Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
GUANGDONG ELECTRIC POWER
DEVELOPMENT CO., LTD
The Semi-annual Report 2018
August 2018
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
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.
Mr.Wang Jin, The Company leader, Mr. Liu Wei, Chief financial officer and the Mr.Meng Fei, 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.
Directors other than the following ones have attended the Board meeting to review the interim report.
Name of absent director Position of absent director Reason Name of proxy
Rao Subo Director Due to busniess Zheng Yunpeng
Wen Lianhe Director Due to busniess Zheng Yunpeng
Wen Shufei Director Due to busniess Li Fangji
Chen Ze Director Due to busniess Wang Jin
Chen Changlai Director Due to busniess Wang Jin
Zhang Xueqiu Director Due to busniess Ma Xiaoqian
Shen Hongtao Independent Director Due to busniess Sha Qilin
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. Investors and stakeholders should all maintain sufficient
awareness of risks for this and understand the differences between plans, forecasts and commitments.
The Company is mainly engaged in thermal power generation. The business of thermal power generation is
greatly affected by factors including electric power demand and fuel price. Refer to Section X(4) of Chapter 4 of
this annual report-situation faced and countermeasures for relevant information.
The Company Will not distribute cash dividend or bonus shares, neither capitalizing of common reserves for the
report period.
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Table of Contents
2017 Semi- Annual Report
I. Important Notice and Definitions
II. Corporate Profile and Key Financial Results
III. Business Profile
IV. Performance Discussion and Analysis
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. Corporate Bonds.
X.Financial Report
XI. Documents available for inspection
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
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.
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.
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.
Electric Power Sales Company Refers to Guangdong Yudean Electric Power Sales Co., Ltd.
Weixin Yuntou Refers to Weixin Yuntou Yudean Zhaxi Energy Co., Ltd.
Yunnan Baoshan Binlangjiang Hydroelectricity Development Co.,
Binglang Jiang Company Refers to
Ltd.
Yongan Natural Gas Company Refers to Guangdong Yudean Yongan Natural Gas Thermal Power Co., Ltd.
Tongdao Wind Power Company Refers to Tongdao Yuexin Wind Power Generation Co., Ltd.
Insurance Captive Company Refers to Guangdong Yudean Property Insurance Captive Co., Ltd.
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
II. Corporate Profile and Key Financial Results
I.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 Wang Jin
Ⅱ.Contact person and contact manner
Board secretary Securities affairs Representative
Name Liu Wei Qin Xiao
35F, South Tower, Yudean Plaza, No.2 36/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 qinxiao@ged.com.cn
III. Other info.
1. Way of contact
Whether registrations address, offices address and codes as well as website and email of the Company changed in
reporting period or not
□ Applicable √ Not applicable
Registrations address, offices address and codes as well as website and email of the Company has no change in
reporting period, found more details in annual report 2017.
2. Information inquiry
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
None of the official presses, website, and place of enquiry has been changed in the semi report period. For details
please find the Annual Report 2017.
IV.Summary of Accounting data and Financial index
May the Company make retroactive adjustment or restatement of the accounting data of the previous years
□ Yes √ No
Reporting period Same period of last year YoY+/-（%）
Operating income（yuan） 13,894,985,179 12,385,486,577 12.19%
Net profit attributable to the shareholders
448,833,518 128,735,725 248.65%
of the listed company（yuan）
Net profit after deducting of non-recurring
413,141,718 156,802,731 163.48%
gain/loss attributable to the shareholders of
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
listed company（yuan）
Cash flow generated by business operation,
3,795,532,708 1,578,925,284 140.39%
net（yuan）
Basic earning per share(yuan/Share) 0.0855 0.0245 248.98%
Diluted gains per share(yuan/Share) 0.0855 0.0245 248.98%
Weighted average income/asset ratio（%） 1.88% 0.55% 1.33%
As at the end of the
As at the end of last year YoY+/-（%）
reporting period
Gross assets（yuan） 72,817,272,539 71,007,415,323 2.55%
Shareholders’ equity attributable to
23,677,112,778 23,695,190,653 -0.08%
shareholders of the listed company（yuan）
V.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 448,833,518 128,735,725 23,677,112,778 23,695,190,653
Items and amount adjusted according to IAS
The difference arising from
recognition of goodwill after
64,623,000 64,623,000
merger of enterprises under
the same control
Difference arising from
recognition of land use value -315,000 -315,000 17,915,000 18,230,000
after enterprise merger
Influence on minority interests 27,060 27,060 4,783,159 4,756,099
Accouding to IAS 448,545,578 128,447,785 23,764,433,937 23,782,799,752
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese
accounting standards.
□ Applicable √Not applicable
The Company had no difference of the net profit or net assets disclosed in financial report, under either foreign
accounting rules or Chinese GAAP(Generally Accepted Accounting Principles) in the period.
3.Note to the Difference in the Accounting Data based on the Accounting Standards of CAS and IAS.
√ Applicable □ Not applicable
(a) 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
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
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.
(b) Influence on minority interests
Housing reform loss occurred to the Company and some holding subsidiaries. Therefore, there’s some
influence on minority interests.
VI.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
388,507
for which assets impairment provision is made)
The sales company received a
Govemment subsidy recognized in current gain and
reward of RMB 9.99 million
loss(excluding those closely related to the Company’s business 12,471,031
from the Nansha government
and granted under the state’s policies)
headquarters.
Effect on current gains/losses when a one-off adjustment is make
-395,966
tocurent gains/losses according to requirements of taxation.
Zhanjiang Wind Power Company
received insurance compensation
Other non-business income and expenditures other than the above 51,190,544
for typhoon Tyson for a total of
RMB 45.4585 million.
Less: Amount of influence of income tax 16,012,521
Influenced amount of minor shareholders’ equity (after tax) 11,949,795
Total 35,691,800 --
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/items as defined by the information
disclosure explanatory Announcement No.1- Non –recurring gain/loss in the report period.
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
III. Business Profile
Ⅰ.Main Business the Company is Engaged in During the Report Period
Whether the company needs to comply with the disclosure requirements of the particular industry
No
We are mainly occupied in investment, construction and management of electric power projects. We have been
upholding “electricity-oriented, pluralistic development”, with power as the mainstay and diversified structure of
power source. With the exception of development, construction and operation of large-scale coal-burning
power-generating plants, we also set our feet on clean energy projects like LNG power generation, wind power
generation and hydroelectric generation, which are reliably transmitted to innumerable users through power-grid
companies. As of June 30,2018, the controllable installed capacity is 20.66 million KW, where the controllable
installed capacity of coal-burning power generation, LNG generation and renewable energy generation like wind
power and hydropower is 17.35 million KW, 2.8 million KW and 510，000 KW respectively.
Income source is primarily contributed by power production and sales, and main business income is derived from
Guangdong Province. The company electricity sales price is subject to the benchmark price verified by the price
authority per relevant policies based on National Development and Reform Commission (NDRC) and the
electricity transaction price through the market trade implementation per Guangdong Electricity Market Trade
Basic Rules and supporting files. In the reporting period, the electricity sold is 36.311 billion KWH, 4.065 billion
KWH YoY increase; average price stated in the consolidated statements is 439.58 Yuan/ Thousand KWH (tax
inclusive, the same below), YoY drop of 4.81 Yuan/ Thousand KWH；the total operating income was RMB 13,894.9852
million, an increase of RMB 1,509.4986 million or an increase of 12.19% YOY.
The company's business is dominated by coal-fired power generation, and the fuel costs account for a large portion
of operating costs, thus the fluctuations in coal prices have a significant impact on the company's operating
performance. During the reporting period, affected by the increase in power generation and the continuous increase
in coal prices, the company’s fuel costs were RMB 9254.2627 million, which accounted for 76% of the main
business costs, an increase of RMB 1290.539 million or an increase of 16.21%, Unit fuel costs rose by 3.4%
year-on-year.
During the reporting period, the company's profitability improved significantly year-on-year due to the continued
tightness of the power balance, the optimization of the depreciation period of fixed assets and the better
profitability of the associates，Realizing net profit attributable to shareholders of the parent company of RMB
448.8335 million , a year-on-year increase of 248.65%; and the earnings per share was 0.0855 yuan.
Ⅱ.Major Changes in Main Assets
1.Major Changes in Main Assets
Main assets Major changes
Equity assets No major changes
Fixed assets No major changes
Intangible assets No major changes
Construction in process No major changes
2. Main Conditions of Overseas Assets
□ Applicable √ Not applicable
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Ⅲ. Analysis On core Competitiveness
Whether the company needs to comply with the disclosure requirements of the particular industry
No
1. Regional power-generating company with installed capacity expanded in a stage-based and leap-frog way
The power-generating assets are mainly distributed in Guangdong. Major assets reorganization realized since
2012 has given great impetus to power-generating installed capacity. As of the end of the reporting period, the
controllable installed capacity that the company has put into operation is 20.66 million kilowatts, accounting for
about 17% of the united installed scale of capacity in Guangdong Province.
2. Yudean Group has oriented our company as a sole listed platform for domestic power-generating assets
integration
We are the shareholder of Yudean Group, one of the biggest power-generating groups in south China, which takes
advantage of its source, assets scale, to give sustaining support to our company’s advancement and expansion. It
has oriented us as a sole listed platform for domestic power-generating assets integration. We are endowed with a
priority offered by it in power source development, asset acquisition.
3. State-of-the-art unit performance built on implementation of the energy-saving dispatching policy
By virtue of high parameters, large capacity, nice efficiency, low coal consumption, reliable operation and
environmental protection, our thermal power generating unit units are given priority in energy-saving dispatching.
As a result, our units are more competitive in on-grid price.
4. Stepwise optimization of industrial structure and power source structure
The 13th Five-Year Plan of the Company specified the overall strategy of taking power generation as the core
business, optimizing the development of coal-fired power, steadily developing gas power, vigorously developing
clean energy such as wind power and hydropower, continuously optimizing the power supply structure, and heading
to an efficient, clean and low-carbon road. In the first half of 2018, there were newly-added 300,000 kilowatts of
offshore wind power projects of the company obtained the approval, besides a number of gas and wind power
projects have been under construction. and a number of gas and wind power projects are under construction and
will be put into production successively from 2018 to 2020. According to the overall goal of the company's "13th
Five-Year Plan", it will strive to increase the proportion of clean energy from the current about 15% (including
natural gas power generation) to about 29% (including natural gas power generation) in the end of "13th
Five-Year Plan".
5. Experienced management, sophisticated production technology
Administrators and technical experts are veterans in operation and management of power plants, and key staff
have years of practical experience in the power sector. We have invested enormous efforts to the standard of
management, intensifying management and paying high priority to launch energy-conserving and
consumption-reducing programs. Finally, coal consumption on thermal power units is declining year by year in
return for these efforts.
6. Hold fast to the opportunity of “electric price reform”, To realize the transformation from a power generation
enterprise to an energy comprehensive service enterprise.
In July 2015, we established a wholly-funded electric marketing company, aiming at competing with electricity
marketing, sharing dividend from “electric price reform”, The electricity sales company has already accumulated
plenty of clients based on the power generation enterprises. The company will continue promoting the electricity
sales business vigorously, adopt positive measures subject to relevant polices of the national power system
reformation for expanding the power distribution and sales business and comprehensive energy services and
cultivating the new profit increase points.
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
IV. Management’s Discussion and Analysis
Ⅰ.General
During the reporting period, the electricity consumption of the whole society in Guangdong Province was
293.05 billion kwh, an increase of 9.3% YOY, so the growth rate continued to rise. The West-to-east electricity
transmission was 9.27 billion kwh,（The new units in the province are put into production totaling 1.219 million
KWH） the nuclear power and gas power will be increased by 0.6% and 4.8% respectively.the hydropower of the
province fell by 38.7%，the average utilization hours for the company holding coal-fired units are 2214 hours
increased by 255 hours on year-on-year basis.
During the reporting period, thanks to the continuous tightening of power balance, the optimization and
adjustment of fixed assets depreciation period, as well as the better profitability of associates, the company's
profitability has been significantly improved year on year.As of June 2018, the total assets of the Company by
consolidated statements amounted to RMB 72.817 billion, an increase of 2.55% YOY; and the interests
attributable to shareholders of the parent company was RMB 23.676 billion, an decrease of 0.08% YOY. The
company achieved the operating income by consolidated statements of RMB 13.895 billion, an increase of
12.19% YOY; the net profit attributable to shareholders of the parent company was RMB 448 million, a YOY
increase of 248.65%; the earnings per share was RMB 0.0853. The company's liabilities by consolidated
statements totaled to RMB 43.308 billion, with that the asset-liability ratio was 59.48%.
In 2018, the scale of power market transactions in Guangdong Province is expected to reach 160 billion kWh,
accounting for 40% of the province's power generation, up 45% year-on-year, and the transaction scale continues
to expand. The company continues to strengthen marketing, strive for the base electricity, and compete for market
electricity. The subordinate power plants sign a bilateral negotiation transacted electricity quantity of 25.38 billion
kWh, accounting for 23% of the size of the similar market; the market bidding electricity is 4.95 billion kWh,
accounting for 22% of the size of the similar market; the electricity sold by the subsidiary companies accounts for
13.72% of the size of the similar trading market, which continues to stay ahead. The company insists on
carrying out monthly business analysis and benchmarking analysis of technical and economic indicators, insists
on the early warning mechanism for the completion of important indicators, monitors the operation of subordinate
power plants, and urges units with large indicator deviations to propose and implement improvement measures;
meanwhile, for the main business elements, conducts special analysis of electricity and coal consumption,
etc.from time to time, and optimizes business methods. The company actively responds to the tight balance of the
capital market, makes overall planning, and rationally allocates. In the first half of the year, it successfully
registered 4 billion yuan of super & short-term financing and 5 billion yuan of medium-term notes issuing amount
in the Bank of China Market Dealers Association, and under the very tight market funding circumstance, it issued
a super & short-term financing of 500 million yuan at an interest rate of 4.25%.
According to the “Thirteenth Five-Year Development Planning Report” reviewed and approved by the Board of
Directors, the company adheres to the development direction of clean energy. During the reporting period, the
newly added 300,000 kw offshore wind-power project was approved, and the #4 unit (460,000 kW) of Huizhou
Natural Gas Cogeneration Expansion Project and the Zhanjiang Qujie Wind Power Project (49,500 kW) under
holding and construction by the company were put into operation. Some natural gas projects, wind power projects
and other clean energy projects under key construction by the company have been steadily advanced. Among
them, 25 wind turbines in the Shibanling wind power project in Zhanjiang have been hoisted, and 14 wind
turbines are connected to the grid; the #5 and #6 units of Huizhou Natural Gas Cogeneration Expansion Project is
also scheduled to be put into production during the year.
2.Main business analysis
Refer to relevant contents of “1.Summarization” in “Discussion and Analysis of Management”.
Changes in the financial data
In RMB
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
YOY change
This report period Same period last year Cause change
（%）
Operating income 13,894,985,179 12,385,486,577 12.19%
Operating cost 12,200,856,427 11,126,689,991 9.65%
In order to grasp the opportunity of
power market reform, the company
strengthened its investment in the
Sale expenses 10,316,130 2,788,458 269.96%
power market marketing business, so
the sales expenses increased
significantly year-on-year..
Administrative expenses 271,706,884 285,963,326 -4.99%
Financial expenses 631,118,798 637,643,570 -1.02%
As the profitability of this year has
increased significantly compared with
Income tax expenses 307,767,578 148,691,823 106.98% the same period of the previous year,
the income tax expenses have
increased significantly.
Due to the reduction of some R&D
projects this year, R&D income has
R & D Investment 2,238,543 4,001,008 -44.05%
decreased compared with the same
period of the previous year..
Due to the increase in electricity
consumption and the transfer of power
Cash flow generated by generation rights from some of the
3,795,532,708 1,578,925,284 140.39%
business operation, net loss-making power plants, the cash
flow from operating activities
increased..
Net cash flow generated
-1,699,538,040 -1,328,116,995 -27.97%
by investment
Due to the repayment of the company's
Net cash flow generated
-1,163,991,471 -538,938,738 115.98% debt principal and interest of RMB
by financing
1.217 billion this year.
Mainly due to the increase in
electricity, the transfer of power
Net increasing of cash generation rights from some
932,003,290 -288,130,449
and cash equivalents loss-making power plants, and the
repayment of principal and interest of
corporate bonds this year, etc.
Major changes to the profit structure or sources of the Company in the reporting period
□ Applicable √Not applicable
Nil
Breakdown of main business
In RMB
Increase/decrease of Increase/decrease
Increase/decrease of
principal business of gross profit rate
Operating Gross profit reverse in the same
operating costs cost over the same over the same
revenue rate(%) period of the
period of previous period of the
previous year(%)
year (%) previous year (%)
Industry
Electric power ,
13,769,537,895 12,199,733,160 11.40% 11.94% 9.75% 1.77%
Steam sales and
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
labor income
Products
Electric power ,
Steam sales and 13,769,537,895 12,199,733,160 11.40% 11.94% 9.75% 1.77%
labor income
Area
Guangdong 13,745,181,105 12,174,075,316 11.43% 11.84% 9.58% 1.83%
Yunnan 24,356,790 25,657,843 -5.34% 107.34% 277.35% -47.46%
III.Non-core business analysis
□ Applicable √Not applicable
IV.Analysis of assets and liabilities
1.Significant changes in asset composition
In RMB
End of Reporting period End of same period of last year
As a percentage As a percentage Change in Reason for significant
Amount of total Amount of total percentage(%) change
assets(%) assets(%)
Monetary fund 5,928,583,780 8.14% 4,896,743,201 6.97% 1.17%
Accounts
2,904,469,301 3.99% 2,827,797,598 4.03% -0.04%
receivable
Inventories 2,006,400,069 2.76% 1,662,109,165 2.37% 0.39%
Real estate
7,978,840 0.01% 8,614,438 0.01% 0%
Investment
Long-term equity
5,926,328,997 8.14% 5,686,638,558 8.10% 0.04%
investment
Fixed assets 40,052,143,800 55 % 40,224,030,838 57.27% -2.27%
Construction in
9,122,852,147 12.53% 7,137,424,507 10.16% 2.37%
process
Short-term loans 10,035,000,000 13.78% 9,565,000,000 13.62% 0.16%
Long-term loans 18,349,294,665 25.20% 19,321,368,430 27.51% -2.31%
2.Asset and Liabilities Measured by Fair Value
√ Applicable □Not applicable
In RMB
Gain/loss on
Cumulative fair Impairment Purchased
fair value Sold amount in
Amount at year value change provisions in amount in the Amount at year
Item change in the the reporting
beginning recorded into the reporting reporting end
reporting period
equity period period
period
Financial assets
3.Financial 408,992,985 -62,469,090 91,195,281 346,523,895
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
assets available
for sale
Subtotal of
408,992,985 -62,469,090 91,195,281 346,523,895
financialassets
Total 408,992,985 -62,469,090 91,195,281 346,523,895
Financial
0 0
Liability
Did great change take place in measurement of the principal assets in the reporting period ?
□ Yes √ No
3. Restricted asset rights as of the end of this Reporting Period
(1) Asset mortgage status
As at June 30, 2018, the Company has the accounts receivable with a carrying amount of RMB 247,930,154
(December 31, 2017: RMB 402,847,793), which, together with online sales charging right of several power
generation subsidiaries, was pledged to the bank to obtain long-term borrowings of RMB 3,108,669,173,
including: the long-term borrowings due within one year amounted to RMB304,249,030. The borrowings are
detailed as follows:
As at June 30, 2018, the long-term pledge borrowings of the following subsidiaries were based on their power fee
charging rights and accounts receivable as pledges:
June 30,2018 December 31,2017
Yuejiang Power Generation 2,147,336,405 2,276,504,889
Leizhou Wind Power 48,227,190 188,420,594
Zhanjiang Wind Power 147,705,190 156,465,000
Xuwen Wind Power 74,400,578 77,588,224
Lincang Company 691,000,000
3,108,669,173 2,698,978,707
As at June 30, 2018, the long-term pledge borrowings of the following subsidiaries due within one year were
based on their power fee charging rights and accounts receivable as pledges:
June 30,2018 December 31,2017
Yuejiang Power Generation 269,566,748 180,897,292
Leizhou Wind Power 1,099,615 1,099,615
Zhanjiang Wind Power 17,520,000 17,520,000
Xuwen Wind Power 10,062,668 10,062,668
Lincang Company 6,000,000
304,249,030 209,579,575
(2) Asset mortgage status
As at June 30, 2018, the company has the power generation equipment with a carrying amount of RMB
667,391,617 (original value of RMB 2,562,570,238) (December 31, 2017: carrying amount RMB757,878,678 and
original value RMB 2,562,570,238), which was mortgaged for a long-term borrowing of RMB 85,000,000
(December 31, 2017: RMB 85,000,000). The borrowing is detailed as follows:
The long-term borrowing of Shenzhen Guangqian Power Co., Ltd. (“Guangqian Power”) is RMB 85,000,000
(December 31, 2017: RMB 85,000,000 ) with an interest rate of 4.41% to 4.86% (December 31, 2017: 4.41% to
4.86%).
V.Investment situation
1. General
√ Applicable □ Not applicable
Investment of the period Investment of same period of last year Scale of change
546,000,000 262,000,000 108.40%
13
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
2.Condition of Acquiring Significant Share Right Investment during the Report Period
√Applicable □ Not applicable
In RMB
Gain or Whether
Share Investm Progress up to Anticipa Date of
Name of the Main Investme Investment Capital Product Less or the to Involve
Proport Partner ent Balance Sheet ted Disclosure Disclosure Index
Company Invested Business nt Way Amount Source Type Current in
ion % Horizon Date Income (Note 5)
Investment Lawsuit
The construction
of the Wailuo
Guangdong Announcement
Wind offshore wind
Yudean Qujie No.:2018-16)Published in
Power Newlyes Long-ter Electric power project March
Wind Power 448,000,000 100 % Ownfunds No -- 5,448,294 No China Securities Daily,
generatio tablished m power (Phase I) started 24,2018
Generation Co., Securities Times and
n construction in
Ltd. http//.www.cninfo.com.cn
early July this
year.
Guangdong
The company's Announcement
Guangdong Yudean
various business No.:2018-28)Published in
Yudean Property Property Newlyes Group Long-ter Insuran April
98,000,000 49 % Ownfunds activities are -- 1,586,857 No China Securities Daily,
Insurance Co., Insurance tablished （shareholdi m ce 28,2018
carried out Securities Times and
Ltd. ng ratio：
normally http//.www.cninfo.com.cn
51%）
Total -- -- 546,000,000 -- -- -- -- -- -- 0 7,035,151 -- -- --
3.Situation of the Significant Non-equity Investment Undergoing in the Report Period
□ Applicable √ Not applicable
4.Investment of Financial Asset
（1）Securities investment
√ Applicable □Not applicable
In RMB
Book value
Book value
balance at Changes in Purchase Sale
Stock Initial Mode of Cumulative fair Gain/loss of balance at the
Security Security the fair value of amount in amount in Accountin Source of
Abbreviati investment accounting value changes in the reporting end of the
category code beginning of the this the this the this g items the shares
on: cost measurement equity period reporting
the reporting period period period
period
period
Domestic Financial
000027 Shenzhen 15,890,628 Fair value 76,356,000 -14,112,000 46,353,372 0 0 1,008,000 62,244,000 Own-Fund
and foreign assets
14
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
stocks Energy measurement available s
for sales
Financial
Domestic
Fair value assets Own-Fund
and foreign 600642 Shenergy 235,837,988 325,418,985 -46,647,090 42,933,907 0 0 278,771,895
measurement available s
stocks
for sales
Financial
Domestic
Fair value assets Own-Fund
and foreign 831039 NEEQ 3,600,000 7,218,000 -1,710,000 1,908,000 0 0 270,000 5,508,000
measurement available s
stocks
for sales
Total 255,328,616 -- 408,992,985 -62,469,090 91,195,279 0 0 1,278,000 346,523,895 -- --
Disclosure date for the notice of
approval by the Board (If any)
Disclosure date for the notice of
approval by shareholders’ Meeting (If
any)
（2）Investment in Derivatives
□ Applicable √ Not applicable
Nil
VI. Sales of major assets and equity
1. Sales of major assets
□ Applicable √ Not applicable
The Company had no sales of major assets in the reporting period.
2.Sales of major equity
□ Applicable √ Not applicable
15
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Ⅶ.Analysis of the Main Share Holding Companies and Share Participating Companies
√ Applicable □ Not applicable
Situation of Main Subsidiaries and the Joint-stock Company with over 10% net profit influencing to the Company
In RMB
Company Main Registered
Type Total assets Net assets Turnover Operating profit Net Profit
name business capital
Guangdong Power
Huizhou generation
Pinghai Power Subsidiary and power 1,370,000,000 6,111,071,236 2,148,628,831 1,859,200,437 384,290,932 283,060,847
Generation station
Plant Co., Ltd. construction.
Shanxi
Yudean Sharing Coal
1,000,000,000 3,563,660,273 3,318,386,995 786,668 277,283,881 277,283,881
Energy Co., company Investment
Ltd.
Guangdong
Yudean Sharing financial
2,000,000,000 20,873,857,339 2,747,578,134 353,187,954 280,706,643 226,957,586
Finance Co., Company service
Ltd.
Guangdong
Power
Huizhou
generation
Natural gas
Subsidiary and power 1,301,296,300 3,829,081,435 1,721,580,900 819,208,378 210,381,321 157,838,111
Power
station
Generation
construction.
Co., Ltd.
Guangdong Power
Red Bay generation
Power Subsidiary and power 2,749,750,000 7,013,700,026 3,245,943,612 2,130,697,649 179,266,096 133,881,934
Generation station
Co., Ltd. construction.
Power
Shenzhen
generation
Guangqian
Subsidiary and power 1,030,292,500 2,225,434,956 1,411,615,869 704,566,725 140,746,307 105,669,017
Electric Power
station
Co., Ltd.
construction.
Power
Zhanjiang generation
Electric Power Subsidiary and power 2,875,440,000 4,484,294,981 4,037,858,393 1,078,438,774 128,458,223 96,981,054
Co., Ltd. station
construction.
Guangdong Power
Yudean generation
Jinghai Power Subsidiary and power 2,919,272,000 9,595,441,359 3,480,674,608 2,554,248,635 119,987,177 89,849,281
Generation station
Co., Ltd. construction.
Guangdong
Power
Guohua
Sharing generation
Taishan Power 4,669,500,000 12,045,163,615 7,938,249,598 4,256,108,141 668,133,944 498,549,464
Company and power
Generation
station
Co., Ltd.
