Guangdong Electric Power
Development Co., Ltd.
Semi-Annual Report 2011
August 31, 2011
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 Li Zhuoxian and Director Gao Shiqiang all respectively authorized Board chairman
Pan Li, Director Hong Rongkun and Director Zhong Weimin all respectively authorized Vice
Board chairman Liu Qian, Director Kong Huitian and Director Rao Subo all respectively
authorized Director General Manager Lin Shizhuang, Director Li Mingliang respectively
authorized Director Wang Jin, Independent director Song Xianzhong respectively authorized
Independent director Zhu Weiping to attend the meeting and exercise voting right on their behalf.
Chairman of the Board of Directors, Pan Li, General Manager, Lin Shizhuang ,and Deputy
General Manager and Chief Accountant, Li Xiaoqing and Financial Manager ,Qin Jingdong
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.
2
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 reference
3
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：Zhang Shaomin
Contact Tel：（020）87570251
E-mail：zhangsm @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 affairs
4
II. Highlights of financial data and indicators
(I)Highlights of financial data and indicators
Unit：RMB
Ended previous
Ended this report Increase/Decrease（％）
year
Total assets 37,821,241,600.00 34,596,318,255.00 9.32%
Owners’ equity attributable to shareholders of
10,197,708,174.00 10,165,754,201.00 0.31%
the listed company
Share capital 2,797,451,138.00 2,797,451,138.00 0.00%
Net assets per share attributable to
shareholders of the listed 3.65 3.63 0.55%
company(RMB/share)
Increase /Decrease
Report period Same period last
(January-June) year （％）
Total operating income 6,470,761,685.00 6,251,011,400.00 3.52%
Operating profit 387,257,540.00 611,264,665.00 -36.65%
Total profit 388,818,024.00 612,605,977.00 -36.53%
Net profit attributable to shareholders of the
317,648,740.00 430,513,284.00 -26.22%
listed company
Net profit attributable to shareholders of the
listed company after deducting non-recurring 305,271,640.00 418,989,163.00 -27.14%
gains and losses
Basic earnings per share(RMB/share) 0.11 0.16 -31.25%
Diluted earnings per share(RMB/share) 0.11 0.16 -31.25%
Return on equity（%） 3.08% 4.42% -1.34%
Net cash flow arising from operating activities 2.96% 4.30% -1.34%
Net cash flow per share arising from operating
1,057,308,604.00 1,003,137,349.00 5.40%
activities (RMB/share)
Note: The amount of non-recurring gains and losses in the report period was RMB
12,377,100.00. The items involved and their amount are as follows:
Unit：（RMB）
Items of non-recurring gains and losses Amount Notes (if applicable
Income of commission loans 11,711,530.00
Net amount of non-operating income and expense except the
665,570.00
aforesaid items
Total 12,377,100.00 -
(II) Return on equity and earnings per share
Earnings per share
Weighted average
Profit in the report peirod
return on equity(%) Basic earnings per share Diluted earnings per share
Consolidated net profit attributable
3.08% 0.11 0.11
to shareholders of the Company
Consolidated net profit excluding
non-routine items attributable to 2.96% 0.11 0.11
shareholders of the Company
(III) Difference between items calculated pursuant to domestic and foreign accounting
standards
5
Unit ：（RMB）
Net profit attributable to shareholders of Owners’ Equity attributable to shareholders
listed company of listed company
Amount in the report Amount in
Amount in last period Amount in period-end
period period-begin
IAS 313,945,740.00 426,891,284.00 10,300,194,174.00 10,271,943,201.00
CAS 317,648,740.00 430,513,284.00 10,197,708,174.00 10,165,754,201.00
Sub-items and total adjusted based on IAS Sub-items and total adjusted based on IAS：
Land use right
-3,736,000.00 -3,736,000.00 12,180,000.00 15,916,000.00
amortization
The difference arising
from recognition of
goodwill after merger 0.00 0.00 64,623,000.00 64,623,000.00
of enterprises under
the same control
Difference arising
from recognition of
-315,000.00 -315,000.00 22,325,000.00 22,640,000.00
land use value after
enterprise merger
Influence on minority
348,000.00 429,000.00 3,358,000.00 3,010,000.00
interests
Total amount of
differences betweend -3,703,000.00 -3,622,000.00 102,486,000.00 106,189,000.00
CAS and IAS
1. Land use right amortization
The difference formed by different period of land use right amortization.
2.The difference arising from recognition of goodwill after merger of enterprises under the
same control and recognition of land value after enterprise merger.
As required by new Chinese accounting standards, the goodwill formed by the merger of
enterprises under the same control shall not be recognized and capital surplus shall be
adjusted. Under IFRS, the golldwill formed by the merger of enterprises under the same
Notes to difference control shall be recognized and equal to the difference between merger cost and share of
between CAS and IAS fair value of recognizable net assets of the purchased party obtained in merger. Meanwhile,
all assets of the purchased party obtained in merger shall be accounted for according to
their fair value while such assets shall be accounted for according to their book value
according to original Chinese accounting standards for business enterprises. Therefore, this
difference will continue to exist.
3.Influence on minority interests
Housing reform loss occurred to the Company and some holding subsidiaries. Therefore,
there’s some influence on minority interests.
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 proportion Share allotment Bonus Capitalizati other subtotal Quantity proportion
shares on of
common
reserve
6
fund
I.Shares with
conditional 143,496,965 5.13% -27,450 -27,450 143,469,515 5.13%
subscription
1.Stqate-owned
shares
2.State-owned
legal person 138,189,742 4.94% 138,189,742 4.94%
shares
3.Other domestic
5,270,776 0.19% 5,270,776 0.19%
shares
Incl:
Non-government
5,254,555 0.19% 5,254,555 0.19%
domestic legal
person shares
Domestic
naturalperson 16,221 0.00% 16,221 0.00%
shares
4.Share held by
foreign investors
Incl: Shares
heldby foreign
legal persons
Foreign
naturalperson
shares
5.Senior
36,447 0.00% -27,450 -27,450 8,997 0.00%
executives’ shares
II. Shares with
unconditional 2,653,954,173 94.87% 27,450 27,450 2,653,981,623 94.87%
subscription
1.Common shares
1,988,646,923 71.09% 1,988,646,923 71.09%
in RMB
2.Foreign shares
in domestic 665,307,250 23.78% 27,450 27,450 665,334,700 23.78%
market
3.Foreign shares
in overseas
market
4.others
III.Total of capital
2,797,451,138 100.00% 2,797,451,138 100.00%
shares
(II)As of June 30, 2011, the Company had totally 146,736 shareholders, of them, 92,031
shareholders of A-share, and 54,705 shareholders of B-share.
(III) (II) Particulars of the shareholding of the top ten shareholders as of June 30, 2011
Unit：Shares
Name of Increase or Number of Conditional Quantity
Proportio Properties of
shareholder (full decrease in the shares held at Type of share shares of
n (%) shareholder
name) year the end of year pledged
7
or frozen
shares
Guangdong
RMB Common State-owned
Yudean Group 0 1,370,445,900 48.99% 138,189,742 0
shares Legal person
Co., Ltd.
Guangdong
Guangfa Electric
RMB Common State-owned
Power 0 101,777,185 3.64% 0 0
shares Legal person
Investment Co.,
Ltd.
Guangdong
Electric Power RMB Common State-owned
0 78,639,451 2.81% 0 0
Development shares Legal person
Corporation
Guangdong Domestic non
RMB Common
Guangkong 0 23,610,428 0.84% 0 0 State-owned
shares
Group Co., Ltd Legal person
China
Construction
Bank－Penghua Domestic non
RMB Common
Value Advantage 6,037,182 14,468,781 0.52% 0 0 State-owned
shares
Stock-linked Legal person
Security
Investment Fund
Boshi Increase Domestic non
RMB Common
securities -3,372,429 12,000,000 0.43% 0 0 State-owned
shares
Investment Fund Legal person
Foreign shares
Natio Securities placed in Foreign legal
-619,650 11,295,592 0.40% 0 0
Co., Ltd. domestic person
exchange
China Xinda
Asset RMB Common State-owned
0 10,900,000 0.39% 0 0
Management shares Legal person
Company
CHINA INT'L
CAPITAL Foreign shares
CORP HONG placed in Foreign legal
0 10,259,685 0.37% 0 0
KONG domestic person
SECURITIES exchange
LTD
National
Domestic non
SecialInsurance RMB Common
1,999,982 9,999,923 0.36% 0 0 State-owned
Fund 103 shares
Legal person
Combination
Notes to the related relationship between Guangdong Electric Power Development Co., Ltd. the Third of the top 10
the top ten shareholders or their concerted shareholders, is a subsidiary of Yudean Group, Which is the No.3 shareholder; its
action 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
RMB Common
Guangdong Yudean Group Co., Ltd. 1,232,256,158
shares
Guangdong Guangfa Electric Power RMB Common
101,777,185
Investment Co., Ltd. shares
8
Guangdong Electric Power RMB Common
78,639,451
Development Corporation shares
Guangdong Guangkong Group Co., RMB Common
23,610,428
Ltd shares
China Construction Bank－Penghua
RMB Common
Value Advantage Stock-linked 14,468,781
shares
Security Investment Fund
Boshi Increase securities Investment RMB Common
12,000,000
Fund shares
Foreign shares
Natio Securities Co., Ltd. 11,295,592 placed in domestic
exchange
China Xinda Asset Management RMB Common
10,900,000
Company shares
Foreign shares
CHINA INT'L CAPITAL CORP
10,259,685 placed in domestic
HONG KONG SECURITIES LTD
exchange
National SecialInsurance Fund 103 RMB Common
9,999,923
Combination shares
Guangdong Electric Power Development Co., Ltd. the
Notes to the related relationship Third of the top 10 shareholders, is a subsidiary of
between the top ten shareholders or Yudean Group, Which is the No.3 shareholder; its is
their concerted action unknown whether relationship exists between other
shareholders.
(V) Bond holding by top 10 corporate bond holders
Name Number（shares）
Paiping Life Insurance Co., Ltd. － Universal － Universal insurance
2,450,000
Group
China People’s Life Insurance Co., Ltd. 2,388,140
Xinhua Life Insurance Co., Ltd. － Universal － Deyi Management
2,200,000
-018L-WN001Shen
Zhongying Life insurance Co., ltd. 2,114,775
China Post Office Saving Bank Co., Ltd. 2,000,000
China Ping An Life Insurance Co., Ltd. 1,600,000
Zhongyou Financial Co., Ltd 1,336,678
Taikang Life insurance Co., Ltd － Dividend Distribution － Group
1,000,000
Dividends-019L-FH001Shen
Taikang Life insurance Co., Ltd－Universal--Universal individual
1,000,000
insurance
China Ping An Insurance (Group) Co., Ltd. 800,000
(VI)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, The Company reelected the board of directors, the supervisory committee
and senior executives. 2010 annual shareholders' general meeting elected the seventh board of
9
directors and supervisory committee. Pan Li, Li Zhuoxian, Liu Qian ,Hong Rongkun, Zhong
Weimin, Gao Shiqiang, Kong Huitian, Li Mingliang , Lin Shizhuang, Rao Subo ,Wang Jin and
Zhang Xueqiu were elected as non-independent directors of the Company. Wang Jun , Song
Xianzhong, Zhu Weiping , Feng Xiaoming, Yang Zhishan and Liu Tao were elected as
independent directors of the Company. Qiu Jianyi and Zhao Li were elected as non-independent
supervisors ,Sha Qilin and Xiang Ying were elected as independent supervisors, Lin Weifeng
and Tong Jianjun acted as employee-representing supervisors after democratic recommendation by
staff and workers. The 1st meeting of the seventh board of directors elected Pan Li as board
chairman and Liu Qian as vice board chairman and appointed Lin Shizhuang as general manager,
Luo Zhiheng ,Li Xiaoqing and Liu Hui as deputy general managers, Li Xiaoqing concurrently as
person in charge of financial affairs and Liu Wei as board secretary. The seventh supervisory
committee elected Qiu Jianyi as chairman of the supervisory committee. 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 20, 2011
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, the economy of Guangdong Province developed steadily and
quickly. The electric power demand of the province continued to increase and power
output increased to certain extent. Due to continuous rise in the price of coal for
power generation and slowdown of growth of installed capacity of thermal power,
supply and demand imbalance was still serious.
During 1 to 6 months, the maximum load of integration tune in Guangdong reached
70.74 million kilowatts, up by 8.28% year-on-year; Guangdong power consumption
throughout society was 201.761 billion KWH, up by 9.44%; the power generation
capacity in Guangdong is 164.468 billion KWH, up by 9.92%; of which, the fired
power up by 11.44%. During the reporting period, the power generation capacity of
merger report caliber completed by the company was 15.554 billion KWH, up by
0.06%; the completed grid power of 14.503 billion KWH, up by 0.71%; the equity
installed capacity of power generation of 14.781 billion KWH, up 0.57%. the on-grid
power capacity of 13.857 billion KWH, up by 1.09%.
In the report period, With our power generating capacity evidently increasing, we
realized the business incomes of RMB 6.471 billion, growth of 3.52 % year-on-year.
Whereas, the price of fuses rose, the increase of amount of our operating business was
down evidently. During the reporting period, our business profits and the net profits
attributable to the shareholders of the listed company respectively were RMB 0.387
billion and RMB 0.318 billion, respectively, decreas of 36.66% and 26.22%
year-on-year.
In the report period,The Company actively promoted the construction progress of the
10
projects under construction. Sujia Estuary Power Station (315MW) and Songshan
Estuary Power Station (168MW) constructed by Yunnan Baoshan Binglang River
Hydroelectric Development Co., Ltd. of which the Company holds 29% equity
successfully started operation in the first half year. The oil-to-coal project (1200MW)
constructed by Zhanjiang Zhongyue Energy Co., Ltd. of which the Company holds
90% equity and Xuwen Yongshi Wind Power Project (49.5MW) constructed by
Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd. of which the
Company holds 70% equity are expected to start operation in the second half year.
The Company persisted in seeking sustainable development and carried out the
initial-stage work for #3 and #4 units of Huilai Power Plant, Maoming oil shale
mine-power joint operation project, Maoming Bohe coal-fired power project and
Zhanjiang Zhongyue energy renovation project as scheduled. In the report period, the
Company increased the capital of Guangdong Yudean Jinghai Power Generation Co.,
Ltd., Zhanjiang Zhongyue Energy Co., Ltd., Guangdong Yudean Bohe Coal-fired
Power Co., Ltd., Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd.,
Weixin Yuntou Yudean Zhaxi Energy Co., Ltd. and Huaneng Shantou Wind Power
Generation Co., Ltd.
In the report period, The Company actively handled the procedures concerning
application for approval of the significant asset reorganization project for issuing
shares to the controlling shareholder to purchase assets. The reorganization scheme
was not approved after examination by CSRC. Then, the 3rd meeting of the seventh
board of directors decided to continue this significant asset reorganization, adjust,
revise and perfect the reorganization scheme according to relevant opinions of CSRC
and resubmit it to CSRC for examination as soon as possible. The continuation of the
Company's reorganization is consistent with the Company's long-term development
target and serves the interests of the Company and all shareholders.
(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 2011 is as follows：
Unit：RMB’0000
Increase/dec Increase
rease on /decrease on Increase
Main operating Main Gross main main /decrease on
Industry Area
income operating cost profit(%) operating operating gross profit
income over cost over over
（％） （％）
Sale Guangdo
640,506.69 575,445.42 10.16% 2.97% 7.72% -3.96%
Electricty ng
Labour Guangdo
1,488.91 1,484.52 0.29% -10.83% 50.66% -40.70%
services ng
Guangdo
Total 641,995.60 576,929.94 10.13% 2.94% 7.8% -4.06%
ng
The status of power production of the power plants under the Company and its controlled
11
subsidiaries in the report period is as follows:
The same
Year-on-year growth
Indicator Power plant January-June period of the
rate (±%)
previous year
Shajiao A Power Plant 4.17 4.202 -0.76
Zhanjiang Power Plant 3.666 3.898 -5.95
Meixian Power Plant 0.756 1.477 -48.81
Power output
Shaoguan Power Plant 1.773 1.607 10.33
(billion kwh)
Maoming Zhenneng 1.759 1.882 -6.54
Huilai Power Plant 3.381 2.428 39.25
Wind Power 0.05 0.05 －
Shajiao A Power Plant 3.868 3.903 -0.90
Zhanjiang Power Plant 3.447 3.651 -5.59
On-grid Meixian Power Plant 0.694 1.347 -48.48
electricity
Shaoguan Power Plant 1.635 1.454 12.45
volume
(billion kwh) Maoming Zhenneng 1.626 1.735 -6.28
Huilai Power Plant 3.185 2.264 40.68
Wind Power 0.047 0.047 －
2. There was no material change in the Company's profit structure, main operation or its structure
in the report period.
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.
Registered
Company Share Net Profits
Capital Business Scope
Name Percentage （RMB’0000）
（RMB’0000）
RMB 91.77
Shenzhen million of
Build to operate Shenzhen
Guangqian period earnings
103,029.25 40％ Qian Bay Combined Cycle
Electric Power discounted as
Gas-Turbine Power Plant
Co., Ltd per 40%
Equities
Investment, construction
and operation of electric RMB 54.46
Huizhou
power projects, sales of million of
Natural Gas electric power,
96,300 32% production and sales of period earnings
Power Co.,
industrial steam and discounted as
Ltd. de-mineralized water,
per 32%
processing and sales of
12
natural gas, technical Equities
consultation for energy
development and electric
power projects.
5. Problems and difficulties occurred in operation
(1) Despite the situation of power shortage and big electric power demand in
Guangdong Province, the profit margin of power generation business was seriously
narrowed because coal price rose continuously and electricity rate rose by so small
margin that it is hard to make up the fuel cost increased by rise in coal price. The
Company will make efforts to generate more power under the premise of safety, save
energy, decrease consumption, control cost and improve operating results.
(2) With stricter national currency policies, the external financing environment
tended to worsen and the Company's financial expenses increased by big margin. The
Company will actively widen financing channels, lower financing costs and prevent
financial risks.
(II) The investment of the Company
13
1. Application of Raised Capital during the Reporting Period
Unit：RMB’0000
Total Amount of Raised Capital 82,000.00
Total Amount Of Raised Capital
Total Amount of Raised Capital for Use 48,850.00
45,000.00 Invested in the Reporting Period
Changed in the Reporting Period
Total Amount for Accumulative Changed
45,000.00
Raised Capital Total Amount Of Accumulated
78,400.00
Total Amount Proportion for Raised Capital Invested
54.88%
Accumulative Changed Raised Capital
Balance between
Projects
Changed Total Amount Total Amount Total Amount for
Total Total Amount
for Access to Achieve the Change Greatly
（Includ of Raised Amount of Invested Accumulative
Promised Projects of Accumulativ
ing Part Capital For Adjusted within the Usable Date For Projects Benefits in the Expected for Projects
Investment e Put up to Invested
of Investment Investment Reporting
the End of Reporting Period Benefits Feasibility
Changin Promised (1) Period & Promised Up To
Period (2)
g） The End of Period
(3)＝(2)-(1)
Promised Projects of
Investment
Replenish capital of
RMB 0.19 billion and
offered loan by mandate
45,000.0
of RMB 0.26 billion Yes 45,000.00 45,000.00 45,000.00 100.00% April 30, 2012 0.00 No No
0
for Weixin Yuntou
Yudean Zhaxi Energy
Co., Ltd.
Replenish Capital
for Guangdong
Yudean Zhanjiang No 12,000.00 12,000.00 3,850.00 8,400.00 70.00% December 29,2011 0.00 No No
Wind Power Co.,
Ltd.
Repay yhe Load No 25,000.00 25,000.00 0.00 25,000.00 100.00% June 30,2011 672.00 Yes No
Subtotal of the
48,850.0
committed - 82,000.00 82,000.00
0
78,400.00 - - 672.00 - -
investment projects
Intended investment
with unbooked
proceeds
Repayment of bank
- - - - -
loan（If any）
Replenishing the
working capital（If - - - - -
any）
Subtotal of intended
investment with - 0.00 0.00 0.00 0.00 - - 0.00 - -
unbooked proceeds
Total - 82,000.00 82,000.00 48,850.00 78,400.00 - - 672.00 - -
Analysis For Failure Xunwenyongshi wind power project which was invested by Zhanjiang wind power company, total installed capacity is 49.5MW, this construction
To Reach The project had been approved by Guangdong Development & Reform Commission in May, 2009. While it was impacted by the factors of land
Planned Schedule requisition and bank loan delay of European Investment Bank. There is some delay in the progress of project construction, so, the fundraised
And Earnings capital of company can’t be implemented as schedule.
