjiang
Hydroelectricity
Development Co.,
Ltd.
November 30,2007 1,450.00
Guaranteei
ng of joint
liabilitie
s.
8 years No No
Yunnan Baoshan
Binlangjiang
Hydroelectricity
December 19,2007 4,350.00
Guaranteei
ng of joint
liabilitie
17 years No No17
Development Co.,
Ltd.
s.
Yunnan Baoshan
Binlangjiang
Hydroelectricity
Development Co.,
Ltd.
December 25,2007 4,350.00
Guaranteei
ng of joint
liabilitie
s.
15 years No No
Guangdong Yudean
Shiping Co., Ltd. September 26,2007 21,000.00
Guaranteei
ng of joint
liabilitie
s.
6 years No Yes
Yunnan Baoshan
Binlangjiang
Hydroelectricity
Development Co.,
Ltd.
March 18,2008 12,000.00
Guaranteei
ng of joint
liabilitie
s.
20 years No No
Weixin Yuntou
Yudean Zhaxi
Energy Co., Ltd.
March 20,2008 12,000.00
Guaranteei
ng of joint
liabilitie
s.
5 years No No
Lincang
YuntouYudean
Hydroelectricity
Development Co.,
Ltd.
July 29,2008 1,372.00
Guaranteei
ng of joint
liabilitie
s.
12 years No No
Guangdong Yudean
Shiping Co., Ltd. September 27,2008 10,392.90
Guaranteei
ng of joint
liabilitie
s.
5 years No Yes
Yunnan Baoshan
Binlangjiang
Hydroelectricity
Development Co.,
Ltd.
October 31,2008 5,800.00
Guaranteei
ng of joint
liabilitie
s.
17 years No Yes
Yunnan Baoshan
Binlangjiang
Hydroelectricity
Development Co.,
Ltd.
November 14,2008 7,250.00
Guaranteei
ng of joint
liabilitie
s.
12 years No Yes
Guangdong Yudean
Shiping Co., Ltd. November 11,2008 9,922.50
Guaranteei
ng of joint
liabilitie
s.
3 years No Yes
Total occurred in the report term 0.00
Total of balance of guarantee at the end
of report term 97,522.40
Guarantee provided to controlled subsidiaries
Total of guarantee provide to controlled
subsidiaries in the report term 0.00
Total of balance of guarantee provide to
controlled subsidiaries in the report term 0.00
Total of guarantee (Including provided to controlled subsidiaries)
Total Guarantees 97,522.40
Proportion of the total guarantee in the
net assets of the Company 11.16%
Including：
Guarantee provided to shareholders, 41,315.4018
substantial controller and their related
parties
Amount of guarantee provided to objects
with over 70% of liability /assets ratio,
directly or indirectly
92,720.40
Amount of guarantee exceeded the 50%
party of the net assets 0.00
Total amount of the three types of
guarantee above* 92,720.40
Explanations on possibly bearing joint
and several liquidating responsibilities
for undue guarantees
No
All the said guarantees were examined and adopted at the shareholders' general meeting of the
Company.
4. Commitments of the Company in the report period
Maoming Ruineng Thermal Power Co., Ltd., a controlled subsidiary of the Company, signed
the agreement for medium or long term loan in total amount of RMB 650 million with Shanghai
Pudong Development Bank Guangzhou Branch on March 1, 2002. The Company issued the letter
of support to Shanghai Pudong Development Bank Guangzhou Branch in respect of this loan
agreement and made the following commitments:
1) Unless the lender separately gives written consent, the Company shall keep holding 51%
equity of Maoming Ruineng Thermal Power Co., Ltd. Before the day of cancellation, relevant
assignment shall first obtain the lender's written permission. 2) The Company shall not create,
allow creation of or cause any mortgage, pledge, lien or other security interest in respect of the
shareholders' equity of Maoming Ruineng Thermal Power Co., Ltd. directly or indirectly held. 3)
Unless compelled by the law, the Company, as one of project investors, shall not change the
borrower's articles of association with other project investors without the written consent of the
lender.
(IX) Making or implementation of share purchase plan by shareholders holding more than 30%
equity in the report period
The Company issued No. 2008-46 Announcement of Purchase of the Company's Shares by the
Controlling Shareholder and Its Persons Taking Concerted Action on September 19, 2008.
Guangdong Yuedian Group Co., Ltd., the controlling shareholder of the Company, planned to
purchase B shares in quantity not more than 2% of total share capital in secondary market through
Chaokang Investment Co., Ltd., a wholly-owned subsidiary established in Hong Kong. The first
purchase was carried out on September 18, 2008. As of June 30, 2009, Chaokang Investment Co.,
Ltd. accumulatively purchased 19,973,582 B shares of the Company in total through securities
trading system of Shenzhen Stock Exchange, which account for 0.75% of the total share capital of
the Company.
According to the proposal concerning private issue of A shares examined and adopted at 2008
annual shareholders' general meeting of the Company on May 26, 2009, Guangdong Yuedian
Group Co., Ltd. will fully subscribe for not more than 200 million A shares to be privately issued.
In view of the above-mentioned circumstances, Guangdong Yuedian Group Co., Ltd. stopped
implementation of the said plan of B share purchase from May 28, 2009.
(X) The special statement and independent opinions of the independent directors of the Company
on fund occupation by related parties and external guarantee of the Company19
According to the Circular on Certain Issues Relating to Standardization of Fund Transfer Between
Listed Companies and Their Related Parties and Guarantees Provided by Listed Companies
(Zheng Jia Fa (2003) No. 56 Document), independent directors examined and verified the status of
the fund transfer between the Company and its related parties and the guarantees provided by the
Company and held the following opinion:
As of June 30, 2009, The Company did not provide funds to related parties in violation of
regulations as of the end of the report period. The Company neither provided guarantee to its
controlling shareholder, any unincorporate entity and individual nor provided any guarantee in
violation of regulations.
(X) The Company's acceptance of investigation and research and interview
1. In the report period, the Company received 5 institutional investors for investigation and
research, The Company did not provide written materials to the visitors. The Company and
relevant information disclosure obligors strictly followed the principle of fair information
disclosure, neither implemented discriminatory policy, nor disclosed or divulged non-public
significant information to specific objects selectively and privately. They disclosed information
according to the principle of timeliness and did not intentionally choose the time point of
disclosure or lighten the effect of information disclosure so as to cause actual unfairness.
The registration form of acceptance of investigation, communication and interview in the
report period for future reference
Date Place Mode Visitor Content of discussion and materials provided
February 19,2009 Office of the
Company
Onsite
investigatio
n
Guangzhou securities Current operation and progress of under construction
projects
February 25,2009 Office of the
Company
Onsite
investigatio
n
Shenyin Wanguo Current operation and progress of under construction
projects
March 3,2009 Office of the
Company
Onsite
investigatio
n
Lianhe securities Current operation and progress of under construction
projects
March 31,2009 Office of the
Company
Onsite
investigatio
n
Clients of Zhongjin
Company
Current operation and progress of under construction
projects
June 3,2009 Office of the
Company
Onsite
investigatio
n
Huatai securities Current operation and progress of under construction
projects20
VII. Financial Report（Unandited）
(I)Financial statements
(II)Notes to financial statements
Balance sheet
Prepared by：Guangdong Electric Power Development Co., Ltd. January-June 2009 Unit：（RMB）
Year-end balance
Year-beginning balance
Items
Consolidated Parent company Consolidated Parent company
Current asset：
Monetary fund 1,157,830,283.38 70,772,219.52 1,481,104,942.79 271,387,002.72
Settlement provision
Outgoing call loan
Trading financial assets
Bill receivable
Account receivable 2,310,258,935.18 649,575,964.15 1,625,683,636.96 443,213,193.92
Prepayments 641,826,893.65 178,875,351.50 550,523,142.69 169,853,974.20
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance
contracts receivable
Interest receivable 646,200.00 1,092,000.00
Dividend receivable 9,155,095.59 9,155,095.59
Other account
receivable 617,410,922.26 565,305,476.51 426,364,995.22 405,426,806.71
Repurchasing of financial
assets
Inventories 823,492,986.56 169,262,384.44 929,074,891.69 192,106,447.56
Non-current asset due in 1
year 60,304,244.00 60,304,244.00
Other current asset 472,901.48
Total of current assets 5,551,939,122.51 1,642,946,491.71 5,074,147,853.35 1,551,446,764.70
Non-current assets：
Loans and payment on
other’s behalf disbursed
Financial assets available for
sale 443,151,990.00 443,151,990.00 278,668,785.00 278,668,785.00
Expired investment in
possess
Long-term receivable
Long term share equity
investment 4,359,724,415.62 9,503,210,808.60 3,803,201,769.46 8,757,852,222.44
Property investment 13,692,792.23 13,692,792.23 14,009,107.55 14,009,107.55
Fixed assets 12,595,720,614.24 1,464,255,944.16 13,177,481,182.66 1,544,905,591.50
Construction in progress 1,603,734,485.61 42,733,429.78 833,663,353.58 71,695,661.51
Engineering material 1,366,564,364.91 819,507,463.46
Fixed asset disposal 10,753,379.82 1,254,102.31
Production physical assets21
Gas & petrol
Intangible assets 376,948,003.23 116,539,377.51 386,543,133.29 118,278,771.21
R & D petrol
Goodwill
Long-germ expenses to
be amortized
Differed income tax asset 206,388,078.48 19,077,811.36 241,987,122.97 38,140,361.81
Other non-current asset
Total of non-current assets 20,976,678,124.14 11,603,916,255.95 19,555,061,917.97 10,823,550,501.02
Total of assets 26,528,617,246.65 13,246,862,747.66 24,629,209,771.32 12,374,997,265.72
Current liabilities
Short-term loans 4,476,397,561.86 1,940,000,000.00 3,814,000,000.00 1,849,000,000.00
Loan from Central Bank
Deposit received and hold
for others
Call loan received
Trade off financial
liabilities
Bill payable 859,302,379.02 491,863,151.01
Account payable 960,903,932.38 169,310,022.33 1,003,099,340.08 182,127,928.76
Accounts received in
advance 60,477.00 71,413.70
Selling financial assets of
repurchase
Commission charge and
commission payable
Wage payable 282,427,872.37 95,895,455.40 253,829,329.78 89,049,842.86
Taxes payable 113,757,267.91 10,398,730.53 44,750,976.97 33,683,162.29
Interest payable 44,266,725.22 36,870,922.23 101,807,497.79 93,045,000.00
Dividend payable 171,828,873.46 166,899,206.61 45,682,842.86 7,429,961.61
Other accounts
payable 759,186,439.15 100,583,683.29 818,143,170.38 116,742,829.77
Reinsurance payables
Insurance contract reserve
Security trading of agency
Security sales of agency
Non-current liability due in
1 year 220,860,000.00 220,660,000.00
Other current liability
Total of current liability 7,888,991,528.37 3,011,821,171.40 6,302,044,571.56 2,371,078,725.29
Non-current liabilities：
Long-term loan 5,229,560,000.00 5,178,560,000.00
Bond payable 1,984,686,228.38 1,984,686,228.38 1,983,335,013.24 1,983,335,013.24
Long-term payable
Special payable
Expected liabilities
Differed income tax
liability 52,088,472.18 47,855,843.94 10,967,670.93 6,735,042.69
Other non-current liabilities 30,769,231.00 30,769,231.00 30,769,231.00 30,769,231.00
Total of non-current
liabilities 7,297,103,931.56 2,063,311,303.32 7,203,631,915.17 2,020,839,286.93
Total of liabilities 15,186,095,459.93 5,075,132,474.72 13,505,676,486.73 4,391,918,012.22
Owners’ equity
Share capital 2,659,404,000.00 2,659,404,000.00 2,659,404,000.00 2,659,404,000.00
Capital reserves 1,499,838,442.24 1,526,794,294.63 1,417,680,447.74 1,403,431,890.8822
Less：Shares in stock
Special reserve
Surplus reserves 3,159,617,943.98 3,159,617,943.98 3,159,617,943.98 3,159,617,943.98
Common risk provision
Undistributed profit 1,421,475,018.60 825,914,034.33 1,202,135,376.17 760,625,418.64
Different of foreign
currency translation
Total of owner’s equity
belong to the parent
company
8,740,335,404.82 8,171,730,272.94 8,438,837,767.89 7,983,079,253.50
Minor shareholders’ equity 2,602,186,381.90 2,684,695,516.70
Total of owners’ equity 11,342,521,786.72 8,171,730,272.94 11,123,533,284.59 7,983,079,253.50
Total of liabilities and
owners’ equity 26,528,617,246.65 13,246,862,747.66 24,629,209,771.32 12,374,997,265.72
Profit statement
Prepared by：Guangdong Electric Power Development Co., Ltd. January-June 2009 Unit：（RMB）
Report period Same period of the previous year
Items Consolidated Parent company Consolidated Parent
company
I.Total operating income 5,270,848,336.89 1,268,623,072.13 5,692,720,197.77 1,403,489,969.22