Zhanjiang Power
Subsidiary 1,454,300,000 5,080,559,073 980,510,057 744,203,000 -82,000,764 -56,930,670
Zhongyue generation
16
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Energy Co., and power
Ltd. station
Guangdong
Power
Yudean Dapu
generation
Power Subsidiary 1,000,000,000 4,812,962,877 889,268,786 596,623,588 -87,071,925 -67,568,303
and power
Generation
station
Co., Ltd.
Guangdong
Power
Shaoguan
generation
Yuejiang
Subsidiary and power 1,400,000,000 7,453,255,220 644,015,820 1,215,847,172 -134,742,255 -136,937,868
Power
station
Generation
construction.
Co., Ltd.
Acquirement and disposal of subsidiaries in the Reporting period
√ Applicable □ Not applicable
Way of acquiring and disposing of
Impact on the whole producing operation
Company name subsidiary corporations within the
and performance
reporting period
Guangdong Yudean Zhencheng Energy No actual operation has been carried out
Invested
Co., Ltd. yet in reporting period.
Notes
1. During the reporting period, due to the recovery of demand for electricity from the society, the company's
on-grid electricity increased, and the joint ventures and associates also had better profitability. At the same time,
due to the adjustment of the depreciation period of some fixed assets from June of last year, the company's
operating results in the first half of 2018 improved year-on-year; however, due to the continued high coal prices,
the company's subordinate coal-fired power plants are generally at a low profit level, and some of them, such as
Yuejiang Company, Zhanjiang Zhongyue and Dapu Company, have had operating losses.
2. The profitability of the Company's clean energy business continued to increase, In the first half of 2018, the net
profit attributable to shareholders of the parent company was RMB 196.25 million, an increase of RMB 108.79
million over the same period of last year, accounting for 43.72%.
3. Affected by the increase in the price of fuel, Shanxi Energy, a share-participating company, gained a large
year-on-year increase in profitability. The company’s investment income from associates rose as a whole during
the reporting period.
VIII．Structured vehicle controlled by the Company
□ Applicable √ Not applicable
IX. Prediction of business performance for January -September 2018
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
X.Risks facing the Company and countermeasures
I.Risks
(I) The uncertainty of market electricity prices is still relatively large
In 2018, the scale of electricity trading in Guangdong market will reach 160 billion kWh, accounting for 40% of
the province's power generation, up 45% year-on-year, of which the scale of bilateral negotiation transactions is
100 billion kWh, and the annual contracted transaction scale is 10 billion kWh, and the monthly centralized
bidding scale is 50 billion kWh. In the first half of the year, the scale of the centralized bidding market was about
22.8 billion kWh, of which the company competed for 4.95 billion kWh. The average price difference of monthly
17
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
concentrated competition transactions was between -46.5 and -36.5Li/kWh. The average on-grid price of the
consolidated statements was 439.58 yuan/thousand kWh, with a decrease of 4.81 yuan / thousand kWh
year-on-year. In the second half of the year, due to fierce competition among power generation companies,
gradual increase in customer market awareness, unit maintenance and other factors, the uncertainty of the price
difference of market transactions will be still large, and the intensity of fierce competition on the power generation
side will have a greater impact on the company's operating performance. .
(II) West-east power transmission and expansion of provincial installations accelerate electricity competition
In June 2018, Western Electric added a DC line (designed capacity of 5 million kilowatts) transmitted from
Northwest Yunnan to Shenzhen, which was put into operation step by step. The transmission capacity increased
greatly, and the highest load reached 36.84 million kilowatts, hit a new record high, up 18.6% year-on-year. At the
same time, due to objective factors such as the peak in the first half of the year, only 2 new units for Central China
electric dispatching network were put into production, and most of the newly put-into-production units will be
concentrated in the second half of the year, including 2×1 million kilowatts units in Jiahu Bay, 1.75 million
kilowatts unit in Taishan Nuclear Power and the units which have strong competitiveness, with energy - saving
scheduling ranking near the top, and this will greatly squeeze the conventional coal machine power generation
space.
(III) The demand for coal in the summer peaks rises again, and the price of coal has room to rebound.
Affected by the coal de-capacity policy, the domestic coal supply and demand situation will continue to be tense
in the second half of the year. In particular, with the gradual recovery of coal demand in the summer peaks and the
impact of extreme weather, short-term demand is strong, and coal price may rebound.
(IV) Debt costs are facing the rising pressure
Under the influence of many factors such as economic “de-leverage”, financial supervision and the US dollar
interest rate hike, the market funds are generally in a tight balance. At the same time, affected by the
“de-capacity” policy, banks and other financial institutions have continued to shrink the amount of credit supply
for overcapacity industries such as coal and electricity, the company’s financing cost and financing difficulty are
rising. In the first half of 2018, the company's comprehensive financing cost was 4.40%, which was 14 basis
points higher than the same period of last year. The incremental financing cost of the subordinate coal-fired power
plants generally increased by 10%-20% in benchmark rates. In May of this year, the super & short-term financing
rate of RMB 500 million was 4.25%, which was increased by 135 and 169 basis points respectively comparing
with the two super & short-term interest rates issued by the Company in 2016.
(V) There is still great uncertainty in the final impact of the retiring of Shajiao A Power Plant on the company.
In February 2018, the company received a “Letter on Printing and Distributing the Work Plan for
Decommissioning and Alternative Power Construction of Shajiao Power Plant” from Guangdong Development
and Reform Commission. According to the work plan, the company's subordinate Shajiao A Power Plant's five
units totaling 1.29 million kilowatts will be gradually phased out between 2019 and 2023, and the construction of
alternative power sources will be implemented simultaneously. At present, relevant matters concerning
decommissioning implementation plan, alternative power supply construction plan, supporting power grid
transformation plan, staff placement and land development are still in the process of research and development,
and there is still great uncertainty on the final impact of the company.
II. Solutions
1. We will grasp the favorable opportunity in basic electricity quantity adjustment of the third quarter of
Guangdong province, and strive for improving the targeted annual electricity quantity. We will scientifically
participate in bidding and the generation right transfer transaction, actively endeavour to possess the share of
electricity and improve the marginal contribution level. We will blend the imported high-sulphur coals in a
reasonable way and lower the cost of fuel purchase. We will increase the stocktaking for coal yards and reduce the
loss of incoming coals. We will strengthen the study and judgement of the electricity market and prepare for the
spot market transactions ahead of schedule.
2.We will continue to insist on business analysis and technical and economic indicator analysis. We will persist in
the early-warning mechanism for the completion situation of important indicators. We will improve the
operational benefits through improving weak links. We will make a good preparation in the financing channels
and a good management in the stock capital for the parent company. We will choose the right time and way to
conduct incremental financing, adjust the structure of stock debt and reduce the debt risk. We will strengthen the
fund supervision for the factories with low operation revenue, and help them solve the financial issues. We will
prevent partial capital risks and ensure the safety of capital.
3.We will continue to pay attention to energy industry and related policies about upstream and downstream
industries as well as the market dynamics. We will actively seek investment opportunities for high-quality projects.
18
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
We will emphasize promoting # 5 Unit and #Unit 6 of cogeneration extension project of natural gas in Huizhou
city, and the wind power project of Shibanling in Zhanjiang city, with total installed capacity of 969,500 kilowatts,
will be put into production. We will strive for the most beneficial construction plan of the power supply to
substitute the retired units of Shajiao A Power Plant.
19
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
V. Important Events
I. Annual General Meeting and Extraordinary Shareholders’ Meetings in the Reporting Period
1.Annual General Meeting
Investor
Convened Disclosure
Meeting Type participation Index to disclosed information
date date
ratio
First Provisional Provisional Announcement No.:2018-09.
January January
Shareholders’ general Shareholders’ 72.87% Published in China Securities Daily, Securiti
29,2018 30,2018
meeting of 2018 general meeting es Times and http//.www.cninfo.com.cn.
Second Provisional Provisional Announcement No.:2018-21.
April
Shareholders’ general Shareholders’ 72.78% April 9,2018 Published in China Securities Daily, Securiti
10,2018
meeting of 2018 general meeting es Times and http//.www.cninfo.com.cn.
Annual Announcement No.:2018-33.
2017 Shareholders’ general June
Shareholders’ 72.80% June 11,2018 Published in China Securities Daily, Securiti
meeting 12,2018
General Meeting es Times and http//.www.cninfo.com.cn.
Third Provisional Provisional Announcement No.:2018-38.
June
Shareholders’ general Shareholders’ 72.65% June 28,2018 Published in China Securities Daily, Securiti
29,2018
meeting of 2018 general meeting es Times and http//.www.cninfo.com.cn.
2. Preferred stockholders restored voting rights to request to convene Provisional Shareholders’ Meeting.
□Applicable√Not applicable
II. Proposal for profit distribution and converting capital Reserve into share actual for the
reporting period
□ Applicable √Not applicable
For the reporting period, the Company plans not to distribute cash dividends or bonus shares or convert capital
reserve into share capital.
III. The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of the
reporting period made by the company, shareholder, actual controller, acquirer, director, supervisor,
senior management personnel and other related parities.
□ Applicable √Not applicable
There are no commitments that the company, shareholders, actual controller, offeror, directors, supervisors, senior
management or other related parties have fulfilled during the reporting period and have not yet fulfilled by the end
of reporting period.
IV. Particulars about engagement and disengagement of CPAs firm
Whether the semi-annual financial report had been audited?
□ Yes √ Not
The semi-annual report was not audited.
V.Explanations given by board of directors and supervisory board regarding “ Modified auditor’s” Issued
by CPAs firm for the reporting period
□ Applicable √ Not applicable
20
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
VI. Explanations given by Board of Directors regarding “ Modified auditor’s Report” Issued for last year
□ Applicable √ Not applicable
VII. Bankruptcy and restructuring
□ Applicable √ Not applicable
No such cases in the reporting period.
VIII. Legal matters
Signifieant lawsuits or arbitrations
□ Applicable √ Not applicable
No such cases in the reporting period.
Other legal matters
√ Applicable □Not applicable
Litigation
Amount Forming Litigation Date Inde
Litigation (arbitration)
involved of the (arbitration) of x of
Basic conditions of litigation (arbitration) (arbitration) judgement
（Ten predicted judgement result disclo discl
progress execution
thousand ） debt and influence sure osure
condition
The company's holding subsidiary, Guangdong Yudean On December
Pinghai Power Plant Co., Ltd, received the “Administrative 28, 2017, the
Punishment Decision” issued by the Guangdong Provincial Guangzhou
Ocean & Fisheries Bureau on November 14, 2016 (No. Maritime As of the end of
019-2016 Yuehai Executive Punishment), and the Court issued the reporting
punishment decision “ordered Pinghai to return the an period, the
illegally occupied sea areas and restore the sea areas to administrative Guangdong
their original state, and sentenced 10 times fines to the use decision, Higher People's
fees of sea areas that shall be imposed within the period of stated “In Court has not yet
that illegally occupied 16.3947 hectares, amounted to accordance heard the case.
RMB 172,144,350.00” for that Pinghai Power Plant carried with the According to the
out the site leveling and bank protection work of Pinghai provisions of “Asset Purchase
power plant without approval and did the reclamation of Article 69 of Agreement by
16.3947 hectares and its behavior violated the provisions the Share Issuance”
of Article 3 of the Law of the People's Republic of China Administrativ signed between
on the Administration of the Use of Sea areas. Based on e Procedure Yudean Group
the audited net profit of RMB 3.238 billion attributable to Law of the and the
17,214.44 No
the shareholders of the parent company in 2015, the People's Company in
amount involved in the above-mentioned administrative Republic of 2012, Yudean
penalty affects the net profit attributable to shareholders of China, the Group shall
the parent company of about 77.4 million-which accounts decision is as compensate the
for 2.39% of the net profit of the most recently audited follows: the Company for the
period. In accordance with the "Accounting Standards for claim of the actual loss
Business Enterprises", the company has included the plaintiff caused by the
above-mentioned fines in the current profit and loss in Guangdong above-said
2016. Pinghai Power Plant disagreed with the punishment Huizhou matter in
measures of the “Administrative Punishment Decision" Pinghai Power accordance with
and applied for administrative reconsideration to the Plant Co., Ltd the result of the
People's Government of Guangdong Province on January was rejected”. matter.
16, 2017 in accordance with Article 6 of the Pinghai Power
"Administrative Reconsideration Law of the People's Plant
Republic of China". On June 16, 2017, the People's disagreed with
Government of Guangdong Province issued a decision on the verdict,
the administrative reconsideration, which stated and lodged an
21
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
“According to the provisions of Item 1 of Paragraph 1 of appeal to the
Article 28 of the Administrative Reconsideration Law of Guangdong
the People's Republic of China, the Administrative Provincial
Punishment Decision (No. 019-2016 Yuehai Executive Higher
Punishment) made by the respondent’s Provincial People's Court
Department of Ocean and Fisheries is maintained.” Pinghai against the
Power Plant disagreed with the aforementioned verdict.
administrative reconsideration decision and filed an
administrative litigation to the Guangzhou Maritime Court
on July 18, 2017.
IX. Punishments and rectifications
□ Applicable √ Not applicable
No such cases in the reporting period.
X. Credit conditions of the Company as well as its Controlling shareholder and actual Controller
□ Applicable √ Not applicable
XI.Equity incentive plans, employee stock ownership plans or other incentive measures for employees
□ Applicable √ Not applicable
No such cases in the reporting period.
XII.Material related transactions
1. Related transactions in connection with daily operation
□ Applicable √ Not applicable
No such cases in the reporting period.
2. Related-party transactions arising from asset acquisition or sold
□Applicable √ Not applicable
No such cases in the reporting period.
3. Related-party transitions with joint investments
□Applicable √ Not applicable
No such cases in the reporting period.
4. Related-party transitions with joint investments
□Applicable √ Not applicable
No such cases in the reporting period.
5. Credits and liabilities with related parties
√ Applicable □Not applicable
（1）2018 daily related transactions were carried out after examination and approval by 2018 Second provisional
shareholders' general meeting. Refer to (5) Related transactions of XII. Relationship between related parties and
22
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
the transactions between them of the Financial Report of this report for details.
(2) The Proposal on the Financial Services such as Making the Application of the Total Loan Limit of RMB 17
Billion and Handling the Deposit Settlement to the Related Party- Guangdong Yudean Finance Co., Ltd by the
Company and Some of its Subsidiaries was approved in the company’s 2017 annual general shareholder meeting
for implementation.
（3）According to the statement of the controlling shareholder, Yudean Group Co., Ltd on promising to fulfill the
relevant matters, in order to avoid horizontal competition and fulfill the promise of horizontal competition, the
Company signed Stock Trusteeship Agreement with Yudean Group, wherein the shareholder's rights within the
trusteeship range, except the ownership, right of earning and right of disposition, will be trusted to the Company,
where the Company will be charged by 2,450,000 yuan per year, and which has been examined and approved by
the 2nd meeting of the 9th board of directors of the Company.
（4）In order to effectively protect the property value of power generation equipment, reduce the risk cost,
enhance the level of risk management and controlling and ensure the smooth progress of production and operation
activities, the company signed "Insurance Cooperation Framework Agreement" with Yudean Property Insurance
Self-Insurance Co., Ltd., the related party, wherein the self-insurance company provides the Company and the
controlling subsidiary with insurance service and risk management service. The total scale of fees shall not exceed
RMB 400 million yuan within the term of the agreement, and which has been examined and approved by the 2nd
meeting of the 9th board of directors of the Company.
（5）In order to further enhance the ability of the self-insurance company in undertaking insurance business and
strengthen the enterprise's ability to resist risks. The Company, with Yudean Group, the related party, jointly added
capital to the self-insurance company, wherein the Company will add capital of 98 million yuan according to the
49% equity ratio, and which has been examined and approved by the shareholders' meeting in 2017.
Website for temporary disclosure of the connected transaction
Announcement Date of disclosure Website for disclosure
Announcement on Related Transactions with Guangdong Yudean
Property Insurance Captive Co., Ltd . Signing of the Insurance January 13,2018 http//www.cninfo.com.cn.
Cooperation Framework Agreement
Announcement on Related Transaction with Guangdong Yudean
Group Co., Ltd. Signing of the Energy Entrusting trusteeship January 13,2018 http//www.cninfo.com.cn.
Agreement
Estimates announcement of the Daily Related Party Transactions of
March 24,2018 http//www.cninfo.com.cn.
2018
Announcement on the related party Transactions of Guangdong
Electric Power Development Co., Ltd. with Guangdong Yudean April 28,2018 http//www.cninfo.com.cn.
Finance Co., Ltd.
Announcement on Related Party Transactions to Add Capital to
April 28,2018 http//www.cninfo.com.cn.
Guangdong Yudean Property Insurance Captive Co., Ltd.
XIII. 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.
XIV. Significant contracts and execution
1.Entrustments, contracting and leasing
(1) Trusteeship
√ Applicable □Not applicable
Statement of Trusteeship Situation :
23
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
According to the statement of Yudean Group on fulfilling relevant matters, and to avoid the horizontal competition
and fulfill the relevant commitment of the horizontal competition, the Company signed Stock Trusteeship
Agreement with Yudean Group, wherein the shareholder's rights within the trusteeship range, except the
ownership, right of earning and right of disposition, will be trusted to the Company, which is predicted to charge
245,000 yuan as trustee fee per year. See details at the " Related Transaction Announcement on Stock Trusteeship
Agreement signed with Yudean Group Co., Ltd." published by the Company in China Securities Daily, Securities
Times and http://www.cninfo.com.cn on January 13, 2018(Announcement No.2018-04).
Gains/losses to the Company from projects that reached over 10% in total profit of the Company in reporting
period
□Applicable √ Not applicable
No gains or losses to the Company from projects that reached over 10% in total profit of the Company in
reporting period
(2) Contract
□ Applicable √ Not applicable
No any contract for the Company in the reporting period.
(3) Lease
□Applicable √ Not applicable
No any lease for the Company in the reporting period..
2.Guarantees
√Applicable □ Not applicable
（1）Guarantees
Ten thousand
External Guarantee (Exclude controlled subsidiaries)
Relevant Guarantee
Date of Complete
disclosure Actual for
Amount of happening (Date Guarantee Guarantee implement
Name of the Company date/No. of the mount of associated
Guarantee of signing type term ation or
guaranteed guarantee parties (Yes
agreement) not
amount or no)
Yunnan Baoshan
Guaranteei
Binlangjiang December
May 24,2007 4,350 2,320 ng of joint 15 Years No No
Hydroelectricity 19,2007
liabilities.
Development Co., Ltd.
Yunnan Baoshan
Guaranteei
Binlangjiang December November
4,350 696 ng of joint 15 years No No
Hydroelectricity 19,2007 30,2007
liabilities.
Development Co., Ltd.
Yunnan Baoshan
Guaranteei
Binlangjiang November November
7,250 58 ng of joint 15 years No No
Hydroelectricity 12,2008 14,2008
liabilities.
Development Co., Ltd.
Yunnan Baoshan Guaranteei
Binlangjiang May 27,2009 9,367 June 22,2009 5,887 ng of joint 15 years No No
Hydroelectricity liabilities.
24
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Development Co., Ltd.
Yunnan Baoshan
Guaranteei
Binlangjiang
May 27,2009 7,250 May 27,2009 2,175 ng of joint 15 years No No
Hydroelectricity
liabilities.
Development Co., Ltd.
Total actually amount
Total amount of approved external guarantee of external guarantee
-1,131
in the report period(A1) in the report
period(A2)
Total actually amount
Total amount of approved external guarantee of external guarantee
190,835 11,136
at the end of the report period(A3) at the end of the report
period(A4)
Guarantee of the company for its subsidiaries
Related Complete Guarantee
Date of Actually
Name of the announcem Amount of Guarantee Guarante impleme for related
happening(date of guarantee
company guaranteed ent date guarantee type e term ntation or party(yes or
signing agreement) amount
and no. not no)
Guarantee
Zhanjiang Wind
April ing of
Power Generation 18,571.7 October 9,2010 7,440 18 years No No
29,2009 joint
Co., Ltd.
liabilities.
Guangdong Guarantee
Shaoguan Yuejiang November ing of
9,000 January 28,2014 3,510 7 years No No
Power Generation 16,2013 joint
Co., Ltd. liabilities.
Guangdong Guarantee
Shaoguan Yuejiang November ing of
8,100 January 29,2014 2,610 7 years No No
Power Generation 16,2013 joint
Co., Ltd liabilities.
Total of guarantee for Total of actual guarantee
subsidiaries approved in the for subsidiaries in the -1,799
period(B1) period (B2)
Total of guarantee for Total of actual guarantee
subsidiaries approved at 141,536 for subsidiaries at 14,240
period-end(B3) period-end(B4)
Guarantee of the subsidiaries for the controlling subsidiaries
Relevant
Date of Complete Guarantee
disclosure
Name of the Amount happening Actual implemen for
date/No. of Guarantee Guarantee
Company of (Date o mount of tation associated
the type term
guaranteed guarantee signing guarantee or parties
guaranteed
agreement) not (Yes or no)
amount
The Company’s total guarantee(i.e.total of the first three main items)
Total guarantee quota approved Total amount of guarantee
in the reportingperiod actually incurred in the -2,930
（A1+B1+C1） reporting period（A2+B2+C2）
Total guarantee quota already Total balance of the actual
approved at theendof the 332,371 guarantee at the end of the 25,376
reporting period（A3+B3+C3） reporting period（A4+B4+C4）
The proportion of the total amount of actually guarantee in the 1.07%
25
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
netassetsof the Company (that is A4+B4+C4）%
Including：
The debts guarantee amount provided for the
Guaranteed parties whose assets-liability ratio exceed 17,256
70% directly or indirectly（E）
Total guarantee Amount of the abovementioned guarantees
17,256
（D+E+F）
Description of the guarantee with complex method
(2) Illegal external guarantee
□ Applicable √ Not applicable
No Illegal external guarantee in the report period.
3. Other significant contract
□ Applicable √ Not applicable
No other significant contracts for the Company in reporting period.
XV.Social responsibilities
1.Major environmental protection
The Listed Company and its subsidiary whether belongs to the key sewage units released from environmental
protection department
Yes
Main
Emission Implemented Verified
pollutant and Emission Emission Total Excessive
Company or Emission port pollutant total
specific port concentration emission emission
subsidiary name way distributio emission emission
pollutant number (mg/Nm3) (Tons) condition
n condition standards (Tons)
name
Emission
Standard of Air
Concentra
Pollutants for
ted
Shajiao A power Within the Thermal Power Not
Smoke emission 2 1.67 22.868 No
plant factory Plants approved
through
(GB13223-201
chimney
1) special
emission limit
Emission
Standard of Air
Concentra
Pollutants for
ted
Shajiao A power Within the Thermal Power Not
SO2 emission 2 16.79 230.51 No
plant factory Plants approved
through
(GB13223-201
chimney
1) special
emission limit
Concentra Emission
ted Standard of Air
Shajiao A power Within the Not
NOX emission 2 27.6515 Pollutants for 381.68 No
plant factory approved
through Thermal Power
chimney Plants
26
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
(GB13223-201
1) special
emission limit
Emission
Concentra Standard of Air
ted Pollutants for
Guangdong Yudean Within the
Smoke emission 2 2.46 Thermal Power 13.531 593 No
Dapu Power Plant factory
through Plants
chimney (GB13223-201
1)
Emission
Concentra Standard of Air
ted Pollutants for
Guangdong Yudean Within the
SO2 emission 2 13.32 Thermal Power 73.430 1447 No
Dapu Power Plant factory
through Plants
chimney (GB13223-201
1)
Emission
Concentra Standard of Air
ted Pollutants for
Guangdong Yudean Within the
NOX emission 2 27.90 Thermal Power 153.728 1502 No
Dapu Power Plant factory
through Plants
chimney (GB13223-201
1)
Emission
Concentra Standard of Air
Zhanjiang ted Pollutants for
Within the
Zhongyue Energy Smoke emission 2 2.29 Thermal Power 21.62 480 No
factory
Co., Ltd. through Plants
chimney (GB13223-201
1)
Emission
Concentra Standard of Air
Zhanjiang ted Pollutants for
Within the
Zhongyue Energy SO2 emission 2 14.17 Thermal Power 135.68 1200 No
factory
Co., Ltd. through Plants
chimney (GB13223-201
1)
Emission
Concentra Standard of Air
Zhanjiang ted Pollutants for
Within the
Zhongyue Energy NOX emission 2 29.05 Thermal Power 278.05 1587 No
factory
Co., Ltd. through Plants
chimney (GB13223-201
1)
Emission
Concentra 330MW: Standard of Air
Guangdong
ted Pollutants for
Shaoguan Yujiang Within the 9.45；
Smoke emission 2 Thermal Power 43.63 358.89 No
Power Generation factory 600MW:
through Plants
Co., Ltd. 1.41
chimney (GB13223-201
1)
Guangdong Concentra Emission
Within the 330MW:
Shaoguan Yujiang SO2 ted 2 Standard of Air 508.76 1151.78 No
factory 115；600MW:
Power Generation emission Pollutants for
27
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Co., Ltd. through 14 Thermal Power
chimney Plants
(GB13223-201
1)
Emission
Concentra Standard of Air
Guangdong 330MW:
ted Pollutants for
Shaoguan Yujiang Within the
NOX emission 2 120；600MW: Thermal Power 713.04 1404.5 No
Power Generation factory
through 33 Plants
Co., Ltd.