（Specific Projects）
Notes to significant
change in feasibility Nil
of the project
Amount, application
and application
Not applicable
progress of the
unbooked proceeds
About the change of
the implementation
site of the projects Not applicable
invested with the
proceeds
15
About the change of
the implementation
method of the Not applicable
projects invested
with the proceeds
About the initial
investment in the
projects planned to
Not applicable
be invested with the
proceeds and the
replacement
Using the idle
proceeds to
supplement the Not applicable
working capital on
temporary basis
Balance of the
proceeds in process
of project Not applicable
implementation and
the cause
About application
Up to the end of this reporting period, RMB36 million of raised capital was not used, was used to replenish capital for Guangdong Yudean
and status of the
Zhanjiang Wind Power Co., Ltd. and built the project of Xuwen warrior wind-power.
proceeds unused
Problems existing in
application of the
proceeds and the
Nil
information
disclosure or other
issues
16
2. Particulars about change of investment projects using raised proceeds
Unit：RMB,0000
Actual Whet Whether
Total amount
Actual accumulati Investment her project
of raised
amount of ve amount progress as earnin feasibility
Corresponding proceeds to Date of getting Earnings in
Project after investment of of the end g will
originally be invested ready for this report
change in this investment of period target change
promised project in the project intended use period
report as of the (%) (3) = is materially
after change
period end of (2) / (1) fulfill after
(1)
period (2) ed change
Increase the
capital of
Weixin Yuntou
Increasing the
Yudean Zhaxi
capital of
Energy Co.,
Weixin Yuntou
Ltd. by RMB 45,000.00 45,000.00 45,000.00 100.00% April 30, 2012 0.00 No No
Yudean Zhaxi
190 million and
Energy Co.,
provision of
Ltd.
entrusted loan
of RMB 260
million
Total - 45,000.00 45,000.00 45,000.00 - - 0.00 - -
In order to enhance the efficiency of use of raised proceeds and promote the coal-electricity
Reason for integration project of Weixin Power Plant, the first meeting of the sixth board of directors of the
reason, Company by correspondence adopted the Proposal for Changing Partial Investment Projects Using
decision-maki Raised Proceeds and agreed to change the original plan for increasing the capital of Weixin Yuntou
ng procedure Yudean Zhaxi Energy Co., Ltd. by RMB 450 million to construct Erjing project of Kwan-yin
and statement Mountain coal mine of Yunnan Weixin Zhaxi coal-electricity integration project to "increasing the
of information capital of Weixin Yuntou Yudean Zhaxi Energy Co., Ltd. by RMB 190 million and providing
disclosure entrusted loan of RMB 260 million". In total, RMB 450 million will be specially used to construct
statement the power plant project of Yunnan Weixin Zhaxi coal-electricity integration project. This matter was
(project by examined and approved at the first provisional shareholders' general meeting of the Company in
project) 2011 on February 16, 2011. Refer to relevant announcements of the board of directors and
shareholders' general meeting published on January 28, 2011 and February 17, 2011 for details.
Particulars
about failure
to fulfill
planned
progress or Nil
profit target
and its reason
(project by
project)
Statement on
material
change of
Nil
project
feasibility
after change
3. Investment with non-IPO proceeds and its progress and income in the report period
Unit: RMB’0000
Investment Project
Project Name Project Progress
Amount Earnings/Remarks
RMB 41.86 million of
At present, #1& #2 units(2×600MW) of Huilai period earnings
Guangdong Yudean Jinghai power plant are being operating, and #3 & #4 discounted as per 65%
44,501.4
Power Generation Co Ltd. units(2×1000MW) of pre-stage works are Equities, Without the
being constructed. operational efficiency
brought yet
"Oil-to-coal" renovation project (2×600MW)
Zhanjiang Zhongyue Energy is under construction. The project is planned to Without the operational
22,887
Co.,Ltd. efficiency brought yet
be completed and start operation at the end of
this year.
The initial-stage work for the construction of
Guangdong Yudean Bohe Coal Without the operational
2,000 coal dock and power plant project (2×1000
&Electricity Co., Ltd. efficiency brought yet
MW) is being carried out.
RMB 6.05 million of
This company is operating the Nanao Wind period earnings
Huaneng Shantou Wind Power Power project （53X850 KW) and discounted as per 25%
511.37
Co.,Ltd. constructing the Dongdao wind power project Equities, Without the
（15MW） operational efficiency
brought yet
(III)The plan for the second half year:
1. To continue improving power plant safety management, reasonably arrange the
repair and management of units of power plants, ensure the continuous and steady
operation of generating units and strive to fulfill the power generation plan for the
year.
2. To focus on the construction of Zhanjiang Xuwen Yongshi Wind Power Project and
try to make it start operation and generate power within the year, accelerate the
initial-stage work of the planned projects and relevant application work, seek new
power supply through various modes and reserve more projects.
3. To actively take various effective means to strengthen cost control, reduce expenses
and expenditure, actively seek policy support, strive for reasonable electricity rate and
keep good profitability.
4. To further perfect and improve management and internal control system of the
Company and enhance the level of standardized operation and corporate governance
of the Company according to new policies and statutory requirements.
5. To continue the promotion of significant asset reorganization, actively coordinate
with the parties concerned, adjust and perfect reorganization scheme according to
relevant opinions of CSRC and promote great development of the Company through
capital operation.
(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 8,400,000 shares of
Shenzhen Energy and 55,532,250 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. The
Company earnestly carried out the work concerning its own corporate governance and its status of
corporate governance met the requirements of relevant documents of CSRC.
According to the requirements of relevant policies, laws and regulations, the Company,
as a company listed at the main market of Shenzhen Stock Exchange, shall start to
implement 18 application guidelines including No. 1 Guideline for Application of
Internal Control of Enterprises - Organizational Structure, Guidelines for Evaluation
of Internal Control of Enterprises and Guidelines for Audit of Internal Control of
Enterprises. In order to further perfect management mechanism and enhance risk
control level, the Company carried out the work concerning internal control in all
aspects in the first half year of 2011.
(II) The status of implementation of profit distribution plan of the Company for 2010 in the
report period
The profit distribution plan for 2010 was examined and adopted at the shareholders' general
meeting of the Company on May 18, 2011. And “Announcement on Year 2010 Dividend
Distribution” was published in the appointed media on July 1,2011. Stock right was registered on
July 7, 2011 (July 12 for B shares). The ex-dividend date is July 8, 2011. Cash dividends were
distributed on July 8 (for A shares) and July 12 (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 Proportio
Investment Book Value at Profit & loss Change of
Stock n of Accounti Share
Code
abbrevia amount at the
sharehold
the end of in the report owner’s equity in
ng Source
tion: beginning report period the report period
ing
Shen Available Issued
000027 16,949,674.00 0.32% 63,336,000.00 700,000.00 -7,294,000.00
Energy for sale Obtaine
19
financial d
assets
Available
Transfere
for sale
600642 Shenergy 235,837,987.50 1.28% 281,548,508.00 3,702,150.00 -925,537.00 e to
financial
obtain
assets
Total 252,787,661.50 - 344,884,508.00 4,402,150.00 -8,219,537.00 - -
(V) Equity of non-listed financial enterprises and companies to be listed held by the
Company
Unit：RMB
Changes of
Amount of Proportion in Profits or
Amount of Book value at owners’
Name of object initial equity of the losses in the
shares held period-end equity in the
investment Company report period
report period
Guangdong
Yudean Finance 375,000,000.00 375,000,000 25% 375,000,000.00 26,200,000.00 0.00
Co., Ltd.
Sun Insurance
356,000,000.00 350,000,000 6.99% 356,000,000.00 0.00 0.00
Group Co., Ltd.
Total 731,000,000.00 725,000,000 - 731,000,000.00 26,200,000.00 0.00
(VI) Matters related transactions
Details please refer to the financial report “VII, Related Parties and Related Transaction (5)
Related Transaction”
The Related transactions existing between the company and the affiliates mainly display on
purchasing fuses and materials, apportioning the common operating costs, accepting and offering
labor services, selling the products, deposit and demanding interests, and leasing the fields out,
etc.
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.
20
（VII） Information about other material related transactions
1. Related parties for Joint Venture Investment
In the report period, We will replenish capital as per 70% equity proportion Our
company and Chaokang investment Co., Ltd. which is the fully owned subsidiary
company of our company’s controlling shareholder Guangdong Yudean Group Co.,
Ltd., will jointly conduct capital increment to Guangdong Yudean Zhanjiang Wind
Power Generation Co., Ltd. which is controlled by our company. The increased capital
amount of our company is RMB 38.50 million. The business scope of Guangdong
Yudean Zhanjiang Wind Power Generation Co., Ltd. is “the investment, construction
and operation of power plant, wind power generation and investment, development,
operation and management on other new energy projects, power generation and sales
of electricity, power project consultancy offering and other relevant services.” the
registered capital is RMB346.11 million, total assets is RMB792.02 million, net assets is
RMB297.51 million, and net profits is RMB3.14 million. Currently, it is operating the project of
Xuwen warrior wind-power（49.5MW）and constructing Yongshi Wind-power（49.5MW） .
2. Associated Relationship & Guarantee in Rights of Credit & Liabilities
Details on Rights of Credit & Liabilities, please refer to the financial report “Seventh, Related
parties and Related Transaction (5) Related Transaction”
Details on Guarantee, please refer to the contents “(8) Important Contracts and Promises of
Company——3. Important Guarantee” below
There exists the relationship in rights of credit & liabilities with the affiliates, and we also offer
guaranteed for them, which is implemented according to the requests of company’s self-operating
and the projects progress situation of affiliates. These are useful and have positive significations
for improving the development of company and promoting the progress of projects invested, there
is no harm to the interests of company.
(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.
21
3. Significant guarantee:
Unit: RMB’0000
External Guarantee (Exclude controlled subsidiaries)
Amount Date of
Related Actually Guarantee for
Name of the of happening (Date Complete implementation
announcement guarantee Guarantee type Guarantee Term related party (Yes
company guaranteed guarante of signing or not
date and No. amount or No)
e agreement)
Lincang July 22,2006
YuntouYudean
（Announceme December Guaranteeing of
Hydroelectricity 3,430.00 3,430.00 15 years No No
nt 25,2006 joint liabilities.
Development Co.,
Ltd. No.:2006-25）
Yunnan Baoshan May 24,2007
Binlangjiang
（Announceme November Guaranteeing of
Hydroelectricity 2,900.00 2,900.00 14 years No No
nt 30,2007 joint liabilities.
Development Co.,
No.:2007-19）
Ltd.
Yunnan Baoshan May 24,2007
Binlangjiang
（Announceme November Guaranteeing of
Hydroelectricity 1,305.00 1,305.00 11 years No No
nt 30,2007 joint liabilities.
Development Co.,
Ltd. No.:2007-19）
Yunnan Baoshan May 24,2007
Binlangjiang
（Announceme November Guaranteeing of
Hydroelectricity 1,450.00 1,450.00 8 years No No
nt 30,2007 joint liabilities.
Development Co.,
No.:2007-19）
Ltd.
Yunnan Baoshan May 24,2007
Binlangjiang
（Announceme December Guaranteeing of
Hydroelectricity 4,350.00 4,350.00 17 years No No
nt 19,2007 joint liabilities.
Development Co.,
Ltd. No.:2007-19）
Yunnan Baoshan December 4,350.00 December 4,350.00 Guaranteeing of 15 years No No
Binlangjiang 19,2007 25,2007 joint liabilities.
Hydroelectricity （Announceme
Development Co., n No.:2007-44）
Ltd.
May 16,2008
Guangdong Yudean （Announceme 20,580.0 September Guaranteeing of
20,580.00 6 years No Yes
Shiping Co., Ltd. nt 0 27,2008 joint liabilities.
No.:2008-24）
Yunnan Baoshan December
Binlangjiang 19,2007
12,000.0 Guaranteeing of
Hydroelectricity （Announceme March 18,2008 12,000.00 20 years No No
0 joint liabilities.
Development Co., nt
Ltd. No.:2007-44）
Lincang July 22, 2006
YuntouYudean
（Announceme Guaranteeing of
Hydroelectricity 1,372.00 July 29,2008 1,372.00 12 years No No
nt joint liabilities.
Development Co.,
Ltd. No.:2006-25）
Yunnan Baoshan August 22,2008
Binlangjiang
（Announceme October 31, Guaranteeing of
Hydroelectricity 5,800.00 5,800.00 17 years No No
nt 2008 joint liabilities.
Development Co.,
No.:2008-44）
Ltd.
Yunnan Baoshan November
Binlangjiang 12,2008
November Guaranteeing of
Hydroelectricity （Announceme 7,250.00 7,250.00 12 years No No
14,2008 joint liabilities.
Development Co., nt
Ltd. No.:2008-54）
August 29,2009
Weixin Yuntou
（Announceme Guaranteeing of
Yudean Zhaxi 8,800.00 March 19,2009 8,800.00 3 years No No
nt joint liabilities.
Energy Co., Ltd.
No.:2009-28）
Yunnan Baoshan May 27,2009 17,400.0 May 27,2009 7,250.00 Guaranteeing of 14 years No No
23
Binlangjiang （Announceme 0 joint liabilities.
Hydroelectricity nt
Development Co., No.:2009-17）
Ltd.
Yunnan Baoshan May 27,2009
Binlangjiang
（Announceme 11,600.0 Guaranteeing of
Hydroelectricity June 22,2009 9,367.00 20 years No No
nt 0 joint liabilities.
Development Co.,
No.:2009-17）
Ltd.
August 29,2009
Weixin Yuntou
（Announceme 20,000.0 September 22, Guaranteeing of
Yudean Zhaxi 20,000.00 5 years No No
nt 0 2009 joint liabilities.
Energy Co., Ltd.
No.:2009-28）
February
Weixin Yuntou 3,2010
Yudean Zhaxi （Announceme 20,000.0 March 15,2010 12,000.00
Guaranteeing of
4 years No No
0 joint liabilities.
Energy Co., Ltd. nt
No.:2010-05）
Yunnan Baoshan May 27,2010
Binlangjiang
（Announceme Guaranteeing of
Hydroelectricity 7,250.00 June 23, 2010 7,250.00 5 years No No
nt joint liabilities.
Development Co.,
No.:2010-30）
Ltd.
Yunnan Baoshan September
Binlangjiang 10,2010
14,500.0 December Guaranteeing of
Hydroelectricity （Announceme 14,500.00 10 years No No
0 16,2010 joint liabilities.
Development Co., nt
Ltd. No.:2010-49）
Total amount of approved Total actually amount of
external guarantee in the report 0.00 external guarantee in the 0.00
period(A1) report period(A2)
Total amount of approved Total actually amount of
263,557.00 143,954.00
external guarantee at the end of external guarantee at the
24
the report period(A3) end of the report period(A4)
Guarantee of the company for its subsidiaries
Date of
Name of the Related happening( Actually Guaran Complete
Amount of
company announcement date of guarantee Guarantee type tee implementation or Guarantee for related party(yes or no)
guarantee
guaranteed date and no. signing amount term not
agreement)
November
Zhongyue 11,2010 September Guaranteeing of 12
Energy Co., 117,000.00 60,000.00 No No
（Announcemen 29,2010 joint liabilities years
Ltd
t No.:2010-57）
November
Zhongyue 11,2010 January Guaranteeing of 12
Energy Co., 117,000.00 10,000.00 No No
（Announcemen 3,2011 joint liabilities years
Ltd
t No.:2010-57）
Total of guarantee for Total of actual guarantee for
subsidiaries approved in the 0.00 subsidiaries in the period 10,000.00
period(B1) (B2)
Total of guarantee for Total of actual guarantee for
subsidiaries approved at 117,000.00 subsidiaries at 70,000.00
period-end(B3) period-end(B4)
Total of company’s guarantee(namely total of the large two aforementioned)
Total of guarantee approved in Total of Actual guarantee in
0.00 10,000.00
the period(A1+B1) the period(A2+B2
Total of guarantee approved at Total of actual guarantee at
380,557.00 213,954.00
the period-end(A3+B3) the period-end（A4+B4）
The proportion of the total amount guarantee in the net assets of
20.98%
the company(that is A4+B4)
Including：
Amount of guarantee for shareholders, Actual controller and its
20,580.00
associated parties(C)
The debts guarantee amount provided for the guaranteed parties
188,572.00
whose assets-liability ratio exceed 70% directly or indirectly(D)
25
Proportion of total amount of guarantee in net assets of the
0.00
company exceed 50%(E)
Total guarantee Amount of the abovementioned
209,152.00
guarantees(C+D+E)
Explorations on possibly bearing joint and several liquidating
Nil
responsibilities for undue guarantees
All the said guarantees were examined and adopted at the shareholders' general meeting of the Company.
4.Implementations of commitments by the Company, shareholders and actual controller
Items of commitments Promisee Content of commitments Implementation
Promise in share holding structure reform N/A N/A N/A
Commitments made in Acquisition Report or
N/A N/A N/A
Reports on Change in interests
Commitments made in Material assets
N/A N/A N/A
Reorganization
Commitments made in issuing N/A N/A N/A
138,047,138 RMB ordinary shares (A shares)
privately issued by the Company to
Guangdong Yudean Group Co., Ltd., its
Guangdong controlling shareholder, were listed at
Other commitments（Including: supplementary
Yudean Group Shenzhen Stock Exchange from May 25, Under fulfillment
commitments） Co., Ltd. 2010. Yudean Group promised not to assign
the stocks of Yue Dian Li owned by it within
36 months from the said day of listing.
26
(IX) Other misc. income subjects
Unit：RMB
Items Occurred current term Occurred in previous term
1．Gains(losses)from sellable financial assets -8,219,537.00 -164,519,120.00
Less：Income tax influence of sellable financial
-2,054,884.00 -41,129,780.00
assets
Net amount written into other gains and transferred
into gain/loss in previous terms
Subtotal -6,164,653.00 -123,389,340.00
2．Shares in the other misc. income subjects in the
investee on equity basis
Less：income tax influence of shares in other gains
of investees on equity basis
Net amount written into other gains and transferred
into gain/loss in previous terms
Subtotal
3．Amount of gains(or losses) from cash flow
hedge instrument
Less: Income tax influence of cash flow hedge
instruments
Net amount written into other gains and transferred
into gain/loss in previous terms
Adjusted amount transferred to initial amount of
the target project
Subtotal
4．Difference from translating of foreign currency
financial statements
Less: Net amount of disposing overseas Business
and transferred to current gain/loss
Subtotal
5．Other
Less：Income tax influence by other accounted into
other misc. incomes
Net amount accounted into other misc. income and
transferred into current gain/loss in previous terms
Subtotal
Total -6,164,653.00 -123,389,340.00
（X）The Bonds of Company
China construction bank holdings Co., Ltd authorizes its Guangdong branch to issue bonds
interest’s cash for our company, and fully offer the guarantee of unconditional irrevocable and
related duty. During the reporting period, the guarantor continues to obtain earnings, assets scale
keeps increasing, and the credibility is no major disadvantage of change.
During the reporting period, there is no obvious change for the company's credits. At the end of
reporting period, the asset debt ratio of company is 64.85%. We have paid the interest for the
company’s bonds during the third interest period on March 10, 2011. In the future, we will
continue to ensure repayment of capitals and interests of bonds with our business of stable
development.
The trustees of our bonds of China International Finance Co., Ltd have published the report of
annual bond entrusted affairs on May 11, 2011. The company's operation, assets, bonds of raised
capital and bonds track and rating are included in this report.
(XI) The special statement and independent opinions of the independent directors of the
Company on fund occupation by related parties and external guarantee of the Company
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), In accordance with the provisions of “Notice
on Regulating the Listed Company of Outside Guarantee”（CSRC No. [2005]20） the independent
director checked for our funds relationship and outside guarantee with the affiliates, now present
related explaination and independent opinion:
As of June 30, 2011, 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.
(XII) The Company's acceptance of investigation and research and interview
In the report period, the Company received 3 institutional investors for investigation and research,
held 1 telephone conference mainly for the purpose of communication in respect of the Company's
production and operation status in current period and future development plan. 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
Content of discussion and
Date Place Mode Visitor
materials provided
Telephone
Office of the Franklin Templeton Current status of production and
March 25,2011 Consultatio
Company Investments management of the company
n
Onsite
Office of the Current status of production and
May 11,2011 investigatio Changsheng Fund
Company management of the company
n
Onsite
Office of the Current status of production and
May 12,2011 investigatio Huaxia Fund
Company management of the company
n
28
Onsite
Office of the CITIC Securities and Current status of production and
May 13,2011 investigatio
Company Its clients management of the company
n
29
广东电力发展股份有限公司 2011 年半年度报告全部报送数据
VII. Financial Report（Unandited）
(I)Financial statements
(II)Notes to financial statements
Balance Sheet
Prepared by：Guangdong Electric Power Development Co., Ltd.