Including：Operating income 5,270,848,336.89 1,268,623,072.13 5,692,720,197.77 1,403,489,969.22
Interest income
Insurance gained
Commission charge and
commission income
II.Total operating costt 4,904,835,121.81 1,193,802,289.75 5,848,949,310.73 1,321,516,035.18
Including：Operating cost 4,376,208,638.87 1,030,507,067.75 5,309,328,423.36 1,187,617,473.34
Interest expense
Commission chare and
commission expense
Cash surrender value
Net amount of expense of
compensation
Net amount of withdrawal of
insurance contract reserve
Bonus expense of guarantee slip
Reinsurance expense
Operating tax and extras 18,677,795.75 -19,078,361.18 -43,188,473.49
Sales expenses
Administration expenses 232,251,374.90 59,908,415.05 283,936,055.40 92,707,991.21
Financial expenses 277,869,390.77 103,386,806.95 274,178,780.32 86,217,978.27
Losses of devaluation of assets -172,078.48 584,412.83 -1,838,934.15
Add ：Changing income of fair
value
Investment income 171,794,903.67 171,794,903.67 19,470,591.15 205,316,767.54
Including：Investment income on
affiliate company and joint venture 171,794,903.67 19,470,591.15
Exchange income
III. Operating profit 537,808,118.75 246,615,686.05 -136,758,521.81 287,290,701.58
Add ：Non-operating income 2,057,750.23 4,798.62 790,392.06 37,460.31
Less：Non-operating expense 760,876.04 743,778.38 5,432,041.17 1,678,772.37
Including :Disposal loss of 61,854.64 60,450.2023
non-current assets
IV. Total profit 539,104,992.94 245,876,706.29 -141,400,170.92 285,649,389.52
Less：Income tax 95,078,714.56 21,023,850.60 14,156,653.57 13,169,452.67
V. Net profit 444,026,278.38 224,852,855.69 -155,556,824.49 272,479,936.85
Net profit attributable to owner’s
equity of parent company 378,903,882.43 224,852,855.69 -56,449,013.74 272,479,936.85
Minority shareholders’ gains
and losses 65,122,395.95 -99,107,810.75
VI. Earnings per share
（i）Basic earnings per share 0.142 -0.021
（ii）Diluted earnings per share 0.142 -0.021
Cash flow statement
Prepared by：Guangdong Electric Power Development Co., Ltd. January-June 2009 Unit：（RMB）
Report period Same period of the previous year
Items Consolidated Parent company Consolidated Parent company
I.Cash flows from operating
activities
Cash received from sales
of goods or rending of
services
5,474,715,632.93 1,276,951,233.53 5,711,139,943.24 1,453,908,054.47
Net increase of
customer deposits and capital
kept for brother company
Net increase of loans from
central bank
Net increase of inter-bank
loans from other financial
bodies
Cash received against
original insurance contract
Net cash received from
reinsurance business
Net increase of client
deposit and investment
Net increase of trade
financial asset disposal
Cash received as interest,
processing fee and
commission
Net increase of
inter-bank fund received
Net increase of
repurchasing business
Tax returned 86,687.66
Other cash received from
business operation 38,768,380.98 5,813,419.55 29,197,406.26 13,982,708.76
Sub-total of cash inflow 5,513,570,701.57 1,282,764,653.08 5,740,337,349.50 1,467,890,763.23
Cash paid for purchasing
of merchandise and services 2,984,647,701.52 461,495,935.98 5,623,214,821.24 1,525,486,871.04
Net increase of client trade
and advance
Net increase of savings n24
central bank and brother
company
Cash paid for original
contract claim
Cash paid for interest,
processing fee and
commission
Cash paid for policy
dividend
Cash paid to staffs or
paid for staffs 366,569,576.17 136,986,078.89 341,284,245.35 125,512,504.98
Taxes paid 374,316,062.86 107,143,280.15 719,498,435.68 267,830,654.17
Other cash paid for business
activities 131,297,136.62 40,651,118.58 191,262,036.74 38,571,215.36
Sub-total of cash outflow
from business activities 3,856,830,477.17 746,276,413.60 6,875,259,539.01 1,957,401,245.55
Cash flow generated by
business operation, net 1,656,740,224.40 536,488,239.48 -1,134,922,189.51 -489,510,482.32
II.Cash flow generated by
investing
Cash received from
investment retrieving 430,124.50 430,124.50
Cash received as
investment gains 177,925,657.72 177,925,657.72 27,551,540.03 199,359,131.23
Net cash retrieved from
disposal of fixed assets,
intangible assets, and other
long-term assets
311,758.66 32,000.00 57,970.00 57,500.00
Net cash received from
disposal of subsidiaries or
other operational units
Other investment-related
cash received 28,078,792.55 27,527,731.78 2,624,139.16 2,624,139.16
Sub-total of cash inflow
due to investment activities 206,316,208.93 205,485,389.50 30,663,773.69 202,470,894.89
Cash paid for construction of
fixed assets, intangible assets
and other long-term assets
1,260,361,221.23 31,141,982.70 511,280,752.21 64,703,316.27
Cash paid as investment 853,365,940.00 853,335,940.00 38,561,030.78 38,295,000.00
Net increase of loan against
pledge
Net cash received from
subsidiaries and other
operational units
Other cash paid for
investment activities 177,471,636.40 -12,938,981.97 53,669,219.59 6,720,288.45
Sub-total of cash outflow
due to investment activities 2,291,198,797.63 871,538,940.73 603,511,002.58 109,718,604.72
Net cash flow generated
by investment -2,084,882,588.70 -666,053,551.23 -572,847,228.89 92,752,290.17
III.Cash flow generated by
financing
Cash received as investment
Incl: Cash received as
investment from minor
shareholders25
Cash received as loans 4,247,000,000.00 1,940,000,000.00 2,287,629,978.24 1,200,000,000.00
Cash received from bond
placing 1,987,900,000.00 1,987,900,000.00
Other financing –related
ash received 165,406.26 961,047.61 247,988.00
Sub-total of cash inflow
from financing activities 4,247,165,406.26 1,940,000,000.00 4,276,491,025.85 3,188,147,988.00
Cash to repay debts 3,724,800,000.00 1,849,000,000.00 3,406,103,274.56 2,796,431,748.68
Cash paid as dividend,
profit, or interests 416,295,059.07 160,906,829.15 323,350,735.76 56,727,259.20
Incl: Dividend and profit
paid by subsidiaries to minor
shareholders
71,613,995.09
Other cash paid for
financing activities 1,202,642.30 1,142,642.30 7,376,316.99 7,065,000.00
Sub-total of cash outflow
due to financing activities 4,142,297,701.37 2,011,049,471.45 3,736,830,327.31 2,860,224,007.88
Net cash flow generated by
financing 104,867,704.89 -71,049,471.45 539,660,698.54 327,923,980.12
IV.Influence of exchange rate
alternation on cash and cash
equivalents
-1,197,543.94
V.Net increase of cash and
cash equivalents -323,274,659.41 -200,614,783.20 -1,169,306,263.80 -68,834,212.03
Add: balance of cash and
cash equivalents at the
beginning of term
1,481,104,942.79 271,387,002.72 2,177,247,839.07 344,795,676.18
VI .Balance of cash and cash
equivalents at the end of term 1,157,830,283.38 70,772,219.52 1,007,941,575.27 275,961,464.1526
Statement on Change in Owners’ Equity(Consolidated)
Prepared by：Guangdong Electric Power Development Co., Ltd. June 30, 2009 Unit：（RMB）
Amount of the Current term
Owner’s equity Attributable to the Parent Company
Items
Share Capital Capital
reserves
Less:
Shares
in
stock
Special
reserve
Surplus
reserves
Common
risk
provision
Attributable
profit Other
Minor
shareholders’
equity
Total of owners’
equity
I.Balance at the
end of last year 2,659,404,000.00 1,417,680,447.74 0.00 3,159,617,943.98 0.00 1,202,135,376.17 0.00 2,684,695,516.70 11,123,533,284.59
Add: Change of
accounting policy
Correcting of
previous errors
Other
II.Balance at the
beginning of
current year
2,659,404,000.00 1,417,680,447.74 0.00 3,159,617,943.98 0.00 1,202,135,376.17 0.00 2,684,695,516.70 11,123,533,284.59
III.Changed in
the current year 0.00 82,157,994.50 0.00 0.00 0.00 219,339,642.43 0.00 -82,509,134.80 218,988,502.13
（I） Net profit 378,903,882.43 65,122,395.95 444,026,278.38
（II） Gains
losses accounted
into owners’
equity directly
0.00 82,157,994.50 0.00 0.00 0.00 0.00 0.00 0.00 82,157,994.50
I.Change in fair
value of sellable
financial assets,
net
164,483,205.00 164,483,205.00
2. Influence of 0.0027
change in other
owners’ equity of
invested
enterprises on
equity basis
3．Influence
of income tax
related to owners’
equity items
-41,120,801.25 -41,120,801.25
4．Other -41,204,409.25 -41,204,409.25
Total of (I) and
(II) 0.00 82,157,994.50 0.00 0.00 0.00 378,903,882.43 0.00 65,122,395.95 526,184,272.88
（III）
Investment or
decreasing of
capital by owners
0.00 0.00 0.00 0.00 0.00 0.00 0.00 -147,631,530.75 -147,631,530.75
1.Investment by
owners -147,631,530.75 -147,631,530.75
2．Amount of
shares paid and
accounted as
owners’ equity
0.00
3．Other 0.00
（IV） Profit
allotment 0.00 0.00 0.00 0.00 0.00 -159,564,240.00 0.00 0.00 -159,564,240.00
1．Providing of
surplus reserves 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2.Providing of
common risk
provisions
0.0028
3．Allotment to
the owners -159,564,240.00 -159,564,240.00
4．Other 0.00
（V） Internal
transferring of
owners’ equity
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1．Capitalizing
of capital
reserves
0.00
2．Capitalizing
of surplus
reserves
0.00
3．Making up
losses by surplus
reserves
0.00
4．Other 0.00
IV. Balance at the
end of this term 2,659,404,000.00 1,499,838,442.24 0.00 3,159,617,943.98 0.00 1,421,475,018.60 0.00 2,602,186,381.90 11,342,521,786.72
Amount of the previous term
Owner’s equity Attributable to the Parent Company
Items
Share Capital Capital
reserves
Less:
Shares
in
stock
Special
reserve
Surplus
reserves
Common
risk
provision
Attributable
profit Other
Minor
shareholders’
equity
Total of owners’
equity
I.Balance at the
end of last year 2,659,404,000.00 1,833,147,394.32 0.00 3,719,044,865.68 0.00 932,855,693.82 0.00 2,870,693,827.65 12,015,145,781.4729
Add: Change of
accounting policy
Correcting of
previous errors
Other
II.Balance at the
beginning of
current year
2,659,404,000.00 1,833,147,394.32 0.00 3,719,044,865.68 0.00 932,855,693.82 0.00 2,870,693,827.65 12,015,145,781.47
III.Changed in
the current year 0.00 -328,055,612.16 0.00 -559,426,921.70 0.00 183,849,427.96 0.00 -184,209,858.29 -887,842,964.19
（I） Net profit -56,449,013.74 -99,107,810.75 -155,556,824.49
（II） Gains
losses accounted
into owners’
equity directly
0.00 -328,055,612.16 0.00 0.00 0.00 0.00 0.00 0.00 -328,055,612.16
I.Change in fair
value of sellable
financial assets,
net
-437,407,482.88 -437,407,482.88
2. Influence of
change in other
owners’ equity of
invested
enterprises on
equity basis
0.00
3．Influence
of income tax
related to owners’
equity items
109,351,870.72 109,351,870.72
4．Other30
Total of (I) and
(II) 0.00 -328,055,612.16 0.00 0.00 0.00 -56,449,013.74 0.00 -99,107,810.75 -483,612,436.65
（III）
Investment or
decreasing of
capital by owners
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1.Investment by
owners 0.00
2．Amount of
shares paid and
accounted as
owners’ equity
0.00
3．Other 0.00
（IV） Profit
allotment 0.00 0.00 0.00 66,382,476.30 0.00 -385,510,956.30 0.00 -85,102,047.54 -404,230,527.54
1．Providing of
surplus reserves 0.00 0.00 0.00 66,382,476.30 0.00 -66,382,476.30 0.00 0.00 0.00
2.Providing of
common risk
provisions
0.00
3．Allotment to
the owners -319,128,480.00 -85,102,047.54 -404,230,527.54
4．Other 0.00
（V） Internal
transferring of
owners’ equity
0.00 0.00 0.00 -625,809,398.00 0.00 625,809,398.00 0.00 0.00 0.00
1．Capitalizing
of capital
reserves
0.00
2．Capitalizing 0.0031
of surplus
reserves
3．Making up
losses by surplus
reserves
-625,809,398.00 625,809,398.00 0.00
4．Other 0.00
IV. Balance at the
end of this term 2,659,404,000.00 1,505,091,782.16 0.00 3,159,617,943.98 0.00 1,116,705,121.78 0.00 2,686,483,969.36 11,127,302,817.2832
Statement on Change in Owners’ Equity( Parent company)
Prepared by：Guangdong Electric Power Development Co., Ltd. June 30, 2009 Unit：（RMB）
Amount of the Current term
Items Share Capital Capital reserves
Less:
Shares
in
stock
Special
reserve Surplus reserves Attributable
profit
Total of owners’
equity
I.Balance at the
end of last year 2,659,404,000.00 1,403,431,890.88 3,159,617,943.98 760,625,418.64 7,983,079,253.50
Add: Change
of accounting
policy
0.00
Correcting of
previous errors 0.00
Other 0.00
II.Balance at
the beginning
of current year
2,659,404,000.00 1,403,431,890.88 0.00 3,159,617,943.98 760,625,418.64 7,983,079,253.50
III.Changed in
the current year 0.00 123,362,403.75 0.00 0.00 65,288,615.69 188,651,019.44
（I） Net profit 224,852,855.69 224,852,855.69
（II） Gains
losses
accounted into
owners’ equity
directly
0.00 123,362,403.75 0.00 0.00 0.00 123,362,403.75
I.Change in fair
value of
sellable
financial assets,
net
164,483,205.00 164,483,205.00
2. Influence
of change in 0.0033
other owners’
equity of
invested
enterprises on
equity basis
3．Influence of
income tax
related to
owners’ equity
items
-41,120,801.25 -41,120,801.25
4．Other 0.00
Total of (I)
and (II) 0.00 123,362,403.75 0.00 0.00 224,852,855.69 348,215,259.44
（III）
Investment or
