广东电力发展股份有限公司 2014 年半年度报告全文
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
The Semi-annual Report 2014
August 2014
1
广东电力发展股份有限公司 2014 年半年度报告全文
I. Important Notice, Table of Contents and Definitions
The Board of Directors , Supervisory Committee ,Directors, Supervisors and Senior Executives of the Company
hereby guarantees that there are no misstatement, misleading representation or important omissions in this report
and shall assume joint and several liability for the authenticity, accuracy and completeness of the contents hereof.
Board chairman Pan Li , Vice Board chairman Li Zhuoxian, Director Zhong Weimin, Director Gao Shiqiang,
Director Kong Huitian, Director Li Mingliang, Director Zhu Dejun, Director Yang Xinli, Director General
Manager Yao Jiheng, Director Hu Xiaolei, Independent Director Liu Tao, Independent Director Zhang Hua,
Independent Director Sha Qilin, Independent Director Mao Fugen, Independent Director Ding Yougang and
Independent Director Lu Jun attended this meeting. Director Hong Rongkun authorized Director Gao Shiqiang,
Director Zhang Xueqiu authorized Independent Director Liu Tao attend the meeting and exercise voting right on
their behalf.
The Company Will not distribute cash dividend or bonus shares, neither capitalizing of common reserves for the
report period.
Mr.Pan Li, The Company leader, Mr. Li Xiaoqing, Chief financial officer and the Mr.Qin Jingdong, the person in
charge of the accounting department (the person in charge of the accounting )hereby confirm the authenticity and
completeness of the financial report enclosed in this Semi-annual report.
This semi-annual report involves the forecasting description such as the future plans, and does not constitute the
actual commitments of the company to the investors. The investors should pay attention to the investment risks.
the English translation is for reference only. Should there be any inconsistency between the Chinese and English
versions, the Chinese version shall prevail.
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广东电力发展股份有限公司 2014 年半年度报告全文
Table of Contents
2014 Semi- Annual Report
I.Important Notice, Table of contents and Definitions
II. Basic Information of the Company
III. Summary of Accounting Data and Financial Indicators
IV. Report of the Board of Directors
V. Important Events
VI. Change of share capital and shareholding of Principal Shareholders
VII. Situation of the Preferred Shares
VIII.Information about Directors, Supervisors and Senior Executives
IX. Financial Report
X. Documents available for inspection
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广东电力发展股份有限公司 2014 年半年度报告全文
Definition
Terms to be defined Refers to Definition
Yudean Group Refers to Guangdong Yudean Group Co., Ltd.
Zhanjiang Company Refers to Zhanjiang Electric Power Co., Ltd.
Yuejia Company Refers to Guangdong Yuejia Electric Power Co., Ltd.
Yuejiang Company Refers to Guangdong Shaoguan Yuejiang Power Generation Co., Ltd.
Zhenneng Company Refers to Maoming Zhenneng Thermal Power Co., Ltd.
Jinghai Company Refers to Guangdong Yudean Jinghai Power Co., Ltd.
Zhanjiang Zhanjiang Wind Power Company Refers to Guangdong Yudean Zhanjiang Wind Power Co., Ltd.
Zhongyue Compamy Refers to Zhanjiang Zhongyue Energy Co., Ltd.
Bohe Company Refers to Guangdong Yudean Bohe Coal & Electricity Co., Ltd
Guangqian Company Refers to Shenzhen Guangqian Electric Power Co., Ltd.
Huihou Natural Gas Company Refers to Guangdong Huizhou Natural Gas Power Co., Ltd.
Shibeishan Wind Power Company Refers to Guangdong Shibeishan Wind Power Development Co., ltd.
Red Bay Company Refers to Guangdong Red Bay Power Co., Ltd.
Pinghai Power Plant Refers to Guangdong Hluizhou Pinghai Power Co., Ltd.
Humen Power Company Refers to Guangdong Yudean Humen Power Co., Ltd.
Anxin Electric Inspection & Installation
Refers to Guangdong Yudean Anxin Electric Inspection & Installation Co., Ltd
Company
Guohua Taishan Refers to Guangdong Guohua Yudean Taishan Power Generation Co., Ltd.
Yudean Industry Fuel Company Refers to Guangdong Power Industry Fuel Co., Ltd.
Huadu Natural Gas Company Refers to Guangdong Huadu Natural GasT Thermal Power Co., Ltd.
Dapu Company Refers to Guangdong Dapu Power Generation Co., Ltd.
Wind Power Company Refers to Guangdong Wind Power Co., Ltd.
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广东电力发展股份有限公司 2014 年半年度报告全文
II. Basic Information of the Company
1.Company information
Stock abbreviation Yue Dian Li A, Yue Dian Li B Stock code： 000539、200539
Stock exchange for listing： Shenzhen Stock Exchange
Name in Chinese 广东电力发展股份有限公司
Abbreviation of Registered Company
粤电力
Name in Chinese(If any)
English name (If any) GUANGDONG ELECTRIC POWER DEVELOPMENT CO.,LTD
English abbreviation (If any) GED
Legal Representative Pan Li
2. Contact person and contact manner
Board secretary Securities affairs Representative
Name Liu Wei Zhang Shaomin
26/F, South Tower, Yudean Plaza, 26/F, South Tower, Yudean Plaza,
Contact address No.2 Tianhe Road East, No.2 Tianhe Road East,
Guangzhou,Guangdong Province Guangzhou,Guangdong Province
Tel (020)87570276 (020)87570251
Fax (020)85138084 (020)85138084
E-mail liuw@ged.com.cn zhangsm@ged.com.cn
3. Other
1. Way of contact
Whether registrations address, offices address and codes as well as website and email of the Company changed in
reporting period or not
□ Applicable √ Not applicable
Registrations address, offices address and codes as well as website and email of the Company has no change in
reporting period, found nore details in annual report 2013.
2. In formation disclosure and preparation place
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
The newspaper appointed for information disclosure, website for semi-annual report publish appointed by CSRC
and preparation place for semi-annual report have no change in reporting period, found more details in annual
report 2013.
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广东电力发展股份有限公司 2014 年半年度报告全文
3.Registration changes of the Company
Whether registration has changed in reporting period or not
□ Applicable √ Not applicable
Date/place for registration of the Company, registration nmber for enterprise legal license number of taxation
registration and organization code have no change in reporting period, found more details in annual report 2013.
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广东电力发展股份有限公司 2014 年半年度报告全文
III. Summary of Accounting Highlights and Business Highlights
(I).Summary of accounting /Financial Data
May the Company make retroactive adjustment or restatement of the accounting data of the previous years due to
change of the accounting policy and correction of accounting errors.
□Yes √ No
Reporting period Same period of last year YoY+/-（%）
Operating income（RMB） 14,971,313,646.00 14,547,027,472.00 2.92%
Net profit attributable to the
shareholders of the listed company 1,644,460,546.00 1,357,484,280.00 21.14%
（RMB）
Net profit after deducting of
non-recurring gain/loss attributable
1,649,146,988.00 1,346,200,677.00 22.50%
to the shareholders of listed company
（RMB）
Cash flow generated by business
4,534,129,911.00 5,323,290,861.00 -14.82%
operation, net（RMB）
Basic earning per share(RMB/Share) 0.38 0.31 22.58%
Diluted gains per
0.38 0.31 22.58%
share(RMB/Share)(RMB/Share)
Weighted average ROE(%) 8.27% 8.02% 0.25%
As at the end of the As at the end of last
YoY+/-（%）
reporting period year
Gross assets（RMB） 67,629,110,307.00 67,918,719,035.00 -0.43%
Shareholders’ equity attributable to
shareholders of the listed company 19,815,503,952.00 19,054,914,050.00 3.99%
（RMB）
（II）The differences between domestic and international accounting standards
1.Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed
in the financial reports of differences in net income and net assets.
□ Applicable √Not applicable
No difference .
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese
accounting standards.
√ Applicable □ Not applicable
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广东电力发展股份有限公司 2014 年半年度报告全文
In RMB
Net profit attributable to the Net Assets attributable to the
shareholders of the listed company shareholders of the listed company
Amount in the Amount in the End of the Beginning of the
reporting period previous period reporting period reporting period
According to CAS 1,644,460,546.00 1,357,484,280.00 19,815,503,952.00 19,054,914,050.00
Items and amount adjusted according to IAS
Land use right amortization 0.00 -3,736,000.00 0.00 0.00
The difference arising from
recognition of goodwill after
0.00 0.00 64,623,000.00 64,623,000.00
merger of enterprises under the
same control
Difference arising from recognition
of land use value after enterprise -315,000.00 -315,000.00 20,435,000.00 20,750,000.00
merger
Influence on minority interests 27,060.00 348,000.00 4,566,679.00 4,539,619.00
Accouding to IAS 1,644,172,606.00 1,353,781,280.00 19,905,128,631.00 19,141,826,669.00
3.Note to the Difference in the Accounting Data based on the Accounting Standards of CAS and IAS.
√ Applicable □ Not applicable
A. Land use right amortization
The difference formed by different period of land use right amortization.
B.The difference arising from recognition of goodwill after merger of enterprises under the same control and
recognition of land value after enterprise merger.
As required by new Chinese accounting standards, the goodwill formed by the merger of enterprises under the
same control shall not be recognized and capital surplus shall be adjusted. Under IFRS, the golldwill formed by
the merger of enterprises under the same control shall be recognized and equal to the difference between merger
cost and share of fair value of recognizable net assets of the purchased party obtained in merger. Meanwhile, all
assets of the purchased party obtained in merger shall be accounted for according to their fair value while such
assets shall be accounted for according to their book value according to original Chinese accounting standards for
business enterprises. Therefore, this difference will continue to exist.
C. Influence on minority interests
Housing reform loss occurred to the Company and some holding subsidiaries. Therefore, there’s some influence
on minority interests.
（III）Items and amount of deducted non-current gains and losses
√ Applicable □ Not applicable
In RMB
Items Amount Notes
Non-current asset disposal gain/loss(including the write-off part -19,343,827.00 Mainly due to the loss on
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广东电力发展股份有限公司 2014 年半年度报告全文
for which assets impairment provision is made) retirement of assets of Red
Bay's transformation
demolition crew denitration
Govemment subsidy recognized in currentgain and
loss(excluding those closely related to the Company’s business 9,328,462.00
and granted under the state’s policies)
Gain/loss investment of Commission 607,511.00
Net amount of non-operating income and expense except the aforesaid
-3,975,261.00
items
Recovery of written-off rece
Provision for aasets impairment 2,062,288.00
ivables etc.
Less：Influenced amount of income tax -3,370,207.00
Influenced amount of minor shareholders’ equity（After tax ） -3,264,178.00
Total -4,686,442.00 --
Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in
the Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the
Public-Extraordinary Gains and Losses, or classifies any extraordinary gain/loss item mentioned in the said
explanatory announcement as a recurrent gain/loss item.
√ Applicable □ Not applicable
Items Amount (RMB) Reason
VAT levy retreat revenue 4,666,419.00 Closely related to the company daily business
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广东电力发展股份有限公司 2014 年半年度报告全文
IV. Report of the Board of Directors
I. General
During the reporting period, the contradiction between supply and demand in Guangdong Province became intens
e, the market situation is still grim.The electricity consumption of the Province is 238.43 billion kwh, which
increased by 7.23% year on year. The quantity of power purchased from west regions is 57.01 billion kwh, which
increased by 14.83% year on year. Sending electrical power to the western area squeeze the generation set market
share.
During the reporting period, Benefit from the new units put into operation, the cumulative generating capacity of
the company achieve growth.In first half 2014 , Its on-grid electricity volume was 35.48 billion kwh, which
increased by 4.52% year on year. Its on-grid electricity volume was 33.42 billion kwh, which increased by 4.7%
year on year. 50.55% of the power generation plan for the year was fulfilled.
During the reporting period,Affected by the price drop, the operating income growth fails to increase in
accordance with the growth in electricity demand. Its operating income was RMB 14.97 billion, which increased
by 2.92% year on year. Since the coal prices continued to fall, the costs get better control, thus company’s
profitability increased the Company's operating profit and the net profit for its shareholders were respectively
RMB 2.96 billion and RMB 1.644 billion, which respectively increased by 22.46% and21.14% year on year.
During the period of report, the company has continued to enhance the management of the project’s
construction and to promote the preliminary work for the new project orderly. Maoming Bohe Dock Project,
Huizhou LNG Power Plant Phase Two Cogeneration Project, Huadu natural gas thermoelectric Project, Dianbai
Hot Wind Power Project, and Shaoguan & Meixian “New Big Power Units While Closing Small Ones ” Project,
all these projects are under construction according to the plan; meanwhile, Unit 5 and Unit 6 of Phase II of Huilai
Power Plant, Unit 3 and Unit 4 of Phase I of Pinghai Power Plant and Unit 5 and Unit 6 of Phase II of Shanwei
Power Plant, etc., all these projects’ preliminary work are being carried out actively.
II. Analsis on principal Business
Y-o-Y changes of main financial data
In RMB
Y-o-y
Same period of last
Current period increase/dec Reasons for changes
year
rease（%）
Operration revenue 14,971,313,646.00 14,547,027,472.00 2.92%
Operation cost 10,982,443,113.00 11,025,868,327.00 -0.39%
Sales expenses 1,471,882.00 1,753,357.00 -16.05%
Administrative expenses 396,554,512.00 401,370,835.00 -1.20%
Financial cost 887,886,490.00 983,330,573.00 -9.71%
The increase of earnings
Income tax expense 637,267,131.00 493,910,564.00 29.02% caused the increase of income
tax expenses.
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广东电力发展股份有限公司 2014 年半年度报告全文
Net cash flow arising from
4,534,129,911.00 5,323,290,861.00 -14.82%
operation activities
The amount to invest fixed
increased over the same period,
Net cash flow arising from received major asset restructuring
-1,609,841,662.00 -351,913,463.00 392.96%
investment activities supplement money from
Guangdong Power Group at the
same period in 2012.
Net cash flow arising from
-2,157,481,098.00 -2,183,559,164.00 10.69%
financing activities
Net increase of cash andcash Investment activities expenditure
766,807,151.00 2,787,818,234.00 -72.49%
equivalent increased
Major changes on profit composition or profit resources in reporting period
□ Applicable √ Not applicable
No major changes on profit composition or profit resources occurred in reporting period.
The future development and planning extended to reporting period that published in disclosure documents as
prospectus, private placing memorandum and recapitalize statement.
□ Applicable √ Not applicable
No future development and planning extended to peporting period that published in disclosure documents as
prospectus, private placing memorandum and recapitalize statement.
Review on the previous business plan and its progress during reporting period.
(1) In the report period, the Company completed power output of 35.48 billion kwh in terms of consolidated
statements, which Increased by 4.52% year on year. The actual on-grid electricity volume was 33.422 billion kwh,
which increased by 4.7% year on year and accounted for 50.55% of the planned on-grid electricity volume for the
year. finish the planned more than 50% volume of on-grid electricityof in the half year.
(2) In the report period, the Company actually completed external investment of Equity and debt of RMB 662.69
million, which accounts for 35.51% of the planned amount of external investment for the year. The investment
completion ratio was low mainly because governmental department approval was not obtained for some projects
for which initial-work was carried out and no large-scale investment was made.
III. Constitution of main business
In RMB
Increase Increase Increase
Operating Gross Profit /decrease of /decrease of /decrease of
Operating cost
Income Ratio(%) operating operating cost Gross profit
income（％） （％） ratio（％）
In terms of business line
Electric Power 14,971,313,646.00 10,982,443,113.00 26.64% 2.92% -0.39% 2.44%
In terms of product
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广东电力发展股份有限公司 2014 年半年度报告全文
Electric Power 14,971,313,646.00 10,982,443,113.00 26.64% 2.92% -0.39% 2.44%
Area
Guangdong 14,971,313,646.00 10,982,443,113.00 26.64% 2.92% -0.39% 2.44%
IV. Core competitive-ness analsis
The company's core competitiveness in the reporting period has no significant changes, specific details can be
found in the 2013 annual report.
V. Analysis on investment status
1. External Equity investment
（1）External investment
√ Applicable □ Not applicable
External investment
Investment amount in 2013（RMB） Investment Amount in 2012（RMB） Change rate（%）
262,690,000.00 530,000,000.00 -50.44%
Particulars of investees
Proportion in the
Companies Principal business investees’ equity
（%）
Guangdong Shaoguan Yuejiang Power Investment and Operation of electric power projects , Production and
90.00%
Generation Co., Ltd. sales of electricity
Power plant construction, production and operation, production and
Guangdong Yudean Dapu Power
sales of electric power and auxiliary products, project contracting, 100.00%
Generation Co., Ltd
technical consultation and technical services in power sector.
The company was engaged in wind, solar, biomass and other new
energy design, development, investment, construction and operation
Guangdong Wind Power Generation
management; new energy technology research and development, 100.00%
Co., Ltd
application and promotion, equipment testing and maintenance,
technical training and consulting services.
Guangdong Yuejiang Hongrui
Operation of electrical equipment, maintenance, technological
Electronic Power Technology 90.00%
innovation and service of electrical equipment
Development Co., Ltd.
Lincang Yuntou Yudean Investment ,Development ,Construction and operation of electric
49.00%
Hydroelectricity Development Co., Ltd. power projects
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广东电力发展股份有限公司 2014 年半年度报告全文
（2）Holding of the equity in financial enterprises
√ Applicable □ Not applicable
Number of Shareholdi
Number of Shareholdi Book
shares held ng
shares held ng balance at Gain/.loss
Initial at the proportion
at the end proportion the end of of the
Company Company Investment beginning at the Accountin Sauce of
of the at the end the reporting
Name type cost of the beginning g items the shares
reporting of the reporting period
(RMB) reporting of the
period(sha reporting period (RMB)
period reporting
res) period(%) (RMB)
(shares) period (%)
Sun
Long-term
Insurance Insurance 356,000,00 350,000,00 350,000,00 356,000,00
5.34% 5.34% 0.00 Equity Initiated
Group Co., Company 0.00 0 0 0.00
investment
Ltd.
Guangdon
Long-term
g Yudean 500,000,00 500,000,00 500,000,00 500,000,00 47,510,000
Other 25.00% 25.00% Equity Initiated
Finance 0.00 0 0 0.00 .00
investment
Co., Ltd.
856,000,00 850,000,00 850,000,00 856,000,00 47,510,000
Total -- -- -- --
0.00 0 0 0.00 .00
Notes:
1.This form requires filling in the equity information such as long-term equity investment, available for sale
financial assets in corporate equity accounting;
2. financial companies include commercial banks, securities companies, insurance companies, trust companies,
futures companies etc;
3.the book value at the end of period should deduct the depreciation of impairment;
4.reported profits and losses means: consolidated net profit in the reporting period of the company affected by the
investment.
（3）Holding of the equity in other Listing Company
√ Applicable □ Not applicable
Sharehol Sharehol
Number of
ding Number of ding
shares held
proporti shares held proporti Book balance at Sauce
Comp Comp Initial at the Gain/.loss of
on at the at the end of on at the the end of the Accountin of the
any any Investment cost beginning of the reporting
beginnin the reporting end of reporting period g items share
Name type (RMB) the reporting period (RMB)
g of the period(share the (RMB) s
period
reportin s) reportin
(shares)
g period g
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广东电力发展股份有限公司 2014 年半年度报告全文
(%) period(
%)
Financial
Shen
assets ava Initiat
Ener Other 15,890,628.00 8,400,000 0.32% 8,400,000 0.32% 47,208,000.00 2,100,000.00
ilable for ed
gy
sale
Finan
cial
SHEN assets Trans
Other 235,837,987.50 55,532,250 1.22% 55,532,250 1.22% 239,899,320.00 0.00
ERGY availa feree
ble for
sale
Total 251,728,615.50 63,932,250 -- 63,932,250 -- 287,107,320.00 2,100,000.00 -- --
2.Information of trust management, derivative investment and entrusted loan
（1）Trust management
□ Applicable√ Not applicable
There was no trust management of the Company in the reorting period.
（2）Derivative investment
□ Applicable√ Not applicable
There was no derivative investment of the Company in the reporting period.
（3）Entrusted loan
√ Applicable □ Not applicable
In RMB
Is it a Application of the
Interest Guarantor or
Prospective borrower related Amount loan by the
rate collateral
party borrower
GuangdongYudean Jinghai Power Generation Supplement
No 25,000 5.83% None
Co., Ltd. current capital
Guangdong Shaoguan Yuejiang Power Generate Co., Supplement
No 10,000 6.30% None
Ltd. Current capital
Guangdong Shaoguan Yuejiang Power Generation Co., Supplement
No 10,000 6.16% None
Ltd. current capital
Supplement
GuangdongYudean Dapu Power Generation Co., Ltd No 10,000 6.00% None
current capital
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广东电力发展股份有限公司 2014 年半年度报告全文
Supplement
GuangdongYudean Bohe Coal & Electricity Co., Ltd. No 10,000 6.77% None
Current capital
Total -- 65,000 -- -- --
Disclosure date for the notice of approval by the August 29, 2013（Jinghai entrusted loans）
Board(if any) March 4, 2014（Yuejiang ,Dapu Bohe Entrusted loans）
Disclosure date for the notice of approval by
Shareholders’ General Meeting (If any)
3.Analysis on principal subsidiaries and Mutual Shareholding Companies
√Applicable □Not applicable
Particulars about the principal subsidiaries and Mutual shareholding companies
In RMB
Leading
Com Sectors
products Total Net assets Tumover Operating Net Profit
Company Name pany engaged Registered capital
and assets(RMB) (RMB) (RMB) profit (RMB) (RMB)
type in
services
Power
GuangdongYude
generation
an Jinghai Subs
Electric and power 12,892,662,7
Power idiar 2,919,272,000 3,658,499,885 3,106,659,914 710,084,380 533,267,569
Power station 01
Generation y
constructio
Co., Ltd.
n.
Power
GuangdongHuiz
generation
hou Pinghai Subs
Electric and power 7,569,319,71
Power idiar 1,370,000,000 2,042,033,793 1,949,907,728 584,991,015 443,072,656
Power station 7
Generation y
constructio
Co., Ltd.
n.
Power
Guangdong Red generation
Subs
Bay Power Electric and power 10,128,853,3
idiar 2,749,750,000 3,255,714,821 2,424,677,847 435,240,240 326,413,200
Generation Co., Power station 54
y
Ltd. constructio
n.
Power
generation
Zhangjiang Subs
Electric and power 4,525,597,39
Electric Power idiar 2,875,440,000 4,045,391,522 1,265,414,620 298,394,096 224,598,177
Power station 7
Co., Ltd. y
constructio
n.
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广东电力发展股份有限公司 2014 年半年度报告全文
Guangdong Power
Huizhou generation
Subs
natural Gas Electric and power 2,565,245,08
idiar 963,000,000 1,270,421,051 804,306,094 169,620,132 127,215,099
Power Power station 2
y
Generation constructio
Co., Ltd. n.
Power
Shenzhen generation
Subs
Guangqian Electric and power 2,356,846,21
idiar 1,030,292,500 1,307,240,770 769,353,624 119,528,767 89,522,102
Electric Power Power station 6
y
Co., Ltd. constructio
n.
Power
Zhanjiang generation
Subs
Zhongyue Electric and power 5,341,165,61
idiar 1,454,300,000 1,544,117,077 1,251,675,613 117,632,362 88,224,271
Energy Co., Power station 6
y
Ltd. constructio
n.
Power
Maoming generation
Subs
Zhenneng Electric and power 3,775,790,20
idiar 1,019,535,500 1,087,837,413 960,707,645 57,668,598 42,466,860
Thermal Power Power station 8
y
Co., Ltd constructio
n.
Power
Guangdong
generation
Shaoguan Subs
Electric and power 4,242,413,84
Yuejiang Power idiar 1,070,000,000 693,463,986 706,338,990 31,122,453 31,122,453
Power station 7
Generation y
constructio
Co., Ltd.
n.
Wind
GuangdongYude Power
an Zhanjiang Subs generation
Electric
Wind Power idiar and power 346,110,000 954,182,672 388,380,304 55,561,193 19,658,086 15,651,126
Power
Generation y station
Co., Ltd. constructio
n.
Power
GuangdongYueji
Subs generation
a Electric Electric
idiar and power 1,200,000,000 657,301,631 438,158,691 295,458,126 13,123,526 13,123,526
Power Co., Power
y station
Ltd.
constructio
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广东电力发展股份有限公司 2014 年半年度报告全文
n.
GuangdongYude Power
an Anxin Subs generation
Electric
Maintenance & idiar and 20,000,000 57,118,895 43,367,527 28,778,655 4,188,513 3,141,345
Power
installation y Maintenan
Co., Ltd. ce
Power
GuangdongYude
generation
an Humen Subs
Electric and power
Power idiar 150,000,000 144,526,470 140,621,115 150,000 -266,337 -266,337
Power station
Generation y
constructio
Co., Ltd.
n.
Wind
GuangdongYude Power
an Shibeishan Subs generation
Electric
Wind Power idiar and power 231,700,000 434,515,320 234,932,591 30,766,202 -984,374 -1,510,747
Power
Development y station
Co., Ltd. constructio
n.
Wind
Power
Guangdong
Subs generation
Wind Power Electric
idiar and power 221,872,900 252,933,852 202,843,995 4,717,872 -2,252,945 -1,718,644
Generation Power
y station
Co., Ltd
constructio
n.
GuangdongYu
Power
dean Huadu
Subs generation
Natural Gas Electric
idiar and 120,000,000 115,961,373 115,646,515 0 -2,326,209 -2,326,209
& Power
y Maintenan
Heat-Power
ce
Co., Ltd.
Coal dock
GuangdongYu constructio
dean Bohe Sub n and
Electric 1,412,431,68
Coal-fired sidi power 1,085,000,000 1,037,930,942 0 -4,143,217 -4,143,217
Power 9
Power Co., ary station
Ltd constructio
n.
GuangdongYude Subs Power
Electric 1,415,934,12
an Dapu Power idiar generation 700,000,000 700,000,000 0 0 0
Power 4
Generation y and power
17
广东电力发展股份有限公司 2014 年半年度报告全文
Co., Ltd. station
constructio
n.
Wind
Guangdong Power
Shar
Guohua Yudean generation
ing Electric 14,859,170,3
Taishan Power and power 4,500,000,000 9,007,979,155 4,963,080,620 1,618,271,544 1,212,928,883
Com Power 66
Generation Co., station
pany
Ltd. constructio
n.
4. Significant projects of investments with non-raised funds
□ Applicable √ Not applicable
The company has no project invested by raised fund in the reporting period.
VI. Performance Forecast for January to September 2014
Alert of loss or significant change in net profit from the beginning of year to the end of next report period or
comparing with the same period of last year, and statement of causations.
□ Applicable √ Not applicable
VII. Explanation by the Board of Directors and the Supervisory Committee about the “non-standard audit report”
issued by the CPAs firm for the reporting period
□ Applicable √ Not applicable
VIII. Explanation by the Board of Directors about the relevent situation of the “non-standard audit report” of the
first half year.
□ Applicable √ Not applicable
IX. Profit distribution carried out in the report period
Execution or adjustment of profit distribution, especially cash dividend, and capitalizing of reserves in the report
period.
√Applicable □ Not applicable
The Company's profit distribution plan for 2013 was examined and adopted by its 2013 annual shareholders'
general meeting on May 20, 2014. The Company published Announcement of Interest Distribution for 2013 on
designated media on June 25, 2014. The stock right registration date is June 30, 2014 (July 3 for B shares). The
ex-dividend date is July 1, 2014. Cash dividends were distributed on July 1 (for A shares) and July 3 (for B
shares).
Special explanation of the cash dividend policy
Whether conformed with the regulations of the Articles of association or the
Yes
requirements of the resolutions of the shareholders’ meeting:
Whether the dividend standard and the proportion were definite and clear: Yes
18
广东电力发展股份有限公司 2014 年半年度报告全文
Whether the relevant decision-making process and the system were complete: Yes
Whether the independent director acted dutifully and exerted the proper function: Yes
Whether the medium and small shareholders had the chances to fully express their
Yes
suggestions and appeals, of which their legal interest had gained fully protection:
Whether the conditions and the process met the regulations and was transparent of
Not applicable
the adjustment or altered of the cash dividend policy:
X. Preplan for profit distribution and turning capital reserve into share capital in the reporting period
□ Applicable √ Not applicable
The Company planed that no to distribute cash dividend, bonus shares and there was no turning of capital reserve
into share capital.
XI. Particulars about researches, visits and interviews received in this reporting period
√Applicable □ Not applicable
Discussion topics and
Reception time Reception place Way of reception Types of visitors Visitors received
provision of materials
The Company’s current
production of operation
Office of the Onsite
March 7, 2014 Organiation Zhongjin Company conditions and the situation
Company investigation
of the construction and
development projects
19
广东电力发展股份有限公司 2014 年半年度报告全文
V. Important Events
1.Governance of the Company
The company has strictly abided by the requirements of the laws and regulations and the normative documents,
such as “Corporate Law”, “Securities Law”, “Governance Rules of Listed Companies” and “Listing Rules of
Shenzhen Stock Exchange” to standardize the operations, continuously perfect the internal control system and the
corporate governance structure, ensure the system carried out and effectively implemented and improve the
governance level of the company. There was no difference between the actual conditions of corporate governance
and the requirements of the Company Law and relevant regulations of CSRC.
II. Material lawsuits
□ Applicable √ Not applicable
Not Material lawsuits and arbitrations occurred in this period.
III. Media queries
□ Applicable √ Not applicable
Not Media queries raised in the report period.
IV. Bankruptcy or Reorganization Events
□ Applicable √ Not applicable
There Company was not involved in any bankruptcy or reorganization events in the reporting period.
V. Transaction in Assets
1.Acquisition of Assets
√Applicable □ Not applicable
Net profit Net profit
contributed contributed
The
to the to the
other Proportion of Connectivity
Assets company Company
party Transact the net profit Is it a relations with the
acquisition from the from the
or ion Progre contributed by related other party Disclos
or acquisition year Disclosure index
eventu price(R ss the asset for the transacti (applicable to the ure date
transferred date to the beginning
al MB ) Company in the on (Y/N) related
in year end to the year
control total profit (%) transaction)
(RMB end
ler
‘0000) (RMB’000
(Applicable 0)
20
广东电力发展股份有限公司 2014 年半年度报告全文
to the (Applicabl
consolidati e to the
on of the consolidati
enterprises on of the
not under enterprises)
the )
Name
ofAnnouncement
: Anouncement of
Resolutions of the
17th Meeting of
the Seventh Board
All the of Directors,
Partial ass releva Related
ets of Gua nt Transaction
Shaog
ngdong Sh asset Announcement of
uan D
aoguan Yu proper Decemb on Acquisition of
Power Corntrolled by
ejiang Po 3,955.26 ty 0 0 0.00% Yes er 26, Capacity of
Gener Yuduan Group
wer Gener rights 2013 Shutdown Units
ation
ation Co., have by A Controlled
Plant
Ltd. been Subsidiary，
transfe Announcement
red No.:2013-68,2013
-70，Published in
China Securities
Daily, Securities
Times and
http//.www.cninfo
.com.Cn.