chimney (GB13223-201
1)
Emission
Concentra Standard of Air
ted Pollutants for
Zhanjiang Electric Within the
Smoke emission 2 2 Thermal Power 25.458 26 No
Power Co., Ltd. factory
through Plants
chimney (GB13223-201
1)
Emission
Concentra Standard of Air
ted Pollutants for
Zhanjiang Electric Within the
SO2 emission 2 8 Thermal Power 115.746 117 No
Power Co., Ltd. factory
through Plants
chimney (GB13223-201
1)
Emission
Concentra Standard of Air
ted Pollutants for
Zhanjiang Electric Within the
NOX emission 2 28 Thermal Power 398.438 407 No
Power Co., Ltd. factory
through Plants
chimney (GB13223-201
1)
Emission
Concentra Standard of Air
Guangdong Yudean ted Pollutants for
Within the Not
Jinghai Power Smoke emission 2 3.16 Thermal Power 87.24 No
factory approved
General Co., Ltd. through Plants
chimney (GB13223-201
1)
Emission
Concentra Standard of Air
Guangdong Yudean ted Pollutants for
Within the Not
Jinghai Power SO2 emission 2 13.72 Thermal Power 372.27 No
factory approved
General Co., Ltd. through Plants
chimney (GB13223-201
1)
Emission
Concentra Standard of Air
Guangdong Yudean ted Pollutants for
Within the Not
Jinghai Power NOX emission 2 33.43 Thermal Power 911.61 No
factory approved
General Co., Ltd. through Plants
chimney (GB13223-201
1)
Guangdong Red Concentra Emission
Smoke 2 Within the 3.30 69.89 Not No
Bay Power General ted Standard of Air
28
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Co., ltd. emission factory Pollutants for approved
through Thermal Power
chimney Plants
(GB13223-201
1)
Emission
Concentra Standard of Air
Guangdong Red ted Pollutants for
Within the Not
Bay Power General SO2 emission 2 9.23 Thermal Power 198.10 No
factory approved
Co., ltd. through Plants
chimney (GB13223-201
1)
Emission
Concentra Standard of Air
Guangdong Red ted Pollutants for
Within the Not
Bay Power General NOX emission 2 34.97 Thermal Power 755.03 No
factory approved
Co., ltd. through Plants
chimney (GB13223-201
1)
Emission
Concentra Standard of Air
Maoming
ted Pollutants for
Zhenneng Within the
Smoke emission 2 1.77 Thermal Power 19.08 84.06 No
Thermal power factory
through Plants
Co., Ltd.
chimney (GB13223-201
1)
Emission
Concentra Standard of Air
Maoming
ted Pollutants for
Zhenneng Within the
SO2 emission 2 10.38 Thermal Power 75.69 192.75 No
Thermal power factory
through Plants
Co., Ltd.
chimney (GB13223-201
1)
Emission
Concentra Standard of Air
Maoming
ted Pollutants for
Zhenneng Within the
NOX emission 2 26.73 Thermal Power 290.68 344.79 No
Thermal power factory
through Plants
Co., Ltd.
chimney (GB13223-201
1)
Emission
Concentra Standard of Air
Guangdong
ted Pollutants for
Huizhou Pinghai Within the Not
Smoke emission 2 2.24 Thermal Power 33.34 No
Power Plant Co., factory approved
through Plants
Ltd.
chimney (GB13223-201
1)
Emission
Concentra Standard of Air
Guangdong
ted Pollutants for
Huizhou Pinghai Within the Not
SO2 emission 2 21.94 Thermal Power 370.31 No
Power Plant Co., factory approved
through Plants
Ltd.
chimney (GB13223-201
1)
29
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Emission
Concentra Standard of Air
Guangdong
ted Pollutants for
Huizhou Pinghai Within the Not
NOX emission 2 47.82 Thermal Power 602.74 No
Power Plant Co., factory approved
through Plants
Ltd.
chimney (GB13223-201
1)
Emission
Concentra Standard of Air
Guangdong
ted Pollutants for
Guohua Taishan Within the Not
Smoke emission 6 1.5 Thermal Power 65 No
Power Generation factory approved
through Plants
Co., Ltd.
chimney (GB13223-201
1)
Emission
Concentra Standard of Air
Guangdong
ted Pollutants for
Guohua Taishan Within the Not
SO2 emission 6 14 Thermal Power 628 No
Power Generation factory approved
through Plants
Co., Ltd.
chimney (GB13223-201
1)
Emission
Concentra Standard of Air
Guangdong
ted Pollutants for
Guohua Taishan Within the Not
NOX emission 6 31 Thermal Power 1341 No
Power Generation factory approved
through Plants
Co., Ltd.
chimney (GB13223-201
1)
Emission
Concentra Standard of Air
ted Pollutants for
Qianwan LNG Within the Not
NOX emission 3 31.12 Thermal Power 223.48 No
power plant factory approved
through Plants
chimney (GB13223-201
1)
Emission
Concentra Standard of Air
ted Pollutants for
Huizhou LNG Within the Not
NOX emission 3 35.43 Thermal Power 363.4 No
power plant factory approved
through Plants
chimney (GB13223-201
1)
Prevention and control of pollution facilities construction and operation
Within the report period, the company responds positively to requirements of the newest environmental protection
policies, strengthens the operation adjustment of the desulfurization and denitrification system and equipment
maintenance management, intensifies the transformation of the energy-saving technologies and dust-cleaning
equipment, improves the equipment operation efficiency, decrease the smoke and dust discharging concentration
and guarantee compliance of each pollutant emission with the national and local environmental protection
requirements. In accordance with the national environmental protection plan, each power plant of the company
implements positively requirements of Coal-fired Power Energy Saving and Emission Reduction Upgrading and
Transform Action Plan (2014-2020) and National Energy Administration Comprehensive Division Notice about
Decomposition and Implementation of Coal-fired Power Energy Saving and Emission Reduction Upgrading and
Transform Target Tasks, etc. and promotes the ultra-low emission transformation project. At present, the
company's subordinate coal-fired units have all completed ultra-low emission transformation work, and the
emission concentration of export flue gas pollutants has been greatly reduced on the basis of the original
30
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
environmental emission standards, reflecting the company's determination to fulfill its social responsibilities and
the responsibility to protect the environment mission.
Conditions of environmental impact assessment and other environmental protection administrative licensing of
construction projects
The company's construction projects that have been approved by government agencies have all undergone
environmental impact assessments and have obtained other necessary environmental protection administrative
licenses.
Emergency plan for emergency environmental incidents
Combining with the Environmental Protection Law of the People's Republic of China and the Opinions of the
Ministry of Environmental Protection on Strengthening Environmental Emergency Management Work and other
laws and regulations on the monitoring of environmental risks, the company’s subordinate power generation
enterprises have formulated the Emergency Plan for Emergency Environmental Incidents according to their actual
conditions, which has standardized and improved the handling of emergent environmental events from the aspects
of environmental accident risk analysis, emergency command organization and responsibilities, disposal
procedures, and disposal measures, improved the ability to respond to unexpected environmental events, and
ensured that after an outbreak of an environmental incident, the company can organize emergency rescue work in
a timely, orderly and efficient manner to prevent pollution of the surrounding environment, minimize the damage
and social harm caused by the incident, maintain social stability, and protect public health and property safety.
Environmental self-monitoring program
During the reporting period, the company’s subordinate power generation companies organized annual
environmental self-monitoring programs in accordance with the national Administrative Measures on Automatic
Monitoring of Pollution Sources (No. 28 order of State Environmental Protection Administration) and other laws
and regulations, and conducted self-monitoring of the environment in accordance with the monitoring program,
and announced its own monitoring results in Guangdong Province's key pollution source regulatory information
platform and the national pollution source monitoring information and sharing platform. Both the announced rate
and completion rate had reached 100%.
Other environmental information that should be disclosed
Nil
Other environmental protection related information
Nil
2.Overview of the annual targeted poverty alleviation
（1）Precise poverty plan
The Company will in depth implement the spirits of the Central work Conference on Poverty Alleviation and the
Development and General Secretary Xi Jinping's series of important speeches on poverty alleviation and the
development, and in accordance with the Guangdong Provincial people's Government's "Opinions on the
implementation of Three years Strongly Tackling Difficulties on Precision Poverty Alleviation and Precision
Poverty Reduction in the New Time" and the overall plan and arrangement of Guangdong Province's 2016-2018
of new time of "Precision Poverty Alleviation and Precision Poverty Reduction", by adhering the concept of
innovation, coordination, green, open and shared development, the Company will strengthen the awareness of the
overall situation and the sense of responsibility of “The Rich fist leads latter, and realize the common prosperity”,
fully utilize the advantages, carry out the measures of precision poverty alleviation to the village-under-aid,
effectively enhance the local “vitality-making” function, focus on boosting the village’s collective economic
strength, developing the environment and society and people’s livelihood, thus to increase the income of
poverty-alleviation objects, so as to ensure the accomplishment of various project goals and tasks.
1. Soundly do the work of the poverty alleviation by industry development. Formulate the characteristic industry
development for the village-under-aid, implement the “one village, one product” industry promotion action, tap
into the resources advantages, precisely select the dominant industry and the dominant products, support the
construction of characteristic agricultural bases with high participation of poverty households, support the large
agricultural households and professional cooperatives , small and micro enterprises and so forth agricultural
operation bodies to speed up the development. Explore the “Internet + Precision Poverty Alleviation” model,
strengthen the training of rural E-commerce merchants in poor villages, and encourage farmers to open online
31
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
stores for self-development.
2. Explore the poverty alleviation by shares. Promote the income-increase mode of poor village collective
economy, allow the financial special poverty alleviation funds and other agricultural-related funds to invest in
facilities such as agriculture, farming, industrial parks, hydropower, rural tourism and so forth without changing
their use purposes, and the resulting asset income can be converted to shares quantization to poor villages and
poor households. Cooperate with the local to explore and promote the rights confirmation of land management
with accordingly converting to shares, guide poverty-stricken households, especially those who are incapable of
working, to voluntarily transfer the land management rights according to law, and use assets such as land,
agricultural facilities, and poverty alleviation funds to price to convert into shares, gaining the operating income
according to shares.
3. Cooperation in training and employment. Oriented towards enhancing the ability of the poor to get employment,
assist to carry out the all kinds of policy training, promote the relevant vocational and technical colleges to recruit
children from poor families, thus to enable them to achieve skills to get out of poverty.
4. Improve the infrastructure. Cooperate with the local to improve the traffic conditions and development
environment in the village-under-aid; support and help key villages-under-aid of the safe drinking water projects;
improve farmland water conservancy facilities; improve sewage facilities; improve the garbage collection and
treatment and the cleaning system; improve village cultural and leisure activities, public toilets, landscaping and
greening and other facilities; ensure that the relevant indicators meet the provincial standards.
5. Boost the education culture. In coordination with the local education and cultural departments, the Company
will vigorously promote the poverty alleviation through education so that all children in the villages-under-aid can
receive a good education, increase the education subsidies for poor families, ensure that children from poor
households do not drop out of school due to poverty, pay attention to left-behind children, and build left-behind
children's service centers.
6. Help to improve the environment. Cooperate with the local to raise funds by multi-channels to help
impoverished households complete the renovation of dilapidated buildings and fully complete the task of assisting
low-income people in housing reconstruction, assisting in the improvement of domestic garbage disposal, sewage
treatment, public toilets and greening and beautification of villages. We will use the entire village as a platform to
accelerate the improvement of production and living conditions of poor villages, and steadily promote the
construction of beautiful livable villages to realize the new appearance of the old villages.
7. Consolidate the grassroots foundation. Cooperate with the local people to adhere to the Party building and
poverty alleviation both at the same time, with the party building to help the poor and with the poverty alleviation
to promote the party building. Organize and hold regular meetings of the "two committees" meetings of the
villages to study the work of aiding the poor; the assigned cadres should assist the "two committees of the village"
to do a good job in organizing the masses, serving the masses, uniting the masses, and enhancing the ability of the
cadres of the "two committees" of the poor villages to lead the people out of poverty and run to health; It’s
necessary to constantly strengthen the development consciousness, market awareness, teaching ideas, teaching
methods and teaching experience of cadres at the grass-root level, mobilizing the grass-root level cadres,
strengthen the grass-root organizations, muster up the drive to fight against poverty, and build up “The
never-leaving Task Force on Poverty Alleviation”, thus to lay the foundation for the sustainable and healthy
development of poor villages.
8. Lead multiple parties to participate in. Guide industries, enterprises, social organizations and individuals to
participate in poverty alleviation, and encourage companies to actively undertake social responsibilities, fully
stimulate the market's vitality, and help villages to invest in industries, develop training skills, absorb employment,
and help the poor with donated money through various forms such as resource development and joint construction
of villages and enterprises.
9. Strengthen the publicity for poverty alleviation. Adhere to the guidance of public opinion, comprehensively
publicize and accurately interpret the decision-making and deployment of “Precision poverty alleviation and
Precision poverty reduction”, strengthen the ideological education and guidance, and strengthen the cadres and the
masses' centripetal force and cohesion in poverty alleviation work and the development work. Guide the villagers
to change the obsolete customs and habits, stimulate the impoverished people to work hard and develop good
enthusiasm, and create a positive atmosphere for self-reliance, hard-working and getting rid of poverty and
becoming better off.
（2）Half-year poverty relieving summary
During the reporting period, the company conscientiously implemented the Guangdong Province's “Precision
32
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Poverty Alleviation and Precision Poverty Reduction in Three Years of Strongly Tackling Difficulties” program
and actively organized manpower, material, and financial resources for poverty alleviation. The 6 subordinate
companies namely the Yuejiang Company, Honghai Wan Company, Zhenneng Company, Zhanjiang Company,
Dapu Company, Zhanjiang Wind Power Company actively carried out the precision poverty alleviation work and
achieved phased results.
I. Counterpart assistance of Yuejiang Company on Mixiashui Village,Quanan Town,Luhe County
(1) Status of Pilot Projects of Comprehensive Development
According to the requirement of targeted poverty alleviation plan made after Mixiashui village was investigated
by Mayor Yin on May 2,, Shaoguan municipal government office, Shaoguan power plant, villages and towns in
Nanxiong city as well as the resident working team in Xiashuimi village immediately got down to carry out the
pilot work of comprehensive development for Mixiashui village. They took over the Shudongpo farm in Xinfeng
county, and visited and studied the development experience in Xiutian village in Matou Town, Xinfeng County
successively. Up to now, Mixiashui village has signed a 10-year-period contract of land circulation with its 200
mu of land, which occupies 50% of the predicted circulation land, where the rest of about 200 mu of land will be
done with its circulation in the near future. Meanwhile, combined with the new rural construction, we will enlarge
the integration of land, ecology, humanity history and natural landscape as well as other resources to speed up the
comprehensive development.
(2)Status of Industry Support
1.We will develop the leading industry of high-quality rice. We will make the cooperative come into play as a
platform . We will promote the mode of "Companies+ Cooperatives+ Growers" and implement the contract
farming and the incentive measures for growing and planting. We will uniformly do external selling through the
cooperative platform. We will open up the sales market for high-quality rice to improve the ability of bargaining
in the market. We will optimize sales channels to increase revenue. At present, we have formulated and published
"Support Plan of the Leading Industry of High-quality Rice with the Participation of Mixiashui Village in
Quan’an Town, Nanxiong City". We have reserved about 30,000 yuan for rewarding the cooperative growers who
participate in growing high-quality rice upon the sales section. We have signed the contract of high-quality rice
growth with Nanxiong Xiangyi Industry and Trade Co., Ltd., and we have publicized through the villagers’
congress and many other venues. At present, the high-quality rice grown in Mixiashui Village has been in planting
season. We plan to drive 16 poor households with labor ability and other non-poor households to develop the
growth of about 300 mu of high-quality rice.
2. We will build ecological aquaculture industry with characteristics. We have formulated and published “Support
Plan of Developing Ecological Aquaculture Industry with Characteristics by Breeding Giant Spiny Frogs in
Xiamishui Village in Quan’an Town, Nanxiong City ”, wherein we invest 30,000 yuan to support one household
with labor ability which has the experience and willingness of breeding giant spiny frogs, which is invested for the
labor and relevant work. The support team will help purchase construction materials to help that household to
build around 300 m of farm for breeding giant spiny frogs. And the support team will take Zhongzhi Cooperative
as a platform to invest 13,000 yuan to purchase 65 pairs of giant spiny frogs. The frogs will be centralized to
foster and care, and which will be cared by that poor household. The annual production number of froglings is
predicted to be 10,000, which will benefit 16 poor households and they can get dividends every year. At present,
130 giant spiny frogs have been introduced into the farm and the breeding is in good condition.
3.We will make a good implementation of the policy of "rewards instead of subsidies". We will continue to
implement the whole range of supporting measures of the policy of "rewards instead of subsidies" . We have
formulated and published "Supportive Measures to Guide the Poor Households with Labor Ability in Mixiashui
Village, Quan'an Town, Nanxiong to the Development and Production Project in 2018". Up to now, there are 6
poor households breeding 137 piglets, 6 poor households breeding 265 chicks and 3 poor households breeding 112
ducklings (goslings) in total. There are 2 poor households growing 2.3 mu of rice and 14 poor households growing
19.7 mu of peanuts in total.
(3)Status of Employment and the People’s Livelihood
1.We will implement the "Three Securities" policy in an all-round way.
First, we will implement the housing security In 2018, 17 households were listed into the households of
renovation of dilapidated houses, 6 of which have been completed.
Second, we will implement the educational security. In 2018, 18 households and 24 students have been
documented and given student ID cards, and the enrolment rate was 100%.
Third, we will implement the medical security to cover the whole state. We will implement the medical security
policy in an all-round way. 39 households and 105 poor households, subsidized to set up their documents and
applying for their medical cards, have bought urban and rural medical insurance
33
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
2.Ensure the people’s livelihood.
First, up to now, all the poor households have been provided with adequate living materials, such as oil and rice,
which worth about 40,000 yuan and has helped improving their life effectively.
Second, we have offered warm condolences at spring festival. On February 10, 2018, Mayor Yin delegated Zhu
Zhizeng, the deputy secretary of the party group of the municipal government, to offer condolences to the poor
households and the village committee in Xiashui village, into which 41,500 yuan was invested.
4. Status of Public Infrastructure Project
1.We will make an orderly implementation for the project of irrigation and water conservancy.
About striving for the project of industrial funds:For irrigation and water conservancy project, we will strive for
1,622 mu of high-quality farmlands in scale, which involves with more than 2,430,000 yuan of investment funds,
of which construction is now ongoing and will be completed in the near future.For drinking water safety project,
we have completed the designing work, which will be listed into the construction plan and construction fund will
be arranged.
2.We will make a smooth development for the construction of transport infrastructure. We have earned the
hardening project index for 10 km of our village road, which involves about 3 million yuan of investment funds,
of which construction is now ongoing and will be completed in the near future.
3.We will orderly implement the public service projects. At present, the project of the health station in Miaxiashui
village and the public service center of home-based care for the aged have been completed. The main project of
the health station in Miaxiashui village is now being at the period of decoration.
(5)Progress of Comprehensive Rural Reform
1. The villagers’ autonomy council has been set up with 9 villagers' groups (natural villages), which exercises the
function of autonomy for the public affairs inside and outside of the village. And the public service center has
been set up by the village committee to expand public services besides government services and provide villagers
with public services such as e-commerce platform. The funding gap of supporting this project is 19,300 yuan.
2.We will steadily carry out the work of building new socialist countrysides. We have declared 9 village groups as
the clean and tidy villages, including Shangmen, Longjiangkeng, Chengsi, Liaowu, Yaowu, Liuwu, Shigang,
Shijiaowan, Rongshuxia. At present, Rongshuxia and Shijiaowan is now carrying out the work of building new
countrysides. We will carry out the project of "Three Clean-up" and "Three Demolition", where the funding gap
of supporting this project is 16,163 yuan.
(6)Progress of Implementing the Economic Project for Village Collectives
We will develop the village collective economy and enhance the ability of the village committee to provide public
services. We plan to take the form of purchasing shops and participating in the asset income project arranged by
Nanxiong city to form sustained asset income, increase the income of the village collective economy and draw
appropriate proportion of the income as public welfare fund to benefit the poor masses. According to the spirit of
the meeting held by the party office of Shaoguan municipal government on January 29, the form of purchasing
shops to develop the collective economy, adopted by the committee of Mixiashui village, was agreed in principle,
and the shops will be purchased with the joint contribution of Mixiashui village and Yangli village under the
coordination of Quan’an town.
II. Counterpart assistance of Red Bay Company on Outian Village, Luoxi Town, Luhe County
1. Actively Complete and Promote the Construction of Projects for the Village
(1)We will help the economic development project of the village collectives. We will establish Outian
Commercial Development Co., Ltd., and arrange the poor households to carry on the project of growing sweet
potatoes and breeding bees.
We will promote the project of targeted poverty alleviation in Xinhe industrial park and buy a share in it. In order
to build up a long-term effective poverty alleviation mechanism to prevent the phenomenon of repoverty, we will
take the village as the main body to buy a share in industrial park utilizing the support fund. The supporting unit
will invest supporting fund of 1 million yuan for the village, in which the villagers will obtain dividend by 10%
(minimum) every year. And the unit will invest 500,000 yuan in the tourism project of Luoxi Valley, OCT, in
which 10% of dividend (minimum) will be given to the villagers every year to help the poor people out of poverty.
3.We will carry out the training project of labor skill and employment transfer for the poor people. According to
the needs of the poor, we will separately organize agricultural applicable technology training for 50 people and
relevant contents of employment transfer for 50 people, in which the training fund is 15,620 yuan.
4.We will actively introduce the project of Luoxi Valley, OCT. The resident working team in the village actively
coordinates and communicates with Shenzhen OCT East, and actively contacts with relevant departments in the
county. In June 2017, Shenzhen OCT East Group officially settled in Outian village and started the rural tourism
project of Luoxi Valley, OCT. In June 2018, the project was officially put into use. Through developing the rural
34
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
tourism industry, the poor households have been led to get rid of poverty and become rich.
5.We will complete the fund investment of 980,000 yuan in the construction of the cultural activity center in
Outian Village.
(2).Fully Deploy, Actively Implement, and Actively Promote the Completion of Household Project Construction.
1.We will actively implement poverty reduction plan. According to the plan delivered by the county’s poverty
alleviation office, we have completed the poverty alleviation for 51 households and 222 people before the first
half year, and 5 households and 18 people are yet to shake off poverty, of which main reason is that the renovation
of dilapidated houses haven’t been checked and accepted yet. The economic income of the village has reached the
conditions for poverty alleviation. We have overfulfiled the poverty alleviation plan delivered by the poverty
alleviation office of the county.
2.We will vigorously promote the support of medical insurance and social insurance. We have completed
supporting 240 villagers to pay the expense of medical insurance and social insurance.
3.We have completed the cost-of-living allowance for 60 students from poor households
(3)We will strengthen the work of grass-roots party building. To lay a favorable political foundation for shaking
the village off poverty and building it into a new countryside, the working team will actively participate in and
carry out the special study activities of "Three sessions, One lesson", "Two Studies, One Action" and "the Spirit
of the 19th Party Congress" in the village.
(4)Status of Dilapidated House Renovation. There are 22 poor households of renovation of dilapidated house, 10
of which have been done with acceptance, and 12 of which are yet to be done with acceptance.
III. Counterpart assistance of Zhenneng Company on Xinpo Village, Shalang Town, Dianbai District, Maoming
City
(I) Status of increasing-income projects
1. Implement the family vegetable basket project. It is mainly to mobilize and assist poor households to carry out
decentralized breeding, and help the units to set up a prize fund to provide seedlings, production materials and
rewards, and assist them in selling agricultural products. In the second half of 2017, baby chickens and technical
training were distributed to 16 poor households, and a minimum-guarantee recycling agreement was signed.
During the Spring Festival of 2018, poor households were assisted in selling the grown chickens, which increased
the income of poor households by about RMB44,000 .
2. Adopt the mode of “company + cooperative + poor households”. The local agricultural planting company
cooperates with Kaiyuan Professional Planting Cooperative in Dianbai District, Maoming City (composed of poor
laborers, referred to as “Kaiyuan Cooperative”) to invest a total of 500,000 yuan including special financia funds
of poor households and support funds of support units to establish a 60-mu leek planting base, and the company
will be responsible for the follow-up investment. In March 2018, the project gave a dividend of RMB600 / person
to every poor household.
3. Adopt the mode of “company + cooperative + poor households”. The photovoltaic company cooperates with
Kaiyuan Cooperative to make the financial pooling funds of the poor households buying shares and build 200KW
photovoltaic power stations at the top of the office building of Xinpo Village Committee, at the roof of teaching
building of Xinpi Primary School and in the back mountain. The project started construction in late October 2017.
It plans to connect to the grid before the Spring Festival in 2018. Currently, photovoltaic panels laying has been
completed, of which 120KW has been connected to the grid for power generation. Due to problems such as
insufficient transformer capacity, it is actively negotiating and communicating with the local power supply
department, and the rest is planned to be connected to the grid for power generation around July 20. The project is
expected to increase the income of poor households by RMB1,200 / person year, and dividends will be paid to
households in December 2018.
(II)Status of transferring employment
34 persons from poor households were mobilized to work outside the home to raise family income. 18 persons
living in poverty were encouraged to conduct semi-agricultural and semi-industrial work that mainly consisted of
plasterers and casual workers.
(III) Status of housing renovation
In Xinpi Village, 21 poor households applied for renovation of dilapidated houses. The resident team actively
communicated with relevant departments, applied for risk-changing indicators, convened a meeting of poor
households for mobilization, and timely reformed dilapidated buildings in strict accordance with the requirements.
In 2016 and 2017, 17 households were renovated and received the subsidy funds in full. On the other hand, assist
poor households in housing maintenance. After in-depth investigation, the doors and windows of the poor
households Xu Simei and Cai Yasi were damaged and affected their residence. To this end, Maoming Zhenneng
35
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Thermal Power Co., Ltd. subsidized more than 23,000 yuan to help them install aluminum alloy windows and
renovate water and electricity lines during the Spring Festival of 2018, which has improved the living
environment and ensured housing security. In addition, there are 4 households that have not undergone renovation
of dilapidated buildings. The resident cadres have already learned about the situation on the spot, and the reported
list application has been included in the scope of the 2018 dilapidated housing renovation. One of the households,
Liao Huaguang, completed the house capping in June 2018.
(IV) Status of education subsidy
Help 40 students to apply for the education subsidy for the 2017-2018 school year. It has implemented the first
semester subsidy fund of 1,500 yuan/person, which ensures that poor children of school age do not drop out of
school due to poverty.
(V) Status of security policy
Purchase medical insurance for all poor households, improve the minimum living allowance and five guarantees
treatment, and truly realize the insurance coverage; help the poor patients with severe illnesses to apply for
medical assistance and reduce the economic burden; carry out the Spring Festival, July 1st condolences, and send
consolation gifts and holiday greetings to poor households.
IV. Counterpart assistance of Zhanjiang Company on Waiyuan Village, Nanxing Town, Leizhou City
In the past six months, under the unified arrangement and leadership of Zhanjiang City and Leizhou Poverty
Alleviation Office, the company’s poverty alleviation has earnestly implemented the relevant regulations of the
province, city, county and town. Under the great attention and careful guidance of leaders at all levels, the poverty
alleviation staffs has worked carefully, and actively organized human, material and financial resources to
contribute to poverty alleviation: 1.Have completed the Spring Festival condolences to poor households in 2018; 2.