decreasing of
capital by
owners
0.00 0.00 0.00 0.00 0.00 0.00
1.Investment
by owners 0.00
2．Amount
of shares paid
and accounted
as owners’
equity
0.00
3．Other 0.00
（IV） Profit
allotment 0.00 0.00 0.00 0.00 -159,564,240.00 -159,564,240.00
1．Providing
of surplus
reserves
0.00 0.00 0.00 0.00 0.00 0.00
-159,564,240.00 -159,564,240.0034
2．Allotment to
the owners
3．Other 0.00
（V） Internal
transferring of
owners’ equity
0.00 0.00 0.00 0.00 0.00 0.00
1．Capitalizing
of capital
reserves
0.00
2．Capitalizing
of surplus
reserves
0.00
3．Making
up losses by
surplus
reserves
0.00
4．Other 0.00
IV. Balance at
the end of this
term
2,659,404,000.00 1,526,794,294.63 0.00 3,159,617,943.98 825,914,034.33 8,171,730,272.94
Amount of the previous term
Items Share Capital Capital reserves
Less:
Shares
in
stock
Special
reserve Surplus reserves Attributable
profit
Total of owners’
equity
I.Balance at the
end of last year 2,659,404,000.00 1,818,898,837.46 3,719,044,865.68 38,015,365.66 8,235,363,068.80
Add: Change
of accounting 0.0035
policy
Correcting of
previous errors 0.00
Other 0.00
II.Balance at
the beginning
of current year
2,659,404,000.00 1,818,898,837.46 0.00 3,719,044,865.68 38,015,365.66 8,235,363,068.80
III.Changed in
the current year 0.00 -328,055,612.16 0.00 -559,426,921.70 512,778,378.55 -374,704,155.31
（I） Net profit 272,479,936.85 272,479,936.85
（II） Gains
losses
accounted into
owners’ equity
directly
0.00 -328,055,612.16 0.00 0.00 0.00 -328,055,612.16
I.Change in fair
value of
sellable
financial assets,
net
-437,407,482.88 -437,407,482.88
2. Influence
of change in
other owners’
equity of
invested
enterprises on
equity basis
0.00
3．Influence of
income tax
related to
owners’ equity
items
109,351,870.72 109,351,870.7236
4．Other
Total of (I)
and (II) 0.00 -328,055,612.16 0.00 0.00 272,479,936.85 -55,575,675.31
（III）
Investment or
decreasing of
capital by
owners
0.00 0.00 0.00 0.00 0.00 0.00
1.Investment
by owners 0.00
2．Amount
of shares paid
and accounted
as owners’
equity
0.00
3．Other 0.00
（IV） Profit
allotment 0.00 0.00 0.00 66,382,476.30 -385,510,956.30 -319,128,480.00
1．Providing
of surplus
reserves
0.00 0.00 0.00 66,382,476.30 -66,382,476.30 0.00
2．Allotment
to the owners -319,128,480.00 -319,128,480.00
3．Other 0.00
（V） Internal
transferring of
owners’ equity
0.00 0.00 0.00 -625,809,398.00 625,809,398.00 0.00
1．Capitalizing
of capital
reserves
0.00
2．Capitalizing 0.0037
of surplus
reserves
3．Making
up losses by
surplus
reserves
-625,809,398.00 625,809,398.00 0.00
4．Other 0.00
IV. Balance at
the end of this
term
2,659,404,000.00 1,490,843,225.30 0.00 3,159,617,943.98 550,793,744.21 7,860,658,913.4938
Detailed statement on Provision for the devaluation of Asset
Prepared by：Guangdong Electric Power Development Co., Ltd. June 30, 2009 Unit：（RMB）
Decrease in this period
Items Book balance
in year-begin
Withdrawal
arrount in this
period Transfer-in Transfer-out
Book balance
in period-end
1.Provision for bad debts 7,084,112.29 172,078.48 6,912,033.81
2. Provision ofr falling price
ofinventory
3.Provision for devaluartion of
financial asset available for sales
4.Provision ofr devaluation of
held-to-maturity investment
5.Provision for devaluation of
long-term equity investment
6.Provision for devaluation of
investing property
7.Provision for devaluation of
fixed assets 7,014,358.94 7,014,358.94 0.00
8.Provision for devaluation of
engineering materials
9.Provision for devaluation of
construction in progress
10.Pfrovision for devaluation
ofproductive biological asset
Including：Provison for
devaluation of mature productive
biological assets
11. Provision for devaluation of
oilasset.
12.Provision for devaluation of
intangible asset
13.Provision for devaluation of
goodwill
14.Other
Total 14,098,471.23 7,186,437.42 6,912,033.8139
Guangdong Electric Power Development Co., Ltd.
Notes to the Financial statements
Ended June 30, 2009
I.General information
Guangdong Electric Power Development Co., Ltd. ("the Company") is a joint stock limited
company jointly sponsored and established by Guangdong Electric Power Group Company,
Guangdong Trust Investment Company under Construction Bank of China, Guangdong Electric
Power Development Company, Guangdong International Trust Investment Company and
Guangdong Development Bank (now as Guangdong Guangkong Co., Ltd.). At the time of
establishment, the registered capital of the Company was 356,250,000 ordinary shares with par
value of RMB 1 per share.
The Company’s RMB Denominated Domestic Shares(“A shares”) and Domestically
listed foreign shares (“B shares”) were listed on the Shenzhen Stock Exchange on 26
November 1993 and 28 June 1995 respectively.
In 2001, prusuant to the approval on the implementation Plan of Guangdongrovince’s
Reform of power industry structure Relating to Restructuring of Generation and
Transmission Assets, a document issued by Guangdong Provincial Government and
referred to as Yue Fu Han 2001 No.252, Guangdong Electric Power Holding
Co.( “GPHC”), the former major shareholder of the Company, was split into two
separate companies, namely, Guangdong Power Grid Corporation
( “GPGC”,formerly Guangdong Guangdian Group Co., Ltd.”), and Guabngdong
Yudean Group Co., Ltd.(“Yudean” formerly Guangdong Yuedian Assets
Management Co., Ltd.”). After restructuring, the electrictity transmission and
distribution in Guangdong Province, The PRC, were controlled and managed by
GPGC, while Yudean concentrated in the investment and management of power
plants. According to the Reply to issues in the Restructuring of Provincial Power
Companies assets with a document number of Yue Cai Qi (2001)No.247, the
Company’s 50.15% equity interest formerly held by GPHC was transferred to
Yudean on 1 August 2001.
According to Yue Guo Zi Han (2005) No. 452 Document, i.e., Official Reply to Issues Concerning
Share Holding Structure Reform of Guangdong Electric Power Development Co., Ltd., issued by
State-owned Assets Regulatory Commission under Guangdong People's Government, the
Company carried out share holding structure reform on January 18, 2006. All shareholders holding
non-negotiable shares paid 3.1 shares for every 10 shares to shareholders holding negotiable A
shares registered on the equity change registration day (January 18, 2006) specified in the plan for
share holding structure reform as consideration. 121,357,577 corporate shares were paid in total.
From January 19, 2006, all corporate shares of the Company can be listed and traded at Shenzhen
Stock Exchange. However, sale restriction period of 1-3 years was specified. According to
specified conditions of sale restriction, 1,239,475,145 corporate shares held by the original
shareholders holding non-negotiable shares are still not negotiable at present.40
After share holding structure reform, the shareholding ratio of Yuedian Group Company lowered
from 50.15% to 46.34%.
The Company and its subsidiaries (the “Group”) are principally engaged
in the susiness of developing electric power plants in Guangdong
Province, the PRC. The Company’s registered address is 23 to 26 floor,
Yuedian Plaza, 2 Tianhe East Road, Guangzhou City, Guangdong Province,
The PRC.
1. Compilation basis of financial statements
The financial statements is formulated according to Item 38: specific
accounting standards from “Corporate Accounting Standards—basic principles” issued
by Ministry of Finance on Feb., 15, 2006, corporate accounting standards application guide,
corporate accounting standards explanation and other related regulations (Hereinafter referred to
be “corporate accounting standards”) issued later.
II. Important accounting policies and accounting estimate
(1) Fiscal year
Fiscal year is dated from Gregorian calendar Jan., 1 to Gregorian calendar
Dec., 31.
(2) Recording currency
Recording currency is RMB.
(3) Measurement attributes
Eexception of particular requirement of adopting fair value, net realizable value,
Present value and other measurement attributes, historical cost measurement
is generally adopted.
(4) Foreign currency translation
Foreign currency transaction is to convert foreign currency into RMB according
to spot exchange rate of transaction date.
At date of balance sheet, foreign currency monetary items is conversed to be
RMB via spot exchange rate of date of balance sheet, which caused converted
difference is disposed excepting according to capitalization principle on
borrowed foreign currency special loan for the target of constructing or41
producing asset according with capitalization condition, shall be directly
recorded into the profits and losses of the current period. Foreign currency no
monetary items measured via historical cost is converted via spot exchange
rate of transaction date. Effect of foreign exchange rate changes on cash is
individually listed in cash flow table.
(5) Cash and cash equivalents
The cash listed in cash flow table refers to stored cash and payable deposit
whenever; The term "cash" refers to cash on hand and deposits that are available for
payment at any time. The term "cash equivalents" refers to short-term and highly liquid
investments that are readily convertible to known amounts of cash and which are subject
to an insignificant risk of change in value.
(6) Financial asset
At initial confirmation, financial asset is classified into: measured as fair value, its
alteration is recorded into financial asset, account receivable, financial assets
available for sale and held-to-maturity investment of current gains or losses.
The classification of financial asset is up to the holding ability and the purpose
of the group. Current year, the financial asset of the group includes account
receivable and financial assets available for sale.
(a) Receivable account
Receivable account refers to non-derivative financial asset of non-quoting,
fixed recoverable amount or confirmed amount, which include receivable
account and other receivable account, etc.
(b) Financial assets available for sale
Financial assets available for sale includes non-derivative financial asset
appointed for sale at initial confirmation and other financial asset that is not
classified into other classifications. Within 12 months since date of balance
sheet, financial assets available for sale are listed to be other current assets in
balance sheet.
(c) Confirmation and measurement
Financial asset becomes one party of financial tools in the group, which will be
confirmed within balance sheet via fair value. Related transaction cost of
receivable account and financial assets available for sale is recorded into
initially confirmed amount. When contract right of charging financial asset cash42
flow is expired or almost all risk and recompense of financial asset property are
transferred, the financial asset confirmation is expired.
Financial assets available for sale is at subsequent measurement according to
fair value, which has no quotation in active market and its fair value can not be
measured reliably, and its rights and interests tool investment can be
measured as cost. Receivable account adopts actual interest rate and is
measured as amortized cost.
Except for impairment losses and currency exchange gains and losses formed
from foreign currency financial assets, the available-for-sale financial assets
fair value alteration is recorded directly into shareholders equity, when financial
asset confirmation expired; fair value alteration accumulated amount originally
recorded into rights and interests is transferred into current gains or losses.
Available-for-sale investments in debt instruments held by the period method
to calculate the actual interest rates, as well as a declaration of investment
units have been issued for the sale of equity instruments and
investment-related cash dividends are recorded to be current gains and losses
included as investment income.
(d) Financial Asset Impairment
The group makes inspection on financial asset book value at date of balance
sheet. If there is objective evidence showing certain financial asset impairment,
then make preparation on providing decrease of value for intangible assets.
When financial asset accumulated as amortized cost appears impairment,
make preparation on providing decrease of value for intangible assets as the
difference between estimated future cash flow (non-including unhappened
future credit loss) present value and book value. If there is objective evidence
indicating the financial asset value resumed, which is objectively related to the
item later of the loss happened, the originally confirmed impairment loss is
carried back and is recorded to be current gains or losses.