2. Sale of assets
□ Applicable √ Not applicable
There is no sale of assets in the Company during the reporting period
3. Business combination
□ Applicable √ Not applicable
There is no business combination in the Company during the reporting period.
VI. Implementation and Influence of Equity Incentive Plan of the Company
□ Applicable √ Not applicable
There is no equity incentive plan and its implementation in the Company during the reporting period.
VII. Significant related-party transactions
21
广东电力发展股份有限公司 2014 年半年度报告全文
1. Related transactions in connection with daily operation
√ Applicable □Not applicable
In January –June 2014,Daily related transactions were carried out after examination and approval by 2013
annual shareholders’general meeting. Refer to (5) related transactions of VIII. Related transactions on purchasing
goods and receiving services (1) and Related leases (2).Relationship between related parties and the transactions
between them of the Financial report of this report for details.
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.
2. Related-party transactions arising from asset acquisition or sale
√Applicable □ Not applicable
Conte Pricing
Type of
nt of principle Book
the Assessed Market Transfer Mode Transa
the of the value of Disclo
Relate Relati related-pa value of value price of ction
related related-p the sure Disclosure index
d party onship rty transferred (RMB (RMB’0 settle profit
-party arty transferred date
transactio assets ‘0000) 000) men or loss
transac transacti assets
n
tion on
Name
ofAnnouncement :
Shaog Corntr Anouncement of
Acquis Bankd
uan D olled Price Resolutions of the
ition eposi Decem
Power by Acquisitio assessm 17th Meeting of the
of 4,705.2 3,955.26 3,955.26 t and ber 26,
Gener Yudua n of assets ent Seventh Board of
fixed settle 2013
ation n agency Directors, Related
assets ment
Plant Group Transaction
Announcement of on
Acquisition of
22
广东电力发展股份有限公司 2014 年半年度报告全文
Capacity of
Shutdown Units by A
Controlled
Subsidiary ，
Announcement
No.:2013-68,2013-70
，Published in
China Securities
Daily, Securities
Times and
http//.www.cninfo.co
m.Cn.
The reasons of the differences
Little differences
between transfer price and book
value
Yuejiang company is expanding “New Big Power Units While Closing Small Ones” (2*600
MW)” Project of Shaoguan Power Generation Plant. To purchase the assets of Shaoguan D Plant
Impacts on the company’s is mainly to produce auxiliary facilities. It is the necessary measure for the company to meet the
operating results and financial needs of production, operation and the expansion of the project. This kind of assets is actually
condition used by Yuejiang Company so far. If the company doesn’t purchase it, it needs to repurchase. This
transaction helps to save the construction and operation cost of Yuejiang Company’s unit, thus it is
in line with the overall interests of the quoted companies.
3. Related-party transitions with joint investments
□ Applicable √ Not applicable
The Company was not involved in any related-party transaction with joint investments during the reporting
period.
4. Credits and liabilities with related parties
√ Applicable □ Not applicable
The related bonds transactions in 2014 are all for the daily related transactions with Yuejiang Company.
Through the examination and approval of the annual general meeting of shareholders in 2013, storing money and
charging its interest is carried out according to the related regulations of People’s Bank of China. For specific
information, please refer to the financial report included in this report, “VIII.. Related Parties and Related
Transaction (5), Related Transaction (4), Finance Loans of Related Parties”.
5. Other significant related-party transactions
□ Applicable √ Not applicable
The Company was not Other significant related-party transactions during the reporting period.
VIII. Particulars about the non-operating occupation of funds by the controlling shareholder
23
广东电力发展股份有限公司 2014 年半年度报告全文
and other related parties of the Company
□ Applicable √ Not applicable
The Company was not involved in the non-operating occupation of funds by the controlling shareholder and other
related parties during the reporting period.
IX. Particulars about significant contracts and their fulfillment
1. Particulars about trusteeship, contract and lease
(1) Trusteeship
□ Applicable √ Not applicable
There was no any trusteeship of the Company in the reporting period.
(2) Contract
□ Applicable √ Not applicable
There was no any contract of the Company in the reporting period.
(3) Lease
□ Applicable √ Not applicable
There was not involved in ant lease of the Company in the reporting period.
2. Guarantees provided by the company
√ Applicable □ Not applicable
In RMB’0000
External Guarantee (Exclude controlled subsidiaries)
Guarante
Relevant e
Date of
disclosure Complete for
happening Actual
Name of the date/No. of Amount of Guarantee Guarantee implemen associate
(Date of mount of
Company the Guarantee type term tation d
signing guarantee
guaranteed or not parties
agreement)
amount (Yes or
no)
Lincang
YuntouYudean Guaranteein
July 22, December 25,
Hydroelectricity 3,430 1,715 g of joint 15 Years No No
2006 2006
Development Co., liabilities.
Ltd.
Lincang Guaranteein
July 22,
YuntouYudean 1,372 July 29, 2008 686 g of joint 10 years No No
2006
Hydroelectricity liabilities.
24
广东电力发展股份有限公司 2014 年半年度报告全文
Development Co.,
Ltd.
Yunnan Baoshan
Binlangjiang Guaranteein
May 24, November 30,
Hydroelectricity 2,900 1,595 g of joint 15 years No No
2007 2007
Development Co., liabilities.
Ltd.
Yunnan Baoshan
Binlangjiang Guaranteein
May 24, November 30,
Hydroelectricity 1,305 391.5 g of joint 12 years No No
2007 2007
Development Co., liabilities.
Ltd.
Yunnan Baoshan
Binlangjiang Guaranteein
May 24, December 19,
Hydroelectricity 4,350 3,480 g of joint 17 years No No
2007 2007
Development Co., liabilities.
Ltd.
Yunnan Baoshan
Binlangjiang Guaranteein
December December 25,
Hydroelectricity 4,350 2,204 g of joint 17 years No No
19, 2007 2007
Development Co., liabilities.
Ltd.
Yunnan Baoshan
Binlangjiang Guaranteein
December March 18,
Hydroelectricity 12,000 12,000 g of joint 20 years No No
19, 2007 2008
Development Co., liabilities.
Ltd.
Yunnan Baoshan
Binlangjiang Guaranteein
August 22, October 31,
Hydroelectricity 5,800 5,800 g of joint 19 years No No
2008 2008
Development Co., liabilities.
Ltd.
Yunnan Baoshan
Binlangjiang Guaranteein
November November 14,
Hydroelectricity 7,250 3,306 g of joint 12 years No No
12, 2008 2008
Development Co., liabilities.
Ltd.
Yunnan Baoshan
Binlangjiang Guaranteein
May 27, May 27,
Hydroelectricity 7,250 5,075 g of joint 14 years No No
2009 2009
Development Co., liabilities.
Ltd.
25
广东电力发展股份有限公司 2014 年半年度报告全文
Yunnan Baoshan
Binlangjiang Guaranteein
May 27, June 22,
Hydroelectricity 9,367 8,207 g of joint 20 years No No
2009 2009
Development Co., liabilities.
Ltd.
Yunnan Baoshan
Binlangjiang Guaranteein
September December 16,
Hydroelectricity 14,500 8,999.35 g of joint 10 years No No
10, 2010 2010
Development Co., liabilities.
Ltd.
The power
plant put in
Weixin Yuntou Guaranteein
March 8, March 27, to operatio
Yudean Zhaxi 33,480 32,977.8 g of joint No No
2012 2012 n and termi
Energy Co., Ltd. liabilities.
nated after
two years
Lincang
YuntouYudean Guaranteeing
November November 28,
Hydroelectricity 25,000 8,330 of joint 18 years No No
11, 2011 2012
Development Co., liabilities.
Ltd.
The power
plant put in
Weixin Yuntou Guaranteeing
March 8, April 11, to operatio
Yudean Zhaxi 27,400 27,400 of joint No No
2012 2013 n and termi
Energy Co., Ltd. liabilities.
nated after
two years
Weixin Yuntou Guaranteein
November May 21,
Yudean Zhaxi 12,000 12,000 g of joint 3 No No
16, 2013 2014
Energy Co., Ltd. liabilities.
Total amount of approved Total actually amount of
external guarantee in the report 0 external guarantee in the -8,683.08
period(A1) report period(A2)
Total amount of approved Total actually amount of
external guarantee at the end of 254,251 external guarantee at the end 134,166.65
the report period(A3) of the report period(A4)
Guarantee of the company for its subsidiaries
Related Date of Complete Guarante
Actually
Name of the announcem Amount of happening(date Guarantee Guarantee implemen e for
guarantee
company guaranteed ent date and guarantee of signing type term tation or related
amount
no. agreement) not party(yes
26
广东电力发展股份有限公司 2014 年半年度报告全文
or no)
Guangdong
Guaranteeing
Yudean Zhanjiang April 29, October 9,
15,700 13,200 of joint 18 years No No
Wind Power Co., 2009 2010
liabilities.
Ltd
Guangdong
Guaranteeing
Shaoguan Yuejiang June 29,
23,075 July 28, 2011 10,923.22 of joint 7 years No No
Power Generation 2011
liabilities.
Co., Ltd.
Guangdong
Guaranteeing
Shaoguan Yuejiang August 15, December 6,
19,500 14,761.7 of joint 5 years No No
Power Generation 2012 2012
liabilities.
Co., Ltd.
Total of guarantee for subsidiaries Total of actual guarantee for
0 -5,311.27
approved in the period(B1) subsidiaries in the period (B2)
Total of guarantee for subsidiaries Total of actual guarantee for
74,200 38,884.92
approved at period-end(B3) subsidiaries at period-end(B4)
Total of company’s guarantee(namely total of the large two aforementioned)
Total of guarantee approved in the Total of Actual guarantee in
0 -13,994.35
period(A1+B1) the period(A2+B2
Total of guarantee approved at the Total of actual guarantee at
328,451 173,051.57
period-end(A3+B3) the period-end（A4+B4）
The proportion of the total amount guarantee in the net assets of
8.73%
the company(that is A4+B4)
Including：
Amount of guarantee for shareholders, Actual controller and its
0
associated parties(C)
The debts guarantee amount provided for the guaranteed parties
149,120.51
whose assets-liability ratio exceed 70% directly or indirectly(D)
Proportion of total amount of guarantee in net assets of the
0
company exceed 50%(E)
Total guarantee Amount of the abovementioned
149,120.51
guarantees(C+D+E)
Description of the guarantee with complex method
(1) Particulars about illegal external guarantee
□ Applicable √ Not applicable
There was no particular about illegal external guarantee of the Company in the reporting period.
3. Other significant contracts
27
广东电力发展股份有限公司 2014 年半年度报告全文
□ Applicable √ Not applicable
There was no other significant contract of the Company in the reporting period.
4. Other significant transactions
□ Applicable √ Not applicable
There was no other significant transaction of the Company in the reporting period.
X. Commitments made by the Company or shareholders holding over 5% of the Company’s shares in the
reporting period or such commitments carried down into the reporting period
√ Applicable □Not applicable
Time
of
Commit Peiod of
makin Fulfill
Commitment ment Contents commitme
g ment
maker nt
comm
itment
Commitment on
share reform
Commitment in the
acquisition report or
the report on equity
changes
Commitment made Guangd Yue Dian Li is the only quoted platform of Yudean Group’s Nove Within 5
upon the assets ong electricity asset integration within the boundary. ② Except Yue mber years afte
replacement Yudean Dian Li and the electricity assets controlled by it, within 5 3, r the com
Group years after the last recombination is done, Yudean Group will 2011 pletion of
Co., pump the assets which meet the conditions of launching after major as
Ltd. reformation into Yue Dian Li gradually through purchasing and set reorga
recombination and other ways, according to the situation of nization
solutions to different problems, e.g. the imperfect examination
and approval procedures, the situation of profitability, Under
cooperation agreement and land utilization. ③ At the aspects of fulfill
the development of power project and assets purchasing, ment
Yudean Group provides the priority for Yue Dian Li choose. If
Yue Dian Li gives up development and purchasing, Guangkong
Group will join Yue Dian Li under the situation that the project
is completed and put into production, and that the purchase is
done and the project meets the conditions of listing.For details,
see June 5, 2014, published in the designated media "Announc
ement of Guangdong Electric Power Development Co.,Ltd. ma
tters related to commitments".
Commitments made
upon issuance
Other commitments
28
广东电力发展股份有限公司 2014 年半年度报告全文
made to minority
shareholders
Executed timely or Yes
not?
XI. Particulars about engagement and disengagement of CPAs firm
Whether the semi-annual financial report had been audited?
□ Yes √ No
XII. Punishment and Rectification
□ Applicable √ Not applicable
There was no any punishment and rectification of the Company in the reporting period.
XIII. Reveal of the delisting risks of illegal or violation
□ Applicable √ Not applicable
There was no any delisting risk of illegal or violation of the Company in the reporting period.
XIV. Explanation about other significant matters
√ Applicable □ Not applicable
The Company issued corporate bonds of RMB 2 billion with coupon rate of 5.5% on March 10, 2008.
Construction Bank of China Co., Ltd. authorized its Guangdong Branch to provide full-amount, unconditional and
irrevocable guarantee of joint and several liabilities. The corporate bonds were listed for trading at Shenzhen
Stock Exchange on March 27, 2008. Stock code: 112001; Stock abbreviation: 08 Yudean Bond. Term: 7 years. Put
provision is attached. March 3, 2015 is the trading termination day (subject to the announcement of the
Company).
On March 18, 2014, the Company newly issued corporate bonds of RMB 1.2 billion with coupon rate of 4.95%.
The corporate bonds were listed for trading at Shenzhen Stock Exchange on May 24, 2013. Stock code: 112162;
Stock abbreviation: 12 Yudean Bond. The term of bonds is 7 years and put provision is attached. March 18, 2020
is the trading termination day (subject to the announcement of the Company).
During the reporting period, the company's credit status did not change significantly.At the end of the report perio
d, the company's assets and liabilities was 61.72%. During the reporting period, the guarantor sustained profitabili
ty, asset size keep growing and there is no negative change in credit conditions. The company paid interest on Mar
ch 10, 2014, on the 18th for 6th "08 Yudean debt"and "12 Yudean debt" in the first interest period.
Quantity of bonds held by the top ten bond shareholders of the Company(As of June 30, 2014)
Bond Name of shareholder Quantity of bonds
abbreviation and
code
08 Yudean Taiping Life insurance Co., Ltd－Universal－Group insurance 2,450,000
（112001） Universal
China Life Insurance Co., Ltd. 2,388,140
29
广东电力发展股份有限公司 2014 年半年度报告全文
Xinhua Life Insurance Co., Ltd.－ Universal - Satisfying 2,200,000
Money Management-018L-WN001 Shen
Zhongying Life insurance Co., Ltd. 2,114,775
Postal Savings Bank of China 2,000,000
China Post Finance Co., Ltd. 1,336,678
Taikang Life Insurance Co., Ltd.－ Dividend distribution － 999,854
Group Dividend Distribution -019L-FH001 Shen
Taikang Life Insurance Co., Ltd.－ Universal－Individual 999,800
Insurance Universal
Zhongyi Life Insurance Co., Ltd.－ Annuity product of China 800,000
Petroleum - Stock Account
Jinyuan Securities Co., Ltd. 530,805
12Yudean CCB 3,600,000
（112162） China Life Insurance Co., Ltd. 2,400,000
China Merchants bank 2,000,000
China Pingan Life insturance Co., Ltd.－Dividend distribution 1,400,000
－Individual insurance dividend
China Investment management －Bank of China－Bank of 1,200,000
China
China Pingan Life insturance Co., Ltd.－Universal－Individual 1,000,000
insurance universal
Tianhong Fund-ICBC-Tianghong –Pengyang No.11 Assets 200,000
Management Plan.
Jinyuan Securities Co., Ltd. 194,510
Wu Xuefang 1,410
Xue Hong 1,000
30
广东电力发展股份有限公司 2014 年半年度报告全文
VI. Change of share capital and shareholding of Principal Shareholders
1.Changes in share capital
In Shares
Before the change Increase/decrease（+，-） After the Change
Amount Proportion Capitalizat
ion of
Share Bonus Proportio
common Other Subtotal Quantity
allotment shares n
reserve
fund
I. Share with conditional 1,582,206, 1,582,206
36.16% 250 250 36.16%
subscription 139 ,389
2. State-owned legal 1,577,825, 1,577,825
36.06% 0 0 36.06%
person shares 387 ,387
3.Other domestic shares 4,380,752 0.10% 250 250 4,381,002 0.10%
Of which：Domestic legal
4,306,855 0.10% 0 0 4,306,855 0.10%
person shares
Domestic natural person
73,897 0.00% 250 250 74,147 0.00%
shares
I. Shares with 2,793,030, 2,793,030
63.84% -250 -250 63.84%
unconditional subscription 516 ,266
2,127,690, 2,127,690
1.Common shares in RMB 48.63% -250 -250 48.63%
516 ,266
2.Foreign shares in 665,340,0 665,340,0
15.21% 15.21%
domestic market 00 00
4,375,236, 4,375,236
III. Total of capital shares 100.00% 100.00%
655 ,655
Reasons for share changed:
√Applicable □ Not applicable
During the reporting period, the former company executives Mr. Luo Zhiheng resigned and the 250 shares with u
nconditional subscription transferred to executives lock shares.
Approval of Change of Shares
□ Applicable √ Not applicable
Ownership transfer of share changes
□ Applicable √ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to
common shareholders of Company in latest year and period
□ Applicable √ Not applicable
31
广东电力发展股份有限公司 2014 年半年度报告全文
Other information necessary to disclose for the company or need to disclosed under requirement from security
regulators
□ Applicable √ Not applicable
Explanation on changes in aspect of total shares, shareholders structures as well as structure of assets and liability
of the Company
□ Applicable √ Not applicable
II. Number of shares and shares held
In shares
Total number of preferred
Total number of common shareholders that had restored
shareholders at the end of the 119,465 the voting right at the end of the 0
reporting period reporting period (if any) (note
8)
Shareholding of shareholders holding more than 5% shares
Number os
Proporti
share
on of Number of Changes in Amount of Amount of
Nuture of pledged/frozen
Shareholders shares shares held at reporting restricted un-restricted
shareholder State
held period -end period shares held shares held Amoun
of
（%） t
share
Guangdong Yudean Group Co., State-owned
67.39% 2,948,297,867 1,577,825,387 1,370,472,480
Ltd. legal person
Guangdong Guangfa Electric State-owned
2.33% 101,777,185
Power Investment Co., Ltd. legal person
Guangdong Electric Power State-owned
1.80% 78,639,451
Development Corporation legal person
Domestic
China Construction Bank－
non
Penghua Value Advantage
State-o 0.65% 28,304,734 -3,937,305
Stock-linked
wned
Security Investment Fund
Legal person
GUOTAI JUNAN
Overseas
SECURITIES(HONGKONG) 0.38% 16,595,578 -2,705,353
legal person
LIMITED
BBH A/C VANGUARD
Overseas
EMERGING MARKETS 0.30% 13,330,537
legal person
STOCK INDEX FUND
CHINA INT'L CAPITAL CORP
Overseas
HONG KONG SECURITIES 0.26% 11,348,243 -391,867
legal person
LTD
32
广东电力发展股份有限公司 2014 年半年度报告全文
GOLDEN CHINA MASTER Overseas
0.26% 11,279,415
FUND legal person
Overseas
Chaokang Investment Co., Ltd. 0.22% 9,713,897
legal person
Domestic
natural
Li Zhuo 0.22% 9,619,676 9,619,676
person
shares
Strategy investors or general legal person
becomes top 10 shareholders due to rights N/A
issued (if applicable)（See Notes 3）
The third largest shareholder Guangdong Electric Power Development Co., Ltd.
and the ninth largest shareholders Guangdong Chaokang Investment Co., Ltd. are
Explanation on associated relationship among
the wholly-owned subsidiaries of the largest shareholder Yudean Group. These three
the aforesaid shareholders
companies have relationships; whether the other shareholders have relationships or
unanimous acting was unknown.
Shareholding of top 10 shareholders of unrestricted shares
Quantity of Share type
unrestricted shares
Name of the shareholder Quantit
held at the end of Share type
y
the reporting period
RMB Common
Guangdong Yudean Group Co., Ltd. 1,370,472,480
shares
RMB Common
Guangdong Guangfa Electric Power Investment Co., Ltd. 101,777,185
shares
RMB Common
Guangdong Electric Power Development Corporation 78,639,451
shares
China Construction Bank－Penghua Value Advantage Stock-linked RMB Common
28,304,734
Security Investment Fund shares
Foreign shares
GUOTAI JUNAN SECURITIES(HONGKONG) LIMITED 16,595,578 placed in domestic
exchange
Foreign shares
BBH A/C VANGUARD EMERGING MARKETS STOCK INDEX FUND 13,330,537 placed in domestic
exchange
Foreign shares
CHINA INT'L CAPITAL CORP HONG KONG SECURITIES LTD 11,348,243 placed in domestic
exchange
Foreign shares
GOLDEN CHINA MASTER FUND 11,279,415
placed in domestic
33
广东电力发展股份有限公司 2014 年半年度报告全文
exchange
Foreign shares
Chaokang Investment Co., Ltd. 9,713,897 placed in domestic
exchange
RMB Common
Li Zhuo 9,619,676
shares
The third largest shareholder Guangdong
Electric Power Development Co., Ltd. and the
ninth largest shareholders Guangdong Chaokang
Explanation on associated relationship or consistent action among the top 10 Investment Co., Ltd. are the wholly-owned
shareholders of non-restricted negotiable shares and that between the top 10 subsidiaries of the largest shareholder Yudean
shareholders of non-restricted negotiable shares and top 10 shareholders Group. These three companies have
relationships; whether the other shareholders
have relationships or unanimous acting was
unknown.
Li Zhuo. holds9,619,483 A shares of the
Company through stock account with credit
Explanation on shareholders participating in the margin trading business(if
transaction and guarantee and holds 193 A shares
any )(see note 4)
through ordinary stock account. hold 9,619,676
shares of the Company's stock totally.
Did any shareholder of the Company carry out an agreed buy-back in the reorting period?
□ Yes √ No
Shareholders of the Company had not carried out any agreed buy-back in the reporting period.
III. Change of the controlling shareholder or the actual controller
Change of the controlling shareholder in the reporting period
□ Applicable √ Not Applicable
There was no any change of the controlling shareholder of the Company in the reporting period.
Change of the actual controller in the reporting period
□ Applicable √ Not applicable
There was no any change of the actual controller of the Company in the reporting period.
IV. Particulars on shareholding increase scheme during the reporting period proposed or implemented by the
shareholders and act-in-concert persons
□ Applicable √ Not applicable
Within the scope known to the Company, there was no any shareholding increase scheme during the reporting
period proposed or implemented by the shareholders and act-in-concert persons.
34
广东电力发展股份有限公司 2014 年半年度报告全文
Section VII. Situation of the Preferred Shares
I.Situation of preferred stock issuance and listing during the reporting period
□ Applicable √ Not Applicable
35
广东电力发展股份有限公司 2014 年半年度报告全文
VIII. Information about Directors, Supervisors and Senior Executives
I. Change in shares held by directors, supervisors and senior executives
□ Applicable √ Not Applicable
There was no change in shareholding of directors, supervisors and senior management staffs, for the specific
information please refer to the 2013 Annual Report.
II. Changes in directors, supervisors and senior management staffs
√ Applicable □ Not applicable
Name Title Type Date Reason
Liu Qian Former Vice Chairman Leaving end-of -tour May 20, 2014 Leaving end-of -tour
Wang Jin Former Director Leaving end-of -tour May 20, 2014 Leaving end-of -tour
Rao Subo Former Director Leaving end-of -tour May 20, 2014 Leaving end-of -tour
Wang Jun Former Independent director Leaving end-of -tour May 20, 2014 Leaving end-of -tour
Song Xianzhong Former Independent director Leaving end-of -tour May 20, 2014 Leaving end-of -tour
Zhu Weiping Former Independent director Leaving end-of -tour May 20, 2014 Leaving end-of -tour
Feng Xiaoming Former Independent director Leaving end-of -tour May 20, 2014 Leaving end-of -tour
Former Employee
Tong Jianjun Leaving end-of -tour May 20, 2014 Leaving end-of -tour
Supervisor
Former Independent
Sha Qilin Leaving end-of -tour May 20, 2014 Leaving end-of -tour
supervisor
Former Independent
Xiang Ying Leaving end-of -tour May 20, 2014 Leaving end-of -tour
supervisor
Former director,
Lin Shizhuang Retiring, Dismissal January 17, 2014 Job transfer
General Manager
Luo Zhiheng Former Deputy Manager Dismissal April 22, 2014 Job transfer
Be elected in the General Elect
Zhu Dejun Director Be elected May 20, 2014
ions
Be elected in the General Elect
Yang Xinli Director Be elected May 20, 2014
ions
Be elected in the General Elect
Hu Xiaolei Director Be elected May 20, 2014
ions
Be elected in the General Elect
Sha Qilin Independent Director Be elected May 20, 2014
ions
Be elected in the General Elect
Mao Fugen Independent Director Be elected May 20, 2014
ions
Be elected in the General Elect
Ding Yougang Independent Director Be elected May 20, 2014
ions
36
广东电力发展股份有限公司 2014 年半年度报告全文
Be elected in the General Elect
Lu Jun Independent Director Be elected May 20, 2014
ions
Be elected in the General Elect
Li Qing Employee Supervisor Be elected May 20, 2014
ions
Be elected in the General Elect
Zhu Weiping Independent Supervisor Be elected May 20, 2014
ions
Be elected in the General Elect
Jiang Jinshuo Independent Supervisor Be elected May 20, 2014
ions
Be elected in the General Elect
Yao Jiheng Director, General Manager Be elected,Engaged January 17, 2014
ions, Hired
Yang Xuanxing Deputy General Manager Engaged January 17, 2014 Hired
37
广东电力发展股份有限公司 2014 年半年度报告全文
IX. Financial Report
1. Audit report
Has this semi-annual report been audited?
□ Yes √ No
The semi-annual financial report has not been audited.
II. Financial statements
Currency unit for the statements in the notes to these financial statements:RMB
1. Consolidated balance sheet
Prepared by：Guangdong Electric Power Development Co., Ltd.
In RMB
Items Year-end balance Year-beginning balance
Current asset：
Monetary fund 5,144,118,327.00 4,377,311,176.00
Settlement provision
Outgoing call loan
Trading financial assets
Bill receivable 0.00 1,800,000.00
Account receivable 3,289,795,395.00 3,266,445,752.00
Prepayments 1,265,148,799.00 1,497,883,626.00
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts receivable
Interest receivable 7,124,032.00 5,788,038.00
Dividend receivable
Other account receivable 134,756,744.00 327,650,307.00
Repurchasing of financial assets
Inventories 1,730,044,139.00 1,603,646,410.00
Non-current asset due in 1 year
Other current asset 775,827,900.00 1,057,135,500.00
Total of current assets 12,346,815,336.00 12,137,660,809.00
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广东电力发展股份有限公司 2014 年半年度报告全文
Non-current assets：
Loans and payment on other’s behalf disbursed
Disposable financial asset 287,107,320.00 298,871,738.00
Expired investment in possess
Long-term receivable 116,951,900.00 114,478,124.00
Long term share equity investment 7,243,799,746.00 7,025,016,544.00
Property investment 10,521,231.00 10,839,031.00
Fixed assets 40,249,325,783.00 41,524,036,240.00
Construction in progress 4,297,346,681.00 3,883,361,454.00
Engineering material 2,186,095.00 2,229,432.00
Fixed asset disposal 6,171,804.00 2,588,660.00
Production physical assets
Gas & petrol
Intangible assets 1,205,127,669.00 1,201,873,048.00
R & D petrol 367,521.00
Goodwill 2,449,886.00 2,449,886.00
Long-germ expenses to be amortized 3,255,757.00 324,905.00
Differed income tax asset 52,101,276.00 47,041,613.00
Other non-current asset 1,805,582,302.00 1,667,947,551.00
Total of non-current assets 55,282,294,971.00 55,781,058,226.00
Total of assets 67,629,110,307.00 67,918,719,035.00
Current liabilities
Short-term loans 9,254,795,553.00 9,361,000,000.00
Loan from Central Bank
Deposit received and hold for others
Call loan received
Trade off financial liabilities
Bill payable 730,839,198.00 1,523,123,018.00
Account payable 2,671,503,810.00 2,743,864,659.00
Advance payment 1,874,410.00 1,084,177.00
Selling of repurchased financial assets
Fees and commissions receivable
Employees’ wage payable 272,895,812.00 162,241,634.00
Tax payable 673,906,978.00 797,347,744.00
39
广东电力发展股份有限公司 2014 年半年度报告全文
Interest payable 222,453,607.00 188,370,219.00
Dividend payable 13,434,168.00 12,558,757.00
Other account payable 2,873,851,488.00 3,430,874,713.00
Reinsurance fee payable
Insurance contract provision
Entrusted trading of securities
Entrusted selling of securities
Non-current liability due in 1 year 4,392,767,813.00 2,090,742,188.00
Other current liability 0.00 1,348,750,493.00
Total of current liability 21,108,322,837.00 21,659,957,602.00
Non-current liabilities：
Long-term loan 17,366,905,979.00 15,272,003,561.00
Bond payable 1,194,285,736.00 3,190,970,481.00
Long-term payable 1,943,995,144.00 2,088,355,894.00
Special payable 6,618,277.00 10,779,740.00
Expected liabilities
Differed income tax liability 11,762,696.00 12,303,165.00
Other non-current liabilities 106,546,622.00 91,677,740.00
Differed income 20,630,114,454.00 20,666,090,581.00
Total of liability 41,738,437,291.00 42,326,048,183.00
Owners’ equity
Share capital 4,375,236,655.00 4,375,236,655.00
Capital reserves 5,035,895,413.00 5,044,718,726.00
Less：Shares in stock
Special reserves
Surplus reserves 4,810,903,365.00 4,203,571,276.00
Common risk provision
Undistributed profit 5,593,468,519.00 5,431,387,393.00
Different of foreign currency translation
Total of owner’s equity belong to the parent company 19,815,503,952.00 19,054,914,050.00
Minority shareholders’ equity 6,075,169,064.00 6,537,756,802.00
Total of owners’ equity 25,890,673,016.00 25,592,670,852.00
Total of liabilities and owners’ equity 67,629,110,307.00 67,918,719,035.00
Legal representative ：Pan Li Person-in-charge of the accounting work：Li Xiaoqing Person-in -charge of the accounting organ：Qin Jingdong
40
广东电力发展股份有限公司 2014 年半年度报告全文
2. Balance sheet of the Parent Company
Prepared by：Guangdong Electric Power Development Co., Ltd.