Helped poor households purchase fertilizers, used them for agricultural production, increased crop yields, and
increased economic income; 3. Met the inspection of 2017 poverty alleviation work in Zhanjiang City; 4. The
company invested 50,000 yuan to build a basketball court of Huang Pai Primary School for the students who did
not have a basketball court in the Huang Pai Primary School of Waiyuan Village Committee; 5.Assisted
Zhanjiang Municipal Meteorological Bureau to purchase desks for pupils of Huang Pai Primary School; 6.
Organized and took part in the activities of “three cleanups, three dismantling, and three rectifications” organized
by Nanxing Town; 7. Completed the reporting work of the newly-increased poor households and the terminated
poor households; 8. Organized party members to learn important speeches of Xi Jinping. 9. Met the inspection of
Zhanjiang Discipline Inspection Group of the State-owned Assets Supervision and Administration Commission;
10. Met the condolences of the “July 1st” of Zhanjiang Municipal Meteorological Bureau on the party members;
11. Tracked and promoted the poor households to step up the renovation of dangerous buildings.
V. Counterpart assistance of Dapu Company on Xiamu Village, Fenglang Town, Dapu County, Meizhou City
In the first half of 2018, the company continued to send a middle management officer as the first secretary to
assist Jianghai Sub-district Office in Haizhu District of Guangzhou to help Xiamu Village, Fenglang Town, Dabu
County, Meizhou City, and carried out the following assistance work:
1. In January 2018, invested 21,600 yuan for holiday condolences on 72 poor households in Xiamu Village;
2. Carried out to celebrate the 97th anniversary of the founding of the party, organized and condoled 15
60-year-old party members, organized party members to study at Sanheba Battle Memorial Hall of the Red
Education Base, and organized party members and cadres to visit and learn at the new rural construction
demonstration site in Beitang Village, Xihe Town, Dapu County;
3. Cooperated with the work of “three clears, three demolition and three rectifications” for the construction of new
rural areas, and dismantled the waste latrines, pig pens and dangerous houses with an area of about 6,000 square
meters;
4. Strived for industry funds to do a good job in rural drinking water projects;
5. Self-raised funds of 0.3 million yuan for helping poor households to raise cattle; the third party branch of Dabu
Power Plant raised 0.3 million yuan to carry out the activities of co-building a grassroots party branch with Xiamu
Village and the construction of a loving kitchen in Xiamu Primary School;
6. Completed the acceptance of cultural activity room of Dankeng Group, and did a good job in planning and
designing the Party Group Activity Center of Xiamu Village.
VI. Counterpart assistance of Zhanjiang Wind Power Co., Ltd. on Houhai Village, Xinliao Town, Xuwen County
In the first half of 2018, Zhanjiang Wind Power Company carried out the following poverty alleviation work
36
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
according to the precise poverty alleviation plan:
1. During the Spring Festival of 2018, 20,000 yuan of poverty alleviation funds were invested to carry out
condolence activities for poor households. 33 poor households were condoled, totaling 56 people.
2. Invested in poverty alleviation funds of 80,000 yuan, purchased sheep and poultry for poor households, and
benefited 4 poor households, totaling 15 people.
3. Invested in poverty alleviation funds of 20,000 yuan, purchased production materials (fertilizers) for poor
households, and benefited 4 poor households, totaling 24 people.
4. Invested in poverty alleviation funds of 80,000 yuan for poor households, carried out the renovation of
dilapidated buildings for poor households, benefited 7 poor households, totaling 41 people.
(3)Targeted Poverty Alleviation Result
Measurement
Index Quantity / Status
unit
I. General situation —— ——
Thereinto： 1.Capital Ten thousand 109.6
2. Cash supplies Ten thousand 33.35
3. Ecological protection to poverty alleviation Person 960
II.Breakdown Input —— ——
1. Poverty alleviation by industrial development —— ——
Poverty Alleviation by agriculture and
Among them: 1.1 Project type of poverty alleviation by industrial forestry; poverty alleviation through
——
development tourism; poverty alleviation from asset
income
1.2 Number of poverty alleviation projects in industrial development a 9
1.3 Investment amount of industrial development poverty alleviation
Ten thousand 162.3
project
1.4 The number of poverty population who had been helped to create a
Person 421
file
2. Poverty alleviation by transfer employment —— ——
Among them: 2.1 Investment amount of vocational skill training Ten thousand 0.3
2.2 Number of people of vocational skill training Person 110
2.3 Quantity of employment of poverty population who had been helped
Person 332
create a file
3. Poverty alleviation by relocation —— ——
4. Educational poverty alleviation —— ——
Among them: 4.1 Investment amount of subsidizing poverty students Ten thousand 0.12
4.2 Number of subsidized poverty students Person 46
4.3 Improving the investment amount for education in poor areas Ten thousand 0.13
5. Health poverty alleviation —— ——
6. Ecological protection poverty alleviation —— ——
7. Guarantee of all the details —— ——
8. Social poverty alleviation —— ——
9. Other projects —— ——
Among them: 9.1 Number of project 个 5
9.2 Investment amount Ten thousand 43.55
9.3 Number of poverty population who had been helped to create a file a 153
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
III. Awards (Content and level) —— ——
（4）Subsequent targeted poverty alleviation program
The year 2018 is the critical year as the connection link for “targeted poverty alleviation and overcoming in three
years”. The company and holding subsidiaries will continue implementing the province, city and county’s relevant
regulations on the targeted poverty alleviation, and find out ways for targeted poverty alleviation based on the
local conditions. Firstly, insist the party and style construction, promote the ideological building of the assistance
object village “two committees” members and intensify the results of “two studies and one action” learning
activity. Secondly, insist study and improve capacity, insist the thorough learning on the spirit of Xi Jinping series
important speeches, the spirit of relevant targeted poverty alleviation papers, the village business knowledge and
the way to communicate with the public and improve further the work capacity for people. Thirdly, intensify the
key points and promote the implementation, each poverty alleviation work team will continue focusing on the
targeted poverty alleviation, grasp the poverty alleviation central work and coordinate overall and implement
relevant work. For the poor households poverty alleviation projects and village group projects listed in the filing
and issuing cards, obtain positively support from relevant authority subject to the formulated target tasks, assist
the assistance object villages and poor households in implementing the poverty alleviation projects and guarantee
the overall completion of the poverty alleviation target tasks in the practical style.
XVI.Other material events
√ Applicable □Not applicable
1. Announcement of Guangdong Power Development Co., Ltd. on receiving the letter from Guangdong
Development and Reform Commission on Printing and Distributing the Work Plan for Decommissioning and
Alternative Power Construction of Shajiao Power Plant (Announcement No.: 2018-12), on the 9th of February
2018,It was disclosed on China Securities Journal, Securities Times and Juchao Information Network .
2. Announcement of Guangdong Electric Power Development Co., Ltd. on the “Return of the Results of “12
Yudean Debt”” (Announcement No.: 2018-14), on China Securities Journal, Securities Times and Juchao Website
on March 17, 2018 Disclosure.
XVII. Material events of subsidiaries
√ Applicable □Not applicable
The company's holding subsidiary, Guangdong Yudean Pinghai Power Plant Co., Ltd, received the
“Administrative Punishment Decision” issued by the Guangdong Provincial Ocean & Fisheries Bureau on
November 14, 2016 (No. 019-2016 Yuehai Executive Punishment), and the punishment decision “ordered Pinghai
to return the illegally occupied sea areas and restore the sea areas to their original state, and sentenced 10 times
fines to the use fees of sea areas that shall be imposed within the period of that illegally occupied 16.3947 hectares,
amounted to RMB 172,144,350.00” for that Pinghai Power Plant carried out the site leveling and bank protection
work of Pinghai power plant without approval and did the reclamation of 16.3947 hectares and its behavior
violated the provisions of Article 3 of the Law of the People's Republic of China on the Administration of the Use
of Sea areas. Based on the audited net profit of RMB 3.238 billion attributable to the shareholders of the parent
company in 2015, the amount involved in the above-mentioned administrative penalty affects the net profit
attributable to shareholders of the parent company of about 77.4 million-which accounts for 2.39% of the net
profit of the most recently audited period.
Pinghai Power Plant disagreed with the punishment measures of the “Administrative Punishment Decision" and
applied for administrative reconsideration to the People's Government of Guangdong Province on January 16,
2017 in accordance with Article 6 of the "Administrative Reconsideration Law of the People's Republic of China".
On June 16, 2017, the People's Government of Guangdong Province issued a decision on the administrative
reconsideration, which stated “According to the provisions of Item 1 of Paragraph 1 of Article 28 of the
Administrative Reconsideration Law of the People's Republic of China, the Administrative Punishment Decision
(No. 019-2016 Yuehai Executive Punishment) made by the respondent’s Provincial Department of Ocean and
Fisheries is maintained.” Pinghai Power Plant disagreed with the aforementioned administrative reconsideration
decision and filed an administrative litigation to the Guangzhou Maritime Court on July 18, 2017. On December
28, 2017, the Guangzhou Maritime Court issued an administrative decision, stated “In accordance with the
38
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
provisions of Article 69 of the Administrative Procedure Law of the People's Republic of China, the decision is as
follows: the claim of the plaintiff Guangdong Huizhou Pinghai Power Plant Co., Ltd was rejected”. Pinghai Power
Plant disagreed with the verdict, and lodged an appeal to the Guangdong Provincial Higher People's Court against
the verdict, which has not yet been determined. According to the net profit of RMB 937 million attributable to
shareholders of the parent company in the previous year (2016), the amount involved in the above lawsuit affects
the net profit attributable to shareholders of the parent company of approximately RMB 77.4 million, which
accounts for approximately 8.26 % of the net profit of the most recently audited period, which does not constitute
a major impact on the Company.
As of the disclosure date of this report, the above-mentioned administrative punishment and the administrative
litigation matter are still in the process of multi-party communication and coordination. According to the “Asset
Purchase Agreement by Share Issuance” signed between Yudean Group and the Company in 2012, Yudean Group
shall compensate the Company for the actual loss caused by the above-said matter in accordance with the result of
the matter.
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
VI. Change of share capital and shareholding of Principal
Shareholders
I.Changes in share capital
1. Changes in share capital
In shares
Before the change Increase/decrease（+，-） After the Change
Capitalization
Share Bonus
Amount Proportion of common Other Subtotal Quantity Proportion
allotment shares
reserve fund
I. Share with conditional
1,897,968,946 36.15% 1,897,968,946 36.15%
subscription
2. State-owned legal
1,893,342,621 36.06% 1,893,342,621 36.06%
person shares
3.Other domestic shares 4,626,325 0.09% 4,626,325 0.09%
Of which：Domestic legal
4,620,666 0.09% 4,620,666 0.09%
person shares
Domestic natural person
5,659 0% 5,659 0%
shares
II. Shares with
3,352,315,040 63.85% 3,352,315,040 63.85%
unconditional subscription
1.Common shares in RMB 2,553,907,040 48.64% 2,553,907,040 48.64%
2.Foreign shares in
798,408,000 15.21% 798,408,000 15.21%
domestic market
III. Total of capital shares 5,250,283,986 100 % 5,250,283,986 100 %
Reasons for share changed:
□ Applicable √ Not applicable
Approval of Change of Shares
□ Applicable √ Not applicable
Ownership transfer of share changes
□ Applicable √ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to
common shareholders of Company in latest year and period
□ Applicable √ Not applicable
Other information necessary to disclose for the company or need to disclosed under requirement from security
regulators
□ Applicable √Not applicable
2. Change of shares with limited sales condition
□ Applicable √Not applicable
Ⅱ.Issuing and listing
□ Applicable √Not applicable
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
III. Shareholders and shareholding
In Shares
Total number of preferred
Total number of common
shareholders that had restored the
shareholders at the end of the 97,149 voting right at the end of the 0
reporting period
reporting period (if any) (note 8)
Particulars about shares held above 5% by shareholders or top ten shareholders
Number of share
Proportion Number of Changes in Amount of Amount of pledged/frozen
Nature of
Shareholders of shares shares held at reporting restricted shares un-restricted
shareholder State of
held（%） period -end period held shares held Amount
share
Guangdong Yudean State-owned
67.39% 3,538,005,285 1,893,342,621 1,644,662,664
Group Co., Ltd. legal person
China Securities State-owned
2.78% 145,748,980 145,748,980
Finance Co., Ltd. legal person
Guangdong Guangfa
State-owned
Electric Power 2.22% 116,693,602 116,693,602
legal person
Investment Co., Ltd.
Guangdong Electric
State-owned
Power Development 1.80% 94,367,341 94,367,341
legal person
Corporation
Domestic
Harbin Daoli District Non-State
0.76% 39,877,666 -2,140,795 39,877,666
Charity Foundation owned legal
person
Domestic
Li Zhuo Natural 0.61% 31,820,943 117,100 31,820,943
person
Domestic
National Social Security Non-State
0.48% 24,994,982 2,000,000 24,994,982
Fund 103 portfolio owned legal
person
Domestic
Zheng Jianxiang Natural 0.41% 21,766,298 84,300 21,766,298
person
Domestic
Harbin Hali Industry Non-State
0.41% 21,283,765 -784,800 21,283,765
Co., Ltd. owned legal
person
CHINA INT'L
Overseas
CAPITAL CORP
Legal 0.29% 15,316,067 15,316,067
HONG KONG
person
SECURITIES LTD
The fourth largest shareholder Guangdong Electric Power Development Corporation is the
Explanation on associated
wholly-owned subsidiaries of the largest shareholder Yudean Group. These two companies
relationship among the aforesaid
have relationships; whether the other shareholders have relationships or unanimous acting
shareholders
was unknown
Shareholding of top 10 shareholders of unrestricted shares
Name of the shareholder Quantity of unrestricted shares held at the end of Share type
41
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
the reporting period Share type Quantity
RMB Common
Guangdong Yudean Group Co., Ltd. 1,644,662,664 1,644,662,664
shares
RMB Common
China Securities Finance Co., Ltd. 145,748,980 145,748,980
shares
Shenzhen Guangfa Electric Power RMB Common
116,693,602 116,693,602
Investment Co., Ltd. shares
Guangdong Electric Power Development RMB Common
94,367,341 94,367,341
Corporation shares
RMB Common
Harbin Daoli District Charity Foundation 39,877,666 39,877,666
shares
RMB Common
Li Zhuo 31,820,943 31,820,943
shares
National Social Security Fund 103 RMB Common
24,994,982 24,994,982
portfolio shares
Foreign shares
placed in
Zheng Jianxiang 21,766,298 21,766,298
domestic
exchange
RMB Common
Harbin Hali Industry Co., Ltd. 21,283,765 21,283,765
shares
Foreign shares
CHINA INT'L CAPITAL CORP HONG placed in
15,316,067 15,316,067
KONG SECURITIES LTD domestic
exchange
Explanation on associated relationship or
consistent action among the top 10 The fourth largest shareholder Guangdong Electric Power Development Corporation is
shareholders of non-restricted negotiable the wholly-owned subsidiaries of the largest shareholder Yudean Group. These two
shares and that between the top 10 companies have relationships; whether the other shareholders have relationships or
shareholders of non-restricted negotiable unanimous acting was unknown.
shares and top 10 shareholders
The Fifth largest shareholder Harbin Daoli District Charity Foundation holds507,156 A
shares of the Company through stock account with credit transaction and guarantee and
holds39,370,510,114 A shares through ordinary stock account, hold 39,877,666 shares of
the Company's stock totally.
Explanation on shareholders participating The Sixth largest shareholder Li Zhuo holds313,620 A shares of the Company through
in the margin trading business(if stock account with credit transaction and guarantee and holds31,507,323 A shares through
any )(See Notes 4) ordinary stock account, hold31,820,943 shares of the Company's stock totally.
The Ninth largest shareholder Harbin Hali Industry Co., Ltd. holds341,120 A shares of the
Company through stock account with credit transaction and guarantee and holds
20,942,645 A shares through ordinary stock account, hold 21,283,765 shares of the
Company's stock totally.
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a
buy-back agreement dealing in reporting period.
□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company
have no buy –back agreement dealing in reporting period.
IV. Change of the controlling shareholder or the actual controller
Change of the controlling shareholder in the reporting period
42
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
□ 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.
43
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
VII. Situation of the Preferred Shares
□Applicable √Not applicable
The Company had no preferred shares in the reporting period
44
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
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 2017 Annual Report.
II. Changes in directors, supervisors and senior management staffs
√ Applicable □ Not applicable
Name Title Type Date Reason
Elected as chairman of the company by the fourth
Wang Jin Board chairman Elected June 11,2018
meeting of the ninth board of directors
Elected as Director of the Ninth Board of Directors of
Zheng Yunpeng Director Elected June 28,2018 the Company by the Third Provisional General
shareholder’s Meeting of 2018
Appointed as general manager of the company at the
Zheng Yunpeng General Manager Appointment June 11,2018
4th meeting of the 9th Board of Directors
Elected as Director of the Ninth Board of Directors of
Li Fangji Director Elected June 28,2018 the Company by the Third Provisional General
shareholder’s Meeting of 2018
Elected as Supervisor of the Ninth Board of supervisors
Li Baobing Supervisor Elected June 28,2018 of the Company by the Third Provisional General
shareholder’s Meeting of 2018
Huang Zhenhai Board chairman Resignation June 11,2018 Job changes
Huang Zhenhai Director Resignation June 28,2018 Job changes
Yao Jiheng Director Resignation June 28,2018 Job changes
Yao Jiheng General Manager Dismissal June 11,2018 Job changes
Zhao Li Supervisor Resignation June 28,2018 Job changes
45
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
IX. Corporate Bond
Whether the company has corporate bonds that have been publicly issued and listed on the stock exchange, and
not yet due or due butnot folly cashed on the approval date of annual report
Yes
1.Basic information of corporate bonds
Bond
Bond short Interest
Bond name Bond code Issue day Due day balance (Ten Servicing way
name rate
thousand )
Using simple interest rate on a
yearly basis, regardless of
compound interest. Due
2012 Corporate bonds of
12 Yudean March March payments once a year,
Guangdong Electric Power 112162.SZ 4,030.65 4.95%
Bond 18,2013 17,2020 maturing debt at a time. In the
Development Co., Ltd..
final phase, interest is paid
together with the principal
redemption.
Corporate bonds listed or trading places Shenzhen Stock Exchange
Investor Proper Arrangement Not applicable
1. Status of bond redemption
According to the “Prospectus for Public Offering 2012 Corporate Bond by Guangdong
Electric Power Development Co., Ltd.” (hereinafter referred to as the “Prospectus”), the
company released “the First Suggestive Announcement of Guangdong Electric Power
Development Co., Ltd on the Coupon Rate of ‘12 Yuedian Debt’ Will Not Raised and
on the Bondholders' Repurchase Implementation Measures” (Announcement No.:
2018-07)”, “the Second Suggestive Announcement of Guangdong Electric Power
Development Co., Ltd on the Coupon Rate of ‘12 Yuedian Debt’ Will Not Raised and
on the Bondholders' Repurchase Implementation Measures” (Announcement No.:
2018-08)”, “the Third Suggestive Announcement of Guangdong Electric Power
Development Co., Ltd on the Coupon Rate of ‘12 Yuedian Debt’ Will Not Raised and
on the Bondholders' Repurchase Implementation Measures” (Announcement No.:
2018-10)” respectively on January 29, 2018, January 30, 2018 and January 31, 2018.
The bondholders have the right to choose to sell all or part of the “12 Yuedian Debt”
held to the company in full or in part at par value during the investor's put-back
During the reporting period, interest declaration period, and the put-back price is RMB100/sheet (excluding interest). The
payment situation of the company bonds put-back declaration date is from January 29, 2018 to January 31, 2018. According to
the bond put-back declaration data provided by China Securities Depository and
Clearing Co., Ltd. Shenzhen Branch, the put-back quantity of “12 Yuedian Debt” was
11,596,935 sheets, and the put-back amount was RMB 1,217,087,933.25 (including
interest), and the remaining custody quantity was 403,065 sheets. On March 16, 2018,
the company paid the principal and interest of some of the bonds of this “12 Yuedian
Debt” back to the designated bank account of China Securities Depository and Clearing
Co., Ltd. Shenzhen Branch in full amount, and paid to the investor’s fund account on
March 19, 2018.
2. Status of bond interest payment
On March 19, 2018, the company paid the bond interest for the current year to all the
current bondholders who have registered in China Securities Depository and Clearing
Co., Ltd. Shenzhen Branch by the closing of Shenzhen Stock Exchange on the
afternoon of March 16, 2018.
46
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
The term of the current bonds is 7 years, attaching the option that the issuer will redeem
at the end of the fifth year, the option that the issuer raises the coupon rate and the
option that the investors will put back.
1. On January 29, 2018, the company disclosed the “Announcement of Guangdong
Power Development Co., Ltd. on Abandoning the Exercise of the Issuer’s Redemption
Option of “12 Yuedian Debt” (Announcement No.: 2018-06). March 19, 2018 is the 5th
interest-bearing annual interest payment date of “12 Yuedian Debt”. According to the
“Prospectus”, the company has the right to decide whether to exercise the issuer’s
redemption option on the 30th transaction date before the interest payment date of the
5th interest-bearing year of the current bond. The company decided to abandon the
exercise of the "12 Yuedian Debt" issuer's redemption option, that is, "12 Yuedian
Debt" continued to exist within the duration.
2. The company released “the First Suggestive Announcement of Guangdong Electric
Power Development Co., Ltd on the Coupon Rate of ‘12 Yuedian Debt’ Will Not
Raised and on the Bondholders' Repurchase Implementation Measures”
(Announcement No.: 2018-07)”, “the Second Suggestive Announcement of Guangdong
Electric Power Development Co., Ltd on the Coupon Rate of ‘12 Yuedian Debt’ Will
Not Raised and on the Bondholders' Repurchase Implementation Measures”
(Announcement No.: 2018-08)”, “the Third Suggestive Announcement of Guangdong
If the corporate bonds attached to special Electric Power Development Co., Ltd on the Coupon Rate of ‘12 Yuedian Debt’ Will
clauses to the issuer or the investors such Not Raised and on the Bondholders' Repurchase Implementation Measures”
as option clause and exchangeable clause, (Announcement No.: 2018-10)” respectively on January 29, 2018, January 30, 2018 and
please specify the implementation status January 31, 2018. According to the “Prospectus”, the issuer has the right to decide to
of the corresponding clauses. (When raise the coupon rate for the next two years at the end of the fifth year of the “12
applicable) Yuedian Debt”. In January 2018, the company's current bond has a coupon rate of
4.95% for the first five years of the duration of the bond. At the end of the fifth year of
the bond's duration, the company chose not to raise the coupon rate, which is the 2-year
coupon rate after the current bond's duration will still remain at 4.95%. According to the
"Prospectus", the bondholders can declare the put-back in a specified manner within 3
trading days from the date of the issuer's announcement on whether to raise the coupon
rate and the increase rate of the current bond. The “12 Yuedian Debt” put-back
declaration date is from January 29, 2018 to January 31, 2018.
3. On March 17, 2018, the company disclosed the “Announcement of Guangdong
Power Development Co., Ltd. on the Put-back Results of the Corporate Bonds ‘12
Yuedian Debt’” (Announcement No.: 2018-14). According to the bond put-back
declaration data provided by China Securities Depository and Clearing Co., Ltd.
Shenzhen Branch, the put-back quantity of “12 Yuedian Debt” was 11,596,935 sheets,
and the put-back amount was RMB 1,217,087,933.25 (including interest), and the
remaining custody quantity was 403,065 sheets. On March 16, 2018, the company paid
the principal and interest of some of the bonds of this “12 Yuedian Debt” back to the
designated bank account of China Securities Depository and Clearing Co., Ltd.
Shenzhen Branch in full amount, and paid to the investor’s fund account on March 19,
2018.
2. Bond trustee and the credit rating agency information
Bond trustee：
22/F, CITIC Securities
Song
CITIC Securities Co., Building , No.48. Liangmaqiao
Name Office Contact Yilan, Tel 010-60838888
Ltd. Road, Chaoyang District ,
Yang Xin
Beijing
The credit rating agencies which follow and rate the corporate bond during the reporting period
8/F, Anji Building, No.760, Tibet South Road,
Name CCXR Office address
Huangpu District, Shanghai.
During the report period, the bond trustee, Not applicable
47
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
credit rating agency employed by the
company that have changed, reasons for
the change, performing procedures,
relevant influence on investors,etc(If
applicable).
3. The usage of corporate bonds to raise money
According to the relevant contents in the Prospectus of the Issuance of Bonds
announced on March 14, 2013, the company planned to use RMB 820 million of the
The usage and performance of raised funds
raised funds to repay the loans, thus to adjust the debt structure; the remaining RMB
from Corporate bonds
380 million of the raised funds planned for supplementing the company’s liquidity, so
as to improve the company’s funds status.
At the end of balance (Ten thousand) 0
The net amount of the funds raised by the bonds had been remitted to the company’s
designated bank account on March 20, 2013, of which the amount of RMB 820 million
Special fund raising account operation of the raised funds had been used for repaying the loans, so as to adjust the debt
structure; the remaining RMB 380 million of the raised funds used for supplementing
the company’s liquidity, so as to improve the company’s funds status.
Whether the usage of the raised money
corresponding to the purposes of promise, Yes
use plans, and other agreement
IV.Corporate bond rating information
On June 11, 2018, CCXR traced and analyzed the credit status of the company and the company’s bonds of
“12-Yudean Bonds”, maintained the credit rating of AAA for the main body of the company, with a stable outlook;
maintained the credit rating of AAA for the corporate bonds.(The rating results were disclosed on the website:
http://www.ccxr.com.cn/, with the title of Tracking and Rating Report for the 2012-Corpoprate Bonds of
Guangdong Electric Power Development Co., Ltd(2018).
V.Corporate bond credit mechanism, the debt repayment plans and other security measures
(1)The credit-raising mechanism: No guarantee of the company’s bonds. After the comprehensive assessment by
CCXR, the credit rating of the main body of the company is AAA with a stable outlook, and the credit rating of
the corporate bonds is AAA.
(2)The repayment plan: The interest of the bonds commenced from the date of March 18, 2013, and the interest of
the bonds shall be paid once each year within the duration of the bonds after the commencement date of the
interest. The date of March 18 of each year in the period from 2014 to 2020 shall be the interest paying day for
paying the recent full year’s bond interests (If it is not a working day, the payment day will be postponed to the
first working day after the day).
During the reporting period, some investors exercised the put-back option. The put-back quantity of “12 Yudean
Debt” was 11,596,935 sheets, and the put-back amount was RMB 1,217,087,933.25 (including interest). On
March 16, 2018, the company paid the principal and interest of some of the bonds of this “12 Yuedian Debt” back
to the designated bank account of China Securities Depository and Clearing Co., Ltd. Shenzhen Branch in full
amount, and paid to the investor’s fund account on March 16, 2018.