When fair value of financial asset for sale decrease at great scope or
non-temporarily, the aggregate losses caused from the decreasing of fair value
originally recorded into shareholders’ rights will be transferred and recorded
into impairment loss. On debt investing vehicles for sale that has impairment
loss confirmed, when fair value increasing and objectively being related with
the items happened after original impairment loss is confirmed, the originally
confirmed impairment loss is returned and recorded into current gains or
losses. On debt investing vehicles for sale that has impairment loss confirmed,
when fair value increasing and objectively being related with the items43
happened after original impairment loss is confirmed, the originally confirmed
impairment loss is returned and recorded into shareholders' rights.
When debt investing vehicles that there is no quotation at active market and its
fair value can not measured reliably appears value reduction, its book value
excesses the balance between market yield rate of the time and present value
confirmed by future discounted cash flow. Once aggregate losses are
confirmed, which will not be returned to value recovered part.
(7) Account receivable
Accounts receivable includes accounts receivable and other receivables, etc.
The group sells goods or provides accounts receivable in the form of service. It
treats fair value of contract or agreement that is receivable for supplier as
initially confirmed amount. The accounts receivable adopts actual interest rate
and is exhibited
For accounts receivable with big amount, it shall be performed individually on
Impairment testing. When there is objective evidence showing the group can
not take back all funds according to the original items of accounts receivable,
make preparation on bringing bad debt preparation according to the difference
between current value of estimated future cash flow and its book value.
For accounts receivable with single sum of big, together with accounts
receivable without impairment loss after single testing will be divided into
several groups according to credit risk character. According to actual loss rate
combined by accounts receivable that is same, or similar of former year and
accounts receivable with similar credit risk character as basis, brings bad debt
preparation combined with current condition.
The group transfers accounts available without recourse into financial
Institutions;The transferred fund is deducted the book value and related taxes
charge, the difference is recorded into current gains or losses.
(8) Stock
Storage mainly includes fuel and spare part, which is listed according to lower
of cost or net realizable value. The cost of storage delivering is calculated
according to weighted average method. Spare parts are amortized at one time
transferring.
Preparation for falling price of goods in stock is withdrawn according the
difference between storage cost and net realizable value. Net realizable value
is confirmed through stored estimated sale price deducting the cost to occur in
completing construction, estimated selling expenses and fund after
corresponding tax fee in daily activity.44
The periodic inventory system of the group adopts perpetual inventory system.
(9) Long-term equity investment
Long-term equity investment includes the company’s investments in equity
securities to its subsidiary company, the group’s investments in equity
securities to affiliated company and the group’s long-term investment on stocks
that the group has no controlling, mutual control or important influence upon
investment unit, and has no quotation and fair value can not be reliably
measured for its fair value in active market.
(a) Subsidiary
Subsidiary of the company refers to the invested unit that is controlled by the
company, has right to determine it’s financial and operating policies and
obtains interests from its business activities. In determining whether to control
the invested unit, the invested unit can convert corporate bonds and takes into
account of performing stock warrants and other potential voting rights factors.
On investment in subsidiaries, the amount listed in financial statements
according to cost method is consolidated after adjustment according to equity
method in compiling and consolidating financial statements.
The long-term equity investment accounted via cost method is measured in
accordance with the initial investment cost. Cash dividends or profits declared
by investment units are assigned to be investment income and recognized as
current period gains and losses included in. Investment income recognized is
limited to be the accumulated net profit after the allocation of profit after
investment unit accepted investment or the acquired profit or cash dividends
that excess of this amount of cash dividends as part of the recovery of the
initial investment cost.
(b) Associated enterprise
Associated enterprise refers to an invested unit who has significant impact of
the investment units on its financial and operational decision-making.
The investment of associated enterprise is measured via equity method. The
initial investment cost being greater than investment shall enjoy the fair value
of identifiable net assets and have initial investment cost as a long-term equity
investment cost; the initial investment cost being less than investment shall
enjoy the fair value of identifiable net assets and have its difference recorded
to be its current profit and loss and correspondingly adjust the cost of
long-term equity investment.45
When accounting via equity method, the group shall enjoy or share the
investment share of the net profit or loss to recognize current investment gains
and losses. Confirming the net loss of invest units, the long-term book value of
equity investment and other investment in essence and net investment
write-down of long-term interests are limited to be zero, but the group has the
additional obligations and in accordance with the loss or matters stipulated in
the guidelines is expected to confirm the conditions of liability, continue to
recognize investment losses and liabilities, and is expected to account for. The
other alteration of shareholders interest except of pre-investment units net
profit or loss, in the shareholding ratio of the group remain unchanged, the part
that shall be enjoyed or shared calculated via shareholding ratio shall be
directly recognized as capital reserve. The interest or cash dividends that been
assigned by invest unit shall be in accordance with the Group's share of the
corresponding reduction in long-term book value of equity investment.
The unrealized gains and losses within transaction between the group and its
invested units are attributed in accordance with the proportion attributable to
shareholders of the group, which shall be offset on the basis of recognition of
investment gains and loss.
(c) Other long-term equity investment
For long-term equity investments that the group has no control, mutual control
or significant influence on the invested unit, and has no quotation, fair value
can not be reliably measured, which will be measured via cost method.
(10) Investment real estate
Investment real estate includes the rental building and makes initial
measurement via cost. The follow-up expenditure related to investment real
estate is recorded into the cost of investment real estate when relative
economic interest possibly flows into the group and its cost can be measured
reliably ; otherwise which will be recorded current profit and loss when the
situation happening.
The group adopts cost mode to make follow-up measurement on all
investment real estate and make accrual of depreciation on building according
to estimated lifetime and net residual value rate. The investment real estate
has the following nouns:
Estimated
life time
estimated net
residual value
rate
annual
depreciation rate46
building 30 years 5% 3.17%
The purpose of investment real estate is returned to be self-usage, since
alteration date, the investment real estate is transferred to be fixed estate.
When the purpose of self-usage real estate is transferred into gain rent or
acquire capital appreciation, since alteration date, the fixed asset will be
transferred into investment real estate. In transferring, the book value before
alteration is as recorded value of after alteration.
Make annual clarification and make proper adjustment at the end of year on
the estimated lifetime, estimated net residual value and depreciation method of
investment real estate.
When investment real restate is disposed or permanently exit from usage and
estimated to obtain no economic interests, terminate confirming the investment
of real estate. The disposal income from the sale, transfer, disposal of
abandoned or destroyed of investment real estate shall be recorded to be
current profit and loss after deducting book value and related expenses of
taxation.
(11) Fixed asset
Fixed asset include house & building, power generating facilities,
transportation tool and other equipments, etc. The purchased or newly-built
fixed asset has its actual cost in acquiring to carry on initial measurement.
When company system is rebuilt, the invested fixed assets of state-owned
shares are recognized as recorded value according to the estimated value
recognized by state-owned assets management department.
The follow-up expenditure related to fixed assets in the related economic
benefits are likely to flow to the group and its cost can be reliably measured, is
recorded to be fixed asset cost; the part being replaced is terminated the
recognition of their book value; all other follow-up expenditures is recorded to
be current profit and loss in happening.
The depreciation of fixed assets adopts annual average method and is
withdrawn within estimated lifetime by recorded value deducting estimated
residual value. For the fixed assets withdrawn depreciation preparation, it can
be confirmed on depreciation amount according to usage period after
deducting book value in the future.
Estimated lifetime, estimated net residual rate and annual depreciation rate is
listed as followed:
estimated
lifetime
estimated net
residual rate
Annual depreciation
rate47
House & building 22-30 years 5% 3.17% to 4.32%
Power generation
facilities
8-18 years 5% 5.28% to 11.88%
Transportation tool 10 years 5% 9.5%
Other equipments
13 years 5% 7.31%
At the end of a year, recheck and make proper adjustment on estimated
lifetime, estimated net residual value and depreciation method of fixed assets.
The fixed assets satisfied with conditions for sale, use lower amount from book
value and fair value deducting disposal cost as other floating assets. The
amount that fair value deducting disposal cost less than original book value is
confirmed to be asset impairment loss.
When fixed assets is disposed of, or estimated usage or disposal can not
product economic interests is put an end to confirm the fixed assets. The
disposal income from sale, transferring, scraping or destroying of fixed assets
is deducted book value and related expenses of taxation being recorded to be
current profit and loss.
(12) The project under construction
The project under construction is measured according to actually cost
happened. Actual cost includes construction cost, other necessary expenditure
in making project under constructing reaching to the estimated usage condition
and loan expenditure that satisfying capitalization condition before assets
reaching usable condition. When project under construction reach estimated
usable condition, which is transferred to fix assets and begin depreciation from
the next month.
(13) Intangible assets
Intangible assets include land use right, sea area right, software and
transmission and transformer project, etc., which will be measured as actual
cost. The intangible assets invested by state shareholder in company’s
rebuilding have recognized estimated value by state assets management
department as recorded value.
(a) Land use rights and sea area rights
Useful life of land use rights is on average amortization between service lives
of 20 years to 50 years. The price of purchased land and building that is
difficult to rationally allocate between land use rights and building are totally as
fixed assets.48
Useful life of sea area rights is on average amortization service life of 50 years.
(b) Other intangible asset
Except of land use rights and sea are use rights, useful life of other intangible
assets is on average amortization between service life of 2 years to 20 years.
(c) Periodically recheck usage lifetime and amortization method
Recheck and make proper adjustment on estimated usage lifetime and
amortization method on intangible assets within limited lifetime.
(14) Goodwill
For business combination under non-same controlling, the more part that
combination cost exceeding its acquired in combination and recognized to be
net asset at purchase date by purchaser is recognized to be Goodwill.
business reputation.
(15) Long-term assets depreciation
The long-term equity investment of fixed assets, project under construction,
intangible assets with limited lifetime, investment real estate measured via cost
mode, subsidiary company and affiliated business, if there is any depreciation
phenomenon at balance sheet date, depreciation test should be performed.
depreciation test result indicate if assets recoverable amount is less than its
book value, withdraw its difference and record it to be depreciation loss. The
recoverable amount is equal to the higher one between assets fair value
deducted net amount after disposal cost and the present value that asset
estimation future cash flow. Impairment of assets is calculated and confirmed
with single assets as basis. If it is difficult to estimate revocable amount on
single assets, asset group of the asset confirm it. Asset group is the minimum
asset combination that can independently produce cash flow.
(16) The Goodwill singly listed in financial statement practice depreciation test
once a year at least. In test, the book value of Goodwill is amortized asset
group or combination of group assets that benefit from the synergistic effect in
combination of enterprises. Test result indicates the revocable amount of asset
group or combination of group asset contained amortized Goodwill shall be
confirmed its corresponding depreciation loss. The depreciation loss amount is
amortized into the book value of Goodwill of asset group or combination of
group asset, then deducting the book value of other assets proportionally
according to the shared proportion of book value of other assets in asset group
or combination of group asset except Goodwill .
Once the above-mentioned asset depreciation loss is confirmed, the part that49
its value recovered should not be transferred in the later time.
(17) Borrowing costs
Borrowing costs of fixed assets that can be used to achieve the status of the
scheduled usage after a long time that can be directly attributed to the need,
when capital expenditure and borrowing costs have taken place, in order to
make asset reaching to scheduled usage condition that have begun, begin to
capitalize and record it into the asset’s cost. When the constructed asset
reaches the scheduled usage condition, stop capitalization and the borrowing
costs occurred later is recorded to be current profit and loss. If the construction
activity of asset appear abnormal abruption, and the time exceeds continuous
3 months, pause the capitalization of borrowing costs until the construction
activity of asset re-begin.
(18) Borrowings
Borrowings is initially measured according to fair value deducting transaction
cost and practiced following measurement adopting actual interest rate
method. The borrowings with less than 1 year term is short-term borrowing,
other borrowings are long-term borrowings.
(19) Staff salary
Staff salary mainly includes wages, bonuses, allowances and subsidies,
welfare, social insurance and housing accumulation fund, trade union fund and
fund for educating workers and other expenditures for obtaining services
provided by staff.
During staff providing services, confirm the payable salary and record it to
relative capital cost and expenditure according the beneficiary of service
provided by staff.
(20) Estimated liabilities
The current obligation due to the product quality assurance, loss of contracts,
and its execution possibly cause the outflow of economic interests. When the
obligation’s amount is reliably measured, confirm it to be estimated liability.
The estimated liabilities is initially measured according to required expending
the best estimated quantity in performing relative current obligation, which
shall comprehensively take considerate of related risk, nondeterminacy and
time value of money of concerned items. For those who have significant50
infection on time value of money, determine the best estimated quantity
through relative future cash outflow; the increased amount of the estimated
liability book value caused by discounting reduction with time going on is
confirmed to be interest charges.
The balance sheet date and the book value of liabilities are expected to review
and make appropriate adjustments to reflect the current best estimate.
(21) Deferred income tax asset and deferred income tax liability
Deferred income tax asset and deferred income tax liability are calculated
according to the difference between tax base of asset and liability and their
book value difference (temporary difference).According to tax law regulation,
deduct the loss that can be offset of taxability to confirm corresponding
deferred income tax asset. For temporary difference of business reputation in
the initial confirmation, confirm no corresponding deferred income tax asset.