June 30, 2011 Unit：RMB
Year-end balance
Year-beginning balance
Items
Consolidated Parent company Consolidated Parent company
Current asset：
Monetary fund 2,981,800,221.00 603,138,069.00 1,894,021,204.00 659,395,980.00
Settlement provision
Outgoing call loan
Trading financial assets
Bill receivable
Account receivable 1,664,076,562.00 402,957,393.00 1,841,038,374.00 442,971,470.00
Prepayments 968,642,941.00 177,759,700.00 668,596,257.00 177,510,400.00
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance
contracts receivable
Interest receivable 223,800.00
Dividend receivable 9,155,096.00 9,155,096.00
Other account
179,232,813.00 155,291,365.00 572,285,959.00 553,478,108.00
receivable
Repurchasing of financial
assets
Inventories 860,285,584.00 185,123,802.00 852,247,851.00 147,588,932.00
Non-current asset due in 1
year
Other current asset 94,636,572.00
Total of current assets 6,748,674,693.00 1,533,425,425.00 5,828,413,445.00 1,990,099,986.00
Non-current assets：
Loans and payment on
other’s behalf disbursed
Financial assets available for
344,884,508.00 344,884,508.00 353,104,045.00 353,104,045.00
sale
Expired investment in
possess
Long-term receivable 492,628,676.00 428,780,000.00 33,326,446.00 15,580,000.00
Long term share equity
5,822,492,548.00 13,224,695,979.00 5,469,169,354.00 12,138,988,785.00
investment
Property investment 12,427,531.00 12,427,531.00 12,743,846.00 12,743,846.00
Fixed assets 10,607,618,883.00 1,149,474,027.00 11,207,225,955.00 1,230,337,302.00
30
广东电力发展股份有限公司 2011 年半年度报告全部报送数据
Construction in progress 11,572,479,804.00 57,681,939.00 9,964,066,605.00 21,272,816.00
Engineering material 1,579,940,342.00 1,154,219,103.00
Fixed asset disposal 12,460,800.00 300,089.00 13,259,341.00
Production physical assets
Gas & petrol
Intangible assets 495,320,339.00 109,581,803.00 471,880,558.00 111,321,196.00
R & D petrol
Goodwill
Long-germ expenses to be
amortized
Differed income tax asset 93,609,099.00 88,909,557.00
Other non-current asset 38,704,377.00
Total of non-current assets 31,072,566,907.00 15,327,825,876.00 28,767,904,810.00 13,883,347,990.00
Total of assets 37,821,241,600.00 16,861,251,301.00 34,596,318,255.00 15,873,447,976.00
Current liabilities
Short-term loans 8,969,800,000.00 3,120,000,000.00 8,327,500,000.00 3,670,000,000.00
Loan from Central Bank
Deposit received and hold
for others
Call loan received
Trade off financial
liabilities
Bill payable 365,000,000.00 110,000,000.00
Account payable 2,452,588,763.00 351,584,477.00 2,636,633,053.00 362,866,001.00
Accounts received in
5,843,088.00 2,618,280.00 2,091,859.00 1,629,002.00
advance
Selling financial assets of
repurchase
Commission charge and
commission payable
Wage payable 325,184,804.00 64,024,880.00 248,689,441.00 53,486,508.00
Taxes payable -485,134,576.00 14,552,824.00 -296,863,723.00 25,701,980.00
Interest payable 58,964,818.00 46,825,354.00 108,347,024.00 99,039,629.00
Dividend payable 228,509,514.00 220,279,847.00 12,042,196.00 7,112,529.00
Other accounts
765,666,823.00 76,994,823.00 878,339,481.00 60,544,841.00
payable
Reinsurance payables
Insurance contract reserve
Security trading of agency
Security sales of agency
Non-current liability due in
682,103,258.00 40,000,000.00 627,733,453.00
1 year
Other current liability
Total of current liability 13,368,526,492.00 3,936,880,485.00 12,654,512,784.00 4,280,380,490.00
Non-current liabilities：
Long-term loan 7,463,123,710.00 1,060,000,000.00 6,320,720,000.00
Bond payable 1,990,091,089.00 1,990,091,089.00 1,988,739,874.00 1,988,739,874.00
Long-term payable 1,663,536,868.00 498,657,613.00
Special payable
Expected liabilities
Differed income tax
3,196,536.00 1,851,673.00 5,251,421.00 3,906,557.00
liability
Other non-current liabilities 40,053,232.00 23,076,924.00 44,059,687.00 24,615,385.00
Total of non-current
11,160,001,435.00 3,075,019,686.00 8,857,428,595.00 2,017,261,816.00
liabilities
31
广东电力发展股份有限公司 2011 年半年度报告全部报送数据
Total of liabilities 24,528,527,927.00 7,011,900,171.00 21,511,941,379.00 6,297,642,306.00
Owners’ equity
Share capital 2,797,451,138.00 2,797,451,138.00 2,797,451,138.00 2,797,451,138.00
Capital reserves 1,878,476,518.00 1,811,607,163.00 1,884,426,171.00 1,817,556,816.00
Less：Shares in stock
Special reserve
Surplus reserves 3,775,481,032.00 3,775,481,032.00 3,425,241,041.00 3,425,241,041.00
Common risk provision
Undistributed profit 1,746,299,486.00 1,464,811,797.00 2,058,635,851.00 1,535,556,675.00
Different of foreign
currency translation
Total of owner’s equity
belong to the parent 10,197,708,174.00 9,849,351,130.00 10,165,754,201.00 9,575,805,670.00
company
Minor shareholders’ equity 3,095,005,499.00 2,918,622,675.00
Total of owners’ equity 13,292,713,673.00 9,849,351,130.00 13,084,376,876.00 9,575,805,670.00
Total of liabilities and
37,821,241,600.00 16,861,251,301.00 34,596,318,255.00 15,873,447,976.00
owners’ equity
Legal representative：Pan Li Financial controller:Li Xiaoqing The person in change of the financial Dept：
Qin Jingdong
Profit statement
Prepared by：Guangdong Electric Power Development Co., Ltd.
January-June 2011 Unit：（RMB）
Report period Same period of the previous year
Items
Consolidated Parent company Consolidated Parent company
I.Total operating income 6,470,761,685.00 1,681,819,565.00 6,251,011,400.00 1,660,327,049.00
Including：Operating income 6,470,761,685.00 1,681,819,565.00 6,251,011,400.00 1,660,327,049.00
Interest income
Insurance gained
Commission charge and
commission income
II.Total operating costt 6,382,188,878.00 1,702,777,297.00 5,874,981,787.00 1,559,994,562.00
Including：Operating cost 5,797,248,108.00 1,468,983,247.00 5,360,853,100.00 1,379,459,513.00
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 36,936,079.00 9,068,500.00 14,042,641.00
Sales expenses 325,957.00 173,989.00 202,227.00 57,805.00
Administration
252,607,719.00 67,289,264.00 253,021,483.00 67,818,771.00
expenses
Financial expenses 295,071,015.00 157,262,297.00 223,470,605.00 114,497,407.00
32
广东电力发展股份有限公司 2011 年半年度报告全部报送数据
Losses of devaluation of
0.00 23,391,731.00 -1,838,934.00
assets
Add ：Changing income of
fair value
Investment income 298,684,733.00 579,587,353.00 235,235,052.00 376,755,247.00
Including：Investment
income on affiliate company
and joint venture
Exchange income
III. Operating profit 387,257,540.00 558,629,621.00 611,264,665.00 477,087,734.00
Add ：Non-operating income 6,819,739.00 1,556,102.00 3,722,833.00 1,561,402.00
Less：Non-operating
5,259,255.00 2,522,749.00 2,381,521.00 644,876.00
expense
Including :Disposal loss of
non-current assets
IV. Total profit 388,818,024.00 557,662,974.00 612,605,977.00 478,004,260.00
Less：Income tax 65,133,726.00 -1,577,252.00 128,556,650.00 28,306,572.00
V. Net profit 323,684,298.00 559,240,226.00 484,049,327.00 449,697,688.00
Net profit attributable to
owner’s equity of parent 317,648,740.00 559,240,226.00 430,513,284.00 449,697,688.00
company
Minority shareholders’
6,035,558.00 53,536,043.00
gains and losses
VI. Earnings per share
（i）Basic earnings per
0.11 0.16
share
（ii）Diluted earnings per
0.11 0.16
share
VII. Other comprehensive
-6,164,653.00 -6,164,653.00 -123,389,340.00 -123,389,340.00
income
VIII. Total comprehensive
317,519,645.00 553,075,573.00 360,659,987.00 326,308,348.00
income
Total comprehensive income
attributable to the owner of 311,484,087.00 553,075,573.00 307,123,944.00 326,308,348.00
the parent company
Total comprehensive
income attributable minority 6,035,558.00 53,536,043.00
shareholders
Legal representative：Pan Li Financial controller:Li Xiaoqing The person in change of the financial Dept：
Qin Jingdong
Cash flow statement
Prepared by：Guangdong Electric Power Development Co., Ltd.
January-June 2011 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
7,730,790,288.00 2,002,589,057.00 6,865,360,421.00 1,846,595,084.00
goods or rending of services
Net increase of
customer deposits and capital
33
广东电力发展股份有限公司 2011 年半年度报告全部报送数据
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 3,663,842.00 148,145.00 3,497,724.00 2,000,000.00
Other cash received from
120,978,133.00 24,791,515.00 43,564,581.00 18,907,308.00
business operation
Sub-total of cash inflow 7,855,432,263.00 2,027,528,717.00 6,912,422,726.00 1,867,502,392.00
Cash paid for purchasing of
5,641,639,499.00 1,469,383,014.00 4,723,963,576.00 1,278,106,152.00
merchandise and services
Net increase of client trade
and advance
Net increase of savings n
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
478,147,993.00 163,193,890.00 417,313,447.00 138,556,350.00
for staffs
Taxes paid 524,718,229.00 115,034,480.00 629,479,632.00 211,774,247.00
Other cash paid for business
153,617,938.00 47,740,750.00 138,528,722.00 38,441,001.00
activities
Sub-total of cash outflow
6,798,123,659.00 1,795,352,134.00 5,909,285,377.00 1,666,877,750.00
from business activities
Cash flow generated by
1,057,308,604.00 232,176,583.00 1,003,137,349.00 200,624,642.00
business operation, net
II.Cash flow generated by
investing
Cash received from
413,200,000.00 413,200,000.00 98,747,925.00 98,747,925.00
investment retrieving
Cash received as
139,108,962.00 420,011,582.00 258,785,655.00 400,305,850.00
investment gains
Net cash retrieved from
240,321.00 9,740.00 31,392.00 30,906.00
disposal of fixed assets,
34
广东电力发展股份有限公司 2011 年半年度报告全部报送数据
intangible assets, and other
long-term assets
Net cash received from
disposal of subsidiaries or
other operational units
Other investment-related
2,729,389.00 342,586.00 2,779,371.00
cash received
Sub-total of cash inflow
555,278,672.00 833,563,908.00 360,344,343.00 499,084,681.00
due to investment activities
Cash paid for construction of
fixed assets, intangible assets 2,111,885,680.00 44,501,335.00 1,430,763,991.00 26,241,767.00
and other long-term assets
Cash paid as investment 616,413,725.00 1,348,697,725.00 196,250,000.00 672,470,000.00
Net increase of loan against
pledge
Net cash received from
subsidiaries and other
operational units
Other cash paid for
23,358,173.00 378,996.00 33,185,003.00 48,280.00
investment activities
Sub-total of cash outflow
2,751,657,578.00 1,393,578,056.00 1,660,198,994.00 698,760,047.00
due to investment activities
Net cash flow generated
-2,196,378,906.00 -560,014,148.00 -1,299,854,651.00 -199,675,366.00
by investment
III.Cash flow generated by
financing
Cash received as investment 301,552,900.00 985,400,000.00 810,400,000.00
Incl: Cash received as
investment from minor
shareholders
Cash received as loans 8,367,837,038.00 3,520,000,000.00 7,448,880,598.00 2,800,000,000.00
Cash received from bond
placing
Other financing –related
2,714,679.00 630,525.00 118,943.00
ash received
Sub-total of cash inflow
8,672,104,617.00 3,520,630,525.00 8,434,399,541.00 3,610,400,000.00
from financing activities
Cash to repay debts 5,623,888,525.00 2,970,000,000.00 7,026,670,843.00 3,032,686,450.00
Cash paid as dividend,
765,564,373.00 273,248,871.00 487,772,478.00 172,097,534.00
profit, or interests
Incl: Dividend and profit
paid by subsidiaries to minor
shareholders
Other cash paid for financing
55,802,400.00 5,802,000.00 787,287.00 787,287.00
activities
Sub-total of cash outflow due
6,445,255,298.00 3,249,050,871.00 7,515,230,608.00 3,205,571,271.00
to financing activities
Net cash flow generated by
2,226,849,319.00 271,579,654.00 919,168,933.00 404,828,729.00
financing
IV.Influence of exchange rate
alternation on cash and cash
equivalents
V.Net increase of cash and
1,087,779,017.00 -56,257,911.00 622,451,631.00 405,778,005.00
cash equivalents
Add: balance of cash and
1,894,021,204.00 659,395,980.00 1,738,834,186.00 287,691,522.00
cash equivalents at the
35
广东电力发展股份有限公司 2011 年半年度报告全部报送数据
beginning of term
VI .Balance of cash and cash
2,981,800,221.00 603,138,069.00 2,361,285,817.00 693,469,527.00
equivalents at the end of term
Legal representative：Pan Li Financial controller:Li Xiaoqing The person in change of the financial Dept：
Qin Jingdong
36
广东电力发展股份有限公司 2011 年半年度报告全部报送数据
Consolidated Statement of Change in Owners’ Equity
Prepared by：Guangdong Electric Power Development Co., Ltd. June 30, 2011 Unit：（RMB）
Amount of the Current term Amount of the previous term
Owner’s equity Attributable to the Parent Company Owner’s equity Attributable to the Parent Company
Total Total
Com Minor Com Minor
Items Capita Less: Specia Surplu of Capita Less: Specia Surplu of
Share mon Attrib shareh Share mon Attrib shareh
l Shares l s owner l Shares l s owner
Capita risk utable Other olders’ Capita risk utable Other olders’
reserv in reserv reserv s’ reserv in reserv reserv s’
l provis profit equity l provis profit equity
es stock e es equity es stock e es equity
ions ions
13,08 12,05
2,797, 1,884, 3,425, 2,058, 2,918, 2,659, 1,334, 3,159, 2,117, 2,782,
I.Balance at the end of 4,376, 4,819,
451,1 426,1 241,0 635,8 622,6 404,0 874,3 617,9 942,7 980,6
last year 876.0 667.0
38.00 71.00 41.00 51.00 75.00 00.00 25.00 44.00 15.00 83.00
0 0
Add: Change of
accounting policy
Correcting of previous
errors
Other
13,08 12,05
2,797, 1,884, 3,425, 2,058, 2,918, 2,659, 1,334, 3,159, 2,117, 2,782,
II.Balance at the 4,376, 4,819,
451,1 426,1 241,0 635,8 622,6 404,0 874,3 617,9 942,7 980,6
beginning of current year 876.0 667.0
38.00 71.00 41.00 51.00 75.00 00.00 25.00 44.00 15.00 83.00
0 0
-5,949 350,2 -312,3 176,3 208,3 138,0 549,5 265,6 -59,30 135,6 1,029,
III.Changed in the
,653.0 39,99 36,36 82,82 36,79 47,13 51,84 23,09 6,864. 41,99 557,2
current year
0 1.00 5.00 4.00 7.00 8.00 6.00 7.00 00 2.00 09.00
317,6 6,035, 323,6 765,8 22,58 788,3
（I） Net profit 48,74 558.0 84,29 06,46 5,313. 91,77
0.00 0 8.00 1.00 00 4.00
-6,164 -6,164 -122,3 -122,3
（II）Other
,653.0 ,653.0 40,46 40,46
misc.income
0 0 9.00 9.00
-6,164 317,6 6,035, 317,5 -122,3 765,8 22,58 666,0
Total of (I) and (II) ,653.0 48,74 558.0 19,64 40,46 06,46 5,313. 51,30
0 0.00 0 5.00 9.00 1.00 00 5.00
(III) Investment or 301,5 301,5 138,0 671,8 259,1 1,069,
decreasing of capital by 52,90 52,90 47,13 92,31 22,30 061,7
owners 0.00 0.00 8.00 5.00 0.00 53.00
1. Capital inputted 301,5 301,5 138,0 671,7 809,8
by owners 52,90 52,90 47,13 59,81 06,95
37
广东电力发展股份有限公司 2011 年半年度报告全部报送数据
0.00 0.00 8.00 5.00 3.00
2．Amount of shares 259,1 259,1
paid and accounted as 22,30 22,30
owners’ equity 0.00 0.00
132,5 132,5
3. Other
00.00 00.00
350,2 -629,9 -131,2 -410,9 265,6 -825,1 -146,0 -705,5
（IV）Profit allotment 39,99 85,10 05,63 50,74 23,09 13,32 65,62 55,84
1.00 5.00 4.00 8.00 7.00 5.00 1.00 9.00
350,2 -350,2 265,6 -265,6
1.Providing of surplus
39,99 39,99 23,09 23,09
reserves
1.00 1.00 7.00 7.00
2.Providing of common
risk provisions
-279,7 -131,2 -410,9 -559,4 -146,0 -705,5
3．Allotment to the
45,11 05,63 50,74 90,22 65,62 55,84
owners (or shareholders) 4.00 4.00 8.00 8.00 1.00 9.00
4．Other
(V) Internal transferring
of owners’ equity
1. Capitalizing of
capital reserves (or to
2. Capitalizing of
surplus reserves (or to
3．Making up losses by
surplus reserves.
4. Other
(VI) Special reserves
1. Provided this year
2．Used this term
215,0 215,0
（VII）Other
00.00 00.00
13,29 13,08
2,797, 1,878, 3,775, 1,746, 3,095, 2,797, 1,884, 3,425, 2,058, 2,918,
IV. Balance at the end of 2,713, 4,376,
451,1 476,5 481,0 299,4 005,4 451,1 426,1 241,0 635,8 622,6
this term 673.0 876.0
38.00 18.00 32.00 86.00 99.00 38.00 71.00 41.00 51.00 75.00
0 0
Legal representative：Pan Li Financial controller:Li Xiaoqing The person in change of the financial Dept：Qin Jingdong
38
广东电力发展股份有限公司 2011 年半年度报告全部报送数据
Parent Company Statement on Change in Owners’ Equity
Prepared by：Guangdong Electric Power Development Co., Ltd. June 30, 2011 Unit：（RMB）
Amount of the Current term Amount of the previous term
Commo Commo
Less: Attribut Total of Less: Attribut Total of
Items Share Capital Special Surplus n risk Share Capital Special Surplus n risk
Shares able owners’ Shares able owners’
Capital reserves reserve reserves provisio Capital reserves reserve reserves provisio
in stock profit equity in stock profit equity
ns ns
2,797,4 1,817,5 3,425,2 1,535,5 9,575,8 2,659,4 1,268,0 3,159,6 1,359,9 8,447,0
I.Balance at the end of
51,138. 56,816. 41,041. 56,675. 05,670. 04,000. 04,970. 17,944. 84,311. 11,225.
last year
00 00 00 00 00 00 00 00 00 00
Add: Change of
accounting policy
Correcting of previous
errors
Other
2,797,4 1,817,5 3,425,2 1,535,5 9,575,8 2,659,4 1,268,0 3,159,6 1,359,9 8,447,0
II.Balance at the
51,138. 56,816. 41,041. 56,675. 05,670. 04,000. 04,970. 17,944. 84,311. 11,225.
beginning of current year
00 00 00 00 00 00 00 00 00 00
1,128,7
III.Changed in the -5,949,6 350,239 -70,744, 273,545 138,047 549,551 265,623 175,572
94,445.
current year 53.00 ,991.00 878.00 ,460.00 ,138.00 ,846.00 ,097.00 ,364.00
00
1,000,6 1,000,6
559,240 559,240
（I） Net profit 85,689. 85,689.
,226.00 ,226.00
00 00
-122,34 -122,34
（II）Other -6,164,6 -6,164,6
0,469.0 0,469.0
misc.income 53.00 53.00
0 0
-122,34 1,000,6
-6,164,6 559,240 553,075 878,345
Total of (I) and (II) 0,469.0 85,689.
53.00 ,226.00 ,573.00 ,220.00
0 00
(III) Investment or
138,047 671,892 809,939
decreasing of capital by
,138.00 ,315.00 ,453.00
owners
1. Capital inputted 138,047 671,759 809,806
by owners ,138.00 ,815.00 ,953.00
2．Amount of shares
paid and accounted as
owners’ equity
39
广东电力发展股份有限公司 2011 年半年度报告全部报送数据
132,500 132,500
3. Other
.00 .00
-629,98 -279,74 -825,11 -559,49
350,239 265,623
（IV）Profit allotment 5,104.0 5,113.0 3,325.0 0,228.0
,991.00 ,097.00
0 0 0 0
-350,23 -265,62
1.Providing of surplus 350,239 265,623
9,991.0 3,097.0
reserves ,991.00 ,097.00
0 0
2.Providing of common
risk provisions
-279,74 -279,74 -559,49 -559,49
3．Allotment to the
5,113.0 5,113.0 0,228.0 0,228.0
owners (or shareholders) 0 0 0 0
4．Other
(V) Internal transferring
of owners’ equity
1. Capitalizing of
capital reserves (or to
capital shares)
2. Capitalizing of
surplus reserves (or to
capital shares)
3．Making up losses by
surplus reserves.
4. Other
(VI) Special reserves
1. Provided this year
2．Used this term
215,000 215,000
（VII）Other
.00 .00
2,797,4 1,811,6 3,775,4 1,464,8 9,849,3 2,797,4 1,817,5 3,425,2 1,535,5 9,575,8
IV. Balance at the end of
51,138. 07,163. 81,032. 11,797. 51,130. 51,138. 56,816. 41,041. 56,675. 05,670.
this term
00 00 00 00 00 00 00 00 00 00
Legal representative：Pan Li Financial controller:Li Xiaoqing The person in change of the financial Dept：Qin Jingdong
40
广东电力发展股份有限公司 2011 年半年度报告全部报送数据
Schedule of Asset Depreciation Reserve
Prepared by：Guangdong Electric Power Development Co., Ltd. June 30,2011
Unit:RMB
Increased Decrease in this period
Book balance in Book balance in
Items amount in this
year-begin Transfer-in Transfer-out period-end
period
I.Provision for bad debts 1,971,217.00 1,971,217.00
II.Provision for falling price of
8,630,653.00 8,630,653.00
inventory
III.Provision for devaluation
offinancial asset available for
sales
IV.Provision for devaluation of
held-to maturity investment
V.Provision for devaluation of
long-term equity investment
VI.Provision for devaluation
ofinvesting property
VII.Provision for devaluation
228,331,363.00 228,331,363.00
offixed assets
VIII.Provision for devaluation of
engineering materials
IX.Provision for devaluation
ofcontruction in progress
X.Provision for devaluation of
productive biological assets
Including：Provision for
devaluation of mature productive
biological assets
XI.Provision for devaluation of oil
assets
XII.Provision for devaluation of
intangible assets
XIII.Provision for devaluation of
goodwill
XIV.Other
Total 238,933,233.00 238,933,233.00
41
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
Guangdong Electric Power Development Co., Ltd.
Notes to Financial Statement
For Semi-annual 2011
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 issued RMB 44,000,000 Denominated Domestic Shares (“A Shares”)
and Demestically Listed Foreign Shares (“B Shares”) on Shenzhen Stock Exchange
on November 26, 1993 and June 28, 1995 respectively. After this issurance, the share
capital of the Company increased to RMB 505,250,000.
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 Yudean 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 August 1,2001.
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.
42
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
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. Due to these
restricted conditions, As of June 30, 2010, there were still 5, 885, 259 shares of legal shares not
traded which were originally held by the non-tradable shareholders, after the non-tradable share
reform, the stock shares which were owned by Yudean. Reduced from 50.15% to 46.34%.
According to “Approval of Non-publicly Issued Shares for Guangdong Power Development Co.,
Ltd”（CSRC License No. [2010]376）on April, 2010, The non-publicly issued A shares of parties,
Yudean Group actually purchase 138,047,138 of A shares. After the non-public issued, the stock
shares which were owned by Yudean Group Increased from 46.34% to 48.99%
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, Yudean Plaza, 2 Tianhe East Road,
Guangzhou City, Guangdong Province, the PRC. Yudean Group is the Parent
Company of the company.
II. Summary of significant accounting policies and accounting estimates
(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.
(2)Fiscal year
Fiscal year is dated from Gregorian calendar Jan., 1 to Gregorian calendar Dec., 31.