In RMB
Items Year-end balance Year-beginning balance
Current asset：
Monetary fund 673,732,521.00 296,476,854.00
Trading financial assets
Bill receivable
Account receivable 338,321,969.00 252,615,520.00
Prepayments 142,657,140.00 183,758,605.00
Interest receivable 1,281,903.00 1,543,756.00
Dividend receivable 9,155,096.00 9,155,096.00
Other account receivable 307,188,500.00 111,309,157.00
Inventories 131,459,747.00 148,348,001.00
Non-current asset due in 1 year
Other current asset 85,145,999.00 85,145,999.00
Total of current assets 1,688,942,875.00 1,088,352,988.00
Non-current assets：
Disposable financial asset 287,107,320.00 298,871,738.00
Expired investment in possess
Long-term receivable 350,000,000.00 500,000,000.00
Long term share equity investment 21,945,431,126.00 21,316,647,925.00
Property investment 10,521,232.00 10,839,031.00
Fixed assets 1,269,731,205.00 1,224,223,876.00
Construction in progress 64,326,867.00 89,192,352.00
Engineering material
Fixed asset disposal 3,140,651.00 1,976,080.00
Production physical assets
Gas & petrol
Intangible assets 101,255,864.00 102,887,809.00
R & D petrol
Goodwill
Long-germ expenses to be amortized
Differed income tax asset 3,524,872.00 583,768.00
41
广东电力发展股份有限公司 2014 年半年度报告全文
Other non-current asset 90,000,000.00 270,000,000.00
Total of non-current assets 24,125,039,137.00 23,815,222,579.00
Total of assets 25,813,982,012.00 24,903,575,567.00
Current liabilities
Short-term loans 1,530,000,000.00 1,400,000,000.00
Trade off financial liabilities
Bill payable 348,839,198.00 137,874,618.00
Account payable 241,829,394.00 320,001,507.00
Advance payment
Employees’ wage payable 34,808,311.00 35,715,896.00
Tax payable 36,581,414.00 20,225,274.00
Interest payable 57,949,953.00 153,688,714.00
Dividend payable 8,504,501.00 7,629,090.00
Other account payable 192,688,849.00 202,749,305.00
Non-current liability due in 1 year 2,057,197,649.00 89,000,000.00
Other current liability 623,885,333.00
Total of current liability 4,508,399,269.00 2,990,769,737.00
Non-current liabilities：
Long-term loan 1,500,000,000.00 1,500,000,000.00
Bond payable 1,194,285,736.00 3,190,970,481.00
Long-term payable
Special payable
Expected liabilities
Differed income tax liability
Other non-current liabilities 49,881,131.00 27,885,554.00
Total of Non-current liabilities 2,744,166,867.00 4,718,856,035.00
Total of liability 7,252,566,136.00 7,709,625,772.00
Owners’ equity
Share capital 4,375,236,655.00 4,375,236,655.00
Capital reserves 5,644,601,335.00 5,653,424,648.00
Less：Shares in stock
Special reserves
Surplus reserves 4,810,903,365.00 4,203,571,276.00
Commonly risk reserves
42
广东电力发展股份有限公司 2014 年半年度报告全文
Undistributed profit 3,730,674,521.00 2,961,717,216.00
Different of foreign currency translation
Total of owners’ equity 18,561,415,876.00 17,193,949,795.00
Total of liabilities and owners’ equity 25,813,982,012.00 24,903,575,567.00
Legal representative ：Pan Li Person-in-charge of the accounting work：Li Xiaoqing Person-in -charge of the accounting organ：Qin Jingdong
3. Consolidated Profit statement
Prepared by：Guangdong Electric Power Development Co., Ltd.
In RMB
Items Report period Same period of the previous year
I. Income from the key business 14,971,313,646.00 14,547,027,472.00
Incl：Business income 14,971,313,646.00 14,547,027,472.00
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 12,351,960,481.00 12,529,956,769.00
Incl：Business cost 10,982,443,113.00 11,025,868,327.00
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Insurance policy dividend paid
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 85,666,772.00 100,133,677.00
Sales expense 1,471,882.00 1,753,357.00
Administrative expense 396,554,512.00 401,370,835.00
Financial expenses 887,886,490.00 983,330,573.00
Asset impairment loss -2,062,288.00 17,500,000.00
Add：Gains from change of fir value （“-”for loss）
Investment gain（“-”for loss） 350,116,580.00 379,355,414.00
Incl: investment gains from affiliates 336,254,319.00 348,882,444.00
Gains from currency exchange（“-”for loss）
43
广东电力发展股份有限公司 2014 年半年度报告全文
III. Operational profit（“-”for loss 2,969,469,745.00 2,396,426,117.00
Add：Non-business income 16,955,331.00 22,045,003.00
Less：Non business expenses 26,279,545.00 1,192,282.00
Incl：Loss from disposal of non-current assets 20,960,267.00 190,368.00
IV.Total profit(“-”for loss) 2,960,145,531.00 2,417,278,838.00
Less：Income tax expenses 637,267,131.00 493,910,564.00
V. Net profit（“-”for net loss 2,322,878,400.00 1,923,368,274.00
Including: Net profit realized by the entity taken over
before the takeover
Net profit attributable to the owners of parent company 1,644,460,546.00 1,357,484,280.00
Minority shareholders’ equity 678,417,854.00 565,883,994.00
VI. Earnings per share： -- --
（I）Basic earnings per share 0.38 0.31
(II)Diluted earnings per share 0.38 0.31
VII. Other comprehensive income -8,823,313.00 -31,807,496.00
VIII. Total comprehensive income 2,314,055,087.00 1,891,560,778.00
Total comprehensive income attributable to the owner of the
1,635,637,233.00 1,325,676,784.00
parent company
Total comprehensive income attributable minority
678,417,854.00 565,883,994.00
shareholders
Legal representative ：Pan Li Person-in-charge of the accounting work：Li Xiaoqing Person-in -charge of the accounting organ：Qin Jingdong
4. Profit statement of the Parent Company
Prepared by：Guangdong Electric Power Development Co., Ltd.
In RMB
Items Report period Same period of the previous year
I. Income from the key business 1,336,343,088.00 1,494,929,807.00
Incl：Business cost 1,020,967,418.00 1,190,666,864.00
Business tax and surcharge 7,710,083.00 9,292,875.00
Sales expense 14,200.00 191,849.00
Administrative expense 62,046,419.00 74,898,654.00
Financial expenses 186,366,961.00 172,176,352.00
44
广东电力发展股份有限公司 2014 年半年度报告全文
Asset impairment loss -1,388,889.00
Add：Gains from change of fir value （“-”for loss）
Investment gain（“-”for loss） 2,206,084,036.00 1,163,629,634.00
Incl: investment gains from affiliates 336,254,319.00 348,882,444.00
II. Operational profit（“-”for loss 2,266,710,932.00 1,211,332,847.00
Add：Non-business income 3,417,626.00 1,786,767.00
Less：Non business expenses 4,944,391.00 277,657.00
Incl：Loss from disposal of non-current assets 910,256.00
III.Total profit(“-”for loss) 2,265,184,167.00 1,212,841,957.00
Less：Income tax expenses 13,847,442.00
IV. Net profit（“-”for net loss） 2,251,336,725.00 1,212,841,957.00
V. Earnings per share： -- --
（I）Basic earnings per share
(II)Diluted earnings per share
VI. Other comprehensive income -8,823,313.00 -31,807,496.00
VII. Total comprehensive income 2,242,513,412.00 1,181,034,461.00
Legal representative ：Pan Li Person-in-charge of the accounting work：Li Xiaoqing Person-in -charge of the accounting organ：Qin Jingdong
5. Consolidated Cash flow statement
Prepared by：Guangdong Electric Power Development Co., Ltd.
In RMB
Items Report period Same period of the previous year
I.Cash flows from operating activities
Cash received from sales of goods or rending of services 17,544,601,068.00 16,886,304,978.00
Net increase of customer deposits and capital kept for brother
company
Net increase of loans from central bank
Net increase of inter-bank loans from other financial bodies
Cash received against original insurance contract
Net cash received from reinsurance business
Net increase of client deposit and investment
Net increase of trade financial asset disposal
Cash received as interest, processing fee and commission
Net increase of inter-bank fund received
45
广东电力发展股份有限公司 2014 年半年度报告全文
Net increase of repurchasing business
Tax returned 5,269,271.00 8,677,089.00
Other cash received from business operation 107,482,653.00 65,219,924.00
Sub-total of cash inflow 17,657,352,992.00 16,960,201,991.00
Cash paid for purchasing of merchandise and services 10,306,659,130.00 9,110,963,679.00
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 for staffs 705,648,519.00 667,731,364.00
Taxes paid 1,831,039,047.00 1,595,629,720.00
Other cash paid for business activities 279,876,385.00 262,586,367.00
Sub-total of cash outflow from business activities 13,123,223,081.00 11,636,911,130.00
Cash flow generated by business operation, net 4,534,129,911.00 5,323,290,861.00
II.Cash flow generated by investing
Cash received from investment retrieving 95,095,390.00 258,780,000.00
Cash received as investment gains 145,416,583.00 73,871,656.00
Net cash retrieved from disposal of fixed assets, intangible
5,960,128.00 2,853,086.00
assets, and other long-term assets
Net cash received from disposal of subsidiaries or other
operational units
Net cash received from disposal of subsidiaries or other
422,451,302.00
operational units
Sub-total of cash inflow due to investment activities 246,472,101.00 757,956,044.00
Cash paid for construction of fixed assets, intangible assets
1,843,387,663.00 1,085,719,507.00
and other long-term assets
Cash paid as investment 12,926,100.00 24,000,000.00
Net increase of loan against pledge
Net cash received from subsidiaries and other operational
units
Other cash paid for investment activities 150,000.00
Sub-total of cash outflow due to investment activities 1,856,313,763.00 1,109,869,507.00
Net cash flow generated by investment -1,609,841,662.00 -351,913,463.00
III.Cash flow generated by financing
46
广东电力发展股份有限公司 2014 年半年度报告全文
Cash received as investment 30,000,000.00 42,000,000.00
Incl: Cash received as investment from minor shareholders 30,000,000.00 42,000,000.00
Cash received as loans 13,051,747,796.00 13,518,405,946.00
Cash received from bond placing
Other financing –related ash received
Sub-total of cash inflow from financing activities 13,081,747,796.00 13,560,405,946.00
Cash to repay debts 12,360,309,069.00 14,125,818,695.00
Cash paid as dividend, profit, or interests 2,878,919,825.00 1,612,454,756.00
Incl: Dividend and profit paid by subsidiaries to minor
1,171,005,593.00 320,442,690.00
shareholders
Other cash paid for financing activities 5,691,659.00
Sub-total of cash outflow due to financing activities 15,239,228,894.00 15,743,965,110.00
Net cash flow generated by financing -2,157,481,098.00 -2,183,559,164.00
IV. Influence of exchange rate alternation on cash and cash
equivalents
V.Net increase of cash and cash equivalents 766,807,151.00 2,787,818,234.00
Add: balance of cash and cash equivalents at the beginning of
4,377,311,176.00 2,813,898,537.00
term
VI.Balance of cash and cash equivalents at the end of term 5,144,118,327.00 5,601,716,771.00
Legal representative ：Pan Li Person-in-charge of the accounting work：Li Xiaoqing Person-in -charge of the accounting organ：Qin Jingdong
6. Cash flow statement of the Parent Company
Prepared by：Guangdong Electric Power Development Co., Ltd.
In RMB
Items Report period Same period of the previous year
I.Cash flows from operating activities
Cash received from sales of goods or rending of services 1,487,034,175.00 1,724,451,124.00
Tax returned
Other cash received from business operation 26,812,959.00 52,590,539.00
Sub-total of cash inflow 1,513,847,134.00 1,777,041,663.00
Cash paid for purchasing of merchandise and services 758,970,126.00 1,112,888,534.00
Cash paid to staffs or paid for staffs 155,959,256.00 163,137,690.00
Taxes paid 84,282,692.00 112,610,103.00
Other cash paid for business activities 54,247,259.00 49,545,061.00
Sub-total of cash outflow from business activities 1,053,459,333.00 1,438,181,388.00
47
广东电力发展股份有限公司 2014 年半年度报告全文
Cash flow generated by business operation, net 460,387,801.00 338,860,275.00
II.Cash flow generated by investing
Cash received from investment retrieving 345,095,391.00 366,200,000.00
Cash received as investment gains 2,000,266,130.00 671,864,697.00
Net cash retrieved from disposal of fixed assets, intangible
637,415.00 9,746,181.00
assets, and other long-term assets
Net cash received from disposal of subsidiaries or other
operational units
Other cash receivable for investment activities 422,451,302.00
Sub-total of cash inflow due to investment activities 2,345,998,936.00 1,470,262,180.00
Cash paid for construction of fixed assets, intangible assets
104,340,140.00 90,348,412.00
and other long-term assets
Cash paid as investment 642,776,100.00 610,000,000.00
Net cash received from subsidiaries and other operational
units
Other cash paid for investment activities
Sub-total of cash outflow due to investment activities 747,116,240.00 700,348,412.00
Net cash flow generated by investment 1,598,882,696.00 769,913,768.00
III.Cash flow generated by financing
Cash received from capital contributions
Cash received as loans 1,350,000,000.00 3,011,000,000.00
Cash received from bond placing
Other financing –related ash received
Sub-total of cash inflow from financing activities 1,350,000,000.00 3,011,000,000.00
Cash to repay debts 1,850,000,000.00 2,834,100,000.00
Cash paid as dividend, profit, or interests 1,182,014,830.00 506,907,377.00
Other cash paid for financing activities 9,432,397.00
Sub-total of cash outflow due to financing activities 3,032,014,830.00 3,350,439,774.00
Net cash flow generated by financing -1,682,014,830.00 -339,439,774.00
IV. Influence of exchange rate alternation on cash and cash
equivalents
V.Net increase of cash and cash equivalents 377,255,667.00 769,334,269.00
Add: balance of cash and cash equivalents at the beginning of
296,476,854.00 333,626,540.00
term
VI.Balance of cash and cash equivalents at the end of term 673,732,521.00 1,102,960,809.00
48
广东电力发展股份有限公司 2014 年半年度报告全文
Legal representative ：Pan Li Person-in-charge of the accounting work：Li Xiaoqing Person-in -charge of the accounting organ：Qin Jingdong
7. Consolidated Statement on Change in Owners’ Equity
Prepared by：Guangdong Electric Power Development Co., Ltd.
Report period
In RMB
Report period
Owner’s equity Attributable to the Parent Company
Commo Minor Total of
Items
Less: Speciali Attribut
Share Capital Surplus n risk sharehold owners’
Shares zed able Other
Capital reserves reserves provisio ers’ equity equity
in stock reserve profit
n
4,375,2 4,203,5
5,044,71 5,431,38 6,537,756 25,592,670
I.Balance at the end of last year 36,655. 71,276.
8,726.00 7,393.00 ,802.00 ,852.00
00 00
Add: Change of accounting
policy
Correcting of previous errors
Other
4,375,2 4,203,5
II.Balance at the beginning of 5,044,71 5,431,38 6,537,756 25,592,670
36,655. 71,276.
current year 8,726.00 7,393.00 ,802.00 ,852.00
00 00
-8,823,3 607,332 162,081, -462,587, 298,002,16
III.Changed in the current year
13.00 ,089.00 126.00 738.00 4.00
1,644,46 678,417,8 2,322,878,
（I） Net profit
0,546.00 54.00 400.00
-8,823,3 -8,823,313.
（II）Other misc.income
13.00 00
-8,823,3 1,644,46 678,417,8 2,314,055,
Total of (I) and (II)
13.00 0,546.00 54.00 087.00
(III) Investment or decreasing 30,000,00 30,000,000
of capital by owners 0.00 .00
1. Capital inputted by owners
2．Amount of shares paid and
accounted as owners’ equity
3. Other
-1,482,3
607,332 -1,171,00 -2,046,052,
（IV）Profit allotment 79,420.0
,089.00 5,592.00 923.00
0
49
广东电力发展股份有限公司 2014 年半年度报告全文
607,332 -607,33
1.Providing of surplus reserves
,089.00 2,089.00
2.Providing of common risk
provisions
3．Allotment to the owners (or -875,04 -1,171,00 -2,046,052,
shareholders) 7,331.00 5,592.00 923.00
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
（VII）Other
4,375,2 4,810,9
IV. Balance at the end of this 5,035,89 5,593,46 6,075,169 25,890,673
36,655. 03,365.
term 5,413.00 8,519.00 ,064.00 ,016.00
00 00
Amount of the previous term
In RMB
Amount of the previous term
Owner’s equity Attributable to the Parent Company
Commo Minor Total of
Items
Less: Speciali Attribut
Share Capital Surplus n risk sharehold owners’
Shares zed able Other
Capital reserves reserves provisio ers’ equity equity
in stock reserve profit
n
4,375,2 3,955,5
5,025,28 2,899,22 5,719,434 21,974,756
I.Balance at the end of last year 36,655. 68,618.
9,056.00 7,999.00 ,200.00 ,528.00
00 00
Add：Retrospective adjustment
caused by merger of entities
under common control
Add: Change of accounting
50
广东电力发展股份有限公司 2014 年半年度报告全文
policy
Correcting of previous errors
Other
4,375,2 3,955,5
II.Balance at the beginning of 5,025,28 2,899,22 5,719,434 21,974,756
36,655. 68,618.
current year 9,056.00 7,999.00 ,200.00 ,528.00
00 00
19,429,6 248,002 2,532,15 818,322,6 3,617,914,
III.Changed in the current year
70.00 ,658.00 9,394.00 02.00 324.00
3,086,42 1,256,830 4,343,258,
（I） Net profit
8,618.00 ,371.00 989.00
24,053,5 24,053,567
（II）Other misc.income
67.00 .00
24,053,5 3,086,42 1,256,830 4,367,312,
Total of (I) and (II)
67.00 8,618.00 ,371.00 556.00
(III) Investment or decreasing -16,135, -23,542,4 -39,677,91
of capital by owners 443.00 76.00 9.00
-2,004,4 48,521,21 46,516,758
1. Capital inputted by owners
52.00 0.00 .00
2．Amount of shares paid and
accounted as owners’ equity
-14,130, -72,063,6 -86,194,67
3. Other
991.00 86.00 7.00
248,002 -554,26 -414,965, -721,231,8
（IV）Profit allotment
,658.00 9,224.00 293.00 59.00
248,002 -248,00
1.Providing of surplus reserves
,658.00 2,658.00
2.Providing of common risk
provisions
3．Allotment to the owners (or -306,26 -414,965, -721,231,8
shareholders) 6,566.00 293.00 59.00
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
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广东电力发展股份有限公司 2014 年半年度报告全文
reserves.
4. Other
(VI) Special reserves
1. Provided this year
2．Used this term
11,511,5 11,511,546
（VII）Other
46.00 .00
4,375,2 4,203,5
IV. Balance at the end of this 5,044,71 5,431,38 6,537,756 25,592,670
36,655. 71,276.
term 8,726.00 7,393.00 ,802.00 ,852.00
00 00
Legal representative ：Pan Li Person-in-charge of the accounting work：Li Xiaoqing Person-in -charge of the accounting organ：Qin Jingdong
8. Statement of change in owner’s Equity of the Parent Company
Prepared by：Guangdong Electric Power Development Co., Ltd.
Amount of the Current term
In RMB
Amount of the Current term
Less: Common Total of
Items Share Capital Specialized Surplus Attributabl
Shares in risk owners’
Capital reserves reserve reserves e profit
stock provision equity
4,375,236, 5,653,424, 4,203,571, 2,961,717, 17,193,949
I.Balance at the end of last year
655.00 648.00 276.00 216.00 ,795.00
Add: Change of accounting
policy
Correcting of previous errors
Other
II.Balance at the beginning of 4,375,236, 5,653,424, 4,203,571, 2,961,717, 17,193,949
current year 655.00 648.00 276.00 216.00 ,795.00
-8,823,313. 607,332,08 768,957,30 1,367,466,
III.Changed in the current year
00 9.00 5.00 081.00
2,251,336, 2,251,336,
（I） Net profit
725.00 725.00
-8,823,313. -8,823,313.
（II）Other misc.income
00 00
-8,823,313. 2,251,336, 2,242,513,
Total of (I) and (II)
00 725.00 412.00
(III) Investment or decreasing of
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广东电力发展股份有限公司 2014 年半年度报告全文
capital by owners
1. Capital inputted by owners
2．Amount of shares paid and
accounted as owners’ equity
3. Other
607,332,08 -1,482,379, -875,047,3
（IV）Profit allotment
9.00 420.00 31.00
607,332,08 -607,332,0
1.Providing of surplus reserves 0.00
9.00 89.00
2.Providing of common risk
provisions
3．Allotment to the owners (or -875,047,3 -875,047,3
shareholders) 31.00 31.00
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
（VII）Other
IV. Balance at the end of this 4,375,236, 5,644,601, 4,810,903, 3,730,674, 18,561,415
term 655.00 335.00 365.00 521.00 ,876.00
Amount of the previous term
In RMB
Amount of the previous term
Less: Common Total of
Items Share Capital Specialize Surplus Attributabl
Shares in risk owners’
Capital reserves d reserve reserves e profit
stock provision equity
4,375,236, 5,617,859, 3,955,568, 1,780,751, 15,729,416
I.Balance at the end of last year
655.00 535.00 618.00 901.00 ,709.00
53
广东电力发展股份有限公司 2014 年半年度报告全文
Add: Change of accounting
policy
Correcting of previous errors
Other
II.Balance at the beginning of 4,375,236, 5,617,859, 3,955,568, 1,780,751, 15,729,416
current year 655.00 535.00 618.00 901.00 ,709.00
35,565,113 248,002,65 1,180,965, 1,464,533,
III.Changed in the current year
.00 8.00 315.00 086.00
1,735,234, 1,735,234,
（I） Net profit
539.00 539.00
24,053,567 24,053,567
（II）Other misc.income
.00 .00
24,053,567 1,735,234, 1,759,288,
Total of (I) and (II)
.00 539.00 106.00
(III) Investment or decreasing of
capital by owners
1. Capital inputted by owners
2．Amount of shares paid and
accounted as owners’ equity
3. Other
248,002,65 -554,269,2 -306,266,5
（IV）Profit allotment
8.00 24.00 66.00
248,002,65 -248,002,6
1.Providing of surplus reserves
8.00 58.00
2.Providing of common risk
provisions
3．Allotment to the owners (or -306,266,5 -306,266,5
shareholders) 66.00 66.00
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
54
广东电力发展股份有限公司 2014 年半年度报告全文
(VI) Special reserves
1. Provided this year
2．Used this term
11,511,546 11,511,546
（VII）Other
.00 .00
IV. Balance at the end of this 4,375,236, 5,653,424, 4,203,571, 2,961,717, 17,193,949
term 655.00 648.00 276.00 216.00 ,795.00
Legal representative ：Pan Li Person-in-charge of the accounting work：Li Xiaoqing Person-in -charge of the accounting organ：Qin Jingdong
III．Basic Information of the Company
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.) on 8 September 1992,. 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 44,000,000 Renminbi denominated ordinary shares (“A shares”) and 105,000,000
domestically listed foreign shares (“B shares”) for listing on the Shenzhen Stock Exchange on 26 November 1993
and 28 June 1995 respectively. After this issuance, the total share capital of the Company increased to RMB
505,250,000.
In 2001, prusuant to the approval on the implementation Plan of Guangdong Province’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.
Pursuant to the Approval on the Share Reform Scheme of Guangdong Electric Power Development Co., Ltd. (Yue
Guo Zi Han[2005] No.452) issued by the State-owned Assets Supervision and Administration Commission of
Guangdong Province (Guangdong SASAC), the Company carried out the non-tradable share reform on 18
January 2006. The non-tradable shareholders paid 3.1 shares per 10 shares to the tradable A-share shareholders,
who were registered on the date of the equity change registration (18 January 2006), and 121,357,577 legal person
shares were paid in total.All the legal person shares can be traded on the Shenzhen Stock Exchange starting from
55
广东电力发展股份有限公司 2014 年半年度报告全文
19 January 2006, but they are subject to lock-up periods ranging from one to three years.After the share reform,
Yudean’s equity interest in the Company decreased to 46.34%.
All corporate shares of the company hold tradable and listed the Shenzhen Stock Exchange, the con
vention of the restricted period ranging from 1-3 years.
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%
Pursuant to the approval on the Restructuring Plan of Guangdong Yudean Group Co., Ltd and Guangdong Electric
Power Development Co., Ltd., and the Approval on the Guangdong Electric Power Development Co., Ltd.,
Issuing Shares to Buy Assets of Guangdong Yudean Group Co., Ltd. Documents issued by the Stte-owned Assets
Supervision and Administration Commission of Guangdong and accordingly referred to as Yue Guo Zi Han(2011)
No.945 and Zheng Jian Xu Ke(2012) No.865, the Company non-public offered the domestic listed ordinary
shares( A share) in December, 2012, 1 RMB in book value per share and 4.73 RMB is issue price per share, and
the number of issued is 1,577,785,517, which once registered in Guangdong Yudean Group Co., Ltd can’t transfer
to others within 36 months. Guangdong Yudean Group Group Co., Ltd used the 60% shares of Shenzhen
Guangqian Electric Power Generation Company。（”Huizhou Pinghai”）, 40% share3s of Guangdong Red Bay
Electric Power Co., Ltd.(“ Red Bay Electric”), 20% shares of Guangdong Guohua Yudean Taishan Generation
Company.(“ Guohua Taishan”) and 15% shares of Guangdong Electric Fuel Supply Co., Ltd.( “ Fuel Supply”) (all
above collectively referred to as “ Targeted Assets “) to buy the dom Power Holding Co., (“Guangqian Electric”) ,
35% shares of Guangdong Huizhou LNG Power Co., Ltd.(“ Huizhou LNG”), 40% Shares shares of Guangdong
Yudean Shibeishan Wind Power Co., Ltd.(“ Shibeishan”), 45% shares of Guangdong Huizhou Pinghai estic listed
ordinary shares ( A share) of Guangdong Yudean Group Co., Ltd. after the non-tradable share offering the stock
shares which were owned by Yudean Increased from 48.99% to 67.39%.
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.
IV．Principal accounting policies, accounting estimates and early errors
1.Basis for the preparation of financial statements
The interim financial statements were prepared according to the requirements of No. 32 Accounting Standard for
Business Enterprises - Interim Financial Report promulgated by Ministry of Finance of the People's Republic of
China (hereinafter referred to as "Ministry of Finance") and No. 3 Standard for Contents and Formats of
Information Disclosure of the Companies Publicly Issuing Securities - Contents and Formats of Semiannual
Report promulgated by China Securities Regulatory Commission (hereinafter referred to as "CSRC") (revision in
2007). The accounting policies used for preparing the interim financial statements are the same with those used
for preparing the financial statements for the previous year. According to No.32 Accounting Standard for Business
Enterprises -- Interim Financial Report, the notes to interim financial statements were appropriately simplified as
compared with the notes to yearly financial statements.
56
广东电力发展股份有限公司 2014 年半年度报告全文
2.Complying with the statements in Accounting Standards for Business Enterprises
The financial Report and statements are prepared with compliance to the requirement of the Enterprise
Accounting Standard. They reflect the financial position as of June 30, 2014 as well as the business performance
and cash flow situation in the first half of 2014 of the Company frankly and completely.
3. Accounting period
Fiscal year is dated from Gregorian calendar Jan., 1 to Gregorian calendar Decmber., 31.
The accounting of the financial statements during the period starts from January 1, 2014 to 6 months ended June 3
0,
4. Accounting standard money
The Company takes RMB as the standard currency for bookkeeping.
5. Accounting process method of enterprise consolidation under same and different controlling.
(1) Business combinations involving enterprises under common control
A business combination involving enterprises under common control is a business combination in which all of the
combining enterprises are ultimately controlled by the same party or parties both before and after the business
combination, and that control is not transitory. The assets and liabilities obtained are measured at the carrying
amounts as recorded by the enterprise being combined at the combination date. The difference between the
carrying amount of the net assets obtained and the carrying amount of consideration paid for the combination (or
the total par value of shares issued) is adjusted to share premium (or capital premium) in the capital reserve. If the
balance of share premium (or capital premium) is insufficient, any excess is adjusted to retained earnings. Any
costs directly attributable to the combination are recognised in profit or loss for the current period when occurred.
The combination date is the date on which one combining enterprise effectively obtains control of the other
combining enterprises.Transaction costs incurred from the issuance of equity securities or debt securities for the
combination are included in the initial costs of equity securities or debt securities.Other costs directly attributable
to the combination are recognised in profit or loss for the current period.
(2) Business combinations involving enterprises not under common control
A business combination involving enterprises not under common control is a business combination in which all of
the combining enterprises are not ultimately controlled by the same party or parties both before and after the
business combination. the aggregate of the fair value at the acquisition date of assets transferred (including the
acquirer’s previously held equity interest in the acquiree), liabilities incurred or assumed,and equity securities
issued by the acquirer, in exchange for control of the acquiree,exceeds. the acquirer’s interest in the fair value at
the acquisition date of the acquiree’s identifiable net assets, the difference is recognised as goodwill. the
difference is recognised in profit or loss for the current period. The costs of the issuance of equity or debt
securities as a part of the consideration paid for the acquisition are included as a part of initial recognition amount
of the equity or debt securities. Other acquisition-related costs arising from the business combination are
recognised as expenses in the periods in which the costs are incurred.The difference between the fair value and the
carrying amount of the assets transferred is recognised in profit or loss. The acquiree’s identifiable assets,
liabilities and contingent liabilities, if satisfying the recognition criteria, are recognised by the Group at their fair
value at the acquisition date. The acquisition date is the date on which the acquirer effectively obtains control of
57
广东电力发展股份有限公司 2014 年半年度报告全文
the acquiree.
6.Preparation of consolidated financial statements
（1）Preparation of consolidated financial statements
The scope of consolidated financial statements is based on control and the consolidated financial statements
comprise the Company and its subsidiaries. Control is the power to govern the financial and operating policies of
an enterprise so as to obtain benefits from its operating activities. The financial position, financial performance
and cash flows of subsidiaries are included in the consolidated financial statements from the date that control
commences until the date that control ceases.
Where a subsidiary was acquired during the reporting period, through a business combination involving
enterprises under common control, the financial statements of the subsidiary are included in the consolidated
financial statements as if the combination had occurred at the date that the ultimate controlling party first obtained
control. The opening balances and the comparative figures of the consolidated financial statements are also
restated. In the preparation of the consolidated financial statements, the subsidiary’s assets and liabilities based on
their carrying amounts are included in the consolidated balance sheet, and financial performance is included in the
consolidated income statement, respectively, from the date that the ultimate parent company of the Company
obtains the control of the subsidiary to be consolidated. Net profit realised before the combination date is listed in
the consolidated income statements as a separate item.
Where a subsidiary was acquired during the reporting period, through a business combination involving
enterprises not under common control, the identifiable assets and liabilities of the acquired subsidiaries are
included in the scope of consolidation from the date that control commences, base on the fair value of those
identifiable assets and liabilities at the acquisition date.
Where the Company acquires a minority interest from a subsidiary’s minority shareholders, the difference
between the amount by which the minority interests are adjusted to the capital reserve (share premium) in the
consolidated balance sheet. If the credit balance of capital reserve (share premium) is insufficient, any excess is
adjusted to retained earnings.
Minority interest is presented separately in the consolidated balance sheet within shareholders’ equity. Net profit
or loss attributable to minority shareholders is presented separately in the consolidated income statement below
the net profit line item. Comprehensive income attributable to minority shareholders is presented separately in
the consolidated income statement below the total comprehensive income line item.