The quantity of remaining bonds is 403,065 sheets, and the maturity date is March 18, 2020. The principal and the
final interest will be paid at the expire date. and the corresponding principal and the last full year’s interest will be
repaid.
(3) Safeguard measures for the repayment: in order to fully and effectively safeguard the interests of the
bondholders, the company had made a series of work plans for the full repayment of the bonds that can be
implemented on time, including the designated department and personnel, arrangement of repaying the bonds,
establishment of the management measures, doing good organization and coordination, strengthening the
information disclosure and so on, strived to form a set of safeguard measures for ensuing the repayment of the
bonds.
48
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
6.During the reporting period the bondholder meeting
During the reporting period, the company did not hold bondholders meeting.
7.During the reporting period the bond trustee perform his duties
The company’s bond trustee- CITIC Securities Co., Ltd safeguarded the legal rights of the bond holders with in
accordance with the law and performed the obligations stipulated in the Prospectus of the Issuance of Bonds and
other publicly disclosed documents, hence continuously followed up and acquainted the relevant information of
the company during the entrusting period, issued and provided the regular report of the bond trustee, with in
accordance with the company’s information being followed up and acquainted.
During the reporting period, CITIC Securities Co., Ltd issued the Report of the 2012 Corporate Bonds Trustee for
Guangdong Electric Power Development Co., Ltd(year of 2017) on May 28, 2018, and the report was disclosed on
the cninf website on May 30, 2018 by the company.
8.During the reporting period, the company's major accounting data and financial indicators for last 2 years
Ten thousand
Items June 30,2018 June 30,2017 At the same time rate of change
Current ratio 61.99% 60.09% 1.90%
Debt ratio 59.48% 58.17% 1.31%
Quick ratio 41.80% 41.95% -0.15%
Reporting period The same period of last year At the same time rate of change
EBITDA interest coverage ratio 2.56 1.7 50.59%
Loans repayment rate 100 % 100 % 0%
Interest payment rate 100 % 100 % 0%
The material reasons for the changed ratio of the accounting data or financial indicators exceeds 30% over the last
year
√ Applicable □Not applicable
The reason for the increase in EBITDA interest coverage ratio by 52.35% is mainly due to the year-on-year
increase in this year’s electricity consumption and the adjustment of some depreciation periods of fixed assets
from June of last year, resulting in better profitability this year.
9. The company fails to repay the debt
□ Applicable √ Not applicable
No such cases in the reporting period.
10. Information about the repayment of interest and principal for other bonds or debt financing instruments
Nil
11.Information about the bank credit obtaining and use, as well as repayment of the bank loans during the
reporting period
In ther report period, the company signed an unconditional available bank amount limit of about RMB 55.3 billion,
of which the used amount limit was RMB 29.4 billion, thus the remaining available bank amount limit was about
RMB 25.9 billion. In this year, the company repaid bank loans of about RMB5.9 billion, and the balance of bank
loans was RMB 30.8 billion.
12. Information about fulfillment of the stipulations or commitments specified in the Prospectus of the issuance of
the bonds during the reporting period
The company had committed to pay the principal and interests to the bondholders according to the stipulations of
the prospectus of “Yudean Bonds” issuance. During the reporting period, the company strictly fulfilled the above
49
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
commitments. On March 19, 2018, the company paid the principal and interest of some of put-back bonds to the
investors who exercised the put-back option, and paid the bond interest to all the current bondholders who have
registered in China Securities Depository and Clearing Co., Ltd. Shenzhen Branch by the closing of Shenzhen
Stock Exchange on the afternoon of March 16, 2018.
13. Major events occurred during the reporting period
Nil
14. Whether the corporate bonds have a guarantor
□ Yes √No
50
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
X. Financial Report
I. Audit report
Has this semi-annual report been audited?
□ Yes √ No
The semi-annual financial report has not been audited.
II. Financial statements
Currency unit for the statements in the notes to these financial statements:RMB
1. Consolidated balance sheet
Prepared by：Guangdong Electric Power Development Co., Ltd.
In RMB
Items Year-end balance Year-beginning balance
Current asset：
Monetary fund 5,928,583,780 4,996,580,490
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 2,904,469,301 2,826,237,259
Prepayments 1,248,732,740 826,786,279
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Interest receivable 18,297,556 14,923,771
Dividend receivable
Other account receivable 284,543,125 208,907,993
Repurchasing of financial assets
Inventories 2,006,400,069 1,527,634,773
Assets held for sales
Non-current asset due in 1 year 29,563,053
Other current asset 1,158,190,094 1,137,582,469
Total of current assets 13,549,216,665 11,568,216,087
Non-current assets：
Loans and payment on other’s behalf
disbursed
Disposable financial asset 1,181,164,895 1,243,633,985
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Expired investment in possess
Long-term receivable 85,579,950 84,358,065
Long term share equity investment 5,926,328,997 5,801,006,412
Property investment 7,978,840 8,296,639
Fixed assets 40,052,143,800 40,996,206,316
Construction in progress 9,122,852,147 8,467,687,340
Engineering material 1,520,320 35,869,033
Fixed asset disposal 23,208,206 14,662,233
Production physical assets
Gas & petrol
Intangible assets 1,641,585,490 1,665,784,490
R & D petrol 220,000
Goodwill 27,486,780 27,486,780
Long-germ expenses to be amortized 25,421,496 27,007,371
Deffered income tax asset 383,354,821 372,553,039
Other non-current asset 789,210,132 694,647,533
Total of non-current assets 59,268,055,874 59,439,199,236
Total of assets 72,817,272,539 71,007,415,323
Current liabilities
Short-term loans 10,035,000,000 9,270,000,000
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
Bill payable 379,154,349 297,611,800
Account payable 3,445,873,804 2,219,027,261
Advance payment 1,012,373 1,938,223
Selling of repurchased financial assets
Fees and commissions receivable
Employees’ wage payable 205,323,023 157,738,628
Tax payable 545,937,219 277,285,402
Interest payable 108,616,102 98,553,104
Dividend payable 9,703,930 9,703,930
Other account payable 3,877,083,060 3,908,512,671
Reinsurance fee payable
Insurance contract provision
Entrusted trading of securities
Entrusted selling of securities
Liabilities held for sales
52
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Non-current liability due in 1 year 2,746,720,705 3,012,690,360
Other current liability 501,475,694
Total of current liability 21,855,900,259 19,253,061,379
Non-current liabilities：
Long-term loan 18,349,294,665 19,465,723,869
Bond payable 737,132,231 698,168,211
Including：preferred stock
Sustainable debt
Long-term payable 2,025,988,562 1,548,259,241
Long-term payable employees’s
76,355,637 91,622,907
remuneration
Special payable 82,873,507 64,605,011
Expected liabilities
Differed income 140,446,414 142,520,263
Differed income tax liability 23,800,387 24,188,860
Other non-current liabilities 16,405,569 16,405,569
Total non-current liabilities 21,452,296,972 22,051,493,931
Total of liability 43,308,197,231 41,304,555,310
Owners’ equity
Share capital 5,250,283,986 5,250,283,986
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 5,004,250,685 5,004,250,685
Less：Shares in stock
Other comprehensive income 90,149,706 137,001,523
Special reserves
Surplus reserves 7,834,155,143 7,590,363,724
Common risk provision
Undistributed profit 5,498,273,258 5,713,290,735
Total of owner’s equity belong to the
23,677,112,778 23,695,190,653
parent company
Minority shareholders’ equity 5,831,962,530 6,007,669,360
Total of owners’ equity 29,509,075,308 29,702,860,013
Total of liabilities and owners’ equity 72,817,272,539 71,007,415,323
Legal representative ：Wang Jin
Person-in-charge of the accounting work：Liu Wei
Person-in -charge of the accounting organ：Meng Fei
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
2. Balance sheet of Parent Company
In RMB
Items Year-end balance Year-beginning balance
Current asset：
Monetary fund 410,194,401 429,724,538
Financial assets measured at fair value
with variations accounted into current
income account
Derivative financial assets
Bill receivable
Account receivable 252,706,285 195,462,150
Prepayments 57,034,300 57,189,222
Interest receivable 2,272,245 1,698,504
Dividend receivable 5,536,791 17,536,791
Other account receivable 113,693,257 27,984,304
Inventories 162,944,786 151,849,683
Assets held for sales
Non-current asset due in 1 year
Other current asset
Total of current assets 1,004,382,065 881,445,192
Non-current assets：
Disposable financial asset 1,181,164,895 1,243,633,985
Expired investment in possess
Long-term receivable 401,460,000 401,460,000
Long term share equity investment 23,758,530,989 23,370,412,702
Property investment 7,978,840 8,296,639
Fixed assets 1,012,466,133 1,054,459,265
Construction in progress 65,781,924 49,949,168
Engineering material
Fixed asset disposal 362,958
Production physical assets
Gas & petrol
Intangible assets 86,949,287 88,660,312
R & D petrol
Goodwill
Long-germ expenses to be amortized
Differed income tax asset 59,208,834 43,591,562
Other non-current asset 356,004,000 356,004,000
Total of non-current assets 26,929,907,860 26,616,467,633
Total of assets 27,934,289,925 27,497,912,825
Current liabilities
Short-term loans 2,330,000,000 1,700,000,000
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Financial liabilities measured at fair
value with variations accounted into
current income account
Derivative financial liabilities
Bill payable
Account payable 225,543,595 221,325,935
Advance payment
Employees’ wage payable 32,296,362 32,124,015
Tax payable 45,771,467 38,907,195
Interest payable 4,182,675 49,765,772
Dividend payable 9,703,930 9,703,930
Other account payable 93,057,916 119,738,967
Liabilities held for sales
Non-current liability due in 1 year 1,197,935,476
Other current liability 501,475,694
Total of current liability 3,242,031,639 3,369,501,290
Non-current liabilities：
Long-term loan 1,500,000,000 1,500,000,000
Bond payable 38,718,405
Including：preferred stock
Sustainable debt
Long-term payable
Employees’ wage payable 20,030,914 22,265,631
Special payable 6,529,402 8,775,514
Expected liabilities
Differed income 53,869,596 53,869,596
Differed income tax liability
Other non-current liabilities
Total of Non-current liabilities 1,619,148,317 1,584,910,741
Total of liability 4,861,179,956 4,954,412,031
Owners’ equity
Share capital 5,250,283,986 5,250,283,986
Other equity instrument
Including：preferred stock
Sustainable debt
Capital reserves 5,605,794,601 5,605,794,601
Less：Shares in stock
Other comprehensive income 90,149,706 137,001,523
Special reserves
Surplus reserves 7,834,155,143 7,590,363,724
Undistributed profit 4,292,726,533 3,960,056,960
Total of owners’ equity 23,073,109,969 22,543,500,794
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Total of liabilities and owners’ equity 27,934,289,925 27,497,912,825
3.Consolidated Income statement
In RMB
Item Report period Same period of the previous year
I. Income from the key business 13,894,985,179 12,385,486,577
Incl：Business income 13,894,985,179 12,385,486,577
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 13,213,530,804 12,161,604,003
Incl：Business cost 12,200,856,427 11,126,689,991
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 99,532,565 108,518,658
Sales expense 10,316,130 2,788,458
Administrative expense 271,706,884 285,963,326
Financial expenses 631,118,798 637,643,570
Asset impairment loss
Add：Gains from change of fir value
（“-”for loss）
Investment gain（“-”for loss） 291,018,592 227,542,910
Incl: investment gains from affiliates 272,404,985 225,418,910
Gains from currency exchange
（“-”for loss）
Assets disposal income 388,507 612,592
Other income 17,030,759 7,350,208
III. Operational profit（“-”for loss） 989,892,233 459,388,284
Add ：Non-operational income 52,608,901 1,934,790
Less：Non business expenses 1,814,323 32,918,442
IV.Total profit(“-”for loss) 1,040,686,811 428,404,632
Less：Income tax expenses 307,767,578 148,691,823
V. Net profit 732,919,233 279,712,809
1.Net continuing operating profit 732,919,233 279,712,809
2.Termination of operating net profit
Net profit attributable to the owners of
448,833,518 128,735,725
parent company
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Minority shareholders’ equity 284,085,715 150,977,084
VI. Other comprehensive income -46,851,817 16,923,651
Net of profit of other comprehensive inco
me attributable to owners of the parent co -46,851,817 16,923,651
mpany.
（I）Other comprehensive income items
that will not be reclassified into
gains/losses in the subsequent accounting
period
1.Re-measurement of defined benefit pla
ns of changes in net debt or net assets
2.Other comprehensive income under the
equity method investee can not be reclass
ified into profit or loss.
（II）
Other comprehensive income that will be -46,851,817 16,923,651
reclassified into profit or loss.
1.Other comprehensive income under the
equity method investee can be reclassifie
d into profit or loss.
2.Gains and losses from changes in fair v
-46,851,817 16,923,651
alue available for sale financial assets
3.Held-to-maturity investments reclassifi
ed to gains and losses of available for sal
e financial assets
4.The effective portion of cash flow hedg
es and losses
5.Translation differences in currency fina
ncial statements
6.Other
Net of profit of other comprehensive inco
me attributable to Minority shareholders’
equity
VII. Total comprehensive income 686,067,416 296,636,460
Total comprehensive income attributable
401,981,701 145,659,376
to the owner of the parent company
Total comprehensive income attributable
284,085,715 150,977,084
minority shareholders
VIII. Earnings per share
（I）Basic earnings per share 0.0855 0.0245
(II)Diluted earnings per share 0.0855 0.0245
Legal representative ：Wang Jin
Person-in-charge of the accounting work：Liu Wei
Person-in -charge of the accounting organ：Meng Fei
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
4. Income statement of the Parent Company
In RMB
Items Report period Same period of the previous year
I. Income from the key business 1,148,346,022 939,765,302
Incl：Business cost 1,083,181,215 887,126,339
Business tax and surcharge 4,615,124 4,342,801
Sales expense 917,618 4,589
Administrative expense 38,461,379 41,977,719
Financial expenses 100,072,564 98,104,367
Asset impairment loss
Add：Gains from change of fir value
（“-”for loss）
Investment gain（“-”for loss） 1,075,719,889 1,110,477,171
Incl: investment gains from affiliates 270,075,688 221,764,316
Assets disposal income -32,933
Other income 284,896 1,576,903
II. Operational profit（“-”for loss） 997,069,974 1,020,263,561
Add ：Non-operational income 127,262 280,853
Less：Non business expenses 676,668 195,341
III.Total profit(“-”for loss) 996,520,568 1,020,349,073
Less：Income tax expenses -17,582,572
IV. Net profit（“-”for net loss） 996,520,568 1,037,931,645
1.Net continuing operating profit 996,520,568 1,037,931,645
2.Termination of operating net profit
5. After-tax net amount of other misc.
-46,851,818 16,923,651
incomes
（I）Other comprehensive income items
that will not be reclassified into
gains/losses in the subsequent
accounting period
1.Re-measurement of defined benefit pl
ans of changes in net debt or net assets
2.Other comprehensive income under th
e equity method investee can not be recl
assified into profit or loss.
（II）
Other comprehensive income that will b -46,851,818 16,923,651
e reclassified into profit or loss.
1.Other comprehensive income under th
e equity method investee can be reclassi
fied into profit or loss.
2.Gains and losses from changes in fair
-46,851,818 16,923,651
value available for sale financial assets
3.Held-to-maturity investments reclassif
ied to gains and losses of available for s
58
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
ale financial assets
4.The effective portion of cash flow hed
ges and losses
5.Translation differences in currency fin
ancial statements
6.Other
VI. Total comprehensive income 949,668,750 1,054,855,296
VII. Earnings per share
（I）Basic earnings per share 0.1898 0.1980
(II)Diluted earnings per share 0.1898 0.1980
5. Consolidated 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
16,141,817,697 14,454,635,418
rending of services
Net increase of customer deposits
and capital kept for brother company
Net increase of loans from central bank
Net increase of inter-bank loans from
other financial bodies
Cash received against original insurance
contract
Net cash received from reinsurance
business
Net increase of client deposit and
investment
Net increase of trade financial asset
disposal
Cash received as interest, processing fee
and commission
Net increase of inter-bank fund received
Net increase of repurchasing business
Tax returned 21,858,952 1,968,626
Other cash received from business
214,249,915 107,871,299
operation
Sub-total of cash inflow 16,377,926,564 14,564,475,343
Cash paid for purchasing of
10,919,230,182 11,194,266,293
merchandise and services
Net increase of client trade and advance
Net increase of savings n central bank
and brother company
Cash paid for original contract claim
Cash paid for interest, processing fee
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
and commission
Cash paid for policy dividend
Cash paid to staffs or paid for staffs 729,285,216 701,259,423
Taxes paid 691,950,014 793,835,100
Other cash paid for business activities 241,928,444 296,189,243
Sub-total of cash outflow from business
12,582,393,856 12,985,550,059
activities
Cash flow generated by business
3,795,532,708 1,578,925,284
operation, net
II.Cash flow generated by investing
Cash received from investment
retrieving
Cash received as investment gains 165,708,684 120,542,102
Net cash retrieved from disposal of
fixed assets, intangible assets, and other 2,295,896 1,073,872
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
168,004,580 121,615,974
investment activities
Cash paid for construction of
fixed assets, intangible assets 1,769,542,620 1,292,607,275
and other long-term assets
Cash paid as investment 98,000,000 157,125,694
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
1,867,542,620 1,449,732,969
investment activities
Net cash flow generated by investment -1,699,538,040 -1,328,116,995
III.Cash flow generated by financing
Cash received as investment 4,000,000 10,500,000
Incl: Cash received as investment from
4,000,000 10,500,000
minor shareholders
Cash received as loans 7,575,961,501 7,502,176,648
Cash received from bond placing
Other financing –related ash received 42,440
Sub-total of cash inflow from financing
7,579,961,501 7,512,719,088
activities
Cash to repay debts 7,102,027,135 6,449,239,681
Cash paid as dividend, profit, or
1,505,845,837 1,596,924,345
interests
Incl: Dividend and profit paid by 327,712,545 349,333,461
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
subsidiaries to minor shareholders
Other cash paid for financing activities 136,080,000 5,493,800
Sub-total of cash outflow due to
8,743,952,972 8,051,657,826
financing activities
Net cash flow generated by financing -1,163,991,471 -538,938,738
IV. Influence of exchange rate
93
alternation on cash and cash equivalents
V.Net increase of cash and cash
932,003,290 -288,130,449
equivalents
Add: balance of cash and cash
4,996,580,490 5,184,873,650
equivalents at the beginning of term
VI ..Balance of cash and cash
5,928,583,780 4,896,743,201
equivalents at the end of term
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
1,280,393,400 1,114,632,756
of services
Tax returned 271,389
Other cash received from business operation 30,151,895 10,413,502
Sub-total of cash inflow 1,310,545,295 1,125,317,647
Cash paid for purchasing of merchandise and
1,071,447,386 1,190,011,447
services
Cash paid to staffs or paid for staffs 142,438,363 145,782,543
Taxes paid 30,081,576 13,903,632
Other cash paid for business activities 34,140,083 21,655,404
Sub-total of cash outflow from business
1,278,107,408 1,371,353,026
activities
Cash flow generated by business operation,
32,437,887 -246,035,379
net
II.Cash flow generated by investing
Cash received from investment retrieving 187,920,000 100,000,000
Cash received as investment gains 959,750,429 1,001,942,001
Net cash retrieved from disposal of fixed
assets, intangible assets, and other long-term 19,137
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
1,147,689,566 1,101,942,001
activities
Cash paid for construction of
57,108,206 57,903,755
fixed assets, intangible assets
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
and other long-term assets
Cash paid as investment 546,000,000 288,602,154
Net cash received from subsidiaries and
other operational units
Other cash paid for investment activities
Sub-total of cash outflow due to
603,108,206 346,505,909
investment activities
Net cash flow generated by investment 544,581,360 755,436,092
III.Cash flow generated by financing
Cash received as investment
Cash received as loans 3,030,805,608 1,901,037,089
Cash received from bond placing
Other financing –related ash received 42,440
Sub-total of cash inflow from financing
3,030,805,608 1,901,079,529
activities
Cash to repay debts 3,059,693,500 1,500,000,000
Cash paid as dividend, profit, or interests 567,661,585 565,442,833
Other cash paid for financing activities
Sub-total of cash outflow due to financing
3,627,355,085 2,065,442,833
activities
Net cash flow generated by financing -596,549,477 -164,363,304
IV. Influence of exchange rate alternation on
93
cash and cash equivalents
V.Net increase of cash and cash equivalents -19,530,137 345,037,409
Add: balance of cash and cash equivalents at
429,724,538 326,073,538
the beginning of term
VI ..Balance of cash and cash equivalents at
410,194,401 671,110,947
the end of term
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
7. Consolidated Statement on Change in Owners’ Equity
Amount in this period
In RMB
Amount in this period
Owner’s equity Attributable to the Parent Company
Other Equity
Items instrusment Minor
Less: Other Common Total of owners’
Specialized Surplus Retained shareholders’
Share Capital Capital reserves Shares in Comprehensi risk equity
preferr reserve reserves profits equity
Sustain stock ve Income provision
ed Other
able
stock
debt
I.Balance at the end of
5,250,283,986 5,004,250,685 137,001,523 7,590,363,724 5,713,290,735 6,007,669,360 29,702,860,013
last year
Add: Change of
accounting policy
Correcting of previous
errors
Merger of entities under
common control
Other
II.Balance at the
beginning of current 5,250,283,986 5,004,250,685 137,001,523 7,590,363,724 5,713,290,735 6,007,669,360 29,702,860,013
year
III.Changed in the
-46,851,817 243,791,419 -215,017,477 -175,706,830 -193,784,705
current year
（1）Total
-46,851,817 448,833,518 284,085,715 686,067,416
comprehensive income
（II）Investment or
decreasing of capital by -36,857 -132,080,000 -132,116,857
owners
1．Ordinary Shares inv
4,000,000 4,000,000
ested by hareholders
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
2．Holders of other equ
ity instruments invested
capital
3．Amount of shares
paid and accounted as
owners’ equity
4．Other -36,857 -136,080,000 -136,116,857
（III）Profit allotment 243,791,419 -663,814,138 -327,712,545 -747,735,264
1.Providing of surplus
243,791,419 -243,791,419
reserves
2.Providing of
common risk provisions
3．Allotment to the
-420,022,719 -327,712,545 -747,735,264
owners (or shareholders)
4．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
(VI Special reserves
1. Provided this year
2．Used this term
（VII）Other
IV. Balance at the end of
5,250,283,986 5,004,250,685 90,149,706 7,834,155,143 5,498,273,258 5,831,962,530 29,509,075,308
this term
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Amount in last year
In RMB
Amount in last year
Owner’s equity Attributable to the Parent Company
Other Equity
Items instrusment Minor
Less: Other Common Total of owners’
Specialized Surplus Retained shareholders’
Share Capital preferr Capital reserves Shares in Comprehensi risk equity
reserve reserves profits equity
Sustain stock ve Income provision
ed Other
able
stock
debt
I.Balance at the end of
5,250,283,986 5,003,007,478 145,059,015 6,845,001,818 6,135,494,928 5,957,717,537 29,336,564,762
last year
Add: Change of
accounting policy
Correcting of previous
errors
Merger of entities under
common control
Other
II.Balance at the
beginning of current 5,250,283,986 5,003,007,478 145,059,015 6,845,001,818 6,135,494,928 5,957,717,537 29,336,564,762
year
III.Changed in the
42,440 16,923,651 745,361,906 -1,036,648,900 -154,856,378 -429,177,281
current year
（1）Total
16,923,651 128,735,725 150,977,083 296,636,459
comprehensive income
（II）Investment or
decreasing of capital by 42,440 43,500,000 43,542,440
owners
1．Ordinary Shares inv
43,500,000 43,500,000
ested by hareholders
2．Holders of other equ
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
ity instruments invested
capital
3．Allotment to the
owners (or shareholders)
4．Other 42,440 42,440
(IV) Internal
transferring of owners’ 745,361,906 -1,165,384,625 -349,333,461 -769,356,180
equity
1. Capitalizing of capital
reserves (or to capital 745,361,906 -745,361,906
shares)
2. Capitalizing of
surplus reserves (or to
capital shares)
3．Making up losses by
-420,022,719 -349,333,461 -769,356,180
surplus reserves.
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
IV. Balance at the end of
5,250,283,986 5,003,049,918 161,982,666 7,590,363,724 5,098,846,028 5,802,861,159 28,907,387,481
this term
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
8.Statement of change in owner’s Equity of the Parent Company
Amount in this period
In RMB
Amount in this period
Other Equity instrument
Items Other
Less: Shares Specialize Surplus Retained Total of owners’
Share Capital preferred Capital reserves Comprehensive
Sustainable Other in stock d reserve reserves profits equity
stock Income
debt
I.Balance at the end of last
5,250,283,986 5,605,794,601 137,001,523 7,590,363,724 3,960,056,960 22,543,500,794
year
Add: Change of accounting
policy
Correcting of previous errors
Other
II.Balance at the beginning
5,250,283,986 5,605,794,601 137,001,523 7,590,363,724 3,960,056,960 22,543,500,794
of current year
III.Changed in the current
-46,851,817 243,791,419 332,669,573 529,609,175
year
（I）Total comprehensive
-46,851,817 996,520,568 949,668,751
income
(II) Investment or decreasing
-36,857 -36,857
of capital by owners
1．Ordinary Shares invested
by hareholders
2．Holders of other equity in
struments invested capital
3.Amount of shares paid and
accounted as owners’ equity
4．Other -36,857 -36,857
（III）Profit allotment 243,791,419 -663,814,138 -420,022,719
1.Providing of surplus 243,791,419 -243,791,419
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
reserves
2．Allotment to the owners
-420,022,719 -420,022,719
(or shareholders)
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
IV. Balance at the end of this
5,250,283,986 5,605,794,601 90,149,706 7,834,155,143 4,292,726,533 23,073,109,969
term
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Amount in last year
In RMB
Amount in last year
Other Equity instrusment
Items Other
Less: Shares Specialize Surplus Retained Total of owners’
Share Capital preferred Capital reserves Comprehensiv
Sustainable Other in stock d reserve reserves profits equity
stock e Income
debt
I.Balance at the end of last
5,250,283,986 5,605,752,163 145,059,015 6,845,001,818 4,428,894,674 22,274,991,656
year
Add: Change of accounting
policy
Correcting of previous errors
Other
II.Balance at the beginning
5,250,283,986 5,605,752,163 145,059,015 6,845,001,818 4,428,894,674 22,274,991,656
of current year
III.Changed in the current
42,440 16,923,651 745,361,906 -127,452,980 634,875,017
year
（I）Total comprehensive
16,923,651 1,037,931,645 1,054,855,296
income
(II) Investment or decreasing
42,440 42,440
of capital by owners
1．Ordinary Shares invested
by hareholders
2．Holders of other equity in
struments invested capital
3.Amount of shares paid and
accounted as owners’ equity
4．Other 42,440 42,440
（III）Profit allotment 745,361,906 -1,165,384,625 -420,022,719
1.Providing of surplus
745,361,906 -745,361,906
reserves
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
2．Allotment to the owners
-420,022,719 -420,022,719
(or shareholders)
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
IV. Balance at the end of this
5,250,283,986 5,605,794,603 161,982,666 7,590,363,724 4,301,441,694 22,909,866,673
term
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
III．Basic Information of the Company
Guangdong Electric Power Development Co., Ltd. (the “Company”) is a limited liability company jointly
established by Guangdong Electric Power Holding Company, China Construction Bank Guangdong Province
Trust Investment Company, Guangdong Power Development Co., Ltd, Guangdong International Trust, China
Guangfa Bank(now named as Guangdong Province Guangkong Group Co., Ltd.). The address of the Company’s
registered office and head office is F33~F36 South Tower Building of Yudean Square on 2nd Tianhe East Road,
Guangzhou City, Guangdong Province, the People’s Republic of China. The Company’s parent company is
Guangdong Province Yudean Group Co., Ltd. (“Yudean”) , The actual controller of the company is the
State-owned Assets Supervision and Administration Commission of the People’s Government of Guangdong
Province.
