广东电力发展股份有限公司 2015 年半年度报告全文
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
The Semi-annual Report 2015
August 2015
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广东电力发展股份有限公司 2015 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 Li Zhuoxian, Director Zhong Weimin, Director Hong Rongkun ,Director Gao Shiqiang,
Director Kong Huitian, Director Li Mingliang,Director Yang Xinli, Director General Manager Yao Jiheng,
Director Hu Xiaolei, Independent director Zhang Hua, Independent director Sha Qilin, Independent Director
Mao Fugen and Independent director Lu Jun attended this meeting. Director Zhang Xueqiu Authorized
Independent Director Lu Jun, Independent director Liu Tao authorized Independent director Sha Qilin,
Independent director Ding Yougang Authorized Independent Director Mao Fugen 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.Li Zhuoxian, 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 has been prepared in both Chinese and English. In case of any discrepancy, the Chinese
version shall prevail. 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.
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广东电力发展股份有限公司 2015 年半年度报告全文
Table of Contents
2015 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 2015 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 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.
Lincang Company Refers to Lincang Yuntou Yudean Hydroelectricity Development Co., Ltd.
Qujie Wind Power Company Refers to Guangzhou Yudean Qujie Wind Power Generation Co., Ltd.
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广东电力发展股份有限公司 2015 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 Name in Chinese(If 粤电力
any)
English name (If any) GUANGDONG ELECTRIC POWER DEVELOPMENT CO.,LTD
English abbreviation (If any) GED
Legal Representative Li Zhuoxian
2. Contact person and contact manner
Board secretary Securities affairs Representative
Name Liu Wei Zhang Shaomin
26/F, South Tower, Yudean Plaza, No.2 26/F, South Tower, Yudean Plaza, No.2
Contact address Tianhe Road East, Guangzhou,Guangdong Tianhe Road East, Guangzhou,Guangdong
Province 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 2014.
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 2014.
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广东电力发展股份有限公司 2015 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 2014.
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广东电力发展股份有限公司 2015 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） 12,911,553,232.00 14,971,313,646.00 -13.76%
Net profit attributable to the shareholders
1,720,995,015.00 1,644,460,546.00 4.65%
of the listed company（RMB）
Net profit after deducting of non-recurring
gain/loss attributable to the shareholders of 1,516,376,522.00 1,649,146,988.00 -8.05%
listed company（RMB）
Cash flow generated by business operation,
5,702,180,434.00 4,534,129,911.00 25.76%
net（RMB）
Basic earning per share(RMB/Share) 0.33 0.31 6.45%
Diluted gains per
0.33 0.31 6.45%
share(RMB/Share)(RMB/Share)
Weighted average ROE(%) 7.74% 8.27% -0.53%
As at the end of the
As at the end of last year YoY+/-（%）
reporting period
Total assets（RMB） 72,519,761,442.00 69,084,825,852.00 4.97%
Net assets attrilutable to shareholder of
22,350,256,396.00 21,310,054,597.00 4.88%
listed company（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
In RMB
Net profit attributable to the shareholders of the Net Assets attributable to the shareholders of
listed company the listed company
Amount in the Amount in the previous End of the reporting Beginning of the
reporting period period period reporting period
According to CAS 1,720,995,015.00 1,644,460,546.00 22,350,256,396.00 21,310,054,597.00
Items and amount adjusted according to IAS
Land use right amortization
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广东电力发展股份有限公司 2015 年半年度报告全文
The difference arising from
recognition of goodwill after
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 19,805,000.00 20,120,000.00
after enterprise merger
Influence on minority interests 27,060.00 27,060.00 4,620,799.00 4,593,739.00
Accouding to IAS 1,720,707,075.00 1,643,311,165.00 22,439,305,195.00 21,399,391,336.00
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese accounting standards.
□ Applicable √Not applicable
No Differences
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 Mainly for oil shale Company’s equity
130,702,830.00
for which assets impairment provision is made) disposal profits
Govemment subsidy recognized in currentgain and loss(excluding
3,437,316.00
those closely related to the Company’s business and granted
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广东电力发展股份有限公司 2015 年半年度报告全文
under the state’s policies)
Gains and losses from exchange of non-monetary assets 21,977,012.00
Other non-operating income and expenditure except for the
1,580,392.00
aforementioned items
Enterprises can control the invested party
Other non-business income and expenditures other than the above
under the different control due to additional
investment and other reasons. In the
consolidated financial statements, enterprise
should carry on re measurement in
49,276,222.00 accordance with the fair value of the equity
which held by the acquiree before the
purchase date. The difference between the
fair value and the value of the accounts
should be accounted into the current
investment income.
Less: Influenced amount of income tax 1,161,738.00
Amount of influence of minority interests 1,193,541.00
Total 204,618,493.00 --
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on information disclosure for
Compaines Offering their Securities to the Public-Non-recurring Gains and Losses and its non-recurring gain/loss items as illustrated
in the Explanatory Announcement No.1 on information Disclosure for Companies offering their securities to the public-non-recurring
Gains and losses which have been defined as recurring gains and losses, it is necessary to explain the reason.
□ Applicable√ Not applicable
None of Non-recurring gain /loss items recorgnized as recurring gain /loss/itesm as defined by the information disclosure explanatory
Announcement No.1- Non –recurring gain/loss in the report period.
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广东电力发展股份有限公司 2015 年半年度报告全文
IV. Report of the Board of Directors
I. General
During the reporting period, The electricity consumption of the Province is 246.05 billion kwh, which increased by 3.19% year on
year. The quantity of power purchased from west regions is 70.75 billion kwh, which increased by 24.10% year on year.
Sending electrical power to the western area squeeze the generation set market share.
During the reporting period, due to the decline of the units utilization hours,Its on-grid electricity volume was 31.808billion kwh,
which decreased by 11.5% year on year. Its on-grid electricity volume was 29.957billion kwh, which decreased by 11.57% year on
year. 44.93% of the power generation plan for the year was fulfilled.,
In the report period, affected by the declines of electricity and electricity price, Company's profit increased slightly year on year due to
coal prices slipping back, strengthening the control of cost, as well as investment income achieved by the disposal of some project
equity.
In the report period, affected by the declines of electricity and electricity price,Its operating income was RMB 12.912 billion, which
decreased by 13.76% year on year. Company's profit increased slightly year on year due to coal prices slipping back, strengthening the
control of cost, as well as investment income achieved by the disposal of some project equity. the Company's operating profit was
RMB 2.956 billion, which decreased by 0.44% year on year , the net profit for its shareholders was RMB 1.721 billion which
respectively Increased by 4.65% year on year.
During the reporting period, the Company has continued to promote the construction and development of new projects.The first unit
of “Developing Large Units and Suppressing Small Units” projects (2*600MW) of Shaoguan Power Plant operated by Guangdong
Shaoguan Yuejiang Power Generation Co., Ltd. whose 90% shares held by the Company, has been put into operation by the end of July
2015. The projects construction of “Developing Large Units and Suppressing Small Units” (2*600MW) of Dapu Plant, Maoming
Bohe Coal Wharf, Dianbai Reshui Wind Power Plant (49.5MW), Shibanling Wind Power Plant (49.5MW), Xuwen Qujie Wind Power
Plant (49.5MW) and other projects are being promoted as per the plans.
During the reporting period, the Company continued to focus on "bigger and stronger the main industry, adjust and optimize the power
structure," orderly promote the project and development. Shaoguan Power Plant（2×600MW），Dapu（2×600MW）“New Big Power
Units While Closing Small Ones ” Project, Maoming Bohe Power Plant Project, Dianbai Hot wind farm project（49.5MW） Shibanling
Wind power project（49.5MW）and Xuwen Qujie Wind Power Project （49.5MW）are still under construction. Through standardize
infrastructure management, process control, multi-organizational coordination and effective measures to strengthen and ensure the
project put into operation as soon as possible. Maoming Bohe Power Plant（2×1000MW）, Huilai Power Plant’s #5 and #6 generating
units (2x1000MW), Pinghai Power Plant's Phase I#3 and #4 generating units (2x1000MW), Shanwei Power Plant’s Phase II #5 and #6
generating units(2x1000MW) and a number of clean energy projects are being planned to promote the preliminary work.
During the reporting period, the 7th Meeting of the Eighth Board of Directors has examined and approved to make non-public
issuance of Share A, and raise funds of RMB 4 billion for the new projects and the supplementation of liquid fund. This financing is
the important measure for the Company to accelerate the growth of installed capacity and the optimization of energy structure in
accordance with the development strategy of the Company. Thus, the Company shall actively promote the follow-up approval and
issuance for this financing.
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广东电力发展股份有限公司 2015 年半年度报告全文
II. Analsis on principal Business
Y-o-Y changes of main financial data
In RMB
Y-o-y increase/decrease
Current period Same period of last year Reasons for changes
（%）
Operration revenue 12,911,553,232.00 14,971,313,646.00 -13.76%
Operation cost 9,181,722,019.00 10,982,443,113.00 -16.40%
The expenses are
Sales expenses 821,137.00 1,471,882.00 -44.21%
decreased.
Administrative expenses 374,363,287.00 396,554,512.00 -5.60%
Financial cost 812,265,280.00 887,886,490.00 -8.52%
Income tax expense 578,388,722.00 637,267,131.00 -9.24%
The decline of coal prices
Net cash flow arising
5,702,180,434.00 4,534,129,911.00 25.76% made the payment of
from operation activities
purchasing fuel decrease.
Net cash flow arising
from investment -1,834,715,211.00 -1,609,841,662.00 13.97%
activities
Net cash flow arising
-1,885,042,105.00 -2,157,481,098.00 -12.63%
from financing activities
Net cash flow arising
Net increase of cash
1,982,423,118.00 766,807,151.00 158.53% from operation activities
andcash 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 31.808 billion kwh in terms of consolidated statements, which
decreased by 11.54% year on year. The actual on-grid electricity volume was 29.95 billion kwh, which decreased by11.57% year on
year and accounted for 44.93% of the planned on-grid electricity volume for the year.
(2) In the report period, the Company actually completed external investment of RMB 1249.80 million, which accounts for 88.44%
of the planned amount of external investment for the year.
The main reason for the higher rate of completion on investment was that parts of the construction project entered into the peak period
of production and the Company increased investment according to the construction progress of the project.
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广东电力发展股份有限公司 2015 年半年度报告全文
III. Constitution of main business
In RMB
位：元
Increase Increase
Increase /decrease
Gross Profit /decrease of /decrease of
Operating Income Operating cost of Gross profit
Ratio(%) operating income operating cost
ratio（％）
（％） （％）
On Industry
Electric Power 12,911,553,232.00 9,181,722,019.00 28.89% -13.76% -16.40% 2.25%
Electric Power 12,911,553,232.00 9,181,722,019.00 28.89% -13.76% -16.40% 2.25%
Guangdong 12,911,553,232.00 9,181,722,019.00 28.89% -13.76% -16.40% 2.25%
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 2014
annual report.
V. Analysis on investment status
1. External Equity investment
（1）External investment
√ Applicable □ Not applicable
External investment
Investment of the period (RMB) Investment of same period of last year (RMB) Scale of change
1,249,800,000.00 662,690,000.00 88.59%
Particulars of the invested company
Share of equity in invested
Name of companies Main Business
entity
Guangdong Shaoguan Yuejiang Investment and Operation of electric power projects , Production
90.00%
Power Generation Co., Ltd. and 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.
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广东电力发展股份有限公司 2015 年半年度报告全文
Guangdong Yudean Bohe Coal dock construction, power plant construction, technical
100.00%
Coal-fired Power Co., Ltd consultation and services for power plant projects
The company was engaged in wind, solar, biomass and other new
energy design, development, investment, construction and
Guangdong Wind Power
operation management; new energy technology research and 100.00%
Generation Co., Ltd
development, application and promotion, equipment testing and
maintenance, technical training and consulting services.
Investment, construction and management of power plants,
Guangdong Yudean Zhanjiang
investment in wind power and other new energy projects,
Wind Power Generation Co., 70.00%
development, operation, management, production and sale of
Ltd.
electricity, provide power consulting and other related services.
（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 Financial
Insurance Insurance 356,000,00 350,000,00 350,000,00 356,000,00 assets avai
5.34% 5.34% 0.00 Initiated
Group Co., Company 0.00 0 0 0.00 lable for s
Ltd. ale
Guangdon
Long-term
g Yudean 513,325,00 500,000,00 500,000,00 634,722,18 48,938,783
Other 25.00% 25.00% Equity Initiated
Finance 0.00 0 0 3.00 .00
investment
Co., Ltd.
869,325,00 850,000,00 850,000,00 990,722,18 48,938,783
Total -- -- -- --
0.00 0 0 3.00 .00
（3）Investment in Securities
□ Applicable √ Not applicable
The Company had no investment in securities in period.
（4）Explanation on equity of other listed company held
√ Applicable □Not applicable
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广东电力发展股份有限公司 2015 年半年度报告全文
Sharehol Sharehol
Number of ding ding
Number of
shares held proportio proportio
shares held Book balance at
Compa Initial at the n at the n at the Gain/..loss of Sauce
Compa at the end of the end of the Accountin
ny Investment cost beginning of beginnin end of the reporting of the
ny type the reporting reporting period g items
Name (RMB) the reporting g of the the period (RMB) shares
period(shares (RMB)
period reporting reporting
)
(shares) period period(%
(%) )
15,890,628.00 8,400,000 0.32% 12,600,000 0.32% 155,610,000.00 1,680,000.00 Financial
Shen
assets avai Initiat
Energ Other
lable for s ed
y
ale
235,837,987.50 55,532,250 1.22% 55,532,250 1.22% 555,877,823.00 0.00 Financ
ial
SHEN assets Transf
Other
ERGY availa eree
ble for
sale
Total 251,728,615.50 63,932,250 -- 68,132,250 -- 711,487,823.00 1,680,000.00 -- --
2.Entrusted Financing , investment in derivative products and entrusted loan
（1）Trust financing
□ Applicable √ Not applicable
The company had no trust financing in the reporting period.
（2）Derivative investment
□ Applicable √ Not applicable
The company had no derivative investment in the reporting period.
（3）Entrusted loans
√ Applicable □Not applicable
In RMB’0000
Is it a Application of the
Interest Guarantor or
Prospective borrower related Amount loan by the
rate collateral
party borrower
Guangdong Shaoguan Yuejiang Power Generation No 10,000 6.00% Nil Supplement
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广东电力发展股份有限公司 2015 年半年度报告全文
Co.,Ltd. current capital
Supplement
Guangdong Yudean Jinghai Power Generation Co., Ltd No 10,000 5.60% Nil
current capital
Supplement
Guangdong Yudean Bohe Coal-fired Power Co., Ltd No 10,000 6.77% Nil
current capital
Supplement
Guangdong Yudean Bohe Coal-fired Power Co., Ltd No 20,000 6.77% Nil
current capital
Guangdong Yudean Bohe Coal-fired Power Co., Ltd No 10,000 6.00% Nil
Total -- 60,000 -- -- --
Disclosure date for the notice of approval by the
March 4, 2014
Board(if any)
Disclosure date for the notice of approval by
Shareholders’ General Meeting (If any)
3. Application of raised proceeds
□ Applicable√ Not applicable
The company had no application of raised proceeds in the reporting period.
4. Main subsidiaries and stock-jointly company analysis
√ Applicable □ Not applicable
Particulars about the principal subsidiaries and Mutual shareholding companies
In RMB
Leading Total Operating
Company Company Sectors Registered Net assets Tumover Net Profit
products assets(RMB profit
Name type engaged in capital (RMB) (RMB) (RMB)
and services ) (RMB)
Guangdong Power
Huizhou generation
Pinghai Electric and power 1,370,000,0 8,434,794,4 2,247,267,2 2,006,214,9 712,992,2 541,642,588.
Subsidiary
Power Power station 00 35.00 81.00 26.00 95.00 00
Generation constructio
Co., Ltd. n.
Guangdong Power
Yudean generation
Jinghai Electric and power 2,919,272,0 11,426,626, 3,646,899,0 2,488,474,6 557,269,7 418,126,140.
Subsidiary
Power Power station 00 979.00 53.00 40.00 11.00 00
Generation constructio
Co., Ltd. n.
Guangdong Subsidiary Electric Power 2,749,750,0 8,936,578,7 3,285,541,9 1,971,436,1 374,667,1 282,700,367.
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广东电力发展股份有限公司 2015 年半年度报告全文
Red Bay Power generation 00 10.00 91.00 46.00 85.00 00
Power and power
Generation station
Co., Ltd. constructio
n.
Power
Zhangjiang generation
Electric Electric and power 2,875,440,0 4,595,118,4 4,111,991,2 1,142,689,7 328,647,2 250,863,802.
Subsidiary
Power Power station 00 58.00 92.00 23.00 68.00 00
Co., Ltd. constructio
n.
Power
Zhanjiang generation
Zhongyue Electric and power 1,454,300,0 5,447,589,3 1,556,332,6 1,079,612,1 125,262,6 93,976,191.0
Subsidiary
Energy Power station 00 52.00 59.00 86.00 32.00 0
Co., Ltd. constructio
n.
Power
Maoming
generation
Zhenneng
Electric and power 1,019,535,5 3,592,296,3 1,107,886,4 827,506,53 66,914,04 54,043,818.0
Thermal Subsidiary
Power station 00 00.00 99.00 3.00 3.00 0
Power Co.,
constructio
Ltd
n.
Power
Shenzhen
generation
Guangqian
Electric and power 1,030,292,5 2,206,788,3 1,475,850,9 645,215,15 61,926,83 53,642,992.0
Electric Subsidiary
Power station 00 57.00 09.00 6.00 1.00 0
Power
constructio
Co., Ltd.
n.
Power
Guangdong
generation
Yuejia
Electric and power 1,080,000,0 473,054,33 396,807,41 279,974,71 39,365,03 40,372,951.0
Electric Subsidiary
Power station 00 4.00 7.00 3.00 6.00 0
Power
constructio
Co., Ltd.
n.
Power
Guangdong
generation
Huizhou
Electric and power 963,000,00 2,469,167,2 1,201,645,2 618,327,72 49,858,96 37,469,998.0
natural Subsidiary
Power station 0 00.00 06.00 4.00 6.00 0
Gas Power
constructio
Co., Ltd.
n.
Guangdong Subsidiary Electric Power 1,400,000,0 7,033,533,4 988,137,50 655,351,36 19,945,14 19,973,715.0
16
广东电力发展股份有限公司 2015 年半年度报告全文
Shaoguan Power generation 00 29.00 3.00 3.00 2.00 0
Yuejiang and power
Power station
Generation constructio
Co., Ltd. n.
Guangdong Wind
Yudean Power
Zhanjiang generation
Electric 346,110,00 850,948,30 296,815,48 49,628,847. 12,353,13 12,520,540.0
Wind Subsidiary and power
Power 0 4.00 1.00 00 0.00 0
Power station
Generation constructio
Co., Ltd n.
Wind
Guangdong Power
Wind generation
Electric 551,452,90 910,708,97 532,954,17 36,236,790. 5,117,416
Power Subsidiary and power 6,532,272.00
Power 0 6.00 6.00 00 .00
Generation station
Co., Ltd constructio
n.
Guangdong
Yudean Power
Anxin generation
Electric 63,745,702. 45,136,070. 27,712,108. 2,377,867
Maintenan Subsidiary and 20,000,000 1,775,900.00
Power 00 00 00 .00
ce & Maintenanc
installation e
Co., Ltd.
Guangdong Power
Yudean generation
Humen Electric and power 150,000,00 144,195,22 140,311,05 212,815.0
Subsidiary 450,000.00 212,815.00
Generation Power station 0 3.00 7.00 0
Power constructio
Co., Ltd. n.
Guangdong Power
Yudean generation
Dapu Electric and power 900,000,00 2,826,398,9 900,000,00
Subsidiary 0.00 0.00 0.00
Power Power station 0 24.00 0.00
Generation constructio
Co., Ltd. n.
Lincang Yu Water
ntou Yudea Electric power 396,490,00 1,257,164,7 375,371,59 4,357,052.0 -981,303.
Subsidiary -1,030,350.00
n Hydroelec Power Generation 0 28.00 2.00 0 00
tricity Deve and power
17
广东电力发展股份有限公司 2015 年半年度报告全文
lopment Co. station
, Ltd constructio
n
Guangdong
Yudean Power
Huadu generation
Electric 120,000,00 112,659,98 110,954,20 -2,760,48
Natural Subsidiary and 0.00 -2,760,480.00
Power 0 0.00 4.00 0.00
Gas & Maintenanc
Heat-Powe e
r Co., Ltd.
Coal dock
Guangdong
constructio
Yudean
n and
Bohe Electric 1,685,000,0 3,101,996,6 1,605,692,3 -4,861,16
Subsidiary power 0.00 -4,861,169.00
Coal-fired Power 00 79.00 55.00 9.00
station
Power
constructio
Co., Ltd
n.
Guangdong Wind
Guohua Power
Yudean generation
Sharing Electric 4,669,500,0 14,230,401, 9,193,678,4 4,144,646,7 1,407,070 1,052,152,43
Taishan and power
Company Power 00 433.00 85.00 54.00 ,888.00 0.00
Power station
Generation constructio
Co., Ltd. n.
5. Projects invested with Funds not raised through share offering
□ Applicable√ Not applicable
N/A
VI. Prediction of business performance for January -September 2015.
Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss probably or the
warning of its material change compared with the corresponding period of the last year and explanation of reason.
□ Applicable√ Not applicable
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
VII. Explanation by the Board of Directors about the “ non-standard audit report “ for lastyear.
√ Applicable □ Not applicable
18
广东电力发展股份有限公司 2015 年半年度报告全文
VIII. Explanation of the Board of Directions Concerning the “ non-standard audit report” issued by the CPAs firm for the reporting
period.
√ 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 2014 was examined and adopted by its 2014 annual shareholders' general meeting on
May 20, 2015. The Company published Announcement of Interest Distribution for 2014 on designated media on June 19, 2015. The
stock right registration date is June 25, 2015 (June 30 for B shares). The ex-dividend date is June 26, 2015. Cash dividends were
distributed on July 1 (for A shares) and June 30 (for B shares).
Special explanation of the cash dividend policy
Whether conformed with the regulations of the Articles of association or the requirements of the resolutions of the
Yes
shareholders’ meeting:
Whether the dividend standard and the proportion were definite and clear: Yes
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 suggestions and appeals, of
Yes
which their legal interest had gained fully protection:
Whether the conditions and the process met the regulations and was transparent of the adjustment or altered of the
Not a;pplicable
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 provision of
Reception time Reception place Way of reception Types of visitors Visitors received
materials
The Company’s current production
Office of the Onsite Joint research of of operation conditions and the
January 28,2015 Organiation
Company investigation CITIC Securities situation of the construction and
development projects
The Company’s current production
Office of the Onsite of operation conditions and the
May 4, 2015 Organiation Efund
Company investigation situation of the construction and
development projects
May 5, 2015 Office of the Onsite Organiation Boshi Fund The Company’s current production
19
广东电力发展股份有限公司 2015 年半年度报告全文
Company investigation of operation conditions and the
situation of the construction and
development projects
The Company’s current production
Joint research of
Office of the Onsite of operation conditions and the
May 6, 2015 Organiation Guotai Junan
Company investigation situation of the construction and
Securities
development projects
The Company’s current production
Shenwan
Office of the Onsite of operation conditions and the
May 15, 2015 Organiation Hongyuan
Company investigation situation of the construction and
Securities
development projects
20
广东电力发展股份有限公司 2015 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. Lawsuits affairs
Major lawsuits and Arbitration affairs
□ Applicable √ Not applicable
The Company has no major lawsuit or arbitration in the report period.
Other Lawsuits affairs
□ Applicable √ Not applicable
III. Query form media
□ Applicable √ Not applicable
In the reporting year, the Company had no query from media
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. Purchase of assets
□ Applicable √ Not applicable
There is no purchase of assets in the Company during the reporting period.
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 Bubiness combination in the Company during the reporting period
VI. Implementation and Influence of Equity Incentive Plan of the Company
□ Applicable √ Not applicable
21
广东电力发展股份有限公司 2015 年半年度报告全文
There is no equity incentive plan and its implementation in the Company during the reporting period.
VII. Significant related-party transactions
1. Related-party transactions concerning routine operation
√Applicable □Not applicable
In January –June 2015,Daily related transactions were carried out after examination and approval by 2014 annual
shareholders’general meeting. Refer to (5) related transactions of XII. 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
The Company was not involved in any related-party transactions arising from asset acquisition or sale during the reporting period.
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
There is any credit and liability with related parties of the Company，See Notes of Financial Statement.
There is no any credit and liability with related parties of the Company of the reporting period.
5. Other significant related-party transactions
□ Applicable √ Not applicable
The Company was not Other significant related-party transactions during the reporting period.
22
广东电力发展股份有限公司 2015 年半年度报告全文
VIII. Particulars about the non-operating occupation of funds by the controlling shareholder
and other related parties of the Company
□ Applicable √ Not applicable
The Company was not involved in the non-operating occupation of funds by the controlling shareholder and other related parties
during the reporting period..
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)
Yunnan Baoshan
Binlangjiang Guaranteeing
May November
Hydroelectricity 2,900 1,247 of joint 14 years No No
24,2007 30,2007
Development Co., liabilities.
Ltd.
Yunnan Baoshan May November Guaranteeing
1,305 261 12 years No No
Binlangjiang 24,2007 30,2007 of joint
23
广东电力发展股份有限公司 2015 年半年度报告全文
Hydroelectricity liabilities.
Development Co.,
Ltd.
Yunnan Baoshan
Binlangjiang Guaranteeing
May December
Hydroelectricity 4,350 3,190 of joint 17 years No No
24,2007 19,2007
Development Co., liabilities.
Ltd.
Yunnan Baoshan
Binlangjiang Guaranteeing
December December
Hydroelectricity 4,350 1,827 of joint 17 years No No
19,2007 25,2007
Development Co., liabilities.
Ltd.
Yunnan Baoshan
Binlangjiang Guaranteeing
December
Hydroelectricity 12,000 March 28,2008 11,300 of joint 20 years No No
19,2007
Development Co., liabilities.
Ltd.
Yunnan Baoshan
Binlangjiang Guaranteeing
August 22, October 31,
Hydroelectricity 5,800 4,300 of joint 17 years No No
2008 2008
Development Co., liabilities.
Ltd.
Yunnan Baoshan
Binlangjiang Guaranteeing
November November 14,
Hydroelectricity 7,250 2,494 of joint 12 years No No
12, 2008 2008
Development Co., liabilities.
Ltd.
Yunnan Baoshan
Binlangjiang Guaranteeing
May
Hydroelectricity 7,250 May 27, 2009 4,350 of joint 14 years No No
27,2009
Development Co., liabilities.
Ltd.
Yunnan Baoshan
Binlangjiang Guaranteeing
May 27,
Hydroelectricity 9,367 June 22, 2009 7,627 of joint 20 years No No
2009
Development Co., liabilities.
Ltd.
Yunnan Baoshan
Guaranteeing
Binlangjiang September December 16,
14,500 7,199.67 of joint 10 years No No
Hydroelectricity 10,2010 2010
liabilities.
Development Co.,
24
广东电力发展股份有限公司 2015 年半年度报告全文
Ltd.
The power pl
Weixin Yuntou Guaranteeing ant put into o
March 8,
Yudean Zhaxi 27,400 April 11, 2013 26,852 of joint peration and t No No
2012
Energy Co., Ltd. liabilities. erminated aft
er two years
Total amount of approved Total actually amount of
external guarantee in the report 0 external guarantee in the 0
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 70,647.67
the report period(A3) of the report period(A4)
Guarantee of the company for its subsidiaries
Guarante
Related Date of Complete
Name of the Actually e for
announcem Amount of happening(date Guarantee Guarantee implemen
company guarantee related
ent date and guarantee of signing type term tation or
guaranteed amount party(yes
no. agreement) not
or no)
Lincang
YuntouYudean Guaranteeing
July 22, December 25,
Hydroelectricity 3,430 1,372 of joint 14 years No No
2006 2006
Development Co., liabilities.
Ltd.
Lincang
YuntouYudean Guaranteeing
July 22,
Hydroelectricity 1,372 July 29, 2008 548.8 of joint 12 years No No
2006
Development Co., liabilities.
Ltd.
Guangdong
Guaranteeing
Yudean Zhanjiang April 29,
12,716.29 October 9,2010 12,716.29 of joint 18 years No No
Wind Power Co., 2009
liabilities.
Ltd
Guangdong
Guaranteeing
Shaoguan Yuejiang June 29,
23,075 July 28, 2011 5,161.34 of joint 7 years No No
Power Generation 2011
liabilities.
Co., Ltd.
Guangdong
Guaranteeing
Shaoguan Yuejiang August 15, December 6,
19,500 4,920.57 of joint 5 years No No
Power Generation 2012 2012
liabilities.