When the accounting period or accounting policies of a subsidiary are different from those of the Company, the
Company makes necessary adjustments to the financial statements of the subsidiary based on the Company’s own
accounting period or accounting policies. Intra-group balances and transactions, and any unrealised profit or loss
arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised
losses resulting from intra-group transactions are eliminated in the same way as unrealised gains but only to the
extent that there is no evidence of impairment.
7. Cash and cash equivalents
The cash listed in cash flow table refers to stored cash and payable deposit whenever, the term “ cash “ refers to
cash on hand and deposits that are available for payment at any time. The term : cash equivalents” refers to
short-term and highly liquid investments that are readily convertible to known amounts of cash and which are
58
广东电力发展股份有限公司 2014 年半年度报告全文
subject to an insignificant risk of change in value.
8. Foreign currency Convert
（1）Foreign currency Transactions
When the Group receives capital in foreign currencies from investors, the capital is translated to RMB at the spot
exchange rate at the date of the receipt. Other foreign currency transactions are, on initial recognition, translated to
RMB at the spot exchange rates on the dates of the transactions.
A spot exchange rate is an exchange rate quoted by the People’s Bank of China.
(2)Foreign currency translation of financial statements
Monetary items denominated in foreign currencies are translated to Renminbi at the spot exchange rate at the
balance sheet date. The resulting exchange differences, except for those arising from the principal and interest of
specific foreign currency borrowings for the purpose of acquisition and construction of qualifying assets, are
recognised in profit or loss. Non-monetary items denominated in foreign currencies that are measured at historical
cost are translated to Renminbi using the foreign exchange rate at the transaction date.
9. Financial instruments
Financial instruments comprise Financial assets , Financial liabilities and Equity instruments.
(1) Classification of financial instruments
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. In the
report period, 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 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.
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 2013, The financial liabilities in the Group
mainly comprise other financial liabilities, including payables and lorrowings.
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.
Equity instrument refers to the contract that can prove the ownership of the residual equity of the assets after
deduction of all liabilities.
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广东电力发展股份有限公司 2014 年半年度报告全文
After deduction of transaction cost, the consideration received by the Company through issue of equity instrument
is accounted for as owner's equity. The consideration and transaction cost paid for repurchase of the Company's
equity instruments decreases owner's equity. By June 30, 2014, the Group had not issued other equity instruments
except share capital.
（2）Measurement of financial assets
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.
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.
（3）Recognition basis and measurement for transferred 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.
（4）Financial Liabilities
A financial liability is derecognized when and only when the obligation specified in 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.
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广东电力发展股份有限公司 2014 年半年度报告全文
（5）The determination method for fair value of financial assets and financial liabilities
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 .
（6）Providing of impairment provision on financial assets (exclude receivable accounts)
The Group assesses at the balance sheet date the book value of financial assets. If there is any objective evidence
that a financial asset is impaired, the Group provides for such impairment losses.
The objective evidences that show the impairment of equity instrument investment available for sales include
serious or non-temporary decline of the fair value of equity instrument investment. The Group separately checks
all equity instrument investments available for sales on balance sheet day. If the fair value of an equity instrument
investment on balance sheet day is lower than its initial investment cost by over 50% (including 50%) or for over
one year (including one year), its impairment will be demonstrated. If the fair value of an equity instrument
investment on balance sheet day is lower than its initial investment cost by over 20% (including 20%) but less
than 50%, the Group will judge whether the impairment of equity instrument investment occurs based on
comprehensive consideration of other relevant factors such as price fluctuation rate.
When impairment of financial assets calculated by cost after amortization occurs, provision for impairment shall
be made for the difference between their present value and their book value according to expected future cash
flow (not including future credit loss that has not happened). If objective evidences demonstrate the recovery of
the value of a financial asset and are objectively related to the matters occurred after the recognition of such loss,
the recognized impairment loss shall be written back and accounted for as profits or losses for current period.
When impairment of financial assets available for sale occurs, the aggregate losses formed due to decline of fair
value directly accounted for as shareholders' equity shall be transferred out and accounted for as impairment loss.
If the fair value of a debt instrument investment available for sales for which impairment loss has been recognized
rises after balance sheet day and it is objectively related to the matters occurred after the recognition of original
impairment loss, the recognized impairment loss shall be written back and accounted for as profits or losses for
current period. For the equity instrument investment available for sales for which impairment loss has been
recognized, the fair value increased after balance sheet day shall be directly accounted for as shareholders' equity.
10. Recognition standard and providing basis of bad debt provision on receivable accounts
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.
Bad debt recognition criterion
For all receivables, separately perform impairment testing. When objective evidence indicates the Group can’t
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广东电力发展股份有限公司 2014 年半年度报告全文
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.
（1）Bad debt provision on receivable accounts with major amount individually
The Company and its subsidiaries, or other
receivables or all long-term receivables of more
Criteria and norm of individual significance
than RMB 5 million in the financial statements of
the Company and its subsidiaries.
The Group tests such receivables for impairment on
an individual basis. For individually insignificant
Measurement of impairment allowances for receivables of individual
receivables, the Group tests them for impairment on
significance
an individual basis when there is evidence of
impairment.
（2）Accounts receivable with material specific amount and specific provisioned bad debt preparation.
When objective evidence indicates the Group can’t receive money according
Bad debt recognition criterion
originalterms, provision for bad debts recognized.
The bad debt will be recognized when the present value of estimated future cash flow
Bad debt provision method
below their book value.
11 Inventories
(1) Classification and cost
Inventories include fuel and spare parts. Inventories are initially measured at cost. Cost of inventories comprises
all costs of purchase and other expenditures incurred in bringing the inventories to their present location and
condition.
（2）Pricing method of stock delivered
Stock delivered is measured according to weighted average method. Cost of fuel transferred out is calculated
using the weighted average method. Spart parts are amortised in full when received for use.
(3) Basis for determining the net realisable value of inventories and provisioning methods for decline in value of
inventories
At the balance sheet date, inventories are carried at the lower of cost and net realisable value.
Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs
necessary to make the sale and relevant taxes.
Any excess of the cost over the net realisable value of inventories is recognised as a provision for diminution in
the value of inventories, and is recognised in profit or loss.
（4）Inventory system
Perpetual inventory
The group adopts perpetual inventory system.
（5）Amortization method of consumption goods with low value and wrap page
Consumption goods with low value
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广东电力发展股份有限公司 2014 年半年度报告全文
Consumption goods with low value adopt one time amortization method when used.
Packing
Wrap page：Wrap page adopts one time amortization when used
12.Long-term equity investment
（1）Investment cost confirmation
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 a quoted
in an active market and whose fair value cannot be reliable measured. Subsidiaries are all investees the 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. The long-term equity investment formed in the merger of an enterprise: for the long-term equity
investment arising from the merger of enterprises under the same control, it shall, on the date of merger, regard
the share of the book value of the owner’s equity of the merged enterprise as the cost of investment; for the
long-term equity investment arising from the merger of enterprises under the different control, it shall regard the
merger costs as the long-term equity investment costs. The long-term equity investment obtained by other means
besides by the merger of enterprises: for the long-term equity investment obtained by making payment in cash, it
shall regard the purchase cost actually paid as the initial investment cost; for the long-term equity investment
obtained on the basis of issuing equity securities, it shall regard the fair value of the equity securities issued as
the initial investment cost.
（2）Rear measuring and profit and loss confirmation method
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.The long-term equity investment measured by
employing the equity method: for the initial cost is more than the investing enterprise’ attributable share of the fair
value of the invested entity’s identifiable net assets for the investment, it shall regard the long-term equity
investment cost as the initial investment cost; for the initial cost is less than the investing enterprise’ attributable
share of the fair value of the invested entity’s identifiable net assets for the investment, the difference shall be
included in the current profits and losses and the cost of the long-term equity investment shall be adjusted
correspondingly. 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
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广东电力发展股份有限公司 2014 年半年度报告全文
‘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.
（3）Confirm the basis that has common control and major infection upon invested unit.
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.
（4）Depreciation testing method and depreciation reserve withdrawal method.
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 . 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.
13.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 30-40 year 5% and 2.32-3.17% respectively.
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 financial year-end.
An investment property is derecognized 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
recognized in profit or loss for the current period.
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广东电力发展股份有限公司 2014 年半年度报告全文
When the recoverable amount of investment real estate less than its carrying value, book value is reduced to its
recoverable amount .
14. Fixed assets
（1）Confirmation conditions of fixed assets
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 recognized in profit or loss in the period in
which they are incurred.
（2）Cognizance evidence and pricing method of financial leasing fixed assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership.
For the fixed assets acquired under finance leases, the company takes less of the fair value of the leased asset and
the present value of the minimum lease payments as recorded value of leased assets. The difference between the
recorded value of leased assets and the minimum lease payments shall be regarded as the unrecognized financial
expenses.The depreciation policy adopted for the fixed assets acquired under finance leases should be the same as
that of own fixed assets. For the ownership of leased assets reasonably determined and obtained in the expiry of
lease period, the fixed assets acquired under leases shall be recognized the depreciation within its expected use life;
otherwise, the shorter of the leases period and the expected use life is recognized the depreciation.
（3）Fixed assets depreciation method
The cost of fixed asset, less its estimated residual value and accumulated impairment losses, is depreciated using
the straight-line method over its estimated useful life, unless the fixed asset is classified as held for sale.
The estimated useful lives, residual value rates and depreciation rates of each class of fixed assets are as follows:
Class Estimated useful life Residual value rate(%) Depreciation rate(%)
House and Building 10 - 35 years 0 - 10% 2.57% - 10.00%
Electric utilities in service 8 - 18 years 0 - 10% 5.00% - 12.50%
Transportation equipment 8 - 10 years 0 - 10% 9.00% - 12.50%
Other equipment 5 - 25 years 0 - 10% 3.60% - 20.00%
Useful lives, estimated residual value and depreciation methods are reviewed at least at each year-end.
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广东电力发展股份有限公司 2014 年半年度报告全文
（4）Depreciation measuring method and depreciation reserves withdrawn method of fixed assets
When the recoverable amount of investment real estate less than its carrying value, book value is reduced to its
recoverable amount.
（5）Other
Fixed assets disposal
A fixed asset is derecognized 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 recognized in profit or loss for the current period.
15.Construction in progress
（1）Categories of projects un
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 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 period.
（2）Standard and timing for transferring of projects under construction to fixed assets
Construction in progress is transferred to fixed assets when the assets are ready for their intended use, and
depreciation begins from the following month.
（3）Impairment text and providing of impairment provisions on projects under construction
The carrying amount of construction in progress is reduced to the recoverable amount when the recoverable
amount is less than the carrying amount
16. Borrowing cost
（1）Principle of the recognition of capitalized 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 capitalized
and recorded as part of the cost of the asset when expenditures for the asset and borrowing costs have been
incurred, and the activities relating to the acquisition and construction that are necessary to prepare the asset for its
intended use have commenced.
（2）Capitalizing period of borrowing expenses
During Capitalizing period of borrowing expenses the point in time stops the capital point, the moratorium on Cap
italizing period of borrowing expenses are not included.
（3）Temporarily suspension of capitalizing period
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广东电力发展股份有限公司 2014 年半年度报告全文
If meet the capitalization conditions or non-normal breaks occurred in the course of production and the
break time is more than three months, then the capitalization of borrowing costs shall be suspended; when the
acquisition or construction or production meet the conditions of capitalization and achieve the predicted use or
sale state, Asset acquisition or production activities began.
（4）Calculating of borrowing expense capitalizing
For a borrowing specific for the acquisition, construction or production activities for preparing an asset eligible
for capitalization, the to-be-capitalized 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.
17. Intangible assets
（1）Pricing of 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.
between the land use right and the buildings,the purchase costs are recognised as fixed assets. Associated projects
for electricity transmission and transformation and microwave engineering are for the grid connection project
between the Guangdong Electric Holding Co., and Guangdong Power Grid Corporation.
（2）Estimation of service life of intangible assets with limited service life
For an intangible asset with a finite useful life, review and adjustment on useful life and amortization method are
performed at each year-end.
Name Expected useful life Basis
Associated projects for electricity transmission
10 years Expected beneficial period
and transformation and microwave engineering
Land use right 20-70 years Useful life
Sea use right 50 years Useful life
Transportation engineering. 10 – 20 years Expected beneficial period
Concession contracts 10 – 25 years Expected beneficial period
Software 2 – 10 years Expected beneficial period
Non-p[atent technology 2 – 6 years Expected beneficial period
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广东电力发展股份有限公司 2014 年半年度报告全文
（3）Judgment based on indefinite life intangible assets
An intangible asset is regarded as having an indefinite useful life and is not amortised when there is no
foreseeable limit to the period over which the asset is expected to generate economic benefits for the Group. At
the balance sheet date, the Group does not have any intangible assets with indefinite useful lives.
（4）Provision for impairment of investment assets
The carrying amount of intangible assets is reduced to the recoverable amount when the recoverable amount is
less than the carrying amount
18.Long-term deferred expenses
Long-term deferred expenses are amortised on a straight-line method within the benefit period.
19. Revenues
(1). Recognition time for sales of goods
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 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.
Revenues of Certified Emission Reduction (CER)The Group sells the Certified Emission Reductions (“CERs”) of
Carbon produced by the wind-power facilities which has been registered the Clean Development Mechanism
(“CDM”) project by the United Nations Clean Development Mechanism Executive Board (“CDM EB”) according
to the “Kyoto Protocol”.
The revenues related to CERs shall be confirmed under the following conditions:
— The other side has promised to purchase CERs;
— The parties have made the agreement for the sales price;
— The company has produced the relevant electricity;
The relevant CERs have got the United Nations certification.
（2）Incomes from transferring asset use right.
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.
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广东电力发展股份有限公司 2014 年半年度报告全文
（3）Deciding of completion percentage when percentage basis is adopted to recognize income from service
providings.
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.
20. Governmental subsidy
（1）Categories
Government subsidy means the monetary or non-monetary assets obtained freely by an enterprise from the
government, including tax returns, financial subsidies.
（2）Accounting treatment
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 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.
21. Deferred income tax assets/Deferred income tax liability
（1）Confirmation of deferred income tax assets
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 accordance with the tax law. 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.
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.
(2) The confirmation of deferred income tax liability
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). 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
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广东电力发展股份有限公司 2014 年半年度报告全文
assets or liabilities due to a transaction other than a business combination, 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.
22.Operational leasing and Financing leasing
（1）Accounting of operational leasing
Afinance lease is a lease that transfers substantially all the risks and rewards incidental to ownership of an asset.
An operating lease is a lease other than a finance 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.
（2）Accounting treatment of financing leasing
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.
（3）Leaseback and Sells
Leaseback is a transaction in which the seller (the lessee) sells a self-made or purchased asset, then leases it back
from the buyer (the lender) for a long-term period. A leaseback is considered to be a financing lease, so the
difference between the selling price and the asset’s carrying amount will be deferred and allocated based on the
depreciation years of the leased asset and recorded as an adjustment to the depreciation expense.
23.Change of main accounting policies and estimations
Is there any change in accounting policies in the report period
□ Yes √ No
V.Taxation
1.Main categories and rates of taxes
Tax items Tax basis Tax rate
Output VAT is calculated on product sales and taxable services revenue, based on tax
VAT laws. The remainning balance of output VAT , after subtracting the deductible input 17% and 13%
VAT of the period, is VAT payable.
Business tax Taxable turnover 5% and 3%
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广东电力发展股份有限公司 2014 年半年度报告全文
City maintenance
Value added tax and Business tax amount 5% and 7%
construction tax
Enterprise income tax Taxable income 0% and 25%
Education surtax Value added tax and Business tax amount 3%
Local surcharge for
Value added tax and Business tax amount 2%
Education
Income tax rate apply able to branches and factories
The corporate tax rate applicable to the Company and its subsidiaries was 25%, with the exception of the
following subsidiaries: Guangdong Xuwen Wind Electric Power Co., Ltd.
2.Tax preferential and approval
Pursuant to the approval documents (Cai Shui [2008] No.46 and Guo Shui Fa [2009] No.80), Xuwen Wind is
exempted from paying corporate income tax in the first three years counting from the year profits are recorded,
and can enjoy half rate reduction in the following three years. As the local taxation bureau considered that Xuwen
Wind posted profits for the first time in 2012, it was exempted from paying corporate income tax in 2012,2013
and 2014.
In addition, 50% of VAT levied on the sales of electricity generated by wind power of Shibeishan, Zhanjiang
Wind Power, Xuwen Wind and Huilai Wind Power Co. Ltd. (“Huilai Wind”) will be refunded immediately in
accordance with the Notice Concerning Policies on Value Added Tax on Products Made through Comprehensive
Utilisation of Resources and Other Products (Cai Shui [2008] No.156).
VI. Enterprise consolidation and combined financial statements
1. Subsidiary
（1）Subsidiary obtained through establishment or investment
In RMB
Othe Amo After wrote
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71
广东电力发展股份有限公司 2014 年半年度报告全文
est share ,Bala
nce of
Owner's
equity
Producti
Limite on of
d electric
Maoming Zhenneng 594,08
Liabili Maomin 1,019,535, power, 58.27 58.27 453,954
Thermoelectric power Electric 3,336. Ye
ty g 500 power % % ,552.00
Co., Ltd 00 s
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Guangdong Yudean 1,897, 1,280,4
Liabili 2,919,272, power, 65.00 65.00 Ye
Jinghai Electric Power Jieyang Electric 526,80 74,960.
ty 000 power % %s
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Limite Providing
d repair
Guangdong Yudean 20,000
Liabili Donggu 20,000,00 and 100.00 100.00 Ye
Anxin Electric Power Electric ,000.0
ty an 0 maintena % %s
Maintenance 0
Comp nce
any service
Producti
Limite on of
d electric
Guangdong Yudean 90,000 -106,
Liabili Donggu 150,000,0 power, 60.00 60.00 Ye 56,248,
Humen Electric Power Electric ,000.0 534.
ty an 00 power % %s 446.00
Co., Ltd 0 98
Comp station
any construc
tion
72
广东电力发展股份有限公司 2014 年半年度报告全文
Coal Wh
arf const
ruction,
power pl
Limite
ant const
d
Guangdong Yudean ruction, 1,085,
Liabili Maomin 1,085,000, 100.00 100.00 Ye
Bohe Coal-fired Electric electricit 000,00
ty g 000 % %s
Power Co., Ltd y project 0.00
Comp
s with te
any
chnical a
dvice an
d service
s
Construc
tion,
Investm
ent and
Limite Manage
Guangdong Yudean d ment of
78,000 -814,
Huadu Natural gas Liabili Guangzh 120,000,0 power 65.00 65.00 Ye 40,476,
Electric ,000.0 173.
Thermo power Co., ty ou 00 plants % %s 280.00
0 10
Ltd. Comp and
any heating
power
pipeline
network
s
Electrici
ty
Limite investme
d nt ,Elect
Guangdong Dapu 700,00
Liabili 700,000,0 ricity 100.00 100.00 Ye
Power Generation Meizhou Electric 0,000.
ty 00 Engineer % %s
Co., Ltd. 00
Comp ing
any Technol
ogy
Service
Limite Providin
Zhanjiang Yuheng d g repair
15,200
Electric Power Liabili Zhanjian 20,000,00 and 76.00 76.00 Ye
Electric ,000.0
Maintenance and ty g 0 mainten % %s
0
installation Co., ltd Comp ance
any service
73
广东电力发展股份有限公司 2014 年半年度报告全文
Producti
Limite on of
d electric
Guangdong Yudean 121,23
Liabili Zhanjian 173,190,0 power, 70.00 60.00 Ye
Xuwen Wind Power Electric 3,000.
ty g 00 power % %s
Co., Ltd 00
Comp station
any construc
tion
Electric
Plant
Construc
Limite
tion ,
d
Guangdong Yudean Electrici 14,000
Liabili Zhanjian 20,000,00 70.00 60.00 Ye
Leizhou Wind Power Electric ty ,000.0
ty g 0 % %s
Co., Ltd. Engineer 0
Comp
ing
any
Technol
ogy
Service
Electric
Plant
Construc
Limite
tion ,
d
Electrici 121,87
Guangdong Yudean Liabili Maomin 121,872,9 100.00 100.00 Ye
Electric ty 2,900.
Dianbai Wind Power ty g 00 % %s
Engineer 00
Comp
ing
any
Technol
ogy
Service
Operatio
Limite
Guangdong Yuejiang n and m
d
Hongrui Electronic aintenan 20,000
Liabili Shaogua 20,000,00 90.00 90.00 Ye
Technology Electric ce of po ,000.0
ty n 0 % %s
Development Co., wer equi 0
Comp
Ltd. pment
any
Ye
s
Other statements on Subsidiaries obtained through incorporation or investment：
Note a: The minority interest of Yuheng Power at year end was included in the minority interest of Zhanjiang
Electric at year end.
Note b: The minority interests of Xuwen Wind and Leizhou Wind Power at year end were included in the
74
广东电力发展股份有限公司 2014 年半年度报告全文
minority interest of Zhanjiang Wind Power at year end.
（2）Subsidiaries procured through merger of entities under common control
In RMB
After
wrote
down
current
period
loss of
minority
sharehol
ders
Amount over
Other
used to equity
projects
write beginni
balance
Actual Proporti Whether Interest down ng share
Full essential Holding
Registra Register capital on of consolid of lost of
name of Subsidia Busines Busines ly from proporti
tion ed amounts voting ation of minority included minority
subsidia ry type s s scope net on
place capital of rights(% report sharehol in sharehol
ry investm (%)
the end ) form der minority ders in
ent to
sharehol the
subsidia
der subsidia
ry
interest ry from
the
parent
compan
y’s
share ,B
alance
of
Owner's
equity
Producti
on of
Zhanjia Limited electric
2,875,4 2,185,3
ng Liability Zhanjia power, 970,893
Electric 40,000. 34,400. 76.00% 76.00% Yes
Electric Compan ng power ,965.00
00 00
Power y station
construc
tion
Yuejia Limited Meizho Electric 1,200,0 Producti 696,000 58.00% 55.56% Yea 184,026
75
广东电力发展股份有限公司 2014 年半年度报告全文
Electric Liability u 00,000. on of ,000.00 ,650.00
Power Compan 00 electric
y power,
power
station
construc
tion
Guangd Producti
ong on of
Shaogua Limited electric
1,070,0
n Liability Shaogua power, 963,000 69,346,
Electric 00,000. 90.00% 90.00% Yes
Yuejian Compan n power ,000.00 399.00
00
g Power y station
Generati construc
on tion
Producti
on of
Zhanjia
Limited electric
ng 1,454,3 1,308,8
Liability Zhanjia power, 154,411,
Zhongy Electric 00,000. 70,000. 90.00% 90.00% Yes
Compan ng power 708.00
ue 00 00
y station
Energy
construc
tion
Producti
Shenzhe
on of
n
Limited electric
Guangqi 1,030,2 1,030,2
Liability Shenzhe power, 100.00 100.00
an Electric 92,500. 92,500. Yes
Compan n power % %
Electric 00 00
y station
Power
construc
Co., ltd.
tion
Guangd
Producti
ong
on of
Huizhou
electric
Natural
963,000 power, 645,210 419,238
Gas Direct Huizhou Electric 67.00% 67.00% Yes
,000.00 power ,000.00 ,947.00
Power
station
Generati
construc
on Co.,
tion
Ltd.
Guangd Limited 1,370,0 Producti 1,123,11
616,500
ong Liability Huizhou Electric 00,000. on of 45.00% 85.00% Yes 8,586.0
,000.00
Huizhou Compan 00 electric 0
76
广东电力发展股份有限公司 2014 年半年度报告全文
Pinghai y power,
Power power
Generati station
on Co., construc
Ltd. tion
Guangd
Wind
ong
power
Shibeish
Limited generati
an Wind
Liability 231,700 on and 162,190 70,479, -453,22
Power Jieyang Electric 70.00% 60.00% Yes
Compan ,000.00 power ,000.00 777.00 4.00
Develop
y station
ment
construc
Co.,
tion
Ltd.
Producti
Guangd
on of
ong Red
Limited electric
Bay 2,749,7 1,787,3 1,139,5
Liability power,
Power Sanwei Electric 50,000. 37,500. 65.00% 65.00% Yes 00,187.
Compan power
Generati 00 00 00
y station
on Co.,
construc
Ltd.
tion
Other statements on Subsidiaries procured through merger of entities under common control：
（3）The company has no subsidiary company acquired via enterprise consolidation under same controlling.
In RMB
After
wrote
down
current
Other Amount
period
projects used to
loss of
Actual balance Whether write
Full name Holding Proportio Interest of minority
capital essentiall consolidat down lost
of Subsidiar Registrati Business Registrati Scope of proportio n of minority sharehold
amounts y from ion of included
subsidiary y tyle on Place character on capital business n voting sharehold ers over
of the net report in
company (%) rights(%) er equity
end investmen form minority
beginning
t to sharehold
share of
subsidiary er interest
minority
sharehold
ers in the
subsidiary
77
广东电力发展股份有限公司 2014 年半年度报告全文
from the
parent
company’
s
share ,Bal
ance of
Owner's
equity
Guangd Wind
ong power
Wind Limited generati
Power Liability Guangz 221,872 on and 221,872 100.00 100.00
Electric Yes
Develop Compan hou ,900.00 power ,900.00 % %
ment y station
Co., construc
Ltd. tion
Wind
Huilai
power
Wind
Limited generati
Power
Liability on and 14,000, 4,484,8 -534,30
Develop Jieyang Electric 20,000, 70.00% 70.00% Yes
Compan power 000.00 61.00 1.00
ment 000.00
y station
Co.,
construc
Ltd.
tion
Notes
2. Changes of combination scope at current period
Change of consolidation range:
√Applicable □Not applicable
Compared with the previous year, consolidated statements covered 1 new enterprises in the report period due to ...
Guangdong Yuejianghongrui Power Technology Development Co., Ltd. was an indirect subsidiary that newly esta
blished of the company. The company indirectly controlled 90% of the company (a subsidiary of the Company Sh
aoguan Guangdong Yuejiang Power Generation Co., Ltd. directly hold 100% shares)
Compared with the previous year, the scope of consolidation did not reduce in the report period.
VII. Notes of consolidated financial statements
1. Currency funds
In RMB
Year-end balance Year-beginning balance
Items Original Exchange Original Exchange
currency rate RMB currency rate RMB
Cash -- -- 118,566.00 -- -- 133,621.00
78
广东电力发展股份有限公司 2014 年半年度报告全文
RMB -- -- 118,566.00 -- -- 133,621.00
Bank deposit -- -- 5,103,999,761.00 -- -- 4,374,748,572.00
RMB -- -- 5,103,988,385.00 -- -- 4,374,737,297.00
HKD 12,877.00 0.79 10,222.00 12,876.00 0.79 10,123.00
USD 189.00 6.11 1,154.00 189.00 6.10 1,152.00
Other monetary catital -- -- 40,000,000.00 -- -- 2,428,983.00
RMB -- -- 40,000,000.00 -- -- 2,428,983.00
Total -- -- 5,144,118,327.00 -- -- 4,377,311,176.00
2.Bills receivable
（1）Bills receivable
In RMB
Classification Year-end balance Year-beginning balance
Bank acceptance 1,800,000.00
Trade acceptance
Total 0.00 1,800,000.00
3. Interest receivable
（1）Interest receivable
In RMB
Items Beginning of term Increased this term Decreased this term End of term
Deposit interest 5,194,976.00 17,644,892.00 15,715,836.00 7,124,032.00
Loan interest 593,062.00 607,511.00 1,200,573.00 0.00
Total 5,788,038.00 18,252,403.00 16,916,409.00 7,124,032.00
4. Account receivable
（1）Classification Account receivable :
In RMB
Year-end balance Year-beginning balance
Provision for bad Provision for
Book balance Book balance
debts bad debts
Classification
Proport
Proportion Proportion Amou Proport
Amount Amount ion Amount
（%） （%） nt ion（%）
（%）
79
广东电力发展股份有限公司 2014 年半年度报告全文
Receivables with major
individual amount and bad
debt provision provided
individually receivables
3,285,257,448.00 99.86% 0.00 0.00% 3,256,087,345.00 99.68% 0.00 0.00%
with major individual
amount and bad debt
provision provided
individually
Receivables provided bad debt provision in groups
Account receivable with
minor individual amount
4,537,947.00 0.14% 0.00 0.00% 10,358,407.00 0.32% 0.00 0.00%
but bad debt provision is
provided
Total 3,289,795,395.00 -- 0.00 -- 3,266,445,752.00 -- 0.00 --
Receivable accounts with large amount individually and bad debt provisions were provided.
√Applicable □Not applicable
In RMB
Proportion of
Provision for bad
Content of accounts receivable Book balance provision for bad Reason for provision
debts
debt (%)
Full amount recovery
Electricity charge receivable 3,269,338,101.00 0.00%
is expected
Full amount recovery
Income receivable from byproduct sales 11,271,811.00 0.00%
is expected
Full amount recovery
Receivable maintenance service fees 4,647,536.00 0.00%
is expected
Total 3,285,257,448.00 0.00 -- --
Account receivable accounts with not minor amount but were provided had debt provisions individually at end of
period.
√Applicable □Not applicable
In RMB
Description Of other receivables Book balance Amount of bad debt rate Reason
Steam accounts receivable 2,912,681.00 0.00% Full amount recovery is expected
Receivable maintenance service fees 442,869.00 0.00% Full amount recovery is expected
Income receivable from byproduct sales 1,182,397.00 0.00% Full amount recovery is expected
Total 4,537,947.00 0.00 -- --
（2）The front 5 units’ information of account receivable
In RMB
80
广东电力发展股份有限公司 2014 年半年度报告全文
Relation with the Portion in total
Name Amount Ages
Company receivables(%)
GPGC Third party 3,088,945,255.00 Within 1 year 93.89%
Shenzhen Powe suply
Third party 164,433,502.00 Within 1 year 5.00%
Bureau
GPGC,Zhanjiang Powe
Third party 10,061,880.00 Within 1 year 0.31%
suply Bureau
China Petroleum & Che
mical Corporation
Third party 10,523,921.00 Within 1 year 0.32%
Maoming Branch
C
GPGC, Jieyang Power
Third party 5,881,263.00 Within 1 year 0.18%
Suply Bureau
Total -- 3,279,845,821.00 -- 99.70%
（3）Account due from related parties
In RMB
Name of the company Relation with the company Amount Portion in total receivables(%)
Guangdong Yudean Group,
Controlled by Yudean Group 4,572,508.00 0.14%
Shajiao Power Plan C
Guangdong Yudean Zhanjiang
Controlled by Yudean Group 442,869.00 0.01%
Biological Power Generation
Guangzhou Zhuhai Jinwan
Controlled by Yudean Group 75,028.00 0.00%
Power Generation Co., Ltd.
Total -- 5,090,405.00 0.15%
5. Other Account receivable
（1）Category of other account receivable:
In RMB
Year-end balance Year-beginning balance
Book balance Book balance Book balance Book balance
Classification
Proportio Proportio Proportion Proportio
Amount Amount Amount Amount
n（%） n（%） （%） n（%）
Other Receivables with
major individual amount 108,477,615. 269,551,343.