The Company’s issuing RMB ordinary shares (“A-share”) and domestic listed foreign shares (“B-share”) are
listed for transactions in Shenzhen Stock Exchange respectively on 26 November 1993 and 28 June 1995. As at 31
December 2016, the total share capital of the Company is RMB 5,250,283,986 with par value of RMB 1 each.
The financial statement has been approved for issue by the Company’s Board of Directors on 29 August 2018.
The Company and its subsidiaries (hereinafter collectively referred to as the “Group”) are principally engaged in the
development and operation of power plants in Guangdong Province, Yunnan Province, Hunan Province and
Guangxi Zhuang Autonomous Region.
For the Consolidation scope changed of the Group, please refer to VIII.
For the information of subsidiaries of the Company, please refer to Note IX.
IV.Basis for the preparation of financial statements
1.Basis for the preparation
The financial statements are prepared in accordance with the Accounting Standard for Business Enterprises -
Basic Standard, and the specific accounting standards and other relevant regulations issued by the Ministry of
Finance on 15 February 2006 and in subsequent periods (hereafter collectively referred to as “the Accounting
Standard for Business Enterprises” or “CAS”), and “Information Disclosure Rule No. 15 for Companies with
Public Traded Securities - Financial Reporting General Provision” issued by China Security Regulatory
Commission.
2. Continuous operation.
The Company since 12 months after the reporting period does not exist on the company's continued viability of si
gnificant concern events or circumstances.
V. Significant accounting policies and accounting estimates
Specific accounting policies and accounting estimates tips:
The Group continually evaluates the critical accounting estimates and key judgements applied based on historical
experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances. The critical accounting estimates and key assumptions that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within the next accounting year are outlined
below:
(a) Estimates on impairment of other long-term assets
Fixed assets, construction in progress, intangible assets with finite useful lives, investment properties that are
measured at cost and long-term equity investments in subsidiaries, joint ventures and associates are tested for
impairment if there’s indications that the assets may be impaired the balance sheet date.
When assessing whether there’s indication that the above assets are impaired, management mainly evaluate and
analyse: (1) whether events affecting asset impairment occurred; (2) whether the present value of expected cash
flows arising from the continuing use or disposal of the asset is lower than its carrying amount; (3) whether the
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
assumptions used in estimating the present value of future cash flows is appropriate.
Relevant assumptions adopted by the Group to determine impairment, e.g. changes in assumptions on discount
rate and growth rate used to calculate the present value of future cash flows may have material impact on the
present value used in the impairment test, and cause impairment in the above-mentioned long-term assets of the
Group.
(b) Enterprise income tax
The Group pays corporate income tax in many areas. In normal business activities,, there are uncertainties in
the final tax treatment of partial transactions and matters. When counting and drawing the income tax costs in
various areas, the Group needs to make a major judgement. If there is any difference between the final
determination of these tax matters and the amount originally recorded, the difference will have an impact on the
amount of the income tax expenses and the deferred income tax during the period of final determination above.
(c) Deferred tax assets
Whether to confirm the assets of the deferred income tax assets arising from deductible losses and deductible
temporary differences largely depends on the management’s judgement that whether to acquire sufficient amount
of income of future taxable which can be used to deduct deductible losses and deductible temporary differences in
the future period, while the calculation of this amount of income of future taxable needs applying plenty of
judgement and estimation, and it needs combined consideration for the tax planning strategy and the influence
from the overall economic environment in the meanwhile. Different judgement and estimation will have an impact
on the confirmation and the amount of the deferred income tax assets.
When assessing whether there will be sufficient future taxable profits available against which the deductible
temporary differences can be utilised, the Group recognises deferred tax assets to the extent that it is probable that
future taxable profits will be available against which the deductible temporary differences can be utilised, using
tax rates that would apply in the period when the asset would be utilised. In determining the amount of deferred
tax assets, the Group exercises judgements about the estimated timing and amount of taxable profits of the
following periods, and of the tax rates applicable in the future according to the existing tax policies and other
relevant regulations. Differences between such estimates and the actual timing and amount of future taxable
profits will affect the amount of deferred tax assets.
1.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, 2018 as well as the business performance
and cash flow situation in the first half of 2018 of the Company frankly and completely.
2. 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, 2018 to 6 months ended June 3
0,2018.
3.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.
4. 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
The consideration the combining party paid for the combination and the carrying amount of the net assets
obtained are measured at carrying amount. The difference between the carrying amount of the net assets obtained
and the carrying amount of consideration paid for the combination is adjusted to share premium (capital premium)
in the capital reserve. If the balance of share premium (capital premium) is insufficient, any excess is adjusted to
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
retained earnings. Any costs directly attributable to the combination are recognized in profit or loss for the current
period when occurred. The transaction costs of issuing equity or debt securities for business combinations.
(2) Business combinations not involving enterprises under common control
The acquirer’s combining costs and the identifiable net assets obtained at the acquisition date are measured at fair
value. If the combining costs are greater than the fair value of identifiable net assets at the acquisition date, the
difference is recognized as goodwill; if the combining costs are less than the fair value of identifiable net assets at
the acquisition date, the difference is recognized in profit or loss for the current period. The direct
acquisition-related costs arising from the business combination are recognized as expenses in the periods in which
the costs are incurred. 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.
6.Preparation of the consolidated financial statements
The consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries.
Subsidiaries are consolidated from the date on which the Group obtains control and are de-consolidated from the
date that such control ceases. For a subsidiary that is acquired in a business combination involving enterprises
under common control, it is included in the consolidated financial statements from the date when it, together with
the Company, comes under common control of the ultimate controlling party. The portion of the net profits
realised before the combination date is presented separately in the consolidated income statement.
In the preparation of consolidated financial statements, if the accounting policies or accounting period among the
Company and subsidiaries are inconsistent, the financial statements of subsidiaries have been adjusted to conform
to the Company’s policies and accounting period. For business combination not obtained under common control,
the financial statements have been adjusted based on the fair value of net recognisable asset on the acquisition
date.
All significant intra-group balances, transactions and unrealised profits are eliminated in the consolidated financial
statements. The portion of subsidiaries’ owners’ equity and the portion of subsidiaries’ net profits and losses and
comprehensive incomes for the period not attributable to the Company are recognised as minority interests, net
profit attributed to minority interests and total comprehensive incomes attributed to minority interests and
presented separately in the consolidated financial statements under owners’ equity, net profits and total
comprehensive income respectively. When the Company sells assets to subsidiaries, the unrealised gains and
losses should fully offset the net profit attributed to shareholders of the parent company; when subsidiaries sell
assets to the Company, the unrealised gains and losses should be assigned and offset between the net profit
attributed to shareholders of the parent company and minority interests according to the Company’s distribution
ratio of the subsidiary. The unrealised gains and losses between subsidiaries should be assigned and offset
between the net profit attributed to shareholders of the parent company and minority interests according to the
parent company’s distribution ratio of the subsidiary.
In preparing the consolidated financial statements, where the accounting policies and the accounting periods of the
Company and subsidiaries are inconsistent, the financial statements of the subsidiaries are adjusted in accordance
with the accounting policies and the accounting period of the Company. For subsidiaries acquired from business
combinations involving enterprises not under common control, the individual financial statements of the
subsidiaries are adjusted based on the fair value of the identifiable net assets at the acquisition date.
7. The joint-venture arrangement classification and pooling of interests accounting processing methods
The joint-venture arrangement comprises the pooling of interests and joint-venture enterprise. The pooling of
interests is the joint-venture arrangement where the participant possesses the relevant assets arranged and will
undertake relevant debts. The joint venture enterprise is the arrangement where the participant only reserves rights
on the net assets. The Group, based on the rights and obligations in the normal operation of the joint-venture
arrangement, determines the classes of the joint-venture arrangement. And it also takes account of the structure
and legal form of the joint-venture arrangement, the agreed terms and conditions, other relevant facts and
conditions, etc. among the joint-venture arrangement upon evaluation of rights and obligations.
The Group determines the following projects sharing interests in the pooling of interests and conducts the
accounting processing based on relevant accounting standards for business enterprises:
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
(I) determining assets possessed solely and the jointly-possessed assets based on its share;
(II) determining debts undertaken solely and the shared debts based on its share;
(III) determining the revenues produced by the pooling of interests owned by the on-sale group;
(IV) determining the revenues produced by the pooling of interests through sale based on the group share;
(V) determining the fees occurred solely and those of the pooling of interests based on the its share.
If the Group invests or sells the assets, etc. to the pooling of interests (except for the business constituted by the
assets), it will only ascertain the partial profits and losses produced by such trade and attributable to the other
participants of the pooling of interests before selling such assets, etc. to any third party. If the invested or sold
assets have the impairment losses per Accounting Standards for Business Enterprises No. 8 - Assets Impairment,
the group will ascertain such losses wholly.
If the Group purchases the assets, etc. from the pooling of interests (except for the business constituted by the
assets), it will only ascertain the partial profits and losses produced by such trade and attributable to the other
participants of the pooling of interests before selling such assets, etc. to any third party. If the purchased assets
have the impairment losses per Accounting Standards for Business Enterprises No. 8 - Assets Impairment, the
group will ascertain such losses wholly based on its share.
8.Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits, and short-term, highly liquid investments,
which are readily convertible into known amounts of cash and are subject to an insignificant risk of change in
value.
9.Foreign currency transactions
Foreign currency transactions are translated into recording currency using the exchange rates prevailing at the
dates of the transactions. At the balance sheet date, monetary items denominated in foreign currencies are
translated into RMB using the spot exchange rates on the balance sheet date. Exchange differences arising from
these translations are recognised in profit or loss for the current period, except for those attributable to foreign
currency borrowings that have been taken out specifically for acquisition or construction of qualifying assets,
which are capitalised as part of the cost of those assets. Non-monetary items denominated in foreign currencies
that are measured at historical costs are translated at the balance sheet date using the spot exchange rates at the
date of the transactions. The effect of exchange rate changes on cash is presented separately in the cash flow
statement.
Notes： Methods to be explained: the determination method of the converted exchange rate when foreign currency
transactions occur, the conversion method of the monetary items of foreign currency adopted on the balance sheet
date, the method of dealing with exchange gains and losses, and the accounting method of converting foreign
currency statements.
10. Financial instruments
(a) Financial assets
(i) Classification of financial assets
Financial assets are classified into the following categories at initial recognition: financial assets at fair value
through profit or loss, receivables, available-for-sale financial assets and held-to-maturity investments. The
classification of financial assets depends on the Group’s intention and ability to hold the financial assets. The
financial assets of the Group in current year include receivables and available-for-sale financial assets.
Receivables
74
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an
active market.
Available-for-sale financial assets
Available-for-sale financial assets 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.
(ii) Recognition and measurement
Financial assets are recognized at fair value on the balance sheet when the Group becomes a party to the
contractual provisions of the financial instrument. In the case of financial assets at fair value through profit or loss,
the related transaction costs occurred at the time of acquisition is recognized in profit or loss for the current period.
For other financial assets, transaction costs that are attributable to the acquisition of the financial assets are
included in their initial recognition amounts.
Financial assets at fair value through profit or loss and available-for-sale financial assets are subsequently
measured at fair value. Investments in equity instruments are measured at cost when they do not have a quoted
market price in an active market and whose fair value cannot be reliably measured. Receivables are measured at
amortized cost using the effective interest method.
Gain or loss arising from a change in fair value of an available-for-sale financial asset is recognized directly in
equity, except for impairment losses and foreign exchange gains and losses arising from the translation of
monetary financial assets. When such financial asset is derecognized, the cumulative gain or loss previously
recognized directly in equity is recycled into profit or loss for the current period.
The Group assesses the carrying amount of financial assets other than those at fair value through profit or loss at
each balance sheet date. If there is objective evidence that the financial asset is impaired, an impairment loss is
provided for.
Objective evidence indicating impairment of financial assets refers to the matter that actually occurs after the
initial recognition of financial assets, it will affect estimated future cash flows of financial assets, and its impact
can be reliably measured.
(iii) Impairment of financial assets
The objective evidence, of which provided for available-for-sale equity instruments being impaired, includes an
investment in an equity instrument with serious or prolonged decline.
The Group assesses available-for-sale equity instruments at each balance sheet date on an individual basis.
If the fair value of equity instruments is less than its initial investment cost of more than 50% (inclusive), or less
than its initial investment cost for more than one year (inclusive), it indicates that the equity instruments are
impaired. If the fair value of equity instruments is less than its initial investment cost of more than 20% ( inclusive)
to 50% (exclusive), the Group will consider other relevant factors to judge that whether equity instruments are
impaired. The Group calculates the initial investment cost of initial available-for-sale equity instruments
investment using the weighted average method.
When an impairment loss on a financial asset carried at amortised cost has incurred, the amount of loss is
measured at the difference between the asset’s carrying amount and the present value of estimated future cash
flows (excluding future credit losses not incurred). If there is objective evidence that the value of the financial
asset is recovered and the recovery is related objectively to an event after the impairment is recognised, the
previously recognised impairment loss is reversed and the amount of reversal is recorded in profit or loss.
When an impairment loss on an available-for-sale financial asset has incurred, the difference between the present
value of the discounted cash flow of its book value and market return on a similar financial asset is recognised as
impairment loss, and recorded in current profit or loss. Recognised impairment loss cannot be reversed in
subsequent periods.
(iv) Derecognition of financial assets
A financial asset is derecognised when any of the below criteria is met: (i) the contractual rights to receive the
cash flows from the financial asset expire; (ii) the financial asset has been transferred and the Group transfers
substantially all the risks and rewards of ownership of the financial asset to the transferee; or (iii) the financial
asset has been transferred and the Group has not retained control of the financial asset, although the Group neither
transfers nor retains substantially all the risks and rewards of ownership of the financial asset.
On derecognition of a financial asset, the difference between the carrying amount and the sum of the consideration
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
received and the cumulative changes in fair value that have been recognised directly in equity, is recognised in
profit or loss
(b) Financial liabilities
Financial liabilities are classified into the following categories at initial recognition: financial liabilities at fair
value through profit or loss and other financial liabilities. The financial liabilities of the Group are other comprise
financial liabilities, including payables, borrowings and debentures payable.
Payables, including accounts payable and other payables, are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest method.
Borrowings and bonds payable are recognised initially at fair value, net of transaction costs incurred, and
subsequently measured at amortised cost using the effective interest method.
Other financial liabilities with maturities no more than one year (inclusive) are classified as current liabilities.
Other financial liabilities with maturities over one year (inclusive) but are due within one year since the balance
sheet date are classified as the current portion of non-current liabilities. Others are classified as non-current
liabilities.
A financial liability is derecognised or partly derecognised when the current obligation is discharged or partly
discharged. The difference between the carrying amount of the financial liability or the derecognised part of the
financial liability and the consideration paid is recognised in profit or loss.
(c) Determination of the fair value of the financial instruments
The fair value of a financial instrument that is traded in an active market is determined at the quoted price in the
active market. The fair value of a financial instrument that is not traded in an active market is determined by using
a valuation technique. Valuation techniques include using prices of recent market transactions between
knowledgeable and willing parties, reference to the current fair value of another financial asset that is substantially
the same with this instrument, and discounted cash flow analysis, etc. When a valuation technique is used to
establish the fair value of a financial instrument, it makes the maximum use of observable market inputs and relies
as little as possible on entity-specific inputs. When the observable inputs are not available or are unrealistic to
obtained, unobservable inputs shall be used
Notes: Methods to be explained: the determination method of the converted exchange rate when foreign currency
transactions occur, the conversion method of the monetary items of foreign currency adopted on the balance sheet
date, the method of dealing with exchange gains and losses, and the accounting method of converting foreign
currency statements.
11.Account receivable
（1）Bad debt provision on receivable accounts with major amount individually
The top five accounts receivable in amount, any other receivables
Criteria and norm of individual significance with an individual amount more than RMB 5,000,000, and all
long-term receivables
Separate impairment test. If there exists objective evidence that
Measurement of impairment allowances for receivables of the Group will not be able to collect the amount under the
individual significance original terms, a provision for impairment of that receivable is
made.
(2)The accounts receivable of bad debt provisions made by credit risk Group
Name Method
In Group ,Accounts on age basis in the portfolio：
□ Applicable √ Not applicable
In Group, adopting balance percentage method for bad debt provision：
□ Applicable √ Not applicable
In Group ,adopting other method for bad debt provision：
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
□ Applicable √ Not applicable
(3) Accounts receivable that are individually insignificant but with bad debt provision provided on an
individual basis
When objective evidence indicates the Group can’t receive money
Reason for separate provision for bad debts
according originalterms, provision for bad debts recognized.
The bad debt will be recognized when the present value of estimated
Method of provision for bad debts
future cash flow below their book value.
12. Inventories
Whether the company needs to comply with the disclosure requirements of the particular industry
No
(a) Classification
Inventories include fuel and spare parts measured at the lower of cost and net realisable value..
(b) Cost of inventories transferred out
Cost of fuel transferred out is calculated using the weighted average method. Spare parts are amortised in full
when received for use.
(c) Basis for determining the net realisable value of inventories and provisioning methods for decline in value of
inventories
Any excess of the cost over the net realisable value of inventories is recognised as a provision for diminution in
the value of inventories. Net realisable value is measured by the estimated selling price in the ordinary course of
business less the estimated costs necessary to make the sale and relevant taxes.
(d) The Group maintains a perpetual inventory system..
13. Divided as assets held for sale
The non-liquid assets or the treatment group complied with the following conditions will be classified into the
possessed assets for sale: (I) the non-liquid assets or the treatment group is ready for sale subject to the common
terms and conditions for such assets or the treatment group under the current conditions; (II) the group has already
made a resolution on treatment of such non-liquid assets or the treatment group and obtained proper approval; (III)
the Group has already concluded an irrevocable transfer agreement with the assignee; (IV) such transfer will be
completed within one year.
The non-liquid assets complied with the conditions for the possessed assets for sale (excluding the financial assets,
the investment real estate calculated based on its fair value and the deferred income tax assets) will be the lower
amount between the book value and the fair value minus the treatment cost. If the fair value minus the treatment
cost is lower than the original book value, then it will be deemed as the asset deprecation loss.
The non-liquid assets classified into the processed assets ready for sale and the assets and debts in the treatment
group comprise the liquid assets and liquid debts to be listed separately in the balance sheet.
14. Long-term equity investments
Long-term equity investments comprise the Company’s long-term equity investments in its subsidiaries and the
Group’s long-term equity investments in its associates.
Subsidiaries are the investees over which the Company is able to exercise control. Associates are the investees
over which the Group has significant influence, but not control, on their financial and operating policies.
Investments in subsidiaries are presented in the Company’s financial statements using the cost method, and are
adjusted to the equity method when preparing the consolidated financial statements. Investments in associates are
accounted for using the equity method.
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
(a) Determination of investment cost
For long-term equity investments acquired through a business combination: for long-term equity investments
acquired through a business combination involving enterprises under common control, the investment cost shall
be the absorbing party’s share of the carrying amount of owners’ equity of the party being absorbed at the
combination date; for long-term equity investment acquired through a business combination involving enterprises
not under common control, the investment cost shall be the combination cost. For long-term equity investments
acquired not through a business combination: if the long-term equity investments are acquired in cash, the initial
investment cost shall be the purchase price actually paid; if the long-term equity investments are acquired by
issuing equity securities, the initial investment cost shall be the fair value of the equity securities.
(b) Subsequent measurement and recognition of related profit and loss
For long-term equity investments accounted for using the cost method, they are measured at the initial investment
costs, and cash dividends or profit distribution declared by the investees are recognised as investment income in
profit or loss.
For long-term equity investments accounted for using the equity method, where the initial investment cost exceeds
the Group’s share of the fair value of the investee’s identifiable net assets at the time of acquisition, the investment
is initially measured at cost. Where the initial investment cost is less than the Group’s share of the fair value of the
investee’s identifiable net assets at the time of acquisition, the difference is included in profit or loss for the
current period and the cost of the long-term equity investment is adjusted accordingly.
For long-term equity investments accounted for using the equity method, the Group recognises the investment
income or losses according to its share of net profit or loss of the investee. The Group discontinues recognising its
share of net losses of an investee after the carrying amount of the long-term equity investment together with any
long-term interests that, in substance, form part of the investor’s net investment in the investee are reduced to zero.
However, if the Group has obligations for additional losses and the criteria with respect to recognition of
provisions under the accounting standards on contingencies are satisfied, the Group continues recognising the
investment losses and the provisions. The Company shall adjust the carrying amount of the long term investment
for other changes in shareholders’ equity of the investee (other than net profits or losses), and include the
corresponding adjustment in shareholders’ equity. The carrying amount of the investment is reduced by the
Group’s share of the profit distribution or cash dividends declared by an investee. The unrealised profits or losses
arising from the intra-group transactions amongst the Group and its investees are eliminated in proportion to the
Group’s equity interest in the investees, and then based on which the investment gains or losses are recognised.
For the loss on the intra-group transaction amongst the Group and its investees attributable to asset impairment,
any unrealised loss is not eliminated.
(c) Basis for determining existence of control and significant influence over investees
Control is the power to govern the investee so as to obtain variable returns by participating in the related business
activities of the investees and the ability to affect the returns by exercising its power over the investees.
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
Group and the parties sharing the control.
Significant influence is the power to participate in the financial and operating policy decisions of the investee, but
is not control or joint control over those policies.
(d) Impairment of long-term equity invest
The carrying amount of long-term equity investments in subsidiaries, joint venture, and associates is reduced to
the recoverable amount when the recoverable amount is less than the carrying amount
15. Investment properties
The measurement mode of investment property
The measurement by the cost method
Depreciation or amortization method
Investment properties, including land use rights that have already been leased out and buildings that are held for
the purpose of leasing are measured initially at cost. Subsequent expenditures incurred in relation to an investment
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
properties are included in the cost of the investment property when it is probable that the associated economic
benefits will flow to the Group and their costs can be reliably measured; otherwise, the expenditures are
recognised in profit or loss in the period in which they are incurred.
The Group adopts the cost model for subsequent measurement of investment properties. Buildings and land use
rights are depreciated or amortised to their estimated net residual values over their estimated useful lives. The
estimated useful lives, the estimated net residual values that are expressed as a percentage of cost and the annual
depreciation (amortisation) rates of investment properties are as follows:
Estimated useful lives Estimated net residual value Annual depreciation rates Building
30 years 5% 3.17% When an investment property is transferred to owner-occupied properties, it is
reclassified as fixed asset at the date of the transfer. The carrying amount of the fixed asset shall be measured on
the basis of fair value of the investment property.
The investment property’s estimated useful life, net residual value and depreciation (amortisation) method applied
are reviewed and adjusted as appropriate at each year-end.
An investment property is derecognised on disposal or when the investment property is permanently withdrawn
from use and no future economic benefits are expected from its disposal. The net amount of proceeds from sale,
transfer, retirement or damage of an investment property after its carrying amount and related taxes and expenses
is recognised in profit or loss for the current period.
16. Fixed assets
（1）Recognition of fixed assets
Fixed assets comprise plant and building, power generator equipment, motor vehicles and other equipment. Fixed
asset is recognised when it is probable that the related economic benefits 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
acquisition date. The fixed assets injected by the state-owned shareholder during the restructuring of corporation
were initially recorded at the valuated amount approved by the relevant authorities managing state-owned assets.
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 the costs can be reliably
measured. The carrying amount of those parts that are replaced is derecognised and all the other subsequent
expenditures are recognised in income statement when they are incurred.
（2）Depreciation of fixed assets
The method for Expected useful life
Category Estimated residual value Depreciation
depreciation （Year）
House and building Straight-line method 10-50 years 0% - 5% 1.90% - 10 %
Generation equipment Straight-line method 5-31 years 0% - 5% 3.06% - 20 %
Transportation Straight-line method
5-10 years 0% - 5% 9.50% - 20 %
equipment
Other equipment Straight-line method 5-25 years 0% - 5% 3.80% - 20 %
(3)Cognizance evidence and pricing method of financial leasing fixed assets
The lease that essentially transfers all the risks and returns related to the ownership of the asset is classified as
finance lease. The entry value of the fixed assets under finance lease the lower of its fair value and the present
value of the minimum lease payments. The difference between the entry value of the fixed asset under finance
lease and the present value of the minimum lease payment is recognised as unrecognised financing charges. Fixed
assets under finance lease share the same depreciation method with company owned fixed assets. If there is
reasonable certainty that the Group will obtain ownership of a leased asset at the end of the lease term, the leased
asset is depreciated over its estimated useful life. Otherwise, the leased asset is depreciated over the shorter of the
lease term and its estimated useful life.
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
17.Construction in progress
Construction in progress is measured at its actual costs incurred. Actual costs include construction cost,
installation cost, capitalised borrowing costs, and any other costs directly attributable to bringing the asset to
working condition for its intended use. When the construction in progress is ready for its intended use, it is
transferred to fixed assets and starts depreciation the following month. When recoverable amount of the
construction in progress is lower than its carrying value, its carrying value is then reduced to the recoverable
amount.