(3)Recording currency
Recording currency is RMB.
(4)Business Combinations
(a) Business combinations involving enterprises under common control
The consideration paid and net assets obtained by the absorbing party in a business
combination are measured at the carrying amount. The difference between the
carrying amount of the net assets abtained and the carrying amount of the
consideration paid for the combination is treated as an adjustment to capital surplus, if
the capital surplus is not sufficient to absorb the diference, the remaining balance is
adjusted aginst retained earnings.
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Costs directly attributable to the combination are included in profit or loss in the
period in which they are incurred.
(b) Business combinations involving enterprises not under common control
The cost of combination and identifiable net assets obtained by the acquirer in a
business combination are measured at the fair value at the acquisition date. Where the
cost of the combination exceeds the acquirer’s interest in the fair value of the
acquiree’s identifiable net assets, the difference is recognised as goodwill; where the
cost of combination is lower than the acquirer’s interest in the fair value of the
acquiree’s identifiable net assets, the difference is recogrised in profit or loss for the
current period.
Costs directly attributable to the combination are included in the cost of combination.
(5)Preparation of consolidated financial statements
The consolidated financial statements comprise the financial statements of the
company and its subsidiaries.
Subsidiaries are fully consolidated from the date on which the Group obtains
controland are de-consolidated from the date that such control ceased. For a
subsidiary acquired in a business combination involving enterprises under common
control. Its is included in the consolidated financial statements from the date when it,
together with the Company.. came under common control of the ultimate controlling
party . The portion of the net profits realized before the combination date is
presented separately in the consolidated income statement.
The financial statements of subsidiaries are adjusted in accordance with the
accounting policies and accounting period of the Company during the preparation of
the consolidated financial statements, where the accounting policies and the
accounting periods are inconsistent between the Company and subsidiaries. For
subsidiaries acquired from a business combination involving enterprises not under
common control, the individual financial statements of the subsidiaries are adjusted
based on the fair value of the identifiable net assets at the acquisition date.
All significant inter-group balances, transactions and unrealized profits are
eliminatedin the consolidated financial statements, the portion of a subsidiary’s
equity and the portion of a subsidiary’s net profits and lossets for the period not held
by the Company are recognized as minority interests and presented separately in the
consolidated balance shreet within equity and net profit respectively.
(6) Cash and cash equivalents
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2011 年中期财务报表附注
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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.
(7) Foreign currency translation
Foreign currency transactions are translated into RMB using the exchange rates
prevailing at the dates of the transactions.
At the balance sheet date, monetary items denominated in foreign currency are
translated into RMB using the spot exchange rate on the balance sheet date. Exchange
differences arising from these translations are recognized in profit or loss for the
current peiod, except for those attributable to foreign currency borrowings that have
been taken out specifically for the acquisition or construction of qualifying assets,
which are capitalized as part of the cost of those assets. Non-monetary items
denominated in foreign currency that are measured in terms of historical cost are
translated at the balance sheet date using the sopt exchange rate at the date of
transaction. The effect of exchange rate changes on cash is presented separately in the
cash flow statement.
(8)Financial instrument
（a）Financial assets
(i) Classification
Financial assets are classified into the following categories at initial recognition:
financial assets at fair value through profit or low, receivables, available –for –sale
financial assets and held-to-maturity investments. The classification of financial assets
depends on the Group’s intention and ability to hold the financial assets. During 2010,
other than receivables and available-for –sale financial assets, the Group did not hold
any financial assets in other categories.
Account receivables
Account receivables, including accounts receivable and other receivables, are
non-derivative financial assets with fixed or determinable payments that are not
quoted in an active market.
Available-for-sale financial assets
Available-for-sale financial assets are non-deriative financial assets that are either
designated in this category or not classified in any of the other categories at initial
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recognition. Available-for –sale financial assets are included in other current assets in
the balance sheet if management intends to dispose of them within 12 months of the
balance sheet date.
(ii) Recognition and measurement
Financial assets are recognized at fair value on the balance sheet when the Group
becomes a party to the contractual provisions of the financial instrument, for
receivables and available-for-sale financial assets, transaction costs that are
attributable to the acquisition of the financial assets are included in the their initial
recognition amounts
Financial assets at fair value through profit or loss and available-for-sale financial
assets are subsequently measured at fair value. Investments in equity instruments are
measured at cost when they do not have a quoted market price in an active market and
whose air value cannot be reliably measured. Receivables are measured at amortised
cost using the effective interest methord.
Again or loss arising from a change in fair value of an available-for-sale financial
asset is recognized directly in equity , except for impairment lossets and foreign
exchange gains and losses arising from the translation of monetary financial assets.
When such financial asset is derecognized, the cumulative gain or loss previously
recognized in equity is recognized in profit or loss for the current peiod, Interests on
available-for –sale investments in debt instruments calculated using the effective
interest method during the period in which such investments are held and cash
dividends declared by the investee on available-for –sale investments in equity
instruments are recognized as investment income in profit or loss.
(iii) Impairment of financial assets
The Group assesses the carrying amount of a financial asset other than that at fair
value through profit or loss at each balance sheet date. If there is objective evidence
that the financial asset is impaired, the Group shall determine the amount of any
impairment loss.
If an impairment loss on a financial asset carried at amortised cost has been
incurred,the amount of loss is measured at the difference between the asset’s
carrying amount and the present value of estimated future cash flows (Eccluding
future credit losses that have not been incurred), if there is objective evidence that
the value of the financial assets recovered and the recovery is related objectively to
an event occurring after the impaiment was recognized, the previously recognized
impairment loss is reversed and the amount of reversal is recognized in profit or loss.
In the case of a significant or prolonged decline in the fair value of an
available-for-sale financial assets, the cumulative loss arising from the decline in fair
value that had been recognized directly in equity is removed from equity and
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recognized in impairment loss. For an investment in debt instrument classified as
available-for-sale on which impairment losses have been recognized, if in a
subsequent period, its fair value increases and the increase can be objectively related
to an event occurring after the impairment loss was recognized in profit or loss, the
previously recognized impairment loss is reversed and recognized in profit or loss for
the current period, for an investment in an equity instrument classified as
available-for-sale on which impairment losses have been recognized, when ,the
previously recognized impairment loss for sellable rights Characteristics of
Investment， in a subsequent peiod, its fair value increases and directly recognized in
equity.
(iv) Derecognition of financial assets
Financial assets are derecognized when:i) the contractual arights to receive the cash
flows from the financial assets have expired; or ii) all substantial risks and rewards of
ownership of the financial assets have been transferred; or iii) the control over the
financial asset has been waived even if the Group does not transfer or retain nearly all
of the risks and rewards relating to the ownership of a financial assets.
On derecognition of a financial assets, the difference between the carrying amount
and the aggregate of consideration received and the accumulative amount of the
changes of fair value originally recorded in the owner’s equity is recognized in profit
or loss.
(b)Financial liabilities
Financial liabilities are classified into the following categories at initial recognition:
the financial liabilities at fair value through profit or loss and other financial liabilities,
During 2011, The financial liabilities in the Group mainly comprise other financial
liabilities, including payables and lorrowings.
Payables comprise accounts payable and other payables, which are recognized
initially at fair value and measured subsequently at amortised cost using the effective
interest method.
Borrowings are recognized initially at fair value, net of transaction costs incurrend,
and subsequently carried at amortised costs using the effective interest methor.
Other Financial liabilities are classified as the current liabilities if thety mature within
one year (one year included); others are classified as Non- current liabilities; Non-
current liabilities due for repayment within one year since the balance sheet day are
classified as current portion of non-current liabilities.
A financial liability is derecognized when and only when the obligation specified in
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the contrat is discharged or cancelled. The difference between the carrying amount
of a financial liability extinguished and the consideration paid is recognized in profit
of loss.
Determination of fair value of financial instruments
The fair value of a financial instrument that is traded in an active market is
determined at the quoted price in the active market. The fair value of a financial
instrument for which the market Is not active is determined by using a valuation
technique. Valuation techniques include using prices of recent market transactions
between knowledgeable, willing parties, reference to the current fair value of another
financial asset that is substantially the same with this instrument, and discounted cash
flow analysis. When avaluation technique is used to establish the fair value of a
financial instrument, use market data as much as possible and avoid use of data that is
particularly reated to the Group .
(9) Account receivable
Account receivables comprise accounts receivable and other receivables. Accounts
receivable arising from sale of Goods or rendering of services are initially recognized
at fair value of the contractual payments from the buyer.
(a) Bad debt recognition and measurement method
--Bad debt recognition criterion
For all receivables, separately perform impairment testing. When objective
evidence indicates the Group can’t receive money according original terms,
provision for bad debts recognized .
— Bad debts provision method
The bad debt will be recognized when the present value of estimated future cash
flow below their book value.
(b)When the Group transfers the accounts receivable to financial institutions without
recourse, the difference between proceeds derived from the transaction, net of the
carrying amounts of the accounts receivable and relevant taxes is recognized in profit
or loss for the current period.
(10)Inventory
1.Classcification
Inventories mainly include fuel and spare parts, and are presented at the lower of
costand net realizable value.
2.The valuation method of inventories
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Cost is determined using the weighted average method.
3.The method of determination of net realizable value of inventory and impairment
Provisions for declines in the value of inventories are determined at the carrying
valueof the inventories net of their net realizable value. Net realizable alue is
determined based on the estimated selling price in the ordinary course of business,
less the estimated costs to completion and wstimated costs necessary to make the
sale and relevant taxes.
4.The group adopts perpetual inventory system.
(11)Long-term Equity Investments
Long-term equity investments comprise the Company’s long-term equity
investmentsin its subsidiaries, the Group’s long-term equity investments in its
associates as well as the long-term equity investment where the Group does not have
control, joint control or significant influence over the investees, and which are not
aquoted in an dactive market and whose fair value cannot be reliable measured.
Subsidiaries are all investees oer which the Company is able to control; associates
areal investees that the Group has significant influence on their financial and
operating policies.
Investments in subsidiaries are measured using the cost method in the Company’s
financial statements, and adjusted using the equity method when preparing the
consolidated financial statements; investments in associates are accounted for using
the equity method; other long-term equity investments there the Group does not have
control, joint control or significant influence over the investee, and which are not
quoted in an active market and whose fair vale cannot be relably measured are
accounted for using the cost method.
(a) Determining investment cost
Long-term equity investments accounted for using the cost method are measured at
the initial investment cost. Long-term equity investments accounted for using the
equity method, where the initial investment cost exceeds the Group’s share of the fair
value of the investee’s identifiable net assets at the time of acquisition, the ivestment
is initially measured at cost. Where the initial investment cost is less than the Group’s
share of the fair value of the investee’s identifiable net assets at the time of acquisition,
the difference is included in profit or loss for the current period and the cost of the
long-term equity ivestment is adjusted accordingly.
(b) Subsequent accounting and recognition of profit or loss
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广东电力发展股份有限公司
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For long-term equity investments accounted for using the cost method, investment
income is recognized in profit or loss for the cash dividends or profit declared by the
investee.
When using the equity method of accounting, the Group recognized the investment
income based on its share of net profit or loss of the investee. The Group discontinues
recognizing its share of net losses of an investee after the carrying amount of the
long-term equty investment together with any long-term interests that, in substance,
form part of the investor’s net investment in the investee are reduced to zero.
However, if the Group has obligations for additional losset and the conditions on
recognition of provision are satisfied in accordance with the accounting standards on
contingencies, the Group continues to recognize the investment losses and the
provision. For changes in owner’s equity of the investee other than those arising form
its net profit or loss, the Group record directly in capital surplus its proportion,
provided that the Group’s proportion of shareholding in the investee remains
unchanged . the carrying amount of the investment is reduced by the Group ‘s share of
the profit or cash dividends declared by and investee. The unrealized profits or losses
arising from the intra-group transactions between the Group and its investees are
eliminated to the extent of the Group’s interest in the investees, on the basis of which
the investment gain or losses are recognized.The loss on the intra-group transaction
between the Group and its investees, of which the nature is asset impairment , is
recognized in full amount, and the relevant unrealized gain or loss is not allowed to be
eliminated.
Determining control, joint control, significant influence over investees
Control means that the investor has the power to govern the financial and operating
policies so as to obtain benefits from their operating activities. The existence and
effect of potential voting rights (including that derived from the convertible boods and
warrants that are currently convertible or exercisable ) are considered to determine
whether the Group has control over the investee.
Joint control means that the investor has contractual obligation to control a certain
economic activity, while such control only exists when the significant financial and
operating policies relating to that activing are agreed upon by all investors sharing
that control.
Significant influence means that the investor has the right to participate in the
determination of the investee’s financial and operating policies, but cannot control
or joint control with other parties on the determination of these policies.
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(d)Impairment of long-term equity investments
The carrying amount of long-term equity investments in subsidiaries and associates
isreduced to the recoverable amount when the recoverable amount is less than the
carrying amount (Note 2(18)). When the long-term investments which are not quoted
in an active market and whose fair value cannot be reliable measured have
impaiment, the impairment loss is recognized at the differences between carrying
amounts and the present value of future cash flow discounted using the prevailing
market returmn rate on similar financial assets. Once the impairment loss is
recognized, it is not allowed to be reversed for the value recovered in the subsequent
periods.
(12)Investment property
Investment property, including buildings that held for the purpose of lease and leased
land use right, is measured initially at cost. Subsequent expensitures incurred for and
investment property is included in the cost of the investmentproperty when it is
probable that economic benefits associated with the investment property will flow to
the Group and its cost can be reliable measured, otherwise the expenditure is
recognized in profit or loss in the period in thich they are incurred.
The Group adopts the cost model for subsequent measurement of the investment
property. Buildings and lond use rights are depreciated or amortised to their estimated
net residual values over their estimated useful lives. The estimated useful luves, the
estimated net residual values expressed as a percentage of cost and the annual
depreciation rates of the investment properties are as follows:
Estimated useful l Estimated residual Annual depreciatio
ives value n rate
House and Bulding 30~41 years 5% 2.32~3.17%
When an investment property is changed to an owner-occupied property, it is
transferred to fixed asset at the date of the change. When an owner-occupied property is
changed to be held to earn rentals or for capital appreciation, the fixed asset is
transferred to investment property at the date of the change at the carrying amount of
the property.
The estimated useful life, net residual value of the investment property and the
depreciation method applied are reviewed, and adjusted as appropriate at each
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financial year-end.
An investment property is derecognised on disposal or when the investment property
is permanently withdrawn from use and no future economic benefits are expected
from its disposal. The amount of proceeds on sale, transfer, retirement or damage of
an investment property less its carrying amount and related taxes and expenses is
recognised in profit or loss for the current period.
When the recoverable amount of investment real estate less than its carrying value,
book value is reduced to its recoverable amount (Notes 2 (17)).
(13).Fixed assets
(1)Initial recognization and measurement
Fixed assets comprise buildings, electric utilities in service, motor vehicles and other
equipments.
A fixed asset is recongnized when it is probable that the economic benefits associated
with the fixed assets will flow to the Group and its cost can be reliably measured.
Fixed assets purchased or constructed by the Group are initially measured at cost at
the time of acquisition. Fixed assets contributed by the State-owned shareholders at
the incorporation of a limited company are initially recorded at the valuation amount
recognized by the State-owned assets supervision and administration department.
Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed
asset when it is probable that the economic benefits associated with the fixed asset
will flow to the Group and its cost can be reliably measured. The carrying amount of
those parts that are replaced is derecognized and all the other subsequent expenditures
are recognised in profit or loss in the period in which they are incurred.
(2)Depreciation method
Fixed assets are depreciated using the straight-line method to allocate the cost of the
assets to their estimated residual values over their estimated useful lives. For the fixed
assets being provided for impairment loss, the related depreciation charge is
prospectively determined based upon the adjusted carrying amounts over their
remaining useful lives. The estimated useful lives, the estimated residual values
expressed as a percentage of cost and the annual depreciation rates are as follows:
Estimated useful lives Estimated residual val Annual depreciation ra
ue te
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House and Bulding 10 years-35 years 5%-10% 2.57%-9.5%
Electric Utilities in service 8 years-18 years 5%-10% 5%-11.88%
Motor vehicles 8 years- 10 years 5%-10% 9%-11.88%
Other equipment 5 years-10 years 5%-10% 9%-19%
The estimated net residual value of a fixed asset and the depreciation method applied
to the asset are reviewed, and adjusted as appropriate at least at each financial
year-end.
(3)When the recoverable amount of investment real estate less than its carrying value,
book value is reduced to its recoverable amount (Notes 2 (17)).
(4)Fixed assets disposal
A fixed asset is derecognised on disposal or when no future economic benefits are
expected from its use or disposal. The amount of proceeds on sale, transfer, retirement
or damage of a fixed asset net of its carrying amount and related taxes and expenses is
recognised in profit or loss for the current period.
(14).Construction in progress
Construction in progress is measured at actual cost. Actual cost comprises
construction costs, installation cost, borrowing costs that are eligible for capitalization
and other costs necessary to bring the the fixed assets ready for their intended use.
Actual cost also consists of the net amount of revenue generated and expenses that
incurred in the text running peiod.
Construction in progress is transferred to fixed assets when the assets are ready for
their intended use, and depreciation begins from the following month. The carrying
amount of construction in progress is reduced to the recoverable amount when the
recoverable amount is less than the carrying amount (Notes 2(17)).
Approach of defining financial leases and pricing of the construction in progress.
Essentially, leases that involve the transfer of all risks and income related to the
ownership of assets can be defined as financial lease. When determining the recorded
value of the leased construction in progress, the fair value of the leased asset and the
lowest payment of the lease are compared and the lower will be applied. The
difference between the recorded value of the leased asset and the lowest payment of
the lease in termed as unconfirmed financing costs (Note 2 (24)(b))
(15). Borrowing costs
The borrowing costs that are directly attributable to the acquisition and construction
of a fixed asset that needs a substantially long period of time of acquisition and
construction for its intended use commence to be capitalised and recorded as part of
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the cost of the asset when expenditures for the asset and borrowing costs have been
incurred, and the activities relating to the acquisition and construction that are
necessary to prepare the asset for its intended use have commenced. The capitalisation
of borrowing costs ceases when the asset under acquisition or construction becomes
ready for its intended use, the borrowing costs incurred thereafter are recognised in
profit or loss for the current period. Capitalisation of borrowing costs is suspended
during periods in which the acquisition or construction of a fixed asset is interrupted
abnormally and the interruption lasts for more than 3 months, until the acquisition or
construction is resumed.
For a borrowing specific for the acquisition, construction or production activities for
preparing an asset eligible for capitalisation, the to-be-capitalised borrowing costs
shall be determined according to the actual borrowing costs incurred less any income
earned on the unused borrowing fund as a deposit in the bank or as a temporary
investment.
For the other borrowings related to acquisition, construction and production of a
qualifying asset, the amount of to-be-capitalised borrowing costs shall be the lower of
the actual borrowing costs incurred and the amount of qualifying asset not financed
by specific borrowings multiplying capitalisation rate. The capitalisation rate is the
weighted average interest rate of these borrowings.
(16).Intangible assets
Intangible assets including land use rights, sea use rights, software and associated
projects for electricity transmission and transformation are measured at cost.
Intangible assets contributed by the state-owned shareholders at the incorporation of a
limited company are initially recorded at the valuation amount recognized by the
state-owned assets supervision and administration department.
(1)Land use rights (“LUR”) and sea use lights
LUR acquired are amortized on the straight-line basis over 20 to 50 years. If the
purchase costs of LUR and attached buildings cannot be reliably allocated between
the LUR and buildings, for the purchase costs are recognised as fixed assets.
Sea use rights acquired are amortized on the straight-line basis in 50 years.
(2)Other Intangible assets
Other intangible assets acquired except for LUR and sea use rights are amortized on
the straight-line basis over 2 to 20 years according to their estimated useful lives.
(3) Periodical review of useful life and amortisation method
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For an intangible asset with a finite useful life, review and adjustment on useful life
and amortization method are performed at each year-end.
(4)Impairment of intangible assets
The carrying amount of intangible assets is reduced to the recoverable amount when
the recoverable amount is less than the carrying amount (Notes 2(17)).
(17).Impairment of long-term assets
Fixed assets, construction in progress, intangible assets with finite useful lives,
investment properties measured using the cost model and long-term equity
investments in subsidiaries and associates are tested for impairment if there is any
indication that an asset may be impaired at the balance date. If the result of the
impairment test indicates that the recoverable amount of the asset is less than its
carrying amount, a provision for impairment and an impairment loss are recognised
for the amount by which the asset’s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset’s fair value less costs to sell and the
present value of the future cash flows expected to be derived from the asset. A
provision for asset Impairment is determined and recognised on an individual asset
basis. If it is not possible to estimate the recoverable amount of an individual asset,
the recoverable amount of the group of assets to which the asset belongs is determined.
A group of assets is the smallest group of assets that is able to generate independent
cash inflows.
Separately recognised goodwill is tested at least annually for impairment, irrespective
of whether there is any indication that the asset may be impaired. During the test, the
carrying value of goodwill is allocated to the related asset group or groups of asset
group which is expected to benefit from the synergies of the business combination. If
the result of the test indicates that the recoverable amount of an asset group or groups
of asset group including the goodwill allocated is lower than its carrying amount, the
corresponding impairment loss is recognized. The impairment loss is first deducted
from the carrying amount of goodwill allocated to the asset group or groups of asset
group, and then deducted from the carrying amount of the remaining assets of the
asset group or groups of asset group pro rata with goodwill.
Once the asset impairment loss mentioned above is recognised, it is not allowed to be
reversed for the value recovered in the subsequent periods.
(18).Employee benefits
Employee benefits mainly include wages or salaries, bonuses, allowances and subsidies, staff
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welfare, social security contributions, housing funds, labour union funds, employee education
funds and other expenditures incurred in exchange for service rendered by employees.
If the Group terminates the labor relationship with any employee prior to the expiration of the
relevant labor contract or makes a severance package proposal with the purpose of enticing the
employees to willingly accept such a termination, and the following conditions are concurrently
satisfied, the Group shall recognize the liabilities to be incurred due to severance pay, and shall at
the same time record them in the profit and loss of the current period.