79.31% 240,745.00 0.22% 81.76% 185,963.00 0.07%
and bad debt provision 00 00
provided individually
81
广东电力发展股份有限公司 2014 年半年度报告全文
Other Receivables provided bad debt provision in groups
Other Account receivable
with minor individual 28,303,896.0 60,123,734.0
20.69% 1,784,022.00 6.30% 18.24% 1,838,807.00 3.06%
amount but bad debt 0 0
provision is provided
136,781,511. 329,675,077.
Total -- 2,024,767.00 -- -- 2,024,770.00 --
00 00
Other receivable accounts with large amount and were provided had debt provisions individually at end of period.
√Applicable □Not applicable
In RMB
Description Of other
Book balance Amount of bad debts Rate Reason
receivables
Provision on single item
Income receivable from
55,642,042.00 95,700.00 0.17% basis according to actual
byproduct sales
situation
Prepayments for Full amount recovery is
22,397,040.00 0.00%
construction expected
Full amount recovery is
Reserve funds 7,871,903.00 0.00%
expected
Full amount recovery is
Deductible input 5,298,283.00 0.00%
expected
VAT return Full amount recovery is
4,128,727.00 0.00%
expected
Provision on single item
Other 13,139,620.00 145,045.00 1.10% basis according to actual
situation
Total 108,477,615.00 240,745.00 -- --
Other Account receivable accounts with not minor amount but were provided had debt provisions individually at
end of period.
√Applicable□ Not applicable
In RMB
Description Of other
Book balance Amount of bad debts Rate Reason
receivables
Provision on single item
Reserve funds 8,753,882.00 5,899.00 0.07% basis according to actual
situation
Income receivable from Full amount recovery is
5,567,786.00 0.00%
byproduct sales expected
Deposit 2,201,383.00 7,488.00 0.34% Provision on single item
82
广东电力发展股份有限公司 2014 年半年度报告全文
basis according to actual
situation
Provision on single item
Advance money 1,966,459.00 313,082.00 15.92% basis according to actual
situation
Full amount recovery is
Current account 1,200,720.00 0.00%
expected
Receivable management Full amount recovery is
469,000.00 0.00%
fee / rent fee/ deposit expected
Provision on single item
Other 8,144,666.00 1,457,553.00 17.90% basis according to actual
situation
Total 28,303,896.00 1,784,022.00 -- --
(2)Natures or contents of other receivable accounts with large amount
In RMB
Nature or content of the
Name Amount Portion in total other receivables(%)
account
Yudean Environmental Coal ash amount
41,871,432.00 31.07%
Protection Company
Huidong Finance Bureau 21,318,970.00 Land fund 15.82%
Guangzhou Huading Materials Coal ash amount
6,755,641.00 5.01%
Co., Ltd.
Guangdong Dapeng
5,891,562.00 Other 4.37%
Liquefiednatural gas Co., Ltd.
Zhanjiang Yuneng Investment
3,427,070.00 Advance money 2.54%
Co., Ltd.
Total 79,264,675.00 -- 58.81%
（3）The front 5 units’ information of Other account receivable
In RMB
Relation with the Portion in total other
Name Amount Ages
Company receivables (%)
Yudean Environmental Controlled by Yudean
41,871,432.00 Within 1 year 31.07%
Protection Company Group
Huidong Finance Bureau Third party 21,318,970.00 Over 3 years 15.82%
Guangzhou
Third party 6,755,641.00 Within 1 year 5.01%
HuadingMaterials Co.,
83
广东电力发展股份有限公司 2014 年半年度报告全文
Ltd.
Guangdong Dapeng
Liquefiednatural gas Third party 5,891,562.00 Within 1 year 4.37%
Co., Ltd.
Zhanjiang Yuneng
Third party 3,427,070.00 Within 1 year 2.54%
Investment Co., Ltd.
Total -- 79,264,675.00 -- 58.81%
（4）Other Account receivable from Related parties
In RMB
Portion in total other receivables
Name Relation with the Company Amount
(%)
Guangdong Yudean
Environmental Protection Controlled by Yudean Group 41,871,432.00 31.07%
Company
Guangdong Yudean Real
Controlled by Yudean Group 885,244.00 0.66%
estate Investment Co., Ltd.
Guangdong Yudean Group
Controlled by Yudean Group 803,104.00 0.60%
Co., Ltd., Shajiao C Plant
Shaoguan Power Generation
Controlled by Yudean Group 706,798.00 0.52%
Plant
Guangdong Property
Controlled by Yudean Group 289,360.00 0.21%
Management Co., Ltd.
Chaokang Investment Co. Ltd. Controlled by Yudean Group 220,434.00 0.16%
Total -- 44,776,372.00 33.22%
6. Prepayments
（1）Prepayments age :
In RMB
End of term Beginning of term
Age Proportion Proportion
Amount Amount
（%） （%）
Within 1 year 1,258,118,937.00 99.45% 1,486,580,750.00 99.25%
1-2 years 5,688,238.00 0.45% 3,514,591.00 0.23%
2-3 years 529,942.00 0.04% 7,184,175.00 0.48%
Over 3 years 811,682.00 0.06% 604,110.00 0.04%
84
广东电力发展股份有限公司 2014 年半年度报告全文
Total 1,265,148,799.00 -- 1,497,883,626.00 --
（2） The front 5 units’ information of Prepayments
In RMB
Relation with the
Unit name Amount Time Reason of not clearing
company
Prepaid Fuel amount
Associated Company and
Guangdong Electric Fuel The contract has not yet e
Controlled by Yudean 1,185,130,658.52 Within 1 year
Supply Co., Ltd. xpired
Group
Guangzhu Raiway Co.,
Third party 12,530,561.10 Within 1 year Prepaid Transport fee
Ltd. Gaolangang Station
Guangshen Raiway Co.,
Third party 14,820,949.80 Within 1 year Prepaid Transport fee
Ltd.
Guangzhou Port Co.,
Third party 5,792,567.00 Within 1 year Prepaid Transport fee
Ltd. Xiji Port Branch
PICC, Shenzhen Branch Third party 4,683,695.51 Within 1 year Prepaid Insurance
Total -- 1,222,958,431.93 -- --
7.Inventory
（1）Inventory types
In RMB
Year-end balance Year-beginning balance
Items Book balance Provision for Book value Book balance Provision for bad Book value
bad debts debts
Raw materials 912,257,186.00 0.00 912,257,186.00 811,535,586.00 811,535,586.00
Turnover materials 847,333,942.00 39,674,506.00 807,659,436.00 823,532,504.00 39,674,506.00 783,857,998.00
Other 10,127,517.00 0.00 10,127,517.00 8,252,826.00 8,252,826.00
Total 1,769,718,645.00 39,674,506.00 1,730,044,139.00 1,643,320,916.00 39,674,506.00 1,603,646,410.00
（2）Inventory Impairment provision
In RMB
Book balance at year Amount accounted in Amount Decreased in current period Book balance at period
Type
beginning current period Transferred back Reselling end
Raw materials 0.00
Turnover materials 39,674,506.00 39,674,506.00
Other
Total 39,674,506.00 39,674,506.00
85
广东电力发展股份有限公司 2014 年半年度报告全文
（3）Situation of Inventory impairment
Items Base of stock value decline Reason of issuing back to stock Proportion of issuing back
value decline plan of this period amount to the stock balance at
this period
8.Other current assets
In RMB
Items End of term Beginning of term
The processing other current assets 57,387,153.00 57,387,153.00
Pending Deductible VAT 623,025,239.00 948,325,616.00
Prepaid Income Tax 47,891,722.00 3,938,202.00
Other 47,523,786.00 47,484,529.00
Total 775,827,900.00 1,057,135,500.00
9. Disposable financial asset
（1）Sellable financial assets
In RMB
Items Fair value at end of term Fair value at beginning of term
Available-for-sale equity instruments 287,107,320.00 298,871,738.00
Total 287,107,320.00 298,871,738.00
10.Long-term Receivable
In RMB
Type End of term Beginning of term
Financing Rent 116,951,900.00 114,478,124.00
Total 116,951,900.00 114,478,124.00
11. Investment to joint venture and Affiliated Enterprises
In RMB
Company vote
Company right percentage in Total business
Ending total Current
Name shareholding the invested Ending total assets Ending net assets revenues at this
liabilities net profit
percentage (%) unittion of units period
(%)
I.Joint venture
Guangdong 2,702,258,668. 1,786,051,412. 10,322,975,071
50.00% 50.00% 916,207,255.00 86,173,141.00
Electric Power 00 00 .00
86
广东电力发展股份有限公司 2014 年半年度报告全文
Fuel Co., Ltd
II. Affiliated enterprise
West 8,358,635,446. 6,287,894,904. 2,070,740,542. 1,810,112,885.
26.00% 26.00% -2,186,105.00
Investment 00 00 00 00
Linchang
49.00% 49.00% 827,737,290.00 451,559,169.00 376,178,121.00 4,630,358.00 -1,979,710.00
Yuntou
Yudean 6,179,068,576. 3,523,581,833. 2,655,486,743.
35.00% 35.00% 869,651,061.00 15,794,486.00
Shipping 00 00 00
8,541,795,862. 6,964,141,546. 1,577,654,315.
Weixin Yuntou 40.00% 40.00% 590,520,115.00 -38,930,082.00
00 00 00
Huaneng
Santou Wind 25.00% 25.00% 440,688,517.00 194,909,858.00 245,778,659.00 37,357,723.00 12,911,732.00
Power
2,375,089,124. 2,058,857,948.
Shanxi Energy 40.00% 40.00% 316,231,176.00 0.00 102,968,423.00
00 00
Yudean 14,993,266,516 12,572,053,689 2,421,212,827.
25.00% 25.00% 344,483,779.00 190,032,393.00
Finance .00 .00 00
Yunnan
4,659,034,269. 3,996,207,250.
Baoshan 29.00% 29.00% 662,827,019.00 83,209,035.00 -25,759,846.00
00 00
Binlangjiang
Guangdong
Guohua
14,859,170,366 5,851,191,211. 9,007,979,155. 4,963,080,620. 1,212,928,883.
Yudean Taishan 20.00% 20.00%
.00 00 00 00 00
Power
Generation
Yangshan
40.00% 40.00% 24,522,994.00 5,783,992.00 18,739,002.00 4,320,265.00 1,809,019.00
Zhongxinkeng
12. Long term share equity investment.
(1）Details of long-term equity investment
In RMB
Explainatio
n of
Shareholdin
Voting right diffirence
Initial g
Accounting Original Ending proportion between Current Cash
Name investment change proportion Devalue
method balance Balance in the shareholdin devalue bonus
cost in the
investee g
investee
proportion
and voting
87
广东电力发展股份有限公司 2014 年半年度报告全文
right
proportion
in investee
Guangdo
ng
Guohua
Yudean
Equityme 1,799,659 2,173,810 219,573,5 2,393,383 Not
Taishan 20.00% 20.00%
thod ,331.00 ,422.00 04.00 ,926.00 applicable
Power
Generatio
n Co.,
Ltd.
Guangdo
ng
Electric Equityme 498,813,4 580,941,6 -23,438,3 557,503,3 Not 66,524,88
50.00% 50.00%
Power thod 95.00 67.00 18.00 49.00 applicable 8.43
Fuel Co.,
Ltd.
Yunnan
Baoshan Equityme 223,858,1 216,895,7 -7,470,35 209,425,4 Not
29.00% 29.00%
Binlangji thod 00.00 64.00 6.00 08.00 applicable
ang
YudeanFa Equityme 513,325,0 624,823,3 -6,242,62 618,580,7 Not 53,750,72
25.00% 25.00%
nince thod 00.00 62.00 4.00 38.00 applicable 1.63
Shanxi
Equityme 400,000,0 778,866,5 41,187,36 820,053,9 Not
Yudean 40.00% 40.00%
thod 00.00 68.00 9.00 37.00 applicable
energy
Huaneng
Santou Equityme 38,843,75 51,745,18 3,227,935 54,973,12 Not
25.00% 25.00%
Wind thod 0.00 5.00 .00 0.00 applicable
Power
WenxinY Equityme 694,000,0 694,818,0 -15,572,0 679,246,0 Not
40.00% 40.00%
untou thod 00.00 76.00 33.00 43.00 applicable
YudeanSh Equityme 862,964,8 927,200,8 -3,449,83 923,750,9 Not 8,977,900
35.00% 35.00%
ipping thod 87.00 12.00 0.00 82.00 applicable .00
Lincang Equityme 194,280,1 172,746,2 11,716,04 184,462,3 Not
49.00% 49.00%
Yuntou thod 00.00 62.00 2.00 04.00 applicable
Yudean
West Equityme 220,324,0 283,755,1 -568,387. 283,186,7 Not
26.00% 26.00%
Investme thod 00.00 69.00 00 82.00 applicable
nt
88
广东电力发展股份有限公司 2014 年半年度报告全文
Yangshan
Equityme 6,060,000 7,878,849 723,607.0 8,602,456 Not
Zhongxin 40.00% 40.00%
thod .00 .00 0 .00 applicable
keng
Yangshan Equityme 5,000,000 6,030,701 6,030,701 Not
25.00% 25.00%
Jiangkeng thod .00 .00 .00 applicable
South
Union Cost 30,000,00 30,000,00 30,000,00 Not
10.00% 10.00%
Develop method 0.00 0.00 0.00 applicable
ment
Sunshine
insurance Cost 356,000,0 356,000,0 356,000,0 Not
5.34% 5.34%
Group Co., method 00.00 00.00 00.00 applicable
Ltd.
Guoyi
Invite
Cost 3,600,000 3,600,000 3,600,000 Not
public 1.97% 1.97%
method .00 .00 .00 applicable
bidding
Co., Ltd.
Shenzhen
Chuangxi
Cost 115,000,0 115,000,0 115,000,0 Not 12,862,50
n 3.67% 3.67%
method 00.00 00.00 00.00 applicable 0.00
Technolo
gy
Maoming
Cost 903,707.0 903,707.0 -903,707. Not
Electric 15.00% 15.00%
method 0 0 00 applicable
Power
5,962,632 7,025,016 218,783,2 7,243,799 142,116,0
Total -- -- -- --
,370.00 ,544.00 02.00 ,746.00 10.06
13.Investment real estate
（1）Measured by the cost of investment in real estate
In RMB
Items Book amount at year Increase at this Decrease at this Book balance in
beginning period period year -end
1. Total original price 20,135,165.00 20,135,165.00
1.House, Building 20,135,165.00 20,135,165.00
II.Total accumulated depreciation
9,296,134.00 317,800.00 9,613,934.00
accumulated amortization
1.House, Building 9,296,134.00 317,800.00 9,613,934.00
III. Total book value of investment 10,839,031.00 -317,800.00 10,521,231.00
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广东电力发展股份有限公司 2014 年半年度报告全文
real estate
1.House, Building 10,839,031.00 -317,800.00 10,521,231.00
2.Land use right 0.00 0.00 0.00
V. Total book value of investment real
10,839,031.00 -317,800.00 10,521,231.00
estate
1.House, Building 10,839,031.00 -317,800.00 10,521,231.00
In RMB
This period
Amount of amortization and depreciation in the reporting period 317,800.00
Withdrawal amount of provision for impairment of investment real estate
0.00
in the reporting period
14. Fixed assets
（1）Fixed assets
In RMB
Items Book amount at Increase at this period Decrease at this Book balance in
year beginning period year -end
1. Total original price 61,939,635,826.00 567,378,648.00 66,770,337.00 62,440,244,137.00
Including: House , Building 13,567,382,642.00 83,382,957.00 2,737,191.00 13,648,028,408.00
Machinery equipment 46,786,204,189. 466,487,125.00 51,712,992.00 47,200,978,322.
00 00
Transportations 606,597,271.00 5,126,874.00 3,060,486.00 608,663,659.00
Other 979,451,724.00 12,381,692.00 9,259,668.00 982,573,748.00
-- Book balance at Current term Current term Decrease at this Book balance in
year beginning new extra provision period year -end
II. Total of accumulative
19,776,929,214.00 1,813,875,406.00 38,556,638.00 21,552,247,982.00
depreciation
Including: House , Building 3,984,642,389.00 252,096,427.00 993,636.00 4,235,745,180.00
Machinery equipment 14,920,108,143. 1,480,185,572.00 27,739,764.00 16,372,553,951.
00 00
Transportations 327,637,743.00 29,552,211.00 2,016,413.00 355,173,541.00
Other 544,540,939.00 52,041,196.00 7,806,825.00 588,775,310.00
Book balance at Book balance in
-- --
year beginning year -end
III. Total book value of
42,162,706,612.00 -- 40,887,996,155.00
Fixed assets
Including: House , Building 9,582,740,253.00 -- 9,412,283,228.00
90
广东电力发展股份有限公司 2014 年半年度报告全文
Machinery equipment 31,866,096,046. -- 30,828,424,371.
00 00
Transportations 278,959,528.00 -- 253,490,118.00
Other 434,910,785.00 -- 393,798,438.00
IV. Total of Devalued
638,670,372.00 -- 638,670,372.00
Provision
Including: House , Building 240,233,419.00 -- 240,233,419.00
Machinery equipment 391,474,262.00 -- 391,474,262.00
Transportations 2,967,075.00 -- 2,967,075.00
Other 3,995,616.00 -- 3,995,616.00
V. Total book value of
41,524,036,240.00 -- 40,249,325,783.00
Fixed assets
Including: House , Building 9,342,506,834.00 -- 9,172,049,809.00
Machinery equipment 31,474,621,784. -- 30,436,950,109.
00 00
Transportations 275,992,453.00 -- 250,523,043.00
Other 430,915,169.00 -- 389,802,822.00
Current depreciation is RMB 1,813,875,406.00 . The issue of fixed assets transferred from construction in
progress original price is RMB433,806,892.00.
（2）Fixed assets leased by finance
In RMB
Items Original book value Accumulated depreciation Net book value
3,414,000,000.00 974,712,144.00 2,439,287,856.00
(3) Fixed assets leased out from operation lease
In RMB
Category Closing book value
House and Building 2,973,673.53
15.Project under construction
（1）Project under construction
In RMB
Year-end balance Year-beginning balance
Items Book Provision for Book Net Book Provision for Book Net
balance devaluation value balance devaluation value
Project of "New Big Power
2,286,211,199. 2,286,211,199. 1,816,064,281.
Units While Closing Small 1,816,064,281.00
00 00 00
Ones" of Yuejiang Electric
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广东电力发展股份有限公司 2014 年半年度报告全文
Power (2x600MW)
Electric units Construction of
Dapu Power Plant (2 * 442,923,987.00 442,923,987.00 391,868,853.00 391,868,853.00
600MW)
Bohe Coal wharf 407,871,318.00 407,871,318.00 325,779,463.00 325,779,463.00
Bohe Pwer Plant 268,644,399.00 268,644,399.00 164,567,170.00 164,567,170.00
Project of Humen
137,030,800.00 2,916,126.00 134,114,674.00 136,832,778.00 2,916,126.00 133,916,652.00
units2*1000MW
Project of units 5# and 6# of
37,923,099.00 37,923,099.00 34,673,682.00 34,673,682.00
Red Bay
Project of Dianbai Hot wind 12,406,296.00 12,406,296.00 8,469,661.00 8,469,661.00
Project of Leizhou
12,399,504.00 12,399,504.00 5,252,345.00 5,252,345.00
Hongxinlou Wind power
Other project 208,073,279.00 208,073,279.00 323,795,540.00 323,795,540.00
Technology
improvementechnology and 487,575,387.00 796,461.00 486,778,926.00 679,770,268.00 796,461.00 678,973,807.00
other
4,301,059,268. 4,297,346,681. 3,887,074,041.
Total 3,712,587.00 3,712,587.00 3,883,361,454.00
00 00 00
（2）Significant changes in projects of construction-in-progress
In RMB
Project Thereinto:
Amount Accumulat Current
Increase Transferre investment amount
at year Other Project ed amount Interest Capital Amount at
Name Budget at this d to fixed proportion of Current
beginnin reduction progress of interest capitalizati source year end
period assets of the
Interest
g capitalized on rate
budget
capitalized
Project
of
"Constru
cting
New Big
Power Loan and
4,914,01 1,816,06 470,146, 253,874, 52,135,5 2,286,21
Units 46.52% 46.52% 5.52% self
0,000.00 4,281.00 918.00 591.00 99.00 1,199.00
While funds
Closing
Small
Ones" of
Yuejiang
Electric
92
广东电力发展股份有限公司 2014 年半年度报告全文
Power
(2x600M
W)
Electric
units
Construc
tion of Loan and
5,659,00 391,868, 51,055,1 56,065,1 4,771,04 442,923,
Dapu 7.83% 7.83% 5.70% self
0,000.00 853.00 34.00 74.00 2.00 987.00
Power funds
Plant (2
*
600MW)
Bohe Loan and
2,848,56 325,779, 82,091,8 10,381,4 5,626,76 407,871,
Coal 14.32% 14.32% 5.99% self
0,000.00 463.00 55.00 21.00 6.00 318.00
wharf funds
Bohe Loan and
6,937,39 164,567, 104,077, 4,510,43 808,042. 268,644,
Pwer 3.87% 3.87% 5.99% self
0,000.00 170.00 229.00 7.00 00 399.00
Plant funds
Project
of Loan and
7,789,51 133,916, 198,022. 134,114,
Humen 1.76% 1.76% 0.00 0.00 0.00% self
0,000.00 652.00 00 674.00
units2*1 funds
000MW
Project
of units Loan and
7,714,37 34,673,6 3,249,41 37,923,0
5# and 0.49% 0.49% 0.00 0.00 0.00% self
0,000.00 82.00 7.00 99.00
6# of funds
Red Bay
Project
Loan and
of 483,714, 8,469,66 3,936,63 233,651. 233,651. 12,406,2
2.56% 2.56% 6.55% self
Dianbai 800.00 1.00 5.00 00 00 96.00
funds
Hot wind
Project
of
Loan and
Leizhou 462,920, 5,252,34 7,147,15 12,399,5
2.68% 2.68% 0.00 0.00 0.00% self
Hongxin 000.00 5.00 9.00 04.00
funds
lou Wind
power
Not Loan and
Other 323,795, 13,149,5 128,871, 208,073,
applicabl self
project 540.00 28.00 789.00 279.00
e funds
93
广东电力发展股份有限公司 2014 年半年度报告全文
Technolog
y
Not Loan and
improvem 678,973, 241,612, 433,806, 486,778,
applicabl self
entechnol 807.00 011.00 892.00 926.00
e funds
ogy and
other
36,809,4
3,883,36 976,663, 433,806, 128,871, 325,065, 63,575,1 4,297,34
Total 74,800.0 -- -- -- --
1,454.00 908.00 892.00 789.00 274.00 00.00 6,681.00
0
（3）Impairment Provisions of Construction in progress
In RMB
Increased this Decreased this
Items Beginning of term End of term Reason to provide
term term
Impairment of the up
Project of Humen units2*1000MW 2,916,126.00 2,916,126.00
front cost
Zhanjiang Electric power technical Impairment of old
796,461.00 796,461.00
transformation plant transformation
Total 3,712,587.00 3,712,587.00 --
（4）Major projects under construction
Items Project progress Notes
Project of "Constructing New Big Power Units While Closing Small
46.52%
Ones" of Yuejiang Electric Power (2x600MW)
Electric units Construction of Dapu Power Plant (2 * 600MW) 7.83%
Bohe Coal wharf 14.32%
Bohe Pwer Plant 3.87%
Project of Humen units2*1000MW 1.76%
Project of units 5# and 6# of Red Bay 0.49%
Project of Dianbai Hot wind 2.56%
Project of Leizhou Hongxinlou Wind power 2.68%
（5）Statement on projects under construction
16.Engineering Material
In RMB
Items Beginning of term Increased this term Decreased this term End of term
Spectial equipment 706,539.00 18,163.00 0.00 724,702.00
94
广东电力发展股份有限公司 2014 年半年度报告全文
Tools 1,522,893.00 0.00 61,500.00 1,461,393.00
Total 2,229,432.00 18,163.00 61,500.00 2,186,095.00
17.Liquidation of fixed assets
In RMB
Items Beginning book value Eng book value Reason of liquidation
Power Equipment parts scrapped due to
2,490,259.00 5,926,658.00 Not yet disposed
technical innovation
Administrative supplies 98,401.00 144,443.00 Not yet disposed
Other 100,703.00 Not yet disposed
Total 2,588,660.00 6,171,804.00 --
18. Intangible assets
（1）Intangible assets
In RMB
Items Book Balance in Increase at this period Decrease at this Book Balance in
year-begin period year-end
1. Total original price 1,861,796,390.00 28,624,083.00 4,815,554.00 1,885,604,919.00
Software 58,385,781.00 6,974,133.00 0.00 65,359,914.00
Land use rights 1,234,973,257.00 15,129,725.00 0.00 1,250,102,982.00
Non-patent eechnology 618,319.00 6,520,225.00 4,815,554.00 2,322,990.00
Franchise right 13,720,736.00 0.00 0.00 13,720,736.00
Sea use right 89,111,941.00 0.00 0.00 89,111,941.00
Electric transmission project
442,517,684.00 0.00 0.00 442,517,684.00
and microwave project
Transportation project 22,468,672.00 0.00 0.00 22,468,672.00
II. Total amount of
625,712,364.00 20,553,908.00 646,266,272.00
accumulated
Software 40,498,645.00 3,569,057.00 0.00 44,067,702.00
Land use rights 144,279,332.00 13,700,541.00 0.00 157,979,873.00
Non-patent eechnology 109,466.00 39,231.00 0.00 148,697.00
Franchise right 6,102,137.00 476,071.00 0.00 6,578,208.00
Sea use right 11,024,605.00 894,771.00 0.00 11,919,376.00
Electric transmission project
402,522,731.00 1,804,322.00 0.00 404,327,053.00
and microwave project
Transportation project 21,175,448.00 69,915.00 0.00 21,245,363.00
95
广东电力发展股份有限公司 2014 年半年度报告全文
III. Book value of
1,236,084,026.00 8,070,175.00 4,815,554.00 1,239,338,647.00
intangible assets
Software 17,887,136.00 3,405,076.00 21,292,212.00
Land use rights 1,090,693,925.00 1,429,184.00 1,092,123,109.00
Non-patent eechnology 508,853.00 6,480,994.00 4,815,554.00 2,174,293.00
Franchise right 7,618,599.00 -476,071.00 7,142,528.00
Sea use right 78,087,336.00 -894,771.00 77,192,565.00
Electric transmission project
39,994,953.00 -1,804,322.00 38,190,631.00
and microwave project
Transportation project 1,293,224.00 -69,915.00 1,223,309.00
IV.Total value of provision
34,210,978.00 34,210,978.00
for impairment
Software 0.00 0.00 0.00
Land use rights 0.00 0.00 0.00
Non-patent eechnology 0.00 0.00 0.00
Franchise right 0.00 0.00 0.00
Sea use right 0.00 0.00 0.00
Electric transmission project
33,189,374.00 0.00 0.00 33,189,374.00
and microwave project
Transportation project 1,021,604.00 0.00 0.00 1,021,604.00
V. Total of Book value of
1,201,873,048.00 8,070,175.00 4,815,554.00 1,205,127,669.00
intangible assets
Software 17,887,136.00 3,405,076.00 21,292,212.00
Land use rights 1,090,693,925.00 1,429,184.00 1,092,123,109.00
Non-patent eechnology 508,853.00 6,480,994.00 4,815,554.00 2,174,293.00
Franchise right 7,618,599.00 -476,071.00 7,142,528.00
Sea use right 78,087,336.00 -894,771.00 77,192,565.00
Electric transmission project
6,805,579.00 -1,804,322.00 5,001,257.00
and microwave project
Transportation project 271,620.00 -69,915.00 201,705.00
The amortization amount is RMB20,553,908.00.
19.Goodwill
In RMB
Name of investee or event that Balance in Increase at this Decrease at this Balance in Impairment
generated goodwill year-begin period period year-end provision at
96
广东电力发展股份有限公司 2014 年半年度报告全文
period-end
Acquired Wind power (Business
combinations involving
2,449,886.00 0.00 0.00 2,449,886.00 0.00
enterprises not under common
control)
Total 2,449,886.00 2,449,886.00
20. Long-term amortization expenses
In RMB
Balance in Increase at this Amortization Balance in Reason for other
Items Other decrease
year-begin period balance year-end decrease
Leased assets
324,905.00 0.00 69,148.00 0.00 255,757.00 Not applicable
improve expenses
Other 0.00 3,000,000.00 0.00 0.00 3,000,000.00 Not applicable
Total 324,905.00 3,000,000.00 69,148.00 0.00 3,255,757.00 --
21. Deferred income tax assets/Deferred income tax liabilities
(1）Recognized deferred income tax assets and deferred income tax liabilities
The netting balances of deferred tax assets and liabilities after offsetting
In RMB
Temporarily Temporarily
Deferred Income Tax Deferred Income Tax
Deductable or Deductable or
Assets or Liabilities Assets or Liabilities
Items Taxable Difference at Taxable Difference at
at the End of Report at the Beginning of
the End of Report the Beginning of
Period Report Period
Period Report Period
Deferred income tax assets： 52,101,276.00 218,384,720.00 47,041,613.00 198,146,066.00
Deferred income tax liability： 11,762,696.00 47,050,784.00 12,303,165.00 49,212,660.00
Details of taxable differences and deductible differences
In RMB
Offsetting Amounts
Items
of This Period
The changes of capital government subsidies (assets) and the fair value of an available-for-sale financial
8,844,676.00
assets recognized in the capital reserves of headquarters
The offsetting between the deductable losses (assets) and the depreciation differences (liabilities) resulted
637,078.90
from the commissioning costs of Zhenneng Thermoelectricity
The offsetting between the deductable losses (assets) and the depreciation differences (liabilities) resulted
1,980,169.25
from the commissioning costs of Zhongyue Energy
97
广东电力发展股份有限公司 2014 年半年度报告全文
22.Detail of asset impairment provision
In RMB
Decrease at this period
Balance of book Balance of
Increase at Withdrawal Transf
Items value at beginning book value at
this period amount in er in
of term end of term
this
1. Bad debt provision 2,024,768.00 1,388,889.00 1,388,889.00 2,024,768.00
2 Inventory impairment provision 39,674,506.00 39,674,506.00
3. Impairment provision of available-for-sale
0.00
financial assets
4 Impairment provision of Holdinvestment 0.00
5 .Long-term equity investment impairment
0.00
provision
7. Fixed asset impairment provision 638,670,372.00 638,670,372.00
8.Construction in process impairment provision 0.00
9. Construction in process impairment provision 3,712,587.00 3,712,587.00
10. The productive biological asset impairment 0.00
Including：Mature productive biological asset
0.00
impairment
12.Intangible assets impairment provision 34,210,978.00 34,210,978.00
13. Goodwill impairment provision 0.00
14.Other 0.00
Total 718,293,211.00 1,388,889.00 1,388,889.00 718,293,211.00
23.Other non-current assets
In RMB
Items At end of term At beginning of term
Prepay Porject funds 444,965,063.00 340,885,008.00
Prepay equipment funds 1,116,307,933.00 986,680,945.00
Unrealized loss of sale and leaseback 244,309,306.00 340,381,598.00
Total 1,805,582,302.00 1,667,947,551.00
24. Short-term borrowings
（1）Categories of short-term loans
In RMB
98
广东电力发展股份有限公司 2014 年半年度报告全文
Items At end of term At beginning of term
Credit Loans 9,254,795,553.00 9,361,000,000.00
Total 9,254,795,553.00 9,361,000,000.00
Statement on categories of short-term loans：
On June 30, 2014,Unsecured borrowings amounted to RMB4,635,000,000 is from Yudean Finance (31 December
2013)RMB3,722,000,000)
(b) On June 30, 2014, The Group has no outstanding overdue short-term borrowings.