For the temporary difference formed in initial confirmation of asset and
liabilities occurred in the transaction of non-enterprise combination that neither
affect accounting profit nor affect taxability amount (or loss that can be offset),
confirm no corresponding deferred income tax asset and deferred income tax
liability. At balance sheet date, deferred income tax asset and deferred income
tax liability are measured by the applicable tax rates of assets expected to
recover or satisfaction of the liabilities.
The confirmation of deferred income tax asset is limited within the taxability
amount that the group possibly acquired to offset temporary difference, loss
and taxation depreciation.
For the deferred income tax asset occurred from temporary indifference of
related with subsidiary company and affiliated enterprise investment, except
the group can control the recovery time of temporary indifference and the
temporary indifference possibly can not return in the expected future, which is
confirmed to be liability. The deferred income tax asset occurred from
temporary indifference related with subsidiary company and affiliated
enterprise, which is confirmed to be asset when temporary indifference
possibly return in the expected future and possibly acquire taxability amount of
temporary indifference to be offset.
The deferred income tax asset and deferred income tax liability is listed after
offset when meeting the following conditions simultaneously:
(a) Deferred income tax asset and deferred income tax liability are related
to the collected income tax of same tax collection and management
departments to same ratepaying body within the group;
(b) The ratepaying body within the group has the legal rights that can use51
net amount to settle accounts current income tax asset and current
income tax liability.
(22) Revenue recognition
Income amount is confirmed according to the fair value of collected or due
contract or agreement purchase price when the group sells goods or provides
service in daily business operations.
When related economic income flows into the group and relative income can
be reliably measured and meeting the following specific income confirmation
standard in various business activities, confirm the relative income:
(a) Sell goods
Confirm sales income in the group’s output of electric power and heat energy
(b) Provide labor service
The labor service provided by the group has income confirmation based on
percentage of completion of work confirmed by completion ratio of occurred
cost accounting for total estimated cost.
(c) Transferred assets using right
Interest income is based on time ratio, adopting actual interest rate to calculate.
Operating lease income is confirmed according to line method within
leasehold.
(23) Lease
The lease that substantially transfers all risk and recompense related to assets
are financing lease. Other lease is operating lease. Rent expenditure of lease
operating is recorded into relative asset cost or current profit and loss
according to line method within leasehold.
(24) Dividend distribution
Cash dividends are confirmed to be liability at the period of shareholders
meeting authorized.
(25) Combination of enterprises
(a) Combination of enterprises under same controlling52
Combination price paid by combination party and net assets acquired by
combination party are measured via book value. The difference between net
asset book value acquired by combination party and paid combination price
book value is adjusted to be capital reserves; if capital reserves are not enough
to cutoff, adjust retained earnings.
The direct relative expenditure generated in enterprise combination is
recorded to current profit and loss when happening.
(b) Combination of enterprises under different controlling
The combination price of purchase party and acquired tangible net asset by
purchase party is measured via fair value of purchase date. The difference that
acquired combination cost more than tangible net asset fair value purchased
by purchase party is recognized to be business reputation; the difference that
acquired combination cost less than tangible net asset fair value purchased by
purchase party is recorded to be current profit and loss.
The direct related expenditure caused from enterprise combination is recorded
to be enterprise combination cost.
(26) Compilation method of financial reports on combination
In compiling financial reports on combination, combination scope includes the
company and entirely subsidiary companies.
Since the date acquiring the actual control right of subsidiary company, the
group begins bringing it to its combination scope; from the date of losing actual
control right, stop bringing it to its combination scope. For the subsidiary
company acquired from enterprise combination under same control, it is
brought into combination scope of the company since the company is
controlled by end control party totally, and the realized net benefit is reflected in
the profit chart before combination date.
In compiling financial reports on combination, the accounting policies adopted
by subsidiary company and the company is not consistent during fiscal period,
make necessary adjustment according to accounting policy or financial reports
of subsidiary company. For subsidiary company acquired from enterprise
combination under different control, based on the tangible net asset fair value
at purchase date, adjust its financial report.
All significant balance, transaction and unrealized benefit within the group, will
be offset in combination financial reports compilation. The stockholder’s right53
of the subsidiary company and the part in current net income and loss that do
not belong to the company will be listed separately as little stockholder right
and few stockholder profit and loss in combination financial reports under the
items of stockholder’s right and net profit.
(27) Report on branch company
Business branch company refers to the part that can be divided, provide single,
group related products or labor service within the group. The integral part
undertakes risks and rewards that are different from other integral parts.
Regional branch company refers to an integral part that can be divided and
provide product or labor service under a special economic environment within
the group. The integral part partially undertakes the partial risks and rewards
that are different from providing products or labor service in other economic
environment.
The income of the group mainly comes from the development and
management in electric power plant within mainland of China, and all assets
are in China. So, the group will not provide report on branch company.
(28) Fair value confirmation of financial tool
Financial tool existed in active market, have the quotation in active market as
its fair value. The financial tool in inactive market adopts valuation technique to
confirm its fair value. Valuation technique includes the price that are applied in
current market transaction by various parties who are familiar with conditions,
which refer to the prices and current fair value and cash flow discounting
method, etc of other financial asset. In adopting valuation technique, use
market parameter at furthest and decrease application of parameters related to
the group.
(29) Major accounting estimate and judgement
The group makes continuous evaluation on adopted important accounting
evaluation and key presumption including reasonable expectations on future
items according to historical experience and other factors.
(a) Useful life of building construction and equipment
The predictable useful life of building construction and equipment is decided
by management people according to industry practice in considering assets
durability and past maintenance conditions. The predictable useful life is inspected and
adjusted properly at the end of a year.
(b) Income tax54
In normal business operations, the final taxation disposal of many transactions
and items exist indeterminacy. If the final cognizance result has difference with
amount recorded originally, the difference will have influence on income tax
expense and deferred income tax at the final cognizance period.
III. Tax
The main tax types and tax rate applied for our group within this year are listed
as follows:
Tax type Tax rate Tax base
Corporate
income tax
0%，18%,20%及25% Income tax payable amount
VAT 17% Payable value added amount (Tax payable
amount is calculated using the taxable sales
amount multiplied by the applicable tax rate
less current period’s deductible input VAT.)
Business Tax 5% Turnover tax payable
urban
maintenance
and construction
tax
7% Actual paid VAT and business tax
Educational
Surtax
3% Actual paid VAT and business tax
According to the approved document No.[1997]185 Canton SAT (State
administrative taxation) from foreign investment tax branch of Guangzhou
municipal office of state administrative taxation and the approved document
No.[1998]045 from foreign investment tax central branch of Guangzhou
municipal office of state administrative taxation, the corporate income tax rate
for YueJia power plant will be gradually adjusted to 25%. The corporate
income tax rate for YueJia power plant in 2009 is 20%.
According to the approved document No.[2007]15 Zhan SBSAT (Subordinated
branch of Zhanjiang State administrative taxation),the corporate income tax rate for
Zhanjiang wind energy is 15%, and since the profit-making year, the corporate
income tax will be exempted for the first year and the second year. Corporate income
tax will be levied by half from the third year to the fifth year.
In year 2008, Zhanjiang wind energy did not make profit yet. According to the
regulation of new income tax law, it still can enjoy above preferential policy, while55
year 2008 would be regarded as its first profit-making year. So, Zhanjiang wind
energy will continuously enjoy preferential policy of corporate income tax exemption
in 2009.
IV. Subsidiary company
(1) Subsidiary company obtained by business combinations under the same
control
Register
ed place
Registered
capital
Business nature and
the scope of business
Aggregate
d
shareholdi
ng
percentag
e of our
company
Aggregated
voting rig
ht percent
age of our
company
Zhanjiang Power Co., Ltd. Zhanjian
g
2,875,440,000 Power generation and
power plant
construction
76% 76%
Guangdong Yuejia Power Co., Ltd. Meizhou 1,200,000,000 Power generation and
power plant
construction
58% 58%
Guangdong Shaoguan Yuejiang Power Co., Ltd. Shaoguan 770,000,000 Power generation and
power plant
construction
65% 65%
Maoming Ruineng Thermielectricity Co., Ltd. Maoming 217,157,500 Power generation and
power plant
construction
51% 51%
Above mentioned subsidiary company and our group are both under the same
control of Guangdong Yudean Group Co., Ltd (original name is Guangdong
power group) before business combination.
Subsidiary company obtained by business combinations not under the same
control.
(2) Subsidiary company obtained by business combinations not under the same
control.
Register
ed place
Registered
capital
Business nature and
the scope of business
Aggregate
d
shareholdi
ng
percentag
e of our
company
Aggregated
voting righ
t percentag
e of our c
ompany
Maoming zhineng thermal power plant Co.,Ltd.
Maoming 325,000,000
Power generation and
power plant
construction
54.85% 54.85%
Guangdong Yudean Jinghai Power Generation Co.,
Ltd.
Jieyang 1,550,000,000 Power generation and
power plant
construction
65% 65%
Guangdong Yudean Zhanjiang wind power
generation Co.,Ltd.
Zhanjian
g
172,920,000 New energy
development and
70% 70%56
power generation
Guangdong Yudean oil shale power generating
Co.,Ltd.
Maoming 235,000,000 oil shale resources
development and
power generation
83.66% 83.66%
Zhanjiang Hengyu power Co.,Ltd. Zhanjian
g
20,000,000 Provide maintenance
service and installation
service
76% 76%
Guangdong Yudean anxin power maintenance &
installation Co.,Ltd.
Dongguan 20,000,000 Provide maintenance
service and installation
service
100% 100%
Guangdong Yudean Humen power generation
Co.,Ltd.
Dongguan 150,000,000 Power generation and
power plant
construction
60% 60%
(a) Zhanjiang Yuheng is the wholly-owned subsidiary company of Zhanjiang
electrical power plant. Our company is indirectly holding 76% of its voting right.
V．Notes to the combined financial statement
(1) Currency Capital
Items December 31, 2008 June 30,2009
cash on hand 58,967.48 45,799.03
bank deposit 1,481,045,975.31 1,157,784,484.35
Including： deposit in Guangdong Yudean
finance Co.,Ltd. 867,788,148.16 793,232,312.44
Total 1,481,104,942.79 1,157,830,283.38
Currency capital including below foreign currency balance
December 31, 2008 June 30,2009
Foreign currency
Exchange
rate
RMB
Foreign
currency
Exchange
rate
RMB
USD 1,068.96 6.83 7,305.91 1,075.86 6.83 7,353.05
HKD 12,866.02 1.07 13,708.41 12,866.66 1.07 13,708.99
(2) Accounts receivable and other receivables
(a) Account receivables
December 31, 2008 June 30,2009
Age
Amount
Provision for
bad debt
Amount
Provision for
bad debt
Within 1
year
1,626,867,483.17 1,183,846.21 2,311,204,001.87 945,066.69
Total 1,626,867,483.17 1,183,846.21 2,311,204,001.87 945,066.69
Individual significant amount RMB 2,295,526,365.47, account for 99.32% of
total amount.57
By June 30, 2009,For accounts receivable，there are no accounts receivable
from shareholders holding more than 5% (including 5%) of voting rights in our
company.
(b) Other receivables
December 31, 2008 June 30,2009
Age Amount
Provision for bad
debt Amount Provision for bad debt
Within 1
year
393,367,285.56 22,650.88 580,206,083.86 50,920.03
1-2 years 17,099,528.15 6,472.68 4,366,385.09 19,190.00
2-3 years 8,868,777.68 225,602.14 16,450,639.04 12,189.53
Above 3
years
12,929,669.91 5,645,540.38 22,354,781.39 5,884,667.56
Total 432,265,261.30 5,900,266.08 623,377,889.38 5,966,967.12
Details of top five：
By Jun. 30th 2009, for accounts receivable，there are no accounts receivable
from shareholders holding more than 5% (including 5%) of voting rights in our
company.
(3) Advance account
December 31, 2008 June 30,2009
Age Amount Proportion Amount Proportion
Within 1 year 529,555,340.94 96.19% 562,952,521.59 87.71%
1-2 years 20,198,615.95 3.67% 78,109,170.46 12.17%
2-3 year 60,000.00 0.01% 34,000.00 0.01%
Name of counterpart
organization Content Period Amount
The balance of
interest receivable
Weixin energy Entrusted Loan 1 year
260,000,000.00 403,000.00
Shanxi energy Entrusted Loan 1 year
153,200,000.00 203,373.00
Yudean west investment Entrusted Loan 1 year
70,782,900.00 21,264,006.43
Maoming BoHe project
preparatory team
Prior-period
expenses
43,555,349.00
Guangdong Longguang real
estate company
House purchase
fund of
transitional
housing 1 year
16,694,381.9358
Over 3 years 709,185.80 0.13% 731,201.60 0.11%
Total 550,523,142.69 100.00% 641,826,893.65 100.00%
Advance account is mainly paid to Guangdong power industry fuel Co., Ltd. for
the circulating fund of coal purchasing RMB 582,647,142.26.thereinto there is
no advance account from shareholders holding more than 5% (including 5%)
of voting rights in our company.