Co., Ltd.
Guangdong November 23,400 January 28, 17,100 Guaranteeing 7 years No No
25
广东电力发展股份有限公司 2015 年半年度报告全文
Shaoguan Yuejiang 16, 2013 2014 of joint
Power Generation liabilities.
Co., Ltd.
Total amount of actual
Total amount of approving
occurred guarantee for
guarantee for subsidiaries in 0 0
subsidiaries in reportperiod
report period（B1）
（B2）
otal amount of actual occurred
Total amount of approved
guarantee for subsidiaries at
guarantee for subsidiaries at the 74,200 41,819
the end of reporting period
end of reporting period（B3）
（B4）
Guarantee of the subsidiaries for its subsidiaries
Guarante
Related Date of Complete
Name of the Actually e for
announcem Amount of happening(date Guarantee Guarantee implemen
company guarantee related
ent date and guarantee of signing type term tation or
guaranteed amount party(yes
no. agreement) not
or no)
Total of Company’s guarantee（namely total of the large three aforementioned）
Total of guarantee in the Period Total of actual guarantee in
0 0
（A1+B1+C1） the Period（A2+B2+C2）
Total of actual guarantee at
Total of guarantee at Period-end
328,451 Period-end 112,466.67
（A3+B3+C3）
（A4+B4+C4）
The proportion of the total amount of actually guarantee in the
5.03%
net assets of the Company(that is A4+B4+C4)
Including
Amount of guarantee for shareholders, actual controller and its
0
associated parties（D）
The debts guarantee amount provided for the
Guaranteed parties whose assets-liability ratio exceed 97,829.58
70% directly or indirectly（E）
Proportion of total amount of guarantee in net assets of the
0
company exceed 50%（F）
Total guarantee Amount of the abovementioned guarantees
97,829.58
（D+E+F）
Explanations about joint and several liability for repayment in
Not applicable
respect of undue guarantee(if any)
Explanation about external guarantee violating established
Not applicable
procedure if any）
26
广东电力发展股份有限公司 2015 年半年度报告全文
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.
2. Other significant contracts
□ Applicable √ Not applicable
There was no other significant contract of the Company in the reporting period.
3. Other significant transactions
□ Applicable √ Not applicable
There was no other significant transaction of the Company in the reporting period.
X. Implementation of commitments
1.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
Period of
Commitm making Fulfil
Commitment Contents commitme
ent maker commitme lment
nt
nt
Commitment on
share reform
Commitment in
the acquisition
report or the
report on equity
changes
Commitment Yue Dian Li is the only quoted platform of Yudean Group’s electricity November Within 5 y
made upon the asset integration within the boundary. ② Except Yue Dian Li and the 3, ears after t
assets electricity assets controlled by it, within 5 years after the last 2011 he comple
replacement recombination is done, Yudean Group will pump the assets which meet tion of maj
the conditions of launching after reformation into Yue Dian Li or asset re
Guangdon gradually through purchasing and recombination and other ways, organizati Unde
g Yudean according to the situation of solutions to different problems, e.g. the on r
Group imperfect examination and approval procedures, the situation of fulfill
Co., Ltd. profitability, cooperation agreement and land utilization. ③ At the ment
aspects of the development of power project and assets purchasing,
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
27
广东电力发展股份有限公司 2015 年半年度报告全文
the conditions of listing.For details,
see June 5, 2014, published in the designated media "Announcement o
f Guangdong Electric Power Development Co.,Ltd. matters related to c
ommitments".
Commitments
made upon
issuance
Other
Guangdon Unde
commitments To maintain the stability of the market, Yudean Group promised not to
g Yudean July 8, r
made to reduce the Yudean electric power shares within the next 12 months. 12 months
Group 2015 fulfill
minority
Co., Ltd. ment
shareholders
Executed timely
Yes
or not?
XI. Particulars about engagement and disengagement of CPAs firm
Whether the semi-annual financial report had been audited?
□ Yes √ No
The semi-annual financial report has not been audited.
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, 2013, 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 period, the company's as
sets and liabilities was 60.64%. During the reporting period, the guarantor sustained profitability, asset size keep growing and there is
28
广东电力发展股份有限公司 2015 年半年度报告全文
no negative change in credit conditions. The company paid interest and delisting on March 3, 2015
for "08 Yudean debt"and "12 Yudean debt" in the second interest period on March 18,2015..
Quantity of bonds held by the top ten bond shareholders of the Company(As of June 30, 2015)
Bond abbreviation Name of shareholder Quantity of
and code bonds
12 Yudean（112162）CCB 3,600,000
China Life Insurance Co., Ltd. 2,400,000
Truvalue Asset Management－China Merchants Bank－China 1,948,000
Resourcesszitic Trust Co., Ltd.－Xinrui No.1 fund trust
China Pingan Life insturance Co., Ltd.－Dividend distribution－Individual 1,400,000
insurance dividend
Bank of China Investment Management－ICBC－Bank of China 1,200,000
China Pingan Life insturance Co., Ltd.－Universal－Individual insurance 1,000,000
universal
Jinyuan Securities Co., Ltd. 190,000
ABC－Shun target revenue bond securities investment fund 150,900
GTJA Allianz Funds － SPDB － GTJA Allianz Funds － Pengyang No.1 50,000
assetamangement plan for the 6 phase bonds
Zhang Guiqing 21,100
29
广东电力发展股份有限公司 2015 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 1,582,205, 316,327,8 315,761,4 1,897,966
36.16% -566,370 36.15%
subscription 389 04 34 ,823
2. State-owned legal 1,577,865, 315,557,1 315,477,3 1,893,342
36.06% -79,740 43.27%
person shares 257 04 64 ,621
3.Other domestic shares 4,340,132 0.10% 770,700 -486,630 284,070 4,624,202 0.09%
Of which：Domestic legal
4,272,301 0.10% 770,111 -421,746 348,365 4,620,666 0.09%
person shares
Domestic natural person
67,831 0.00% 589 -64,884 -64,295 3,536 0.00%
shares
II. Shares with 2,793,031, 558,719,5 559,285,8 3,352,317
63.84% 566,370 63.85%
unconditional subscription 266 27 97 ,163
2,127,691, 425,651,5 426,217,8 2,553,909
1.Common shares in RMB 48.63% 566,370 48.64%
266 27 97 ,163
2.Foreign shares in 665,340,0 133,068,0 133,068,0 798,408,0
15.21% 15.21%
domestic market 00 00 00 00
4,375,236, 875,047,3 875,047,3 5,250,283
III. Total of capital shares 100.00% 100.00%
655 31 31 ,986
Reasons for share changed:
√ Applicable □ Not applicable
1. The total shares have additional 875,047,331 shares on June 26, 2015 owing to the implementation of 2014 annual equity
distribution program.
2. 566,370 Share A stocks have become the unrestricted circulation stocks since May 25, 2015 due to the dissolution of restriction
procedure handled by some corporate shareholders in the equity division reform.
Approval of Change of Shares
□ Applicable √ Not applicable
Ownership transfer of share changes
□ Applicable √ Not applicable
30
广东电力发展股份有限公司 2015 年半年度报告全文
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
After the implementation of stock dividend program in this time, the annual earnings per share is RMB0.57 in 2014 and the
semi-annual earnings per share is RMB0.33, which are calculated according to the dilution of 5,250,283,986 new capital stocks.
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. Shareholders and actual controlling shareholder
In Shares
Total number of preferred
Total number of common shareholders that had restored
shareholders at the end of the 106,697 the 0
reporting period voting right at the end of the
reporting period (if any) (note 8)
Particulars about shares held above 5% by shareholders or top ten shareholders
Number os
share
Propor
pledged/fro
tion of Number of Changes in Amount of Amount of
Nuture of zen
Shareholders shares shares held at reporting restricted un-restricted
shareholder State
held period -end period shares held shares held
of Amo
（%）
shar unt
e
Guangdong Yudean Group Co., State-owned 67.39
3,538,005,285 589,667,548 1,893,342,621 1,644,662,664
Ltd. legal person %
Guangdong Guangfa Electric State-owned
2.29% 120,183,822 18,406,637
Power Investment Co., Ltd. legal person
Guangdong Electric Power State-owned
1.80% 94,367,341 15,727,890
Development Corporation legal person
Domestic non
China ResourcesSZITIC Trust
State-owne
Co., Ltd.－Zexi No.6 single trust 0.72% 37,769,243 37,769,243
d
fund
Legal person
GOLDEN CHINA MASTER Overseas legal
0.62% 32,393,060 5,398,843
FUND person
31
广东电力发展股份有限公司 2015 年半年度报告全文
Overseas legal
NORGES BANK 0.58% 30,329,088 9,879,662
person
Domestic non
State-owne
National social security fund 102 0.46% 23,999,685 23,999,685
d
Legal person
GREENWOODS CHINA Overseas legal
0.39% 20,238,886 3,373,148
ALPHA MASTER FUND person
CHINA INT'L CAPITAL CORP
Overseas legal
HONG KONG SECURITIES 0.33% 17,575,735 6,927,492
person
LTD
BBH A/C VANGUARD
Overseas legal
EMERGING MARKETS 0.30% 15,996,644 2,666,107
person
STOCK INDEX FUND
Strategy investors or general legal person becomes
top 10 shareholders due to rights issued (if Not applicable
applicable)（See Notes 3）
The third largest shareholder Guangdong Electric Power Development Co.,
Ltd. and the tenth largest shareholders Guangdong Chaokang Investment Co.,
Explanation on associated relationship among the
Ltd. are the wholly-owned subsidiaries of the largest shareholder Yudean
aforesaid shareholders
Group. These three companies have relationships; whether the other
shareholders have relationships or unanimous acting was unknown.
Shareholding of top 10 shareholders of unrestricted shares
Quantity of unrestricted shares Share type
Name of the shareholder held at the end of the reporting Quant
Share type
period ity
RMB Common
Guangdong Yudean Group Co., Ltd. 1,644,662,664
shares
RMB Common
Guangdong Guangfa Electric Power Investment Co., Ltd. 120,183,822
shares
RMB Common
Guangdong Electric Power Development Corporation 94,367,341
shares
RMB Common
China ResourcesSZITIC Trust Co., Ltd.－Zexi No.6 single trust fund 37,769,243
shares
Foreign shares
GOLDEN CHINA MASTER FUND 32,393,060 placed in domestic
exchange
Foreign shares
NORGES BANK 30,329,088
placed in domestic
32
广东电力发展股份有限公司 2015 年半年度报告全文
exchange
RMB Common
National social security fund 102 23,999,685
shares
Foreign shares
GREENWOODS CHINA ALPHA MASTER FUND 20,238,886 placed in domestic
exchange
Foreign shares
CHINA INT'L CAPITAL CORP HONG KONG SECURITIES LTD 17,575,735 placed in domestic
exchange
Foreign shares
BBH A/C VANGUARD EMERGING MARKETS STOCK INDEX
15,996,644 placed in domestic
FUND
exchange
The third largest shareholder Guangdong Electric Power
Development Co., Ltd. and the tenth largest shareholders
Explanation on associated relationship or consistent action among the
Guangdong Chaokang Investment Co., Ltd. are the
top 10 shareholders of non-restricted negotiable shares and that
wholly-owned subsidiaries of the largest shareholder Yudean
between the top 10 shareholders of non-restricted negotiable shares
Group. These three companies have relationships; whether
and top 10 shareholders
the other shareholders have relationships or unanimous
acting was unknown.
Explanation on shareholders participating in the margin trading
Not applicable
business(if any )(see note 4)
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.
33
广东电力发展股份有限公司 2015 年半年度报告全文
VII. Situation of the Preferred Shares
□Applicable √Not applicable
The Company had no preferred shares in the reporting period
34
广东电力发展股份有限公司 2015 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 2014 Annual Report.
II. Changes in directors, supervisors and senior management staffs
√ Applicable □ Not applicable
Name Title Type Date Reason
Pan Li Chairman Leave office May 8,2015 Job transfer
Zhu Dejun Director Leave office July 4, 2015 Job transfer
35
广东电力发展股份有限公司 2015 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.
June 30,2015
In RMB
Items Year-end balance Year-beginning balance
Current asset：
Monetary fund 6,540,700,432.00 4,548,277,314.00
Settlement provision
Outgoing call loan
Financial assets measured at fair value with variations accounted
into current income account
Derivative financial assets
Bill receivable
Account receivable 2,671,807,325.00 2,580,733,823.00
Prepayments 1,481,185,036.00 1,529,371,276.00
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts receivable
Interest receivable 8,420,779.00 5,471,097.00
Dividend receivable
Other account receivable 126,625,918.00 214,346,505.00
Repurchasing of financial assets
36
广东电力发展股份有限公司 2015 年半年度报告全文
Inventories 1,571,237,553.00 1,623,199,010.00
Assets held for sales
Non-current asset due in 1 year
Other current asset 492,580,656.00 704,977,094.00
Total of current assets 12,892,557,699.00 11,206,376,119.00
Non-current assets：
Loans and payment on other’s behalf disbursed
Disposable financial asset 1,256,087,823.00 997,082,335.00
Expired investment in possess
Long-term receivable 123,967,197.00 121,334,809.00
Long term share equity investment 6,367,106,019.00 6,604,709,646.00
Property investment 9,885,633.00 10,203,433.00
Fixed assets 37,729,248,891.00 39,164,300,297.00
Construction in progress 8,389,505,948.00 6,349,045,387.00
Engineering material 81,014,722.00 6,791,093.00
Fixed asset disposal 19,160,490.00 1,493,296.00
Production physical assets
Gas & petrol
Intangible assets 1,577,827,189.00 1,487,859,824.00
R & D petrol
Goodwill 27,486,780.00 2,449,886.00
Long-germ expenses to be amortized 29,889,683.00 31,000,707.00
Differed income tax asset 60,234,316.00 60,234,315.00
Other non-current asset 3,955,789,052.00 3,041,944,705.00
Total of non-current assets 59,627,203,743.00 57,878,449,733.00
Total of assets 72,519,761,442.00 69,084,825,852.00
Current liabilities
Short-term loans 8,406,000,000.00 5,721,000,000.00
Loan from Central Bank
Deposit received and hold for others
Call loan received
Financial liabilities measured at fair value with variations
accounted into current income account
Derivative financial liabilities
37
广东电力发展股份有限公司 2015 年半年度报告全文
Bill payable 348,122,499.00 321,711,616.00
Account payable 2,790,630,896.00 1,913,294,877.00
Advance payment 213,308.00 179,708.00
Selling of repurchased financial assets
Fees and commissions receivable
Employees’ wage payable 176,586,942.00 105,824,243.00
Tax payable 507,237,847.00 462,231,344.00
Interest payable 232,025,448.00 214,956,543.00
Dividend payable 8,640,834.00 7,918,730.00
Other account payable 2,403,479,156.00 2,577,102,293.00
Reinsurance fee payable
Insurance contract provision
Entrusted trading of securities
Entrusted selling of securities
Liabilities held for sales
Non-current liability due in 1 year 1,169,877,724.00 4,497,962,344.00
Other current liability 725,119,863.00 808,630,228.00
Total of current liability 16,767,934,517.00 16,630,811,926.00
Non-current liabilities：
Long-term loan 23,005,392,222.00 20,614,916,646.00
Bond payable 1,195,553,333.00 1,195,076,905.00
Including：preferred stock
Sustainable debt
Long-term payable 2,698,892,032.00 2,649,435,371.00
Long-term payable employees’s remuneration 47,910,348.00 53,839,983.00
Special payable 38,508,105.00 16,192,269.00
Expected liabilities
Differed income 93,510,570.00 98,197,020.00
Differed income tax liability 131,547,487.00 42,136,023.00
Other non-current liabilities
Total non-current liabilities 27,211,314,097.00 24,669,794,217.00
Total of liability 43,979,248,614.00 41,300,606,143.00
Owners’ equity
Share capital 5,250,283,986.00 4,375,236,655.00
38
广东电力发展股份有限公司 2015 年半年度报告全文
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 4,998,433,067.00 4,998,433,067.00
Less：Shares in stock
Other comprehensive income 366,750,518.00 172,496,403.00
Special reserves
Surplus reserves 5,812,191,775.00 4,810,903,365.00
Common risk provision
Undistributed profit 5,922,597,050.00 6,952,985,107.00
Total of owner’s equity belong to the parent company 22,350,256,396.00 21,310,054,597.00
Minority shareholders’ equity 6,190,256,432.00 6,474,165,112.00
Total of owners’ equity 28,540,512,828.00 27,784,219,709.00
Total of liabilities and owners’ equity 72,519,761,442.00 69,084,825,852.00
Legal representative ：Li Zhuoxian
Person-in-charge of the accounting work：Li Xiaoqing
Person-in -charge of the accounting organ：Qin Jingdongi
2. Balance sheet of Parent Company
In RMB
Items Year-end balance Year-beginning balance
Current asset：
Monetary fund 613,597,767.00 468,233,799.00
Financial assets measured at fair value with variations accounted
into current income account
Derivative financial assets
Bill receivable
Account receivable 237,408,827.00 233,268,283.00
Prepayments 114,484,407.00 142,923,390.00
Interest receivable 1,339,226.00 1,786,468.00
Dividend receivable
Other account receivable 316,104,051.00 360,853,242.00
39
广东电力发展股份有限公司 2015 年半年度报告全文
Inventories 123,167,317.00 110,192,735.00
Assets held for sales
Non-current asset due in 1 year
Other current asset 85,145,999.00
Total of current assets 1,406,101,595.00 1,402,403,916.00
Non-current assets：
Disposable financial asset 1,256,087,823.00 997,082,335.00
Expired investment in possess
Long-term receivable 300,000,000.00 550,000,000.00
Long term share equity investment 22,762,244,204.00 21,651,878,481.00
Property investment 9,885,633.00 10,203,433.00
Fixed assets 1,198,816,768.00 1,269,105,391.00
Construction in progress 57,334,319.00 43,403,794.00
Engineering material
Fixed asset disposal 7,073,236.00
Production physical assets
Gas & petrol
Intangible assets 97,551,166.00 99,372,754.00
R & D petrol
Goodwill
Long-germ expenses to be amortized
Differed income tax asset
Other non-current asset 207,000,000.00 90,000,000.00
Total of non-current assets 25,895,993,149.00 24,711,046,188.00
Total of assets 27,302,094,744.00 26,113,450,104.00
Current liabilities
Short-term loans 2,650,000,000.00 1,050,000,000.00
Financial liabilities measured at fair value with variations
accounted into current income account
Derivative financial liabilities
Bill payable
Account payable 322,742,072.00 92,264,357.00
Advance payment
Employees’ wage payable 26,118,176.00 25,676,736.00
40
广东电力发展股份有限公司 2015 年半年度报告全文
Tax payable 64,891,903.00 46,543,086.00
Interest payable 26,203,223.00 141,345,087.00
Dividend payable 8,640,834.00 7,918,730.00
Other account payable 149,065,814.00 143,109,145.00
Liabilities held for sales
Non-current liability due in 1 year 1,999,548,864.00
Other current liability 416,569,863.00 507,146,666.00
Total of current liability 3,664,231,885.00 4,013,552,671.00
Non-current liabilities：
Long-term loan 1,500,000,000.00 1,500,000,000.00
Bond payable 1,195,553,333.00 1,195,076,905.00
Including：preferred stock
Sustainable debt
Long-term payable
Employees’ wage payable 10,419,714.00 11,640,351.00
Special payable 11,297,686.00 11,297,686.00
Expected liabilities
Differed income 42,848,677.00 43,105,866.00
Differed income tax liability 97,591,185.00 32,839,813.00
Other non-current liabilities
Total of Non-current liabilities 2,857,710,595.00 2,793,960,621.00
Total of liability 6,521,942,480.00 6,807,513,292.00
Owners’ equity
Share capital 5,250,283,986.00 4,375,236,655.00
Other equity instrument
Including：preferred stock
Sustainable debt
Capital reserves 5,607,138,564.00 5,607,138,564.00
Less：Shares in stock
Other comprehensive income 366,750,518.00 172,496,403.00
Special reserves
Surplus reserves 5,812,191,775.00 4,810,903,365.00
Undistributed profit 3,743,787,421.00 4,340,161,825.00
Total of owners’ equity 20,780,152,264.00 19,305,936,812.00
41
广东电力发展股份有限公司 2015 年半年度报告全文
Total of liabilities and owners’ equity 27,302,094,744.00 26,113,450,104.00
3.Consolidated Profit statement
In RMB
Same period of the previous
Item Report period
year
I. Income from the key business 12,911,553,232.00 14,971,313,646.00
Incl：Business income 12,911,553,232.00 14,971,313,646.00
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 10,475,134,429.00 12,351,960,481.00
Incl：Business cost 9,181,722,019.00 10,982,443,113.00
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 105,962,706.00 85,666,772.00
Sales expense 821,137.00 1,471,882.00
Administrative expense 374,363,287.00 396,554,512.00
Financial expenses 812,265,280.00 887,886,490.00
Asset impairment loss -2,062,288.00
Add：Gains from change of fir value （“-”for loss）
Investment gain（“-”for loss） 519,970,718.00 350,116,580.00
Incl: investment gains from affiliates 317,900,849.00 336,254,319.00
Gains from currency exchange（“-”for loss）
III. Operational profit（“-”for loss） 2,956,389,521.00 2,969,469,745.00
Add ：Non-operational income 21,200,140.00 16,955,331.00
Including：Income from disposal of non-current assets 894,294.00 1,616,440.00
Less：Non business expenses 1,064,715.00 26,279,545.00
42
广东电力发展股份有限公司 2015 年半年度报告全文
Incl：Loss from disposal of non-current assets 257,135.00 20,960,267.00
IV.Total profit(“-”for loss) 2,976,524,946.00 2,960,145,531.00
Less：Income tax expenses 578,388,722.00 637,267,131.00
V. Net profit 2,398,136,224.00 2,322,878,400.00
Net profit attributable to the owners of parent company 1,720,995,015.00 1,644,460,546.00
Minority shareholders’ equity 677,141,209.00 678,417,854.00
VI. Other comprehensive income 194,254,115.00 -4,280,394.00
Net of profit of other comprehensive income attributable to owners
194,254,115.00 -4,280,394.00
of the parent company.
（I）Other comprehensive income items that will not be reclassified
into gains/losses in the subsequent accounting period
1.Re-measurement of defined benefit plans of changes in net debt o
r net assets
2.Other comprehensive income under the equity method investee ca
n not be reclassified into profit or loss.
（II）
Other comprehensive income that will be reclassified into profit or l 194,254,115.00 -4,280,394.00
oss.
1.Other comprehensive income under the equity method investee ca
n be reclassified into profit or loss.
2.Gains and losses from changes in fair value available for sale fina
194,254,115.00 -4,280,394.00
ncial assets
3.Held-to-maturity investments reclassified to gains and losses of a
vailable for sale financial assets
4.The effective portion of cash flow hedges and losses
5.Translation differences in currency financial statements
6.Other
7.Net of profit of other comprehensive income attributable to Minor
ity shareholders’ equity
VII. Total comprehensive income 2,592,390,339.00 2,318,598,006.00
Total comprehensive income attributable to the owner of the parent
1,915,249,130.00 1,640,180,152.00
company
Total comprehensive income attributable minority shareholders 677,141,209.00 678,417,854.00
VIII. Earnings per share
（I）Basic earnings per share 0.33 0.31
(II)Diluted earnings per share 0.33 0.31
43
广东电力发展股份有限公司 2015 年半年度报告全文
The current business combination under common control, the net profits of the combined party before achieved net profit of RMB 0,
last period the combined party realized RMB 0.
Legal representative ：Li Zhuoxian
Person-in-charge of the accounting work：Li Xiaoqing
Person-in -charge of the accounting organ：Qin Jingdongi
4. Profit statement of the Parent Company
In RMB
Same period of the previous
Items Report period
year
I. Income from the key business 1,097,666,614.00 1,336,343,088.00
Incl：Business cost 768,961,812.00 1,020,967,418.00
Business tax and surcharge 10,990,417.00 7,710,083.00
Sales expense 14,200.00
Administrative expense 54,106,442.00 62,046,419.00
Financial expenses 159,912,982.00 186,366,961.00
Asset impairment loss -1,388,889.00
Add：Gains from change of fir value （“-”for loss）
Investment gain（“-”for loss） 2,071,148,869.00 2,206,084,036.00
Incl: investment gains from affiliates 317,900,849.00 336,254,319.00
II. Operational profit（“-”for loss） 2,174,843,830.00 2,266,710,932.00
Add ：Non-operational income 1,719,783.00 3,417,625.00
Including：Income from disposal of non-current assets
Less：Non business expenses 26,530.00 4,944,391.00
Incl：Loss from disposal of non-current assets
III.Total profit(“-”for loss) 2,176,537,083.00 2,265,184,166.00
Less：Income tax expenses 21,528,415.00 13,847,441.00
IV. Net profit（“-”for net loss） 2,155,008,668.00 2,251,336,725.00
V.Net of profit of other comprehensive income 194,254,115.00 -4,280,394.00
（I）Other comprehensive income items that will not be
reclassified into gains/losses in the subsequent accounting period
1.Re-measurement of defined benefit plans of changes in net debt o
r net assets
44
广东电力发展股份有限公司 2015 年半年度报告全文
2.Other comprehensive income under the equity method investee ca
n not be reclassified into profit or loss.
（ II ）
Other comprehensive income that will be reclassified into profit or l 194,254,115.00 -4,280,394.00
oss.
1.Other comprehensive income under the equity method investee ca
n be reclassified into profit or loss.