25.Bills payable
In RMB
Type At end of term At beginning of term
Commercial acceptance 0.00 1,387,874,618.00
Bank acceptance 730,839,198.00 135,248,400.00
Total 730,839,198.00 1,523,123,018.00
Amount due in next fiscal period is RMB 730,839,198.00.
Statement on Bills payable：
On June 30, 2014, the Group's bank acceptances contained Guangdong Yudean Finance Acceptances of RMB498,839,198.
（December 31, 2013：RMB135,248,400）
26 Account payable
（1）Account payable
In RMB
Items At end of term At beginning of term
Fuel payable 2,297,664,109.00 2,217,658,792.00
Materials payable 254,461,882.00 400,863,791.00
Construction and equipment payable 98,904,222.00 101,009,782.00
Other 20,473,597.00 24,332,294.00
Total 2,671,503,810.00 2,743,864,659.00
（2）Statement on payable accounts due for over one year
On June 30, 2014, the balance with ageing over than one year is RMB 100,344,144 ( December 31, 2013:, RMB
122,127,935.
27. Received in advance
（1）Received in advance
In RMB
Items At end of term At beginning of term
Advance disposal of recyclable resources 974,410.00 184,177.00
99
广东电力发展股份有限公司 2014 年半年度报告全文
Receive reparations from insurance companies in
900,000.00 900,000.00
advance
Total 1,874,410.00 1,084,177.00
（2）The description of large-sum accounts payable with the age over 1 year:
On June 30, 2014, The Group has no large amount of advance payments aging over one year (December 31,
2013: None)
28. Employee salary of payable
In RMB
Items Book Balance in Increase in the current Decrease in the current Book Balance in
year-begin period period year-end
1.Wages, bonuses, 0.00 526,357,556.00 419,571,156.00 106,786,400.00
allowances and
subsidies
2.Employee 7,147,803.00 46,166,866.00 46,166,866.00 7,147,803.00
welfare
3. Social insurance
28,384,404.00 114,915,739.00 107,855,797.00 35,444,346.00
premiums
Including：basic
26,761,103.00 28,665,154.00 22,940,411.00 32,485,846.00
Medical insurance
Basic old-age
1,094,240.00 79,006,565.00 79,064,948.00 1,035,857.00
insurance premiums
Unemployment
526,140.00 2,318,349.00 2,314,975.00 529,514.00
insurance
Work injury
2,921.00 1,949,661.00 1,947,713.00 4,869.00
insurance
Maternity insurance 0.00 1,568,859.00 1,565,742.00 3,117.00
Annual Fund 0.00 1,407,151.00 22,008.00 1,385,143.00
IV. Public reserves
33,064.00 111,555,323.00 111,553,238.00 35,149.00
for housing
V. .Refuse welfare 75,335,671.00 156,000.00 8,151,694.00 67,339,977.00
VI.Other 51,340,692.00 33,382,590.00 28,581,145.00 56,142,137.00
Total 162,241,634.00 832,534,074.00 721,879,896.00 272,895,812.00
The amounts of arrears of staff salary and welfare payable are RMB 0 00.
The amounts of trade union funds and staff education expenses are RMB54,088,100.00, the amounts of
non-monetary benefits are RMB0, and the compensations for the lifting of labor relations is 0.00
The payable salaries, bonuses, allowances, subsidies and employee welfare expenses will be offered and used up
in 2013, the social insurances and the housing funds will be turned in to the relevant government departments in
100
广东电力发展股份有限公司 2014 年半年度报告全文
2013, and the welfare benefits of early retirement staff are expected to give and use up one by one before 2033.
29. Tax Payable
In RMB
Items At end of term At beginning of term
VAT 256,058,467.00 129,421,638.00
Expensiture tax 0.00 0.00
Business Tax 1,388,745.00 1,672,250.00
Enterprise Income tax 367,264,594.00 582,516,809.00
Individual Income tax 5,466,019.00 37,507,160.00
City Construction tax 10,359,069.00 7,068,166.00
Educational surcharge 5,141,141.00 3,718,359.00
Local education surtax 3,105,898.00 2,126,634.00
House tax payable 5,577,552.00 6,652,673.00
Land use right tax 905,014.00 3,888,653.00
Discharge fees 9,818,738.00 6,678,341.00
Price regulation fund 5,247,864.00 12,939,800.00
Other 3,573,877.00 3,157,261.00
Total 673,906,978.00 797,347,744.00
30. Interest Payable
In RMB
Items At end of term At beginning of term
Long-term loans interest of installment and interest
145,293,382.00 32,499,606.00
charge
Debenture interest 51,365,468.00 136,065,448.00
Short term loan interest payable 25,794,757.00 19,805,165.00
Total 222,453,607.00 188,370,219.00
31.Dividend payable
In RMB
Company name Ending balance Beginning balance Reason for payment failure for over a year
Pay the company's common Temporary nonpayment because share holding structure
8,504,502.00 7,629,091.00
shareholders reform was not implemented
Shaoguan D Power 3,521,190.00 3,521,190.00 2007 dividend, postponed to pay due to the funding cons
101
广东电力发展股份有限公司 2014 年半年度报告全文
Generation Plant Co., Ltd. traints of Yue Jiang Company
2007 dividend, postponed to pay due to the funding cons
Qijiang Electric Company 1,408,476.00 1,408,476.00
traints of Yue Jiang Company
Total 13,434,168.00 12,558,757.00 --
32.Other Payable
（1） Other Payable
In RMB
Name At end of term At beginning of term
Performance guarantee deposits from construction 166,648,066.00 167,554,270.00
Construction and equipment payable 2,510,070,263.00 2,936,657,755.00
Volume Purchase payable 33,000,000.00 120,400,000.00
Advance from shaoguan Electric Power plant 42,983,169.00 33,206,172.00
Other 121,149,990.00 173,056,516.00
Total 2,873,851,488.00 3,430,874,713.00
（2）Statement on large amount other payable accounts due for over one year
On June 30, 2014, large payables aged over one year was RMB 857,485,653 (December
31,2013:RMB1,060,021,314), mainly used to cope with project funds and retention money. Since the project has
not finished the project and acceptance and final settlement or in the warranty period of acceptance, the project fu
nds and retention money has not been settled.
（3）Statement on large amount other payable accounts
Mainly represent the performance guarantee deposits from construction and equipment suppliers, and they have
not been settled.
33. Non-current liabilities due within one year
（1）Non-current liabilities due within one year
In RMB
Name At end of term At beginning of term
Long-term loans due in 1 year 1,973,381,284.00 1,451,668,930.00
Bonds payable due in 1 year 1,998,197,649.00 0.00
Long-term payable due in 1 year 421,188,880.00 639,073,258.00
Total 4,392,767,813.00 2,090,742,188.00
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广东电力发展股份有限公司 2014 年半年度报告全文
（2）Long-term loans due in 1 year
Long-term loans due in 1 year
In RMB
Name At end of term At beginning of term
Pledge loans 131,540,000.00 145,020,000.00
Mortgage loans 60,000,000.00 60,000,000.00
Guarantee loans 0.00 0.00
Credit loans 1,781,841,284.00 1,246,648,930.00
Total 1,973,381,284.00 1,451,668,930.00
Among the long-term loans due in 1 year, the loans overdue but extended is amounted to RMB 0.
Top 5 long-term loans due in 1 year
In RMB
Year-end balance Year-beginning balance
Loans Loans ending Interest rate Amount of Amount of Amount of Amount of
Loan unit Currency
starting date date (%) Foreign RMB Foreign RMB
currency currency
Bank of
599,800,000.
Communicati June 6, 2013 June 4, 2015 RMB 6.15% 0.00
00
ons
Bank of
599,800,000.
Communicati June 7, 2013 June 5, 2015 RMB 6.15% 0.00
00
ons
China
January 13, December 70,000,000.0 140,000,000.
Constrcution RMB 5.90%
2006 31, 2021 0 00
Bank
59,600,000.0 59,600,000.0
Bank of China April 8, 2005 June 20, 2023 RMB 5.90%
0 0
China
December 59,600,000.0 59,600,000.0
Constrcution June 1, 2005 RMB 5.90%
21, 2023 0 0
Bank
1,388,800,00 259,200,000.
Total -- -- -- -- -- --
0.00 00
（3）Bonds payable due in 1 year
In RMB
Date of Issuing Interest Interest Interest paid Interest End of
Bond Face value Bond term
issue amount payable at occurred this period payable at balance
103
广东电力发展股份有限公司 2014 年半年度报告全文
beginning this period end of
of period period
2008 Guang
dong Electri
c Power De
2,000,000,0 March 10, 2,000,000,0 89,205,448. 54,999,981. 109,999,962 34,205,467. 1,998,197,6
velopment 7 Years
00.00 2008 00.00 00 00 .00 00 49.00
Co., Ltd. co
mpany bond
s
（4）Long-term payable account due in 1 year
In RMB
Loans from Term Initial amount Interest rate(%） Interest payable End balance Condition
Jinghai Power
Within 1 year 1,000,000,000.00 5.57% 41,338,141.00 90,315,021.00 Financing leasing
Generation
Jinghai Power
Within 1 year 600,000,000.00 6.55% 26,043,930.00 94,264,604.00 Financing leasing
Generation
ZhongyueEnergy Within 1 year 600,000,000.00 5.57% 16,235,518.00 38,373,618.00 Financing leasing
Yuejiang Power
Within 1 year 300,000,000.00 5.54% 6,212,654.00 110,287,258.00 Financing leasing
Generation
Yuejiang Power
Within 1 year 282,600,000.00 5.54% 7,398,719.00 87,702,893.00 Financing leasing
Generation
34.Other current liabilities
In RMB
Items Year-end balance Year-Beginning balance
Short-term Financing bonds 0.00 1,348,750,493.00
Total 0.00 1,348,750,493.00
35. Long-term loan
（1）Long-term loans classifications
In RMB
Items Year-end balance Year-Beginning balance
Pledge loans 494,956,340.00 547,236,340.00
Mortgage loans 543,600,000.00 543,600,000.00
Guarantee loans 1,552,000,000.00 1,552,000,000.00
104
广东电力发展股份有限公司 2014 年半年度报告全文
Credit loans 14,776,349,639.00 12,629,167,221.00
Total 17,366,905,979.00 15,272,003,561.00
(2)Top 5 long-term loans due in 1 year
In RMB
Year-end balance Year-beginning balance
Loans Loans ending Interest rate Amount of Amount of Amount of Amount of
Loan unit Currency
starting date date (%) Foreign RMB Foreign RMB
currency currency
Syndicated
loans
November November 4,098,757,70 3,698,757,70
（ ICBC as the l RMB 5.90%
25, 2010 27, 2030 0.00 0.00
eading agency
）
Syndicated
loans
（Agricaultural December December 3, 1,720,500,00 1,776,000,00
RMB 5.90%
Bank of China 14, 2007 2025 0.00 0.00
as the leading
agency）
Taiping Assets
August 14, August 13, 1,500,000,00 1,500,000,00
Management RMB 5.83%
2013 2020 0.00 0.00
Co., Ltd.
Syndicated
loans (Bank of
Chin and
January 15, January 14, 1,380,000,00
Guangdong RMB 5.90% 0.00
2014 2028 0.00
Yudean Finance
Co., Ltd.as the
leading agency)
Syndicated
loans (Bank of
Communication
s and December December 1,304,400,00 21,000,000.0
RMB 5.90%
Guangdong 25, 2013 24, 2028 0.00 0
Yudean Finance
Co., Ltd. as the
leading agency)
10,003,657,7 6,995,757,70
Total -- -- -- -- -- --
00.00 0.00
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广东电力发展股份有限公司 2014 年半年度报告全文
36.Bond payable
In RMB
Interest Interest
Interest
Date of Issuing payable at Interest paid payable at
Bond Face value Bond term occurred End balance
issue amount beginning this period end of
this period
of period period
The
Company
Bonds of
Guangdong
1,200,000,0 March 18, 1,200,000,0 46,860,000. 29,700,000. 59,400,000. 17,160,000. 1,194,285,7
Electric 7 Years
00.00 2013 00.00 00 00 00 00 37.00
Power
Developme
nt Co., Ltd.
In 2013
37.Long-term payable
（1）Top 5 long-term payable
In RMB
Name Term Initial amount Interest rate（%） Interest payable End balance Condition
Jinghai Power
10 years 1,000,000,000.00 5.57% 115,909,161.00 640,196,523.00 Financing leasing
Generation
Jinghai Power
6 years 600,000,000.00 6.55% 31,169,389.00 305,203,043.00 Financing leasing
Generation
ZhongyueEnergy 10 years 600,000,000.00 5.57% 61,367,661.00 352,509,611.00 Financing leasing
Yuejiang Power
3 years 300,000,000.00 5.54% 1,625,086.00 46,829,297.00 Financing leasing
Generation
Yuejiang Power
5 years 282,600,000.00 5.54% 2,523,621.00 68,081,451.00 Financing leasing
Generation
（2）Details of finance leasing payments in long-term payable
In RMB
End of term Beginning of term
Name
Foreign currency RMB Foreign currency RMB
Yuejiang Power Generation 330,936,724.00 400,587,137.00
Jinghai Power Generation 1,689,739,053.00 1,217,440,807.00
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广东电力发展股份有限公司 2014 年半年度报告全文
Zhongyue Energy 769,824,001.00 666,416,180.00
Red Bay 442,985,028.00
Total a 2,790,499,778.00 2,727,429,152.00
Guarantee provided by the 3rd party for the leasing finance is amounted to RMB0.
38.Special payable
In RMB
Beginning of Increased this Decreased this
Items End of term Remarks
term term term
Relocation compensation 10,779,740.00 0.00 4,161,463.00 6,618,277.00
Total 10,779,740.00 0.00 4,161,463.00 6,618,277.00 --
39.Other Non-current liabilities
In RMB
Items Year-end balance Year-beginning balance
Proceeds of sale and leaseback financ
13,562,083.00 19,188,778.00
ing fixed assets
Govemment Subsidy 92,984,539.00 72,488,962.00
Total 106,546,622.00 91,677,740.00
In RMB
Amount recorded
New subsidy Related to
Year-beginning into non-operating Year-end
Items amount in the Other changes assets/Related to
balance income in the balance
reporting period income revenue
reporting period
The unit 5
desulfurization 15,384,616.00 0.00 1,538,462.00 0.00 13,846,154.00 Related to assets
project
Flow expansion
5,200,938.00 0.00 0.00 0.00 5,200,938.00 Related to assets
renovation project
Energy saving 3,060,000.00 0.00 0.00 0.00 3,060,000.00 Related to assets
Reduce nitrogen denit
3,803,419.00 0.00 0.00 0.00 3,803,419.00 Related to assets
ration project
Air preheater
transformation 3,274,872.00 0.00 0.00 0.00 3,274,872.00 Related to assets
project
The refund of VAT
received due to
28,517,767.00 0.00 1,500,000.00 0.00 27,017,767.00 Related to assets
purchasing
homemade
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广东电力发展股份有限公司 2014 年半年度报告全文
equipment.
Water-freshing
1,692,308.00 0.00 0.00 0.00 1,692,308.00 Related to assets
project
Levy compensation
0.00 23,200,000.00 0.00 0.00 23,200,000.00 Related to assets
for project relocation
Competition Fund of
State-owned Assets
11,333,333.00 0.00 0.00 0.00 11,333,333.00 Related to income
Regulatory
Commission
Port and port construc
221,709.00 334,039.00 0.00 0.00 555,748.00 Related to income
tion fees
Total 72,488,962.00 23,534,039.00 3,038,462.00 0.00 92,984,539.00 --
40. .Stock capital
In RMB
Increase/decrease this time (+ , - )
Balance Balance
Issuing of new Transferred
Year-beginning Bonus shares Other Subtotal year-end
share from reserves
Total of capital 4,375,236,655. 4,375,236,655.
0.00 0.00 0.00 0.00 0.00
shares 00 00
41. Capital reserves
In RMB
Items Year-beginning Increase in the current Decrease in the Year-end balance
balance period current period
Share premium 4,439,517,054.00 4,439,517,054.00
Other capital reserves 35,357,344.00 0.00 8,823,313.00 26,534,031.00
Estimate Increase 119,593,718.00 119,593,718.00
Transfer from the balance of
capital surplus recognised under 20,474,592.00 20,474,592.00
previous accounting
Investment from Yudean Group 395,000,000.00 395,000,000.00
Enjoy the rights of associated e
33,174,718.00 33,174,718.00
nterprise base on share holding
0.00
Other 1,601,300.00 1,601,300.00
Total 5,044,718,726.00 0.00 8,823,313.00 5,035,895,413.00
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广东电力发展股份有限公司 2014 年半年度报告全文
42. Surplus reserve
In RMB
Items Year-beginning Increase in the current Decrease in the Year-end balance
balance period current period
Statutory surplus reserve 1,674,052,767.00 173,523,454.00 0.00 1,847,576,221.00
Optional surplus reserves 2,529,518,509.00 433,808,635.00 0.00 2,963,327,144.00
Total 4,203,571,276.00 607,332,089.00 0.00 4,810,903,365.00
43. Retained profits
In RMB
Items Amount Proportion(%)
Before adjustments: Retained profits at the 5,431,387,393.00 --
period end
Adjustments: Total retained profits at the period 0.00 --
beginning （+，-）
After adjustments: Retained profits at the period
5,431,387,393.00 --
beginning
Add：Net profit belonging to the owner of the
1,644,460,546.00 --
parent company
Less：Drawing statutory surplus reserve 173,523,454.00 10.00%
Drawing discretionary surplus reserve 433,808,635.00 25.00%
DrawingCommon risk provision 0.00
Payable dividends of common shares 875,047,331.00
Retained profits at the period end 5,593,468,519.00 --
As regards the details of adjusted the beginning undistributed profits
(1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations, the affected
beginning undistributed profits are RMB 0.00.
(2) As the change of the accounting policy, the affected beginning undistributed profits are RMB 0.00.
(3) As the correction of significant accounting error, the affected beginning undistributed profits are RMB 0.00 .
(4) As the change of consolidation scope caused by the same control, the affected beginning undistributed profits
are RMB 0.00.
(5) Other adjustment of the total affected beginning undistributed profits are RMB 0.00 .
109
广东电力发展股份有限公司 2014 年半年度报告全文
Statement on retained profit: for companies issued their securities for the first time, if the accumulated profit
before the issuing is shared by the new and existing shareholders as approved by the shareholders’ meeting, shall
be described particularly; if the accumulated profit before the issuing is shared only by existing shareholders as
approved by the shareholders’ meeting, the Company shall provide the details of dividend payable to the existing
shareholders as audited by CPA.
44. Business income, Business cost
（1）Business income, Business cost
In RMB
Items Amount of current period Amount of previous period
Income from Business income 14,899,869,105.00 14,459,447,415.00
Other Business income 71,444,541.00 87,580,057.00
Business cost 10,982,443,113.00 11,025,868,327.00
（2）Main business（Industry）
In RMB
Name Amount of current period Amount of previous period
Business income Business cost Business income Business cost
Generate electricity 14,844,828,982.00 10,917,563,793.00 14,409,858,983.00 10,949,388,014.00
Supply of heat 42,303,774.00 33,357,085.00 36,352,088.00 30,989,583.00
Labour service 12,736,349.00 14,654,707.00 13,236,344.00 11,052,171.00
Total 14,899,869,105.00 10,965,575,585.00 14,459,447,415.00 10,991,429,768.00
（3）Main business（Production）
In RMB
Name Amount of current period Amount of previous period
Business income Business cost Business income Business cost
Power sales 14,844,828,982.00 10,917,563,793.00 14,409,858,983.00 10,949,388,014.00
Heat supply 42,303,774.00 33,357,085.00 36,352,088.00 30,989,583.00
Provide labor service 12,736,349.00 14,654,707.00 13,236,344.00 11,052,171.00
Total 14,899,869,105.00 10,965,575,585.00 14,459,447,415.00 10,991,429,768.00
（4）Main Business（Area）
In RMB
Name Amount of current period Amount of previous period
Business income Business cost Business income Business cost
Guangdong 14,899,869,105.00 10,965,575,585.00 14,459,447,415.00 10,991,429,768.00
Total 14,899,869,105.00 10,965,575,585.00 14,459,447,415.00 10,991,429,768.00
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广东电力发展股份有限公司 2014 年半年度报告全文
（5）Total income and the ratio of operating income from top five clients
In RMB
Name Business Income Proportion(%)
GPGC 13,984,430,090.95 93.41%
GPGC,Shenzhen SupplyPower
769,353,624.11 5.14%
Bureau
GPGC,Zhanjiang SupplyPower
55,561,192.59 0.37%
Bureau
GPGC,Jieyang SupplyPower
35,484,074.15 0.24%
Bureau
Huizhou Huiling Huacheng Co.,
29,400,716.43 0.20%
Ltd.
Total 14,874,229,698.23 99.36%
45. Business taxes and surcharges
In RMB
Items Amount of current Amount of previous Project payment standard
period period
Business tax 2,205,231.00 1,921,755.00 Taxable turnover, 5% and 3%.
City maintenance and construction Actually paid value added tax and
45,487,117.00 51,658,693.00
tax business tax, 5% and 7%.
Actually paid value added tax and
Surcharge for education 22,784,654.00 27,931,937.00
business tax, 3 %.
Actually paid value added tax and
Local education surtax 15,189,770.00 18,621,292.00
business tax, 2%.
Tax 85,666,772.00 100,133,677.00 --
46.Selling expenses
In RMB
Items Amount of current period Amount of previous period
Sales expenses 1,471,882.00 1,753,357.00
Total 1,471,882.00 1,753,357.00
47. Administrative expenses
In RMB
Items Amount of current period Amount of previous period
111
广东电力发展股份有限公司 2014 年半年度报告全文
Employee’s remuneration 158,689,241.00 150,317,543.00
Depreciation expenses 24,294,734.00 23,694,383.00
Repair expenses 4,234,406.00 4,828,049.00
Office expenses 6,822,510.00 6,649,372.00
Insurance 1,151,813.00 2,025,435.00
Travel expenses 3,007,457.00 4,016,178.00
Board of directors 1,908,272.00 2,648,746.00
Customers 6,944,453.00 9,629,076.00
Lowsuit expenses 1,166,472.00 1,895,738.00
Amortiation of Intangible assets 20,516,995.00 22,825,211.00
Effluent charges 24,697,292.00 28,162,994.00
Consulting fee 1,778,815.00 2,102,357.00
Agency Charge 3,000,313.00 8,126,935.00
Tax fee 67,553,155.00 52,031,006.00
Property Management 12,274,379.00 11,004,037.00
Fireman’s charge 12,408,143.00 13,153,896.00
Embankment protection fees 8,414,776.00 10,040,087.00
Health afforestation fees 3,871,410.00 7,237,013.00
Other 33,819,876.00 40,982,779.00
Total 396,554,512.00 401,370,835.00
48.Financial expenses
In RMB
Items Amount of current period Amount of previous period
Interest expenses 913,312,263.00 997,545,951.12
Interest income -29,331,087.00 -21,327,285.00
Other 3,905,314.00 7,111,906.88
Total 887,886,490.00 983,330,573.00
49. Investment income
（1）Income from investment
In RMB
Items Amount of current period Amount of previous period
Long-term equity investment income by costing 12,862,500.00 12,862,500.00
112
广东电力发展股份有限公司 2014 年半年度报告全文
Long-term equity investment income by equity 336,254,319.00 348,882,444.00
method
Hold the investment income which gained from the
607,511.00 9,764,014.00
transactional financial assets
Hold the investment income during from
2,100,000.00 7,503,870.00
available-for-sale financial assets
Other -1,707,750.00 342,586.00
Total 350,116,580.00 379,355,414.00
（2）long-term equity investment gains on cost basis
In RMB
Occurred in previous
Company Occurred current term Causation of change
term
Shenzhen Chuangxin Technology
12,862,500.00 12,862,500.00
Investment Co., Ltd.
Total 12,862,500.00 12,862,500.00 --
（3）Long-term equity investment gains on equity basis
In RMB
Occurred in previous
Company invested in Occurred current term Causation of change
term
Yangshan Jiangkeng Waater Electric
0.00 0.00
Station
Yangshan Zhongxinkeng Electric
723,608.00 0.00
Company
Yudean West Investment -568,387.00 -2,304,294.00
Lingchang Yuntou Yudean -970,058.00 -1,358,517.00
Guangdong Yudean Shipping 5,528,070.00 876,582.00
Capitalization of interest of machine
production stopped, financial costs
Weixin Yuntou Yudean -15,572,033.00 19,555,698.00
increased led to profit fell compared
with same period last year.
Huaneng Shantou Wind Power
3,227,933.00 2,828,476.00
Generation Co., Ltd.
Since the price of coal per ton decrease
Shanxi Yuedian Energy Co., Ltd. 41,187,369.00 61,698,543.00 d greater compared with same period la
st year, its earnings fell declined accord
113
广东电力发展股份有限公司 2014 年半年度报告全文
ingly.
Guangdong Yudean Finance Co., Ltd. 47,508,098.00 47,704,241.00
Yunnan Baoshan Binlangjiang -7,470,355.00 -11,937,000.00
Guangdong Electric Industry Fuel Co.,
43,086,571.00 34,386,531.00
Ltd.
Since coal prices declined, Taishan Po
Guangdong Guohua Yuedian Taishan
219,573,503.00 197,432,184.00 wer Plant profit increased over the sam
Power Generation Co., Ltd.
e period last year
Total 336,254,319.00 348,882,444.00 --
50. .Loss of assets impairment
In RMB
Name Amount of current period Amount of previous period
1. Bad debts losses -1,388,889.00
2. Inventory falling price losses -673,399.00 10,000,000.00
7. loss for devaluation of fixed assets 7,500,000.00
Total -2,062,288.00 17,500,000.00
51. Non-operating income
（1） Non-operating income
In RMB
Items Amount of current Amount of previous Amount recorded in
period period current non-operating
gains and losses\
Total income from liquidation of 1,616,440.00 38,922.00 1,616,440.00
non-current assets
Including：Income from liquidation of 1,060,795.00 38,922.00 1,060,795.00
fixed asset
Intangible assets disposal gains 555,645.00 0.00 555,645.00
Government Subsidy 13,994,880.00 8,677,089.00 9,328,461.00
Other 1,344,011.00 13,328,992.00 1,344,011.00
Total 16,955,331.00 22,045,003.00 10,944,901.00
（2）Government subsidy list
In RMB
Items Amount of current Amount of previous Related to Belong to
period period assets/related to non-recurring profit
income revenue and loss or not
114
广东电力发展股份有限公司 2014 年半年度报告全文
Income of levy and refun
4,666,419.00 1,846,628.00 Related to income No
d of VAT
Amortization of Govern
3,038,461.00 1,538,461.00 Related to assets Yes
ment Subsidy
River seawall reinforcem
2,030,000.00 1,700,000.00 Related to income Yes
ent grants
Energy conservation
2,760,000.00 2,370,000.00 Related to income Yes
Subsidy
Other 1,500,000.00 1,222,000.00 Related to income Yes
Total 13,994,880.00 8,677,089.00 -- --
52. Non-operating expenses
In RMB
Items Amount of current Amount of previous Amount recorded in
period period current non-operating
gains and losses\
Total Disposal of loss of non-current assets 20,960,267.00 190,368.00 20,960,267.00
Including：Disposal of net loss of fixed assets 20,948,267.00 190,368.00 20,948,267.00
Intangible assets disposal losses 12,000.00 0.00 12,000.00
Foreign donations 555,678.00 0.00 555,678.00
Other 4,763,600.00 1,001,914.00 117,387.00
Total 26,279,545.00 1,192,282.00 25,606,480.00
53. .Income tax expenses
In RMB
Items Amount of current period Amount of previous period
Income tax at current period according to taxation and related
639,926,159.00 449,368,961.00
regulation
Adjustment Deferred income tax -2,659,028.00 44,541,603.00
Total 637,267,131.00 493,910,564.00
54. Calculation process of basic earnings per share and dilute earning per share
(a)Basic earnings per share
The basic earnings per share is calculated by dividing the current net profits belongingtotheshareholders of
ordinary shares by the weighted average number of ordinary shares issued to the public：
June 30, 2014 June 30, 2013
Net profit belonging to the shareholders of 1,644,460,546 1,357,484,280
115
广东电力发展股份有限公司 2014 年半年度报告全文
ordinary shares
Weighted average number of ordinaryshares 4,375,236,655 4,375,236,655
issued to the public
Basic earnings per share 0.38 0.31
(b)Diluted earnings per share
Diluted earnings per share is calculated b dividing the current net profits belonging totheshareholders of ordinary
shares by the weighted average number of ordinary shares and diluted potential ordinary shares issued to the
public. In June 30, 2014 and June 31, 2013, the Group has no diluted potential ordinary shares, and basic
earnings per share are the same with Diluted earnings per share.
55. Other comprehensive income
In RMB
Items Amount of current period Amount of previous period
1.Loss amount produced by sellable financial assets -11,764,417.00 -42,409,995.00
Less：Deduct: income tax infection produced by sellable
-2,941,104.00 -10,602,499.00
financial assets
Subtotal -8,823,313.00 -31,807,496.00
Total -8,823,313.00 -31,807,496.00
56.Notes of Cash flow statement
（1）Cash received related to other operating activities
In RMB
Items Amount
Interest income 25,942,328.00
Government Subsidy 47,873,866.00
Insurance indemnity 24,301,649.00
Rent income 1,651,908.00
Other 7,712,902.00
Total 107,482,653.00
（2） Cash paid related to other operating activities
In RMB
Items Amount
Swwage charge 91,332,963.00
Insurance expenses 29,082,708.00
Equipment cleaning and hygiene green fee 13,782,658.00
Transportation fee 1,517,412.00
Fire guard fee 13,955,393.00
116
广东电力发展股份有限公司 2014 年半年度报告全文
Business fee 6,944,453.00
Agency Charge 3,100,917.00
Embankment protection fees 3,450,976.00
Office Expenses 8,440,402.00
Travel expenses 4,993,524.00
Rental fee 7,984,698.00
Test fee 1,711,807.00
Enterprise publicity expenses 2,545,326.00
Director fee and other conference fee 2,607,202.00
Land use fees and sea areas use fees 3,668,629.00
Information system maintenance 2,431,121.00
Water and electrical 5,633,321.00
R&D development 2,481,476.00
Property Management fee 15,198,809.00
Deposit 8,111,859.00
Union expenses 12,885,806.00
Other 38,014,925.00
Total 279,876,385.00
57. Supplement Information for cash flow statement
（1）Supplement Information for cash flow statement
In RMB
Supplement Information Amount of current period Amount of previous period
I. Adjusting net profit to cash flow from operating activities -- --
Net profit 2,322,878,400.00 1,923,368,274.00
Add: Impairment loss provision of assets -673,399.00 17,500,000.00
Depreciation of fixed assets, oil and gas assets and 1,813,737,659.00 1,723,798,366.00
consumable biological assets
Amortization of intangible assets 20,516,995.00 22,828,253.00
Loss on disposal of fixed assets, intangible assets and other
19,343,827.00 38,922.00
long-term deferred assets
Financial cost 913,552,263.00 1,004,657,858.00
Loss on investment -351,016,013.00 -379,355,414.00
Decrease of deferred income tax assets -2,118,559.00 26,733,840.00
Increased of deferred income tax liabilities -540,469.00 17,807,763.00
117
广东电力发展股份有限公司 2014 年半年度报告全文
Decrease of inventories -126,397,729.00 -130,296,757.00
Decease of operating receivables 607,460,042.00 -151,298,282.00
Increased of operating Payable -682,613,106.00 1,247,508,038.00
Net cash flows arising from operating activities 4,534,129,911.00 5,323,290,861.00
II. Significant investment and financing activities that
-- --
without cash flows:
III. Net increase of cash and cash equivalents -- --
Ending balance of cash 5,144,118,327.00 5,601,716,771.00
Less: Beginning balance of cash 4,377,311,176.00 2,813,898,537.00
Net increase of cash and cash equivalents 766,807,151.00 2,787,818,234.00
（2）Information on acquiring or disposing subsidiary company and other business unit at this period.