Except for the compesation for termination of labor relationship, employee benefits are recognised
as a liability in the accounting period in which an employee has rendered service, and as costs of
assets or expenses to whichever the employee service is attributable.
(19).Dividend distribution
Proposed Dividend distribution is recognised as a liability in the period in which it is approved by
the shareholders’ meeting.
(20).Estimated liabilities
Provisions for product warranties, onerous contracts are recognised when the Group
has a present obligation, and it is probable that an outflow of economic benefits will
be required to settle the obligation, and the amount of the obligation can be measured
reliably.
A provision is initially measured at the best estimate of the expenditure required to
settle the related present obligation. Factors surrounding a contingency such as the
risks, uncertainties and the time value of money are taken into account as a whole in
reaching the best estimate of a provision. Where the effect of the time value of money
is material, the best estimate is determined by discounting the related future cash
outflows. The increase in the discounted amount of the provision arising from
passage of time is recognised as interest expense.
The carrying amount of provisions is reviewed at each balance sheet date and adjusted
to reflect the current best estimate.
(21).Revenue recognition
The amount of revenue is determined in accordance with the fair value of the
consideration received or receivable for the sale of goods and services in the ordinary
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course of the Group’s activities. Revenue is shown net of value-added tax, rebates,
discounts and returns.
Revenue is recognised when the economic benefits associated with the transaction
will flow to the Group, the relevant revenue can be reliably measured and specific
revenue recognition criteria have been met for each of the Group’s activities as
described below:
(1)Sale of electricity and heat energy
Revenue is recognised upon transmission of electricity or heat energy.
(2) Rendering of services
The Group provides service to external parties and determines the stage of completion
based on proportion of costs incurred to date to the estimated total costs. Revenue is
recognised using the percentage of completion method.
(3)Transfer of asset use rights
Interest income is recognised on a time-proportion basis, the cash at bank and on hand
of the Group used by other parties, using the effective interest method.
Income from an operating lease is recognised on a straight-line basis over the period
of the lease.
(22).Goernment subsidies
Government subsidy means the monetary or non-monetary assets obtained freely by
an enterprise from the government, including tax returns, financial subsidies.
Government subsidy is recognized unless the additional condition can be met and the
subsidy can be received by the corporation. If the government subsidy is a monetary
asset, it will be measured in the light of the received or receivable amount, if the
government subsidy is a non-monetary asset, it shall be measured at its fair value. If
its fair value cannot be obtained in a reliable way, it will be measured at its nominal
amount.
The government subsidies pertinent to assets will be recognized as other non-current
debt-deferred income, equally amortized within the useful lives of the relevant assets
and recognized as profit and loss at the same time. The government subsidies
measured at their nominal amounts will be directly recognized as profit and loss in the
current period.
The government subsidies pertinent to incomes, those subsidies used for
57
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
compensating related future expenses or losses will be recognized as deferred income
and recognized as profit and loss during the period when the relevant expenses are
recognized; those subsidies used for compensating related expenses or losses already
existed will be directly recognized as income or cost in the current period.
(23).Deferred tax assets and liablities
Deferred tax assets and deferred tax liabilities are calculated and recognised based on
the differences arising between the tax base of assets and liabilities and their carrying
amount (temporary differences). Deferred tax asset is recognized for the deductible
losses that can be carried forward to subsequent years for deduction of the taxable
profit in in accordance with the tax law. No deferred tax liability is recognised for a
temporary difference arising from the initial recognition of goodwill. No deferred tax
asset or deferred tax liability is recognized for the temporary differences resulting
from the initial recognition of assets or liabilities due to a transaction other than a
business combination, which affects neither accounting profit nor taxable profit (or
deductible loss) At the balance sheet date, deferred tax assets and deferred tax
liabilities are measured at the tax rates that are expected to apply to the period when
the asset is realised or the liability is settled.
Deferred tax assets are only recognised for deductible temporary differences,
deductible losses and tax credits to the extent that it is probable that taxable profit
will be available in the future against which the deductible temporary differences,
deductible losses and tax credits can be utilised.
Deferred tax liabilities are recognised for temporary differences arising from
investments in subsidiaries and associates, except where the Group is able to control
the timing of the reversal of the temporary difference, and it is probable that the
temporary difference will not reverse in the foreseeable future. When it is probable
that the temporary differences arising from investments in subsidiaries, joint
ventures and associates will be reversed in the foreseeable future and that the
taxable profit will be available in the future against which the temporary differences
can be utilized, the corresponding deferred tax assets are recognized.
Deferred tax assets and liabilities are offset and presented on net basis when:
(a)The deferred taxes are relate to the same tax payer within the group and same fiscal
authority, and;
(b)That tax payer has a legally enforceable right to offset current tax assets against
current tax liabilities.
(24).Leases
A finance lease is a lease that transfers substantially all the risks and rewards
58
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
incidental to ownership of an asset. An operating lease is a lease other than a
finance lease.
(a) Operating lease
Lease payments under and operating lease are recogrised on a straight-line basis over
the period of the lease , and are either capitalized as part of the cost of related assets,
or charged as an expense for the current period.
(b)Finance lease
The leased asset is recorded at the amounts equal to the lower of the fair valueof the
leased asset and the present value of the minimum lease payments. The difference
between the recorded amount of the leased asset asnd tht minimum lease payments is
accounted for as unrecognized finance charge and is amortised using the effective
interest method over the period of the lease. A long-term payable is recorded at the
amount equal to the minimum lease payments less the unrecognized finance charge.
(25).Segment information
The Group identify operating segments based on the internal organization structure,
management requirement and internal reporting, then disclose segment information of
reportable segment which is based on operating segment.
An operating segment is the component of the Group that all of the following
conditions are satisfied:
(1) that component can earn revenues and incur expenses from ordinary activities;
(2) whose operating results are regularly reviewed by the Group’s management to
make decisions about resources to be allocated to the segment and assess its
performance, and (3) for which the information of financial position, operating results
and cash flows is available to the Group. If two or more operating segments have
similar economic characteristics, and certain conditions are satisfied, they may be
aggregated into a single operating segment.
(26).Exchange of non-monetary assets
The "exchange of non-monetary assets" refers to the exchange of non-monetary assets
between two parties that includes the transactions of inventories, fixed assets,
intangible assets, or long-term equity investments. Such an exchange involves no or
few monetary assets (i.e. boot).
When the exchange of a non-monetary asset concurrently satisfies the following
conditions, the cost of the received asset shall be its fair value including the relevant
59
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
applicable taxes; any difference between the fair value and the book value of the
relinquished asset shall be recorded as profit or loss for the current period:
(a) The exchange is commercial in nature;
(b) The fair value of the received or relinquished asset can be reliably measured;
Where an exchange of non-monetary assets does not concurrently meet the above
conditions, the book value of the relinquished asset including all relevant applicable
taxes shall be the cost of the received asset, and no profits or losses shall be recorded.
(27).Critical accounting estimates and judgments
The Group continually evaluates the critical accounting estimates and key judgments
applied based on historical experience and other factors, including expectations of
future events that are believed to be reasonable under the circumstances. The critical
accounting estimates and key assumptions that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within the next
financial year are outlined below:
(a) The estimates of the depreciable lives of property, plant and equipments
The estimate of depreciable lives of property, plant and equipments was made by the
directors with reference to the practice of industry, their expected physical wear and
tear, and the durability assessment performed. The evaluation of estimated useful lives
is assessed by the directors annually.
Change of estimated useful lives may cause significant impact on the Group’s net
profit.
(b)Estimated impairment of other long-term assets
As disclosed in Notes 2(17), the Group’s long-term assets, such as fixed assets,
construction progress, intangible assets with finite useful lives, investment properties
measured using the comodel and long-term equity investments, are tested for
impairment if there is any indication that a asset may be impaired at the balance date.
In determining whether there is any indication of potential asset impairment,
management mainly evaluate and analyze from the following aspects: (1) whether the
issues affecting the asset impairment have occurred; (2) whether the present value of
cash flows, which is expected to receive for the sustained use of the asset or disposal
of the asset, is less than the net book value; and (3) whether the key assumptions used
for the present value of projected future cash flow is appropriate.
The relevant assumptions used to determine asset impairment, such as the discount
rate used in present value of future cash flow method, the variation of the growth rate
assumptions and so on, may have a significant impact on the present value which is
60
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
employed in the impairment testing, resulting the impairment of long-term assets of
the Group.
(a) Income taxes
The Group is subject to income taxes in numerous jurisdictions. There are mary
transactions and events for which the ultimate tax determination is uncertain during
the ordinary course of business. Significant judgment is re\quired from the Group in
determining the provision for income taxes in each of these jurisdictions. The Group
recognizes income taxes in each jurisdiction based on estimates. Where the final tax
outcome of these matters is different from the amounts that were initially recorded,
such differences will impact the income tax and deferred tax provisions in the period
in which such determination is made.
III. Taxation
（1）The types and rates of taxes applicable to the Group are set out below：
Type Taxable base Tax rate
Enterprise income Taxable income 12%,24% and 25%
tax
VAT Taxable value added amount (Tax payable 17%
iscalculated using the taxable sales
amount multiplied by the effective tax
rate less deductible VAT input of current
period)
Business tax Taxable turnover 5%
City maintenance Value added tax and Business tax amount 5% and 7%
and construction tax
Surcharge for Value added tax and Business tax amount 2%及 3%
education
On March 16 ,2007, the National People’s Congress approved the Corporate Income
Tax Law of the People’s Republic of China (the “new CIT Law”), which is effective
from January 1,2008. Except for the two subsidiaries, Guangdong Yuejia Electric
Power Co., Ltd. (“Yuejia Electric”) and Guangdong Yudean Zhanjiang Wind Power
Co., Ltd. (“Zhanjiang Wind Power”) (as disclosed in the following notes), the
enterprise income tax rate applicable to the Group is 25%.
Additionally, according to the State Council’s Notification of unification of domestic
companies, Foreign investment and Foreign Enterprises’ urban Maintenance and
Construction Tax and Additional Education Fees (NDRC(2010)No.35), all Foreign
61
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
investment and Foreign Enterprises are subjected to urban Maintenance and
Construction Tax and Additional Education Fees from 1 December 2010, As a result,
the company and the subsidiaries of the company, Yuejia Electric And Zhanjiang
Wind power , are no more subjected to the temporary exemption from urban
maintenance and construction tax and additional eduction fees.
(2) Tax preferential and approval
According to the approvment of the Guangzhou Municipal Office of State
Administration of Taxation Foreign Tax Center Guoshuifa [1997] No. 185 and the
Guangzhou Municipal Office of State Administration of Taxation Foreign Tax Center
Waifa [1998] No. 045, the corporate income tax rate of YueJia Electric is 15%. Based
on the new CIT law, the corporate income tax rate of YueJia Electric will apply from
2008 to 2012 as period of 5 years and gradual transition to 25%. The enterprise
income tax rate of the YueJia Electric is 24% for 2011.
According to the approvment ofthe Zhanjiang Municipal Office of State
Administration of Taxation Direct Taxation Office Zhangguoshui [2007] No. 15, the
enterprise income tax rate of Zhanjiang Wind Power is 15%, and from the
profit-making year, the first and second year exemption from enterprise income tax,
the third to fifth year business income tax reduced by half. On January 1,2008,
Zhanjiang Wind Power has not profitable. Under the provisions of the new CIT Law,
which will continue to apply the preferential policies, but was identified 2008 as the
first profitable year. Therefore, Zhanjiang Wind Power will continue to apply
exemption from corporate income tax. The enterprise income tax rate of the Zhanjiang
Wind Power is 12% for 2011.
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IV. Subsidiaries
(a) Subsidiaries acquired through business combination under common control
Type of Place of Nature of business Registered Scope of business Business type
Subsidiaries Registration capital
Zhangjiang Electric Power Co., Ltd. Direct Zhanjiang Electric 2,875,440,000 Generation of Electri
city, Power plant ope Limited Liability
rating Company
Yuejia Electric Direc Meizhou Electric 1,200,000,000 Generation of
Electricity, Power
plant operating Foreign-funded enterprise
Guangdong Shaoguan Yuejiang Electric Dire Direct Shaoguan Electric 770,000,000 Generation of
PowerCo., Ltd. Electricity, Power Limited Liability
plant operating Company
Zhanjiang Zhongyue Engergy Co., Ltd Direct Electric Generation of
Electricity, Power Limited Liability
Zhanjiang 1,454,300,000 plant operating Company
The actual amou Essentially constitute a Interest held Voting rights Whether Minority interest
nts of capital in subsidiary the balance of the (%) (%) consolida
the year end net investment in other te the
projects financial
statement
or not
Zhanjiang Electric 2,185,334,400 - 76% 76% Yes 925,751,474
Yuejia Electric 701,279,338 - 58% 58% Yes 385,583,920
Yuejiang Electric 500,500,000 - 65% 65% Yes 139,491,255
Zhongyue Energy 1,532,578,100 - 90% 90% Yes 122,587,101
4,919,691,838 - 1,573,413,750
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广东电力发展股份有限公司
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（除特别说明外，金额单位为人民币元）
（2）Subsidiaries established or invested by the Group
Type of Place of Nature Registered capital Scope of business Business type
Subsidiaries registratio business
n
Maoming Zhenneng Thermoelectric power Co., Ltd Direct Limited Liability
Maoming Electric 542,157,500 Generation of Electricity Company
Guangdong Yudean Jinghai Electric Power Direct Jieyang Electric 2,919,272,000 Generation of Electricity Limited Liability
Development Co., Ltd. Company
Zhanjiang Wind Power Direct Zhangjian Electric 346,110,000 New Energy Development and Foreign-funded
g Generation of Electricity enterprise
Guangdong Oil shale power Generation Co., Ltd. Direct Maoming Electric 235,000,000 Oil Development and Limited Liability
Generation of Electricity Company
Guangdong Yudean Anxin Electric Power Direct Donggua Electric 20,000,000 Providing repair and Limited Liability
Maintenance n maintenance service Company
Guangdong Yudean Humen Electric Power Co., Ltd. Direct Donggua Electric 150,000,000 Generation of Electricity Limited Liability
n Company
Guangdong Yudean Power Bohe Repair Co., Ltd. Direct Maoming Electric 170,000,000 Generation of Electricity and Limited Liability
Coal construct Company
Zhanjiang Yuheng Power Repair Co., Ltd. Indirect Zhangjian Electric 20,000,000 Poviding repair and Limited Liability
g Mainterance service Company
Guangdong Yudean Xuwen Wind Electric Power Co., Indirect Zhanjian Electric 65,000,000 Generation of Electricity Limited Liability
Ltd. g Company
Whether
Essentially constitute a consolidate
The actual almo subsidiary the balance of the financial
unts of capital i the Net investment in Interest held Voting rights statements or
n the year end other projects (%) (%) not Minonity interest
64
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
Maoming Zhenneng 288,561,587 - 53.28% 53.28% Yes 277,041,197
Jinghai Electric 1,930,395,668 - 65% 65% Yes 1,062,042,928
Zhanjiang Wind Power 205,044,000 - 70% 70% Yes 89,252,695
Oil Shale Power 196,398,200 - 83.66% 83.66% Yes 34,602,659
Anxin 20,000,000 - 100% 100% Yes -
Humen Electric 90,000,000 - 60% 60% Yes 58,652,270
Bohe 170,000,000 - 100% 100% Yes -
Zhangjiang Yuheng 15,200,000 - 100% 100% Yes -
Xuwen Wind 45,500,000 - 100% 100% Yes -
2,961,099,455 - 1,521,591,749
65
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
V.Notes to the consolidated financial statements
(1) Monetary fund
December 31, 2010 June 30,2011
Foreign Foreign
currency Exchan currency Exchan
amount ge rate RMB amount ge rate RMB
Cash on hand
RMB 385,446 43,870
Cash at bank
RMB 1,128,362,608 1,568,687,522
USD 1,095,209 6.6227 7,253,241 1,924,604 12,455,267
HKD 15,125 0.8509 12,870 12,872 10,704
Cash at Guangdong Yudean
Finance Co., ltd(Notes
VII(5)(i))
RMB 758,007,039 1,400,602,858
1,894,021,204 2,981,800,221
It is the same as cash isted in the cash flow statement.
(2) Accounts receivable
December 31, 2010 June 30,2011
Accounts receivable
Within 1 year 1,841,038,374 1,650,307,471
1-2 years - 13,769,091
2-3 years - -
Over 3 years - -
Less：Provision for bad debts - -
1,841,038,374 1,664,076,562
(a) Accounts receivable are analysed by customents categories as follows:
December 31, 2010 June 30,2011
Book Balance Provision for bad debts Book Balance Provision for bad debts
Proportio Proportio Proportio Proportio
Amount n Amount n Amount n Amount n
Individual 1,831,238,519 99.47% - - 1,656,393,829 99.54% - -
material
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广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
Other 9,799,855 0.53% - - 7,682,733 0.46% - -
1,841,038,374 100% - - 1,664,076,562 100% - -
(b) As of June 30,2011，No balances included in above accounts receivable are
due from the shareholders of the Company who hold over 5% (including 5%) shares
with voting rights
(c) As of June 30, 2011 the Group’s five largest accounts receivable balances are
analysed as follows:
Relatation Ratio of total
with the accaount
Group Amount Period receivable
GPGC Third party 1,642,785,344 Within 1 year 98.72%
Shajiao Power Plan C Related party 4,538,419 1-2 years 0.27%
Zhanjiang Branch of GPGC Third party 3,440,814 Within 1 year 0.21%
Shenzhen Guangqian Electric Power Co.,
Related party
Ltd. 2,985,812 1-2 years 0.18%
Guangdong Huizhou Natural gas Power
Related party 2,643,440 1-2 years 0.16%
Co.,Ltd.
1,656,393,829 99.54%
(d) Accounts receivable from related parties are analysed as follows:
December 31, 2010 June 30, 2011
Ratio of Ratio of
total ac total ac
caounts caounts
Relationship with the receivabl receivabl
Group Amount e (%) Provision Amount e (%) Provision
Shajiao C Controlled by Yudean
Group 14,171,438 0.77% - 4,538,419 0.27% -
Guangqian The Group’s associate
andcontrolled by
yudean Group 6,534,224 0.35% - 2,985,812 0.18% -
The Group’s associate
Huizhou Natural Gas andcontrolled by
yudean Group 2,400,177 0.13% - 2,643,440 0.16% -
Guangdong Yudean
Group Co.,
Ltd.Zhuhai Power Controlled by Yudean
plant Group 1,802,225 0.10% - - -
Guangdong Zhuhai Controlled by Yudean
Jinwan Power Co., Ltd. Group - - - 2,563,622 0.15% -
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广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
Guangdong Yudean
Environmental Protection Controlled by Yudean
Co., Ltd. Group - - - 300,215 0.02% -
24,908,064 1.35% - 13,031,508 0.78% -
(e) As of June 30, 2011 and December 31, 2010，No accounts receivable balances
are dominated in foreign currencies.
(3) Other receivables
December 31,
2010 June 30,2011
Entrust loans(a) 542,159,228 138,547,053
Advance for construction 3,607,797 1,735,806
Suppliers 7,836,751 11,676,051
Withholding income tax fee 1,635,277 -
Other 19,018,123 29,245,120
574,257,176 181,204,030
Increased in Decreased in
current period current period
Less：Provision for bad debts (1,971,217) - - (1,971,217)
572,285,959 179,232,813
(a) The entrust loans, which the Group provides for associates through the trustee, are
listed as follows：
Provi
sion
Annual Accumulati for
interest Annual intere ve accrued bad
Trustee Borrower Principal rate Due date s June 30, 2011 interest debts
Yudean Finance Guangdong Yudean 44,200,000 6.14% 26/11/2011 1,122,293 46,730,153 2,530,153 -
Holding Westem 26,000,000 4.78% 19/08/2011 624,722 27,131,446 1,131,446 -
Yudean Finance Shanxi Yudean 38,000,000 5.27% 07/02/2012 986,926 38,516,042 516,042 -
Energy Co., Ltd. 6,000,000 5.76% 15/06/2012 146,456 6,076,578 76,578 -
6,800,000 5.00% 21/11/2011 171,081 6,889,455 89,455 -
8,000,000 5.68% 09/05/2012 65,624 8,034,313 34,313 -
Industrial Linchang Yuntou 2,500,000 6.65% 27/10/2011 79,560 2,584,533 84,533 -
Bank,Guangzhou 2,500,000 6.65% 29/11/2011 79,560 2,584,533 84,533 -
Branch
134,000,000 3,276,222 138,547,053 4,547,053 -
68
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
(b) The ageing of other receivables are analyzed as follows：
December 31,2010 June 30,2011
Within 1 year 553,253,557 173,824,135
1-2 years 8,287,397 4,598,692
2-3 years 6,532,041 130,637
3-4 years 2,552,842 271,680
4-5 years 1,347,040 205,000
Over 5 years 313,082 202,669
572,285,959 179,232,813
other receivables are analysed by customers categories as follows：
December 31, 2010 June 30,2011
Book Balance Provision for bad debts Book Balance Provision for bad debts
Total Total Total Total
Amount balance% Amount balance% Amount balance% Amount balance%
Individual
material 548,159,228 95.46% - - 146,757,106 -
Other 26,097,948 4.54% (1,971,217) 7.55% 34,446,924 (1,971,217)
574,257,176 100% (1,971,217) 0.34% 181,204,030 (1,971,217)
(d)As of June 30,2011, no balances included in above other receivables are due from
the shareholders of the Company who hold over 5% (including 5%) shares with
voting rights.