2.Gains and losses from changes in fair value available for sale fina
194,254,115.00 -4,280,394.00
ncial assets
3.Held-to-maturity investments reclassified to gains and losses of a
vailable for sale financial assets
4.The effective portion of cash flow hedges and losses
5.Translation differences in currency financial statements
6.Other
VI. Total comprehensive income 2,349,262,783.00 2,247,056,331.00
VII. Earnings per share：
（I）Basic earnings per share 0.41 0.43
(II)Diluted earnings per share 0.41 0.43
5. Cash Flow Statement
In RMB
Items Amount in this period Amount in last period
I.Cash flows from operating activities
Cash received from sales of goods or rending of services 15,036,477,914.00 17,544,601,068.00
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
Net increase of repurchasing business
45
广东电力发展股份有限公司 2015 年半年度报告全文
Tax returned 6,168,959.00 5,269,271.00
Other cash received from business operation 81,857,382.00 107,482,653.00
Sub-total of cash inflow 15,124,504,255.00 17,657,352,992.00
Cash paid for purchasing of merchandise and services 6,733,903,103.00 10,306,659,130.00
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 755,190,690.00 705,648,519.00
Taxes paid 1,690,188,956.00 1,831,039,047.00
Other cash paid for business activities 243,041,072.00 279,876,385.00
Sub-total of cash outflow from business activities 9,422,323,821.00 13,123,223,081.00
Cash flow generated by business operation, net 5,702,180,434.00 4,534,129,911.00
II.Cash flow generated by investing
Cash received from investment retrieving 217,476,155.00 95,095,390.00
Cash received as investment gains 150,543,015.00 145,416,583.00
Net cash retrieved from disposal of fixed assets, intangible assets,
8,734,737.00 5,960,128.00
and other long-term assets
Net cash received from disposal of subsidiaries or other operational
0.00
units
Other investment-related cash received 52,028,777.00
Sub-total of cash inflow due to investment activities 428,782,684.00 246,472,101.00
Cash paid for construction of
fixed assets, intangible assets 2,263,497,895.00 1,843,387,663.00
and other long-term assets
Cash paid as investment 12,926,100.00
Net increase of loan against pledge
Net cash received from subsidiaries and other operational units
Other cash paid for investment activities
Sub-total of cash outflow due to investment activities 2,263,497,895.00 1,856,313,763.00
Net cash flow generated by investment -1,834,715,211.00 -1,609,841,662.00
III.Cash flow generated by financing
Cash received as investment 33,000,000.00 30,000,000.00
Incl: Cash received as investment from minor shareholders 33,000,000.00 30,000,000.00
46
广东电力发展股份有限公司 2015 年半年度报告全文
Cash received as loans 13,765,880,000.00 13,051,747,796.00
Cash received from bond placing
Other financing –related ash received
Sub-total of cash inflow from financing activities 13,798,880,000.00 13,081,747,796.00
Cash to repay debts 12,880,903,754.00 12,360,309,069.00
Cash paid as dividend, profit, or interests 2,752,618,351.00 2,878,919,825.00
Incl: Dividend and profit paid by subsidiaries to minor shareholders 943,649,890.00 1,171,005,593.00
Other cash paid for financing activities 50,400,000.00
Sub-total of cash outflow due to financing activities 15,683,922,105.00 15,239,228,894.00
Net cash flow generated by financing -1,885,042,105.00 -2,157,481,098.00
IV. Influence of exchange rate alternation on cash and cash
equivalents
V.Net increase of cash and cash equivalents 1,982,423,118.00 766,807,151.00
Add: balance of cash and cash equivalents at the beginning of term 4,528,277,314.00 4,377,311,176.00
VI ..Balance of cash and cash equivalents at the end of term 6,510,700,432.00 5,144,118,327.00
6. Cash Flow Statement of the Parent Company
In RMB
Items Amount in this period Amount in last period
I.Cash flows from operating activities
Cash received from sales of goods or rending of services 1,276,185,551.00 1,487,034,175.00
Tax returned
Other cash received from business operation 12,896,711.00 26,812,959.00
Sub-total of cash inflow 1,289,082,262.00 1,513,847,134.00
Cash paid for purchasing of merchandise and services 414,080,693.00 758,970,126.00
Cash paid to staffs or paid for staffs 137,574,749.00 155,959,256.00
Taxes paid 130,030,174.00 84,282,692.00
Other cash paid for business activities 26,139,598.00 54,247,259.00
Sub-total of cash outflow from business activities 707,825,214.00 1,053,459,333.00
Cash flow generated by business operation, net 581,257,048.00 460,387,801.00
II.Cash flow generated by investing
Cash received from investment retrieving 937,052,822.00 345,095,391.00
Cash received as investment gains 1,780,610,890.00 2,000,266,130.00
47
广东电力发展股份有限公司 2015 年半年度报告全文
Net cash retrieved from disposal of fixed assets, intangible assets,
4,045.00 637,415.00
and other long-term assets
Net cash received from disposal of subsidiaries or other operational
units
Other investment-related cash received
Sub-total of cash inflow due to investment activities 2,717,667,757.00 2,345,998,936.00
Cash paid for construction of
fixed assets, intangible assets 51,321,957.00 104,340,140.00
and other long-term assets
Cash paid as investment 1,399,800,000.00 642,776,100.00
Net cash received from subsidiaries and other operational units
Other cash paid for investment activities
Sub-total of cash outflow due to investment activities 1,451,121,957.00 747,116,240.00
Net cash flow generated by investment 1,266,545,800.00 1,598,882,696.00
III.Cash flow generated by financing
Cash received as investment
Cash received as loans 2,350,000,000.00 1,350,000,000.00
Cash received from bond placing
Other financing –related ash received
Sub-total of cash inflow from financing activities 2,350,000,000.00 1,350,000,000.00
Cash to repay debts 2,849,548,864.00 1,850,000,000.00
Cash paid as dividend, profit, or interests 1,142,890,016.00 1,182,014,830.00
Other cash paid for financing activities
Sub-total of cash outflow due to financing activities 3,992,438,880.00 3,032,014,830.00
Net cash flow generated by financing -1,642,438,880.00 -1,682,014,830.00
IV. Influence of exchange rate alternation on cash and cash
equivalents
V.Net increase of cash and cash equivalents 205,363,968.00 377,255,667.00
Add: balance of cash and cash equivalents at the beginning of term 408,233,799.00 296,476,854.00
VI ..Balance of cash and cash equivalents at the end of term 613,597,767.00 673,732,521.00
7. Consolidated Statement on Change in Owners’ Equity
Amount in this period
In RMB
Items Amount in this period
48
广东电力发展股份有限公司 2015 年半年度报告全文
Owner’s equity Attributable to the Parent Company
Other Equity Total
Minor
instrusment Less: Other Surplu Comm of
Share Capital Specia Attribu shareh owner
Shares Compre s on risk
Capit prefer reserve lized table olders’
Sustai in hensive reserve provisi s’
al red Other s reserve profit equity
nable stock Income s on equity
stock
debt
4,375, 4,998,4 4,810,9 6,952,9 6,474,1 27,784,
I.Balance at the 172,496
236,65 33,067. 03,365. 85,107. 65,112. 219,709
end of last year ,403.00
5.00 00 00 00 00 .00
Add: Change of
accounting
policy
Correcting of
previous errors
Merger of entities
under common
control
Other
II.Balance at the 4,375, 4,998,4 4,810,9 6,952,9 6,474,1 27,784,
172,496
beginning of 236,65 33,067. 03,365. 85,107. 65,112. 219,709
,403.00
current year 5.00 00 00 00 00 .00
875,04 1,001,2 -1,030,3 -283,90
III.Changed in the 194,254 756,293
7,331. 88,410. 88,057. 8,680.0
current year ,115.00 ,119.00
00 00 00 0
（1）Total 1,720,9 2,592,3
194,254 677,141
comprehensive 95,015. 90,339.
,115.00 ,209.00
income 00 00
（II）Investment
-17,400, -17,400,
or decreasing of
000.00 000.00
capital by owners
1．Ordinary Share
-17,400, -17,400,
s invested by hare
000.00 000.00
holders
2 ． Holders of oth
er equity instrume
nts invested capital
3．Amount of
shares paid and
accounted as
49
广东电力发展股份有限公司 2015 年半年度报告全文
owners’ equity
4．Other
1,001,2 -2,751,3 -943,64 -2,693,7
（III）Profit
88,410. 83,072. 9,889.0 44,551.
allotment
00 00 0 00
1,001,2 -1,001,2
1.Providing of
88,410. 88,410.
surplus reserves
00 00
2.Providing of
common risk
provisions
3．Allotment to the -1,750,0 -943,64 -2,693,7
owners (or 94,662. 9,889.0 44,551.
shareholders) 00 0 00
4．Other
(IV) Internal 875,04
875,047
transferring of 7,331.
,331.00
owners’ equity 00
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.
875,04
875,047
4. Other 7,331.
,331.00
00
(VI Special
reserves
1. Provided this
year
2．Used this term
（VII）Other
IV. Balance at the 5,250, 4,998,4 366,750 5,812,1 5,922,5 6,190,2 28,540,
end of this term 283,98 33,067. ,518.00 91,775. 97,050. 56,432. 512,828
50
广东电力发展股份有限公司 2015 年半年度报告全文
6.00 00 00 00 00 .00
Amount in last year
In RMB
Amount in last year
Owner’s equity Attributable to the Parent Company
Other Equity Total
Minor
instrusment Less: Other Surplu Comm of
Items
Share Capital Specia Attribu shareh
Shares Compre s on risk owner
Capit prefer reserve lized table olders’
Sustai in hensive reserve provisi s’
al red Other s reserve profit equity
nable stock Income s on equity
stock
debt
4,375, 4,987,6 4,203,5 5,431,3 6,537,7 25,592,
I.Balance at the 57,020,
236,65 98,211. 71,276. 87,393. 56,802. 670,852
end of last year 515.00
5.00 00 00 00 00 .00
Add: Change of
accounting
policy
Correcting of
previous errors
Merger of entities
under common
control
Other
II.Balance at the 4,375, 4,987,6 4,203,5 5,431,3 6,537,7 25,592,
57,020,
beginning of 236,65 98,211. 71,276. 87,393. 56,802. 670,852
515.00
current year 5.00 00 00 00 00 .00
-462,58
III.Changed in the -8,823,3 607,332 162,081 298,002
7,738.0
current year 13.00 ,089.00 ,126.00 ,164.00
0
（1）Total 1,644,4 2,314,0
-8,823,3 678,417
comprehensive 60,546. 55,087.
13.00 ,854.00
income 00 00
（II）Investment
30,000, 30,000,
or decreasing of
000.00 000.00
capital by owners
1．Ordinary Share
30,000, 30,000,
s invested by hare
000.00 000.00
holders
51
广东电力发展股份有限公司 2015 年半年度报告全文
2 ． Holders of oth
er equity instrume
nts invested capital
3．Allotment to the
owners (or
shareholders)
4．Other
(IV) Internal -1,482,3 -1,171, -2,046,0
607,332
transferring of 79,420. 005,592 52,923.
,089.00
owners’ equity 00 .00 00
1. Capitalizing of -607,33
607,332
capital reserves (or 2,089.0
,089.00
to capital shares) 0
2. Capitalizing of
surplus reserves
(or to capital
shares)
3．Making up -875,04 -1,171, -2,046,0
losses by surplus 7,331.0 005,592 52,923.
reserves. 0 .00 00
4. Other
(VI )Special
reserves
1. Provided this
year
2．Used this term
（VII）Other
IV. Balance at the
end of this term
(V) Special
reserves
1. Provided this
year
2．Used this term
（VI）Other
4,375, 4,987,6 4,810,9 5,593,4 6,075,1 25,890,
IV. Balance at the 48,197,
236,65 98,211. 03,365. 68,519. 69,064. 673,016
end of this term 202.00
5.00 00 00 00 00 .00
52
广东电力发展股份有限公司 2015 年半年度报告全文
8.Statement of change in owner’s Equity of the Parent Company
Amount in this period
In RMB
Amount in this period
Other Equity instrusment
Other
Less: Common Attribut Total of
Items Share Capital Compreh Surplus
preferre Sustain Shares in risk able owners’
Capital Other reserves ensive reserves
d stock able stock provision profit equity
Income
debt
4,340,1
I.Balance at the 4,375,23 5,607,138 172,496,4 4,810,903 19,305,93
61,825.
end of last year 6,655.00 ,564.00 03.00 ,365.00 6,812.00
00
Add: Change of
accounting
policy
Correcting of
previous errors
Other
II.Balance at the 4,340,1
4,375,23 5,607,138 172,496,4 4,810,903 19,305,93
beginning of 61,825.
6,655.00 ,564.00 03.00 ,365.00 6,812.00
current year 00
-596,37
III.Changed in the 875,047, 194,254,1 1,001,288 1,474,215
4,404.0
current year 331.00 15.00 ,410.00 ,452.00
0
（I）Total 2,155,0
194,254,1 2,349,262
comprehensive 08,668.
15.00 ,783.00
income 00
(II) Investment or
decreasing of
capital by owners
1．Ordinary Share
s invested by hareh
olders
2 ． Holders of oth
er equity instrume
nts invested capital
3.Amount of
53
广东电力发展股份有限公司 2015 年半年度报告全文
shares paid and
accounted as
owners’ equity
4．Other
-2,751,3
（III）Profit 1,001,288 -1,750,09
83,072.
allotment ,410.00 4,662.00
00
-1,001,2
1.Providing of 1,001,288
88,410.
surplus reserves ,410.00
00
2．Allotment to the -1,750,0
-1,750,09
owners (or 94,662.
4,662.00
shareholders) 00
3．Other
(IV)Internal
875,047, 875,047,3
transferring of
331.00 31.00
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.
875,047, 875,047,3
4. Other
331.00 31.00
(V) Special
reserves
1. Provided this
year
2．Used this term
（VI）Other
3,743,7
IV. Balance at the 5,250,28 5,607,138 366,750,5 5,812,191 20,780,15
87,421.
end of this term 3,986.00 ,564.00 18.00 ,775.00 2,264.00
00
Amount in last year
54
广东电力发展股份有限公司 2015 年半年度报告全文
In RMB
Amount in last year
Other Equity instrusment
Other Commo
Items
Less: Attribu Total of
Share Capital Compreh Surplus n risk
preferre Sustain Shares table owners’
Capital Other reserves ensive reserves provisio
d stock able in stock profit equity
Income n
debt
2,961,7
I.Balance at the 4,375,23 5,596,404 57,020,51 4,203,571 17,193,94
17,216.
end of last year 6,655.00 ,133.00 5.00 ,276.00 9,795.00
00
Add: Change of
accounting
policy
Correcting of
previous errors
Other
II.Balance at the 2,961,7
4,375,23 5,596,404 57,020,51 4,203,571 17,193,94
beginning of 17,216.
6,655.00 ,133.00 5.00 ,276.00 9,795.00
current year 00
III.Changed in the -8,823,31 607,332,0 768,957 1,367,466
current year 3.00 89.00 ,305.00 ,081.00
（I）Total 2,251,3
-8,823,31 2,242,513
comprehensive 36,725.
3.00 ,412.00
income 00
(II) Investment or
decreasing of
capital by owners
1．Ordinary Share
s invested by hareh
olders
2 ． Holders of oth
er equity instrume
nts invested capital
3.Amount of
shares paid and
accounted as
owners’ equity
4．Other
55
广东电力发展股份有限公司 2015 年半年度报告全文
-1,482,3
（III）Profit 607,332,0 -875,047,
79,420.
allotment 89.00 331.00
00
-607,33
1.Providing of 607,332,0
2,089.0
surplus reserves 89.00
0
2．Allotment to the -875,04
-875,047,
owners (or 7,331.0
331.00
shareholders) 0
3．Other
(IV)Internal
transferring of
owners’ equity
1. Capitalizing of
capital reserves (or
to capital shares)
2. Capitalizing of
surplus reserves
(or to capital
shares)
3．Making up
losses by surplus
reserves.
4. Other
(V) Special
reserves
1. Provided this
year
2．Used this term
（VI）Other
3,730,6
IV. Balance at the 4,375,23 5,596,404 48,197,20 4,810,903 18,561,41
74,521.
end of this term 6,655.00 ,133.00 2.00 ,365.00 5,876.00
00
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
56
广东电力发展股份有限公司 2015 年半年度报告全文
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
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 convention of the restricted period ra
nging from 1-3 years. After the share reform, Yudean’s equity interest in the Company decreased to 46.34%. Due to the selling
restriction, 4,416,925 legal person shares originally held by
the non-tradable shareholders were still untradable as at 31 December 2014.
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. Yudean used its 60% stake in Shenzhen Guangqian Electric Power Co., Ltd. (“Guangqian
Electric”), 35% stake in Guangdong Huizhou Natural Gas Power Co., Ltd. (“Huizhou Natural Gas”), 40% stake in Guangdong Yudean
Shibeishan Wind Power Co., Ltd. (“Shibeishan”), 45% stake in
Guangdong Huizhou Pinghai Power Co., Ltd. (“Huizhou Pinghai”), 40% stake in Guangdong Red Bay Power Generation Co., Ltd.
(“Red Bay”), 20% stake in Guangdong Guohua Yudean Taishan Generation Company (“Guohua Taishan”) and 15% stake in
Guangdong Electric Fuel Supply Co., Ltd. (“Fuel Supply”) (collectively
referred to as “Targeted Assets”) to buy the Company’s domestically listed ordinary shares (A shares). After the share issuance, the
Company had a total of 4,375,236,655 shares in circulation, and Yudean’s equity interest in the Company increased from 48.99% to
57
广东电力发展股份有限公司 2015 年半年度报告全文
67.39%.
The Company and its subsidiaries (the “Group”) are principally engaged in the businesses of developing and operating electric power
plants in Guangdong Province,the PRC. The Company’s registered address is 23rd, 25th and 26th floor, Yudean Plaza, 2 Tianhe East
Road, Guangzhou City, Guangdong Province, the PRC. Yudean is the parent company of the Company and State-owned Assets
Supervision and Administration Commission of the People’s Government of Guangdong Province is the actual controller.
The profit distribution plan reviewed and approved by the boarding meeting was summarized as follows:
Total share of 4,375,236,655 shares or Base on the Company‘s total share capital,
The Company would distribute 2 bonus for every 10 shares to all the shareholders.After the dividend, the total share capital increased
to 5,250,283,986 shares, company has implemented and completed the equity distribution on June 26, 2015.
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.
State-owned Assets Supervision and Administration Commission, the People’s Govemment of Guangdong Province is the actual
controller of the Company.
For the Consolidation scope changed of the Group, please refer to VIII.
For the information of subsidiaries of the Company, please refer to Note XII.
IV.Basis for the preparation of financial statements
1.Basis for the preparation
The Company's financial statements were compiled on the basis of the continuous operation assumption ,according to the actual
transactions and events, and in accordance with the "enterprise accounting standards -basic standards" (Announcement on Decree
No.33, the Ministry of Finance, Amendment on Decree No. 76 ,the Ministry of Finance) and 41 specific accounting standards, the
enterprise accounting standards application guide, the enterprise accounting standards explanation and other relevant regulations
(referring to "enterprise accounting standard" collectively) issued and revised on and after February 15, 2006, and the regulations on
‘‘Information Disclosure Compilation Rules No. 15 by the Company issuing stocks publicly - general provisions of the financial
report "(revising in 2014) disclosed by China Securities Supervision and Management Committee.
2. Continuous operation.
The Company since 12 months after the reporting period does not exist on the company's continued viability of significant concern e
vents or circumstances.
V. Significant accounting policies and accounting estimates
58
广东电力发展股份有限公司 2015 年半年度报告全文
Specific accounting policies and accounting estimates tips:
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, 2015 as well as the business performance and cash flow situation in the first half of 2015
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, 2015 to 6 months ended June 30,
4.Business cycle
The Company’s normal business cycle is the period from the acquisition of assets such as those for the generation of electricity to the
realisation of cash or cash equivalents.The business cycles for principal activities are usually less than 12 months.
5 Functional currency
The Company’s functional currency is Renminbi and these financial statements are presented in Renminbi.
5. Accounting process method of enterprise consolidation under same and different controlling.
(1) Business combinations involving enterprises under common control
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 the acquiree.
59
广东电力发展股份有限公司 2015 年半年度报告全文
6．Consolidated financial statements
(1) General principle
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 the investee so as to obtain benefits from its
operating activities, and the power to influence its investment return. In accessing control, the Group only takes into account the
substantive rights relevant to the investee, including those entitiled to the Group and other parties. 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.
(2) Acquisition of subsidiaries through business combinations
Non-controlling interest is presented separately in the consolidated balance sheet within shareholders’ equity. Net profit or loss
attributable to non-controlling shareholders is presented separately in the consolidated income statement below the net profit lineitem.
Comprehensive income attributable to non-controlling shareholders is presented separately in the consolidated income statement below
the total comprehensive income line item.
When the amount of loss for the current period attributable to the non-controlling shareholders of a subsidiary exceeds the
non-controlling shareholders’ portion of the opening balance of owners’ equity of the subsidiary, the excess is allocated against the
non-controlling interests.
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.
Where a subsidiary was acquired during the reporting period, through a businesscombination 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.
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.
(3) Disposal of subsidiaries
When the Group loses control of a subsidiary due to the disposal of a portion of an equity investment, the Group derecognises assets,
liabilities, non-controlling interests and other related items in owners’equity in relation to that subsidiary. The remaining equity
investment is remeasured at its fair value at the date when control is lost. Any
gains or losses therefor incurred are recognised as investment income for the current period when control is lost.
When the disposal of a long-term equity investment in a subsidiary is achieved through multiple deals in stages to the extent that the
control of the subsidiary is lost, apply the following criteria to determine whether these deals can be defined as a package deal:
- these deals are concluded simultaneously or taking into account the inter-relations of each deal;
- only when all the deals are combined can complete business results be achieved;
- the existence of a deal is dependent on the existence of at least one other deal;
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广东电力发展股份有限公司 2015 年半年度报告全文
- a deal is uneconomical when considered separately, but economical when considered in combination with other deals.
If the deals do not satisfy the above criteria, deals before the loss of control of will beaccounted for based on the accounting policy set
out for the disposal of a portion of an equity investment in an subsidiary when the Group still has control.
If the deals satisfy the above criteria, the deals will be accounted for as the disposal of a
subsidiary where control is lost. The difference between the amount of consideration received from each deal and the share in the
carrying amount of net assets in the subsidiary immediately before the loss of control is recognised in other comprehensive income in
the consolidated financial statements and transferred to profit and loss for the current period when control is lost.
(4) Changes in non-controlling interests
Where the Company acquires a non-controlling interest from a subsidiary’s non-controlling shareholders or disposes of a portion of an
interest in a subsidiary without a change in control, the difference between the amount by which the non-controlling interests are
adjusted and the amount of the consideration paid or received is 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.
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 subject to an insignificant risk of change in value.
8. Foreign currency Convert
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.
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 include cash at bank and on hand, receivables, equity securities other than long-term equity investments ,
payables, loans and borrowings, debentures payable and share capital.
(1) Recognition and measurement of financial assets and financial liabilities
A financial asset or financial liability is recognised in the balance sheet when the Groupbecomes a party to the contractual provisions of
a financial instrument.
The Group classifies financial assets and liabilities into different categories at initial recognition based on the purpose of acquiring
assets or assuming liabilities: financial assets and financial liabilities at fair value through profit or loss, loans and receivables,
held-to-maturity investments, available-for-sale financial assets and other financial liabilities.
During the year, the Group’s financial assets include receivables and available-for-sale financial assets. The Group’s financial
liabilities are mainly other financial liabilities, including payables, loans and borrowings, and debentures payable. Payables include
accounts payable, other payables, bills payable and long-term payables.
Financial assets and financial liabilities are measured initially at fair value. Transaction costs attributable to receivables and
available-for-sale financial assets are included in their initial costs. Subsequent to initial recognition, financial assets and liabilities are
measured as follows:
- (a)Receivables
Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.
Subsequent to initial recognition, receivables are measured at amortised cost using the effective interest method.
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广东电力发展股份有限公司 2015 年半年度报告全文
- (b)Available-for-sale financial assets
Available-for-sale financial assets include non-derivative financial assets that are designated upon initial recognition as available for
sale and other financial assets which do not fall into any of the above categories. Available-for-sale financial assets that will be sold
within 12 months counting from the balance sheet date are included in other current assets in the balance sheet.
Available-for-sale investments in equity instruments whose fair value cannot bemeasured reliably are measured at cost subsequent to
initial recognition. Other available-for-sale financial assets are measured at fair value subsequent to initial recognition and changes
therein, except for impairment losses and foreign exchange
gains and losses from monetary financial assets which are recognised directly in profit or loss, are recognised as other comprehensive
income. When an investment is derecognised, the cumulative gain or loss is reclassified from equity to profit or loss.
Dividend income from the available-for-sale equity instruments is recognised in profit or loss when the investee declares the dividends.
Interest on available-for-sale financial assets calculated using the effective interest method is recognised in profit or loss
(c)Other financial liabilities
Other financial liabilities include the liabilities arising from financial guarantee contracts. Financial guarantees are contracts that
require the Group (i.e. the guarantor) to make specified payments to reimburse the beneficiary of the guarantee (the holder) for a loss
the holder incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument. Where
the Group issues a financial guarantee, subsequent to initial recognition, the guarantee is measured at the higher of the amount initially
recognised less accumulated
amortisation and the amount of a provision determined in accordance with the principles of contingencies .
Except for the liabilities arising from financial guarantee contracts described above, subsequent to initial recognition, other financial
liabilities are measured at amortised cost using the effective interest method.
(2) Presentation of financial assets and financial liabilities
Financial assets and financial liabilities are presented separately in the balance sheet, and are not offset. However, a financial asset and
a financial liability are offset and the net amount is presented in the balance sheet when both of the following conditions are satisfied:
- the Group has a legal right to set off the recognised amounts and the legal right is currently enforceable;
- the Group intends either to settle on a net basis, or to realise the financial asset and settle the financial liability simultaneously.
(3) Derecognition of financial assets and financial liabilities
A financial asset is derecognised if the Group’s contractual rights to the cash flows from the financial asset expire or if the Group
transfers substantially all the risks and rewards of ownership of the financial asset to another party.
Where a transfer of a financial asset in its entirety meets the criteria for derecognition, the difference between the two amounts below is
recognised in profit or loss:
- the carrying amount of the financial asset transferred；
- the sum of the consideration received from the transfer and any cumulative gain or loss that has been recognised directly in
shareholders’ equity.
The Group derecognises a financial liability (or part of it) only when the underlying present obligation (or part of it) is discharged,
cancelled or expires.
(4) Impairment of financial assets
The carrying amounts of financial assets (other than those at fair value through profit orloss) are reviewed at each balance sheet date to
determine whether there is objective evidence of impairment. If any such evidence exists, an impairment loss is recognised.
Objective evidence that a financial asset is impaired includes but is not limited to:
(a) significant financial difficulty of the issuer or obligor；
(b) a breach of contract by the borrower, such as a default or delinquency in interest or principal payments
(c) it becoming probable that the borrower will enter bankruptcy or other financial reorganisation；
(d) the disappearance of an active market for that financial asset because of financial difficulties faced by the issuer ;
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(e) significant changes with an adverse effect that have taken place in the technological, market, economic or legal environment in
which the issuer operates, indicating that the cost of an investment in an equity instrument may not be recovered by the investor;
(f) a significant decline in the fair value (i.e. the fair value becomes 50% or lower than the initial investment cost) or a prolonged decline
in the fair value (i.e. the fair value persisting at a level lower than the initial investment cost for a year or longer) of an investment in an
equity instrument below its cost. If the fair value of the investment becomes 20% (or more) but less than 50% lower than its initial cost
at the balance sheet date, the Group considers other related factors (such as fluctuations in prices) on the whole to determine whether the
investment is impaired.
For the calculation method of impairment of receivables,.The impairment of available-for-sale financial assets is measured as follows:
- Available-for-sale financial assets
Available-for-sale financial assets are assessed for impairment both on an individual basis and on a collective group basis. When an
available-for-sale financial asset is impaired, the cumulative loss arising from decline in fair value that has been recognised directly in
shareholders’ equity is reclassified to profit or loss even though the financial asset has not been derecognised.
If, after an impairment loss has been recognised on an available-for-sale debtinstrument, the fair value of the debt instrument increases
in a subsequent period and the increase can be objectively related to an event occurring after the impairment loss was recognised, the
impairment loss is reversed through profit or loss. An impairment loss recognised for an investment in an equity instrument classified as
available-for-sale is not reversed through profit or loss. However, the impairment loss recognised for equity instruments whose fair
value cannot be measured reliably that are not quoted in an active market cannot be reversed.
(5) Equity instrument
The consideration received from the issuance of equity instruments net of transaction costs is recognised in shareholders’ equity.
10.Account receivable
（1）Bad debt provision on receivable accounts with major amount individually
The Company and its subsidiaries, or other receivables or all
Criteria and norm of individual significance long-term receivables of more than RMB 5 million in the
financial statements of the Company and its subsidiaries.
The Group tests such receivables for impairment on an
Measurement of impairment allowances for receivables of individual individual basis. For individually insignificant receivables, the
significance Group tests them for impairment on 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
Cost of fuel transferred out is calculated using the weighted average method. Spart parts are amortised in full when received for use.
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广东电力发展股份有限公司 2015 年半年度报告全文
(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.
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.
（4）Inventory system
Perpetual inventory
The group adopts perpetual inventory system.
12.Long-term eqiuty investment
(1)Investment cost of long-term eqiuty investment
(a)Long-term equity investments acquired through a business combination
- The initial cost of a long-term equity investment acquired through a business combination involving enterprises under common
control is the Company’s share of the carrying amount of the subsidiary’s equity in the consolidated financial statements of the ultimate
controlling party at the combination date. The difference
between the initial investment cost and the carrying amount of the consideration given is adjusted to share premium in the capital
reserve, with any excess adjusted against retained earnings.
- For a long-term equity investment obtained through a business combination not involving enterprises under common control, the
initial cost comprises the aggregate of the fair value of assets transferred, liabilities incurred or assumed, and equity securities issued by
the Company, in exchange for control of the acquiree. For a
long-term equity investment obtained through a business combination not involving enterprises under common control and achieved
through multiple transactions in stages which do not form a bundled transaction, the initial cost comprises the carrying amount of the
previously-held equity investment in the acquiree immediately before the acquisition date, and the additional investment cost at the
acquisition date
(b)Long-term equity investments acquired other than ghrough a business combination
- A long-term equity investment acquired other than through a business combination is initially recognised at the actual consideration
paid if the Group acquires the investment by cash, or at the fair value of the equity securities issued if an investment is acquired by
issuing equity securities, or at the value stipulated in the investment contract or agreement if an investment is contributed by
shareholders.
(2)Subsequent measurement
(a)Investments in subsidiaries
In the Company’s separate financial statements, long-term equity investments in subsidiaries are accounted for using the cost method
for subsequent measurement. Except for cash dividends or profit distributions declared but not yet distributed that have been included
in the price or consideration paid in obtaining the investments, the
Company recognises its share of the cash dividends or profit distributions declared by the investee as investment income in the current
period.
The investments in subsidiaries are stated in the balance sheet at cost less accumulated impairment losses.
(b)Investment in joint ventures and associates
A joint venture is an enterprise which operates under joint control in accordance with a contractual agreement between the Group and
other parties.
An associate is an enterprise over which the Group has significant influence.
An investment in a joint venture or an associate is accounted for using the equity method for subsequent measurement, unless the
investment is classified as held for sale.
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广东电力发展股份有限公司 2015 年半年度报告全文
Under the equity method:
- Where the initial cost of a long-term equity investment exceeds the Group’s interest in the fair value of the investee’s identifiable net
assets at the date of acquisition, the investment is initially recognised at cost. Where the initial investment cost is less than the Group’s
interest in the fair value of the investee’s identifiable net assets at
the date of acquisition, the investment is initially recognised at the investor’s share of the fair value of the investee’s identifiable net
assets, and the difference is recognised in profit or loss.