Aging of accounts receivable more than one year are mainly the deposit and
prior-period expenses paid to contractors and equipment suppliers.
(4) Stock
Items December 31, 2008 June 30,2009
Fuel 682,854,055.45 558,323,522.41
Spare parts 221,699,688.57 241,578,294.35
Other 24,521,147.67 23,591,169.80
Total 929,074,891.69 823,492,986.56
By June 30, 2009, Our group doesn’t have to prepare reserve for falling price of
goods in stock
(5) Financial assets available for sale
December 31, 2008 sound value flexible loss
and profit
June 30,2009
Available-for-sale equity
instrument：
Shenzhen energy investment
stock corporation 56,910,000.00 21,210,000.00 78,120,000.00
Shenneng stock corporation 221,758,785.00 143,273,205.00 365,031,990.00
Total
278,668,785.00 164,483,205.00 443,151,990.00
(6) Long term equity investments
Our group doesn’t have significant limit on long term equity investment and
profit back remittance.59
(a) Associated enterprise
December 31,2008 Investment
increment
adjusted net profit and
loss using equity
method
cash dividend
declared June 30,2009
Guangqian
Electric Power 527,144,542.59 57,724,218.68 95,859,747.42 489,009,013.85
Shanxi energy 399,766,568.68 -1,463,597.22 398,302,971.46
Red Bay Power
generation
450,028,520.16 18,707,763.02 468,736,283.18
Huizhou
natural gas
power
generation
373,863,902.09 51,565,197.19 425,429,099.28
Fuel company 379,680,495.83 14,661,749.13 37,016,303.76 357,325,941.20
Zhongyue
Energy
321,191,115.51 -7,587,479.25 313,603,636.26
Yudean
Finance
248,434,084.13 17,938,794.10 30,945,656.54 235,427,221.69
Binlangjiang
hydroelectric
power
194,913,442.53 -1,556,667.11 193,356,775.42
Yudean
Shipping
122,213,744.90 490,000,000.00 -8,938,893.55 603,274,851.35
Yudean west
investment 41,444,529.20 79,040,000.00 8,757,349.56 129,241,878.76
Shipaishan
wind power 68,051,358.46 894,260.65 68,945,619.11
Weixin energy 148,960,000.00 148,960,000.00
Huaneng
Shantou wind
power
42,359,224.77 901,658.68 300,000.00 42,960,883.45
Lincang
hydroelectric
power
53,049,326.75 53,049,326.75
Jiangkeng
Weterand
electricity
5,367,182.86 5,367,182.86
Zhongxinkeng 7,130,023.85 7,130,023.8560
power
Total 3,383,598,062.31 569,040,000.00 151,604,353.88 164,121,707.72 3,940,120,708.47广东电力发展股份有限公司第六届董事会第九次会议文件
61
(b) Other long term equity investment
Name
Investment
Proportion December 31, 2008
Increase
in this
period
Decrease
in this
period June 30, 2009
Sunshine Insurance Group
stock Corporation. 12.73% 356,000,000.00 356,000,000.00
Shenzhen innovation
investment company 3.13% 52,500,000.00 52,500,000.00
Maoming clean energy water
coal serosity company limited 19% 3,600,000.00 3,600,000.00
Maoming power water supply
Co., Ltd. 15% 3,903,707.15 3,903,707.15
GMG International Tendering
Co.,Ltd. 3.07% 3,600,000.00 3,600,000.00
Total 419,603,707.15 419,603,707.15
(7) investment real estate
Building Original price Accumulated
depreciation
Net
December 31, 2008 20,135,165.49 6,126,057.94 14,009,107.55
Depreciation in current year 316,315.32
June 30,2009 20,135,165.49 6,442,373.26 13,692,792.23
By June 30, 2009, Our group doesn’t have to prepare reserve for impairment of investment real estate
(8) Fixed assets
Consolidated December 31, 2008 Increase in this year
Decrease in the
year
June 30, 2009
Total cost 22,040,458,068.46 55,682,131.59 45,542,115.13 22,050,598,084.92广东电力发展股份有限公司第六届董事会第九次会议文件
62
House and building 5,825,884,197.82 1,773,191.74 5,827,657,389.56
Machinery and
equipment
15,744,308,952.33 44,741,627.31 43,191,660.41 15,745,858,919.23
Transport 291,812,778.52 4,312,294.69 1,885,677.00 294,239,396.21
Land assets 6,341,389.61 6,341,389.61
Other 172,110,750.18 4,855,017.85 464,777.72 176,500,990.31
Total of accumulated
depreciation
8,855,962,526.86 625,938,224.93 27,023,281.11 9,454,877,470.68
House and building 1,714,196,762.36 110,687,733.24 1,824,884,495.60
Machinery and
equipment
6,892,167,912.02 494,479,959.72 24,796,533.67 7,361,851,338.07
Transport 133,972,025.85 13,293,646.60 1,809,306.51 145,456,365.94
Land assets 0.00
Other 115,625,826.63 7,476,885.37 417,440.93 122,685,271.07
Total of fixed accumulated
impairment
7,014,358.94 7,014,358.94 0.00
House and building 0.00
Machinery and
equipment
7,014,358.94 7,014,358.94 0.00
Transport 0.00
Land assets 0.00
Other 0.00
Total Book value of
fixedassets
13,177,481,182.66 12,595,720,614.24
House and building 4,111,687,435.46 4,002,772,893.96
Machinery and
equipment
8,845,126,681.37 8,384,007,581.16
Transport 157,840,752.67 148,783,030.27
Land assets 6,341,389.61 6,341,389.61
Other 56,484,923.55 53,815,719.24广东电力发展股份有限公司第六届董事会第九次会议文件
63
(9) Construction in progress
December 31, 2008 Including： June 30,2009
Amount
Balance
Including ：
interest
capitalization
amount
Increase in
this period
Including ：
interest
capitalization
amount
Decrease in this
period
Reserve surplus to
increase fixed
assets
Balance
Including ：
interest
capitalizatio
n amount
Total 833,663,353.5
8 38,334,061.12 1,033,122,648.
70 50,040,742.38 263,051,516.67 8,643,841.81
1,603,7
34,485.
61
85,791,563.57
Yuejia genset
#7,#8 extension
114,013,067.7
8 4,959,250.00 11,952,765.60 2,962,312.92 125,965
,833.38 7,921,562.92
ZHINENG power
plant generator
#6
4,811,364.19 2,785,198.49 1,551,343.99 1,551,343.99 6,045,2
18.69
Yuejiang
2*600MW genset 86,666,772.52 39,361,287.67 126,028
,060.19
Zhanjiang wind
power plant
project
267,555,316.4
7 621,570.88 436,863,919.4
3 4,838,729.19 200,476,570.32 503,942
,665.58 5,460,300.07
oil shale power
generation phase
I
71,693,422.24 7,012,053.40 78,705,
475.64
Humen power
generation
2×1000MW genset
67,652,085.71 65,819,566.90 2,583,239.93 31,128,118.28 102,343
,534.33
ZHINENG power
plant generator
#7
9,377,159.11 6,990,614.52 16,367,
773.63
Jinghai power
plant generator
#3、＃4
76,417,942.83 32,753,240.24 401,840,376.9
3 39,656,460.34 478,258
,319.76 72,409,700.58
Technical
improvement
project
78,624,535.96 32,145,335.66 29,895,484.08 7,092,497.82 80,874,
387.54
Other 56,851,686.77 28,351,530.10 85,203,
216.87广东电力发展股份有限公司2009 年半年度报告摘要
64
(10) Construction materials
Items December 31, 2008 June 30,2009
special equipment 816,519,597.43 1,363,122,423.70
Prepared tools and instruments for
production 2,987,866.03 3,441,941.21
Total 819,507,463.46 1,366,564,364.91
(11) Intangible assets
Total December 31, 2008
Increase in this
period
Decrease in
this period
June 30,2009
I.Total cost 885,776,145.27 1,076,500.00 886,852,645.27
Land use right 424,413,406.27 424,413,406.27
Software 259,129,986.52 754,500.00 259,884,486.52
Other 202,232,752.48 322,000.00 202,554,752.48
II.Total of accumulated
amortization 499,233,011.98 10,671,630.06 509,904,642.04
Land use right 133,961,382.96 3,859,625.61 137,821,008.57
Software 252,741,787.94 885,567.95 253,627,355.89
Other 112,529,841.08 5,926,436.50 118,456,277.58
III.Total Book value
ofintangible assets 386,543,133.29 376,948,003.23
Land use right 290,452,023.31 286,592,397.70
Software 6,388,198.58 6,257,130.63
Other 89,702,911.40 84,098,474.90
By June 30, 2009, Our group doesn’t have to prepare reserve for falling price of intangible assets
(12) Short-term loan
December 31, 2008 June 30,2009
Credit loan 3,639,000,000.00 4,476,397,561.86
Mortgage loan 175,000,000.00
Total 3,814,000,000.00 4,476,397,561.86
(13) Bill payable
December 31, 2008 June 30,2009
Bank acceptance 859,302,379.02
(14) Account payable
By June 30, 2009, For accounts payable，there are no accounts payable to shareholders holding
more than 5% (including 5%) of voting rights in our company.广东电力发展股份有限公司2009 年半年度报告摘要
65
By June 30, 2009,Aging of accounts payable more than one year is RMB 230,847,693.81,it is
mainly for project and equipment payable.
(15) Account collected in advance
By June 30, 2009,For accounts collected in advance, there are no accounts collected in advance
from shareholders holding more than 5% (including 5%) of voting rights in our company.
(16) Employee wage payable
Items December 31, 2008
Increase in this
period
Decrease in this
period
June 30, 2009
I、Salary、bonus、allowance and
subsidy
204,144,692.89 253,832,180.14 221,612,848.73 236,364,024.30
II、employee benefits 11,137,593.76 24,500,647.64 24,621,662.96 11,016,578.44
III Social insurance 756,795.62 53,167,347.28 53,061,661.58 862,481.32
Thereinto:1. medical
insurance
745,872.67 6,052,941.50 5,944,259.19 854,554.98
2.basic endowment
insurance
7,514.62 30,410,348.01 30,413,292.81 4,569.82
3. annuity 14,740,298.00 14,740,298.00
4.Unemployment
insurance
3,408.33 1,024,778.16 1,024,829.97 3,356.52
5.Occupational
Injury Insurance
1,082,944.57 1,082,944.57
6.maternity
insurance
641,485.20 641,485.20
IV. housing accumulation fund 2,805,756.82 45,424,165.98 45,595,434.80 2,634,488.00
V. labour-union expenditure and
employee education expenses
22,757,443.92 6,616,414.16 8,636,192.27 20,737,665.81
VI. Compensation for
cancellation of labor relationship
12,182,799.01 9,000.00 1,534,529.83 10,657,269.18
VII.Other 41,247.76 852,367.66 738,250.10 155,365.32
Total 253,826,329.78 384,402,122.86 355,800,580.27 282,427,872.37
(17) Tax payable
December 31, 2008 June 30,2009
Business income tax payable -39,999,052.42 17,577,308.07
VAT payable 50,214,276.69 80,613,441.22
City maintenance construction tax payable 2,890,182.06 3,361,550.33
Educational Surtax payable 1,434,354.64 1,721,443.75
Personal income tax payable 18,199,324.33 1,777,461.47
Real estate tax payable 3,573,179.00 3,533,579.00
Business tax payable 765,459.27 275,269.16
Other 7,673,253.40 4,897,214.91
Total 44,750,976.97 113,757,267.91广东电力发展股份有限公司2009 年半年度报告摘要
66
(18) Dividend payable
December 31, 2008 June 30,2009
Guangdong Yudean Group Co., Ltd. 73,935,369.48
Guangdong Power Development Company 4,718,367.06
Yudean Investment Co., Ltd. 33,323,214.40
Shaoguan D Power Plant Co., Ltd. 3,521,190.61 3,521,190.61
Qujiang Power Company 1,408,476.24 1,408,476.24
Account payable to company’s other
shareholders
7,429,962 88,245,470.07
Total 45,682,842.86 171,828,873.46
(19) Other payable
December 31, 2008 June 30,2009
Engineering and equipment funds 470,028,922.00 336,575,503.35
Shaoguan power plant advance money for
another 320,812,480.40 377,708,765.54
Other 27,301,767.98 44,902,170.26
Total 818,143,170.38 759,186,439.15
By Jun.30th,2009, there are no accounts payable to shareholders holding more than 5%
(including 5%) of voting rights in our company.