(e) As of June 30, 2011, the Group’s five largest other receivables balances are as
follows:
Relationship with Total other rec
The Group Amount Period eivables %
Yudean Westem Related parties 73,861,599 Within 1 year 41.21%
Shanxi Energy Related parties 59,516,388 Within 1 year 33.21%
Linchang Yuntou Related parties 5,169,066 Within 1 year 2.88%
Hongkong Huajinyuan Shipping Co., Ltd. Third Partes 5,019,945 Within 1 year 2.80%
Shajiao C Related parties 3,190,108 Within 1 year 1.78%
146,757,106 81.88%
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广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
(f)Other receivables due from related parties are as follows：
December 31, 2010 June 30,2011
Ratio of Ratio of
total ac total ac
caount r caount r
Relationship aceivable aceivable
YudeanGroup Amount (%) Provision Amount (%) Provision
Weixin Yuntou Associates 260,701,555 45.55% - - - -
Shanxi Energy Associates 204,333,143 35.70% - 59,516,388 33.21% -
Yudean Westem Associates 72,114,584 12.60% - 73,861,599 41.21% -
Linchang Yuntou Associates 5,009,946 0.88% - 5,169,066 2.88% -
Shajiao C Controlled by Yudean 1,635,277 0.29% - 3,190,108 1.78% -
Yudean environmental 0.71%
766,176 0.13% - -
protection Controlled by Yudean 1,274,545
Other(Notes VII(5)(i)) Controlled by Yudean - - - 772,088 0.43% -
544,560,681 95.15% - 143,783,794 80.22% -
(g)As of June 30, 2011 and December 31, 2010,No other receivables balances are
dominated in foreign currencies.
(4) Advances to suppliers
(a) The ageing of advances to suppliers is analysed below：
December 31,2010 June 30,2011
Amount Total balance % Amount Total balance %
Within 1 year 455,391,128 68.11% 308,215,685 3
1-2 years 181,184,160 27.10% 458,561,600 4
2-3 years 31,593,891 4.73% 194,122,101 2
Over 3 years 427,078 0.06% 7,743,555
668,596,257 100% 968,642,941 10
The balances with ageing over one year represent the prepayment or deposits paid to
construction and equipment suppliers.
70
广东电力发展股份有限公司
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（除特别说明外，金额单位为人民币元）
(b) As of June 30,2011，the Group’s largest five advances to suppliers balances are as
follow:
Relationship
with the Group Amount Proportion Prepaid year Reasons for unsettling
Guangdong Electric Fuel 2009、2010、 Purchase deposits and contract has
Related party 540,630,766 55.81%
Supply Co., Ltd. 2011 not yet expired
East Boiler Purchase deposits for the equipments
Third party 257,760,000 26.61% 2009 and Equipment has not been
completed
Maoming Bohe New Port
Construction Prepaid land and has not yet obtained
Third party 42,646,000 4.40% 2010
construction control the relevant certificates
Center
Maoming Land repaid land and has not yet obtained
Third party 18,000,000 1.86% 2009
Resources Bureau the relevant certificates
Purchase deposits for the equipments
Beijing Jinshiwei Power
Third party 10,298,000 1.06% 2011 and Equipment has not been
Technology Co., Ltd.
completed
869,334,766 89.74%
(c) As of June 30,2011，no prepaid in prepayments of our company hold above 5%
(including 5%) voting shares’ Shareholders funds:
(d) Prepayments to related parties as follows:
December 31,2010 June 30, 2011
Proportio Proportio
Relationship with the Group Amount n (%) Provision f Amount n (%) Provision f
Fuel supply Associate and under common control 59.35% 55.81%
byYudean 396,810,766 - 540,630,766 -
(e) As of June 30,2011 and December 31, 2010, no prepayments balances are
dominated in foreign currencies.
(5) Inventory
(a) Inventory categories are listed as follows：
December 31,2010 June 30,2011
Provision fo Provision fo
Book Balan r investory Book va Book Balan r investory Book va
Fuel 606,778,427 - 606,778,427 598,892,398 - 598,892,398
Spare parts 241,105,399 (8,630,653) 232,474,746 232,593,961 (8,630,653) 223,963,308
Other 12,994,678 - 12,994,678 37,429,878 - 37,429,878
860,878,504 (8,630,653) 852,247,851 868,916,237 (8,630,653) 860,285,584
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广东电力发展股份有限公司
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（除特别说明外，金额单位为人民币元）
(b) Movement of inventory provision is as follows：
December 31 Reduction June 30,2011
Addition Reversal Write off
Spare parts (8,630,653) - - - (8,630,653)
(c) Inventory provision is analysed as follows:
Inventory provision Reversal accounting
reversal during year for ypear end toal
Reason of accrual balance%
Spare parts The difference of the net realizable value N/A N/A
lower than the carrying amount
(6) Available-for-sale financial assets
December 31,2 Sold in 2011 Change of fairv June 30,2011
(NotesV(32))
Available-for-sale financial assets
Shenzhen Energy (i) 70,630,001 - (7,294,001) 63,336,000
Shenergy(ii) 282,474,044 - (925,536) 281,548,508
353,104,045 - (8,219,537) 344,884,508
(i) As at June 30,2011，The Company hold Shenzhen Energy A share amounted to
8,400,000 shares and the investment cost is RMB 15,890,628. The Company states this
investment at fair value determined by reference to the quoted price in an active market.
During the year, a fair value loss of approximately RMB 7,294,001，Was recognized in
equity..
(ii) The company purchased 37,021,500 shares of Shenergy on 11 June 2007, this
investment was stated at fair value determined by reference to the quoted price in an
active market.
During the year, a fair value loss of approximately RMB 925,536，Was recognized in equity..
The Company purchased 37,021, 500 shares of A share without restrictive selling con
ditions from Shanghai Electric Power Company and East China Power Grid Co., Ltd.
with the investment cost of RMB 235,837,988. with buying every 10 shares getting e
xtra 5 shares stock, the company held 55,532,250 shares.
(7)Long-term receivable account
December 31,2010 June 30,2011
Deposit of financial lease 17,746,446 63,848,676
72
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
Entrust loans(a) 15,580,000 428,780,000
33,326,446 492,628,676
The long-term receivable balances are all entrust loans that the Group provides to
associates, details are listed as follows:
Annual Accumulativ
interest Annual e accrued Provi
Trustee Borrower Principal rate Due date interes June 30,2011 interest sion
Yudean Finance Shanxi Energy 153,200,000 6.72% 29/05/2014 915,115 153,200,000 - -
Industry
Bank ,Guangzhou 260,000,000 03/03/2014 260,000,000 - -
Branch Weixin Yuntou 6.41% 5,237,867
Industry Linchang Yuntou 2,500,000 6.65% 27/10/2012 79,560 2,500,000 - -
Bank ,Guangzhou 2,500,000 6.65% 27/10/2013 79,560 2,500,000 - -
Branch 3,280,000 6.65% 27/10/2014 104,383 3,280,000 - -
2,500,000 6.65% 29/11/2012 79,560 2,500,000 - -
2,500,000 6.65% 29/11/2013 79,560 2,500,000 - -
2,300,000 6.65% 29/11/2014 73,195 2,300,000 - -
428,780,000 6,648,800 428,780,000 - -
(8)Long-term equity investment
December 31,2010 June 30,2011
Associates(a) 4,991,865,647 5,345,188,841
Other long-term equity investments(b) 477,303,707 477,303,707
5,469,169,354 5,822,492,548
Less: Provision for impairment of
long-term equity investments - -
5,469,169,354 5,822,492,548
The long-term investments of the Group are not subject to restriction on conversion
into cash on restriction on remittance of investment income.
The associates of the group are without quoted prices.
73
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
(a) Associates
本年增减变动
Current ye
Impair ar accrual
Accounti Net profit Cash dividands Voting ment impairment
ng Original investment December 31, Addition or adjusting by declared this other equity Interest rights provisi providion
method cost 2010 reduction equity method year movement June 30,2011 held held on
(Notes V(40)
Guangqian Equity
method 412,117,000 619,994,288 91,765,597 711,759,885 40% 40% - -
Huizhou Natural gas Equity
method 308,160,000 550,598,195 54,462,148 605,060,343 32% 32% - -
Red Gulf Equity
method 687,437,500 745,213,406 25,518,527 (62,985,277) 215,000 707,961,656 25% 25% - -
Fuel supply Equity
method 339,234,300 383,058,799 22,742,574 (33,678,914) 372,122,459 35% 35% - -
Yunnan Baoshan Binlangjiang Equity
method 223,858,100 227,320,553 1,000,770 228,321,323 29% 29% - -
Shanxi Energy Equity
method 400,000,000 455,397,500 26,686,964 482,084,464 40% 40% - -
Yudean Finance Equity
method 375,000,000 433,063,516 26,196,584 459,260,100 25% 25% - -
udean Westem Equity
method 150,124,000 166,900,461 (3,185,676) 163,714,785 26% 26% - -
Yudean Shipping Equity
method 863,030,000 912,818,731 15,500,092 928,318,823 35% 35% - -
Guangdong Yudean Shibeishan Equity
method 69,510,000 71,322,774 906,038 (1,560,422) 70,668,390 30% 30% - -
Linchang Yuntou Equity
method 62,034,000 57,925,467 57,925,467 49% 49% - -
74
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
Weixin Yuntou Equity
method 494,000,000 303,952,215 190,000,000 493,952,215 40% 40% - -
Huaneng Shantou Wind Power Equity
method 48,547,500 50,714,660 5,113,725 6,048,592 (10,792,500) 51,084,477 25% 25% - -
Jiangyuan Hydroelectric station Equity
method 5,000,000 5,997,810 (630,628) 5,367,182 25% 25% - -
Zhongxinyuan Power Equity
method 6,060,000 7,587,272 7,587,272 40% 40% - -
4,991,865,647 195,113,725 267,642,210 (109,647,741) 215,000 5,345,188,841 - -
(b) Other long-term equity investments
Current
year
accrual
Impairme impairme Cash dividends
Accounting Original investmen December 31, Current year mo Interest hel Voting nt nt declared this
method t cost 2010 vement June 30, 2011 d rights held provision providion year
(NotesV(40))
Sunshine insurance Group Co., Ltd. Cast
method 356,000,000 356,000,000 - 356,000,000 6.99% 6.99% - -
Shenzhen Chuangxin Investment Co., Ltd. Cast
method 115,000,000 115,000,000 - 115,000,000 3.67% 3.67% - - 11,025,000
Maomeng Energy-saving coral water Co., Ltd. Cast
method 1,800,000 1,800,000 - 1,800,000 19.35% 19.35% - -
Maoming Electric water supply Co., Ltd. Cast
method 903,707 903,707 - 903,707 15.00% 15.00% - -
GMG Internatial Tendering Co., Ltd. Cast
method 3,600,000 3,600,000 - 3,600,000 1.97% 1.97% - -
477,303,707 - 477,303,707 - - 11,025,000
75
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
(9)Investment properties
December 31, Increased in Decreased in June 30,
2010 current period current period 2011
House and Building－
Cost 20,135,165 - - 20,135,165
Accumulated depreciation (7,391,319) (316,315) - (7,707,634)
Book value 12,743,846 (316,315) - 12,427,531
As of June 30,2011, directors of the Group considered that no need to provide
provision for impairement for investment properties .
(10) Fixed assets
December 31, 2010 Increased in Decreased in June 30,2011
current period current period
Book value 22,490,960,975 17,971,166 (497,438,869) 22,011,493,272
Building 5,892,659,235 2,737,741 (600,281) 5,894,796,695
Electric utilitiesin 16,119,154,020 8,607,478
service (491,326,784) 15,636,434,714
Motor vehicle 303,890,951 3,437,358 (2,327,400) 305,000,909
Other equipment 175,256,769 3,188,589 (3,184,404) 175,260,954
Accumulated (11,055,403,657)
Depreciation (574,788,103) 454,648,734 (11,175,543,026)
Building (2,149,196,713) (104,151,799) 87,330 (2,253,261,182)
Electric utilitiesin (8,603,140,601)
service (437,327,762) 447,327,090 (8,593,141,273)
Motor vehicle (174,614,981) (12,311,932) 3,595,826 (183,331,087)
Other equipment (128,451,362) (20,996,610) 3,638,488 (145,809,484)
Provision for (228,331,363) (228,331,363)
- -
impairment
Building (84,289,158) - - (84,289,158)
Electric utilitiesin (140,283,597) (140,283,597)
- -
service
Motor vehicle (2,245,506) - - (2,245,506)
Other equipment (1,513,102) - - (1,513,102)
Total book value 11,207,225,955 10,607,618,883
Building 3,659,173,364 3,557,246,355
Electric utilitiesin 7,375,729,822
service 6,903,009,844
76
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
Motor vehicle 127,030,464 119,424,316
Other equipment 45,292,305 27,938,368
(11)Constuction in progress
December 31,2010 June 30,2011
Book balance Impairme Net took value Book balance Impairme Net took value
Zhongyue Energy project 4,019,991,816 - 4,019,991,816 4,239,611,931 - 4,239,611,931
Jinhai 3#, 4# generate sets 4,424,392,334 - 4,424,392,334 5,247,785,829 - 5,247,785,829
Yuejiang 2x600MWLpgrade project 461,298,854 - 461,298,854 807,937,497 - 807,937,497
Zhenneng 600MW#7 Generate
193,894,437 - 193,894,437
sets 276,862,044 - 276,862,044
Dapu Project 156,874,911 - 156,874,911 165,226,581 - 165,226,581
Technology improvement 155,668,694 - 155,668,694 295,417,872 - 295,417,872
Oil Shale power project 118,762,337 - 118,762,337 127,563,169 - 127,563,169
Humen Project 118,511,017 - 118,511,017 121,222,511 - 121,222,511
Jinghai 50KV output 116,230,328 - 116,230,328 - - -
Coal mixture project 79,207,245 - 79,207,245 81,170,079 - 81,170,079
Bohe Project 50,975,482 - 50,975,482 57,669,032 - 57,669,032
Zhangjiang Crossroad project 26,473,034 - 26,473,034 27,110,069 - 27,110,069
Xuwen Yongshi Wind power 17,229,026 - 17,229,026 89,682,755 - 89,682,755
Xuwen Yangqian Wind power 953,495 - 953,495 1,131,111 - 1,131,111
Other 23,603,595 - 23,603,595 34,089,324 - 34,089,324
9,964,066,605 - 9,964,066,605 11,572,479,804 - 11,572,479,804
(12)Construction material
Decembert Increased in Decreased in
31,2010 current period current period June 30,2011
Spectial equipment 1,146,769,252 842,478,68 (416,977,609) 1,572,270,325
Tools 7,449,851 3,608,17 (3,388,009) 7,670,017
1,154,219,103 846,086,85 (420,365,618) 1,579,940,342
(13) Disposal of fixed assets
December 31,2010 June 30,2011 Cause
Electric utilities in Removed for technical
service transformation and not
13,259,341 12,460,800 yet disposed
77
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
(14) Intangible assets
Decrease
Increased in d in
current current
December 31, period period June 30,2011
Book value 947,659,382 36,126,562 983,785,944
Electric Transmission project 442,517,684 - 442,517,684
Land use rights 432,411,537 34,630,000 467,041,537
Sea use right 26,849,101 - 26,849,101
Transportation project 22,468,672 - 22,468,672
Softwares 23,412,388 1,496,562 24,908,950
Accumulated depreciation (475,778,824) (12,686,781) (488,465,605)
Electric Transmission project (374,442,819) (5,481,867) (379,924,686)
Land use rights (63,998,845) (5,075,582) (69,074,427)
Sea use right (2,149,524) (290,413) (2,439,937)
Transportation project (20,218,248) (3,780) (20,222,028)
Softwares (14,969,388) (1,835,139) (16,804,527)
Net Value 471,880,558 495,320,339
Electric Transmission project 68,074,865 62,592,998
Land use rights 368,412,692 397,967,110
Sea use right 24,699,577 24,409,164
Transportation project 2,250,424 2,246,644
Softwares 8,443,000 8,104,423
As of June 2011, directors of the Group considered that no need to provide provision
for impairement of intangible assets.
(15) Other Non-Current assets
December 31,2010 June 30, 2011
Unrealized losses leaseback - 38,704,377
(16) Short-term borrowings
December 31,2010 June 30, 2011
Credit loans(a) 8,327,500,000 8,969,800,000
Mortgage loans - -
8,327,500,000 8,969,800,000
(a) As at 30 June 2011，Unsecured borrowings amounted to RMB 3,160,000,000 is
from Yudean Finance (31 December 2010:RMB2,635,500,000)(NotesVII(5)(i)).
78
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
As of June 30, 2011, There are no overdue short-term borrowings.
(17) Bill payable
December 31,2010 June 30, 2011
Bank acceptance 110,000,000 365,000,000
Commecial acceptance notes - -
110,000,000 365,000,000
(18)Account payable
December 31,2010 June 30, 2011
Fuel payable 1,215,184,996 1,332,700,400
Construction and equipment payable 1,295,573,749 1,009,654,371
Materials payable 86,096,923 24,201,098
Other 39,777,385 86,032,894
2,636,633,053 2,452,588,763
(a) As of June 30, 2011, no balances included in above accounts payable are due to
the shareholders of the Company who hold over 5% (including 5%) shares with
voting rights.
（b）Accoutns payable due to related parties:
December 31,2010 June 30, 2011
Fuel supply 1,195,469,385 950,990,781
Maoming Thermal 42,726,239 54,958,270
Yudean environmental protection 3,228,894 5,564,678
Yudean XinfengJiang 524,881 257,873
Jinhui Power 90,582 90,582
1,242,039,981 1,011,862,184
As of June 30, 2011, the balance with ageing over than one year is
RMB660,589,053, and it is mainly represent payables to construction, equipment
suppliers. Because these projects have not been completed / accepted of completion,
such balances have not been finally settled.
（d）As of June 30, 2011 and December 31, 2010, no accounts payable balances are
denominated in foreign currencies.
(19)Employee benefits payable
79
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
December 31, Increased in Decreased in
2010 current period current period June 30,2011
Wages and salaries,
bonuses,allowances and
subsidies 94,419,843 362,741,081 (263,805,096) 193,355,828
Staff welfare 11,016,578 39,056,670 (38,564,437) 11,508,811
Social security contributions 1,427,860 80,905,583 (78,570,160) 3,763,283
Including：Medical insurance 1,414,642 10,822,897 (9,556,495) 2,681,044
Basic pensions 9,545 55,504,600 (55,504,600) 9,545
Unemployment
insurance 3,673 1,828,196 (1,829,756) 2,113
Work injury insurance - 2,184,753 (2,184,753) -
Maternity insurance - 1,072,669 (1,072,669) -
Housing funds 124,408 70,229,401 (70,353,809) -
Labor union funds and
employee education funds 29,254,606 14,353,762 (12,450,300) 31,158,068
Early retirement obligation 109,554,011 468,504 (27,515,836) 82,506,679
Other 2,892,135 3,250,313 (3,250,313) 2,892,135
248,689,441 571,005,314 (494,509,951) 325,184,804
(20)Tax payable
December 31,2010 June 30,2011
Enterprise income tax payable(Prepaid) 109,229,563 30,651,546
VAT payable (444,980,187) (535,446,762)
Business tax payable 1,046,746 1,129,323
City maintenance and construction tax
payable 357,838 3,442,762
Educational surcharge payable 573,779 2,072,445
Individual income tax payable 26,288,702 3,358,234
House tax payable 4,580,088 -
Other 6,039,748 9,657,876
(296,863,723) (485,134,576)
(21)Interest payable
December 31,2010 June 30,2011
Interest payable for short-term 12,000,092 18,366,036
borrowings
80
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
Interest payable for lont-term borrowings
that interest are payable by installment 7,141,453
and principal at maturity 6,393,303
Interest payable for corporate 89,205,479 34,205,479
bond(NotesV(26))
108,347,024 58,964,818
(22)Dividends payable
December 31,2010 June 30,2011
Common stock dividend payable to the 7,112,530 220,279,848
Company
Shaoguan Power Plant D 3,521,190 3,521,190
Qujiang Electric 1,408,476 1,408,476
Chaokang Investment Co., Ltd. - 3,300,000
12,042,196 228,509,514
(23) Other payable
December 31,2010 June 30,2011
Performance guarantee deposits from 576,065,825 573,735,032
construction
Construction and equipment payable 5,867,230 79,281,003
Advance from shaoguan Electric Power 224,760,861 16,586,460
plant
Rent fee for shaoguan Plant D payable 1,750,737 1,752,591
Other 69,894,828 94,311,737
878,339,481 765,666,823
(a)As of June 30, 2011, no balances included in above other payables are due to the
shareholders of the Company who hold over 5% (including 5%) shares with voting
rights .
(b)Other payables due to related parties are as follows:
December 31,2010 June 30,2011
Shaoguan Electric Power plant 224,760,861 16,586,460
Guandong Yudean Environment 2,561,138 7,350,360
Protection Company
Shaoguan Power plant D 1,750,737 1,752,591
Yudean Shipping 36,450 1,875,000
81
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
Other 104,309 24,309
229,213,495 27,588,720
(c) As of June 30, 2011, the balances with ageing over one year amounted to
RMB261,609,419 are mainly represent the performance guarantee deposits
from construction and equipment suppliers, and they have not been settled.
(d)As of June 30,2011 and December,31, 2010, no other payables balances are
denominated in foreign currencies.