- After the acquisition of the investment, the Group recognises its share of the investee’s net profit or loss and other comprehensive
income as investment income or losses and other comprehensive income respectively, and adjusts the carrying amount of the
investment accordingly. Once the investee declares any cash dividends or profit distributions, the carrying amount of the investment is
reduced by that amount attributable to the Group. The Group adjusts the carrying amount of the long-term equity investment for
changes in owners’ equity of the investee other than those arising from net profits or losses, other comprehensive income or profit
distributions, and recognises the corresponding adjustment in shareholders’ equity.
The Group recognises its share of the investee’s net profits or losses as investment income and other comprehensive income after
making appropriate adjustments to align the accounting policies or accounting periods with those of the Group based on the fair value
of the investee’s identifiable net assets at the date of acquisition. Unrealised profits and losses resulting from transactions between the
Group and its
associates or joint ventures are eliminated to the extent of the Group’s interest in the associates or joint ventures. Unrealised losses
resulting from transactions between the Group and its associates or joint ventures are eliminated in the same way as unrealised gains but
only to the extent that there is no evidence of impairment.
- The Group discontinues recognising its share of further losses of the investee after the carrying amount of the long-term equity
investment and any long-term interest that in substance forms part of the Group’s net investment in the joint venture or associate is
reduced to zero, except to the extent that the Group has an obligation to
assume additional losses. If the joint venture or associate subsequently reports net profits, the Group resumes recognising its share of
those profits only after its share of the profits equals the share of losses not recognised.
(3) Basis for determining the existence of joint control or significant influence over an
investee
Joint control is the contractually agreed sharing of control over an investee’s economic activities, and exists only when the strategic
financial and operating decisions relating to the activities require the unanimous consent of the parties sharing the control. The
following factors are usually considered when assessing whether the Group can
exercise joint control over an investee:
- Whether no single investor is in a position to control the investee’s operating
activities unilaterally;
- Whether strategic decisions relating to the investee’s main operating activities require the unanimous consent of all investors;
Significant influence is the power to participate in the financial and operating policy decisions of an investee but does not have control
or joint control over those policies.
13.Investment property
The measurement mode of investment property
The measurement by the cost method
Depreciation or amortization method
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.
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广东电力发展股份有限公司 2015 年半年度报告全文
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 is 30
years 5% and 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.
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）Depreciation method
Class Method Estimated useful life Residual value rate(%) Depreciation rate(%)
House and Building Straight-line method 10 – 35 years 0 - 10% 2.57% - 10.00%
Power generation
Straight-line method 7 - 25 years 0 - 10% 3.60% - 14.29%
eqiupment
Transporation equipment Straight-line method 5 – 10 years 0 - 10% 9.00% - 20.00%
Other Equipment Straight-line method 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.
（3）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
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广东电力发展股份有限公司 2015 年半年度报告全文
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.
For the recognition, measurement and depreciation of fixed assets acquired under finance leases,
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
Borrowing costs incurred directly attributable to the acquisition or construction of a qualifying asset are capitalised as part of the cost of
the asset. Except for the above, other borrowing costs are recognised as financial expenses in the income statement when incurred.
During the capitalisation period, the amount of interest (including amortisation of any discount or premium on borrowing) to be
capitalised in each accounting period is determined as follows:
- Where funds are borrowed specifically for the acquisition or construction of a qualifying asset, the amount of interest to be capitalised
is the interest expense calculated using effective interest rates during the period less any interest income earned from depositing the
borrowed funds or any investment income on the temporary investment of those funds before being used on the asset.
- Where funds are borrowed generally and used for the acquisition or construction of a qualifying asset, the amount of interest to be
capitalised on such borrowings is determined by applying a capitalisation rate to the weighted average of the excess amounts of
cumulative expenditures on the asset over the above amounts of specific borrowings. The capitalisation rate is the weighted average of
the interest rates applicable to the general-purpose borrowings.
The effective interest rate is determined as the rate that exactly discounts estimated future cash flow through the expected life of the
borrowing or, when appropriate, a shorter period to the initially recognised amount of the borrowings.
During the capitalisation period, exchange differences related to the principal and interest on a specific-purpose borrowing
denominated in foreign currency are capitalised as part of the cost of the qualifying asset. The exchange differences related to the
principal and interest on foreign currency borrowings other than a specific-purpose borrowing are recognised as a financial expense in
the period in which they are incurred.
The capitalisation period is the period from the date of commencement of capitalisation of borrowing costs to the date of cessation of
capitalisation, excluding any period over which capitalisation is suspended. Capitalisation of borrowing costs commences when
expenditure for the asset is being incurred, borrowing costs are being incurred and activities of acquisition or construction that are
necessary to prepare the asset for its intended use are in progress, and ceases when the assets become ready for their intended use.
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Capitalisation of borrowing costs is suspended when the acquisition or construction activities are interrupted abnormally and the
interruption lasts for more than three months.
17. Intangible assets
1.Pricing ,service life and Impairment test
（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.
Items Expected useful life Basis
Associated projects for electricity transmission 10 years Expected Use 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 Use period
Software 2 – 10 years Expected Use period
Non-p[atent technology 2 – 6 years Expected Use period
（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
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广东电力发展股份有限公司 2015 年半年度报告全文
18.Long-term assets impairment
The carrying amounts of the following asswets are reviewed at each balance sheet date based on the internalandexternal sources of
information to determine whether thire is and indication of impairment: fixed assets,construction in progress, construction
materials, intangible assets, investment properties, measured using a cost model , long-term equity investments , Goodwill and
long-term deferred expenses.
If any indication exists that an asset may be impaired, the recoverable amount of the asset is estimated. In addition, the Group estimates
the recoverable amounts of goodwill at each year-end, irrespective of whether there is any indication of impairment. Goodwill is
allocated to each asset group or set of asset groups, that is expected to
benefit from the synergies of the combination for the purpose of impairment testing.
The recoverable amount of an asset, asset group or set of asset groups is the higher of its fair value less costs to sell and its present value
of expected future cash flows.
An asset group is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows
from other assets or asset groups. An asset group is composed of assets directly relating to cash-generation. Identification of an asset
group is based on whether major cash inflows generated by the asset group are largely independent of the cash inflows from other assets
or asset groups. In identifying an asset group, the Group also considers how management monitors the Group’s operations and how
management makes decisions about continuing or disposing of the Group’s assets.
An asset’s fair value less costs to sell is the amount determined by the price of a sale agreement in an arm’s length transaction, less the
costs that are directly attributable to the disposal of the asset. The present value of expected future cash flows of an asset is determined
by discounting the future cash flows, estimated to be derived from
continuing use of the asset and from its ultimate disposal, to their present value using an appropriate pre-tax discount rate.
If the result of the recoverable amount calculation indicates the recoverable amount of an asset is less than its carrying amount, the
carrying amount of the asset is reduced to its recoverable amount. That reduction is recognised as an impairment loss and charged to
profit or loss for the current period. A provision for impairment of the asset is recognised accordingly. For impairment losses related to
an asset group or a set of asset
groups, first reduce the carrying amount of any goodwill allocated to the asset group or set of asset groups, and then reduce the carrying
amount of the other assets in the asset group or set of asset groups on a pro rata basis. However, the carrying amount of an impaired
asset will not be lower than the greatest amount of its individual fair value less costs to sell (if determinable), the present value of
expected future cash flows (if determinable) and zero.
Once an impairment loss is recognised, it is not reversed in a subsequent period.
19.Long-term deferred expenses
Long-term deferred expenses are amortised on a straight-line method within the benefit period.
The respective amortisation periods for such expenses are as Follows: Expenses on improvement of fixed assets:2—180 months;
Long-term lease expensesz; 79-180 months.
20. Employee benefits
(1) Short-term employee benefits
Employee wages or salaries, bonuses, social security contributions such as medical insurance, work injury insurance, maternity
insurance and housing fund, measured at the amount incurred or at the applicable benchmarks and rates, are recognised as a liability as
the employee provides services, with a corresponding charge to profit or loss or included in the cost of assets where appropriate.
（2）Post –employment benefits
Pursuant to the relevant laws and regulations of the People’s Republic of China, the Group participated in a defined contribution basic
pension insurance in the social insurance system established and managed by government organisations. The Company makes
contributions to basic pension insurance plans based on the applicable benchmarks and rates stipulated by the government. The
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广东电力发展股份有限公司 2015 年半年度报告全文
Company also purchases and makes contributions to supplementary pension insurance based on the applicable benchmarks and rates
stipulated by Yudean. Basic pension and supplementary pension insurance contributions are recognised as a liability as the related
services are rendered by the employees, with a corresponding charge to profit or loss or included in the cost of assets where appropriate.
(3) Termination benefits
When the Company terminates the employment with employees before the employment contracts expire, or provides compensation
under an offer to encourage employees to accept voluntary redundancy, a provision is recognised with a corresponding expense in
profit or loss at the earlier of the following dates:
- The Group is not allowed to withdraw from termination plan or redundancy offer unilaterally;
- The Group has a detailed and formal restructuring plan related to the payment of termination benefits; and the Group has launched the
plan or notified the affected parties of its content, thereby making the restructuring plan reasonably expected by all related parties.
21. Estimated Liabilities:
When an obligation which was related to events matching the following conditions, it was confirmed as estimated Liabilities:
(1) The obligation was a present obligation belonging to Company’s commitment; (2) Performing the obligation was likely to lead to an
outflow of economic benefits; (3) The amount of the obligation can be measured reliably.
In the balance sheet date, calculating the estimated liabilities on the basis of considering the risks of contingent item, uncertainty and the
time value of money and other factors, and in accordance with the best estimates needed to expand when performing the relevant
current obligations.
If the needed all or parts of the expectation when paying off the projected liabilities were compensated by the third party and the
amount of compensation were basically received, it should be confirmed as assets solely and the confirmed amount of the
compensation can’t exceed the book value of estimated Liabilities.
22. Revenue recognition
Revenue is the gross inflow of economic benefit arising in the course of the Group’s ordinary activities when the inflows result in
increase in shareholders’ equity, other than increase relating to contributions from shareholders. Revenue is recognised in profit or loss
when it is probable that the economic benefits will flow to the Group, the
revenue and costs can be measured reliably and the following respective conditions are met. The amount of revenue is measured at the
fair value of the consideration received or receivable under the sales contract or agreement. Revenue is shown net of sales discounts or
refunds.
(1) Revenue from sales of electricity and heat energy
Revenue is recognised when electricity and heat energy are supplied to grid companies or customers.
(2) Revenue from sales of by-products
Revenue from the sales of goods is recognised when the Group transfers by-products (such as coal ash) to the designated delivery place
pursuant to the contract or agreement and the recipient confirms receipt.
(3) Rendering of services
Revenue from rendering of services is measured at the fair value of the consideration received or receivable under the contract or
agreement.
At the balance sheet date, where the outcome of a transaction involving the rendering of services can be estimated reliably, revenue
from the rendering of services is recognised by reference to the stage of completion of the transaction based on the proportion of costs
incurred to date to the estimated total costs.
Where the outcome of rendering of services cannot be estimated reliably, if the costs incurred are expected to be recoverable, revenues
are recognised to the extent of the costs incurred that are expected to be recoverable, and an equivalent amount is charged to profit or
loss as service cost; if the costs incurred are not expected to be recoverable, the costs incurred are recognised in profit or loss and no
service revenue is recognised.
(4) Revenue from sale of certified emission reductions (CERs)
The Company sells CERs provided by its wind power facilities. These wind power facilities are registered with the Clean Development
70
广东电力发展股份有限公司 2015 年半年度报告全文
Mechanism (CDM) Executive Board (EB) of the United Nations as CDM projects under the Kyoto Protocol. The Company also sells
voluntary emission reductions (“VERs”) attributable to the
electricity generated from CDM projects before getting registered with CDMEB.
Revenue related to CERs and VERs is recognised when the following conditions are met:
- The amount of income from selling CERs or VERs can be reliably measured
- The Company has generated the related electricity
(5) Interest income
Interest income is recognised based on the length of time of the deposits or principal outstanding and the applicable effective interest
rate.
(6) Revenue from operating leases
Rental income from operating leases is recognised as income on a straight-line basis over the lease term.
23. Government grants
Government grants are transfers of monetary assets or non-monetary assets from the government to the Group at no consideration
except for any capital contribution from the government as an investor in the Group. Special funds such as investment grants allocated
by the government, if clearly defined in official documents as part of “capital reserve” are dealt with as capital contributions, and not
regarded as government grants.
A government grant is recognised when there is reasonable assurance that the grant will be received and that the Group will comply
with the conditions attaching to the grant.
If a government grant is in the form of a transfer of a monetary asset, it is measured at the amount that is received or receivable. If a
government grant is in the form of a transfer of a non-monetary asset, it is measured at its fair value.
Government grants related to income are grants other than those related to assets. A government grant related to an asset is recognised
initially as deferred income and amortised to profit or loss on a straight-line basis over the useful life of the asset. A grant that
compensates the Group for expenses to be incurred in the subsequent periods is recognised initially as deferred income and recognised
in profit or loss in the same periods in which the expenses are recognised. A grant that compensates the Group for expenses incurred is
recognised in profit or loss immediately.
24. Deferred income tax assets/Deferred income tax liability
Deferred tax assets and deferred tax liabilities arise from deductible and taxable temporary differences respectively, being the
differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases, which include the
deductible losses and tax credits carried forward to subsequent periods.Deferred tax assets are recognised to the extent that it is
probable that future taxable profits will be available against which deductible temporary differences can be utilised.
Deferred tax is not recognised for the temporary differences arising from the initial recognition of assets or liabilities in a transaction
that is not a business combination and that affects neither accounting profit nor taxable profit (or tax loss). Deferred tax is not
recognised for taxable temporary differences arising from the initial recognition of goodwill.
At the balance sheet date, the amount of deferred tax recognised is measured based on the expected manner of recovery or settlement of
the carrying amount of the assets and liabilities, using tax rates that are expected to be applied in the period when the asset is recovered
or the liability is settled in accordance with tax laws.
The carrying amount of a deferred tax asset is reviewed at each balance sheet date. The carrying amount of a deferred tax asset is
reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow the benefit of the deferred tax
asset to be utilised. Such reduction is reversed to the extent that it becomes probable that sufficient taxable profits will be available.
At the balance sheet date, deferred tax assets and deferred tax liabilities are offset if all
the following conditions are met:
- the taxable entity has a legally enforceable right to offset current tax liabilities and current tax assets
- they relate to income taxes levied by the same tax authority on either: the same taxable entity; or
71
广东电力发展股份有限公司 2015 年半年度报告全文
Different taxable entities which intend either to settle the current tax liabilities
and current tax assets on a net basis, or to realise the assets and settle the
liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or deferred tax assets are
expected to be settled or recovered..
25.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.
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.
26. Other significant accounting policies and estimates
□ Applicable √Not applicable
27.Change of main accounting policies and estimations
(1)Change of main accounting policies
□Applicable √Not applicable
（2）Change of main accounting estimations
□Applicable √Not applicable
28.Other
VI.Taxation
1.Main categories and rates of taxes
Tax items Tax basis Tax rate
72
广东电力发展股份有限公司 2015 年半年度报告全文
Output VAT is calculated on product sales and taxable services
revenue, based on tax laws. The remainning balance of output VAT ,
VAT 17% and 13%
after subtracting the deductible input VAT of the period, is VAT
payable.
Business tax Taxable turnover 5%
City maintenance construction tax Value added tax and Business tax amount 5% and 7%
12.5% and
Enterprise income tax Taxable income
25%
Education surtax Value added tax and Business tax amount 3%
Local surcharge for Education Value added tax and Business tax amount 2%
In case there exist any taxpayer paying corporate income tax at different tax rates, disclose the information
Name of taxpayer Income tax rates
Guangdong Yudean Xuwen Wind Power Co., Ltd. 12.5%
2.Tax preferences
The fourth year for Zhanjiang Xuwen Wind Power to enjoy the favorable income tax of “three-half and three-free” In 2015, and the
applicable enterprise income tax rate is 12.5%. In addition, the applicable income tax rate of the Company and other subsidiaries is
25%.
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).
VII. Notes of consolidated financial statements
1. Currency funds
In RMB
Items Year-end balance Year-beginning balance
Cash 169,332.00 88,728.00
Bank deposit 6,510,531,100.00 4,528,188,586.00
Other 30,000,000.00 20,000,000.00
Total 6,540,700,432.00 4,548,277,314.00
Other explanation
2.Account receivable
（1）Classification Account receivable :
In RMB
73
广东电力发展股份有限公司 2015 年半年度报告全文
Year-end balance Year-beginning balance
Provision for bad Book
Book balance Book balance Provision for bad debts
Classification debts Value
Book Value
Proportio Proportio Proportio Proportion
Amount Amount Amount Amount Amount
n（%） n（%） n（%） （%）
Receivables with
major individual
amount and bad debt
provision provided
2,565,4
individually 2,652,10 2,652,107 2,565,462,5
99.26% 62,568. 99.41%
receivables with 7,637.00 ,637.00 68.00
00
major individual
amount and bad debt
provision provided
individually
Account receivable
with minor individual 19,699,6 19,699,68 15,271, 15,271,255.
0.74% 0.59%
amount but bad debt 88.00 8.00 255.00 00
provision is provided
2,580,7
2,671,80 2,671,807 2,580,733,8
Total 100.00% 33,823. 100.00%
7,325.00 ,325.00 23.00
00
Receivable accounts with large amount individually and bad debt provisions were provided.
√Applicable □Not applicable
In RMB
Content of account End of term
receivable（Unit） Account receivable Provision for bad debts Proportion of provision Reason for provision
Full amount recovery is
GPGC 2,483,026,186.00 0.00 0.00%
expected
Shenzhen Powe suply Full amount recovery is
154,258,694.00 0.00 0.00%
Bureau expected
GPGC,Zhanjiang Powe Full amount recovery is
11,776,250.00 0.00 0.00%
suply Bureau expected
GPGC, Jieyang Power Full amount recovery is
3,046,507.00 0.00 0.00%
Suply Bureau expected
Total 2,652,107,637.00 -- --
Account reveivable on which bad debt proisions are provided on age basis in the group
□Applicable √Not applicable
Receivable accounts on which had debt provisions are provided on percentage analyze basis in a portfolio
74
广东电力发展股份有限公司 2015 年半年度报告全文
□Applicable √Not applicable
Receivable accounts on which had debt provisions are provided by other ways in the portfolio
Account receivable accounts with not minor amount but were provided had debt provisions individually at end of period.
Description Of account Amount of bad
Book balance rate Reason
receivables debt
Electricity charge receivable 2,468,024.00 - 0.00% Full amount
recovery is
expected
Steam accounts receivable 6,888,543.00 - 0.00% Full amount
recovery is
expected
Receivable maintenance servi 9,960,473.00 - 0.00% Full amount
ce fees recovery is
expected
Income receivable from 382,648.00 - 0.00% Full amount
byproduct sales recovery is
expected
Total 19,699,688.00 - -- --
（2）The ending balance of account receivables owed by the imputation of the top five parties
Name Amount in year-end Bad debt provision Proportion%
Proportion%
Total 2,656,972,277.89 - 99.44%
GPGC 2,483,026,185.52 - 92.93%,
Shenzhen Powe suply 154,258,693.93 - 5.77%
Bureau
GPGC,Zhanjiang Powe suply 11,776,250.20 - 0.44%
Bureau
Huizhou Huiling Hacheng Co., 4,757,394.16 - 0.18
Ltd.
Guangdong Yudean Zhanjiang 3,153,754.08 - 0.12%
Biological Power Generation
Co., Ltd.
3. Prepayments
（1）Prepayments age :
75
广东电力发展股份有限公司 2015 年半年度报告全文
In RMB
End of term Beginning of term
Age
Amount Proportion（%） Amount Proportion（%）
Within 1 year 1,473,730,070.00 99.50% 1,524,462,657.00 99.68%
1-2 years 3,714,623.00 0.25% 1,990,267.00 0.13%
2-3 years 1,192,041.00 0.08% 2,057,901.00 0.13%
Over 3 years 2,548,302.00 0.17% 860,451.00 0.06%
Total 1,481,185,036.00 -- 1,529,371,276.00 --
Notes ：
（2）The ending balance of Prepayments owed by the imputation of the top five parties
The Group’s the five largest balances of prepayment totalled RMB 1,433,319,026, accounting for 96.77% of the total balance of
prepayment.
4. Interest receivable
（1）Interest receivable
In RMB
Classification Year-end balance Year-beginning balance
Fixed deposit 8,420,779.00 5,447,764.00
Entrusted loans 0.00 23,333.00
Total 8,420,779.00 5,471,097.00
5.Other rceivables
（1）Disclosure of calassification of other receivables
In RMB
Amount in year-end Amount in year-begin
Book Balance Bad debt provision Book Balance Bad debt provision
Type Book
Amount Proportio Amount Proportio Amount Proportio Amount Proportion( Book value
value
n(%) n(%) n(%) %)
Other receivables
with major individual 72,611,2 72,611,24 164,168 164,168,15
54.59% 0.00 0.00% 74.38% 0.00%
amount and had debt 48.00 8.00 ,157.00 7.00
provision provided
76
广东电力发展股份有限公司 2015 年半年度报告全文
individually
Other account
receivable with
60,398,4 6,383,75 54,014,67 56,562, 6,383,754 50,178,348.
minor individual 45.41% 10.57% 25.62% 11.29%
24.00 4.00 0.00 102.00 .00 00
amount but bad debt
provision is provided
133,009, 6,383,75 126,625,9 220,730 6,383,754 214,346,50
Total 100.00% 100.00%
672.00 4.00 18.00 ,259.00 .00 5.00
Other receivable accounts with large amount and were provided had debt provisions individually at end of period.
√ Applicable □ Not applicable
In RMB
End of term
Other receivable（Unit） Bad debt
Other receivable Proportion Reason
provision
Guangdong Yudean Enviornmental Full amount recovery is
17,270,956.00 0.00 0.00%
Pretection Co., Ltd. expected
Full amount recovery is
Huidong Finance Bureau 21,318,970.00 0.00 0.00%
expected
Shenzhen Economic Trade & Full amount recovery is
9,576,815.00 0.00 0.00%
Information Technology Commission expected
Full amount recovery is
Huilai State Taxation Bureau 4,657,907.00 0.00 0.00%
expected
Jeson Gypsum Board (Huizhou)Co., Full amount recovery is
4,214,486.00 0.00 0.00%
Ltd. expected
Full amount recovery is
Huilai Xincheng Industry Co., Ltd. 2,746,579.00 0.00 0.00%
expected
Huizhou Zhonghai Shipping Agency Full amount recovery is
2,725,720.00 0.00 0.00%
Co., Ltd. expected
Full amount recovery is
Xuwen Finance Bureau 2,708,834.00 0.00 0.00%
expected
Guangdong Yudean Group Co., Ltd., Full amount recovery is
2,061,019.00 0.00 0.00%
Shajiao C Plant expected
Full amount recovery is
HOWDEN 1,677,479.00 0.00 0.00%
expected
Meizhou Jiayuan Investment Full amount recovery is
1,377,045.00 0.00 0.00%
Development Co., Ltd. expected
Full amount recovery is
Guoyi Tender Co., Ltd. 1,265,243.00 0.00 0.00%
expected
77
广东电力发展股份有限公司 2015 年半年度报告全文
Shaoguan Xinyi Power Industry Co., Full amount recovery is
1,010,195.00 0.00 0.00%
Ltd. expected
Total 72,611,248.00 0.00 -- --
Other receivable accounts in Group on which bad debt provisions were provided on age analyze basis：
□Applicable √Not applicable
Other receivable account in Group on which bad debt provisions were provided on percentage basis：
□Applicable √Not applicable
Other Receivable accounts on which bad debt provisions are provided by other ways in the portfolio：
√ Applicable □ Not applicable
Other receivable accounts with Not large amount and were provided had debt provisions individually at end of period.
Nature Book balance Bad debt provision
Prepayments for construction 2,957,596 2,266,543
Income receivable from byproduct sales 7,857,115 2,803,641
Reserve funds 10,999,254 5,899
Other 38,584,458 1,307,671
Total 60,398,424 6,383,754
（3）Other receivables Nature of fund classification information
In RMB
Nature End of term Beginning of term
Entrusted loan 50,000,000.00
Prepayments for construction 27,331,090.00 25,670,161.00
Income receivable from byproduct sales 35,825,051.00 80,858,769.00
Reserve funds 10,999,254.00 6,636,284.00
Government Grants 15,958,187.00 5,193,307.00
Other 42,896,090.00 52,371,738.00
Total 133,009,672.00 220,730,259.00
（3）The ending balance of other receivables owed by the imputation of the top five parties
In RMB
Bad debt
Year-end Portion in total other provision of
Name Nature Age
balance receivables(%) year-end
balance
Guangdong Yudean Enviornmental Within 1
Product sales 17,270,956.00 36.09% 0.00
Pretection Co., Ltd. year
Huidong Finance Bureau Land fund 21,318,970.00 Over 3 years 16.84% 0.00
78
广东电力发展股份有限公司 2015 年半年度报告全文
Shenzhen Economic Trade & Government Within 1
9,576,815.00 7.56% 0.00
Information Technology Commission grants year
Within 1
Huilai State Taxation Bureau VAT return 4,657,907.00 3.68% 0.00
year
Jeson Gypsum Board (Huizhou)Co., Within 1
Product sales 4,214,486.00 3.33% 0.00
Ltd. years
Total -- 57,039,134.00 -- 67.50% 0.00
（4）Government grants
In RMB
Expected date of receipt,
Name Name of Grant End of term Ageing amount and rationale of the
grant expected to be
Guangdong Yudean Enviornmental
Recovered in December
Pretection Co., Ltd. Subsidy income 9,576,815.00 Within 1 year
2015
Huidong Finance Bureau
Huilai State Taxation Recovered in December
VAT Refund 4,657,907.00 Within 1 year
Bureau 2015
Xuwen State Taxation Recovered in December
VAT Refund 1,723,465.00 Within 1 year
Bureau 2015
Total -- 15,958,187.00 -- --
6.Inventory
（1）Inventory types
In RMB
Year-end balance Year-beginning balance
Items Book balance Provision for bad Book value Book balance Provision for bad Book value
debts debts
Raw materials 843,510,632.00 0.00 843,510,632.00 920,420,055.00 0.00 920,420,055.00
Parts 768,850,393.00 61,454,752.00 707,395,641.00 735,994,949.00 61,454,752.00 674,540,197.00
Other 20,331,280.00 0.00 20,331,280.00 28,238,758.00 0.00 28,238,758.00
Total 1,632,692,305.00 61,454,752.00 1,571,237,553.00 1,684,653,762.00 61,454,752.00 1,623,199,010.00
（2）Inventory Impairment provision
In RMB
Beginning of Increased in current period Decreased in current period
Items End of term
term Provision Other Transferred back Other
79
广东电力发展股份有限公司 2015 年半年度报告全文
Raw materials 0.00 0.00
Parts 61,454,752.00 61,454,752.00
Other 0.00 0.00
Total 61,454,752.00 61,454,752.00
7.Other current assets
In RMB
Items End of term Beginning of term
Other current assets to be disposed 0.00 57,387,152.00
Deductible VAT 412,090,752.00 589,611,053.00
Prepayment of income tax 32,681,696.00 10,170,681.00
Other 47,808,208.00 47,808,208.00
Total 492,580,656.00 704,977,094.00
Notes：
8. Available-for-sale financial assets
（1）Sellable financial assets
In RMB
Balance in year -end Amount at year beginning
Items Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Available-for-sale equity 1,256,087,823. 1,256,087,823.
997,082,335.00 997,082,335.00
instruments 00 00
According to the fair
711,487,823.00 711,487,823.00 452,482,335.00 452,482,335.00
value measurement
According to the
544,600,000.00 544,600,000.00 544,600,000.00 544,600,000.00
Cost measurement
1,256,087,823. 1,256,087,823.
Total 997,082,335.00 997,082,335.00
00 00
（2）Measured at fair value for the available-for-sale financial assets at the end period
In RMB
Available-for-sale equity Available-for-sale
Classification Total
instruments liabilities instruments
Equity instruments cost/Amortized cost of debt
251,728,616.00 251,728,616.00
instruments
80
广东电力发展股份有限公司 2015 年半年度报告全文
Fair value 711,487,823.00 711,487,823.00
Changes in the fair value of the amount that accumula
459,759,207.00 459,759,207.00
ted in other comprehensive income.
（3）Available-for –sale financial assets measured at cost at the end of the year
In RMB
Book balance Provision for impairment Percentage
Cash
of
Balanc dividends
Investee Increa Decrea Increa Decrea End of shareholdi
Balance of term End of term e of for the
se se se se term ng in
term year
investees%
Shenzhen Capital Group
115,000,000.00 115,000,000.00 3.67%
Co., Ltd.
Sun Insurance 356,000,000.00 356,000,000.00 5.22%
Guoyi Tendering Co.,
3,600,000.00 3,600,000.00 1.97% 720,000.00
Ltd.