In RMB
Supplement Information Amount of current period Amount of previous period
I. Acquisition of subsidiaries and businesses -- --
II. Disposal of subsidiaries and bushiness -- --
（3）Composition of cash and cash equivalents
In RMB
Items Amount of current period Amount of previous period
I. Cash 5,144,118,327.00 4,377,311,176.00
Of which: Cash in stock 118,566.00 133,621.00
Bank savings could be used at any time 5,103,999,761.00 4,374,748,572.00
Other monetary funds on demand 40,000,000.00 2,428,983.00
III. Balance of cash and cash equivalents at the period end 5,144,118,327.00 4,377,311,176.00
VIII.. Related parties and related-party transactions
1. Parent company information of the enterprise
Vote right
Share ratio
ratio of
of parent
Parent Legal parent Ultimate
Related Enterprise Registratio Business Registered company Organizati
company representa company controlling
parties type n place character capital against the on code
name tive against the party
company(
company(
%)
%)
Guangdong Controllin State Guangzho Pan Li Power 21,500,000 67.39% 67.39% Yudean 73048602-
118
广东电力发展股份有限公司 2014 年半年度报告全文
Yudean g holding u plant ,000 Group 2
Group shareholde opera
r ting,e
lectri
city
assets
mana
geme
nt,
electr
icity
generation
2. Subsidiary companies information of the enterprise
Full name
Subsidiary Legal Share
of Enterprise Registration Business Registered Vote right Organizatio
company representati holding
subsidiary type area character capital ratio (%) n code
type ve ratios(%)
company
Zhenneng Limitedliabi
Controlling 1,019,535,5
Electric lity Maoming Hu Xiaolei Electric 58.27% 58.27% 7665659-8
Subsidiary 00.00
Power plant Company
Jinghai Limitedliabi
Controlling Li 2,919,272,0 77307022-
Power lity Jieyang Electric 65.00% 65.00%
Subsidiary Mingliang 00.00 X
Generation Company
Zhanjiang Controlling Foreign 346,110,000
Zhanjiang Yao Jiheng Electric 70.00% 60.00% 79295197-0
Wind Power Subsidiary investment .00
Anxin
Limitedliabi
Electric Controlling 20,000,000.
lity Dongguan Hu Xiaolei Electric 100.00% 100.00% 66498489-0
Power Subsidiary 00
Company
Maintenance
Humen Limitedliabi
Controlling 150,000,000
Electric lity Dongguan Yao Jiheng Electric 60.00% 60.00% 68056908-0
Subsidiary .00
Power Plant Company
Bohe Limitedliabi
Controlling Luo 1,085,000,0
Electric lity Maoming Electric 100.00% 100.00% 55168364-5
Subsidiary Zhiheng 00.00
Power Plant Company
Limitedliabi
Yuheng Controlling Shen 20,000,000.
lity Zhanjiang Electric 76.00% 76.00% 78942832-9
Electronic Subsidiary Mingde 00
Company
Xuwen Controlling Limitedliabi 173,190,000
Zhanjiang Yao Jiheng Electric 70.00% 60.00% 69473177-1
Wind Subsidiary lity .00
119
广东电力发展股份有限公司 2014 年半年度报告全文
Power Company
Limitedliabi
Huadu Controlling 120,000,000
lity Guangzhou Wen Lianhe Electric 65.00% 65.00% 06114033-0
Natural gas Subsidiary .00
Company
Limitedliabi
Dapu Power Controlling 700,000,000
lity Meizhou Yao Jiheng Electric 100.00% 100.00% 06145024-0
Generation Subsidiary .00
Company
Limitedliabi
Leizhou Controlling 20,000,000.
lity Leizhou Yao Jiheng Electric 70.00% 60.00% 06512991-3
Wind Power Subsidiary 00
Company
Limitedliabi
Dianbai Controlling Luo 121,872,900
lity Maoming Electric 100.00% 100.00% 61781904-0
Wind Power Subsidiary Zhiheng .00
Company
Zhanjiang Limitedliabi
Controlling 2,875,440,0
Electric lity Zhanjiang Liu Qian Electric 76.00% 76.00% 23210093-2
Subsidiary 00.00
power Company
Yuejia Limitedliabi
Controlling 1,200,000,0
Electric lity Meizhou Yao Jiheng Electric 58.00% 56.00% 61741361-4
Subsidiary 00.00
Power Company
Yuejiang Limitedliabi
Controlling 1,070,000,0
Power lity Shaoguan Yao Jiheng Electric 90.00% 90.00% 70752208-0
Subsidiary 00.00
Generation Company
Limitedliabi
Zhongyuee Controlling 1,454,300,0
lity Zhanjiang Liu Qian Electric 90.00% 90.00% 74367331-0
Energy Subsidiary 00.00
Company
Guangqian Limitedliabi
Controlling 1,030,292,5
Ecectric lity Shenzhen Wen Lianhe Electric 100.00% 100.00% 70842633-0
Subsidiary 00.00
Power Company
Limitedliabi
Huizhou Controlling Gao 963,000,000
lity Huizhou Electric 67.00% 67.00% 76380066-3
Natural gas Subsidiary Shiqiang .00
Company
Limitedliabi
Huizhou Controlling Zheng 1,370,000,0
lity Huizhou Electric 45.00% 85.00% 79117246-5
Pinghai Subsidiary Hanquan 00.00
Company
Limitedliabi
Shibeishan Controlling Li 231,700,000
lity Jieyang Electric 70.00% 60.00% 76384872-0
Wind Power Subsidiary Chengjun .00
Company
Red Bay Limitedliabi
Controlling 2,749,750,0
Power lity Shanwei Wen Lianhe Electric 65.00% 65.00% 76061818-8
Subsidiary 00.00
Generation Company
120
广东电力发展股份有限公司 2014 年半年度报告全文
Limitedliabi
Guangdong Controlling Luo 181,872,900
lity Guangzhou Electric 100.00% 100.00% 23112971-7
Wind Power Subsidiary Zhiheng .00
Company
Limitedliabi
Huilai Wind Controlling Zhang 20,000,000.
lity Jieyang Electric 70.00% 70.00% 70762183-9
Power Subsidiary Youjun 00
Company
Limitedliabi
Yuejiang Controlling Zeng 20,000,000.
lity Shaoguan Electric 100.00% 90.00% 09569147-2
Hongrui Subsidiary Lingxiong 00
Company
3. Joint-venture and affiliated enterprises information of the company
Invested unit Enterprise Registration Legal Business Registered Share holding vote right Affiliation Organization
name type Place representative character capital ratio(%) ratio(%) relation code
I.Joint enterprise
\Fuel State Joint
Guangzhou Zhu Dejun Fuel Trade 630,000,000 50.00% 50.00% 190326035
Company holding enterprise
II. Affiliated enterprise
Guohua State Wang Power 4,500,000,0 Affiliated
Taishan 20.00% 20.00% 72784029-7
Taishan holding Shuming generation 00 enterprise
Binlangjian State Power Affiliated 75066253-
Baoshan Liu Yibin 713,000,000 29.00% 29.00%
g holding generation enterprise X
Shanxi State 1,000,000,0 Affiliated
Taiyuan Liang Jian Coal 40.00% 40.00% 790216374
Energy holding 00 enterprise
Yudean State Yang 2,000,000,0 Affiliated
Guangzhou Finance 25.00% 25.00% 71226867-0
Finance holding Xuanxing 00 enterprise
West State Hong Power Affiliated 75285691-
Guangzhou 847,400,000 26.00% 26.00%
Investment holding Rongkun generation enterprise X
Yudean State 2,465,800,0 Affiliated
Guangzhou Zhu Dejun Shipping 35.00% 35.00% 775555474
Shipping holding 00 enterprise
Lincang State Power Affiliated
Lincang Huang Ning 396,490,000 49.00% 49.00% 77048814-5
Yuntou holding generation enterprise
Weixinyunt State Yang Power 1,618,277,4 Affiliated 77859169-
Zhaotong 40.00% 40.00%
ou holding Guowen generation 00 enterprise X
Santou State Power Affiliated
Santou Yang Qing 194,190,000 25.00% 25.00% 783853842
Wind Power holding generation enterprise
YangshanJi State Li Power Affiliated
Qingyuan 22,839,076 25.00% 25.00% 61806551-9
angkeng holding Guansheng generation enterprise
Yangshan
State Power Affiliated
Zhongzink Qingyuan Lin Yang 15,150,000 40.00% 40.00% 70760320-0
holding generation enterprise
eng
121
广东电力发展股份有限公司 2014 年半年度报告全文
4. Other Related parties information of the enterprise
Other Related parties name Relation of other Related Organization code
parties with the company
Development Company Controlled by Yudean Group 190321111
Maoming Thermalpower Plant Controlled by Yudean Group 19492436-6
Shaoguan Power Generation Plant Controlled by Yudean Group 61744590-7
Shaoguan D plant Controlled by Yudean Group 61744707-2
Shajiao C Controlled by Yudean Group 74369834-X
Xinfengjiang Controlled by Yudean Group 751086546
Zhuhai Power Controlled by Yudean Group 70812907-X
Zhuhai Jinwan Controlled by Yudean Group 717859111
Bioligy Power Controlled by Yudean Group 680565944
Yudean Porpoety Controlled by Yudean Group 74706406-1
Yueyang Power Generation Controlled by Yudean Group 197823202
Yudean Information Technology Co., Ltd. Controlled by Yudean Group 6692475-3
Yudean Real eatate Controlled by Yudean Group 73987209-3
Zhuhai Hengda Energy Controlled by Yudean Group 707513758
Yudean Environment Protection Controlled by Yudean Group 69643858-7
Shenzhen Tianxin Controlled by Yudean Group 788338241
Huangpu Electric Power Project Controlled by Yudean Group 191170749
Guanghe Electric Power Controlled by Yudean Group 61740263-2
Jinhui Electric Power Controlled by Yudean Group 72785566-7
Huangpu Yuhua Human Resources Controlled by Yudean Group 190536892
Yudean Menghua New Energy Controlled by Yudean Group 588826371
Chaokang Investment Controlled by Yudean Group Hongkong Company,
Not Organization code
Yuehua Power Generation Controlled by Yudean Group 190320848
Fangneng Catering management Controlled by Yudean Group 778364833
Yudean Changhu Power Generation Controlled by Yudean Group 197770796
Guangzhu Power Generation Controlled by Yudean Group 192585575
Lianhou Power plant Controlled by Yudean Group 618064196
5. Related Transactions
（1）The providing service/sells goods
In RMB
122
广东电力发展股份有限公司 2014 年半年度报告全文
Occurred current term Occurred in previous term
Percentag Percentag
Pricing and
Subjects of the related e in e in
Related parties decision making
transactions Amount similar Amount similar
process
trades trades
（%） （%）
Fuel Company Fuel purchase Agreement price 5,960,402,388.00 77.78% 5,563,733,955.00 69.85%
Yudean Environment
Material purchase Agreement price 47,930,909.00 0.63% 49,436,055.00 0.62%
Protection
Acceptance of tugboat
Yudean Shipping Agreement price 10,951,887.00 12.30% 12,905,660.00 14.49%
services
Zhuhai Hengda Procurement of spare
Energy Development parts Agreement price 744,952.00 0.12% 916,055.00 0.18%
Co., Ltd.
Yudean Property Acceptance of
Agreement price 10,037,716.00 81.78% 7,137,112.00 64.86%
Management management services
Yudean Information Acceptance of
Agreement price 665,174.00 24.28% 1,111,790.00 45.31%
Technology management services
Acceptance of
Yudean Real eatate Agreement price 3,055,092.00 41.05% 1,793,292.00 16.82%
leasingservices
Guangdong Yuehua
Accept labor services
Power Generation Agreement price 933,333.00 7.67% 0.00%
Co., Ltd.
Guangzhou
HuangpuYueha Outsource service Agreement price 12,072,933.00 2.00% 8,055,579.00 1.57%
Power Generation
Guangzhou Accept human resourc
HuangpuYuehua es outsourcing services Agreement price 1,525,000.00 8.35% 1,525,000.00 3.93%
Power Generation
Zhutou Fuel
Fuel purchase Agreement price 0.00 0.00% 639,863,357.00 7.53%
Company
Maoming Thernal Acceptance of tugboat
Agreement price 0.00 0.00% 28,001,525.00 6.41%
power services
Sales of goods and services
In RMB
Occurred current term Occurred in previous term
Pricing and
Subjects of the related Percentag Percentag
Related parties decision making
transactions Amount e in Amount e in
process
similar similar
123
广东电力发展股份有限公司 2014 年半年度报告全文
trades trades
（%） （%）
Yudean Environment
Sale of Material Agreement price 32,969,688.65 46.15% 45,606,021.38 52.07%
Protection
Providing maintenance
Shajiao C Agreement price 10,122,222.23 79.48% 8,957,264.99 67.67%
services
Zhuhai Jinwan
Providing maintenance
Power Generation Agreement price 2,057,974.43 16.16% 1,297,827.85 9.81%
services
Co., Ltd.
Guangdong Yudean
Zhanjiang
Provide maintenance s
Biological Power Agreement price 556,152.94 4.37% 0.00 0.00%
ervices
Generation Co.,
Ltd.
Guangdong Yudean
Provide training servic
Zhongshan
es Agreement price 158,757.00 71.75% 0.00 0.00%
Thermal power Co.,
Ltd.
Guangdong Yudean Provide training servic
Agreement price 10,228.00 4.62% 0.00 0.00%
Shipping es
Carbon emission rights
Chaokang
Agreement price 600,000.00 100.00% 0.00 0.00%
Investment Co., Ltd.
Guangdong Yudean
Group, Zhuhai
Provide services Agreement price 0.00 0.00% 948,717.95 7.17%
Power Generation
Plant
（2）Related leasing
The Company is the lender
In RMB
Rental
Name of the Name of the Category of asset
Starting date Stop date Pricing basis recognized in the
owner tenant for rent
period
Property December 31,
Yudean Property The Company January 1, 2014 Agreement price 1,793,292.00
Leasing 2014
Shibeishan Wind Property December 31,
Yudean Property January 1, 2014 Agreement price 557,340.00
Power Leasing 2014
Yudean Property Guangdong Wind Property January 1, 2014 December 31, Agreement price 305,100.00
124
广东电力发展股份有限公司 2014 年半年度报告全文
Power Leasing 2014
Maoming
Maoming December 31,
Thermalpower Land Leasing January 1, 2007 Agreement price 182,430.50
Zhenneng 2037
Plant
Maoming
Maoming
Thermalpower Land Leasing August 1, 2010 August 1, 2040 Agreement price 365,608.50
Zhenneng
Plant
Maoming
Maoming Property December 31,
Thermalpower January 1, 2014 Agreement price 77,702.50
Zhenneng Leasing 2014
Plant
（3）Status of related party guarantee
In RMB
The beneficiary
Guarantor Amount guaranteed Start date Due date Completed or not
party
The Company Lincang Yuntou 17,150,000.00 January 20, 2007 December 25, 2020 No
The Company Lincang Yuntou 6,860,000.00 July 29, 2008 July 29, 2018 No
The Company Lincang Yuntou 83,300,000.00 December 18, 2012 December 31, 2030 No
The Company Weixin Yuntou 329,778,000.00 March 27, 2012 July 19, 2014 No
The Company Weixin Yuntou 274,000,000.00 December 6, 2012 July 19, 2014 No
The Company Weixin Yuntou 120,000,000.00 May 21, 2014 May 20, 2017 No
The Company Binlangjiang 15,950,000.00 March 16, 2006 March 13, 2021 No
The Company Binlangjiang 120,000,000.00 April 2, 2008 June 5, 2028 No
The Company Binlangjiang 58,000,000.00 October 31, 2008 October 30, 2027 No
The Company Binlangjiang 3,915,000.00 June 30, 2005 June 30, 2017 No
The Company Binlangjiang 34,800,000.00 December 19, 2007 December 18, 2024 No
The Company Binlangjiang 22,040,000.00 August 31, 2005 August 30, 2022 No
The Company Binlangjiang 82,070,000.00 August 25, 2009 August 24, 2029 No
The Company Binlangjiang 33,060,000.00 November 14, 2008 November 14, 2020 No
The Company Binlangjiang 50,750,000.00 May 27, 2009 May 27, 2023 No
The Company Binlangjiang 89,993,500.00 June 29, 2010 July 15, 2020 No
Yudean Group The Company 1,500,000,000.00 August 14, 2013 August 13, 2022 No
Statement on related guarantees
（4）Related party funds
In RMB
125
广东电力发展股份有限公司 2014 年半年度报告全文
Related parties Amount of demolition Start date Expired on Remarks
Borrow in
Yudean Fanince 55,000,000.00 January 13, 2014 July 11, 2014
Yudean Fanince 70,000,000.00 January 23, 2014 July 22, 2014
Yudean Fanince 90,000,000.00 February 12, 2014 August 11, 2014
Yudean Fanince 20,000,000.00 April 15, 2014 November 4, 2014
Yudean Fanince 70,000,000.00 May 9, 2014 November 7, 2014
Yudean Fanince 10,000,000.00 May 13, 2014 November 12, 2014
Yudean Fanince 45,000,000.00 May 20, 2014 November 19, 2014
Yudean Fanince 60,000,000.00 May 27, 2014 November 26, 2014
Yudean Fanince 10,000,000.00 June 9, 2014 December 8, 2014
Yudean Fanince 45,000,000.00 June 16, 2014 December 15, 2014
Yudean Fanince 20,000,000.00 June 17, 2014 December 16, 2014
Yudean Fanince 550,000,000.00 November 12, 2012 November 13, 2014
Yudean Fanince 50,000,000.00 January 21, 2014 January 20, 2015
Yudean Fanince 200,000,000.00 December 17, 2013 December 16, 2014
Yudean Fanince 80,000,000.00 July 15, 2013 July 14, 2014
Yudean Fanince 100,000,000.00 September 27, 2013 September 26, 2014
Yudean Fanince 100,000,000.00 December 30, 2013 December 29, 2014
Yudean Fanince 200,000,000.00 December 25, 2013 December 24, 2014
Yudean Fanince 100,000,000.00 April 21, 2014 April 20, 2015
Yudean Fanince 100,000,000.00 April 23, 2014 April 22, 2015
Yudean Fanince 265,000,000.00 March 14, 2014 June 18, 2015
Yudean Fanince 60,000,000.00 January 16, 2014 July 15, 2014
Yudean Fanince 50,000,000.00 March 17, 2014 September 16, 2014
Yudean Fanince 40,000,000.00 June 5, 2014 December 4, 2014
Yudean Fanince 30,000,000.00 August 27, 2013 August 26, 2014
Yudean Fanince 30,000,000.00 August 28, 2013 August 27, 2014
Yudean Fanince 30,000,000.00 September 2, 2013 September 2, 2014
Yudean Fanince 30,000,000.00 September 3, 2013 September 3, 2014
Yudean Fanince 52,000,000.00 August 22, 2012 August 21, 2022
Yudean Fanince 100,000,000.00 January 13, 2014 July 12, 2014
Yudean Fanince 105,000,000.00 August 12, 2013 August 11, 2014
Yudean Fanince 80,000,000.00 August 15, 2013 August 14, 2014
126
广东电力发展股份有限公司 2014 年半年度报告全文
Yudean Fanince 100,000,000.00 December 30, 2013 December 29, 2014
Yudean Fanince 50,000,000.00 January 22, 2014 January 21, 2015
Yudean Fanince 200,000,000.00 April 9, 2014 April 8, 2015
Yudean Fanince 20,000,000.00 January 26, 2014 July 25, 2014
Yudean Fanince 2,000,000.00 January 26, 2014 September 16, 2014
Yudean Fanince 78,000,000.00 March 25, 2014 September 24, 2014
Yudean Fanince 60,000,000.00 April 1, 2014 September 30, 2014
Yudean Fanince 250,000,000.00 May 12, 2014 November 11, 2014
Yudean Fanince 100,000,000.00 May 19, 2014 November 18, 2014
Yudean Fanince 200,000,000.00 May 22, 2014 November 21, 2014
Yudean Fanince 200,000,000.00 June 10, 2014 December 9, 2014
Yudean Fanince 350,000,000.00 December 19, 2013 December 19, 2018
Yudean Fanince 150,000,000.00 March 5, 2014 December 19, 2018
Yudean Fanince 280,000,000.00 January 15, 2014 January 15, 2029
Yudean Fanince 20,000,000.00 February 11, 2014 January 15, 2029
Yudean Fanince 350,000,000.00 June 24, 2014 December 23, 2014
Yudean Fanince 345,000,000.00 December 20, 2007 December 5, 2025
Yudean Fanince 8,000,000.00 December 25, 2013 December 24, 2028
Yudean Fanince 48,000,000.00 January 14, 2014 December 24, 2028
Yudean Fanince 48,000,000.00 February 11, 2014 December 24, 2028
Yudean Fanince 80,000,000.00 April 8, 2014 December 24, 2028
Yudean Fanince 80,000,000.00 May 22, 2014 December 24, 2028
Yudean Fanince 100,000,000.00 June 19, 2014 December 24, 2028
Yudean Fanince 51,460,000.00 March 11, 2013 March 10, 2031
Lend out
（5）Other related transactions
(a) 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 2014, the expense reimbursement received from Shajiao C
amounted to approximately RMB 3,509,317.62.
(b)Interest income
January-June 2014 January-June 2013
Interest income from cash in Yudean 24,101,568 17,555,849
Finance
Weixin Yuntou 607,511 7,147,966
127
广东电力发展股份有限公司 2014 年半年度报告全文
Lincang Yuntou 0 118,771
Shanxi Energy 0 3,408,393
Total 24,709,079 28,230,979
Percentage 84.24% 88.22%
The interest rate of cash in Yudean Finance is the same as the interest rate of cash in bank
forthesame period.
(c) Interest expenese
January-June 2014 January-June 2013
Interest paid to Yudean Finance for the 170,129,771 170,231,094
entrust loan
Interest paid to Chaokang Company - 7,774,863
for borrowing
Total 170,129,771 178,005,957
Percentage 18.63% 17.88%
(d) Joint inestment
As of June 30, 2014, The Group invested in the following subsidiaries and associates jointly with
yudean:
Proportion Yudean Group
Yudean Finance 65%
Fuel Company 50%
Shanxi Energy 60%
West Investment 35%
Yudean Shipping 45%
(e) Cash pooling arrangements with Guangdong Yudean Finance
According to the Notice of Unified Fund Settlement Management through Cooperation (Yuedian
Cai (2009) No. 241) issued by Yudean Group Company, the parent company of the Company,
Yudean Finance shall conduct unified settlement management of the income bank account and
expenditure bank account of the Group. The Company and all subsidiaries shall open the only
income accounts at the nominated bank and authorize Yudean Finance to make payment.
On June 30, 2014, the balance of funds deposited by the Group at Yudean Finance was RMB
2,,965,447,242.(December 31, 2013: RMB 2,838,481,167)
(6) Account receivable and payable of related parties
The account receivable of related parties of the Listed company
In RMB
Name Related parties Year-end balance Year-beginning balance
Book balance Provision Book balance Provision
for for
devaluatio devaluati
n on
Monetary
Yudean Finance 2,965,447,242.00 0.00 2,838,481,167.00 0.00
Capital
Other receivable Yudean Environment Protection 41,871,431.93 0.00 73,362,113.00 0.00
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广东电力发展股份有限公司 2014 年半年度报告全文
Other receivable Yudean Real eatate 885,244.00 0.00 885,244.00 0.00
Other receivable Shajiao C 803,103.93 0.00 654,064.00 0.00
Other receivable Shaoguan Power Generation 706,798.19 0.00 0.00 0.00
Other receivable Yudean Property 289,360.00 0.00 282,962.00 0.00
Other receivable Chaokang Investment 220,434.36 0.00 220,434.00 0.00
Other receivable Weixin Yuntou 0.00 0.00 95,000,000.00 0.00
Neimenggu Yudean Menghua New
Other receivable 0.00 0.00 613,885.00 0.00
Energy
Other receivable Zhuhai Jinwan Power Generation 0.00 0.00 100,000.00 0.00
Interest
Yudean Finance 7,124,032.34 0.00 5,198,549.00 0.00
receivable
Interest
Weixin Yuntou 0.00 0.00 589,489.00 0.00
receivable
Account
Shajiao C 4,572,507.50 0.00 18,281,008.00 0.00
receivables
Account
Zhanjiang Bioligy Power 442,869.28 0.00 797,586.00 0.00
receivables
Account
Zhuhai Jinwan Power Generation 75,027.85 0.00 25,492.00 0.00
receivables
Payment in
Fuel Company 1,185,130,658.52 0.00 1,324,042,991.00 0.00
advance
Payment in
Shenzhen Tianxin Insurance 781,018.13 0.00 0.00 0.00
advance
Payment in
Yudean Finance 0.00 0.00 9,324,000.00 0.00
advance
The account payable of related parties of the Listed company
In RMB
Projects Related parties Year-end balance Year-beginning balance
Account payables Fuel Company 774,486,044.47 1,825,228,940.00
Account payables Yudean Shipping 4,080,000.00 0.00
Account payables Yudean Environment Protection 63,338,711.83 61,800,181.00
Account payables Xinfengjiang 130,174.99 2,700.00
Account payables Yudean Information Technology 521,000.00 336,000.00
Account payables Maoming Thermal Power 96,009,781.90 101,009,782.00
Account payables Shaoguan Power Generation 3,544,826.00 3,544,826.00
Account payables Zhuhai Hengda Energy Development 691,828.00 1,735,302.00
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Other Payables Yudean Shipping 3,159,000.00 4,630,000.00
Other Payables Yudean Environment Protection 1,084,284.30 1,084,284.00
Other Payables Yudean Information Technology 175,084.00 550,500.00
Other Payables Guangdong Yueyang Power Generation 18,000,000.00 18,000,000.00
Other Payables Guangzhou Huangpu Power Engineering 7,289,616.98 11,538,318.00
Other Payables Yudean Property 1,093,705.00 1,915,020.00
Other Payables Shaoguan Power Generation 42,983,168.74 33,206,172.00
Other Payables Shenzhen Tianxin Insurance 70,000.00 70,000.00
Other Payables Maoming Thermal Power 15,000,000.00 15,000,000.00
Other Payables Shaoguan D 1,750,737.00 1,750,737.00
Other Payables Xinfengjiang 0.00 218,831.00
Other Payables Huangpu Electrc Power 851,458.34 1,270,833.00
Other Payables Guangdong Yuehua Power Generation 186,666.66 82,186,667.00
Other Payables Yunfu Jinhui Power 0.00 90,582.00
Interest payables Yudean Finance 9,591,114.09 7,087,234.00
Dividend payable Shaoguan D 3,521,190.00 3,521,190.00
Bills payables Yudean Finance 598,839,197.78 1,387,874,618.00
Short-term loan Yudean Finance 4,635,000,000.00 3,722,000,000.00
Long-term Loan Yudean Finance 1,562,460,000.00 738,670,000.00
Non –current Liability
Yudean Finance 50,000,000.00 50,000,000.00
due 1 year
IX. Subsequent events
1. Liabilities formed from pending lawsuit and mediation and its financial impact
Haoxing abalone farm in Pinghai Town, Huidong Conty sent us a lawyer’s letter on May 24, 2010 through
Guangdong Weilun Lawyers’ Firm. It’s said that Huizhou Pinghai electric Plant results in pollution of sea water,
and changes the direction and seed of waves, which results in a 3 million loss per year and the loss may be gigger.
The farm required us to take resporsibility for their loss and take actions as soon as possible, including stop
invading, reduce interference, eliminate danger, recover and pay for loss. As of 30 June 2014,the farm does not
take any subsequent legal actions to the Company.
The Group thinks that the farm is located outside the area of Huizhou Pinghai’s area, and there is no
evidenceorsupport for the charge that the construction of the plant caused the pollution, change of direction and
speed of waves and resulted in the loss.
The Board of the Company cannot reasonably estimate the possible loss of this case , and the Group has not
recorded any provision or liability for this contingent liability in its financial statement.
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广东电力发展股份有限公司 2014 年半年度报告全文
2.For other units to provide debt guarantees, forming of contingent liabilities and the financial impact.
On June 30, 2014, the Group has responsibility to guarantee for providing bank loans of RMB420,585,000 and
RMB 89,993,500 financial leasing to Binglangjiang hydropower, RMB 107,310,000 bank loans to Lincang Yunto
u, bank borrowings of RMB 723,778,000 to Weixin Yuntou.
X.Commitments
1.Significant Commitments
The 1st meeting of the eighth board of directors of the Company held on May 21, 2014 adopted the Proposal for
Increasing the Capital of Guangdong Guohua Yudean Taishan Power Generation Co., Ltd. According to the final
accounts audit report of Phase II Expansion Project (2×1000MW) of Guangdong Guohua Diantaishan Electricity
Co. Ltd. (hereinafter referred to “Taidian Company”), the company has agreed to increase registered capital of
RMB33,900,000 to Tiandian company. As of June 30, 2014, the company hasn’t increased investment on Taidian
Company.
2.Implementation Commitments
The 16th meeting of the seventh Board of Directors of the Company (“the Board”) passed the resolution of
“Capital Increase in Da Ya Kou Hydroelectric Plant (“the Project”) of Lincang Yuntou Yudean Hydroelectric
Develop Co., Ltd” on 29 October 2013. The Board agreed to increase its capital proportion in the Project from
20% to 30% to support the subsequent construction of the Project. On 24 December 2013, The 17th meeting of the
seventh Board passed the resolution of “Increase in Registered Capital of Lincang Yuntou Yudean Hydroelectric
Develop Co., Ltd”to approve additional capital contribution to Lincang Yuntou for the capitcity expansion
projects in Nanrongtian and Gualanzi electric plants. As of June 30, 2014, The Company is required to contribute
RMB 68, 546,100 for the two projects above.