(20) Long-term loan
December 31, 2008 June 30,2009
Guarantee loan 1,481,220,000.00 1,558,420,000.00
－Mortagage 243,000,000.00 243,000,000.00
－Impawn 1,238,220,000.00 1,315,420,000.00
Credit loan 3,918,000,000.00 3,892,000,000.00
Total 5,399,220,000.00 5,450,420,000.00
Less：Long-term loan due in 1 year 220,660,000.00 220,860,000.00
－Mortagage 78,600,000.00 99,800,000.00
－Impawn 114,060,000.00 114,060,000.00
Credit loan 28,000,000.00 7,000,000.00
Total 5,178,560,000.00 5,229,560,000.00
(a) By June 30, 2009, Long term loan secured include;
December 31, 2008 June 30,2009广东电力发展股份有限公司2009 年半年度报告摘要
67
Use Maoming ruineng factory building and
power generating equipment as a pledge 243,000,000.00 243,000,000.00
Use the energy charge collecting right and
accounts receivable of Yuejiang power plant
as a collateral security 847,820,000.00 847,820,000.00
Use the energy charge accounts of Maoming
zhineng power plant as a collateral security 390,400,000.00
365,600,000.00
Use the energy charge accounts of Zhanjiang
wind power plant as a collateral security 102,000,000.00
Total 1,481,220,000.00 1,339,720,000.00
(b) Long term loan are listed as follows in order of loan bank
December 31, 2008 June 30,2009
Agricultural Bank of China 2,550,000,000.00 2,550,000,000.00
Yudean Finance 1,000,000,000.00 1,000,000,000.00
Industrial and commercial bank of
Chian 425,720,000.00 513,720,000.00
China Construction Bank 390,400,000.00 365,600,000.00
Bank of Chian 622,100,000.00 622,100,000.00
SPD Bank 243,000,000.00 243,000,000.00
China Minsheng Bank 168,000,000.00 156,000,000.00
Total 5,399,220,000.00 5,450,420,000.00
(21) Bonds payable
By Jun. 30th 2009, bonds payable amortized cost is RMB 1,984,686,228.38.
Value date starts from Mar.10th 2008, yearly paid at simple interest,
Annual interest rate is 5.5%. Our company had paid interest RMB 110,000,000.00 on Mar.10th 2009.
Interest payable for this year is RMB 34,222,222.23. It is accrued charges, not paid yet.
(22) Deferred Income tax Assets and Deferred Liabilities
Items December 31, 2008 June 30,2009
I Deferred Income tax Assets
Employee payroll payable 44,673,649.27 44,739,544.29
amortization of initial
expenses 14,430,589.65 9,351,854.80
government capital subsidy 7,692,307.75 7,692,307.75
accrued expenses 919,215.55 527,103.92
Provision for impairment of
fixed assets 2,779,176.59 2,779,176.59
amortization of land use rights 1,961,919.49
asset retirement losses
deductible loss 171,492,184.16 139,336,171.64
Total 241,987,122.97 206,388,078.48
II Deferred Income tax
Liabilities广东电力发展股份有限公司2009 年半年度报告摘要
68
sound value flexible loss and
profit 6,735,042.69 47,855,843.94
Capitalization of interest 4,232,628.24 4,232,628.24
Total 10,967,670.93 52,088,472.18
(23) Other non-current liabilities
Other non-current liability refers to the funds allocated by Guangdong provincial department of
finance through Yudean group for genset #5 FGD engineering project in Shaojiao power plant A.
(24) Cpaital stock
December 31, 2008
Increase in this
period
Decrease in this
period June 30,2009
1. Shares with conditional subscripotion
State-owned legal person shares 1,232,256,158 1,232,256,158
Other domestic shares 7,218,987 7,218,987
Incl ：Non-state owned legal person share 7,137,656 386,093 6,751,563
Domestic natural person shares 81,331 386,093 467,424
Shares with unconditional subsoription
Common shares in RMB 1,232,256,158 1,232,256,158
Foreign shares in overseas market 754,602,355 754,602,355
Total 2,659,404,000 2,659,404,000
(25) Capital reserve
December 31, 2008
Changes in
this year June 30, 2009
Share premium 1,257,407,010.00 1,257,407,010.00
Evaluation appreciation 119,593,718.00 -41,204,409.25 78,389,308.75
Other capital reserve －
The fair value change of financial assets
available for sale 26,940,170.77 164,483,205.00 191,423,375.77
Tax impact on the fair value change of
financial assets available for sale －6,735,043.03 -41,120,801.25 -47,855,844.28
Capital surplus transferred from
original system 20,474,592.00 20,474,592.00
Total 1,417,680,447.74 123,362,403.75 1,499,838,442.24
(26) Surplus reserves
Items Balance amount at
beginning of year
increment
in this year
Decrement
in this year balance at year end广东电力发展股份有限公司2009 年半年度报告摘要
69
legal earned surplus
reserve 1,309,397,910.24 1,309,397,910.24
Other surplus reserve 2,409,646,955.44 2,409,646,955.44
Total 3,719,044,865.68 3,719,044,865.68
(27) Operating income and operating cost
(a) Main business income and main business cost
January-June 2008 January-June 2009
Main Operating
income Main operating cost Main Operating income Main operating cost
Income from
electricity sales 5,612,647,447.96 5,233,570,123.12 5,203,492,040.04 4,313,677,489.17
income from
steam 25,968,035.84 30,622,564.70 33,277,612.52 29,214,982.79
income from
service 30,603,359.82 26,479,959.37 31,377,531.43 24,398,826.25
Internal
Offsetting
Transaction
-22,386,613.36 -22,386,613.36 -18,774,977.57 -18,774,977.57
Total 5,646,832,230.26 5,268,286,033.83 5,249,372,206.42 4,348,516,320.64
Both Electricity transmitting and distributing in Guangdong province are controlled and managed
by Guangdong power system. So ,Guangdong power system is the sole customer receiving the
power generated by our group. Electricity power sales contract had been signed by our group and
Guangdong power system
(b) Other operating income and other operating cost
January-June 2008 January-June 2009
Other Operating
income
Other operating
cost
Other Operating
income Other operating cost
Income from
maintenance 25,079,609.02 24,393,741.94 14,514,092.34
Income from leasing 1,809,862.00 32,950.80
Income from complex
usage of fly ash 854,700.85 11,623.94
Income from material
sales 177,603.31 12,784.76 160,674.08 6,766.52
Other 19,776,054.33 16,624,238.89 19,505,594.39 13,138,508.57
Total 45,887,967.51 41,042,389.53 21,476,130.47 27,692,318.23
(28) Business tax and surcharges
January-June 2008 January-June 2009
City maintenance construction tax -11,631,919.42 12,459,290.61
Educational Surtax -8,765,194.27 6,087,595.30广东电力发展股份有限公司2009 年半年度报告摘要
70
Business tax 1,318,752.51 130,909.84
Total -19,078,361.18 18,677,795.75
(29) Finance costs
January-June 2008 January-June 2009
Net amount of interest expense 272,799,975.54 270,638,225.35
Including ：interest income 9,677,568.60 8,046,825.20
Interest expense 282,477,544.14 278,685,050.55
Including：current liabilities interest expense 61,578,476.76 68,787,777.47
long term liabilities interest expense 220,899,067.38 209,897,273.08
Exchange net loss （ Exchange net income will
use ”-“） 1,197,543.94 600.00
handling charge 181,060.84 1,900,345.97
Other finance costs 200.00 5,330,219.45
Total 274,178,780.32 277,869,390.77
(30) Investment income
January-June 2008 January-June 2009
Income of financial assets available for sale 14,830,377.70 3,702,150.00
Obtained or shared profit / loss percentage in
company been invested measured by equity method -5,793,911.08
151,604,353.88
Income of invested company measured by cost
method 6,814,927.13 6,474,800.00
Income of entrusted loan 3,619,197.40 10,013,599.79
Total 19,470,591.15 171,794,903.67
(31) Non-operating income and non-operating expenses
Non-operating income January-June 2008 January-June 2009
Profit from fixed assets settlement 1,000
Insurance proceeds 1,817,610.92
Other 789,392.06 240,139.31
Total 790,392.06 2,057,750.23
non-operating expenses
Loss from fixed assets settlement 61,854.64
Other 5,370,186.53 760,876.04
Total 5,432,041.17 760,876.04
(32) Earnings per share
(a) Basic earnings per share
Basic earnings per share is calculated by using aggregated net profit attribute to parent company
common share holder divided by weighted average number of ordinary shares publicly offered by广东电力发展股份有限公司2009 年半年度报告摘要
71
parent company.
January-June 2008 January-June 2009
Aggregated net profit attribute to parent
company common share holder -56,449,013.74 378,903,882.43
Weighted average number of ordinary shares
publicly offered by parent company. 2,659,404,000.00 2,659,404,000.00
Basic earnings per share -0.02 0.14
(b) Diluted earnings per share
By Jun.2009, our company don’t have dilutive potential ordinary share, diluted earnings per share is accordant
with basic earnings per share
(33) Notes of cash flow statement
Net profit adjusted to cash flow of business operation
January-June 2008 January-June 2009
Net profit -155,556,824.49 444,026,278.38
Add：Asset impairment provision 584,412.83 -172,078.48
Depreciation of fixed assets and real
estate investment
632,730,760.03 624,948,959.21
Amortizing of intangible assets 22,561,422.70 10,933,630.00
Amortizing of start –up costs 1,157,407.00
Loss from disposal of fixed assets 60,854.64
Financial expenses -8,298,763.82 -8,046,825.20
Investment loss（Less：Gains） -19,470,591.15 -171,794,903.67
Decrease of deferred income tax asset 891,081.63 35,599,044.49
Increase deferred income tax liabilities -112,026,341.44 6,735,042.49
Decrease of inventory（Less：Increase） 194,142,465.00 105,581,905.13
Decrease of operational receivable items
（Less：Increase）
1,227,814,436.69 -246,814,964.87
Increase of operational receivable items
（Less：less）
-463,883,635.75 855,744,136.92
Cash flow generated by business operation,net 1,134,922,189.51 1,656,740,224.40
VII. Notes to the main items of parent company financial statements
(1) Long-term Equity Investments
December 31, 2008 June 30,2009
Subsidiary company 4,954,650,452.98 5,143,486,392.98
Associated enterprise 3,383,598,062.31 3,940,120,708.47广东电力发展股份有限公司2009 年半年度报告摘要
72
Other long-term Equity Investments 419,603,707.15 419,603,707.15
8,757,852,222.44 9,503,210,808.60
Less：Less： Provision for impairment of
Long-term equity investment
8,757,852,222.44 9,503,210,808.60
Subsidiary company
The initial
investment cost
Additional
investment
December 31, 2008
Increase in
this period
June 30, 2009
Zhanjiang
Power
2,185,334,400.00 2,185,334,400.00 2,185,334,400.00
Yuejia
Power
701,279,338.42 701,279,338.42 701,279,338.42
Yuejiang
Power
500,500,000.00 500,500,000.00 500,500,000.00
Maoming
Ruineng
110,750,325.00 110,750,325.00 110,750,325.00
Maoming
Zhenneng
102,000,000.00 75,811,262.20 177,811,262.20 177,811,262.20
Jinghai
Power
102,000,000.00 938,368,868.20 851,532,928.20 188,835,940.00 1,040,368,868.20
oil shale
power
generation
66,100,000.00 130,298,199.16 196,398,199.16 196,398,199.16
Zhanjiang
wind
energy
112,000,000.00 9,044,000.00 121,044,000.00 121,044,000.00
Anxin
overhaul
20,000,000.00 20,000,000.00 20,000,000.00
Humeng
Power
Plant
90,000,000.00 90,000,000.00 90,000,000.00
Total 3,989,964,063.42 1,153,522,329.56 4,954,650,452.98 5,143,486,392.98
Our company’s long-term investment on Maoming ruining is limited by the description in
note 6(20) , besides, our company doesn’t have significant limit on long term equity
investment and profit back remittance.
(2) Investment income
VIII. The
relationshi
January-June 2008 January-June 2009
Income of financial assets available for sale 14,830,377.70 3,702,150.00
obtained or shared profit/loss percentage in
company been invested measured by equity
method
-5,793,911.08
151,604,353.88
Income of invested company measured by cost
method
192,661,103.52 6,474,800.00
Income of entrusted loan 3,619,197.40 10,013,599.79
Total 205,316,767.54 171,794,903.67广东电力发展股份有限公司2009 年半年度报告摘要
73
p and transaction with related party
(1) Parent company and subsidiary company
Please refer to note 5 for basic situation and related information of subsidiary company.
(a) Basic situation of parent company
Register
ed place
Business Nature
Yudean Group
Company
Guangzho
u
Operation and management of electricity power enterprise,
Capital management of power assets
Establishment of power plant and electrical power sales
(b) Registered capital and changes of parent company
December 31, 2008
Increase in
this period
Decrease in
this period
June 30, 2009
Yudean Group Company 20,000,000,000 - - 20,000,000,000
( C ) Parent company’s shareholding ratio and voting right ratio in our company
January-June 2008 January-June 2009
shareholding
ratio
voting
right ratio
shareholding
ratio
voting
right ratio
Yudean Group
Company
46.34% 46.34% 46.34% 46.34%
(2) The nature of related party without control relationship
Name Relations with our company
Maoming Thermoelectricity Plant Both are under control of Yudean group company
Shaoguan power plant Both are under control of Yudean group company
Shaoguan D Power plant(“Shaoguan D plant”) Both are under control of Yudean group company
Shajiao C power plant(“Shajiao C Plant”) Both are under control of Yudean group company
Guangdong Yudean property investment Co.,Ltd. Both are under control of Yudean group company
Guangdong Yudean water and power maintenance and
installation company
Both are under control of Yudean group company
Guangdong Yudean Zhanjiang biomass power generation
Co.,Ltd.