18.Borrowing costs
The borrowing costs that are directly attributable to the acquisition and construction of a fixed asset that needs a
substantially long period of time of acquisition and construction for its intended use commence to be capitalised
and recorded as part of the cost of the asset when expenditures for the asset and borrowing costs have been
incurred, and the activities relating to the acquisition and construction that are necessary to prepare the asset for its
intended use have commenced. The capitalisation of borrowing costs ceases when the asset under acquisition or
construction becomes ready for its intended use, the borrowing costs incurred thereafter are recognised in income
statement. Capitalisation of borrowing costs is suspended when the acquisition or construction of a fixed asset is
interrupted abnormally and the interruption lasts for more than 3 months, until the acquisition or construction is
resumed.
For the specific borrowings obtained for the acquisition or construction of a fixed asset qualifying for
capitalisation, the amount of borrowing costs eligible for capitalisation is determined by deducting any interest
income earned from depositing the unused specific borrowings in the banks or any investment income arising on
the temporary investment of those borrowings during the capitalisation period.
For the general borrowings obtained for the acquisition or construction of a fixed asset qualifying for
capitalisation, the amount of borrowing costs eligible for capitalisation is determined by applying the weighted
average effective interest rate of general borrowings, to the weighted average of the excess amount of cumulative
expenditures on the asset over the amount of specific borrowings. The effective interest rate is the rate at which
the estimated future cash flows during the period of expected duration of the borrowings or applicable shorter
period are discounted to the initial amount of the borrowings.
19.Biological Assets
20.Oil & Gas assets
21.Intangible assets
1. Valuation Method, Service Life and Impairment Test of Intangible Assets
Intangible assets mainly including land use rights, sea use rights, software, associated projects for electricity
transmission and transformation, microwave engineering and transportation engineering 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 recognised by the state-owned assets supervision and administration
department.
(a) Land use right and sea use right
Land use rights are amortised on a straight-line basis over their approved period of 20 to 70 years. If the purchase
costs of land and attached buildings cannot be reasonably allocated between the land use right and the buildings,
the purchase costs are recognised as fixed assets.
(a)Associated projects for electricity transmission and transformation, microwave engineering and transportation
engineering
Projects for electricity transmission and transformation and microwave engineering are undertaken by the Group
for the grid connection project for loading to Guangdong Guangdian Power Grid. From the start of use, they are
amortised on a straight-line basis over their benefit period of 16 years.
Transportation engineering projects are amortised on a straight-line basis over their benefit period of 10 years to
20 years
(c) Other intangible assets
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Besides land use right, sea use right, associated projects for electricity transmission and transformation,
microwave engineering and transportation engineering, other intangible assets are amortized on a straight-line
basis over their expected life of 2 years to 25 years.
(d) Periodic review on useful life and method of amortisation
For intangible assets with finite useful life, their expected life and amortisation method are reviewed and adjusted
at the end of every year.
(e) Impairment of intangible assets
The carrying amount of intangible assets is reduced to the recoverable amount when the recoverable amount is
less than the carrying amount.
（2）Accounting policies for the internal research and development expenditure
The internal R&D project expenditure is classified into the research expenditure and the development expenditure
based on the property thereof and the large uncertainty existence for the final formation of the intangible assets of
the R&D activities.
The expenditure for the planned survey, evaluation and selection phases for the R&D projects is that for the
research phase and will be included into the current profits and losses upon occurrence; the expenditure for
relevant design and test phases applied finally for the R&D projects is that for the development phase, among
which, that complied with the following conditions will be capitalized:
The development of R&D projects has been demonstrated sufficiently by the technology team;
The Management Layer has already approved the budget for the development of R&D projects;
The Management Layer has already approved the budget for the development of R&D projects;
It has sufficient technical and capital support for the project development activities and following large-scale
production;
The expenditure related to the development may be collected reliably.
The expenditure of the development phase in unconformity with conditions above will be included into the current
profits and losses upon occurrence. The expenditure of the previous periods included into the profits and losses
will not be re-deemed as the asset in the following periods. The capitalized expenditure in the development phase
is listed as the development expenditure in the balance sheet and will become the intangible asset from the date
when the project meeting the intended usage.
22. Impairment of long-term assets
Fixed assets, construction in progress, intangible assets with finite useful lives, investment property measured at
cost and long-term equity investments in subsidiaries, joint venture, and associates are tested for impairment if
there is any indication that an asset may be impaired at the balance date. If the result of the impairment test
indicates that the recoverable amount of the asset is less than its carrying amount, a provision for impairment and
an impairment loss are recognised for the amount by which the asset’s carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and the present value of the
future cash flows expected to be derived from the asset. A provision for asset impairment is determined and
recognised on an individual asset basis. If it is not possible to estimate the recoverable amount of an individual
asset, the recoverable amount of the group of assets to which the asset belongs is determined. A group of assets is
the smallest group of assets that is able to generate independent cash inflows.
Goodwill that is separately presented in the financial statements is tested at least annually for impairment,
irrespective of whether there is any indication that it may be impaired. In conducting the test, the carrying value of
goodwill is allocated to the related asset group or groups of asset groups which are expected to benefit from the
synergies of the business combination. If the result of the test indicates that the recoverable amount of an asset
group or a group of asset groups, including the allocated goodwill, is lower than its carrying amount, the
corresponding impairment loss is recognised. The impairment loss is first deducted from the carrying amount of
goodwill that is allocated to the asset group or group of asset groups, and then deducted from the carrying
amounts of other assets within the asset group or group of asset groups in proportion to the carrying amounts of
assets other than goodwill.
Once the asset impairment loss mentioned above is recognised, it is not allowed to be reversed for the value
recovered in the subsequent periods.
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23.Long-term deferred expenses
Long-term prepaid expenses include the expenditure for improvements to fixed assets held under operating leases,
and other expenditures that have been incurred but should be recognised as expenses over more than one year in
the currentand subsequent periods. Long-term prepaid expenses are amortised on the straight-line basis over the
expected beneficial period and are presented at actual expenditure net of accumulated amortisation.
24. Employee benefits
(1) Short-term employee benefits
Short-term remunerations mainly include wages or salaries, bonuses, allowances and subsidies, staff welfare,
medical insurance, work injury insurance, maternity insurance, housing funds, labour union funds, employee
education funds, short-term paid absence. Short-term remunerations are recognised as current liabilities in the
accounting period in which the service has been rendered by the employees, and as costs of assets or expenses to
whichever the employee service is attributable. Non-monetary benefits are measured at fair value.
（2）Post –employment benefits
The Company’s post-employment benefits scheme includes both Defined Contribution Plan (DCP) and Defined
Benefit Plan (DBP). A DCP is a pension plan under which the Company pays fixed contributions into a separate
entity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient
assets to pay all employees the benefits relating to employee service in the current and prior periods. A DBP is a
pension plan that is not a defined contribution plan. During the periods of reporting, the Company’s
post-employment benefits scheme mainly includes basic pension insurance and unemployment insurances, both of
which are DCP.
Basic pension insurance
Employees of the Group have entered into the social pension insurance scheme organised by local labour and
social security department. The Group pays basic pension insurances to local labour and social security
department monthly according to local insurance base and corresponding rate. Local labour and social security
department is obligated to pay basic pensions to retired employees.
Supplementary pension insurance
The company purchases supplementary pension insurance on behalf of employees, and pays pension insurances
according to the policies of Yudean Group. The amounts based on the above calculations are recognised as
liabilities in the accounting period in which the service has been rendered by the employees, with a corresponding
charge to the profit or loss for the current period or the cost of relevant assets.
(3) Termination benefits
The Group provides compensation for terminating the employment relationship with employees before the end of
the employment contracts or as an offer to encourage employees to accept voluntary redundancy before the end of
the employment contracts. The Group recognises a liability arising from compensation for termination of the
employment relationship with employees, with a corresponding charge to profit or loss at the earlier of the
following dates: 1) when the Group cannot unilaterally withdraw the offer of termination benefits because of an
employment termination plan or a curtailment proposal; 2) when the Group recognises costs or expenses related to
the restructuring that involves the payment of termination benefits.
Early retirement benefits
The Group provides early retirement benefits for employees who enrolled in internal retirement arrangement.
Early retirement benefits refer to wages and social benefit paid by the Group on behalf of the employees who have
not meet retirement age requirement but voluntarily retire after permission from the Group’s management level.
The Group starts paying early retirement benefits to early retired employees from the start date of their early
retirement until they reach the statutory retirement age. For the accounting treatment of early retirement benefits,
the Group adopts the same method as termination benefits, that is, upon confirming the termination benefits
comply with relevant conditions, proposed payment of early retirement wages. and social security from the start
date of termination of services to the date of statutory retirement age are recognised as liability and recorded into
profit and loss at lump sum. The discrepancy caused by change in actuarial assumption and adjustment of welfare
standard is recorded into current profit or loss.
Early retirement benefits that are expected to be paid within one year after balance sheet date are disclosed as
current liabilities.
(4) Other long-term employee benefits
According to the Urban Employee Basic Medical Insurance (UEBMI) policy governing the Company and some of
the Group’s subsidiaries, if an employee’s UEBMI contribution period who participates in basic medical insurance
for urban residents, fails to reach the time requirement when the employee reaches the statutory retirement age,
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the employee shall continue to contribute to the UEBMI till the contribution period meets the required time. The
Group determines the amount to be contributed in the residual service period of an employee based on the present
value of the future cash flow expected to be paid for UEBMI till the required time is met, which will be
recognised as long-term employee benefits liabilities with a corresponding charge to profit or loss or included in
cost of related assets.
25. Estimated Liabilities
Provisions for product warranties, onerous contracts etc. are recognised when the Group has a present obligation,
it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount of the
obligation can be measured reliably.
A provision is initially measured at the best estimate of the expenditure required to settle the related present
obligation. Factors surrounding a contingency, such as the risks, uncertainties and the time value of money, are
taken into account as a whole in reaching the best estimate of a provision. Where the effect of the time value of
money is material, the best estimate is determined by discounting the related future cash outflows. The increase in
the discounted amount of the provision arising from passage of time is recognised as interest expense.
The carrying amount of provisions is reviewed at each balance sheet date and adjusted to reflect the current best
estimate.
The provisions expected to be settled within one year since the balance sheet date are classified as current
liabilities.
26.Share-based payments
27.Preferred shares, perpetual capital secutities and other financial instruments
28. Revenue
Whether the company needs to comply with the disclosure requirements of the particular industry
No
The amount of revenue is determined in accordance with the fair value of the consideration received or receivable
for the sale of goods and services in the ordinary course of the Group’s activities.
Revenue is shown net of discounts and returns. 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：
(a) Revenue from sales of electricity and heat energy
Revenue is recognised when electricity and heat energy are supplied to grid companies or customers.
(b) Revenue from sales of by-products
Revenue from the sales of goods is recognised when the Group transfers by-products (such as coal ash) produced
by electricity generations to the designated delivery place pursuant to the contract or agreement and the recipient
resource utilisation confirms receipt.
(c) 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.
The Group provides external bidding agency service and maintenance service.
The Group provides external bidding agency service, upon the completion of the bidding service, revenue is
recognised based on the pricing difference between the electricity consumption of bidding and auction price, and
the customer’s conventional price of electricity.
The Group provides external maintenance service, revenue is recognised according to the percentage completion
method, determined by percentage of the total cost incurred.
(d) Revenue from sale of certified emission reductions (CERs)
The Group sells CERs provided by its natural gas facilities and wind power facilities. These facilities are
registered with the Clean Development 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 counterparty has committed to buy CERs or VERs;
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
- The amount of income from selling CERs or VERs can be reliably measured;
- The Company has generated the related electricity.
(e) Transfer of asset usage rights
Interest income is recognised based on the length of time of the deposits or principal outstanding and the
applicable effective interest rate. Rental income for operation lease is recognised according to straight-line method
of allocation over the rental period.
29. Government grants
1. Judgment Basis and Accounting Treatment Method of Government Grants related to Assets
Government grants related to assets refer to government grants which are obtained by the Group for the purposes
of purchase, construction or acquisition of the long-term assets. Government grants related to income refer to the
government grants other than those related to assets.
Government grants related to assets will be recorded as deferred income and recognised evenly in profit or loss
over the useful lives of the related assets. However, the government grants measured at their nominal amounts will
be directly recorded in profit and loss for the current period.
2. Judgment Basis and Accounting Treatment Method of Government subsidy related to Income
Government grants related to income will be recorded as deferred income and recognised in profit or loss in the
period in which the related expenses are recognised if the grants are intended to compensate for future expenses or
losses, and otherwise recognised in profit or loss for the current period if the grants are used to compensate for
expenses or losses that have been incurred.
The Group applies the presentation method consistently to the similar government grants in the financial
statements.
Government grants that are related to ordinary activities are included in operating profit, otherwise, they are
recorded in non-operating income or expenses.
30. Deferred income tax assets/Deferred income tax liability
Deferred tax assets and deferred tax liabilities are calculated and recognised based on the differences arising
between the tax bases of assets and liabilities and their carrying amounts (temporary differences). Deferred tax
asset is recognised for the deductible losses that can be carried forward to subsequent years for deduction of the
taxable profit in accordance with the tax laws. No deferred tax liabilities is recognised for the temporary
differences resulting from the initial recognition of Goodwill. No deferred tax asset or deferred tax liability is
recognised for the temporary differences resulting from the initial recognition of assets or liabilities due to a
transaction other than a business combination, which affects neither accounting profit nor taxable profit (or
deductible loss). At the balance sheet date, deferred tax assets and deferred tax liabilities are measured at the tax
rates that are expected to apply to the period when the asset is realised or the liability is settled.
Deferred tax assets are only recognised for deductible temporary differences, deductible losses and tax credits to
the extent that it is probable that taxable profit will be available in the future against which the deductible
temporary differences, deductible losses and tax credits can be utilised.
Deferred tax liabilities are recognised for temporary differences arising from investments in subsidiaries, joint
venture, and associates, except where the Group is able to control the timing of reversal of the temporary
difference, and it is probable that the temporary difference will not reverse in the foreseeable future. When it is
probable that the temporary differences arising from investments in subsidiaries and associates will be reversed in
the foreseeable future and that the taxable profit will be available in the future against which the temporary
differences can be utilised, the corresponding deferred tax assets are recognised.
Deferred tax assets and liabilities are offset when:
the deferred taxes are relate to the same tax payer within the Group and same fiscal authority, and;
that tax payer has a legally enforceable right to offset current tax assets against current tax liabilities.
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31. Leases
（1）Accounting of operational leasing
Operating lease expenses are recorded in relevant cost of capital or current profit or loss according to straight-line
method over the lease period.
Operating lease revenue are recognised according to straight-line method over the lease period.
（2）Accounting treatment of financing leasing
When the Group acquires an asset under a finance lease, the asset is measured at an amount equal to the lower of
its fair value and the present value of the minimum lease payments, each determined at the inception of the lease.
The difference between the fair value of the leased assets and the minimum lease payments is recognised as
unrecognised finance charges. Unrecognised finance charge under finance lease is amortised using an effective
interest method over the lease term. The minimum lease payment net of unrecognised finance charges are
disclosed as long-term payable.
32. Other significant accounting policies and estimates
33.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
34.Other
VI.Taxation
1.Main categories and rates of taxes
Tax items Tax basis Tax rate
3%，6%，10%，11%，16%及 17%（According to the “Notice
Taxable value added amount (Tax
of the Ministry of Finance and the State Administration of
payable is calculated using the taxable
Taxation on Adjusting the Value-Added Tax Rate” (Cai Shui
VAT sales amount multiplied by the
[2018] No. 32) and related regulations, since May 1, 2018 the tax
applicable tax rate less deductible VAT
rates for the group's original business which were applicable to
input of current period)
17% and 11% will be adjusted to 16% and 10% respectively）
City maintenance and Amount of VAT, business tax and
5% and7%
construction tax consumption tax paid
Corporate income tax Taxable income 0% and 25%
Education surcharges Based on VAT paid 3%
Local education
Based on VAT paid 2%
surcharges
The rental income or residual value of
House property tax 12% and1.2%
the property
In case there exist any taxpayer paying corporate income tax at different tax rates, disclose the information
Name of taxpayer Income tax rates
Dianbai Wind power 0%
Qujie Wind Power 0%
Leizhou Wind Power 0%
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
2.Tax preferences
Pursuant to the approval documents (Caishui [2008] No. 46 and Guo Shui Fa [2009] No. 80), Xuwen Wind Power,
Dianbai Wind Power, Qujie Wind Power and Leizhou Wind Power are exempted from enterprise income tax in the
first three years counting from the year profits are recorded, and can enjoy half rate reduction in the following
three years. As the local taxation bureau considered that Xuwen Wind Power posted profits for the first time in
2012, and Dianbai Wind Power posted profits for the first time in 2016, Qujie Wind Power posted profits for the
first time in 2016 and Leizhou Wind Power posted profits for the first time in 2017, the applicable enterprise
income tax rates for Dianbai Wind Power, Qujie Wind Power and Leizhou Wind Power are 0%, 0% and 0% in
first half of 2018 (2017:0%, 0% and 0%) respectively.
In addition, 50% of VAT levied on the sales of electricity generated by Guangdong Yudean Shibeishan Wind
Power Co., Ltd. (“Shibeishan”), Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd. (“Zhanjiang
Wind Power”), Xuwen Wind Power, Dianbai Wind Power, Qujie Wind Power and Leizhou Wind Power and
Huilai Wind Power will be refunded immediately in accordance with the Notice Concerning Value Added Tax
Policies on Wind Power Generation (Cai Shui [2015] No.74)
3.Other
VII. Notes of consolidated financial statements
1.Monetary Capital
In RMB
Items Year-end balance Year-beginning balance
Cash 51,361 37,745
Bank deposit 5,928,532,419 4,996,542,745
Total 5,928,583,780 4,996,580,490
Other notes
As of June 30,2018,The company’s deposit in Yudean Finance company is 3,605,937,699 yuan (4,152,300,806 yuan
before December 31, 2017).The deposit in Yudean Finance means that deposited in Guangdong Yudean Finance
Co., Ltd. (“Yudean Finance”). Yuedian Finance is one financial institution approved by People's Bank of China
and is a subsidiary of Yuden Group Co., Ltd.
2.Financial assets measured at fair value throuth current profit and loss
In RMB
Items Year-end balance Year-beginning balance
Other notes
3.Derivative financial assets
□Applicable √ Not applicable
4.Note receivable
（1）Classification bill receivable
In RMB
Items Year-end balance Year-beginning balance
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
（2）Note receivable pledged by the Company at the period -end
In RMB
Items Amount
（3）Note receivable endorsed or discounted by the Company as at June 30.2018 but not expired on the balance
sheet date
In RMB
Amount underecognized ats at june
Items Amount derecognized as at June 30,2018
30,2018
（4）There is no notes transferred to accounts receivable because drawer of the notes fails to exuted the contract or
agreement
In RMB
Items Amount
Other notes
5.Account receivable
（1）Classification Account receivable :
In RMB
Year-end balance Year-beginning balance
Provision for bad Provision for
Book balance Book balance
debts bad debts
Category Book Book Value
Value Propo
Proportion Proportion Proporti Amou
Amount Amount Amount rtion
（%） （%） on（%）nt
（%）
Accounts receivable
of individual
significance and 2,864,336 2,864,336
98.62% 2,781,066,903 98.40% 2,781,066,903
subject to individual ,117 ,117
impairment
assessment
Accounts receivable
of individual
insignificance but 40,133,18 40,133,18
1.38% 45,170,356 1.60% 45,170,356
subject ot individual 4 4
impairment
assessment
2,904,469 2,904,469
Total 100 % 2,826,237,259 100 % 2,826,237,259
,301 ,301
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
GPGC 2,665,000,237 0 0%
87
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Shenzhen Powe supply
142,006,674 0 0%
Bureau
GPGC,Zhanjiang Power
39,623,537 0 0%
supply Bureau
GPGC,Jieyang Power
9,694,907 0 0%
supply Bureau
YPGC 8,010,762 0 0%
Total 2,864,336,117 -- --
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
□Applicable √Not applicable
Receivable accounts on which had debt provisions are provided by other ways in the portfolio
（2）Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debt provision during the reporting period was of RMB 0.00;The amount of the
reversed or collected part during the reporting period was of RMB0.00.
Where the current bad debts back or recover significant amounts:
In RMB
Name Back or withdraw money Method
（3）The current accounts receivable written-offs situation
In RMB
Items Amount written-offs situation
Account receivables actually written-offs during the reporting period：
In RMB
Nature of account Reason for Verification Arising form related
Name Amount written-off
receivable written-off procedures transactions(Y/N)
Explanation for written-off of account receivables：
（4）The ending balance of other receivable owed by the imputation of the top five parties
Bad debt provision
Name Amount in year-end Proportion%
Proportion%
Total 2,864,336,117 - 98.62%
GPGC 2,665,000,237 0 91.76%
Shenzhen Powe supply Bureau 142,006,674 0 4.89%
GPGC,Zhanjiang Power supply 39,623,537 0 1.36%
Bureau
GPGC,Jieyang Power supply 9,694,907 0 0.33%
Bureau
YPGC 8,010,762 0 0.28%
(5) Account receivable which terminate the recognition owning to the transfer of the financial assets
(6) The amount of the assets and liabilities formed by the transfer and the continues involvement of accounts
receivable
Other notes：
88
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
6.Prepayments
（1）Age analysis
In RMB
Year-end balance Year-beginning balance
Aging
Amount Proportion Amount Proportion
Within 1 year 1,216,078,228 97.39% 825,247,024 99.81%
1-2 years 31,850,748 2.55% 963,292 0.12%
2-3 years 264,115 0.02% 8,640 0%
Over 3 years 539,649 0.04% 567,323 0.07%
Total 1,248,732,740 -- 826,786,279 --
Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in time:：
As at June 30,2018, advances to suppliers aged more than 1 year were RMB 32,654,512, mainly including
prepayments for spare parts and materials.
（2）The ending balance of Prepayments owed by the imputation of the top five parties
Relationship with the
Name Amount Proportion % Reason
company
544,340,420 43.59% According to
Guangdong Power Industry Fuel Co., Ltd. The joint venture the annual
with Guangdong assessment
group control of rolling
balance
Guangdong Zhutui Electric Power fuel Co., 282,194,545 22.60%
Non-related party
Ltd.
Guangzhu Railway Co., Ltd. Gaolan Port 65,337,935 5.23%
Non-related party
Station income accounts
Guangzhou Port Co., Ltd. Xiji Port Branch Non-related party 61,293,969 4.91%
Guangshen Railway Co., Ltd. Guangzou 52,218,982 4.18%
Non-related party
Freight Center
Total 1,005,385,851 80.51%
Other notes：
7.Interest receivable
（1）Classification Interest receivable
In RMB
Items Balance in year-end Balance in Year-beginning
Fixed deposit 18,297,556 14,923,771
Total 18,297,556 14,923,771
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
（2）Important overdue interest
Is there any impairment
Name Balance in year-end Overdue date Reason
and its judgment basis?
Other notes：
8.Dividend receivable
（1）Dividend receivable
In RMB
Items Amount in year-end Amount in year-beginning
（2）Dividend receivable aging over 1 years
In RMB
Whether the impairment
Items Amount in year-end Age Reason
and its judgment basis
Other notes：
9. Other accounts receivable
(1) Other accounts receivable disclosed by category
In RMB
Amount in year-end Amount in year- begin
Bad debt
Book Balance Book Balance Bad debt provision
provision
Category
Propor Book value Book value
Proport Proporti Proportio
Amount Amount tion(% Amount Amount
ion(%) on(%) n(%)
)
Other accounts
receivable of
individual
significance and
208,585,420 71.58% 0 0 % 208,585,420 171,216,800 79.36% 0 0 % 171,216,800
subject to
individual
impairment
assessment
Other accounts
receivable of
individual
insignificance
82,804,232 28.42% 6,846,527 8.27% 75,957,705 44,537,720 20.64% 6,846,527 15.37% 37,691,193
but subject to
individual
impairment
assessment
Total 291,389,652 100 % 6,846,527 2.35% 284,543,125 215,754,520 100 % 6,846,527 4.59% 208,907,993
Other receivable accounts with large amount and were provided had debt provisions individually at end of period.
√ Applicable □ Not applicable
90
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
In RMB
End of term
Other receivable（Unit）
Other receivable Bad debt provision Proportion Reason
Guangdong Yudean Property
98,000,000 0 0%
Insurance Captive Co., Ltd.
Guangdong Yudean Enviornmental
87,139,420 0 0%
Pretection Co., Ltd.
Maoming Bohe Xingang District
23,446,000 0 0%
Construction Headquarters office
Total 208,585,420 0 -- --
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
In RMB
Nature Book balance Bad debt provision
Prepayments for construction 32,614,038 2,266,145
Income receivable from by product 100,262,617 2,803,641
sales
Reserve funds 8,872,740 34,619
Other 24,445,537 1,742,122
Total 166,042,932 6,846,527
（2）Bad debt provision accrual collected or switch back
Bad debt provision accrual was RMB0.00, the acount collected or switches back amounting to RMB 0.00.
Significant amount of reversed or recovered bad debt provision：
In RMB
Name Amount Method
(3) Other account receivables actually cancel after wtite-off
In RMB
Items Amount
Of Which,Other receivable write-off：
In RMB
Whether the money
is generated by
Name Nature Amount Reason program
related party
transactions
Notes：
(4) Other account receivables category by nature of money
In RMB
Naature Ending book balance Beginning book balance
91
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Prepayments for construction 100,262,617 140,445,384
Reserve funds 98,000,000 0
Prepayments for construction 32,614,038 6,236,199
Land fund 23,446,000 23,446,000
Petty cash 8,720,740 6,996,288
Government Grants 3,900,720 6,474,557
Other 24,445,537 32,156,092
Total 291,389,652 215,754,520
（5）The ending balance of other receivables owed by the imputation of the top five parties
In RMB
Year-end Portion in total other Bad debt provision
Name Nature Age
balance receivables(%) of year-end balance
Guangdong Yudean Property Investment to be
98,000,000 Within 1 year 33.63% 0
Insurance Captive Co., Ltd. transferred
Guangdong Yudean
Sales of by-products
Environmental Protection Co., 87,139,420 Within 1 year 29.90% 0
receivable
Ltd.