South Sea Wind
Electricity Development 70,000,000.00 70,000,000.00 10.00%
Co., Ltd.
Total 544,600,000.00 544,600,000.00 -- 720,000.00
9．Long-term account receivable
（1）Details
In RMB
End of term Beginning of term
Provision
Provision
Items for Range of rate
Book balance for Book value Book balance Book value
impairmen
impairment
t
Financing Rent 123,967,197.00 123,967,197.00 121,334,809.00 121,334,809.00 5.31%-7.05%
Total 123,967,197.00 0.00 123,967,197.00 121,334,809.00 0.00 121,334,809.00 --
10. Long term share equity investment.
(1）Details of long-term equity investment
In RMB
Name Beginnin Increase/decrease during the year End of Provision
81
广东电力发展股份有限公司 2015 年半年度报告全文
g of term Investme term for
Declared
nt income Other Provision impairm
Other distributio
Increase Decrease recognise Compaeh for ent of
eqiuty n of cash Other
in capital in capital d under ensive impairme closing
changed dividends
equity income nt balance
or profit
method
1. Joint venture
Guangdo
ng
Electric 597,811,3 43,461,24 -74,772,2 566,500,3
Power 76.00 1.00 53.00 64.00
Fuel Co.,
Ltd.
597,811,3 43,461,24 -74,772,2 566,500,3
Subtotal
76.00 1.00 53.00 64.00
II. Associates
Yangshan
Jiangken
g
5,867,441 5,967,213
Hydropo 99,772.00
.00 .00
wer
Station
C
Yangshan
Centre
Keng
7,847,994 356,006.0 8,204,000
Electric
.00 0 .00
Power
Compan
y
YudeanW
est
256,008,4 5,459,077 261,467,5
Investm
51.00 .00 28.00
ent Co.,
Ltd.
Guangdo
ng
945,671,3 3,517,351 -15,835,3 933,353,4
Yudean
63.00 .00 00.00 14.00
Shipping
Co., Ltd.
WenxinY 617,225,8 -221,275, -4,315,85 391,634,5
82
广东电力发展股份有限公司 2015 年半年度报告全文
untou 72.00 476.00 9.00 37.00
Yudean
Zhaxi
Energy
Co., Ltd.
Shanxi
Yudean 869,294,1 33,771,48 903,065,6
Energy 93.00 8.00 81.00
Co., Ltd.
Guangdo
ng
648,047,1 48,938,78 -57,535,4 639,450,5
Yudean
85.00 3.00 61.00 07.00
Finance
Co., Ltd.
Yunnan
Baoshan
Binlangj
iang
205,634,4 -11,177,9 194,456,5
Hydropo
75.00 75.00 00.00
wer
Develop
ment
Co., Ltd.
Guangdo
ng
Guohua
Yudean
2,208,688 193,221,8 2,401,910
Taishan
,289.00 42.00 ,131.00
Power
Generatio
n Co.,
Ltd.
Huaneng
Shantou
Wind
58,176,05 2,920,089 61,096,14
Power
5.00 .00 4.00
Generati
on Co.,
Ltd.
Linchang
184,436,9 227,046,1 -411,483,
Yuntou
52.00 76.00 128.00
Yudean
83
广东电力发展股份有限公司 2015 年半年度报告全文
Hydropo
wer
Develop
ment
Co., Ltd.
6,006,898 227,046,1 -221,275, 272,790,5 -73,370,7 -411,483, 5,800,605
Subtotal
,270.00 76.00 476.00 74.00 61.00 128.00 ,655.00
6,604,709 227,046,1 -221,275, 316,251,8 -148,143, -411,483, 6,367,106
Total
,646.00 76.00 476.00 15.00 014.00 128.00 ,019.00
Notes
11.Investment real estate
（1）Measured by the cost of investment in real estate
In RMB√Applicable □Not applicable
Items House, Building Land use right Construction in process Total
I. Original price
1. Balance at
20,135,165.00 20,135,165.00
period-beginning
2.Increase in the current
period
(1) Purchase
（ 2 ） Inventory\Fixed
assets\ Transferred from
construction in progress
(3)Increased of
Enterprise Combination
3.Decreased amount of
the period
（1）Dispose
（2）Other out
4. Balance at period-end 20,135,165.00 20,135,165.00
II.Accumulated
amortization
1.Opening balance 9,931,732.00 9,931,732.00
2.Increased amount ofthe
317,800.00 317,800.00
period
(1) Withdrawal 317,800.00 317,800.00
3.Decreased amount of
84
广东电力发展股份有限公司 2015 年半年度报告全文
the period
（1）Dispose
（2）Other out
4. Balance at
10,249,532.00 10,249,532.00
period-end
III. Impairment provision
1. Balance at
period-beginning
2.Increased amount of
the period
(1) Withdrawal
3.Decreased amount of
the period
（1）Dispose
（2）Other out
4. Balance at period-end
IV.Book value
1.Book value at period
9,885,633.00 9,885,633.00
-end
2.Book value at
10,203,433.00 10,203,433.00
period-beginning
(2) Details of fixed assets failed to accomplish certification of property
□ Applicable √ Not appliucable
12. Fixed assets
（1）Fixed assets
In RMB
Including: House, Machinery
Items Transportations Other equipment Other
building eqiupment
I. Original price
1.Opening
13,834,307,849.00 47,775,699,632.00 612,368,738.00 1,014,042,348.00 63,236,418,567.00
balance
2.Increased amount
269,113,034.00 111,943,478.00 5,251,013.00 9,967,554.00 396,275,079.00
ofthe period
(1) Purchase 22,720,239.00 27,824,397.00 3,158,543.00 7,458,699.00 61,161,878.00
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广东电力发展股份有限公司 2015 年半年度报告全文
(2) Transferred fro
m construc
50,341,192.00 43,270,433.00 989,828.00 94,601,453.00
tion in pro
gress
(3)Increased of
Enterprise 196,051,603.00 40,848,648.00 2,092,470.00 1,519,027.00 240,511,748.00
Combination
3. Decrease in the
421,419.00 57,254,353.00 6,454,957.00 1,819,884.00 65,950,613.00
current period
（1）Disposal 421,419.00 57,254,353.00 6,454,957.00 1,819,884.00 65,950,613.00
4. Balance at
14,102,999,464.00 47,830,388,757.00 611,164,794.00 1,022,190,018.00 63,566,743,033.00
period-end
II.Accumulated
amortization
1. Balance at
4,575,546,265.00 17,734,197,932.00 380,854,757.00 633,443,892.00 23,324,042,846.00
period-beginning
2. Increase in the
273,641,059.00 1,482,088,391.00 22,713,930.00 29,164,236.00 1,807,607,616.00
current period
(1) Withdrawal 254,166,129.00 1,471,777,300.00 20,958,514.00 28,231,655.00 1,775,133,598.00
（2）Increase
19,474,930.00 10,311,091.00 1,755,416.00 932,581.00 32,474,018.00
inEnterprise merge
3. Decrease in the
96,464.00 34,745,254.00 5,934,246.00 1,331,198.00 42,107,162.00
current period
（1）Disposal 96,464.00 34,745,254.00 5,934,246.00 1,331,198.00 42,107,162.00
4. Balance at
4,849,090,860.00 19,181,541,069.00 397,634,441.00 661,276,930.00 25,089,543,300.00
period-end
III. Impairment
provision
1. Balance at
240,233,419.00 500,953,423.00 2,892,966.00 3,995,616.00 748,075,424.00
period-beginning
2.Increased
amount of the period
(1) Withdrawal
3. Decrease in the
17,128.00 107,454.00 124,582.00
current period
（1）Dispose 17,128.00 107,454.00 124,582.00
4. Balance at 240,233,419.00 500,936,295.00 2,785,512.00 3,995,616.00 747,950,842.00
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广东电力发展股份有限公司 2015 年半年度报告全文
period-end
IV.Book value
1.Book value at
9,013,675,185.00 28,147,911,393.00 210,744,841.00 356,917,472.00 37,729,248,891.00
period -end
2.Book value at
9,018,528,165.00 29,540,548,277.00 228,621,015.00 376,602,840.00 39,164,300,297.00
period-beginning
（2） Fixed assets leased out from operation lease:
In RMB
Accumulated
Items Book value Impairment provision Book value
amortization
Zhongyue Financing
900,000,000.00 197,916,303.82 0.00 702,083,696.18
lease rent
Yuejiang Financing lease
631,080,000.00 240,387,538.34 0.00 390,692,461.66
rent
Jinghai Financing lease
1,600,000,000.00 625,416,666.67 0.00 974,583,333.33
rent
（3）Fixed assets held for sale at the end of the year
In RMB
Items Closing book value e
House and building 3,036,533.00
13.Project under construction
（1）Project under construction
In RMB
Year-end balance Year-beginning balance
Items Book balance Provision for Book Net value Book balance Provision for Book Net value
devaluation devaluation
Project of "New
Big Power Units
While Closing
Small Ones" of 4,476,088,660.00 4,476,088,660.00 3,787,247,455.00 3,787,247,455.00
Yuejiang Electric
Power
(2x600MW)
Electric units
Construction of 878,559,148.00 878,559,148.00 541,350,180.00 541,350,180.00
Dapu Power Plant
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广东电力发展股份有限公司 2015 年半年度报告全文
(2 * 600MW)
Bohe coal
integration 1,439,338,007.00 1,439,338,007.00 1,229,219,826.00 1,229,219,826.00
project
Project of Humen
137,345,530.00 2,916,126.00 134,429,404.00 137,253,230.00 2,916,126.00 134,337,104.00
units2*1000MW
Linchang
700,145,173.00 700,145,173.00
Dayakou Station
Project of units
5# and 6# of Red 42,755,027.00 42,755,027.00 40,470,000.00 40,470,000.00
Bay
Project of
85,254,354.00 85,254,354.00 59,452,711.00 59,452,711.00
Dianbai Hot wind
Project of
Leizhou
17,625,753.00 17,625,753.00 12,925,651.00 12,925,651.00
Hongxinlou Wind
power
Huizhou
Naturalgas II
58,948,185.00 58,948,185.00 55,220,347.00 55,220,347.00
Phase
Construction
Project of Jinghai
Power Plant 5 # 35,049,305.00 35,049,305.00 18,178,754.00 18,178,754.00
and 6# units
Other project 257,397,753.00 257,397,753.00 211,668,455.00 211,668,455.00
Technology
improvement and 264,796,546.00 881,367.00 263,915,179.00 259,856,271.00 881,367.00 258,974,904.00
other project
Total 8,393,303,441.00 3,797,493.00 8,389,505,948.00 6,352,842,880.00 3,797,493.00 6,349,045,387.00
（2）Significant changes in projects of construction-in-progress
In RMB
Thereint
Accumul
Project o:
ated
Amount Transferr investme amount Current
Increase amount Amount
at year ed to Other nt Project of Interest Capital
Name Budget at this of at year
beginnin fixed reduction proportio progress Current capitaliz source
period interest end
g assets n of the ation rate
capitaliz Interest
budget capitaliz
ed
ed
88
广东电力发展股份有限公司 2015 年半年度报告全文
Project
of "New
Big
Power
Units
While
Closing 5,128,00 3,787,24 688,841, 4,476,08 432,373, 98,221,5
0.00 0.00 87.29% 87.29% 5.69% Other
Small 0,000.00 7,455.00 205.00 8,660.00 610.00 58.00
Ones" of
Yuejiang
Electric
Power
(2x600M
W)
Electric
units
Construc
tion of
5,312,69 541,350, 337,208, 878,559, 91,533,2 40,385,5
Dapu 0.00 0.00 16.54% 16.54% 5.40% Other
0,000.00 180.00 968.00 148.00 57.00 68.00
Power
Plant (2
*
600MW)
Bohe
coal
9,785,95 1,229,21 210,118, 1,439,33 30,304,5 15,455,2
integrati 0.00 0.00 14.71% 14.71% 6.18% Other
0,000.00 9,826.00 181.00 8,007.00 82.00 24.00
on
project
Project
of
7,789,51 134,337, 92,300.0 134,429,
Humen 0.00 0.00 1.73% 1.73% 0.00% Financng
0,000.00 104.00 0 404.00
units2*1
000MW
Linchan
g 916,132, 700,145, 700,145, 82,462,4 16,748,1
0.00 0.00 0.00 76.42% 76.42% 6.33% Other
Dayakou 800.00 173.00 173.00 68.00 41.00
Station
Project
of units
7,714,37 40,470,0 2,285,02 42,755,0
5# and 0.00 0.00 554.23% 554.23% 0.00% Financng
0.00 00.00 7.00 27.00
6# of
Red Bay
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广东电力发展股份有限公司 2015 年半年度报告全文
Project
of 483,714, 59,452,7 25,801,6 85,254,3 3,865,79 2,580,60
0.00 0.00 17.62% 17.62% 5.09% Other
Dianbai 800.00 11.00 43.00 54.00 0.00 7.00
Hot wind
Project
of
Leizhou 925,840, 12,925,6 4,700,10 17,625,7
0.00 0.00 1.90% 1.90% 0.00% Financng
Hongxin 000.00 51.00 2.00 53.00
lou Wind
power
Huizhou
Natural
gas II 196,000, 55,220,3 3,727,83 58,948,1
0.00 0.00 30.08% 30.08% 0.00% Financng
Phase 000.00 47.00 8.00 85.00
Constru
ction
Project
of
Jinghai
8,054,82 18,178,7 16,870,5 35,049,3
Power 0.00 0.00 0.44% 0.44% 0.00% Financng
0,000.00 54.00 51.00 05.00
Plant 5 #
and 6#
units
38,600,3
5,878,40 1,989,79 7,868,19 640,539, 173,391,
Total 71,970.0 0.00 0.00 -- -- --
2,028.00 0,988.00 3,016.00 707.00 098.00
0
14..Engineering Material
In RMB
Items End of term Beginning of term
Spectial eqiupment 78,857,427.00 4,633,798.00
Spectial Material 2,157,295.00 2,157,295.00
Total 81,014,722.00 6,791,093.00
Notes：
15.Liquidation of fixed assets
In RMB
Items End of term Beginning of term
Power Equipment parts scrapped due to tec 18,923,364.00 1,493,296.00
90
广东电力发展股份有限公司 2015 年半年度报告全文
hnical innovation
Administrative supplies 237,126.00 0.00
Total 19,160,490.00 1,493,296.00
Notes：
16. Intangible assets
（1）Intangible assets
In RMB
Electric
transmissio
Land
Non-patent Franchise Sea use n project Transportati
Items use Patent Software Total
Technology right right and on project
right
microwave
project
I. Original price
1,551,6
73,875,462. 13,720,736. 89,256,779. 442,517,684 22,468,672. 2,194,096,6
1.Opening balance 39,042. 618,319.00
00 00 00 .00 00 94.00
00
2.Increased
69,308, 5,253,549.0 40,649,767. 115,211,447
amount ofthe
131.00 0 00 .00
period
5,193,549.0 40,649,767. 45,843,316.
(1) Purchase
0 00 00
(2)Internal
Development
(3)Increased of
69,308, 69,368,131.
Enterprise 60,000.00
131.00 00
Combination
3.Decreased
amount of the
period
（1）Disposal
1,620,9
4. Balance at 79,129,011. 13,720,736. 129,906,546 442,517,684 22,468,672. 2,309,308,1
47,173. 618,319.00
period-end 00 00 .00 .00 00 41.00
00
II.Accumulated
amortization
1. Balance at 177,635 190,989.00 49,290,881. 7,054,279.0 12,829,171. 403,724,304 21,300,811. 672,025,892
91
广东电力发展股份有限公司 2015 年半年度报告全文
period-beginning ,457.00 00 0 00 .00 00 .00
2. Increase in the 18,624, 4,603,354.0 25,244,082.
40,761.00 476,071.00 830,977.00 643,209.00 25,059.00
current period 651.00 0 00
17,656, 4,543,354.0 24,215,431.
(1) Withdrawal 40,761.00 476,071.00 830,977.00 643,209.00 25,059.00
000.00 0 00
（2）Increased of
968,651 1,028,651.0
Enterprise 60,000.00
.00 0
Combination
3.Decreased
amount of the
period
（1）Disposal
4. Balance at 196,260 53,894,235. 7,530,350.0 13,660,148. 404,367,513 21,325,870. 697,269,974
231,750.00
period-end ,108.00 00 0 00 .00 00 .00
III. Impairment
provision
1. Balance at 33,189,374. 1,021,604.0 34,210,978.
period-beginning 00 0 00
2. Increase in the
current period
(1) Withdrawal
3.Decreased
amount of the
period
（1）Disposal
4. Balance at 33,189,374. 1,021,604.0 34,210,978.
period-end 00 0 00
4. Book value
1,424,6
1.Book value at 25,234,776. 6,190,386.0 116,246,398 4,960,797.0 1,577,827,1
87,065. 386,569.00 121,198.00
period -end 00 0 .00 0 89.00
00
1,374,0
2.Book value at 24,584,581. 6,666,457.0 76,427,608. 5,604,006.0 1,487,859,8
03,585. 427,330.00 146,257.00
period-beginning 00 0 00 0 24.00
00
Intangible assets through internal R & D accounting for the balance of intangible assets ratio of 0.00% at the end of the period.
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广东电力发展股份有限公司 2015 年半年度报告全文
17.Goodwill
（1）Original book value of goodwill
In RMB
Amount at Amount at
Name Increase in the current period Decrease in the current period
period-beginning period-end
Province Wind
2,449,886.00 0.00 0.00 2,449,886.00
Power
Linchang
25,036,894.00 25,036,894.00
Company
Total 2,449,886.00 25,036,894.00 0.00 27,486,780.00
18. Long-term amortization expenses
In RMB
Balance in Increase at this Amortization
Items Other decrease Balance in year-end
year-begin period balance
Leased assets
5,572,416.00 450,795.00 547,736.00 5,475,475.00
improve expenses
Long-term rent fee 25,428,291.00 0.00 1,014,083.00 24,414,208.00
Total 31,000,707.00 450,795.00 1,561,819.00 29,889,683.00
Notes
19. Deferred income tax assets and deferred income tax liability
（1）Deferred tax liabilities without offsetting
In RMB
Amount at period-end Amount at period-beginning
Items Deferred income tax Deferred income tax
Temporary differences Temporary differences
liability liability
Provision for impairment 133,188,421.00 31,140,365.00 133,188,421.00 31,140,365.00
Deductible loss 0.00 0.00 0.00 0.00
Pre-operating expenses 9,829,416.00 1,361,496.00 9,829,416.00 1,361,496.00
Deductible loss 0.00 0.00 0.00 0.00
Government grant 47,889,337.00 11,972,334.00 47,889,337.00 11,972,334.00
Net income from
testrunincluded in 26,896,029.00 6,604,120.00 26,896,029.00 6,604,120.00
construction in progress
Fixed assets Depreciation 66,617,909.00 16,654,477.00 66,617,909.00 16,654,477.00
93
广东电力发展股份有限公司 2015 年半年度报告全文
Intangible assets
3,108,146.00 777,037.00 3,108,146.00 777,037.00
Amortisation
Employee benefits
49,254,790.00 12,313,698.00 49,254,790.00 12,313,697.00
payable
Total 336,784,048.00 80,823,527.00 336,784,048.00 80,823,526.00
(2) Deferred income tax liabilities un-offset
In RMB
End of term Beginning of term
Items Taxable provisional Deferred income tax Taxable provisional Deferred income tax
difference liability difference liability
Revaluation surplus in
business combination not 101,895,431.00 25,473,858.00 3,255,066.00 813,769.00
under common control
Changes in fair value of
459,759,208.00 114,939,802.00 200,753,719.00 50,188,427.00
tradable financial assets
Net incme/expensess
included in the 46,892,152.00 11,723,038.00 46,892,153.00 11,723,038.00
Construction in project
Total 608,546,791.00 152,136,698.00 250,900,938.00 62,725,234.00
（3）Deferred income tax assets and deferred income tax liabilities listed after off-set
In RMB
Endding balance of Trade-off between the Opening balance
Trade-off between the
deferred income tax deferred income tax ofdeferred income tax
Items deferred income tax
assets or liabilities after assets and liabilities at assets or liabilities after
assets and liabilities
off-set period-begin off-set
Deferred income tax
-20,589,211.00 60,234,316.00 -20,589,211.00 60,234,315.00
assets
Deferred income tax
-20,589,211.00 131,547,487.00 -20,589,211.00 42,136,023.00
Liabilities
（4）Details of unrecognized deferred income tax assets
In RMB
Items Ending balance Opening balance
Deductible temporary differences 800,778,504.00 912,430,704.00
94
广东电力发展股份有限公司 2015 年半年度报告全文
Deductible tax losses 478,120,849.00 461,474,828.00
Total 1,278,899,353.00 1,373,905,532.00
（5）Expiration of deductible tax losses for unrecognised defered tax assets
In RMB
Year Ending amount Opening amount Notes
2015 111,974,454.00 108,707,352.00
2016 231,867,041.00 227,073,101.00
2017 116,608,507.00 113,780,436.00
2018 2,620,176.00 2,637,971.00
2019 11,259,840.00 9,275,968.00
2020 3,790,830.00 0.00
Total 478,120,848.00 461,474,828.00 --
Notes
20.Other non-current assets
In RMB
Items At end of term At beginning of term
Prepay Porject and equipment funds 3,733,877,654.00 2,810,434,353.00
Unrealized loss of sale and leaseback 221,911,398.00 231,510,352.00
Total 3,955,789,052.00 3,041,944,705.00
Notes：
21. Short-term borrowings
（1）Categories of short-term loans
In RMB
Items At end of term At beginning of term
Credit loans 8,406,000,000.00 5,721,000,000.00
Total 8,406,000,000.00 5,721,000,000.00
Statement on categories of short-term loans：
On June 30, 2015,Unsecured borrowings amounted to RMB4,835,000,000 is from Yudean Finance (31 December
2014)RMB4,149,000,000)
(b) On June 30, 2015, The Group has no outstanding overdue short-term borrowings.
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广东电力发展股份有限公司 2015 年半年度报告全文
22. Bills payable
In RMB
Type At end of term At beginning of term
Commercial acceptance 150,000,000.00 70,000,000.00
Bank acceptance 198,122,499.00 251,711,616.00
Total 348,122,499.00 321,711,616.00
Amount due in next fiscal period is RMB 0.00.
23. Account payable
（1）Account payable
In RMB
Items At end of term At beginning of term
Fuel payable 2,274,483,117.00 1,361,267,039.00
Construction and equipment payable 367,054,371.00 426,407,376.00
Management fee payable 100,667,955.00 94,009,782.00
Other 48,425,453.00 31,610,680.00
Total 2,790,630,896.00 1,913,294,877.00
（2）Accout payable due to 1 year
In RMB
Items End of term Reason
After both parties to confirm the amount
Fuel payable 11,753,524.00
paid
Management fee payable 111,927,493.00 Time arrangement for payable
Total 123,681,017.00 --
Notes：
24. Received in advance
（1）Received in advance
In RMB
Items At end of term At beginning of term
Advance disposal of recyclable resources 124,381.00 179,708.00
Other 88,927.00
Total 213,308.00 179,708.00
25. Employees’ wage payable
96
广东电力发展股份有限公司 2015 年半年度报告全文
(1) Details
In RMB
Items Beginning of term Increased this period Decreased this period End of term
I. Short-term wages 91,157,716.00 744,356,203.00 671,104,628.00 164,409,291.00
II. Welfare afterleaving
of position-fixed 1,497,384.00 101,347,702.00 102,517,507.00 327,579.00
provision scheme
IV.Other welfare within 1
13,169,143.00 271,829.00 1,590,900.00 11,850,072.00
year
Total 105,824,243.00 845,975,734.00 775,213,035.00 176,586,942.00
(2) Details of short term wages
In RMB
Items Beginning of term Increased this period Decreased this period End of term
1.Wage, bonus,
500,157,703.00 433,799,854.00 66,357,849.00
allowance and subsidies
2. Employee welfare 4,221,970.00 53,459,598.00 53,968,415.00 3,713,153.00
3. Social insurance 30,595,524.00 34,672,896.00 32,445,486.00 32,822,934.00
Incl. Medical insurance 30,593,710.00 31,802,185.00 29,573,152.00 32,822,743.00
Labor injury insurance 1,814.00 1,681,629.00 1,683,391.00 52.00
Maternity insurance 1,189,082.00 1,188,943.00 139.00
4. Housing fund 33,064.00 120,446,783.00 120,444,698.00 35,149.00
5. Labour union fee and
54,787,347.00 20,420,039.00 15,416,898.00 59,790,488.00
employee education fee
8.Other 1,519,811.00 15,199,184.00 15,029,277.00 1,689,718.00
Total 91,157,716.00 744,356,203.00 671,104,628.00 164,409,291.00
(3) Details of fixed provision scheme
In RMB
Items Beginning of term Increased this period Decreased this period End of term
1.Basic pension
973,508.00 71,109,885.00 72,070,372.00 13,021.00
insurance
2. Unemployment
523,876.00 3,233,552.00 3,442,870.00 314,558.00
insurance
3. Enterprise annual fee 0.00 27,004,265.00 27,004,265.00 0.00
Total 1,497,384.00 101,347,702.00 102,517,507.00 327,579.00
Notes：
26. Tax payable
In RMB
Items End of term Beginning of term
97
广东电力发展股份有限公司 2015 年半年度报告全文
VAT 159,447,566.00 116,279,995.00
Operational tax 2,170,485.00 2,480,359.00
Enterprise income tax 299,386,481.00 281,556,788.00
Individual income tax 15,125,646.00 31,973,720.00
City maintenance and construction tax 9,079,860.00 7,976,346.00
Education surtax 7,764,666.00 6,594,531.00
Land use tax 905,014.00 1,190,672.00
Property tax 2,426,201.00 1,240,728.00
Discharge fees 4,799,588.00 3,786,528.00
Price regulation fund 4,720,113.00 5,598,220.00
Other 1,412,227.00 3,553,457.00
Total 507,237,847.00 462,231,344.00
Notes：
27. Interest Payable
In RMB
Items At end of term At beginning of term
Long-term loans interest of installment and
187,667,347.00 51,758,493.00
interest charge
Debenture interest 23,248,814.00 136,065,449.00
Short term loan interest payable 21,109,287.00 27,132,601.00
Total 232,025,448.00 214,956,543.00
Interest overdue without paid：
In RMB
Borrower Amount Reason
Notes ：
28.Dividend payable
In RMB
Company name Ending balance Beginning balance
Common dividends 8,640,834.00 7,918,730.00
Total 8,640,834.00 7,918,730.00
Other explanation, including dividends payable with over one yearage and disclosure un-payment reasons：
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广东电力发展股份有限公司 2015 年半年度报告全文
29.Other Payable
（1） Other Payable
In RMB
Name At end of term At beginning of term
Performance guarantee deposits from
197,040,060.00 206,292,851.00
construction
Construction and equipment payable 2,045,363,705.00 2,208,802,539.00
Volume Purchase payable 28,000,000.00 33,000,000.00
Advance from shaoguan Electric Power
29,362,756.00 25,366,557.00
plant
Other 103,712,635.00 103,640,346.00
Total 2,403,479,156.00 2,577,102,293.00
（2）Statement on large amount other payable accounts due for over one year
In RMB
Items End of term Reason
Performance guarantee deposits from
55,017,044.00
construction
Construction and equipment payable 1,074,971,292.00
Volume Purchase payable 28,000,000.00
Advance from shaoguan Electric Power
29,362,756.00
plant
Other 21,005,135.00
Total 1,208,356,227.00 --
Notes:
Mainly used to cope with project funds and retention money. Since the project has not finished the project and acceptance and final s
ettlement or in the warranty period of acceptance, the project funds and retention money has not been settled.