(24) Non-current liability due in 1 year
December 31,2010 June 30,2011
Long-term borrowings due in 1 year 550,340,000 518,810,000
Long-term Account payable due in 1
year(Notes V(27)) 77,393,453 163,293,258
627,733,453 682,103,258
(a) Long-term borrowings due in 1 year
December 31,2010 June 30,2011
Pledged borrowings 204,020,000 83,810,000
Credit borrowing 346,320,000 435,000,000
550,340,000 518,810,000
(b) The top five of long-term borrowings
Beginning Expiring date Currenc Interest December 31,2010 June 30,2011
date y Rate(%
)
Agricaultural Bank of China 2007-12-4 2012-6-3 RMB 5.94% 111,000,000 111,000,000
China Constrcution Bank 2006-5-9 2011-12-31 RMB 5.76% 100,000,000 97,000,000
ICBC 2006-4-25 2011-12-31 RMB 6.12% 90,000,000 65,000,000
Yudean Finance 2007-12-6 2012-6-5 RMB 5.35% 50,000,000 50,000,000
Bank of China 2009-7-21 2011-12-21 RMB 5.01% 87,060,000 43,530,000
438,060,000 366,530,000
(25) Long –term borowings
Currency December 31,2010 June 30,2011
82
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
Pledged borrowings RMB 1,415,900,000 892,823,710
Credit borrowing RMB 4,904,820,000 6,570,300,000
6,320,720,000 7,463,123,710
(a) The top five of long-term borrowings
Beginning date Expiring date Currenc Interest December 3 June 3
y Rate(%
)
Agricaultural Bank of China 2007-12-4 2025-12-3 RMB 5.94% 2,109,000,000 2,028,500,000
China Constrcution Bank 2006-5-9 2021-1-12 RMB 5.76% 1,100,000,000 1,100,000,000
Yudean Finance 2007-7-17 2025-7-17 RMB 5.35% 950,000,000 950,000,000
ICBC 2006-4-25 2022-4-23 RMB 6.12% 910,000,000 910,000,000
China Constrcution Bank 2011-1-10 2014-1-9 RMB 5.27% － 430,000,000
5,069,000,000 5,418,500,000
（b） The maturity of the non-current borrowings is as follows:
December 31,2010 June 30,2011
1-2 years 386,800,000 240,550,000
2-5 years 135,000,000 1,370,269,550
Over 5 years 5,798,920,000 5,852,304,160
6,320,720,000 7,463,123,710
(26)Boods payable
December 31, Increased in Decreased in
2010 current period current period June 30, 2011
Company bonds 1,988,739,874 1,351,215 - 1,990,091,089
On 10 March 2008 after CSRC’s approval, the Company successfully issued long
term debts with an aggregate principal amount of RMB2,000,000,000. The term of
long term debts is 7 years deducted by the issuance related expenses amounted to
Rmb18,917,012, the total fund finance amounted to Rmb1,981,082,988. Interest is
calculated from 10 March 2008 with annual interest rate of 5.5%.
Interest payable of the debentures is analysed as below:
December 31, Interest
2010 accrued Interest paid June 30,
(Notes v(38))
Interest payable(Notes V(21)) 89,205,479 55,000,000 110,000,000 34,205,479
(27) Long –term payable
83
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
December 31,2010 June 30,2011
Finance leasing payable 498,657,613 1,663,536,868
Finance leasing payable is the balance of the minimum lease payments of thefinance
leasing rental expense of Zhongyue Energy Less the unrecognized financing charges
(Notes 11), The company has provided guarantee for Zhongyue Energy’s finance
leasing .
The maturity of the Long-term payable is as follows:
December 31,2010 June 30,2011
1-2 years 48,872,968 116,627,147
2-5 years 148,260,492 382,946,016
Over 5 years 301,524,153 1,163,963,705
498,657,613 1,663,536,868
(28)Deferred tax assets and liabilities
(a) Deferred tax assets before offsetting:
December 31,2010 June 30,2011
Deferred tax Deductible Deferred tax Deductible
assets temporary assets temporary
difference difference
Tax deductible losses 63,222,706 252,890,826 69,340,910 277,363,638
Employee benefits payable 15,003,627 60,014,506 14,844,461 59,377,846
Provision for assets impairement 14,736,237 58,944,949 13,707,735 54,830,939
Nnet income from test run
included in CIP 6,526,996 29,041,140 6,526,996 29,041,140
Govemment grants related to assets 6,153,846 24,615,385 6,153,846 24,615,385
Amortization of LUR 5,899,911 26,020,515 5,086,017 22,764,946
Accrued expenses - - 489,669 1,958,677
111,543,323 451,527,321 116,149,634 469,952,571
(b) Deferred tax liablities before offsetting:
December 31,2010 June 30,2011
Deferred tax Temporary Deferred tax Temporary
liabilities difference liabilities difference
Available-for-sales 25,343,856 101,375,429 23,288,972 93,155,892
84
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
investments(NotesV(32))
Capitalised interest expenses 1,344,865 5,603,600 1,344,865 5,603,600
Included in the construction of
thetest run of net expense 1,196,466 4,785,860 1,103,234 4,412,935
27,885,187 111,764,889 25,737,071 103,172,427
(c) Offsetting amount of deferred tax assets and deferred tax liabilities
December 31,2010 June 30,2011
Deferred tax assets 22,633,766 22,540,535
Deferred tax liabilities 22,633,766 22,540,535
(d) The net balances of deferred tax assets and liabilities after offsetting are as
follows:
December 31,2010 June 30,2011
Net value of deferred tax assets 88,909,557 93,609,099
Net value of deductible temporary 5,251,421 3,196,536
difference
(29)Other non-current liabilities
December 31,2010 June 30,2011
Government grants related with assets 补
－
Desulfurization project for 5# set (i) 24,615,385 23,076,924
Water-freshing project (ii) 2,000,000 2,000,000
Unacknowledged financial charges 17,444,302 14,976,308
44,059,687 40,053,232
(i) This represents the government subsidy granted for the 5# generation set desulfurization
project of Shajiao Power Plant A, which is a branch of the Company in 2005. it is amortized
over the useful lives, 13 years, of related assets.
(ii) This tepresents the government subsidy granted for water-freshing project of Zhongyue
Energy. Until to the approval of these financial statements, this project has not been
finished, no amortization accordingly.
(30)Provision for asset impairment
December 31, 2 Decreased in current period June 30, 2
Increased in cu Reversal Write -off
Provision for bad debts (1,971,217) - - - (1,971,217)
－Other receivable
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2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
Provision for declines in (8,630,653) - - - (8,630,653)
the value of investories
Provision for (228,331,363) - - - (228,331,363)
impairment of fixed
assets
(238,933,233) - - - (238,933,233)
(31)Share capital
December Decreased in
31,2010 Increased in cu current period June 30, 2
Shares subject to sale restrictions-
Shares held by state-
Companies 138,189,742 - - 138,189,742
Other Domestic shares 5,307,223 - (27,450) 5,279,773
Incl ： Non-state owned domestic
legal person shares 5,254,555 - - 5,254,555
Domestic nature person shares 52,668 - (27,450) 25,218
143,496,965 - (27,450) 143,469,515
Shares with unconditional subscriptio
－
Common shares in RMB 1,988,646,923 - - 1,988,646,923
Foreign shares in domestic market 665,307,250 27,450 - 665,334,700
2,653,954,173 27,450 - 2,653,981,623
2,797,451,138 27,450 (27,450) 2,797,451,138
With the implementation of the share reform scheme on 17 January 2006, the
formerly legal person shares were converted into A shares but subject to restrictions of
one to three years in their sales. As of June 30,2011, there are 5,254,555 shares are
non-tradable.
According to the Reply of Approval for Non-public Issuance of Stocks by
Guangdong Electric Power Development Co., Ltd.( Issued by CSRC<2010>No.376)
and the signed share purchase agreement between the company and Yudean.The
Company issued 138,047,138 shares to the Group. With RMB 5.94 per share, the total
amount is 820,000,000. Deducting the issuance fee of RMB 10,193,047 , the net value
is RMB 809,806,953; Equity premium is RMB 671,759,815. These shares are
published at Shenzhen Stock Exchange on May 25, 2010, and are subject to
restrictions of 36 morths non-tradable period.
(32) Capital surplus
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广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
December 31, Current year
2010 changed June 30, 2011
Capital premium 1,667,638,988 - 1,667,638,988
Revaluation reserves 119,593,718 - 119,593,718
Other capital surplus—
Change in fair value of available-for-sale
101,375,429
financial assets (8,219,537) 93,155,892
Tax on change in fair value of
available-for-sale (25,343,856) 2,054,884 (23,288,972)
Transfer from the balance of capital surplus
20,474,592
recognised under previous accounting - 20,474,592
Other (a) 687,300 215,000 902,300
1,884,426,171 (5,949,653) 1,878,476,518
(a) In 2011, the associate company of the Group. Red Gulf, has received a subsidy
from govemment for energy conservation, amounted to RMB 860,000.The Group
adopts the surplus according to investment portion.
(33)Supplus reserve
December 31, Statutory Current year June 30,2011
2010 surplus reserve Decrease
Statutory Surplus reserve 1,451,672,700 100,068,569 - 1,551,741,269
Arbitariness Surplus reserve 1,973,568,341 250,171,422 - 2,223,739,763
3,425,241,041 350,239,991 - 3,775,481,032
(34)Undistributed profits
December 31,2010 June 30,2011
Amount Amount
Beginning balance of
undistribute 2,117,942,715
profits 2,058,635,851
Add: net profit attributable
to the stockholders of the 765,806,461
parent company 317,648,740
Less: appropriation to (75,892,313) (100,068,569)
surplus reserves
Surplus reserves used to (189,730,784) (250,171,422)
offset accumulated losses
Commonstock dividends (559,490,228) (279,745,114)
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广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
payable
Ending balance of
2,058,635,851
undistributed profits 1,746,299,486
According to the resolution at the shareholders meeting on 18 May 2011,
the company should appropriate 10% of net profit for the year to the statutory surplus
reserve of RMB 100,068,569 in 2010. the company should appropriate 10% of net pro
fit for the year to the discretionary surplus reserve of RMB 250,171,422.and proposed
cash dividend at RMB 1 per 10 shares to all shareholders.
(35)Minority interest in equity
December 31,2010 June 30,2011
Intere Owners’equity Intere Owners’equity
Zhanjiang Electric 24% 922,457,581 24% 925,751,474
Yuejia Electric 42% 397,327,073 42% 385,583,920
Yuejiang Electric 35% 167,951,250 35% 139,491,255
Zhongyue Energy 10% 79,197,884 10% 122,587,101
Zhenneng Power plant 46.72% 282,114,536 46.72% 277,041,197
Jinghai Electric 35% 900,553,074 35% 1,062,042,928
Zhanjiang Wind Power 30% 75,112,060 30% 89,252,695
Oil Shale power 16.34% 35,048,203 16.34% 34,602,659
Humen Electric 40% 58,861,014 40% 58,652,270
2,918,622,675 3,095,005,499
(36)Operating revenue and operating cost
January-June 2010 January-June 2011
Main operating revenue 6,236,855,683 6,419,956,038
Other operating revenue 14,155,717 50,805,647
6,251,011,400 6,470,761,685
January-June 2010 January-June 2011
Main operating cost (5,351,663,654) (5,769,299,387)
Other operating cost (9,189,446) (27,948,721)
(5,360,853,100) (5,797,248,108)
(a) Revenue and cost from main operations
Analysis by products is as follows:
January-June 2010 January-June 2011
Main Main Main Main operating
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广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
operating operating cost operating cost
revenue revenue
Electricity income 6,220,158,314 (5,341,810,198) 6,405,066,896 (5,754,454,210)
Service income 16,697,369 (9,853,456) 14,889,142 (14,845,177)
6,236,855,683 (5,351,663,654) 6,419,956,038 (5,769,299,387)
The electricity transmission and distribution in Guangdong Province, the PRC,
werecontrolled and managed by GPGC, GPGC is the solitary customer of the
electricity generated by the Group, and the Group entered into electric sales contracts
with GPGC.
Electricity prices of the Group’s individual entity were approved by the price Bureau
of Guangdong Province, As of June 30, 2011, the volume of electricity purchased by
GPGC and the corresponding unit selling prices were summarized as follows:
Electricity volume MillionKWH Uunit electricity prices RMB per MWH
Before （ November After (January 1,
20,2009 to December 2010TO June 30,
January –June 20 January-June20 31,2010 2011）
The Company–Shajiao A
- 1#-4# Genators 2,8 2,92 424.10 425.64
- 5# Generators 1,0 94 424.27 425.81
Zhanjiang Electric
-- 1#-4# Genators 3,6 3,44 440.85 442.39
Yuejia Electric
- 3#-4# Genators 6 431.37 444.19
- 5#-6# Genators 6 69 424.10 436.92
Yuejiang Electric
- 10# Generators 7 76 469.15 481.97
- 11# Generstors 7 87 441.20 454.02
Zhenneng Electric 1,7 1,62 424.10 425.64
Jinghai Electric 2,2 3,18 424.10 425.64
Zhanjiang Wind Power 4 588.88 588.88
According to Yue Jia (2011) No. 93 Document of Guangdong Price Bureau, the
on-grid electricity rate of #10-#11 units of Yuejiang Electric Power and #3-#6 units of
Yuejia Electric Power shall be raised by RMB 15/ megawatt hour (including tax),
which came into force from January 1, 2010. The income from electricity charge for
2010 increased after the said adjustment shall be accounted for as gains and losses for
2011 from the day of receipt.
According to Yue Jia (2011) No. 130 Document of Guangdong Price Bureau, the
on-grid electricity rate of #1-#5 units of Shajiao A , #1--# units of Zhanjiang Electric ,
#5-6# units of Zhenneng Power plant and #1--#2 units of Jianghai Power shall be
raised by RMB 1.8/ megawatt hour (including tax), which came into force from
January 1, 2010. The income from electricity charge for 2010 increased after the said
adjustment shall be accounted for as gains and losses for 2011 from the day of receipt.
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广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
（b）Revenue and cost from other operations
January-June 2010 January-June 2011
Other Other
operating Other operating Other
revenue operating cost revenue operating cost
Rental income 609,948 (264,307) 1,162,540 (57,047)
Coal ash income 1,653,329 - 41,010,566 (21,423,254)
Sale of material 7,911 (7,911) 903,539 (903,539)
Other 11,884,529 ( 8,917,228) 7,729,002 (5,564,881)
14,155,717 (9,189,446) 50,805,647 (27,948,721)
（c）Particulars of revenue from the top five customers of the Group
Revenue from the top five customers with aggregate amount of RMB6,432,350,675
accounted for 99.40% of the Group's total revenue. Details are as follows:
Total revenue of the
Revenue Group%
GPGC 6,405,066,896 98.98%
Shenzhen Minglonhui Indusrty 12,565,578 0.19%
Development Co., Ltd.
Shajiao C 10,672,100 0.16%
Huizhou Natural gas 2,416,443 0.04%
Guangqian Electric 1,629,658 0.03%
6,432,350,675 99.40%
(37)Business Tax and surcharges
January-June 2010 January-June 2011 Accrual basis
City maintenance and Notes III
construction tax 9,059,253 19,374,279
Surcharge for education 4,159,105 15,915,692 Notes III
Business tax 824,283 1,646,108 Notes III
14,042,641 36,936,079
(38)Financial expense
January-June 2010 January-June 2011
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广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
Interest bond(Notes V(26)) 55,305,556 55,000,000
Interest loans 324,111,348 491,461,247
Less ：
counted into interest for construction in p
rogress (148,621,250) (245,980,759)
Interst expenses 230,795,654 300,480,488
Long-term bond Amortization
(NotesV(26)) 1,351,215 1,351,215
Less ：Interst income (9,208,965) (17,066,627)
Less ：
counted into poundage and saving deposi
t allowance 203,086 1,739,089
Interest from trading cash - 2,126,596
Net exchange loss - (239,362)
Bank charges and other 329,615 6,679,616
223,470,605 295,071,015
(39)Impairment losses
January-June 2010 January-June 2011
Impairment losses(reversal) 230,665 -
Reversal of write-off bad debInventory
provision (1,838,934) -
Provison for impairment of fixed assets 25,000,000 -
23,391,731 -
(40)Investment income
January-June 201 January-June 2011
0
Share of profit of investees under equity
method of accounting 215,853,476 267,642,210
Profit/cash dividends declared by investees
under cost method of accounting - 11,025,000
Entrusted Loan interest income 11,977,276 15,615,373
Income from available-for-sale financial
assets 7,404,300 4,402,150
235,235,052 298,684,733
There is no significant restriction on the remittance of investment income to the
Group.
(41)Non-operating income and expenses
91
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
(a) Non-operating income
January-June 2010 January-June 2011
Government subsidy amortization 3,663,107 2,497,487
Other 59,726 4,322,252
3,722,833 6,819,739
(b) Non-operating expenses
January-June 2010 January-June 2011
Loss on disposal of aoliyou machine set 537,830 4,300
Loss on disposal of fixed assets 979,936 2,605,159
Penalty and late fee 4,565 1,025
Other 859,190 2,648,771
2,381,521 5,259,255
(42)Income tax
January-June 2010 January-June 2011
Current income tax 127,554,059 71,547,849
Reversal of the in previous years 281,930 340,304
Deferred income tax 720,661 (6,754,427)
128,556,650 65,133,726
(43)Other comprehensive income
January-June 2010 January-June 201
1
Profits/(losses) arising from available-for-sale
financial assets (164,519,120) (8,219,537)
Less: Income tax relating to available-for-sal
financial assets 41,129,780 2,054,884
(123,389,340) (6,164,653)
(44)Supplementary information of cash flow statements
(a)Reconciliation from net profit to cash flows from operating activities
January-June 2010 January-June 2011
92
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
Net profit 484,049,327 323,684,298
Add: Provisions/(reversal) for assets
impairment 23,391,731 -
Depreciation of fixed assets and 630,803,818 575,104,418
Amortisation of intangible assets 11,106,812 12,686,781
Losses on scrapping of fixed assets 1,517,766 2,609,459
Financial expenses 223,470,605 295,071,015
Investment income (235,235,052) (298,684,733)
Increase/(Decrease) in deferred tax
assets 720,661 (6,754,427)
Increase(decrease) in inventories (25,306,751) (8,037,733)
Increase(decrease) in operating
receivables (784,164,062) 269,968,274
Increase/(Decrease) in operating
payables 672,782,494 (108,338,748)
Net cash flows from operating
activities 1,003,137,349 1,057,308,604
(a) Net increase in cash and cash quivalents
January-June 2010 January-June 2011
Cash at end of year 2,361,285,817 2,981,800,221
Less：Cash at beginning of year (1,738,834,186) (1,894,021,204)
Net increase in cash 622,451,631 1,087,779,017
VI. Segment information
The reportable segments of the Group are the business units that provide different
products or service, or operate in the different areas, Different businesses or areas
require different technologies and marketing strategies, the Group therefore ,
separately manages the production and operation of each reportable segment and
evaluates their operating results respectively, in order to make decisions about
resources to be allocated to these segments and to assess their performance.
The Group identified 8 reportable segments, which are generating and saling
electricity in different areas in Guangdong.
The management of the Company assesses the operating performance of parent
company and subsidiaries. Inter-segment transfers are measured by making reference
to the sales to 3rd parties
The assets are allocated based on the operations of the segment and the physical
93
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
location of the asset. The liabilities are allocated based on the operations of the
segment.
94
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
(a)Segment information as at and for the year ended June 30, 2011 is as follows:
The Company Zhanjiang Electric Yuejiang Electric Yuejia Electric Zhongyue Energy Zhenneng Electric Jinghai Electric Other Elimination Total
Revenue 1,681,819,565 1,550,054,078 808,915,153 329,265,732 - 697,106,958 1,361,386,575 67,667,239 (25,453,615) 6,470,761,685
Including ： Revenue
from actemal
customers 1,681,819,565 1,549,977,078 808,915,153 329,265,732 - 697,106,958 1,361,386,575 42,290,624 - 6,470,761,685
Inter-segment revenue - 77,000 - - - - - 25,376,615 (25,453,615) -
Operating expenases (1,702,777,297) (1,391,583,414) (888,272,259) (357,205,969) (23,166,657) (710,909,587) (1,277,502,435) (66,805,893) 36,034,633 (6,382,188,878)
Investment income 579,587,353 13,179,583 - - - - 3,583,125 - (297,665,328) 298,684,733
Operating profit 558,629,621 171,650,247 (79,357,106) (27,940,237) (23,166,657) (13,802,629) 87,467,265 861,346 (287,084,310) 387,257,540
Assets 16,861,251,301 4,321,981,577 2,719,296,018 1,147,654,751 5,448,698,232 2,462,519,358 12,133,222,957 1,356,102,990 (8,629,485,584) 37,821,241,600
Liabilities (7,011,900,171) (464,683,769) (2,320,749,574) (229,597,798) (4,222,827,227) (1,869,538,677) (9,098,814,591) (507,894,782) 1,197,478,662 (24,528,527,927)
Depreciation and
amortisation (87,087,262) (126,333,507) (88,483,138) (37,054,076) (1,545,645) (58,974,165) (174,831,558) (13,481,848) - (587,791,199)
loss on asset
impairment - - - - - - - - - -
Other non-cash
expenditures other
than depreciation and
amortisation 468,504 - - - - - - - - 468,504
(b) Segment information as at and for the year ended June 30, 2010 is as follows:
95
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
The Company Zhanjiang Electric Yuejiang Electric Yuejia Electric Zhongyue Energy Zhenneng Electric Jinghai Electric Other Elimination Total
Revenue 1,660,327,049 1,613,004,324 661,950,594 575,720,139 - 733,086,263 962,290,400 64,173,489 (19,540,858) 6,251,011,400
Including: Revenue
fromextemal
customers 1,660,327,049 1,613,004,324 661,950,594 575,720,139 - 733,086,263 962,290,400 44,632,631 - 6,251,011,400
Inter-segment revenue - - - - - - - 19,540,858 (19,540,858) -
Operating expenses (1,559,994,562) (1,391,502,345) (765,383,427) (553,961,387) (15,105,664) (657,759,451) (905,899,797) (69,074,627) 43,699,473 (5,874,981,787)
Investment income 376,755,247 13,563,748 - - - - - - (155,083,943) 235,235,052
Operating profit 477,087,734 235,065,727 (103,432,833) 21,758,752 (15,105,664) 75,326,812 56,390,603 (4,901,138) (130,925,328) 611,264,665
Assets 14,894,345,163 4,351,850,014 2,288,089,847 1,342,722,228 3,489,738,368 2,212,583,409 9,176,646,303 1,117,857,474 (6,926,482,636) 31,947,350,170
Liabilities (5,870,576,364) (451,844,523) (1,683,018,734) (173,749,907) (2,681,628,401) (1,596,173,166) (6,901,530,180) (402,418,390) 594,386,552 (19,166,553,113)
Depreciation and
amortisation (104,361,964) (137,750,263) (88,418,193) (62,170,667) (1,359,836) (60,585,702) (174,892,296) (12,371,709) - (641,910,630)
Loss on asset
impairment 1,838,934 (25,229,669) （996） - - - - - - （23,391,731）
Other non-cash
expenditures other
- - - - - - - - - -
than depreciation and
amortisation
The group’s main operation income largely comes from power plants in China engaged in the development and operation, and all of the assets
are in China.