Both are under control of Yudean group company
Guangdong Tianneng Investment Co., Ltd.(“Tianneng
Investment”)
Both are under control of Yudean group company
Guangdong power industry fuel Co.,Ltd. It is our associated company and both with our广东电力发展股份有限公司2009 年半年度报告摘要
74
（“Fuel company”） company are under control of Yudean group
Shenzhen Guangqian Electric power Co., Ltd.（“Guangqian
Electric power”）
It is our associated company and both with
our company are under control of Yudean
group
Guangdong Yudean Holding West Investment Co.,Ltd. It is our associated company and both with
our company are under control of Yudean
group
Gudang Yudean Finance Co., Ltd.（“Yudean Finance”） It is our associated company and both with
our company are under control of Yudean
group
Guangdong Yudean Shipping Co., Ltd.（“Yudean Shipping”） It is our associated company and both with
our company are under control of Yudean
group
Shanxi Yudean Energy Co., Ltd.（“Shanxi Energy”）
It is our associated company and both with our
company are under control of Yudean group
Meizhou Jiacheng Electric Power Co., Ltd.（“Jiacheng Electric
Power”）
It is the associated enterprise of our subsidiary
company
Guangzhou Huizhou Natural gas power Co., Ltd.（“Huizhou
Natural gas power”）
Associated company of our company
Yangshan Jiangkeng Water and electricity station（“Jiangkeng
Water and electricity”）
Associated company of our company
Yangshan Zhongxinkeng Electric power
Company(“Zhongxinkeng Electric power”)
Associated company of our company
Yunnan Baoshan Binlangjiang Water and electricity
Development Co., Ltd.（“Binlangjiang Water and electricity”）
Associated company of our company
Lincang Yuntou Yudean Water and electricity Development Co.,
Ltd.（“Lincang Water and electricity”）
Associated company of our company
Weixin Yuntou Yudean Zhaxi Energy Co., Ltd.（“Weixin
Energy”）
Associated company of our company
Zhanjiang Zhongyue Energy Co., Ltd.（“Zhongyue Energy”）
It is our associated company and both with our
company are under control of Yudean group
(3) Related transactions
(a) Pricing policy
The pricing base of transactions price between our company and related party is agreement price.
(b) Sell steam
January-June 2008 January-June 2009
Income of steam selling to Maoming thermal power
plant
2,865,107.20 5,097,535.68
(c) Purchase fuel and material广东电力发展股份有限公司2009 年半年度报告摘要
75
Name of counterpart January-June 2008 January-June 2009
Fuel Company 3,383,568,241.75 3,354,520,178.10
Shaoguan Power plant 603,497,132.44 464,526,250.34
Tianneng Investment 20,168,279.80 14,234,635.54
(d) Leasehold income
January-June 2008 January-June 2009
Zhongyue Energy 880,000.00
According to the agreement signed by Zhanjiang electrical power and Zhongyue Energy,Zhongyue
energy rent the land in the south-east corner of ash storage place of Zhanjiang electrical power, Its
area is around 856.5 mu. Zhanjiang electrical power will charge Zhongyue energy for the land
leasing fee at RMB15000 per mu.
(e) Leasehold expenditure
January-June 2008 January-June 2009
Maoming Thermoelectricity plant 306,881.02
Shaoguan D plant 1,750,736.68
Yedean Property 1,700,160.00 1,700,160.00
(f) Income from inspection and maintenance service
Items January-June 2008 January-June 2009
Yuejia power
－provide overhaul service for Jiacheng power 1,200,000.00
Zhanjiang Power
－provide operation management service for
zhongyue energy 23,863,900.00
Anxin overhaul
－provide overhaul service for Shajiao Power
Plant C 5,698,034.19 12,557,119.67
-provide overhaul service for Guangqian
Power 2,279,861.54
(g) Expenditure on receiving labor services
Items January-June 2008 January-June 2009
Maoming Reineng
－ Accept the management service from
Maoming thermal power plant 13,612,617.07 12,129,025.71
Maoming Reineng
－ Accept the management service from
Maoming thermal power plant 16,961,316.50 15,828,607.20广东电力发展股份有限公司2009 年半年度报告摘要
76
Jinghai power generation
－Accept the tugboat service from Yuedean
shipping 7,195,999.98 5,433,333.33
－ Yuedean water and electricity system
overhaul 577,653.85
Anxin overhaul
－ Yuedean water and electricity system
overhaul 198,717.95 183,760.69
(i) According to the written agreement of both parties, Maoming rui neng generator set No.5
will be managed by Maoming thermal power plant. The whole year’s fixed generator set
management fee is RMB 20,360,000 plus other additional variable expense calculated at
RMB 4 per KWh according to on-grid electricity
i. According to the written agreement of both parties, Maoming zhi neng generator set No.6 will be
managed by Maoming thermal power plant. The whole year’s fixed generator set management fee is
RMB 25,556,300 plus other additional variable expense calculated at RMB 4 per KWh according to
on-grid electricity
(h) Common expense sharing
Name of the counterpart January-June 2008 January-June 2009
The cost sharing for Yuejiang Power and
shaoguan power plant 66,263,753.16 61,558,556.60
the cost sharing for Shajiao A Power
Plant A and Shajiao C Power Plant 1,833,819.91 1,558,617.78
(i) Financial expense
interest expense January-June 2008 January-June 2009
Interest cost paid for entrust loan of Yudean
group
Discount interest paid to Yudean finance 313,719.20 6,413,960.20
loan interest paid to Yudean finance 80,890,955.11 78,279,196.50
Interest income January-June 2008 January-June 2009
Deposit interest collected from Yudean finance 6,115,713.49 5,815,193.38
(j) Joint venture investment
By Jun. 30th, 2009, the subsidiary companies and associated companies jointly invested by our
group and Yudean group include:
The equity percentage of Yudean group
Yudean Finance 65%
Fuel company 65%
Shanxi Energy 60%广东电力发展股份有限公司2009 年半年度报告摘要
77
Guangqian Electric Power 60%
Zhongyue Energy 51%
Shipaishan wind power 40%
Red Bay Power generation 40%
Yudean West Investment 35%
Yudean Shipping 45%
Huizhou natural gas power generation 33%
(k) Dividend
In the first half of the year 2009, we have received dividend of RMB 95,859,747.42from Guangqian
Electric Power Limited Company, dividend of RMB 30,945,656.54 from Guangdong Yudean
Finance Co., Ltd. and dividend of RMB 37,016,303.76 from fuel company.
(l) Guarantee
January-June 2009
Yudean Shipping 413,154,000.00
Binglangjiang hydroelectric power 394,050,000.00
Lincang hydroelectric power 48,020,000.00
Wenxin Energy 120,000,000.00
(4) The amount receivable and the amount payable of related party
(a) Currency Fund
December 31, 2008 June 30, 2009
Yudean Finance 867,788,148.16 793,232,312.44
(b) Account receiveses
December 31, 2008 June 30, 2009
Shajiao C power plant 19,258,755.00 7,360,000.00
Guangqian Electric Power 4,394,800.00 673,400.00
Tianneng Investment 850,000.00 -
Zhongyue Energy 3,724,850.00 3,724,850.00
Huizhou Natural gas power 761,258.32 66,808.32
(c) Other receiveses
December 31, 2008 June 30, 2009
Wenxin Energy 260,443,300.00 260,403,000.00
Yudean West investment 93,924,370.00 91,546,906.43广东电力发展股份有限公司2009 年半年度报告摘要
78
Zhongyue Energy 13,073,055.43 13,924,227.43
Tianneng Investment 2,000,000.00 -
Zhongxinkeng Power 1,290,373.56 1,290,373.56
Shajiao C Plant 866,896.40 2,425,514.18
Zhanjiang Biological power 634,300.00 60,915.93
(d) Prepaid accounts
December 31, 2008 June 30, 2009
Fuel Company 506,042,796.80 452,847,142.26
Tianneng Investment 1,400,000 -
Maoming Thermoelectricity Plant 160,387.55 13,697,690.85
(e) Non-current liabilities due in 1 year
December 31, 2008 June 30, 2009
Yudean West investment 60,304,244.00 -
(f) Account payable
December 31, 2008 June 30, 2009
Fuel Company 663,748,098.37 555,980,654.42
Maoming Thermoelectricity Plant 12,498,848.75 24,308,546.18
Yuedean water and electricity system overhaul 932,489.32 118,968.00
(g) Other payable
December 31, 2008 June 30, 2009
Shaoguan Power plant 320,812,480.40 307,708,765.54
Shaoguan D Powe plant 2,897,949.29 1,898,607.68
Yudean Shiping 4,051,999.96 4,870,999.92
Yudean Group Company 1,000,000.00 1,000,000.00
Tianneng Investment 3,144,020.09 3,152,593.00
(h) Interest payable
December 31, 2008 June 30, 2009
Yudean Finance 2,934,112.50 2,646,337.50
(i) Dividend payable
December 31, 2008 June 30, 2009
Yudean Group Company 73,935,369.48
Guangdong Power Development Company 4,718,367.06广东电力发展股份有限公司2009 年半年度报告摘要
79
Yudean Investment Co., Ltd. 33,323,214.40 -
Shaoguan D Power plant 3,521,190.61 3,521,190.61
(j) Loan
December 31,2008 June 30,2009
Short-term loan
－Yudean Finance 2,319,000,000.00 2,415,000,000.00
Long-term loan
－Yudean Finance 1,000,000,000.00 1,000,000,000.00
IX. Contingent Liability
By Jun. 30th 2009, our group had provided guarantee for RMB 413,154,000 account payable by
Yudean Shipping Co., Ltd. and also provide joint liability assurance for the bank loan RMB
394,050,000 to Binglangjiang hydroelectric power, bank loan RMB 48,020,000 to Lincang
hydroelectric power and bank loan RMB 120,000,000 to Weixin energy
X. Net profit after deducting non-recurring profit and loss
January-June 2008 January-June 2009
Net profit -155,556,824.49 444,026,278.38
Add: Non-operating expense 5,011,198.08 570,657.03
Less：Non-operating income 751,026.98 1,543,312.67
Entrusted investment income 2,835,851.83 7,510,199.84
Net profit after deducting non-recurring profit and loss -154,132,505.22 435,543,422.90
including：net profit attributable to parent company -56,268,795.10 370,950,716.11
minority interest -97,863,710.12 64,592,706.79
(1) The compilation basis of the income statement breakdown for non-recurring profit and
loss
According to the regulation of "Explanatory Notice No. 1 - non-recurring profit and loss
(2008) about information disclosure of those companies publicly issuing securities
",Non-recurring profit and loss means that it is no directly related with company’s normal
business, or the profit and loss which have influence on report user to make a true
judgment on company’s business performance and profitability because of its special
nature and contingency.
XI. Commitments
（1）The 7th meeting of the sixth board of directors held on April 24, 2009 adopted the proposal for increasing capital of
Red Bay Power Plant. According to this proposal, the Company contributed RMB 175 million for capital increase in
equity proportion of 25%.广东电力发展股份有限公司2009 年半年度报告摘要
80
（2）The 8th meeting of the sixth board of directors held on June 29, 2009 adopted the proposal for increasing
capital of Yedean Finance . According to this proposal, the Company contributed RMB 50 million for capital
increase in equity proportion of 25%.
The proposal for increasing capital of Huaneng Shantou Wind power . According to this proposal, the Company
contributed RMB 35 million for capital increase in equity proportion of 25%.
The proposal for increasing capital of of Shenzhen Innovation Investment was adopted. According to the
proposal, the Company contributed capital of RMB 62.50 million to subscribe for 41.8750 million shares of
Shenzhen Innovation Investment.
The proposal for increasing capital of Lincang Hydropower Plant was adopted. According to this proposal, the
Company contributed RMB 8.82 million for capital increase in equity proportion 49% and provided shareholder
loan of RMB 20.58 million to Lincang Hydropower Plant.
XII. Subsequent events
On February 27， 2009，As to the merger of Maoming Zhenneng and Maoming Ruineng, the first meeting of joint
conference of shareholders agreed to reorganizing Maoming Zhenneng and Maoming Ruineng in the mode of
merger of Maoming Ruineng by Maoming Zhenneng by absorption. After the merger, the Company holds 53.28%
equity of Maoming Zhenneng.
VIII. Documents for reference
1.Text of Semi-ammual report 2009 carrying the signature of Chairman of the Board;
2.Financial statements bearing the seal and signature of legal representative, financial controller and the person in
charge of the accounting organ;
3.All original copies of official documents and notices, which were disclosed in Securities Times, China
Secunities and Hong Kong Commercial Daily (Both English and Chinese version);
4.The article of association of the Company;
5. English version of the semi-annual report.
The documents mentioned above are kept in office, and are ready for reference at any time (except
public holidays, Saturday and Sunday).
Guangdong Electric Power Development Co., Ltd.
Chairman of the board of directors: Pan Li
August 13, 2009