30.Non-current libability due in 1 year
In RMB
Name At end of term At beginning of term
Account payable due in 1 year 796,146,551.00 2,016,890,836.00
Bond payable due in 1 year 0.00 1,999,548,864.00
Long-term Account payable due in 1 year 373,031,173.00 467,522,644.00
Long-termliability due in 1 year 700,000.00 14,000,000.00
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广东电力发展股份有限公司 2015 年半年度报告全文
Total 1,169,877,724.00 4,497,962,344.00
Notes：
31.Other current liabilities
In RMB
Name At end of term At beginning of term
Short-term financing notes payable 725,119,863.00 808,630,228.00
Total 725,119,863.00 808,630,228.00
32.Long-term loan
（1）Long-term loan
In RMB
Name At end of term At beginning of term
Pledge loans 1,760,078,400.00 416,368,400.00
Mortgage loans 346,400,000.00 346,400,000.00
Guarantee loans 1,772,212,500.00 1,743,375,000.00
Credit loans 19,126,701,322.00 18,108,773,246.00
Total 23,005,392,222.00 20,614,916,646.00
Notes ：
33.Bond payable
（1）Bond payable
In RMB
Name At end of term At beginning of term
12 Yudean Bond 1,195,553,333.00 1,195,076,905.00
Total 1,195,553,333.00 1,195,076,905.00
（2）Changes of bonds payable(Not including the other financial instrument of preferred stock and perpetual capital securities that
classify as financial liability)
In RMB
12
1,200,000 2013-03- 1,200,000 1,195,076 29,700,00 476,428.0 59,400,00 1,195,553
Yudean 7 Year 0.00
,000.00 18 ,000.00 ,905.00 0.00 0 0.00 ,333.00
bond
100
广东电力发展股份有限公司 2015 年半年度报告全文
1,200,000 1,195,076 29,700,00 476,428.0 59,400,00 1,195,553
Total -- -- -- 0.00
,000.00 ,905.00 0.00 0 0.00 ,333.00
34.Long-term payable
（1）Long-term payable
In RMB
Name At end of term At beginning of term
Financing lease 2,698,892,032.00 2,649,435,371.00
Notes：
35.Long-term employee payable
（1）Long-term employee payable
In RMB
Name At end of term At beginning of term
Termination benefits 47,910,348.00 53,839,983.00
Total 47,910,348.00 53,839,983.00
36.Special payable
In RMB
Items Beginning of term Increased this term Decreased this term End of term Remarks
Relocation compens
16,192,269.00 0.00 144,164.00 16,048,105.00
ation
Special fund of
administrative unds-
water and electricity 22,460,000.00 22,460,000.00
efficiency expansion
project
Total 16,192,269.00 22,460,000.00 144,164.00 38,508,105.00 --
Notes：
37.Differed income
In RMB
Decreased this
Items Beginning of term Increased this period End of term Cause
period
Government subsidy 88,484,262.00 1,681,272.00 1,629,712.00 88,535,822.00
Income from sales
9,712,758.00 4,738,010.00 4,974,748.00
and lease back of
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广东电力发展股份有限公司 2015 年半年度报告全文
fixed assets
Total 98,197,020.00 1,681,272.00 6,367,722.00 93,510,570.00 --
Details of government subsidies
In RMB
Amount
Beginning of New subsidy in transferred to Asset-related or
Items Other changes End of term
term current period non-operational income-related
income
The unit 5
desulfurization
12,307,693.00 1,538,462.00 10,769,231.00 Related to assets
project of shajiao
A
Expansion on
flow
4,850,312.00 4,850,312.00 Related to assets
reconstructionpro
ject of shaojiao A
Energy saving
funds of Yuejiang 2,810,000.00 62,500.00 2,747,500.00 Related to assets
Company
Denitration
project ofshaojiao 3,508,547.00 3,508,547.00 Related to assets
a
Refurnishment
onair preheater 2,997,949.00 1,150,000.00 4,147,949.00 Related to assets
of shajiao A
Tax refund for
PRC-produced of 25,517,767.00 25,517,767.00 Related to assets
shibeishan
Equipment
water-freshing
project of 1,538,462.00 1,538,462.00 Related to assets
Zhanjiang
Zhongyue
Shajiao A
Zhenkou Pump 11,902,314.00 11,902,314.00 Related to assets
house
Dianbei Reshui
Wind power 3,000,000.00 3,000,000.00 Related to assets
plant project
Assets speical 1,433,000.00 28,750.00 1,404,250.00 Related to assets
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广东电力发展股份有限公司 2015 年半年度报告全文
funds for
differential
electricity price
of Yuejiang
Special prize
funds of recycle
econmy and 412,500.00 412,500.00 Related to assets
energy saving of
Guangqian
Incentives for
energy efficiency
6,705,006.00 6,705,006.00 Related to assets
of power plant of
Shajiao A
Development and
competitiveness
fund from
10,666,667.00 10,666,667.00 Related to assets
SASAC of
Xuwen Wind
Power
Port
constructionfee
834,045.00 131,272.00 965,317.00 Related to income
and charge of
JiaojiaoA
Project
Development 0.00 400,000.00 400,000.00 Related to income
Fund of Dayakou
Total 88,484,262.00 1,681,272.00 1,629,712.00 0.00 88,535,822.00 --
Other：
38. .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. 5,250,283,986.
875,047,331.00 875,047,331.00
shares 00 00
Notes：
39. Capital reserves
In RMB
Items Year-beginning balance Increase in the current Decrease in the current Year-end balance
103
广东电力发展股份有限公司 2015 年半年度报告全文
period period
Share premium 4,439,517,054.00 4,439,517,054.00
Other capital reserves 1,652,919.00 1,652,919.00
Estimate Increase 119,593,718.00 119,593,718.00
Transfer from the
balance of capital surplus
20,474,592.00 20,474,592.00
recognised under
previous accounting
Investment from Yudean
395,000,000.00 395,000,000.00
Group
Enjoy the rights of associ
ated enterprise base on sh 22,194,784.00 22,194,784.00
are holding
Total 4,998,433,067.00 4,998,433,067.00
Other exlanation, including changes and reasons for changes：
40.Other Comprehensive income
In RMB
Occurred current term
Less：
Amount
Accounted as Attributable
occurred Attributable
Beginning of other gains Less： to the End of
Items before to minority
term previously but Income tax parent term
income tax shareholder
transferred to expenses Company
of the s after tax
gain/loss this after tax
period
period
II. Other Comprehensive income that
172,496,403. 259,005,48 64,751,372. 194,254,11 366,750,5
will be reclassified subsequently to 0.00
00 7.00 00 5.00 18.00
profit or loss
Indluding：Share of other
comprehensive income of the 21,931,111.0 21,931,11
investee under the equity method that 0 1.00
w8ill be reclassified to profit or loss
Gains or losses on changes in fair
150,565,292. 259,005,48 64,751,372. 194,254,11 344,819,4
value of available-for-sale financial
00 7.00 00 5.00 07.00
assets
172,496,403. 259,005,48 64,751,372. 194,254,11 366,750,5
Total
00 7.00 00 5.00 18.00
Other explanation, including the active part of the hedging gains/losses of cash flow transfer to initial recognization adjustment fro
the arbitraged items：
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广东电力发展股份有限公司 2015 年半年度报告全文
41. Surplus reserve
In RMB
Items Year-beginning balance Increase in the current Decrease in the current Year-end balance
period period
Statutory surplus
1,847,576,221.00 286,082,403.00 2,133,658,624.00
reserve
Optional surplus reserves 2,963,327,144.00 715,206,007.00 3,678,533,151.00
Total 4,810,903,365.00 1,001,288,410.00 5,812,191,775.00
Other explanation, including changes reasons for changes：
42. Retained profits
In RMB
Items Current period Last period
Before adjustments: Retained profits at the
6,952,985,107.00 5,431,387,393.00
period end
Adjustments: Total retained profits at the period
0.00 0.00
beginning （+，-）
After adjustments: Retained profits at the period
6,952,985,107.00 5,431,387,393.00
beginning
Add：Net profit belonging to the owner of the
1,720,995,015.00 1,644,460,546.00
parent company
Less：Drawing statutory surplus reserve 286,082,403.00 173,523,454.00
Drawing discretionary surplus reserve 715,206,007.00 433,808,635.00
DrawingCommon risk provision 1,750,094,662.00 875,047,331.00
Payable dividends of common shares 5,922,597,050.00 5,593,468,519.00
Retained profits at the period end
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.
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广东电力发展股份有限公司 2015 年半年度报告全文
(5) Other adjustment of the total affected beginning undistributed profits are RMB 0.00 .
43. Business income, Business cost
In RMB
Amount of current period Amount of previous period
Items
Income Cost Income Cost
Income from Business
12,829,246,738.00 9,165,222,591.00 14,899,869,105.00 10,965,575,585.00
income
Other Business income 82,306,494.00 16,499,428.00 71,444,541.00 16,867,528.00
Total 12,911,553,232.00 9,181,722,019.00 14,971,313,646.00 10,982,443,113.00
44. Business taxes and surcharges
In RMB
Items Amount of current period Amount of previous period
Business tax 4,537,938.00 2,205,231.00
City maintenance and construction tax 54,939,268.00 45,487,117.00
Surcharge for education 46,485,500.00 37,974,424.00
Total 105,962,706.00 85,666,772.00
Notes:
45.Selling expenses
In RMB
Items Amount of current period Amount of previous period
Business expenses 821,137.00 1,471,882.00
Total 821,137.00 1,471,882.00
Notes：
46. Administrative expenses
In RMB
Items Amount of current period Amount of previous period
Employee’s remuneration 174,984,163.00 158,689,241.00
Depreciation expenses 22,690,907.00 24,294,734.00
Repair expenses 3,760,763.00 4,234,406.00
Office expenses 6,209,864.00 6,822,510.00
Insurance 1,851,678.00 1,151,813.00
106
广东电力发展股份有限公司 2015 年半年度报告全文
Travel expenses 2,651,430.00 3,007,457.00
Board of directors 701,036.00 1,908,272.00
Customers 4,505,106.00 6,944,453.00
Lowsuit expenses 1,023,219.00 1,166,472.00
Amortiation of Intangible assets 24,175,132.00 20,516,995.00
Effluent charges 12,863,994.00 24,697,292.00
Consulting fee 1,788,654.00 1,778,815.00
Agency Charge 3,233,082.00 3,000,313.00
Tax fee 50,922,398.00 67,553,155.00
Property Management 7,692,885.00 12,274,379.00
Fireman’s charge 12,328,317.00 12,408,143.00
Embankment protection fees 6,200,430.00 8,414,776.00
Health afforestation fees 5,894,982.00 3,871,410.00
Other 30,885,247.00 33,819,876.00
Total 374,363,287.00 396,554,512.00
Notes：
47.Financial expenses
In RMB
Items Amount of current period Amount of previous period
Interest expenses 843,968,072.11 913,312,263.00
Interest income -33,436,364.40 -29,331,087.00
Other 1,733,572.29 3,905,314.00
Total 812,265,280.00 887,886,490.00
Notes：
48. .Loss of assets impairment
In RMB
Items Amount of current period Amount of previous period
1. Bad debts losses -1,388,889.00
2. Inventory falling price losses -673,399.00
Total -2,062,288.00
Notes：
107
广东电力发展股份有限公司 2015 年半年度报告全文
49.Investment income
In RMB
Items Amount of current period Amount of previous period
Gainfrom long-term eqiuty investment under
316,251,814.00 336,254,319.00
Equity method
Investment income from the disposal of
152,042,682.00
long-term equity investment
Investment income from holding the
financialasset of which fair value recognized 607,511.00
in profit or loss
Investment income gain from available for sale
2,400,000.00 14,962,500.00
financial assets
Other 49,276,222.00 -1,707,750.00
Total 519,970,718.00 350,116,580.00
Notes：
50. Non-Operation income
In RMB
Items Amount of current period Amount of previous period Recorded in the amount of the
non-recurring gains and losses
Total gains from disposal of
894,294.00 1,616,440.00 894,294.00
non-current assets
Including：Gains from disposal
894,267.00 1,060,795.00 894,267.00
of fixed assets
Gains from disposal of
0.00 555,645.00 0.00
intangible assets
Government Subsidy 19,733,641.00 13,994,880.00 3,417,315.33
Other 572,205.00 1,344,011.00 572,205.00
Total 21,200,140.00 16,955,331.00 4,311,609.33
Government subsidy reckoned into current gains/losses
In RMB
Items Amount of this period Amount of last period Assets-related/income -related
Income of levy and refund of V
6,719,511.00 4,666,419.00 Related to the income
AT
108
广东电力发展股份有限公司 2015 年半年度报告全文
Amortization of Government S
1,667,315.00 3,038,461.00 Related to the assets
ubsidy
River seawall reinforcement gra
750,000.00 2,030,000.00 Related to the income
nts
Energy conservation Subsidy 1,000,000.00 2,760,000.00 Related to the income
Purchase natural gas subsidies 9,576,815.00 0.00 Related to the income
Other 20,000.00 1,500,000.00 Related to the income
Total 19,733,641.00 13,994,880.00 --
Notes：
51. Non-operating expenses
In RMB
Items Amount of current period Amount of previous period Amount recorded in current
non-operating gains and losses\
Total Disposal of loss of
257,135.00 20,960,267.00 257,135.00
non-current assets
Including：Disposal of net
257,135.00 20,948,267.00 257,135.00
loss of fixed assets
Intangible assets
12,000.00
disposal losses
Foreign donations 453,756.00 555,678.00 453,756.00
Other 353,824.00 4,763,600.00 353,824.00
Total 1,064,715.00 26,279,545.00
Notes：
52. .Income tax expenses
（1）Lists of income tax expense
In RMB
Items Amount of current period Amount of previous period
Current income tax 594,165,352.00 639,926,159.00
Deferred income tax expenses -515,517.00 -2,659,028.00
Tax filling differences -15,261,113.00
Total 578,388,722.00 637,267,131.00
（2）Adjustment on accounting profit and income tax expenses
In RMB
109
广东电力发展股份有限公司 2015 年半年度报告全文
Items Current amount
Total profits 2,976,524,946.00
Income tax expenses calculated on legal / applicable tax
744,131,237.00
rate
Impact of different tax rates of subsidiaries -298,237.00
Impact of income tax adjustment in previous periods -15,261,113.00
Impact of non-taxable income -129,992,680.00
Impact of un-deductible costs, epenses or losses\ 100,832.00
Impact of deductible loss of un-recognized deferred income
-22,442,055.00
taxassets of previous periods
Impact of deductible temporary difference of un-recognized
2,150,738.00
deferred income tax asset of current period
Income tax expenses 578,388,722.00
Notes
53 Other comprehensive income
See to Notes VII.40.
54.Notes of Cash flow statement
（1）Cash received related to other operating activities
In RMB
Items Occurred current term Occurred in previous term
Interest income 29,696,988.55 25,942,328.00
Government Subsidy 7,359,948.97 47,873,866.00
Insurance indemnity 31,632,432.88 24,301,649.00
Rent income 2,541,202.00 1,651,908.00
Other 10,626,809.60 7,712,902.00
Total 81,857,382.00 107,482,653.00
Explanation on other cash received in relateion to peration activities：
（2） Cash paid related to other operating activities
In RMB
Items Occurred current term Occurred in previous term
Sewage charges 13,877,054.00 91,332,963.00
Insurance expenses 31,629,074.00 29,082,708.00
Equipment cleaning and hygiene green fee 17,590,064.00 13,782,658.00
110
广东电力发展股份有限公司 2015 年半年度报告全文
Transportation fee 6,746,968.00 1,517,412.00
Fire guard fee 12,328,317.00 13,955,393.00
Business fee 5,199,597.00 6,944,453.00
Agency Charge 5,021,736.00 3,100,917.00
Embankment protection fees 6,200,427.00 3,450,976.00
Office Expenses 8,180,473.00 8,440,402.00
Travel expenses 4,546,391.00 4,993,524.00
Rental fee 7,263,680.00 7,984,698.00
Enterprise publicity expenses 2,538,460.00 2,545,326.00
Information system maintenance 2,794,655.00 2,431,121.00
Water and electrical 7,645,983.00 5,633,321.00
R&D development 1,708,666.00 2,481,476.00
Property Management fee 7,692,885.00 15,198,809.00
Motor expenses 11,370,348.00 12,606,569.25
Union expenses 12,215,786.00 12,885,806.00
Other 78,490,508.00 41,507,852.75
Total 243,041,072.00 279,876,385.00
Explanation on other cash paid in relation to peration activities：
（3）Cash received from other investment activities
In RMB
Items Occurred current term Occurred in previous term
Merger of linchang cash 52,028,777.00
Total 52,028,777.00
Explanation on cash received from other investment activities：
（4）Cash paid related with investment activities
In RMB
Items Occurred current term Occurred in previous term
Explanation on cash paid related with investment activities：
（5）Other cash received in relation to financing activities
In RMB
Items Occurred current term Occurred in previous term
111
广东电力发展股份有限公司 2015 年半年度报告全文
Explanation on other cash received in relation to financing activities：
（6）Cash paid related with financing activities
In RMB
Items Occurred current term Occurred in previous term
Yuejia Compan paid the minority
50,400,000.00
shareholders capital
Total 50,400,000.00
Explanation on cash paid related with financing activities：
55. 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 2,398,136,224.00 2,322,878,400.00
Add: Impairment loss provision of assets -673,399.00
Depreciation of fixed assets, oil and gas
1,775,451,397.00 1,813,737,659.00
assets and consumable biological assets
Amortization of intangible assets 24,215,430.00 20,516,995.00
Amortization of intangible assets 1,561,819.00
Loss on disposal of fixed assets, intangible
-637,159.00 19,343,827.00
assets and other long-term deferred assets
Financial cost 843,968,072.00 913,552,263.00
Loss on investment -519,970,718.00 -351,016,013.00
Decrease of deferred income tax assets -2,118,559.00
Increased of deferred income tax liabilities -515,517.00 -540,469.00
Decrease of inventories 51,961,457.00 -126,397,729.00
Decease of operating receivables 79,411,520.00 607,460,042.00
Increased of operating Payable 1,048,597,909.00 -682,613,106.00
Net cash flows arising from operating
5,702,180,434.00 4,534,129,911.00
activities
II. Significant investment and financing
-- --
activities that without cash flows:
III. Net increase of cash and cash equivalents -- --
112
广东电力发展股份有限公司 2015 年半年度报告全文
Ending balance of cash 6,510,700,432.00 5,144,118,327.00
Less: Beginning balance of cash 4,528,277,314.00 4,377,311,176.00
Net increase of cash and cash equivalents 1,982,423,118.00 766,807,151.00
（2）Information on acquiring or disposing subsidiary company and other business unit at this period.
In RMB
Amount
Cash and csh equivalents of enterprise consolidation that Occurred
0.00
in the Current period paid in the current period.
Including： --
Less：Cash or cash equivalent Owned by Subsidiary on the
52,052,110.00
Purchasing Date
Including： --
Add：The enterprise merger during the prior period in cash of the
0.00
current payment or cash equivalent
Including： --
Net cash paid for acquisition of subsidiaries -52,052,110.00
Other：
（3）Composition of cash and cash equivalents
In RMB
Items End of term Beginning of term
6,510,700,432.00 4,528,277,314.00
I. Cash
169,332.00 88,728.00
Of which: Cash in stock
Demanddeposit in the Central Bank 6,510,531,100.00 4,528,188,586.00
III. Balance of cash and cash equivalents at
6,510,700,432.00 4,528,277,314.00
the period end
Notes ：
56. Assets with limitation on ownership or using rights
In RMB
Items Closing book value Causation o limitation
Monetary capital 30,000,000.00 Margin deposit at bank
Fixed assets 1,049,446,735.00 Mortgaged generating equipment
Account receivable 112,171,137.00 Pledged account receivable electricity bill
113
广东电力发展股份有限公司 2015 年半年度报告全文
Total 1,191,617,872.00 --
Notes：
57. Foreign currency monetary items
(1) Foreign currency monetary items
In RMB
Translated to RMB at end of
Items Balance at end of period Exchange rate
period
Monetary capital -- -- 11,311.00
Incl：USD 189.00 6.11 1,155.00
HKD 12,878.00 0.79 10,156.00
Notes ：
(2) Note to overseas operating entities, including important overseas operating entities, wich should be disclosed
about its principal business place, function currency for bookkeeping and basis for the choice. In case of any
change in function currency, the cause should be disclosed.
□ Applicable √ Not applicable
VIII. Change in consolidation scope
1. Consolidation of enterprises not under common control
(1) Consolidation of enterprises not under common control occurred in the current period
In RMB
Standard to Income of Net profit of
Time point Cost of Ratio of Acquired
Purchasing determine the acquiree from acquiree from
Acquiree for equity equity equity way equity
date purchasing purchasing purchasing
obtained obtained obtained obtained way
date date to date to
According to
No. 20,
enterprise
accounting
standards,
merger or
purchase date
Linchang Non-monetar
November 243,252,487. January 5, referring to
Yuntou 51.00% y assets 4,357,051.89 -1,030,350.39
30,2014 00 2015 the date when
Yudean exchange
the merged
party or the
buyer
actually
obtained the
control over
the merged
114
广东电力发展股份有限公司 2015 年半年度报告全文
party or the
buyer,
namely the
date when the
net assets or
the control of
production,
operation and
decision were
transferred to
the merged
party or the
buyer.
Notes：
As of December 31, 2014, the Company has invested RMB194.280100 million for Lincangyun capital fund, with
the shareholding proportion of 49%. In the first half of this year, the Company has completed the synchronous
equity replacement of LincangYuntou and WeixinYuntou with Yunnan Power Investment Co., Ltd. (hereinafter
referred to as “Yunnan Power Investment”). Based on the consideration of asset assessment report, the Company
has made the mutual equivalent replacement for 14.34% of equity of WeixinYuntou and 51% of equity of
LincangYun Investment held by Yunnan Power Investment. After the completion of the equity replacement, the
Company has held 100% of equity of LincangYuntou, acquired LincangYuntou, and held 25.66% of equity of
WeixinYuntou.
(2) Consolidation cost and goodwill
Combination cost Linchang Company
--Fair value of non cash assets 243,252,487.00
--Acquisition-date fair value of equity held before the acquisition date 233,713,174.00
Total of consolidation cost 476,965,661.00
Less: Obtained definable net assets fair proportion 451,928,767.00
Goodwill/Balance of total combination costsafter deducting
25,036,894.00
Share fair value of net identified assets acquired
Determination method for fair value of the combination cost and contingent consideration and changes：
Main reason for large goodwill resulted：
Notes：
（3）Identifiable assets and liability on purchasing date under the acquiree
In RMB
Fair value on purchasing date Book value on purchasing date
Assets： 1,161,791,902.00 1,079,843,870.00
Monetary fund 52,028,777.00 52,028,777.00
115
广东电力发展股份有限公司 2015 年半年度报告全文
Account recivable 818,150.00 818,150.00
Inventories 0.00 0.00
Fixed assets 208,037,730.00 183,708,445.00
Intangible assets 68,339,479.97 5,937,213.00
Other receivable 21,939.00 21,939.00
Construction in progress 832,545,827.00 837,329,347.00
Liabilities： 709,863,135.00 703,441,927.00
Loan 638,200,000.00 638,200,000.00
Account payable 23,205,536.00 23,205,536.00
Differed income tax liabilities 25,175,608.00 0.00
Employees’ wage payable 656,744.00 656,744.00
Tax payable 237,059.00 237,059.00
Interest payable 1,234,351.00 1,234,351.00
Other account payable 374,237.00 374,237.00
Long-term payable 17,470,000.00 17,470,000.00
Other current Liabilities 3,309,600.00 22,064,000.00
Net assets 451,928,767.00 376,401,943.00
Less ：Minority equity instrument 0.00 0.00
acquired Net assets 451,928,767.00 376,401,942.81
Determination method for fair value of the identifiable assets and liabilities：
Adjusting the measurements of depreciation for plant assets and amortization of intangible assets on the basis of evaluation on base date
in the transaction.
Caontingent liability of the acquiree bear during combination：
N/A
Notes ：
（4）Gains or losses arising from re-measured by fair value for the equity held before purchasing date
Whether it is a business combination realized by Two or more transactions of exchange and a transaction of obtained control right
inthe period or not
√ Yes □ No
In RMB
Determination Changes in other
Gains/losses on fair
Acquisition-data Acquisition date fair method and comprehensive
value remeasurement
carrying amount of value of equity hold significant income/equity
Acquirees ofequity held before
equity hold before before the assumptions on related to equity held
the acquisition date
the acquisition date acquisition date acquisition-date fair before the
value ofequity held acquisition date
116
广东电力发展股份有限公司 2015 年半年度报告全文
before the transferred to
Acquisiton date investment income
The equity exchange
was non- monetary
assets exchange.
Determining the
swap-in value of the
equity with the
swap-out fair value
of the equity.
Confirming the fair
Linchang Yuntou value of the
184,436,952.00 233,713,174.00 49,276,222.00 0.00
Yudean replacement equity
according to the
assessment results
and determining the
fair value of the
original ownership
of equity with the
swap-in fair value of
the equity
proportionally..
Notes ：
2.Other reasons for consolidation range changes
Reasons sfor changed onconsolidation range (such as new subsidairy established, subsidiary liquidated etc. ) and relevant information
The new wholly-owned subsidiary “Guangzhou Yudean Qujie Wind Power Generation Co., Ltd.” has invested the
down payment of RMB60 million, with 100% of investment ratio.
IX. Equity in other entity
1. Equity in subsidiary
（1）Constitute of enterprise group
Share-holding ratio
Subsidiary Main operation Registered place Business nature Acquired way
Directly Indirectly
Maoming Electric
Maoming Maoming 58.27% Investment \
Zhenneng
Jianghai Power Jieyang Jieyang Electric 65.00% Investment \
117
广东电力发展股份有限公司 2015 年半年度报告全文
Zhangjiang Wind Electric
Zhanjiang Zhangjiang 70.00% Investment \
Power
Anxin Electric
Dongguan Dongguan Electric 100.00% Investment \
Power Maintenance
Humen Power Dongguan Dongguan Electric 60.00% Investment \
Bohe Electric Electric
Maoming Maoming 100.00% Investment \
Power
Combination
Yuheng
Zhanjiang Zhanjiang Electric 76.00% under common
Electronic
contro
Xuwen Wind Electric
Zhangjiang Zhanjiang 70.00% Investment \
Power
Huadu Natural
Guangzhou Guangzhou Electric 65.00% Investment \
gas
Electric
Dapu Power Meizhou Meizhou 100.00% Investment \
Leizhou Wind
Leizhou Leizhou Electric 80.00% 14.00% Investment \
Power
Dianbai Wind Electric
Maoming Maoming 100.00% Investment \
Power
Combination
Zhanjiang Power Zhangjiang Zhangjiang Electric 76.00% under common
contro
Combination
Electric
Yuejia Power Meizhou Meizhou 58.00% under common
contro
Combination
Yuejiang Power Shaoguan Shaoguan Electric 90.00% under common
contro
Combination
Electric
Zhongyue Energy Zhangjiang Zhanjiang 90.00% under common
contro
Combination
Guangqian
Shenzhen Shenzhen Electric 100.00% under common
Electric Power
contro
Combination
Huizhou Natural
Huizhou Huizhou Electric 67.00% under common
gas
contro
Pinghai Pwer Huizhou Huizhou Electric 45.00% Combination
118
广东电力发展股份有限公司 2015 年半年度报告全文
Plant under common
contro
Combination
Shibeishan Wind
Jieyang Jieyang Electric 70.00% under common
Power
contro
Combination
Electric
Red Bay Power Shanwei Shanwei 65.00% under common
contro
Guangdong Wind Not Under
Guangzhou Guangzhou Electric 100.00%
Power common control
Huilai Wind Electric Not Under
Jieyang Jieyang 70.00%
Power common control
Hongrui Electric
Shaoguan Shaoguan 90.00% Investment \
Technology
Linchang Not Under
Linchang Linchang Electric 100.00%
YuntouYudean common control
Explanation on share-holding ratio in subsidiary different from ratio of voting right：
The voting rights proportion of the Company over its subsidiary: Zhanjiang Wind Power, Xuwen Wind Power,
Leizhou Wind Power, Yuejia Electric and Shibeishan are determined based on relevant rules of these subsidiaries’
articles of association.As such, the Company’s voting proportion and shareholding percentage are not consistent.
According to the agreement between Yudean and Huaxia Electric, which holds 40% share interest in Pinghai
Power, the delegated shareholder and director from Huaxia Electric maintain consensus with those of Yudean
when exercising their voting rights during shareholder and board meeting; while after Yudean transferred its 45%
shareholding of Pinghai Power to the Company, the delegated shareholder and director from Huaxia Electric also
maintain consensus with those of the Company when exercising their voting rights during shareholder and board
meeting. On account of the above facts, with the control power of Pinghai Power, Huaxia Electric enjoys variable
returns through involving in its relevant activities and has the ability to make use of its power to influence the
amount of returns. Therefore, the Company owns the control power over Pinghai Power.