The Board passed the resolution of “Establishment of Guangdong Yudean Leizhou Wind Power Co., Ltd. by
Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd” on 9 January 2013, pursuant to which the
Company’s 70% owned Zhenjiang Wind Power will establish Leizhou Wind Power. The registered capital of
Leizhou Wind Power should be less than RMB162,455,300 for the development of Hongxinlou Wind Power
Project (49.5MW). The capital injection from Zhenjiang Wind Power to Leizhou Wind Power will be settled by
the capital contribution from the Company and other shareholders of Zhenjiang Wind Power.The Company’s
contribution to Zhenjiang Wind Power will be less than RMB 106, 718,700 and Zhenjiang Wind Power’s
contribution to Leizhou Wind Power will be less than RMB 162, 455,300. As of June 30, 2014, the Company has
not completed the injection to Zhenjiang Wind Power and Zhenjiang Wind Power has injected RMB 20, 000,000
to Leizhou Wind Power.
The 1st Session of the seventh Board passed the resolution of "Investment in Guishan Offshore Wind Power
Project” during its first meeting in 2012 on 19 January, pursuant to which the Company will invest in the
construction of South Wind Power based on its 10% shareholding proportion and take part in Guishan Offshore
Wind Power Project. The registered capital is tentatively set at RMB 900, 000,000. The Company is required to
invest RMB 90, 000,000 as 10% of the total capital of the project. As of June 30, 2014, the Company injected
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广东电力发展股份有限公司 2014 年半年度报告全文
RMB 30, 000,000 to South Wind Power.
The Seventh Session of the Board passed the resolution of “Investment in Offshore Wind Power Project by
Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd.” during its second meeting on 28 June 2011,
pursuant to which the Company agreed to inject RMB 140,000,000 to its subsidiary Zhanjiang Wind Power for
the investment in Xuwen offshore wind power project. The injection would be made in batches based on the
actual progress of the project. As of June 30, 2014, the Company injected RMB 75,733,000 to Zhanjiang Wind
Power.
The 10th meeting of the seventh board passed the resolution of “Capital Increase in Weixin Yuntou Yudean Zhaxi
Energy Co., Ltd.” on 21 August 2012, pursuant to which the Company will inject RMB 239,600,000 to its
associated company Weixin Yuntou based on its 40% shareholding proportion. The Company injected a total of
RMB 733,600,000 following the capital contribution. As of June 30, 2014, the actual capial injection from the
Company to Weixin Yuntou was RMB 200,000,000.
The Seventh Session of the Board passed the resolution of “Establishment of Guangdong Yudean Dabu Electric
Ltd” during its 11th meeting on 29 October 2012, pursuant to which the Company will establish Dabu Electric as
its wholly-owned subsidiary. The Company is required to inject RMB 1,104,000,000 (20% of the total project
investment RMB 5,520,000,000) in batches based on the construction progress. By June 30, 2014, the Company
invested RMB 700,000,000 to Dabu Electric.
The Seventh Session of the Board passed the resolution of “Capital Increase in Guangdong Yudean Bohe Coal
Power Co., Ltd” during its 11th meeting on 29 October 2012, pursuant to which the Company agreed to inject
RMB 854,570,000 in cash to Bohe Coal for the construction of terminal project. The injection would be made in
batches based on the capital requirement of the project. On 22 August 2013, the Seventh Session of the Board
passed the resolution of “Investment in Guangdong Maoming Bohe Electric power generation project” during its
15th meeting, pursuant to which the Company agreed to inject RMB 1,375,000,000 to Bohe Coal for the
construction of Bohe electric plant. The injection of the initial capital of Bohe Coal of RMB285 million was
completed. The subsequent injection of RMB 1,090,000,000 will be made in batches based on the capital
requirement of the project. The foresaid capital commitment is totaled at RMB 2,229,570,000. As of June 30, June
2014,, the Company injected RMB1,085,000,000 to Bohe Coal.
The 11th Meeting of the Sixth Board of Directors of the Company held on April 15th 2010, it adopted the motion
“Capital increment to Jinghai Electric”. According to the approval, the Company would inject capital fund of
RMB 565,025,500 at the shareholding percentage of 65%. As of June 30, 2014, the Company had injected
fund amount of RMB 445,014,000.
“The Proposal on Investing On ‘New Big Power Units While Closing Small Ones”(2*600 MW)’ Coal Fired Units
Project of Shaoguan Plant” has been examined and approved at the eleventh meeting of the sixth Board of
Director on April 12, 2010. In order to promote the construction of “Large Unit ON and Small Unit OFF (2*600
MW)” Coal Fired Units Project, the company agreed to increase investment RMB 690.69 million to Yuejiang
company according to the equity ratio; On the 18th Meeting of the Seventh Board of Directors of the Company
agreed to the Proposal for Increasing the Capital of Guangdong Shaoguan Yuejiang Power Generation Co., Ltd. To
ensure smooth production and operation, the board of directors approved the Company to increase the capital of
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广东电力发展股份有限公司 2014 年半年度报告全文
Guangdong Shaoguan Yuejiang Power Generation Co., Ltd. by RMB 63 million in equity proportion of 90%. As
of June, 30, 2014, The Company injected RMB 360,000,000 to Yuejiang Power .
The Sixth Session of the Board agreed to increase its capital in the Company’s associated company Shantou Wind
Power for the construction of a wind power project in Nanao East Island during its eighth meeting on 29 June
2009. The Company agreed to invest RMB 35,000,000 to Shantou Wind Power based on its 25% shareholding
proportion. The injection would be made in batches based on the contrsuction progress. By 30 June 2014, the
Company injected RMB 12,472,500 to Shantou Wind Power.
XI.Other important events
1.Leasing
Regarding the information of payments payable relating to company and finance lease , see the notes of long-term
accounts payable and long-term payables due within one year in financial statements
2.Assets and liabilities on fair value basis
In RMB
Accumulative
Gain/loss from Impairment
change in fair value
Items Initial amount change of fair value provisions provided Amount end of term
accounted into
in the term in the current term
equities
Fiancial assets
3.Available for sale
298,871,738.00 -11,764,417.50 43,332,890.64 0.00 287,107,320.00
financial assets
Total of above mentioned 298,871,738.00 -11,764,417.50 43,332,890.64 287,107,320.00
Financial liabilities 0.00 0.00 0.00 0.00
XII..Notes s of main items in financial reports of parent company
1.Account receivable
（1）Account receivable
In RMB
Type Year-end balance Year-beginning balance
Book Balance Provision for bad debts Book Balance Provision for bad debts
Pro
port Propo Propo Propo
ion rtion rtion rtion
Amount % Amount % Amount % Amount %
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广东电力发展股份有限公司 2014 年半年度报告全文
Account receivable with
significant specific
100.0 100.00
amount that were 338,321,969.00 0.00% 252,615,520.00 0.00%
0% %
provisioned had debt
preparation separately
Receivables provided bad debt provision in groups
Total 338,321,969.00 -- -- 252,615,520.00 -- --
Remarks on categories of receivable accounts：
GPGC is the only customer of the electric power produced by the Company. From December 31, 2013 to June
30, 2014, accounts receivable is the power payment receivable from GPGC.
Receivable accounts with large amount individually and bad debt provisions were provided
√Applicable □ Not applicable
In RMB
Description of receivable accounts Book balance Bad debt provision Proportion Reason
Full amount recovery
Electricity charge 338,321,969.00 0.00%
is expected
Total 338,321,969.00 -- --
（2）Nature or content of other accounts receivable with significant amount
（3）The front 5 units’ information of the account receivable
In RMB
Relation with the Portion in total other
Name Amount Ages
Company receivables (%)
GPGC Third party 338,321,968.53 Within 1 year 100.00%
Total -- 338,321,968.53 -- 100.00%
2.Other receivable
（1）Other receivable
In RMB
Year-end balance Year-beginning
Provision for bad
Book balance Provision for bad debts Book balance
debts
Classification
Propo Propo Propo Propo
Amount rtion( Amount rtion( Amount rtion( Amount rtion(
%) %) %) %)
Other Receivables with 301,200,000.00 98.05 0.00 0.00% 95,000,000.00 85.35 0.00 0.00%
134
广东电力发展股份有限公司 2014 年半年度报告全文
major individual amount and % %
bad debt provision provided
individually
Other Receivables provided bad debt provision in groups
Other Account receivable
with minor individual 14.65
5,988,500.00 1.95% 0.00 0.00% 16,309,157.00 0.00 0.00%
amount but bad debt %
provision is provided
Total 307,188,500.00 -- 0.00 -- 111,309,157.00 -- 0.00 --
Statement on Other receivable:
Other Receivable accounts with large amount individually and bad debt provisions were provided
√Applicable □not Applicable
In RMB
Description of other
Book balance Bad debt provision Proportion Reason
receivable accounts
Entrust loan due within 1 Full amount recovery is
300,000,000.00 0.00 0.00%
year expected
Full amount recovery is
Deposit 1,200,000.00 0.00 0.00%
expected
Total 301,200,000.00 0.00 -- --
Receivable accounts with minor amount but on which bad debt provisions are provided individually at end of
period
√Applicable □not Applicable
In RMB
Name Book balance Bad debts Provision proportion% Reason of provision
Full amount recovery is
Deposit 2,289,734.00 0.00 0.00%
expected
Full amount recovery is
Withholding payment 500,145.00 0.00 0.00%
expected
Full amount recovery is
Deposit 869,337.00 0.00 0.00%
expected
Full amount recovery is
Other 2,329,284.00 0.00 0.00%
expected
Total 5,988,500.00 0.00 -- --
（2）Natures or contents of other receivable accounts with large amount
（3）The front 5 units’ information of other account receivable
In RMB
135
广东电力发展股份有限公司 2014 年半年度报告全文
Portion in total
Relation with the
Name Amount Ages other
Company
receivables (%)
Guangdong Shaoguan Yuejiang Power
Holding subsidiary 200,000,000.00 Within 1 year 65.11%
Generation
Guangdong Yudean Dapu Power
Holding subsidiary 100,000,000.00 Within 1 year 32.55%
Generation
Shanghai Steam Turbine Co., Ltd. Third parties 1,200,000.00 Over 5 years 0.39%
Corntrolled by Yuduan
Guangdong Yudean Group ,Shajiao C. 803,104.00 Within 1 year 0.26%
Group
Corntrolled by Yuduan
Yudean Property Investment 597,764.00 Within 1 year 0.19%
Group
Total -- 302,600,868.00 -- 98.50%
（4）Other Account receivable from Related affiliated parties
In RMB
Unit name Relation with the company Amount Percentage of
account
receivable
Yudean Environmental protection Corntrolled by Yuduan Group 350,059.00 0.11%
Yudean Group. Shajiao C Corntrolled by Yuduan Group 803,104.00 0.26%
Yudean Property Corntrolled by Yuduan Group 195,188.00 0.06%
Yudean Property Investment Corntrolled by Yuduan Group 597,764.00 0.19%
Guangdong Shaoguan Yuejiang Power Genration Holding subsidiary 200,000,000.00 65.11%
Guangdong Dapu Power Generation Holding subsidiary 100,000,000.00 32.55%
Guangdong Anxin Yudean Electric Controlled by Holding Company 107,584.00 0.04%
Total -- 302,053,699.00 98.32%
3. Long –term stocks equity investment
In RMB
Explanation
of
Shareholdin
Voting right diffidence
Initial g
Accounting Original Ending proportion between Current Cash
Name investment change proportion Devalue
method balance Balance in the shareholdin devalue bonus
cost in the
investee g
investee
proportion
and voting
136
广东电力发展股份有限公司 2014 年半年度报告全文
right
proportion
in investee
Guangdo
ng
Guohua
Yudean Equity 1,799,659 2,173,810 219,573,5 2,393,383 Not
20.00% 20.00%
Taishan method ,331.00 ,422.00 04.00 ,926.00 applicable
Power
Generatio
n
Fuel Equity 498,813,4 580,941,6 -23,438,3 557,503,3 Not 66,524,88
50.00% 50.00%
Company method 95.00 67.00 18.00 49.00 applicable 8.00
Yunnan
Baoshan Equity 223,858,1 216,895,7 -7,470,35 209,425,4 Not
29.00% 29.00%
Binlangj method 00.00 64.00 6.00 08.00 applicable
iang
Guangdo
ng Equity 513,325,0 624,823,3 -6,242,62 618,580,7 Not 53,750,72
25.00% 25.00%
Yudean method 00.00 62.00 4.00 38.00 applicable 2.00
Finance
Shanxi
Equity 400,000,0 778,866,5 41,187,36 820,053,9 Not
Yudean 40.00% 40.00%
method 00.00 68.00 9.00 37.00 applicable
Energy
Huaneng
Shantou Equity 38,843,75 51,745,18 3,227,935 54,973,12 Not
25.00% 25.00%
Wind method 0.00 5.00 .00 0.00 applicable
Power
Weixin
Equity 694,000,0 694,818,0 -15,572,0 679,246,0 Not
Yuntou 40.00% 40.00%
method 00.00 76.00 33.00 43.00 applicable
Yudean
Guangdo
ng Equity 862,964,8 927,200,8 -3,449,83 923,750,9 Not 8,977,900
35.00% 35.00%
Yudean method 87.00 12.00 0.00 82.00 applicable .00
Shipping
Linchang
Equity 194,280,1 172,746,2 11,716,04 184,462,3 Not
Yuntou 49.00% 49.00%
method 00.00 62.00 2.00 04.00 applicable
Yudean
Yudean
Equity 220,324,0 283,755,1 -568,387. 283,186,7 Not
West 26.00% 26.00%
method 00.00 69.00 00 82.00 applicable
Investm
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广东电力发展股份有限公司 2014 年半年度报告全文
ent
Yangshan
Equity 6,060,000 7,878,849 723,607.0 8,602,456 Not
Zhongxi 40.00% 40.00%
method .00 .00 0 .00 applicable
nkeng
YanshanJi Equity 5,000,000 6,030,701 6,030,701 Not
25.00% 25.00%
angkeng method .00 .00 .00 applicable
Santou
Cost 30,000,00 30,000,00 30,000,00 Not
Wind 10.00% 10.00%
method 0.00 0.00 0.00 applicable
Power
Sum Cost 356,000,0 356,000,0 356,000,0 Not
5.34% 5.34%
Insurance method 00.00 00.00 00.00 applicable
Guoyi
Cost 3,600,000 3,600,000 3,600,000 Not
Tender 1.97% 1.97%
method .00 .00 .00 applicable
Invitation
Shenzhen
Chuang
Cost 115,000,0 115,000,0 115,000,0 Not 12,862,50
xin 3.67% 3.67%
method 00.00 00.00 00.00 applicable 0.00
Technol
ogy
Maoming
Cost 903,707.0 903,707.0 -903,707. Not
Supply 15.00% 15.00%
method 0 0 00 applicable
Water
Zhanjiang Cost 2,185,334 2,185,334 2,185,334 Not 202,176,9
76.00% 76.00%
Electric method ,400.00 ,400.00 ,400.00 applicable 89.00
Voting
rights
should
base on
the
Guangdo relevant
Cost 701,279,3 701,279,3 701,279,3 455,584,2
ng Yuejia 58.00% 55.56% provision
method 38.00 38.00 38.00 67.00
Electric s of the
articles of
associatio
n in such
subsidiari
es
Shaoguan
Yuejiang Cost 856,694,6 586,694,6 270,000,0 856,694,6 Not
90.00% 90.00%
Power method 74.00 74.00 00.00 74.00 applicable
Generati
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广东电力发展股份有限公司 2014 年半年度报告全文
on
Maoming
Cost 595,005,9 595,005,9 595,005,9 Not 11,127,37
Zhennen 58.27% 58.27%
method 70.00 70.00 70.00 applicable 7.00
g
YudeanJi
nghai
Cost 1,930,395 1,930,395 1,930,395 Not 601,541,6
Power 65.00% 65.00%
method ,668.00 ,668.00 ,668.00 applicable 16.00
Generati
on
Voting
rights
should
base on
Yudean
the
Zhanjian
relevant
g Wind Cost 242,277,0 242,277,0 242,277,0 8,030,774
70.00% 60.00% provision
Power method 00.00 00.00 00.00 .00
s of the
Generati
articles of
on
associatio
n in such
subsidiari
es
Guangdo
ng Cost 20,000,00 20,000,00 20,000,00 Not
100.00% 100.00%
Yudean method 0.00 0.00 0.00 applicable
Anxin
Guangdo
ng
Yudean
Cost 90,000,00 90,000,00 90,000,00 Not
Humen 60.00% 60.00%
method 0.00 0.00 0.00 applicable
Power
Generatio
n
Zhanjiang
Zhongy Cost 1,150,248 1,150,248 1,150,248 Not 12,901,72
90.00% 90.00%
ue method ,115.00 ,115.00 ,115.00 applicable 9.00
Energy
Guangdo
ng Cost 1,085,000 1,085,000 1,085,000 Not
100.00% 100.00%
Yudean method ,000.00 ,000.00 ,000.00 applicable
Bohe
Shenzhen Cost 1,353,153 1,353,153 1,353,153 100.00% 100.00% Not 136,028,6
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广东电力发展股份有限公司 2014 年半年度报告全文
Guangqi method ,223.00 ,223.00 ,223.00 applicable 83.00
an
Voting
rights
should
base on
the
Shibeisha relevant
Cost 170,863,4 170,863,4 170,863,4 2,210,148
n Wind 70.00% 60.00% provision
method 81.00 81.00 81.00 .00
Power s of the
articles of
associatio
n in such
subsidiari
es
Red Bay
Power Cost 2,220,023 2,220,023 2,220,023 Not 330,435,1
65.00% 65.00%
Generati method ,386.00 ,386.00 ,386.00 applicable 07.00
on
Agreed ac
tion agree
ment with
Huizhou
sharehol
Pinghai
Cost 720,311,3 720,311,3 720,311,3 ders holdi 446,630,1
Power 45.00% 85.00%
method 47.00 47.00 47.00 ng 40% st 44.00
Generati
ake of Pin
on
ghai Pow
er Genera
tion Plant
Huihou
Cost 845,846,6 845,846,6 845,846,6 Not 92,691,39
Natural 67.00% 67.00%
method 46.00 46.00 46.00 applicable 3.00
gas
Yudean
Huadu Cost 78,000,00 78,000,00 78,000,00 Not
65.00% 65.00%
Natural method 0.00 0.00 0.00 applicable
gas
Guangdo
ng
Yudean
Cost 700,000,0 600,000,0 100,000,0 700,000,0 Not
Dapu 100.00% 100.00%
method 00.00 00.00 00.00 00.00 applicable
Power
Generatio
n
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广东电力发展股份有限公司 2014 年半年度报告全文
Guangdo
Cost 212,782,4 172,782,4 40,000,00 212,782,4 Not
ng Wind 100.00% 100.00%
method 00.00 00.00 0.00 00.00 applicable
Power
21,119,84 21,772,23 628,783,2 22,401,01 455,584,2 1,985,889
Total -- -- -- --
8,018.00 2,192.00 02.00 5,394.00 67.00 ,970.00
4. Business income, Business cost
（1）Business income
In RMB
Items Amount of current period Amount of previous period
Income from Business income 1,328,220,705.00 1,475,801,370.00
Other Business income 8,122,383.00 19,128,437.00
Total 1,336,343,088.00 1,494,929,807.00
Business cost 1,020,967,418.00 1,190,666,864.00
（2）Main business（Industry）
In RMB
Name Amount of current period Amount of previous period
Business income Business cost Business income Business cost
Power Generation 1,328,220,705.00 1,016,529,956.00 1,475,801,370.00 1,174,729,882.00
Supply heat 0.00 0.00 0.00 0.00
Labor 0.00 0.00 0.00 0.00
Total 1,328,220,705.00 1,016,529,956.00 1,475,801,370.00 1,174,729,882.00
（3）Main business（Production）
In RMB
Name Amount of current period Amount of previous period
Business income Business cost Business income Business cost
Electricity sales income 1,328,220,705.00 1,016,529,956.00 1,475,801,370.00 1,174,729,882.00
Steam revenue 0.00 0.00 0.00 0.00
Labor income 0.00 0.00 0.00 0.00
Total 1,328,220,705.00 1,016,529,956.00 1,475,801,370.00 1,174,729,882.00
（4）Main Business（Area）
In RMB
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广东电力发展股份有限公司 2014 年半年度报告全文
Name Amount of current period Amount of previous period
Business income Business cost Business income Business cost
Guangdong 1,328,220,705.00 1,016,529,956.00 1,475,801,370.00 1,174,729,882.00
Total 1,328,220,705.00 1,016,529,956.00 1,475,801,370.00 1,174,729,882.00
（5）Total income and the ratio of operating income from top five clients
In RMB
Name Business Income Proportion(%)
GPGC 1,328,220,705.00 99.39%
Yudean Envionmental protection 4,404,611.81 0.33%
Dongguan Humen Jinfan Industry 2,462,505.23 0.18%
Guangdong Yudean Anxin Electric 22,214.70 0.00%
Shenzhen Guangshen Shajiao B Electric 356,019.64 0.03%
Total 1,335,466,056.38 99.93%
5. Investment income
（1）Income from investment
In RMB
Items Amount of current period Amount of previous period
Income from long-term equity investment measured by
1,856,636,460.00 795,971,720.00
adopting the cost method
Income from long-term equity investment measured by
336,254,319.00 348,882,444.00
adopting the Equity method
hold the investment income which gained from the
12,651,008.00 10,929,014.00
transactional financial assets
Hold the investment income during from available-for-sale
2,100,000.00 7,503,870.00
financial assets
Other -1,557,751.00 342,586.00
Total 2,206,084,036.00 1,163,629,634.00
（2）Long term equity investment calculated to cost method：
In RMB
Name Amount of current Amount of Change cause
period previous period
Shenzhen Guangqian 136,028,683.00 150,548,852.00 Dividend Changes
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广东电力发展股份有限公司 2014 年半年度报告全文
Zhanjiang Electric 202,176,989.00 90,566,992.00 Dividend Changes
Dividend Changes
Jinghai Power Generation 601,541,616.00 189,301,031.00
Zhanjiang Zhongyue Energy 12,901,729.00 0.00 Dividend Changes
Dividend Changes
Huizhou Natural gas 92,691,393.00 0.00
Red Bay Power Generation 330,435,107.00 352,692,345.00 Dividend Changes
Dividend Changes
Huizhou Pinghai Power Generation 446,630,144.00 0.00
Yudean Zhanjiang Wind Power 8,030,774.00 0.00 Dividend Changes
Dividend Changes
Yudean Shibeishan Wind Power 2,210,148.00 0.00
Maoming Zhenneng 11,127,377.00 0.00 Dividend Changes
Shenzhen Chuangxin Technology 12,862,500.00 12,862,500.00
Total 1,856,636,460.00 795,971,720.00 --
（3）Long term equity investment calculated via equity method
In RMB
Name Amount of current Amount of Change cause
period previous period
Yangshan Zhongxinkeng Power Company 723,608.00 0.00
Yudean West Investment Company -568,387.00 -2,304,294.00
Linchang Yuntou Yudean -970,058.00 -1,358,517.00
Guangdong Yudean Shipping 5,528,070.00 876,582.00
Weixin Yuntou Yudean -15,572,033.00 19,555,698.00
Huaneng Shantou Wind Power 3,227,933.00 2,828,476.00
Shanxi Yudean Energy 41,187,369.00 61,698,543.00
Guangdong Yudean Finance 47,508,098.00 47,704,241.00
Yunnan Baoshan Binlangjiang -7,470,355.00 -11,937,000.00
Guangdong Fuel Company 43,086,571.00 34,386,531.00
Guangdong Guohua Yudean Taishan 219,573,503.00 197,432,184.00
Total 336,254,319.00 348,882,444.00 --
6. Supplement information of Cash Flow Statement
In RMB
Items Amount of current period Amount of previous period
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广东电力发展股份有限公司 2014 年半年度报告全文
1. Adjusting net profit to net cash flow in operating activities: -- --
Net profit 2,251,336,725.00 1,212,841,957.00
Depreciation of fixed assets, oil and gas assets and consumable
78,685,807.00 75,147,694.00
biological assets
Amortization of intangible assets 1,885,220.00 1,806,124.00
The losses on the disposal of fixed assets, intangible assets and other
-514,726.00
long-term assets
Financial expenses 189,821,719.00 176,608,705.00
Investment losses -2,206,084,036.00 -1,163,629,634.00
Decrease in inventory 16,888,254.00 -26,236,094.00
Decrease in operating receivable -35,597,062.00 24,584,130.00
Increase in operating payables 163,965,900.00 36,940,077.00
Other 797,316.00
Net cash flows from operating activities 460,387,801.00 338,860,275.00
2.Investing and financing activities that do not involve cash -- --
receipts and payments
3.Net increase in cash and cash equivalents -- --
Cash at the end of the period 673,732,521.00 1,102,960,809.00
Less：Cash at the beginning of the period 296,476,854.00 333,626,540.00
Net increase in cash and cash equivalents 377,255,667.00 769,334,269.00
XIII.Supplement information
1. Statement of non-recurring Profit or loss
In RMB
Items Amount Notes
Mainly due to the loss on
Non-current asset disposal gain/loss(including the write-off part retirement of assets of Red Bay's
-19,343,827.00
for which assets impairment provision is made) transformation demolition crew
denitration
Govemment subsidy recognized in current gain and loss
(excluding those closely related to the Company’s business and 9,328,462.00
granted under the state’s policies)
Gain/loss on loans obtained by entrusting others 607,511.00
Other non-business income and expenditutes other than the above -3,975,261.00
Recovery of written-off
Eliminations / reversal of impairment of the assets 2,062,288.00
receivables etc.
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广东电力发展股份有限公司 2014 年半年度报告全文
Less：Influenced amount of income tax -3,370,207.00
Influenced amount of minor shareholders’ equity (After tax) -3,264,178.00
Total -4,686,442.00 --
The government subsidy recorded into the current gains and losses items shall be disclosed the recognized reason.
√ Appkicable□ Not applicable
Items Amount（RMB） Reason
Claimed and returned VAT re
4,666,419.00 Closely related to the daily business of company
venue
2.The differences between domestic and international accounting standards
（1）Simultaneously pursuant to both Chinese accounting standards and international accounting standards
disclosed in the financial reports of differences in net income and net assets.
In RMB
Net profit attributable to the shareholders of the Net assets attributable to the shareholders of the
listed company listed comapny
Amount in the Amount in the previous End of the reporting Beginning of the
reporting period period period reporting period
According to CAS 1,644,460,546.00 1,357,484,280.00 19,815,503,952.00 19,054,914,050.00
Items and amount adjusted according to IAS
Land use right amortization 0.00 -3,736,000.00 0.00 0.00
The difference arising from
recognition of goodwill after
0.00 0.00 64,623,000.00 64,623,000.00
merger of enterprises under
the same control
Difference arising from
recognition of land use value -315,000.00 -315,000.00 20,435,000.00 20,750,000.00
after enterprise merger
Influence on minority interests 27,060.00 348,000.00 4,566,679.00 4,539,619.00
According to IAS 1,644,172,606.00 1,353,781,280.00 19,905,128,631.00 19,141,826,669.00
(2)Note to the Difference in the Accounting Data based on the Accounting Standards of CAS and IAS.
a. Land use right amortization
The difference formed by different period of land use right amortization.
b.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
145
广东电力发展股份有限公司 2014 年半年度报告全文
the merger of enterprises under the same control shall be recognized and equal to the difference between merger
cost and share of fair value of recognizable net assets of the purchased party obtained in merger. Meanwhile, all
assets of the purchased party obtained in merger shall be accounted for according to their fair value while such
assets shall be accounted for according to their book value according to original Chinese accounting standards for
business enterprises. Therefore, this difference will continue to exist.
c. Influence on minority interests
Housing reform loss occurred to the Company and some holding subsidiaries. Therefore, there’s some influence
on minority interests.
3.Return on net assets and earnngs per share
In RMB
Earnings per share
Weighted average return on
Profit of report period Diluted eqrnings per
equity（%） Basic earnings per share
share
Net profit attributable to the Common stock
8.27% 0.38 0.38
shareholders of Company.
Net profit attributable to the Common stock
shareholders of Company after deducting of 8.30% 0.38 0.38
non-recurring gain/loss.
4. The explanation of abnormal circumstance and reasons of items in major accounting statement.
Monetary capital: The ending balance increased by RMB 767 million over year-beginning balance , The net cash
inflow of the company’s business activities is greater than the financing and investing activities net cash outflow;
Fixed assets: The ending balance decreased by RMB 1.275 billion over year-beginning balance，It is mainly
caused by the depreciation of the calculation and extraction assets of this period;
Construction in progress: The ending balance increased by RMB 414 million over year-beginning balance，It is
mainly caused by the increase of the construction projects like Yuejiang ‘ New Big Power Units While Closing
Small Ones ”Project, Bohe Project and Dapu Project.;
Bills payable: The ending balance decreased by RMB 792 million over year-beginning balance ，It is mainly
caused by the reduction of the bills which should be paid by Jinghai Company and Zhongyue Company at the end
period;
Other receivable: The ending balance decreased by RMB 557 million over year-beginning
balance,Mainly due to the payable for projects and equipment purchasing reduced;
Non-current Liability due to 1 year：The ending balance increased by RMB 2.302 billion over year-beginning
146
广东电力发展股份有限公司 2014 年半年度报告全文
balance，It is mainly caused by due bond RMB2 billion which should be paid within one year;
Other current liabilities: The ending balance decreased by RMB 1.349 billion over year-beginning balance，It is
mainly caused by paying for short-term due financing bonds for this period;
Long-term loans ： The ending balance increased by RMB2.095billion over year-beginning balance ，
Among them, the long-term loans of Red Bay Company, Jinghai Company increased by RMB 1.645 billion, RMB
955 million respectively;
Bonds payable: The ending balance decreased by RMB 1.997 billion over year-beginning balance，The bond
which is due within one year and which the company should pay was resorted into non-current liabilities which is
due within one year;
Gross profit increased RMB 424 million compared with same period last year, increased by 2.92%.Inclding :
While the combination online power supply increased 1.501 billion KW, the income of power supply increased
RMB678 million; the income of power supply influenced by the electricity price with decreasing RMB248
million.
The total business cost decreased RMB 177 million compared with same period last year, decreased by 1.42%.
Hereinto, the power fuel cost influenced by power supply with increasing RMB440 million, and the power fuel
cost influenced by coal price with decreasing RMB652 million.
The financial expenses decreased RMB95 million compared with same period last year, decreased by 9.71%,
compared with the end of June last year,the company’s loan scale decreased about RMB3.5 billion, which lead to
the decrease of financial expenses of this period.
Income tax expense: Due to increased profits, income tax expenses increased.
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广东电力发展股份有限公司 2014 年半年度报告全文
X.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).
The Board of Directors of Guangdong Electric Power Development Co., Ltd.
Chairman of the Board : Pan Li
August 26, 2014
148