96
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
VII.Related party relationships and related party transactions
(1) General information of the parent company
(a) General information of the parent company
Place
of Legal
Form of registr representa
business ation tive Nature of business
Yudean Group State-own Guang Pan Li Power plant operating,electricity
ed zhou assets management, electricity
enterprise generation
(b) Registered capital and changes in registered capital of the parent company
December 31,
2010 Current year Current year June 30,2011
Yudean Group 20,000,000,000 - - 20,000,000,000
(c) The proportion of interests and voting rights in the Company held by the parent company
December 31, 2010 June 30,2011
Interest Voting rights Interest Voting rights
held% % held% %
Yudean Group 48.99% 48.99% 48.99% 48.99%
(2) Information of subsidiaries
The general information and other related information of the subsidiaries is set out in
Note 4.
(3) Information of associates
Held
proport Voting
Nature ion proportion
Place of
Name Type Registration
Guangqian Electric State Shenzhen Generate electricity 40% 40%
Hui LNG State Huizhou Generate electricity 32% 32%
Red Gulf State Shanwei Generate electricity 25% 25%
Fuel supply State Guangzhou Fuel supply 35% 35%
Binglang jiang State Foshan Generate electricity 29% 29%
Shanxi Energy State Taiyuan Coal mining 40% 40%
Yudean Finance State Guangzhou Financing 25% 25%
97
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
Yudean Wwstem State Guangzhou Generate electricity 26% 26%
Yudean Shipping State Guangzhou Shipping 35% 35%
Shibeishan Wind pow State Guangzhou Generate electricity 30% 30%
Lingchang Yuntou State Linchang Generate electricity 49% 49%
Wenxin Yuntou State Zhaotong Generate electricity 40% 40%
Shantou Wind Power State Shantou Generate electricity 25% 25%
Jiangyuan Hydropowe State Qingyuan Generate electricity 25% 25%
Zhongxinyuan Electri State Qingyuan Generate electricity 40% 40%
(4) Information of other related parties
Name of party Relationship with the Company
Guangdong Power Development Corporation Controlled by Yudean Group
Guangdong Yudean Property Investment Co., Ltd Controlled by Yudean Group
Yudean Information Technology Co., Ltd. Controlled by Yudean Group
Guangdong Yudean Zhanjiangsheng Matter Power Co., Ltd. Controlled by Yudean Group
Guangdong Yudean Property Management Co.,Ltd. Controlled by Yudean Group
Guangdong Yunfu Electric Co., Ltd. Controlled by Yudean Group
Chaokang Company Controlled by Yudean Group
Maoming Thermal Controlled by Yudean Group
Shaoguan Power plant Controlled by Yudean Group
Shaoguan Power plant D Controlled by Yudean Group
Shajiao Power plant C Controlled by Yudean Group
Xinfengjiang Controlled by Yudean Group
Zhuhai Power plant Controlled by Yudean Group
Zhuhai Jinwan Controlled by Yudean Group
Yudean Environment Protection Controlled by Yudean Group
Jinhui Electric Controlled by Yudean Group
98
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
(5) Related party transactions
(a) Purchase and sale of goods, providing and receiving services
Type of Pricing January-June January-June 2011
related-part Content of policy and 2010
y related-party decision-ma Proportion Proportion
Related parties transaction transaction king process
Yudean Sale of Sale of Material - - 997,584 2.43%
Environment goods Agreement
Protection price
Fuel Supply Purchase of Fuel purchase Agreement 3,189,984,045 76.30% 3,449,201,656 80.03%
goods price
Shaoguan Electric Purchase of Purchase fuel and Agreement 13.49% 14.23%
goods material price 563,768,442 613,467,998
Maoming Thermal Purchase of Fuel purchase Agreement 0.11% -
goods price 4,465,700 -
Yudean Purchase of Purchase material 0.37% 16.38%
Agreement
Environment goods
price
protection 15,334,019 24,853,415
Shajiao C Providing Providing 5,456,400 14.36% 10,672,100 26.50%
Agreement
services maintenance
price
services
Zhuhai Power Providing Providing 435,575 1.15% - -
Agreement
services maintenance
services price
Zhuhai Jinwan Providing Providing 157,365 0.41% - -
Agreement
services maintenance
price
services
Guangqian Providing Providing 1,906,700 5.02% 1,629,658 4.05%
Agreement
Electric services maintenance
price
services
Huizhou Natural Providing Providing 2,240,317 5.89% 6.00%
Agreement
gas services maintenance
services price 2,416,443
Shaoguan Power Providing Acceptance of 103,151,328 76.62% 195,512,319 86.09%
Agreement
services management
price
services
Maoming Providing Acceptance of 30,000,214 22.28% 29,457,555 12.97%
Agreement
Thermal(i) services management
price
services
Yudean shipping Providing Acceptance of Agreement 5,330,000 100% 100.00%
services tugboat services price 5,405,000
Xinfengjiang Providing Acceptance of 671,469 0.36% 232,500 0.21%
Agreement
services management
price
services
(i) Pursuant to the related agreement, Shaoguan Electric Power plant Allocatedthe
99
广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
actrual general administrative expenses occurred.
(ii) The 5# generation set of Maoming Ruineng is managed by Maoming Thermal.
According to the written agreement, the management fee for the whole year is RMB
20, 360,000 , and an additional charge for other fluctuated expenses at RMB 4 for
each KKWH electricity generated; In addition, the 6# generation set of Maoming
Zhenneng is also managed by Maoming Thermal. According to the written agreement,
the management fee for the whole year is RMB 25, 556,300, with additional charge at
RMB 4 for each KKWH Electricity generated for other fluctuated expenses.
(b) Rental expense
January-June 2010 January-June 2011
Yudean Property 1,649,091 1,610,304
Percentage 72.87% 48.60%
(c) Common expense allocation
The Company’s branches Shajiao A and Shajiao C agreed to allocate certain common
expenses according to agreed allocation basis. For the year January-June 2011, the
expense reimbursement received from Shajiao C amounted to approximately RMB
1,554,830 (January-June 2010: RMB1,482,633).
(d) Guarantee
Whether fulfil
ied the guara
Gurantor Guarantee Amount The starting date The maturity date ntee or not
The Lincang Yuntou No
Company 34,300,000 25/12/2006 25/12/2021
The Lincang Yuntou No
Company 13,720,000 29/07/2008 29/07/2020
The Weixin Yuntou No
Company 88,000,000 19/03/2009 19/03/2012
The Weixin Yuntou No
Company 200,000,000 22/09/2009 22/09/2014
The Weixin Yuntou No
Company 120,000,000 10/01/2010 10/01/2014
The Binglangjiang No
Company 29,000,000 30/11/2007 30/11/2021
The Binglangjiang No
Company 13,050,000 30/11/2007 30/11/2018
The Binglangjiang No
Company 14,500,000 30/11/2007 30/11/2015
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广东电力发展股份有限公司
2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
The Binglangjiang No
Company 43,500,000 25/12/2007 25/12/2022
The Binglangjiang No
Company 43,500,000 19/12/2007 18/12/2024
The Binglangjiang No
Company 120,000,000 20/03/2008 20/03/2028
The Binglangjiang No
Company 58,000,000 31/10/2008 30/10/2025
The Binglangjiang No
Company 72,500,000 14/11/2008 14/11/2020
The Binglangjiang No
Company 72,500,000 27/05/2009 27/05/2023
The Binglangjiang No
Company 93,670,000 25/08/2009 25/08/2029
The Binglangjiang No
Company 72,500,000 23/06/2010 23/06/2015
The No
Company Binglangjiang 145,000,000 16/12/2010 15/12/2020
The Yudean No
Company Shipping 205,800,000 27/09/2008 (i)
(i) The period of validity of this ship manufacturing payment deposits will be expired
at the first when the ship is received and accepted by buyer, or all the payment for
second, third, fourth contracts and related late fee have been settled.
(e) Loan of capital
The First half year of 2011 , considering the actual capital requirement, Yudean Finance lent the
Group borrowings with aggregate amounted to RMB2,720,000,000 (January-June 2010:
RMB3,601,500,000), the Group paid interest for such borrowing at RMB92,587,444 (January-June
2010: RMB77,318, 689).
(f) Interest income
January-June 2010 January-June 2011
Interest income from cash in Yudean
Finance 7,515,606 8,681,929
Weixin Yuntou 7,059,000 8,990,867
Yudean Western 1,528,133 1,747,015
Lincang Yuntou 595,997 654,938
Shaxi Energy 4,425,523 4,849,770
21,124,259 24,924,519
Percentage 92.62% 74.70%
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（除特别说明外，金额单位为人民币元）
The interest rate of cash in Yudean Finance is the same as the interest rate of cash in
bank for the same period.
(g) Interest expense
January-June 2010 January-June 2011
Interest paid to Yudean for the entrust loan 3,610,800 13,585,129
Interest paid to Yudean Finance for
Discount 10,732,358 -
Interest paid to Yudean Finance for
borrowing 77,318,689 92,587,444
91,661,847 106,172,573
Percentage 31.23% 19.43%
(h) Joint investment
As of June 30, 2011, the Group invested in the following subsidiaries and associates
jointly with Yudean:
Yudean Group
Attrbutable equity
interest owned by
yudean %
Yudean Finance 65%
Fuel Supply 65%
Shanxi Energy 60%
Guangqian Electric 60%
Shibeishan 40%
Red Bay 40%
Yudean Westm 35%
Yudean Shipping 45%
Huizhou Natural gas 35%
(i) Receivables from and payables to related parties
December 31, 2010 June 30,2011
Monetary fund Yudean Finance 758,007,039 1,400,602,858
Account receivables Shajiao C 14,171,438 4,538,419
Guangqian Electric 6,534,224 2,985,812
Huizhou Natural gas 2,400,177 2,643,440
Zhuhai Electric 1,802,225 -
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2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
Zhuhai Jinwan - 2,563,622
Yudean Environment
Protection - 300,215
24,908,064 13,031,508
Other receivables Wenxin Yuntou 260,701,555 -
Shanxi Energy 204,333,143 59,516,388
Yudean Westm 72,114,584 73,861,599
Linchang Yuntou 5,009,946 5,169,066
Shajiao C 1,635,277 3,190,108
Yudean Environment
Protection 766,176 1,274,545
Yudean Property - 536,768
Yudean Property - 180,320
Guangqian Electric - 55,000
544,560,681 143,783,794
Advances to
suppliers Fuel supply 396,810,766 540,630,766
Long-term Linchang Yuntou
receivable 15,580,000 15,580,000
Wenxin Yuntou - 260,000,000
Shanxi Energy - 153,200,000
15,580,000 428,780,000
December 31, 2010 June 30,2011
Account Payable Fuel supply 1,195,469,385 950,990,781
Maoming Thermal 42,726,239 54,958,270
Yudean Environment 5,564,678
Protection 3,228,894
Xinfengjiang 524,881 257,873
Jinhui Electric 90,582 90,582
1,242,039,981 1,011,862,184
Other payables Shaoguan Electric 224,760,861 16,586,460
Shaoguan D 1,750,737 1,752,591
Yudean Environment
Protection 2,561,138 7,350,360
Yudean Infornation 88,000 8,000
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2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
Technology
Yudean Shipping 36,450 1,875,000
Xinfengjiang 16,309 16,309
229,213,495 27,588,720
Interest payable Yudean Finance - 2,860,007
Dividends payable Shaoguan D 3,521,190 3,521,190
Yudean Group - 137,044,590
Development
Company - 7,863,945
Chaokang - 4,271,390
3,521,190 152,701,115
Short-term Yudean Finance
borrowings 2,635,500,000 3,160,000,000
Yudean Group 600,000,000 450,000,000
3,235,500,000 3,610,000,000
Non-current Yudean Finance
liability due in 1
year 50,000,000 50,000,000
Long-term
borrowings Yudean Finance 950,000,000 950,000,000
VIII. Contingent liability
As disclosed in Note 7(5)(d), as of June 30, 2011, the group provided a guarantee for
accounts payable of Yudean Shipping amounted to RMB205,800,000; the group
provided a Financing guarantee for accounts payable of Binglangjiang Amounted to
RMB560,220,000,and provides joint and several liability guarantee for bank
borrowings amounted to RMB217,500,000, RMB48,020,000 And RMB408,000,000,
which belong to Binglangjiang, Lincang Yuntou and Weixin Yuntou respectively.
IX. Commitments
The 11th meeting of the sixth board of directors of the Company held on April 12,
2010 adopted the Proposal for Investing the Project of Coal-fired Unit of Shaoguan
Power Plant for Constructing New Big Power Units While Closing Small Ones.
According to the proposal, the Company will participate in investment in and
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2011 年中期财务报表附注
（除特别说明外，金额单位为人民币元）
construction of the coal-fired unit project of Shaoguan Power Plant for "Constructing
New Big Power Units While Closing Small Ones" and increase the capital of Yuejiang
Electric Power by RMB 690.69 million by installment at shareholding ratio of 65%
according to the construction progress of the project. After such injection, the
shareholding percentage of the company to Yuejiang Electric will not change. As of
June 30, 2011, The company can not increase the capital of Yuejiang Electric .
The 3rd Meeting of the Sixth board of directors of the Company held on July 26, 2010,
A capital injection of RMB 250,000,000, which is at shareholding percentage of 25%
to Yudean Finance. After such injection, the shareholding percentage of the company
to Yudean Finance will not change. As of June 30, 2011,The Company has injected
fund amounted to RMB 125 million.
The 2nd meeting of the seventh board of directors held on June 28, 2011 adopted the Proposal for
Increasing the Capital of Maoming Zhenneng Thermal Power Co., Ltd. According to the proposal,
the Company will increase the capital of Zhenneng Power Plant by RMB 263.7360 million at
shareholding ratio. The capital increased in 2011 is RMB 124.36 million. The Company and
Guangdong Electric Power Development Company accepted the share of additional capital
abandoned by Guangdong Yudeanlian Investment Development Co., Ltd. in respective proportion
of capital contribution. The newly increased amount of capital contribution is RMB 42.7084
million. The capital increased in 2011 is RMB 20.1385 million. As of June 30, 2011, The
company can not increase the capital of Zhenneng Power Plant.
The 2nd meeting of the seventh board of directors held on June 28, 2011 adopted the Proposal
Concerning the Investment in Offshore Wind Power Project by Guangdong Yudean Zhanjiang
Wind Power Generation Co., Ltd. According to the proposal, the Company will increase the
capital of Zhanjiang Wind Energy by RMB 140 million to invest in Xuwen offshore wind power
demonstration project and make investment by installment according to the actual progress of the
project. As of June 30, 2011, The company can not increase the capital of Yudean
Zhanjiang Wind Powe.
X. Subsequent Event on the Balance Sheet Date
According to the Announcement of Failure to Obtain Approval of the Company's
Issue of Shares to Purchase Assets and Related Transaction from Merger, Acquisition
and Reorganization Committee of CSRC issued by the Company on July 6, 2011. On
July 5, 2011, the 22nd work meeting of Listed Company Merger, Acquisition and
Reorganization Committee (hereinafter referred to as "Merger, Acquisition and
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（除特别说明外，金额单位为人民币元）
Reorganization Committee") of China Securities Regulatory Commission in 2011
examined and conditionally approved the matters concerning the issue of shares to
purchase assets and related transaction of Guangdong Electric Power Development
Co., Ltd..
According to the announcement of the resolutions of the 3rd meeting of the seventh board of
directors issued by the Company on August 6, 2011, the board of directors of the Company
decided to continue promoting the significant asset reorganization concerning issuing shares to
Yudean Group Company to purchase assets. to revise, supplement and perfect the
application materials concerning reorganization plan according to relevant opinions of
CSRC and resubmit them to CSRC for examination as soon as possible.
XI. Lease
The Group leaseback generation equipments and the future rental expense islisted as
follow:
December 31, 2010 June 30,2011
Within 1 year 77,393,453 163,293,259
1-2 years 78,325,657 246,539,246
2-3 years 78,325,657 246,539,246
Over 3 years 528,158,185 1,709,360,968
762,202,952 2,365,732,719
As at June 30, 2011, the unamortized balance of unrecognized financing charges is
RMB 538,902,539 (December 31, 2010:RMB186,151,886).
XII.Assets measured at fair value
Current yearfair
value changes Current yearfair
in profit or value changes
December 31, 2 loss in equity Impairmen prov June 30,2011
Notes v(32)
Financial assets -
Available-for–sales financial
assets 353,104,045 (8,219,537) 93,155,892 - 344,884,508
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广东电力发展股份有限公司
2011 年中期财务报表附注
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XIII. Notes to the Company’s financial statements
(1) Long-term equity investments
December 31,2010 June 30,2011
Subsidiaries(b) 6,705,377,308 7,437,761,308
Associated 4,991,865,647 5,345,188,841
Other long-term equity investment 477,303,707 477,303,707
12,174,546,662 13,260,253,856
Less: Provision for impairment of
long-term equity investments (a) (35,557,877) (35,557,877)
12,138,988,785 13,224,695,979
(2) No significant restriction on the receipt of the Company’s Long-term equity
investments
No quoted value of the company’s associates.
a) Impairment of long-term equity investments
Decemger 31, Increased in Decreased in
2010 current period current period June 30,
Investment in subsidiaries
－Yuejia Electric (35,557,877) - - (35,557,877)
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广东电力发展股份有限公司
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（除特别说明外，金额单位为人民币元）
(b)Subsidiaries
Current year
Voting accrual
Accounting Original Investment Current yaar Interest rights held Impairment impairment Cash dividends de
method cost December 31, 2010 movement June 30, held % % provision providion clared this year
Zhanjiang
Electric Cost method 2,185,334,400 2,185,334,400 - 2,185,334,400 76% 76% - - 86,241,034
Yuejia Electric Cost method 701,279,338 701,279,338 - 701,279,338 58% 58% (35,557,877) - -
Yuejiang Electric Cost method 500,500,000 500,500,000 500,500,000 65% 65% - - -
Zhenneng
Electric Cost method 288,561,587 288,561,587 288,561,587 53.28% 53.28% - - -
Jinghai Electric Cost method 1,930,395,668 1,485,381,668 445,014,000 1,930,395,668 65% 65% - - 186,961,586
Oil shale power Cost method 196,398,200 196,398,200 196,398,200 83.66% 83.66% - - -
Zhanjiang Wind
Power Cost method 205,044,000 166,544,000 38,500,000 205,044,000 70% 70% - - 7,700,000
Anxin Cost method 20,000,000 20,000,000 20,000,000 100% 100% - - -
Humeng Electric Cost method 90,000,000 90,000,000 90,000,000 60% 60% - - -
Zhongyue
Energy Cost method 1,532,578,100 921,378,115 228,870,000 1,150,248,115 90% 90% - - -
Bohe Coal
Electric Cost method 170,000,000 150,000,000 20,000,000 170,000,000 100% 100% - - -
6,705,377,308 732,384,000 7,437,761,308 (35,557,877) - 280,902,620
(3) Investment Income
January-June 2010 January-June 201
Share of profit of investees under equity 215,853,476 267,642,210
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广东电力发展股份有限公司
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（除特别说明外，金额单位为人民币元）
method of accounting
Profit/ cash dividends declared by investees
under cost method of accounting 141,520,195 291,927,620
Entrusted Loan interest income 11,977,276 15,615,373
Income from available-for-sale financial
assets 7,404,300 4,402,150
376,755,247 579,587,353
No significant restriction on the receipt of the Company’s investment income.
109
广东电力发展股份有限公司
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（除特别说明外，金额单位为人民币元）
(4) Supplemental information of cash flow statements
(a) Reconciliation from the net profit to the cash flow operating activities
January-June 2010 January-June 2011
Net profit 449,697,688 559,240,226
Add: Provisions for assets
impairment (1,838,934) -
Depreciation of fixed assets and
Amortisation of intangible assets 102,622,570 85,347,868
Amortisation of intangible assets 1,739,394 1,739,394
Financial expenses 114,497,407 157,262,297
Investment losses (376,755,247) (579,587,353)
Decrease in deferred tax (increase) - (2,054,884)
Increase/(Decrease) in inventories 17,723,346 (37,534,870)
Decrease/(Increase) in operating
receivables (90,983,490) 42,216,953
Increase/(Decrease) in operating
payables (16,078,092) 5,546,952
Net cash flows from operating 200,624,642 232,176,583
activities
(b) Net changes of Cash and cash equivalent
January-June 2010 January-June 2011
Cash at end of year 693,469,527 603,138,069
Less: Cash at beginning of year (287,691,522) (659,395,980)
Net increase/(decrease) in cash 405,778,005 (56,257,911)
XIV. Breakdown of extraoidinary gains and losses
January-June 2010 January-June 2011
Net profit 484,049,327 323,684,298
Add: Non-operating Expenses 1,793,935 3,945,337
Less: Non-perating income (3,089,576) (5,239,477)
Entrusted loans investment income (8,982,957) (11,711,530)
Recovery of bad debts written off (1,379,200) -
Net profit after deducting non-recurring
gains and losses 472,391,529 310,678,628
110
广东电力发展股份有限公司
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（除特别说明外，金额单位为人民币元）
Including: Net profit attributable to Parent 418,989,163 305,271,640
company
Minor shareholders’ equit 53,402,366 5,406,988
XV. Return on equity and earnings per share
Weighted average return on Earnings per share
equity(%) Basic earnings per share Diluted earnings per share
2010 2011 2010 2011 2010 2011
January January January
-June -June -June January -June January -June January -June
Consolidated net profit
attributable to shareholders
of the Company 4.42% 3.08% 0.16 0.11 0.16 0.11
Consolidated net profit
excluding non-routine
items
attributable to shareholders
of the Company 4.30% 2.96% 0.15 0.11 0.15 0.11
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VIII. Documents for reference
1.Text of Semi-ammual report carrying the signature of Chairman of the Board;
2.Financial statements bearing the seal and signature of legal representative, financial controller
and the person in charge of the accounting organ;
3.All original copies of official documents and notices, which were disclosed in Securities Times,
China 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 31, 2011
112