Basis for controlling the invested entity with half or below voting rights held and without controlling invested entity but with over
half and over voting rights：
According to the agreement between Yudean and Huaxia Electric, which holds 40% share interest in Pinghai
Power, the delegated shareholder and director from Huaxia Electric maintain consensus with those of Yudean
when exercising their voting rights during shareholder and board meeting; while after Yudean transferred its 45%
shareholding of Pinghai Power to the Company, the delegated shareholder and director from Huaxia Electric also
maintain consensus with those of the Company when exercising their voting rights during shareholder and board
meeting. On account of the above facts, with the control power of Pinghai Power, Huaxia Electric enjoys variable
returns through involving in its relevant activities and has the ability to make use of its power to influence the
Controlling basis for the structuring entity included in consolidated range：
Basis on determinning to be a agent or consignor：
Notes：
119
广东电力发展股份有限公司 2015 年半年度报告全文
（2）Significant not wholly-owned subsidiaries
In RMB
Profit or loss attributable
Holding proportion of Dividend declared to Closing balance of
Name to non-controlling
non-controlling interest non-controlling interest non-controlling interest
interest
Jinghai Power 35.00% 146,344,149.00 326,152,880.00 1,276,414,669.00
Zhanjiang Power 24.00% 60,207,312.00 48,928,538.00 986,877,910.00
Zhongyue Energy 10.00% 9,397,619.00 5,817,296.00 155,633,266.00
Pinghai Power plant 55.00% 305,218,424.00 237,005,516.00 1,235,612,005.00
Red Bay 35.00% 98,945,128.00 231,651,012.00 1,149,939,697.00
Notes：
（3）Main financial information of significant not wholly-owned subsidiaries
In RMB
Closing balance Beginning balance
Non-curr Non-curr
Subsidia Non-curr Non-curr
Current Total Current ent Total Current Total Current ent Total
ries ent ent
assets assets liabilities Liabilitie liabilities assets assets liabilities Liabilitie liabilities
assets assets
s s
10,008,0 11,426,6 10,381,7 11,943,3
Jinghai 1,418,54 2,569,64 5,210,08 7,779,72 1,561,65 2,104,50 5,678,23 7,782,74
80,574.0 26,979.0 18,869.0 78,397.0
Power 6,405.00 3,117.00 4,809.00 7,926.00 9,528.00 5,777.00 4,335.00 0,112.00
0 0 0 0
Zhanjian 2,687,79 1,907,32 4,595,11 478,904, 4,222,93 483,127, 2,533,61 1,992,21 4,525,82 456,081, 4,747,28 460,828,
g Power 3,828.00 4,631.00 8,458.00 229.00 8.00 166.00 0,385.00 4,977.00 5,362.00 675.00 9.00 964.00
Zhongyu
720,623, 4,726,96 5,447,58 1,634,80 2,256,44 3,891,25 631,073, 4,882,25 5,513,32 1,736,16 2,256,63 3,992,79
e
809.00 5,543.00 9,352.00 8,066.00 8,627.00 6,693.00 543.00 5,394.00 8,937.00 2,188.00 7,324.00 9,512.00
Engerty
Pinghai
2,659,99 5,774,79 8,434,79 1,146,33 5,041,89 6,188,22 2,198,92 5,959,68 8,158,61 994,172, 5,041,89 6,036,06
Power
6,377.00 8,059.00 4,435.00 0,154.00 7,000.00 7,154.00 4,204.00 9,376.00 3,580.00 766.00 7,000.00 9,766.00
Plant
1,085,46 7,851,11 8,936,57 1,992,43 3,658,60 5,651,03 1,463,84 8,201,08 9,664,92 1,311,62 4,688,60 6,000,22
Red Bay
7,090.00 1,620.00 8,710.00 6,719.00 0,000.00 6,719.00 0,846.00 6,069.00 6,915.00 5,258.00 0,000.00 5,258.00
In RMB
Current term Last term
Cash flow Cash flow
Subsidiaries Operating Total Operating Total
Net profit from Net profit from
revenue comprehensi revenue comprehensi
operating operating
120
广东电力发展股份有限公司 2015 年半年度报告全文
ve income activities ve income activities
Jinghai 2,488,474,64 418,126,140. 418,126,140. 1,315,885,09 6,075,568,20 1,035,405,97 1,035,405,97 2,509,070,67
Power 0.00 00 00 6.00 6.00 0.00 0.00 0.00
Zhanjiang 1,142,689,72 250,863,802. 250,863,802. 441,395,633. 2,303,196,12 394,203,054. 394,203,054. 587,581,392.
Power 3.00 00 00 00 8.00 00 00 00
Zhongyue 1,079,612,18 93,976,191.0 93,976,191.0 711,561,187. 2,083,466,97 64,636,619.0 64,636,619.0 137,731,751.
Energy 6.00 0 0 00 0.00 0 0 00
Pinghai 2,006,214,92 554,942,588. 554,942,588. 755,716,923. 3,837,401,38 907,871,678. 907,871,678. 1,224,362,65
Power plant 6.00 00 00 00 5.00 00 00 1.00
1,971,436,14 282,700,367. 282,700,367. 1,380,294,20 4,722,896,25 735,400,037. 735,400,037. 1,977,432,45
Red Bay
6.00 00 00 4.00 0.00 00 00 6.00
Notes：
II. Equity in joint venture or associates
（1）Significant joint ventures or associates
Joint ventures or Main operating Plance of Holding proportion(%) Accounting
Business nature
associates plance registration Direct Indirect treatment
Industry Fuel Guangzhou Guangzhou Fuel Trade 50.00% Equity method
Taishan Power Taishan Taishan Power Generation 20.00% Equity method
Shanxi Yudean
Taiyuan Taiyuan Coal 40.00% Equity method
Energy
Yudean Finance Guangzhou Guangzhou Finance 25.00% Equity method
Yudean Shipping Shenzhen Shenzhen Shipping 35.00% Equity method
Weixin Yuntou Zhaotong Zhaotong Power Generation 22.56% Equity method
Notes:
The description of Joint ventures or associates is different from the proportion of voting rights of the shares :Holds 20% less of the v
oting rights but has significant influence, or holds 20% or more of the voting rights but does not have a significant impact on the basi
s of:
（2）Main financial information of significant joint ventures
In RMB
Closing balance/current period Opening balance/last period
Industry fuel
Current assets 2,955,000,962.00 4,079,683,355.00
Including：Cash and cash equivalent 1,495,808,553.00 2,745,465,152.00
121
广东电力发展股份有限公司 2015 年半年度报告全文
Non-current assets 72,646,091.00 73,526,306.00
Total assets 3,027,647,053.00 4,153,209,661.00
Current liabilities 2,093,855,441.00 3,156,796,026.00
Non-current liabilities 218,959.00 218,959.00
Total liabilities 2,094,074,400.00 3,157,014,985.00
Minority shareholders’ equity 0.00 0.00
Equityattributable to owners of parent
933,572,652.00 996,194,676.00
company
Proportionate share in net assets 466,786,326.22 498,097,338.08
--Other 99,714,038.00 99,714,038.00
Book value of investment in joint ventures 566,500,364.00 597,811,376.00
Business income 7,512,806,685.00 10,322,975,071.00
Financial expenses -21,173,157.00 -10,294,605.00
Income tax expenses 28,974,161.00 28,724,380.00
Net profit 86,922,482.00 86,173,141.00
Other comprehensive income 0.00 0.00
Total comprehensive income 86,922,482.00 86,173,141.00
Dividend from joint ventures received
74,772,253.00 66,524,888.00
incurrent period
Notes
（3）Main financial information of significant associates
In RMB
Closing balance/current period Opening balance /Last period
Yudean Yudean Shanxi Taishan Yudean Yudean Shanxi Taishan Weixin
Shipping Finance Energy Power Shipping Finance Energy Power Yuntou
Current 600,503,1 3,980,618 221,942,5 2,149,424 614,192,4 5,296,047 88,116,75 1,869,119 814,365,5
assets 00.00 ,266.00 83.00 ,642.00 03.00 ,633.00 1.00 ,309.00 73.00
Non-curre 5,236,819 10,498,43 2,377,288 12,080,97 5,418,402 11,111,72 2,421,256 12,331,46 7,823,443
nt assets ,725.00 6,404.00 ,205.00 6,792.00 ,047.00 0,508.00 ,448.00 9,273.00 ,918.00
Total 5,837,322 14,479,05 2,599,230 14,230,40 6,032,594 16,407,76 2,509,373 14,200,58 8,637,809
assets ,825.00 4,670.00 ,788.00 1,433.00 ,450.00 8,141.00 ,199.00 8,582.00 ,491.00
Current 1,499,161 11,974,55 181,566,5 4,556,722 1,626,343 13,868,87 22,937,71 5,559,062 848,995,6
liabilities ,193.00 2,656.00 86.00 ,949.00 ,355.00 9,408.00 9.00 ,528.00 94.00
Non-curre 1,671,437 160,000,0 480,000,0 1,704,343 313,200,0 500,000,0 6,362,471
0.00 0.00
nt ,464.00 00.00 00.00 ,619.00 00.00 00.00 ,717.00
122
广东电力发展股份有限公司 2015 年半年度报告全文
Liabilities
Total 3,170,598 11,974,55 341,566,5 5,036,722 3,330,686 13,868,87 336,137,7 6,059,062 7,211,467
liabilities ,657.00 2,656.00 86.00 ,949.00 ,974.00 9,408.00 19.00 ,528.00 ,411.00
Minoritys
harehold
0.00 0.00 0.00 0.00 0.00 0.00
er’
Equity
Equity
attributabl
e to 2,666,724 2,504,502 2,257,664 9,193,678 2,701,918 2,538,888 2,173,235 8,141,526 1,426,342
owners of ,169.00 ,014.00 ,202.00 ,485.00 ,423.00 ,733.00 ,480.00 ,054.00 ,080.00
parent
company
Proportio
nate share 933,353,4 626,125,5 903,065,6 1,838,735 945,671,4 634,722,1 869,294,1 1,628,305 570,536,8
in net 59.00 05.00 81.00 ,697.00 48.00 84.00 92.00 ,209.00 32.00
assets
Adjustme 13,325,00 13,325,00
nt 0.00 0.00
563,174,4 580,383,0 46,689,04
--Other -45.00 -85.00
36.00 80.00 0.00
Book
value of
933,353,4 639,450,5 903,065,6 2,401,910 945,671,3 648,047,1 869,294,1 2,208,688 617,225,8
investmen
14.00 05.00 81.00 ,133.00 63.00 85.00 93.00 ,289.00 72.00
t in
associates
Business 735,866,0 359,207,4 4,144,646 869,651,0 344,483,7 4,963,080 590,520,1
0.00 0.00
income 04.00 95.00 ,754.00 61.00 79.00 ,620.00 15.00
10,049,57 195,755,1 84,428,72 1,052,152 15,794,48 190,032,3 102,968,4 1,212,928 -38,930,0
Net profit
5.00 31.00 1.00 ,430.00 6.00 93.00 23.00 ,883.00 82.00
Other
comprehe
0.00 0.00 0.00 0.00 0.00 0.00
nsive
income
Total
comprehe 10,049,57 195,755,1 84,428,72 1,052,152 15,794,48 190,032,3 102,968,4 1,212,928 -38,930,0
nsive 5.00 31.00 1.00 ,430.00 6.00 93.00 23.00 ,883.00 82.00
income
Dividendf
15,835,30 57,535,46 8,977,900 53,750,72
rom
0.00 2.00 .00 2.00
associate
123
广东电力发展股份有限公司 2015 年半年度报告全文
s
received
in
current
period
Notes
（4）Aggregated financial information of insignificant jiont ventures and associates
In RMB
Closing balance/Current period Opening balance/Last period
Joint ventures： -- --
Total book value of investment 531,191,385.00 717,971,368.00
Proportionate share in the following -- --
Associates ： -- --
Proportionate share in the following -- --
--Net profit -2,343,031.00 5,057,259.00
--Other Comprehensive income 0.00
--Total comprehensive income -2,343,031.00 5,057,259.00
Notes
X.Risk related to financial nstruments
The Group has exposure to the following risks from its use of financial instruments in
the normal course of the Group‘s operations, which mainly include: Credit risk, Liquidity risk, Interest rate risk and Foreign exchange
risk.This note presents information about the Group’s exposure to each of the above risks
and their sources and changes during the year, the Group’s objectives, policies and processes for measuring and managing risks and
their changes during the year. The Group aims to seek the appropriate balance between the risks and benefits from its use of financial
instruments and to mitigate the adverse effects that the risks of financial
instruments have on the Group‘s financial performance. Based on such objectives, the Group‘s risk management policies are
established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and
adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the
Group‘s activities.
(1) Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an
obligation. The Group’s credit risk is primarily attributable to cash at bank and receivables. Exposure to these credit risks are monitored
by management on an ongoing basis.
The cash at bank of the Group is mainly held with well-known financial institutions in China, which have no any default records of
paying deposits and interests. Management does not foresee any significant credit risks from these deposits and does not expect that
these financial institutions may default and cause losses to the Group. Accounts receivable of the Group are mainly electricity payment
due from GPGC, entrusted loans due from related parties. Management continues to perform credit assessment on the debtors’ financial
124
广东电力发展股份有限公司 2015 年半年度报告全文
position, but usually does not require collaterals for outstanding debts. In view of the liquidity of outstanding amounts, management
had provision for corresponding bad debts and the actual losses on bad debts were within their expectation. Based on the past record of
debtors and the positive recovery of accounts receivable, management thinks the Group has no significant credit risk over accounts
receivable.
As at 31 June 2015 and 31 December 2013, the debtors that are past due but not impaired based on individual or collective assessment
are not significant.
(2) Liquidity risk
Liquidity risk is the risk that an enterprise will encounter difficulty in meeting obligations associated with financial liabilities. the
Group’s current liabilities was more than its current assets of RMB 3.5 billion, implying the Group is exposed to certain liquidity risks.
Management ensures the liquidity risk is within a controllable range with the following measures:
(a) Use the existing financing credit to repay the Group’s liabilities and fulfil the
requirement of the Group’s capital expenditure;
(b) Expedite the approval procedure of relevant documents to secure credit line subject to the approval of the construction of new units;
(c) Obtain stable cash inflow from operating activities;
(d) Closely monitor and control the payment amount and time required for the construction of new power station and the purchase of
new generators.
The following tables show the remaining contractual maturities at the balance sheet date
of the Group’s financial liabilities, which are based on contractual cash flows (including
interest payments computed using contractual rates or, if floating, based on rates current
on 31 December) and the earliest date the Group can be required to pay:
(3) Interest rate risk
The Group has no other significant interest-bearing assets except for cash at banks and entrusted loans. The Group earns interest income
from cash at banks at floating rates published by the banks from time to time. Any change in the interest rate published by the banks is
not considered to have significant impact to the Group.
The Group’s interest rate risk mainly arises from long-term interest-bearing borrowings, including long-term bank borrowings,
corporate bonds issued and finance lease payable.Interest-bearing financial instruments at fixed rates and variable rates expose the
Group to fair value interest rate risk and cash flow interest risk, respectively. The Group determines the appropriate weightings of the
fixed and floating rate interest-bearing instruments based on the current market conditions and performs regular reviews and
monitoring to achieve an appropriate mix of fixed and floating rate exposure. The Group does not enter into financial derivatives to
hedge interest rate risk.
(4) Foreign exchange risk
Exchange risks that the Group is exposed to are generally related to USD, EUR and HKD. The Group settles all major business
transactions in RMB except for capital contribution from foreign investors, income from certified emission reduction, long-term loans
and dividends to foreign investors. RMB is still not able to exchange
into other currencies because of the restrictions announced by the Chinese government on RMB exchange rate and foreign currency
control. Therefore, all monetary assets and liabilities denominated in foreign currencies are exposed to any fluctuation in exchange
rates.
XI. Disclosure of fair value
1. Ending fair value of the assets and liabiliies measured by fair value
In RMB
Items Ending fair value
125
广东电力发展股份有限公司 2015 年半年度报告全文
First-order Second-order Third-order Total
1. Sustaining measured by fair
-- -- -- --
value
（1）Available-for –sale
711,487,823.00 711,487,823.00
financial assets
（2）Investment interest tools 711,487,823.00 711,487,823.00
II. Non –persistent measure -- -- -- --
2.Recognized basis for the market price sustaining and non-persistent measured by fair value oon first-order
For the available-for-sale financial assets in an active market, their fair values are measured at the quoted price at balance sheet date.
3. Valuation technique and qualitative and quantitative information on major parameters for the fair value measure sustaining and
non-persistent on second-order
Except for available-for-sale financial assets that measured at historical cost not being able to gain fair value, the carrying amounts of
financial assets and financial liabilities not measured at fair value are not materially different from their fair values.
XII.Related parties and related-party transactions
1. Parent company information of the enterprise
Vote right ratio of
Share ratio of parent
Parent company Registration Registered parent company
Nature company against the
name place capital against the
company(%)
company(%)
Power plant
Guangdong Yudean operating,electricity assets 21,500,000,00
Guangzhou 67.39% 67.39%
Group management, electricity 0
generation
Explanation on parent company of the enterprise
Ultimate controller os the Company is Guangdong Provincial People’s Govemment state owned assets supervision and
Administration Commission.
Notes：
2.Subsidiary of the Enterprise
See to Notes XVI.3.
3.Cooperative enterprise and joint venture
See Notes IX.2.
Other cooperative enterprise and joint venture that have related transaction with the Company in the Period or occurred in pervious
period：
126
广东电力发展股份有限公司 2015 年半年度报告全文
Name Relationship
Industry Fuel Joint venture
Taishan Electric Associate
Weixin Yuntou Yudean Zhaxi Associate
Shanxi Yudean Energy Associate
Guangdong Yudean Shipping Associate
Yunnan Baoshan Binlangjiang Associate
Yudean West Investment Associate
Guangdong Yudean Finance Associate
Huaneng Shantou Wind Power Associate
Yangshan Jiangkeng Hydropower station Associate
Yangshan Zhongxinkeng Power Associate
Notes
4.Other related party
Other related party Relationship with the Enterprisse
Chaokang Investment Controlled by Yudean
Guangdong Guanghe Power Controlled by Yudean
Industry Fuel Controlled by Yudean
Power Development Controlled by Yudean
Yuelongfa Power Controlled by Yudean
Guangdong Yangjiang Port Controlled by Yudean
Yudean Finance Controlled by Yudean
Yudean Shipping Controlled by Yudean
Yudean Environmental protection Controlled by Yudean
Yudean Property Controlled by Yudean
Yudean Xinfengjiang Controlled by Yudean
Yudean Informtion Technology Controlled by Yudean
Yudean Zhangjiang Biology Controlled by Yudean
Yuean Zhongshan Thermoelectricity Controlled by Yudean
Yuehua Power Controlled by Yudean
Yueyang Power Controlled by Yudean
Zhuhai Jinwan Power Controlled by Yudean
Guangzhou Huangpu Power Controlled by Yudean
127
广东电力发展股份有限公司 2015 年半年度报告全文
Guangzhou Huangpu Yuehua Power Controlled by Yudean
Maoming Thermoelectricity Controlled by Yudean
Shaoguan Power Controlled by Yudean
Shaoguan No.9 Power Controlled by Yudean
Shenzhen Tianxin Insurance Controlled by Yudean
Yunfo Jinhui Power Controlled by Yudean
Zhuhai Hengda Energy Controlled by Yudean
Zhuhai Guangzhu Power Controlled by Yudean
Notes
5. Related Transactions
（1）Goods purchasing, labor service providing and receiving
Goods purchasing/labor service receiving
In RMB
Approval trading Whether over the
Related party Content Current amount Last amount
limit trading limit(Y/N)
Fuel Company Fuel purchase 4,252,984,217.00 No 5,960,402,388.00
Material
Yudean Environment Protection 51,944,371.00 No 47,930,909.00
purchase
Acceptance of
Yudean Shipping 13,434,906.00 No 10,951,887.00
tugboat services
Acceptance of
Yudean Property Management management 11,342,256.00 No 10,037,716.00
services
Guangzhou HuangpuYueha Outsource
8,867,503.00 No 12,072,933.00
Power Generation service
Acceptance of
Yangjiang Port 4,114,969.00 No
tugboat services
Yudean Property Leasing service 3,055,092.00 No 3,055,092.00
Acceptance of
Yudean Information management 1,236,373.00 No 665,174.00
services
Human
Huangpu Yuehua 1,016,667.00 No 1,525,000.00
receivaces
Purchase
Hengda Energy 479,044.00 No 744,952.00
equipment
Chaokang Investment Consultion 228,101.00 No 0.00
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广东电力发展股份有限公司 2015 年半年度报告全文
Purchase
Yudean Environmental
Carbenium 104,160.00 No 0.00
protection
assets
Sales of goods and services
In RMB
Occurred in previous
Related parties Content Occurred current term
term
Yudean Environment Protection Sale of Material 47,618,619.00 32,969,689.00
Shajiao C Providing maintenance services 14,094,728.00 10,122,222.00
Zhuhai Jinwan Power Generation Co., Ltd. Providing maintenance services 2,115,483.00 2,057,974.00
Yudean Group Service 205,500.00 0.00
Notes
（2）Related leasing
The Company is the lender
In RMB
Rental recognized in the last
Name of the owner Category of asset for rent Rental recognized in the period
period
Yudean Property Property Leasing 2,655,732.00 2,655,732.00
（3）Status of related party guarantee
As a guarantor for the company
In RMB
Execution accomplished
Guarantor Guarantee amount Start date End date
or not
Linchang Yuntou 13,720,000.00 January 20,2007 December 25, 2020 No
Linchang Yuntou 5,488,000.00 July 29, 2008 July 29, 2020 No
Weixin Yuntou 268,520,000.00 April 19, 2013 April 18, 2030 No
Binlangjiang 71,996,700.00 June 29, 2010 July 15, 2020 No
Binlangjiang 12,470,000.00 March 16, 2006 March 13, 2020 No
Binlangjiang 113,000,000.00 April 2, 2008 June 5, 2028 No
Binlangjiang 43,000,000.00 October 31, 2008 October 31, 2025 No
Binlangjiang 18,270,000.00 December 19, 2007 December 18, 2024 No
Binlangjiang 31,900,000.00 August 31, 2005 August 30,2022 No
Binlangjiang 76,270,000.00 August 25, 2009 August 24, 2029 No
129
广东电力发展股份有限公司 2015 年半年度报告全文
Binlangjiang 24,940,000.00 November 14, 2008 November 14, 2020 No
Binlangjiang 43,500,000.00 May 27, 2009 May 27, 2023 No
Binlangjiang 2,610,000.00 June 30,2005 June 30,2017 No
Yuejiang Power 90,000,000.00 July 3, 2014 July 2, 2021 No
Yuejiang Power 81,000,000.00 July 3, 2014 July 2, 2021 No
Yuejiang Power 51,613,400.00 July 28, 2011 July 20,2018 No
Yuejiang Power 49,205,700.00 December 6, 2012 December 6, 2017 No
Zhanjiang Wind Power 127,162,900.00 March 3, 2011 March 2, 2029 No
As a secured party for The company
In RMB
Execution accomplished
Guarantor Guarantee amount Start date End date
or not
Yudean Group 1,500,000,000.00 August 14, 2013 August 13, 2022 No
Statement on related guarantees
（4）Related party funds
In RMB
Related parties Amount of demolition Start date Expired on Remarks
Borrow in
Guangdong Yudean
150,000,000.00 February 26, 2015 August 25, 2015
Finance Co., Ltd.
Guangdong Yudean
100,000,000.00 March 25, 2015 September 24, 2015
Finance Co., Ltd.
Guangdong Yudean
50,000,000.00 June 1, 2015 November 30,2015
Finance Co., Ltd.
Guangdong Yudean
100,000,000.00 June 9, 2015 December 8, 2015
Finance Co., Ltd.
Guangdong Yudean
100,000,000.00 June 25, 2015 December 24, 2015
Finance Co., Ltd.
Guangdong Yudean
150,000,000.00 October 16, 2014 October 13, 2029
Finance Co., Ltd.
Guangdong Yudean
100,000,000.00 October 30,2014 October 13, 2029
Finance Co., Ltd.
Guangdong Yudean
30,000,000.00 February 1, 2015 February 10,2032
Finance Co., Ltd.
Guangdong Yudean
7,000,000.00 June 9, 2015 June 8, 2032
Finance Co., Ltd.
130
广东电力发展股份有限公司 2015 年半年度报告全文
Guangdong Yudean
50,000,000.00 May 25, 2015 May 24, 2016
Finance Co., Ltd.
Guangdong Yudean
50,000,000.00 January 21, 2015 July 20,2015
Finance Co., Ltd.
Guangdong Yudean
100,000,000.00 July 29, 2014 July 28, 2015
Finance Co., Ltd.
Guangdong Yudean
80,000,000.00 August 8, 2014 August 7, 2015
Finance Co., Ltd.
Guangdong Yudean
100,000,000.00 March 30,2015 March 29, 2016
Finance Co., Ltd.
Guangdong Yudean
200,000,000.00 April 8, 2015 April 7, 2016
Finance Co., Ltd.
Guangdong Yudean
100,000,000.00 June 24, 2015 June 23, 2016
Finance Co., Ltd.
Guangdong Yudean
79,400,000.00 March 11, 2013 March 10,2031
Finance Co., Ltd.
Guangdong Yudean
35,000,000.00 April 21, 2015 October 20,2015
Finance Co., Ltd.
Guangdong Yudean
30,000,000.00 May 11, 2015 May 10,2016
Finance Co., Ltd.
Guangdong Yudean
10,000,000.00 May 19, 2015 May 18, 2016
Finance Co., Ltd.
Guangdong Yudean
60,000,000.00 August 26, 2014 August 25, 2015
Finance Co., Ltd.
Guangdong Yudean
270,000,000.00 November 12, 2014 October 27, 2029
Finance Co., Ltd.
Guangdong Yudean
30,000,000.00 June 9, 2015 June 8, 2016
Finance Co., Ltd.
Guangdong Yudean
20,000,000.00 February 13, 2015 February 12, 2016
Finance Co., Ltd.
Guangdong Yudean
300,000,000.00 February 10,2015 February 9, 2016
Finance Co., Ltd.
Guangdong Yudean
200,000,000.00 February 11, 2015 February 10,2016
Finance Co., Ltd.
Guangdong Yudean
150,000,000.00 April 20, 2015 April 19, 2016
Finance Co., Ltd.
Guangdong Yudean
653,300,627.00 December 6, 2007 December 21, 2028
Finance Co., Ltd.
131
广东电力发展股份有限公司 2015 年半年度报告全文
Guangdong Yudean
600,000,000.00 June 18, 2015 December 17, 2015
Finance Co., Ltd.
Guangdong Yudean
1,200,000,000.00 May 20,2014 May 19, 2017
Finance Co., Ltd.
Guangdong Yudean
500,000,000.00 September 9, 2014 September 8, 2015
Finance Co., Ltd.
Guangdong Yudean
52,000,000.00 August 21, 2012 August 21, 2022
Finance Co., Ltd.
Guangdong Yudean
300,000,000.00 June 17, 2015 June 17, 2016
Finance Co., Ltd.
Guangdong Yudean
120,000,000.00 June 26, 2015 June 26, 2016
Finance Co., Ltd.
Guangdong Yudean
100,000,000.00 June 29, 2015 June 29, 2016
Finance Co., Ltd.
Guangdong Yudean
194,444,444.44 December 19, 2012 December 19, 2017
Finance Co., Ltd.
Guangdong Yudean
300,000,000.00 January 15, 2013 January 15, 2028
Finance Co., Ltd.
Lend out
（5）Rewards for key management personnel
In RMB
Items
Amount of current period Amount of previous period
Annual salary 3,175,561.00 3,396,530.00
（6）Other related transactions
6. Payables and receivables of the related party
（1）Receivables
In RMB
Amount at year end Amount at year begiing
Name Related party
Balance of Book Bad debt provision Balance of Book Bad debt provision
Guangdong Yudean
Monetary fund 4,561,493,165.00 3,061,921,598.00
Finance Co., Ltd.
Guangdong Yudean
Account receivable 2,622,773.00 18,072,681.00
Group Co., Ltd.
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广东电力发展股份有限公司 2015 年半年度报告全文
Shajiao C
Guangdong Yudean
Account receivable Group Co., 1,480,000.00 2,590,000.00
Ltd.Zhuhai Power
Guangdong Yudean
Account receivable Zhanjiang Bioligy 3,153,754.08 3,818,754.00
Power
Guangdong
Account receivable ZhuhaiJinwan 1,895,846.14
Power
Guangdong Yudean
Other receivable Environmental 17,270,955.54 76,349,187.00
protection
Linchang Yuntou
Other receivable 0.00 50,000,000.00
Yudean
Guangdong
Other receivable YudeanGroup. 2,061,019.18 517,252.00
Shajiao C
Guangdong Yudean
Other receivable Property 885,244.00 885,244.00
Investment
Guangdong Yudean
Other receivable 289,360.00 289,360.00
Property
Chaokang
Other receivable 220,434.36 220,434.00
Investment
Other receivable Shaoguan Power 5,370.69
Guangdong Yudean
Interest receivable 8,420,779.30 5,447,764.00
Finance
Linchang Yuntou
Interest receivable 0.00 23,333.00
Yudean
Guangdong Fuel
Prepayment 1,040,985,026.05 1,373,757,103.00
Compan
（2）Payables
In RMB
Name Related party Amount at year end Amount at year beginning
Account payable Guangdong Fuel Company 818,650,992.84 1,275,148,310.00
Account payable Manming Thermal power 101,009,781.90 94,009,782.00
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广东电力发展股份有限公司 2015 年半年度报告全文
Guangdong Yudean
Account payable 22,655,652.55 46,176,613.00
Environmental Protection
Guangdong Yudean
Account payable 166,700.00 163,700.00
InformationTechnology
Guangdong Yudean
Account payable 75,000.00
Xinfengjiang
Account payable Zhuhai Hengda Energy 441,996.00 390,618.00
Account payable Shaoguan Power 3,544,826.00 3,544,826.00
Other payable Maoming Thermal power 12,000,000.00
Other payable Shaoguan Power 25,870,370.31 25,366,557.00
Guangdong Yudean
Other payable 1,084,284.30
Environmental Protection
Other payable Guangzhou Huangpu Power 5,393,856.18 14,250,499.00
Other payable Guangdong Yudean Shipping 4,895,000.00 20,000.00
Other payable Guangdong Yudean Property 5,132,592.80 1,955,783.00
Guangdong Yudean
Other payable 75,000.00 75,000.00
Xinfengjiang
Guangzhou Huangpu Yuehua
Other payable 991,250.00 1,728,333.00
Power
Guangdong Yudean Information
Other payable 13,000.00 21,000.00
Technology
Shenzhen Tianxin Insurance
Other payable 70,000.00 70,000.00
Broker
Other payable Guangdong Yuehua Power 226,666.67 226,667.00
Other payable Guangdong Yueyang Power 18,000,000.00 18,000,000.00
Guangdong Yudean Finance
Interest payable 8,543,886.26 10,483,449.00
Co., Ltd.
Guangdong Yudean Finance
Bill payable 150,000,000.00 100,000,000.00
Co., Ltd.
Guangdong Power industry
Bill payable 70,000,000.00
Fuel
Guangdong Yudean Finance
Short-term loan 4,835,000,000.00 4,149,000,000.00
Co., Ltd.
Non-current liability due in 1 Guangdong Yudean Finance
76,500,000.00
year Co., Ltd.
Guangdong Yudean Finance
Long-term loan 1,836,145,071.44 1,963,900,000.00
Co., Ltd.
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7.Related Commitment
8.Other
(a) Allocation of common expenses
The Company’s branches shajiao A and Shajiao C Agreed to share common expenses based on their agreed allocation basis. As at 30
June 2015, the common expenses received by the Group form Shajiao C was RMB 1,543,787.
(b) Interest income
June 30, 2015 June 30, 2014
Deposit income paid form Yudean Finance 26,818,606 24,101,568
Weixin Yuntou 607,511
Total 26,818,606 24,709,079
Percentage of interest income 80.21% 84.24%
(c)Interest expense
June 30, 2015 June 30, 2014
Loan interest paid to Yudean Finance 152,203,390 17,129,771
Total 152,203,390 17,129,771
Percentage of interest expenses 18.03% 18.63%
(d) Joint investment
As at 30 June 2015, the Group invests in the following subsidiaries, jiont ventures and associates with Yudean:
Percentage of equity
Attributable to Yudean
Yudean Finance 65%
Industry Fuel 50%
Shanxi Yudean Energy 60%
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广东电力发展股份有限公司 2015 年半年度报告全文
West investment 35%
Yudean Shipping 45%
XIII.Commitment events and subsequent events
1.Importance commitment events
Important commitments of existence of balance sheet date
1.Foreign investment commitments
a.On April 27, 2015, the company‘s 6th meeting of the Eight board meeting passed “Proposal on Establishing Guangdong Yangjiang
Offshore Wind Power Co., Ltd.”, agreeing the company’s wholly-owned subsidiary Guangdong Province Wind Power Co.,
Ltd.(hereinafter referred to as “Province Wind Power”) to wholly establish“Guangdong Yangjiang Sea Wind Power Co., Ltd.”(the
final company name will be subject to the name registered in Industrial and Commercial Administration) in Yangjiang city, which
would be as the main body of investing and constructing sea wind power projects for Guangdong Yudean Yangjiang Offshore Wind
Power Co., Ltd.. The first-phase registered capital of the new company is tentatively fixed at 55 million RMB. The company
increases 55 million RMB of new capital to Province Wind Power to establish“Guangdong Yudean Yangjiang Sea Wind Power Co.,
Ltd.”with capital injection. By June 30,2015, the company had finished increasing RMB 55 million RMB of new capital to Province
Wind Power.
b.The Board passed adopted the Proposal on Capital Increment for Guangdong Yudean Huadu Natural Gas Thermal power Co.,
Ltd.For the smooth progress of Huadu Natural Gas Thermal power project, the Board of Directors approves the company to increase
the capital of RMB19.5 million for Guangdong Yudean Huadu Natural Gas Thermal power Co., Ltd.as per 65% of shareholding, in
order to carry out the preparatory work of the project, the field engineering of plant and the equipment purchase.As at 30 June 2015,
has not performed the payment of capital injection yet.
2.Investment commitement
a.The Seventh Session of the Board passed the resolution of “Capital Increase in Guangdong Shaoguan Yuejiang Electric Power
Co.Ltd” during its 18th meeting on 3 March 2014, pursuant to which the Company agreed to inject RMB63,000,000 in cash to Yuejiang
Electric on its 90% shareholding proportion to ensure smooth
implementation of manufacturing and operation. As at 30 June 2015, the Company has not performed the payment of capital injection
yet.
b.The Eighth Session of the Board passed the resolution of “Capital Increase in Guangdong Shaoguan Yuejiang Electric Power Co.Ltd”
during its 2nd meeting on 24 August 2014, pursuant to which the Company is required to inject RMB923,000,000 (20% of the total
project investment) on its 90% shareholding proportion to promote
the Upgrade Project (2×600MW) of Shaoguan Power invested by Yuejiang Electric, ie to offer supplementary capital injection of
RMB232,310,000 on the basis of the initial injection of RMB690,690,000 approved during 11th meeting of The Sixth Session of the
Board. As at 31 December 2014, the capital injection from the
Company to Yuejiang Electric was RMB774 million and the rest amount of RMB149 million will be injected in batches based on the
construction progress and the capital plan
c.The Eighth Session of the Board passed the resolution of “Capital Increase in Guangdong Yuedean Leizhou Wind Power Co.Ltd”
during its 3rd meeting on 28 October 2014, pursuant to which the Board of the Company agreed to inject RMB80,800,000 in cash to
Leizhou Wind Power on its 70% shareholding proportion to
136
广东电力发展股份有限公司 2015 年半年度报告全文
ensure the construction of Hongxinlou Wind Power Project invested by Leizhou Wind Power. The Company’s shareholding proportion
of Leizhou Wind Power has increased to 80% after capital injection (injection price is based on the asset assessment result recorded by
authorized institutions). As at 30 June 2015, the Company injected RMB60 million to Qujie Wind Power.
d.The Seventh Session of the 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
RMB900,000,000. The Company is required
to invest RMB90,000,000 as 10% of the total capital of the project. As at 30 June 2015, the Company injected RMB70 million to South
Wind Power.
e.The Seventh Session of the Board passed the resolution of “Capital Increase in Weixin Yuntou Yudean Zhaxi Energy Co., Ltd.”
during its 10th meeting on 21 August 2012, pursuant which the Company will inject RMB239,600,000 to its associated company
Weixin Yuntou based on its 40% shareholding proportion. The Company injected a total of RMB733,600,000 following the capital
injection. As at 30 June 2015, the
capital injection from the Company to Weixin Yuntou was RMB200,000,000.
f.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 RMB1,104,000,000 (20% of the total
project investment RMB 5,520,000,000) in batches based on the construction progress. As at 30 June 2015, the Company invested
RMB900 million to Dabu Electric.
g.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 RMB854,570,000 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 RMB1,375,000,000 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 RMB1,090,000,000 will be made in batches based on the capital requirement of the project.
The foresaid capital commitment is totaled at RMB2,229,570,000. As at 30 June 2015, the Company injected RMB1685 million to
Bohe Coal.
h.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 inject
RMB35,000,000 to Shantou Wind Power based on its 25% shareholding proportion. The injection would be made in batches based on
the contrsuction progress. As at 30 June 2015, the Company injected RMB12,472,500 to Shantou Wind Power.
i.The Sixth Session of the Board passed the reolution of “Capital Increase in Guangdong Yudean Jinghai Power Co., Ltd.” during its
11th metting on 15 April 2010, pursuant to which the Company agreed to inject RMB565,025,500 to its subsidiary Jinghai Power based
on its 65% shareholding proportion. The Company’s proportion of shareholding in Jinghai Power remains unchanged following the
completion of capital increase. As at 30, June 2015, the Company injected RMB445,014,000 to Jinhai Power.
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广东电力发展股份有限公司 2015 年半年度报告全文
j. 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 RMB140,000,000 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 at 30 June 2015, the Company injected RMB75,733,000 to Zhanjiang Wind Power.
k.The Board passed the resolution (vote & sign) of Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd. to Establish
Guangdong Yudean Leizhou Wind Power Co.,Ltd. on 9 January 2013, pursuant to which the Company established Leizhou Wind
Power based on its 70% shareholding proportion of Zhanjiang Wind Power. The registered capital of Leizhou Wind Power does not
exceed RMB162,455,300 and is responsible for the development of Hongxinlou wind power project(49.5MW).Zhanjiang Wind Power
shall inject capital in Leizhou Wind Power through the Company and other shareholders of Zhanjiang Wind Power, in which the
injections of
the Company will not surpass RMB10,671,870 and that of Zhanjiang Wind Power not over than RMB162,455,300. As at 30 June 2015,
the Company has not performed the payment of capital injection while Zhanjiang Wind Power has already offered RMB100 million..
2.Contingency
（1）Significant contingency at banlance sheet date
As at 30 June 2015, the Group Provides joint guarntee for bank borrowings amounted to RMB 365,960,000 and financeleases
amounted to RMB 71,996,700 OF Binlangjiang ; Bank borrowings amounted to RMB 287,728,000 of Linchang Yuntou, and bank
borrowings amounted to RMB 268,520,000 of Weixin Yuntou .
（2）The Company have no significant contingency to disclose, also should be stated
The was no significant contingency in the Company.
XIV. Post-balance-sheet events
1. Other explanation after balance sheet date.
On August 5, 2015, the 8th Board of Directors has approved the Company to transfer 29% of stock equity from Yunnan Baoshan
Binglangjiang Hydropower Development Co., Ltd., with the transfer price of RMB261.3158 million. The equity transfer is conducive
to safeguarding the investment interests of the Company and eliminating the guarantee risk, and helps the Company to concentrate on
the operational development of holding hydropower projects. If the equity transfer successes, the Company shall revitalize the capital,
optimize the integration of the management resources in Yunnan region and further focus on the operational development of holding
projects. After the completion of the transaction, RMB83 million is expected to increase in the current earnings for the Company, which
will have the positive impact on the operation results of the Company in the current period.
XV. Other significant events
1. Retroactive restatement
（1）Non-monetary assets exchange
In the first half year, the Company has completed the synchronous equity replacement of LincangYun Investment and WeixinYuntou
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广东电力发展股份有限公司 2015 年半年度报告全文
with Yunnan Power Investment Co., Ltd. (hereinafter referred to as “Yunnan Power Investment”). Based on the consideration of
asset assessment report, the Company has made the mutual equivalent replacement for 14.34% of equity (book value:
RMB221,275,475 and fair value: RMB243,252,487) of WeixinYuntou and 51% of equity of LincangYuntou held by Yunnan Power
Investment. The exchange gains and losses are recognized as RMB21,977,012.
2.Segment reporting
(1) Segment profits and losses, assets and liabilities
In accordance with internal organisation structure, management requirements and
internal report system, the Group has identified eight reportable segments, which are
independent business units that provide different products or service, or operate in the
different areas. Different businesses or areas require different technologies and
marketing strategies, the Group, therefore, separately manages the production and
operation of each reportable segment and evaluates their operating results respectively,
in order to make decisions about resources to be allocated to these segments and to
assess their performance.
Inter-segment transfers are measured by making reference to the sales to third parties.
The assets are allocated based on relevant incomes and expenses, assets and liabilities of segment operation.
（1）Basis for determing a reporting branch and accounting policy
In accordance with internal organisation structure, management requirements and internal report system, the Group has identified eight
reportable segments, which are independent business units that provide different products or service, or operate in the different areas.
Different businesses or areas require different technologies and marketing strategies.
Inter-segment transfers are measured by making reference to the sales to third parties.
The assets are allocated based on relevant incomes and expenses, assets and liabilities of segment operation.
For the purposes of assessing segment performance and allocating resources between segments, the Group’s management regularly
reviews the assets, liabilities, revenue, expenses and financial performance, attributable to each reportable segment on the following
bases:
Segment assets include all tangible, intangible, other long-term assets and current assets, such as accounts receivable, with the
exception of deferred tax assets and other unallocated corporate assets. Segment liabilities include payables and advances, bank
borrowings and interest payable, long-term and short-term bonds and dividends payable attributable to the individual segments, but
exclude deferred tax liabilities.
Financial performance is operating income (including operating income from external customers and inter-segmentoperating income)
after deducting expenses, depreciation, amortisation and impairment losses attributable to the individual segments, and interest
income and expense from cash balances and borrowings managed directly by the segments. Inter-segment sales are determined with
reference to prices charged to external parties for similar orders.
（2）Financial information of reporting branches
In RMB
Parent Jinghai Huizhou Zhanjiang Zhongyue Partial
Items Red Bay Other Total
Company Power Pinghai Power Enerty offset
139
广东电力发展股份有限公司 2015 年半年度报告全文
Main
1,082,635,6 2,474,745,4 1,982,776,2 1,971,436,1 1,134,741,5 1,072,321,8 3,128,808,6 -18,218,890 12,829,246,
Buinsess
23.00 32.00 94.00 46.00 95.00 93.00 46.00 .00 738.00
Income
Main
761,750,894 1,694,075,0 1,095,445,6 1,410,691,3 785,954,104 829,442,898 2,605,658,2 -17,795,513 9,165,222,5
Buinsess
.00 08.00 11.00 04.00 .00 .00 85.00 .00 91.00
Cost
2,176,537,0 558,095,493 713,017,295 376,890,916 328,606,639 125,301,588 242,573,913 -1,544,497, 2,976,524,9
Profit Total
83.00 .00 .00 .00 .00 .00 .00 981.00 46.00
27,302,094, 11,426,626, 8,434,794,4 8,936,578,7 4,595,118,4 5,447,589,3 25,209,115, -18,832,156 72,519,761,
Assets Total
744.00 979.00 35.00 10.00 58.00 52.00 240.00 ,476.00 442.00
Liability 6,521,942,4 7,779,727,9 6,188,227,1 5,651,036,7 483,127,166 3,891,256,6 15,825,725, -2,361,794, 43,979,248,
Total 80.00 26.00 54.00 19.00 .00 93.00 474.00 997.00 615.00
（3）Other
XVI..Notes s of main items in financial reports of parent company
1.Account receivable
（1）Account receivable
In RMB
Year –end balance Year-beginning balance
Provision for bad
Book balance Book balance Provision for bad debts
Classification debts Book
Book value
Proportio Proportio value Proportio
Amount Amount Amount Amount Proportion
n n n
Account receivable
with significant
specific amount that 237,408, 237,408,8 233,268 233,268,28
100.00% 0.00 0.00% 100.00% 0.00 0.00%
were provisioned had 827.00 27.00 ,283.00 3.00
debt preparation
separately
237,408, 237,408,8 233,268 233,268,28
Total 100.00% 100.00%
827.00 27.00 ,283.00 3.00
Receivable accounts with large amount individually and bad debt provisions were provided
√ Applicable □ Not applicable
In RMB
Year-end balance
Account receivable（Unit）
Account reiceivable Provision for bad debts Proportion% Reason
GPGC 237,408,827.00 0.00 0.00% Full amount recovery is
140
广东电力发展股份有限公司 2015 年半年度报告全文
expected
Total 237,408,827.00 0.00 -- --
Using age methods to provision for bad debts of account receivable in group：
□Applicable √not Applicable
Using percentage balance method of provision for bad debts of account receivable in group：
□Applicable √not Applicable
Using other methods to provision for bad debts of account receivable in group
（2）The ending balance of receivables owed by the imputation of the top five parties
Guangdong Power Grid Co., Ltd. is the only customer of the Company for the generated power, and the account receivable balances
of the Company shall be the payment of power sold by Guangdong Power Grid on December 31, 2014 and June 30, 2015.
2.Other receivable
（1）Other receivable
In RMB
Year-end balance Year-beginning
Provision for bad
Book balance Book balance Provision for bad debts
Classification debts Book
Book value
Proportio Proportio value Proportio Proportion
Amount Amount Amount Amount
n% n% n% %
Other Receivables
with major individual
307,684, 307,684,1 356,573 356,573,50
amount and bad debt 97.34% 0.00 0.00% 98.81% 0.00 0.00%
118.00 18.00 ,505.00 5.00
provision provided
individually
Other Account
receivable with
8,419,93 8,419,933 4,279,7 4,279,737.0
minor individual 2.66% 0.00 0.00% 1.19% 0.00 0.00%
3.00 .00 37.00 0
amount but bad debt
provision is provided
316,104, 316,104,0 360,853 360,853,24
Total 100.00% 0.00 0.00% 100.00% 0.00 0.00%
051.00 51.00 ,242.00 2.00
Other Receivable accounts with large amount individually and bad debt provisions were provided
√ applicable □ Not applicable
In RMB
End of term
Other account receivable Other account
Bad debt provision Proportion% Reason
receivable
Guangdong Shaoguan Full amount recovery is
200,000,000.00 0.00 0.00%
Yuejiang expected
141
广东电力发展股份有限公司 2015 年半年度报告全文
Full amount recovery is
Guangdong Yudean Bohe 100,000,000.00 0.00 0.00%
expected
Guangdong Yudean Full amount recovery is
7,684,118.00 0.00 0.00%
Environmental protection expected
Total 307,684,118.00 0.00 -- --
Using age methods to provision for bad debts of other receivable in group：
□Applicable √not Applicable
Using percentage balance method of provision for bad debts of other receivable in group：
□Applicable √not Applicable
Using other methods to provision for bad debts of other receivable in group：
√ Applicable □ Not applicable
Receivable accounts with minor amount but on which bad debt provisions are provided individually at end of period
Other account End of term
receivable Other account Bad debts provision Provision proportion% Reason of provision
receivable
Advance Project 332,370 0.00 0.00 Full amount recovery is
expected
Petty cash 1,701,633.75 0.00 0.00 Full amount recovery is
expected
Other 6,382,929 0.00 0.00 Full amount recovery is
expected
Total 8,419,933
（2）Natures or contents of other receivable accounts with large amount
In RMB
Account Property End of term Beginning of term
Entrusted loan 300,000,000.00 350,000,000.00
Advance 335,370.00 500,146.00
Petty cash 1,701,634.00 559,514.00
Other 14,067,047.00 9,793,582.00
Total 316,104,051.00 360,853,242.00
(3) Top 5 of the closing balance of the accounts receivable colleted according to the arrears party
In RMB
Name of the Percentage in total
Account property End of term Age Bad debt provision
Company other receivable%
Guangdong Shaoguan
Entrusted loan 200,000,000.00 Within 1 year 63.27% 0.00
Yuejuang Power
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广东电力发展股份有限公司 2015 年半年度报告全文
Guangdong Yudean
Entrusted loan 100,000,000.00 Within 1 year 31.64% 0.00
Bohe
Guangdong Yudean
Environmental Combination o 7,684,118.00 Within 1 year 2.43% 0.00
protection
Yudean Group.
Common Cost 2,061,019.00 Within 1 year 0.65% 0.00
Shajiao C
HOWDEN Pay 1,677,479.00 Within 1 year 0.53% 0.00
Total -- 311,422,616.00 --
3.Long –term share equity investment
In RMB
End of term Beginning of term
Items Impairment Impairment
Book Balance Book value Book Balance Book value
provision provision
Investment in 16,911,818,596.0 16,456,234,329.0 15,560,929,157.0 15,105,344,890.0
455,584,267.00 455,584,267.00
subsidiaries 0 0 0 0
Investment in
joint ventures and 6,306,009,875.00 6,306,009,875.00 6,546,533,591.00 6,546,533,591.00
associates
23,217,828,471.0 22,762,244,204.0 22,107,462,748.0 21,651,878,481.0
Total 455,584,267.00 455,584,267.00
0 0 0 0
（1）Investment in subsidiaries
In RMB
Impairment
Impairment
Name of investee Opening balance Increase Decrease Closing balance provision for the
provision
year
Huizhou Natural
845,846,646.00 845,846,646.00
Gas
Shenzhen
1,353,153,223.00 1,353,153,223.00
Guangqian Power
Guangdong Red
2,220,023,386.00 2,220,023,386.00
Bay
Linchang
427,689,439.00 427,689,439.00
YuntouYudean
Zhanjiang Power 2,185,334,400.00 2,185,334,400.00
143
广东电力发展股份有限公司 2015 年半年度报告全文
Guangdong Yujia
701,279,338.00 69,600,000.00 631,679,338.00 455,584,267.00
Power
Guangdong
856,694,674.00 297,000,000.00 1,153,694,674.00
Shaoguan Yuejiang
Maoming
595,005,970.00 595,005,970.00
Zhenneng
Guangdong
Yudean Jinghai 1,930,395,668.00 1,930,395,668.00
Power
Guangdong
Yudean
242,277,000.00 242,277,000.00
Zhangjiang Wind
Power
Guangdong
20,000,000.00 20,000,000.00
Yudean Anxin
Guangdong
90,000,000.00 90,000,000.00
Humen Power
Zhangjiang
1,150,248,115.00 1,150,248,115.00
Zhongyue Enerty
Guangdong
Yudean Bohe 1,385,000,000.00 300,000,000.00 1,685,000,000.00
Electric
Huizhou Pinghai
720,311,347.00 720,311,347.00
Power
Guangdong
700,000,000.00 200,000,000.00 900,000,000.00
DapuElectric
Guangdong
Yudean Huadu 78,000,000.00 78,000,000.00
Natural Gas
Guangdong Wind
487,359,390.00 55,000,000.00 542,359,390.00
Power
Guangdong
Leizhou Wind 0.00 80,800,000.00 80,800,000.00
Power
Guangdong
Yudean Qujie 0.00 60,000,000.00 60,000,000.00
Wind Power
15,560,929,157.0 16,911,818,596.0
Total 1,420,489,439.00 69,600,000.00 455,584,267.00
0 0
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广东电力发展股份有限公司 2015 年半年度报告全文
（2）Investment in joint ventures and associates
In RMB
Increase/decrease in this period
Balance
Announce
Investme of the
Increase Decrease Other d for Provision
Name of Beginnin nt income Other End of provision
in in comprehe distributin for
investee g of term under changes Other term on for
investmen investmen nsive g cash impairme
equity in eqiuty impairme
t t income dividend nt
method nt
or profit
I.Joint venture
Guangdo
ng Power 597,811,3 43,461,24 -74,772,2 566,500,3
Industry 76.00 1.00 53.00 64.00
Fuel
597,811,3 227,046,1 -221,275, 43,461,24 -74,772,2 566,500,3
Subtotal
76.00 76.00 476.00 1.00 53.00 64.00
II. Associatesd
Yangshan
Jiangken
5,867,441 5,967,213
g 99,772.00
.00 .00
Hydropo
wer
Yangshan
7,847,994 356,006.0 8,204,000
Zhongxi
.00 0 .00
nkeng
Yudean
West 256,008,4 5,459,077 261,467,5
Investm 51.00 .00 28.00
ent
Guangdo
ng 945,671,3 3,517,351 -15,835,3 933,353,4
Yudean 63.00 .00 00.00 14.00
Shipping
Weixin
Yuntou 617,225,8 -221,275, -4,315,85 391,634,5
Yudean 72.00 476.00 9.00 37.00
Zhaxi
Shanxi
869,294,1 33,771,48 903,065,6
Yudean
93.00 8.00 81.00
Enerty
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Guangdo
ng 648,047,1 48,938,78 -57,535,4 639,450,5
Yudean 85.00 2.00 62.00 05.00
Finance
Yunnan
Baoshan 205,634,4 -11,177,9 194,456,5
Binlangj 75.00 75.00 00.00
iang
Guangdo
ng
Guohua
2,208,688 193,221,8 -74,772,2 2,401,910
Taishan
,289.00 44.00 53.00 ,133.00
Power
Generatio
n
Linchang
184,436,9 227,046,1 193,221,8 -411,483,
Yundou 0.00
52.00 76.00 44.00 128.00
Yudean
5,948,722 227,046,1 -221,275, 269,870,4 -73,370,7 -411,483, 5,739,509
Subtotal
,215.00 76.00 476.00 86.00 62.00 128.00 ,511.00
6,546,533 227,046,1 -221,275, 313,331,7 -148,143, -411,483, 6,306,009
Total
,591.00 76.00 476.00 27.00 015.00 128.00 ,875.00
（3）Other
4. Business income, Business cost
In RMB
Amount of current period Amount of previous period
Items
Income Cost Income Cost
Main business 1,082,635,623.00 761,750,894.00 1,328,220,705.00 1,016,529,956.00
Other business 15,030,991.00 7,210,918.00 8,122,383.00 4,437,462.00
Total 1,097,666,614.00 768,961,812.00 1,336,343,088.00 1,020,967,418.00
Notes：
5. Investment income
（1）Income from investment
In RMB
Items Amount of current period Amount of previous period
Income from long-term equity investment 1,608,008,961.00 1,843,773,960.00
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广东电力发展股份有限公司 2015 年半年度报告全文
measured by adopting the cost method
Income from long-term equity investment
313,331,726.00 336,254,319.00
measured by adopting the Equity method
Investment gain on disposal of long-term
124,283,835.00
eqiuty invest
Hold the investment income during from
2,400,000.00 14,962,500.00
available-for-sale financial assets
Entrust Loan interest income 24,636,833.00 12,651,008.00
Other -1,512,486.00 -1,557,751.00
Total 2,071,148,869.00 2,206,084,036.00
6.Other
XVII. Supplement information
1. Particulars about current non-recurring gains and loss
√ Applicable □ Not applicable
In RMB
Items Amount Notes
Gains/losses from the disposal of Mainly for oil shale Company’s equity
130,702,830.00
non-current asset disposal profits
Governmental subsidy calculated into
current gains and loess（while closely related
with the normal business of the Company,
3,437,316.00
excluding the fixed-amount or
fixed-proportion governmental subsidy
according to the unified national standard）
Gains and losses from exchange of
21,977,012.00
non-monetary assets
Other non-operating income and expenditure
1,580,392.00
except for the aforementioned items
Enterprises can control the invested party
under the different control due to
additional investment and other reasons. In
the consolidated financial statements,
Other non-business income and expenditures
49,276,222.00 enterprise should carry on re measurement
other than the above
in accordance with the fair value of the
equity which held by the acquiree before
the purchase date. The difference between
the fair value and the value of the accounts
147
广东电力发展股份有限公司 2015 年半年度报告全文
should be accounted into the current
investment income.
Less：Influence amount of income tax 1,161,738.00
Influenced amount of minor shareholders’
1,193,541.00
equity
Total 204,618,493.00 --
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
2. Return on net asset and earnngs per share
Earningspershare
Profitofreportperiod Weightedaverageretureoneqiuty(%) Basicearningspershare(R Diluted eqrnings per
MB/share） share(RMB/share)
Net profit attributable to the
Common stock shareholders of 7.73% 0.33 0.33
Company.
Net profit attributable to the
Common stock shareholders of
6.81% 0.29 0.29
Company after deducting of
non-recurring gain/loss.
3.The differences between domestic and international accounting standards
（1）Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed in the financial
reports of differences in net income and net assets.
√ Applicable □ Not applicable
In RMB
Net profit Net assets
Amount in the reporting Amount in the previous End of the reporting Beginning of the
period period period reporting period
According to CAS 1,720,995,015.00 1,644,460,546.00 22,350,256,396.00 21,310,054,597.00
Items and amount adjusted according to IAS
Land use right
amortization
The difference arising
64,623,000.00 64,623,000.00
from recognition of
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广东电力发展股份有限公司 2015 年半年度报告全文
goodwill after merger of
enterprises under the same
control
Difference arising
fromrecognition of land
-315,000.00 -315,000.00 19,805,000.00 20,120,000.00
use value after enterprise
merger
Influence on minority
27,060.00 27,060.00 4,620,799.00 4,593,739.00
interests
According to IAS 1,720,707,075.00 1,643,311,165.00 22,439,305,195.00 21,399,391,336.00
(2) Discrepancy in net profit and net assets as disclosed in the financial report respectively according to the accounting
standards outside Mainland China and CAS
□ Applicable √ Not Applicable
(3) Note to the discrepancy in accounting data under the accounting standards outside Mainland China. In case the
discrepancy in data which have been audited by an overseas auditing agent has been adjusted, please specify the name of the
overseas auditing agent.
a. 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.
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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).
150