Maoming Bohe Xingang
Land cushion
District Construction 23,446,000 Within 1 year 8.05% 0
receivable
Headquarters office
Huidong Finance Bureau VAT return 3,900,720 Within 1 year 1.34% 0
Maoming Petrochemical Sales of by-products
3,148,056 Within 1 year 1.08% 0
Shengli cement Co., Ltd. receivable
Total -- 215,634,196 -- 74 % 0
(6) Account receivables with government subsidies involved
In RMB
Estimated time, amount
Name Project name Amount in year-end At the end of aging
and basis
It is expected to be fully
Huilai State Taxation
VAT return 3,900,720 Within 1 year recovered in December
Bureau
2018
Total -- 3,900,720 -- --
(7) Other account receivables recognition terminated due to transfer of financial assets
(8) Other account receivables transferred and assets & liability formed by its continuous involvement
Other Notes
10.Inventory
Whether the company needs to comply with the disclosure requirements of the particular industry
No
92
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
（1）Inventory types
In RMB
Year-end balance Year-beginning balance
Items Provision for bad Provision for bad
Book Balance Book value Book Balance Book value
debts debts
Raw materials 1,308,064,351 0 1,308,064,351 807,187,691 0 807,187,691
Parts 663,909,599 17,420,859 646,488,740 714,566,924 17,420,859 697,146,065
Other 51,846,978 51,846,978 23,301,017 23,301,017
Total 2,023,820,928 17,420,859 2,006,400,069 1,545,055,632 17,420,859 1,527,634,773
Whether the company is required to comply with the "Shenzhen Stock Exchange Industry Information Disclosure
Guidelines No. 4 - listed companies engaged in seed industry, planting business" disclosure requirements
No
(2) Inventory depreciation reserve
In RMB
Beginning of Increased in current period Decreased in current period
Items End of term
term Provision Other Transferred back Other
Raw materials 0 0 0 0 0 0
Parts 17,420,859 0 0 0 0 17,420,859
Total 17,420,859 0 0 0 0 17,420,859
(3) Explanation on inventories with capitalization of borrowing costs included at ending balance
(4) Assets unsettled formed by construction contract which has completed at period-end
In RMB
Items Amount
Other notes：
11. Divided into assets held for sale
In RMB
Items Ending book value Fair value Estimated disposal cost Estimated disposal time
Other notes：
12. Non-current assets due within 1 year
In RMB
Items Year-end balance Year-beginning balance
After-sale leaseback deposit 29,563,053
Total 29,563,053
Other notes：
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
13. Other current assets
In RMB
Items Year-end balance Year-beginning balance
Deductible VAT 1,137,109,120 1,106,133,996
Prepayment of income tax 20,552,076 31,389,365
Other 528,898 59,108
Total 1,158,190,094 1,137,582,469
Other notes：
14. Available-for-sale financial assets
(1) Available-for-sale 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
1,206,175,581 25,010,686 1,181,164,895 1,268,644,671 25,010,686 1,243,633,985
liabilities instruments
According to the fair
346,523,895 346,523,895 408,992,985 408,992,985
value measurement
According to the Cost
859,651,686 25,010,686 834,641,000 859,651,686 25,010,686 834,641,000
measurement
Total 1,206,175,581 25,010,686 1,181,164,895 1,268,644,671 25,010,686 1,243,633,985
(2) Available-for-sale financial assets measured at fair value at period-end
In RMB
Available-for-sale equity
Classification Available-for-sale liabilities instruments Total
instruments
Cost of the equity
instruments/amortized
0
cost of the liabilities
instruments
Fair value 346,523,895 346,523,895
Changed amount of the
fair value accumulatively
91,195,279 91,195,279
included 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 Percenta Cash
ge of dividends
Investee Balance of Increa Decre Balance of Decre
End of term Increase End of term sharehol for the
term se ase term ase year
ding in
94
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
investees
%
ShenzhenChuangxin
Imvestment Group 115,000,000 115,000,000 3.67% 16,978,500
Co., Ltd.
Sun Insurance 356,000,000 356,000,000 3.38%
South Sea Wind
Electricity
Development Co., 70,000,000 70,000,000 10 %
Ltd.
Yunnan Weixin
318,651,686 318,651,686 25,010,686 25,010,686 19.55%
Energy Co., Ltd.
Total 859,651,686 859,651,686 25,010,686 25,010,686 -- 16,978,500
(4) Changes of the impairment of the available-for-sale financial assets during the reporting period
In RMB
Available-for-sale Equity Available-for-sale Debt
Type Total
instruments instruments
⑸Relevant description of the end of the fair value of the equity instruments at the end of a serious decline in fair
value or non temporary decline but not related to impairment provision
Decrease in fair
Continuous fall Provision for Reasons for
Project Investment cost Ending fair value value relative to
time (month) impairment impairment
cost
Other notes
In RMB
15. Held-to-maturity investment
(1) Held-to-maturity investment
In RMB
Year-end balance Year-beginning balance
Items Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
(2) Important held-to-maturity investment at period-end
In RMB
Project Face value Interest rate Actual interest rate Expiring date
(3) Reclassify of held-to-maturity investment in the period
Other notes
95
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
16. Long-term account receivables
（1）Long-term account receivables
In RMB
End of term Beginning of term
Items Provision for Provision for Range of rate
Book balance Book value Book balance Book value
impairment impairment
After-sale
85,579,950 0 85,579,950 84,358,065 0 84,358,065 4.12%-5.31%
leaseback deposit
Total 85,579,950 85,579,950 84,358,065 84,358,065 --
(2) Long-term account receivables recognition terminated due to transfer of financial assets
(3) Long-term account receivables transferred and assets & liability formed by its continuous involvement
Other notes
17. Long-term equity investment
In RMB
Increase/decrease
Closing
Investment balance
Adjustme Withdra
gains and of
Opening nt of wn Closing
Investees Add Reduce losses Other Declaration of impairm
balance other impair balance
invest invest recognized equity cash dividends Other ent
comprehe ment
ment ment under the changes or profit provisio
nsive provisio
equity n
income n
method
I. Joint ventures
IndustrialFu
605,678,402 41,278,498 75,493,986 571,462,914
el
Subtotal 605,678,402 41,278,498 75,493,986 571,462,914
II. Associates
Shanxi
1,216,441,2
Yudean 110,913,552 1,327,354,798
46
Enerty
Yudean
700,701,205 56,739,397 57,221,066 700,219,536
Finance
Taishan
1,961,475,6
Power 81,699,809 2,043,175,418
09
Generation
Yudean
941,757,936 -2,354,123 8,469,538 930,934,275
Shipping
West
153,696,713 -20,427,697 133,269,016
Investment
YangshanJian
5,673,426 239,442 852,810 5,060,058
gkeng
YangshanZho
7,509,371 399,953 7,909,324
ngxinkeng
Yudean 145,321,830 1,586,857 146,908,687
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Captive
HuanengShan
tou Wind 62,750,674 2,329,297 5,045,000 60,034,971
Power
5,195,328,0
Subtotal 231,126,487 71,588,414 5,354,866,083
10
5,801,006,4
Total 272,404,985 147,082,400 5,926,328,997
12
Other notes
18. Investment real estate
(1) Investment real estate by cost measurement
√ Applicable □Not applicable
In RMB
Items House, Building Land use right Construction in process Total
I. Original price
1. Balance at
20,135,165 20,135,165
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 20,135,165
II.Accumulated
amortization
1.Opening balance 11,838,526 11,838,526
2.Increased amount ofthe
317,799 317,799
period
(1) Withdrawal 317,799 317,799
3.Decreased amount of
the period
（1）Dispose
（2）Other out
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
4. Balance at
12,156,325 12,156,325
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
7,978,840 7,978,840
-end
2.Book value at
8,296,639 8,296,639
period-beginning
(2) Details of fixed assets failed to accomplish certification of property
□ Applicable √ Not appliucable
(3) Investment real estate without certificate of ownership
In RMB
Items Book balue Reason
Other notes
19. Fixed assets
(1) List of fixed assets
In RMB
Machinery
Items House, building Transportations Other equipment Total
eqiupment
I. Original price
1. Balance at
18,246,875,839 55,080,195,082 609,324,301 1,272,376,920 75,208,772,142
period-beginning
2.Increase in the
192,671,528 849,141,807 6,870,707 30,713,856 1,079,397,898
current period
(1) Purchase 68,898,071 283,870,259 6,870,707 19,522,861 379,161,898
（2） Transferred fr
om construction in p 44,235,622 565,271,548 11,190,995 700,236,000
rogress
(3)Increased of
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Enterprise
Combination
3.Decreased amount
70,138,146 314,759,967 13,262,328 8,071,059 406,231,500
of the period
（1）Disposal 70,138,146 314,759,967 13,262,328 8,071,059 406,231,500
4. Balance at
18,372,202,656 55,605,298,145 602,177,227 1,302,260,512 75,881,938,540
period-end
II. Accumulated
depreciation
1.Opening balance 6,130,373,600 25,913,014,678 451,460,572 831,112,010 33,325,960,860
2.Increased amount
207,329,321 1,383,970,690 10,548,816 74,456,910 1,676,305,737
of the period
(1) Withdrawal 207,329,321 1,383,970,690 10,548,816 74,456,910 1,676,305,737
3.Decrease in the
1,579,766 23,140,514 13,436,339 1,546,080 39,702,699
reporting period
（1）Disposal 1,579,766 23,140,514 13,436,339 1,546,080 39,702,699
4.Closing balance 6,336,123,155 27,273,844,854 448,573,049 904,022,840 34,962,563,898
III. Impairment
provision
1.Opening balance 117,320,986 764,055,146 1,233,218 3,995,616 886,604,966
2.Increase in the
reporting period
（1）Withdrawal
3.Decrease in
19,374,124 19,374,124
the reporting period
（1）Disposal 19,374,124 19,374,124
4. Closing balance 117,320,986 744,681,022 1,233,218 3,995,616 867,230,842
IV. Book value
1.Book value of the
11,918,758,515 27,586,772,269 152,370,960 394,242,056 40,052,143,800
period-end
2.Book value of the
11,999,181,253 28,403,125,258 156,630,511 437,269,294 40,996,206,316
period-begin
(2) Fixed assets temporarily idled
In RMB
Accumulated Provision for
Items Original book value Book value Remark
depreciation impairment
(3) Fixed assets rented by finance leases
In RMB
Accumulated Accumulated
Items Original book value Book value
depreciation depreciation
Zhongyue financing
900,000,000 333,870,539.14 140,480,000 425,649,460.86
leasing assets
Yuejiang financing 1,121,850,800 207,448,862.69 914,401,937.31
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
leasing assets
Jinghai financing leasing
1,600,000,000 1,100,416,666.67 499,583,333.33
assets
(4) Fixed assets leased in the operating leases
In RMB
Items End book value
House and Building 11,633,387
(5) Fixed assets without certificate of title completed
In RMB
Items Book value Reason
Temporarily in the government approved
House and Building 207,852,565
stage
Other notes
20. Project under construction
(1)Project under construction
In RMB
Year-end balance Year-beginning balance
Items Book balance Provision for Book value Book balance Provision for Book value
devaluation devaluation
Bohe Coal integration project 5,336,568,924 5,336,568,924 5,301,125,305 5,301,125,305
Lincang Dayakou Hydropower
38,410,774 38,410,774 29,048,654 29,048,654
Station
Huizhou Natural Gas thermal and
power cogeneration expansion 2,104,340,077 2,104,340,077 1,368,242,612 1,368,242,612
project
Xuwen Shiban ling wind power
224,437,179 224,437,179 224,363,966 224,363,966
project
Xuwen Qujie Wind Power project 312,791,806 312,791,806
Red Bay No.5&6 generator units 26,446,446 26,446,446 26,446,446 26,446,446
Humen Electric 2*1000MW
137,373,040 137,373,040 137,373,040 137,373,040
project
Jinghai 1-4# generators ultra-low
emission reduction alteration 41,786,331 41,786,331
project
Zhanjiang Wind 1-4# generators
ultra-low emission renovation 56,453,163 56,453,163 43,214,650 43,214,650
project
Zhongyue 1, 2 # generator units
347,979,947 347,979,947 317,584,933 317,584,933
alteration project
Other infrastructure construction
602,385,167 14,906,223 587,478,944 462,343,094 14,906,223 447,436,871
projects
100
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Technology improvement and other
401,623,156 886,463 400,736,693 356,532,229 886,463 355,645,766
projects
Total 9,276,017,873 153,165,726 9,122,852,147 8,620,853,066 153,165,726 8,467,687,340
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
(2) Changes of significant construction in progress
In RMB
Including：
Capitalisation Capitalis
Current
Amount at year Increase at Transferred to Other Balance in Proportion Progress of of interest ation of Source of
Name Budget amount of
beginning this period fixed assets decrease year-end (%) work accumulated interest funds
capitalization
balance ratio（%)
of interest
Borrowing,
Bohe Coal integration project 9,785,950,000 5,301,125,305 73,359,059 37,915,440 5,336,568,924 54.92% 54.92% 228,418,223 76,695,262 4.75% proprietary
funding
Borrowing,
Lincang Dayakou
1,209,578,400 29,048,654 9,362,120 38,410,774 93.63% 93.63% 168,665,127 4.36% proprietary
Hydropower Station
funding
Huizhou Natural Gas thermal Borrowing,
and power cogeneration 3,516,060,000 1,368,242,612 738,748,745 2,012,956 638,324 2,104,340,077 59.91% 59.91% 43,607,827 23,311,179 4.28% proprietary
expansion project funding
Borrowing,
Xuwen Shiban ling wind
460,639,300 224,363,966 73,213 224,437,179 53.99% 61% 8,328,342 185,538 4.36% proprietary
power project
funding
Borrowing,
Xuwen Qujie Wind Power
466,450,000 312,791,806 35,122,278 347,914,084 77.99% 100% 11,684,059 288,789 4.36% proprietary
project
funding
Red Bay No.5&6 generator
7,714,370,000 26,446,446 26,446,446 0.34% 0.50% Other
units
Humen Electric 2*1000MW
137,373,040 137,373,040 Other
project
Jinghai 1-4# generators
ultra-low emission reduction 558,000,000 41,786,331 96,723,817 138,510,148 70.35% 100% Other
alteration project
Zhanjiang Wind 1-4#
generators ultra-low emission 259,000,000 43,214,650 13,238,513 56,453,163 66.84% 66.84% Other
renovation project
Zhongyue 1, 2 # generator Borrowing,
531,200,000 317,584,933 30,395,014 347,979,947 65.51% 100% 9,595,833 7,295,556 4.90%
units alteration project proprietary
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
funding
Other infrastructure
462,343,094 140,412,273 37,982 332,218 602,385,167 Other
construction projects
Technology improvement and
356,532,229 219,732,973 173,845,390 796,656 401,623,156 Other
other projects
Total 24,501,247,700 8,620,853,066 1,357,168,005 700,236,000 1,767,198 9,276,017,873 -- -- 470,299,411 107,776,324 --
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
（3）Provision for impairment of construction projects
In RMB
Items Amount Reason
Other notes
21. Engineering Material
In RMB
Items End of term Beginning of term
Spectial equipment 34,372,179
Spectial Material 1,520,320 1,496,854
Total 1,520,320 35,869,033
Other notes：
22.Liquidation of fixed assets
In RMB
Items End of term Beginning of term
Power Equipment parts scrapped due to tec
22,879,388 14,622,066
hnical innovation
Other equipment 328,818 40,167
Total 23,208,206 14,662,233
Other notes：
23. Productive biological assets
(1) Measured by cost
□ Applicable √ Not applicable
(2) Measured by fair value
□ Applicable √ Not applicable
24. Oil-and-gas assets
□ Applicable √ Not applicable
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
25. Intangible assets
（1）Information
In RMB
Electric
transmission
Non-patent Transportation
Items Land use right Patent Software Franchise right Sea use right project and Other Total
Technology project
microwave
project
I. Original price
1.Opening balance 1,812,995,669 812,297 109,832,029 13,720,736 129,906,544 22,468,672 442,517,684 138,450 2,532,392,081
2.Increased amount ofthe
17,845 2,906,569 8,360,328 11,284,742
period
(1) Purchase 2,906,569 8,360,328 11,266,897
(2)Internal Development 17,845 17,845
(3)Increased of Enterprise
Combination
3.Decreased amount of the period 84,000 1,651,145 8,360,328 10,095,473
（1）Disposal 84,000 1,651,145 8,360,328 10,095,473
4. Balance at period-end 1,812,995,669 746,142 111,087,453 13,720,736 129,906,544 22,468,672 442,517,684 138,450 2,533,581,350
II.Accumulated amortization
1. Balance at period-beginning 295,026,101 414,369 79,987,831 9,910,705 20,484,400 21,447,068 405,126,139 832,396,613
2. Increase in the current period 20,032,020 99,081 5,486,015 366,236 1,034,226 27,017,578
(1) Withdrawal 20,032,020 99,081 5,486,015 366,236 1,034,226 27,017,578
3.Decreased amount of the period 84,000 1,545,309 1,629,309
（1）Disposal 84,000 1,545,309 1,629,309
4. Balance at period-end 315,058,121 429,450 83,928,537 10,276,941 21,518,626 21,447,068 405,126,139 857,784,882
III. Impairment provision
1. Balance at period-beginning 1,021,604 33,189,374 34,210,978
2. Increase in the current period
(1) Withdrawal
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
3.Decreased amount of the period
（1）Disposal
4. Balance at period-end 1,021,604 33,189,374 34,210,978
4. Book value
1.Book value at period -end 1,497,937,548 316,692 27,158,916 3,443,795 108,387,918 4,202,171 138,450 1,641,585,490
2.Book value at period-beginning 1,517,969,568 397,928 29,844,198 3,810,031 109,422,144 4,202,171 138,450 1,665,784,490
The intangible assets by the end of the formation of the company's internal R & D accounted of the proportion of the balance of intangible assets
106
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
⑵Details of Land use right failed to accomplish certification of property
In RMB
Items Book value Reason
Land use right 46,622,491 Land use approval procedure in progress
Other notes：
26. Development expenditure
In RMB
Beginning Ending
Items Increase in the period Decrease in period
balance balance
R&D
0 220,000 220,000
expenses
Total 0 220,000 220,000
Other notes：
27. Goodwill
(1) Original book value of goodwill
In RMB
Name of the investees or the events
Opening balance Increase Decrease Closing balance
formed goodwill
Province Wind Power 2,449,886 2,449,886
Linchang Company 25,036,894 25,036,894
Total 27,486,780 27,486,780
（2）Impairment tprovision of goodwill
In RMB
Name of the
investees or the
Opening balance Increase Decrease Closing balance
events formed
goodwill
Notes of the testing process of goodwill impairment, parameters and the recognition method of goodwill
impairment losses:
Other notes:
28.Long-term amortization expenses
In RMB
Balance in Increase at this Amortization
Items Other decrease Balance in year-end
year-begin period balance
Leasehold
5,689,613 39,217 649,962 0 5,078,868
improvement
Long-term lease
19,343,794 0 1,014,083 0 18,329,711
charges
Other 1,973,964 48,356 9,403 0 2,012,917
107
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Total 27,007,371 87,573 1,673,448 0 25,421,496
Other notes:
29.Deferred income tax assets/deferred income tax liabilities
(1)Details of the un-recognized deferred income tax assets
In RMB
Balance in year-end Balance in year-begin
Items Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference assets difference assets
Provision for asset
591,175,459 147,786,043 601,414,037 150,345,688
impairment
Deductible losses 533,806,281 135,767,775 543,075,416 135,768,855
Depreciation for fixed
76,893,416 19,223,353 76,893,416 19,223,353
assets
Employee benefits
86,241,170 21,560,293 86,241,170 21,560,293
payable
Net income from testrun
included in construction 117,089,330 26,510,083 117,089,330 26,510,083
in progress
Government grant 56,576,917 14,144,229 56,576,917 14,144,229
Amortisation of land use
3,170,586 792,647 3,170,586 792,647
right
Intra-Group transactions 193,909,804 48,477,451 202,928,868 50,732,217
Total 1,658,862,963 414,261,874 1,687,389,740 419,077,365
(2)Details of the un-recognized deferred income tax liabilities
In RMB
Balance in year-end Balance in year-begin
Items
Temporarily Deductable Deferred Income Tax Temporarily Deductable Deferred Income Tax
or Taxable Difference liabilities or Taxable Difference liabilities
Changes in fair value of
91,195,279 22,798,819 153,664,369 38,416,092
tradable financial assets
Net incme/expensess
included in the 37,809,283 9,452,322 37,809,283 9,452,322
Construction in project
Appreciation of
89,825,196 22,456,299 91,379,088 22,844,772
acquisition subsidiaries
Total 218,829,758 54,707,440 282,852,740 70,713,186
(3) Deferred income tax assets or liabilities listed by net amount after off-set
In RMB
Trade-off between the End balance of deferred Trade-off between the Opening balance of
Items deferred income tax income tax assets or deferred income tax deferred income tax
assets and liabilities liabilities after off-set assets and liabilities at assets or liabilities after
108
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
period-begin off-set
Deferred income tax
-30,907,053 383,354,821 -46,524,326 372,553,039
assets
Deferred income
-30,907,053 23,800,387 -46,524,326 24,188,860
liabilities
(4)Details of income tax assets not recognized
In RMB
Items Balance in year-end Balance in year-begin
Deductible temporary difference 936,551,327 936,551,327
Deductible loss 647,719,380 587,890,568
Total 1,584,270,707 1,524,441,895
(5)Deductible losses of the un-recognized deferred income tax asset will expire in the following years
In RMB
Year Balance in year-end Balance in year-begin Remark
2018 2,504,832 2,504,832
2019 8,513,773 8,513,773
2020 5,008,444 5,008,444
2021 148,194,058 148,194,058
2022 423,669,461 423,669,461
2023 59,828,812
Total 647,719,380 587,890,568 --
Other notes：
30 .Other non-current assets
In RMB
Items Balance in year-end Balance in year-begin
Prepayments for construction fund 458,299,003 350,347,973
Unrealised losses on sale and lease back 164,317,675 173,916,629
Prepayments for equipment fund 162,119,598 165,761,100
Prepayments for land 3,732,680 3,732,680
Other 741,176 889,151
Total 789,210,132 694,647,533
Other notes：
31.Short –term loans
（1）Short-term loans by category
In RMB
Items Balance in year-end Balance in year-begin
Credit loans 10,035,000,000 9,270,000,000
109
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Total 10,035,000,000 9,270,000,000
Notes：
(2) Situation of Overdue Outstanding Short-Term Borrowing
Final overdue outstanding short-term borrowing was zero, and situation of important overdue outstanding
short-term borrowing was as follows:
In RMB
Unit Closing balance Interest rate Time Overdue interest rate
Other notes：
32. Financial liabilities measured at fair value through current profit and loss
In RMB
Items Closing balance Opening balance
Other notes：
33. Derivative financial liabilities
□ Applicable√ Not applicable
34. Note payable
In RMB
Items Balance in year-end Balance in year-begin
Commercial acceptance 0 0
Bank acceptance bills 379,154,349 297,611,800
Total 379,154,349 297,611,800
Amount due in next fiscal period is RMB0.00.
35. Account payable
（1）Account payable
In RMB
Items Balance in year-end Balance in year-begin
Fuel payable 2,549,155,940 1,530,075,127
Materials and spare parts payable 508,121,868 483,460,431
Management fee payable 140,818,531 89,461,265
Other 247,777,465 116,030,438
Total 3,445,873,804 2,219,027,261
（2）Significant accounts payable that aged over one year
In RMB
The reason for not repaid or carried forwar
Items Balance in year-end
d
After both parties to confirm the amount
Fuel payable 11,753,524
paid
110
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Materials and spare parts payable 23,919,364 Time arrangement for payable
Management fee payable 89,461,265 Time arrangement for payable
Other 885,156 Time arrangement for payable
Total 126,019,309 --
Other notes：
36.Received in advance
（1）Received in advance
In RMB
Items Balance in year-end Balance in year-begin
Advances for grid payment 827,575 1,713,424
Other 184,798 224,799
Total 1,012,373 1,938,223
(2) Accounts payable with major amount and aging of over one year
In RMB
Items Closing balance Reason
（3）Information of unliquidated completed assets formed in the construction contract at the end of the
period
In RMB
Items Amount
Other notes：
37. Employee compensation payable
(1)Classification of employee compensation payable
In RMB
Items Balance in year-begin Increase at this period Decrease at this period Balance in year-end
I. Short –term wages 140,101,582 637,509,323 590,161,560 187,449,345
II. Welfare afterlwaving
of position-fixed 87,840,673 87,840,673
provision scheme
III. Termination benefit 17,637,046 7,627,657 7,391,025 17,873,678
Total 157,738,628 732,977,653 685,393,258 205,323,023
（2）Short-term remuneration
In RMB
Items Balance in year-begin Increase in this period Payable in this period Balance in year-end
1.Wages, bonuses,
50,978 461,286,210 422,361,314 38,975,874
allowances and subsidies
2.Employee welfare 1,864,884 30,709,908 32,260,881 313,911
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
3. Social insurance
50,409,762 34,207,639 25,682,034 58,935,367
premiums
Including：Medical
50,409,762 31,802,045 23,276,440 58,935,367
insurance
Work injury insurance 913,648 913,648
Maternity insurance 1,491,946 1,491,946
Other
4. Public reserves for
housing 61,606,082 61,606,082
5.Union funds and staff
education fee 82,841,668 38,062,977 35,189,155 85,715,490
8.Other
4,934,290 11,636,507 13,062,094 3,508,703
Short-term remuneration
Total 140,101,582 637,509,323 590,161,560 187,449,345
（3）Defined contribution plans listed
In RMB
Items Balance in year-begin Increase in this period Payable in this period Balance in year-end
1. Basic old-age
0 64,520,553 64,520,553 0
insurance premiums
2.Unemployment
0 1,701,968 1,701,968 0
insurance
3. Annuity payment 21,618,152 21,618,152
Total 87,840,673 87,840,673
Other notes：
38.Tax Payable
In RMB
Items Balance in year-end Balance in year-begin
VAT 272,341,172 159,547,521
Enterprise Income tax 214,826,641 59,224,530
Individual Income tax 4,011,332 29,612,341
City Construction tax 5,314,229 3,500,667
Land use tax 6,873,548 14,990,255
Discharge fees 0 2,996,840
House property Tax 26,495,646 2,877,522
Education surcharges 4,443,925 2,895,952
Environmental protection tax 2,225,123
Other 9,405,603 1,639,774
Total 545,937,219 277,285,402
Other notes：
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
39. Interest payable
In RMB
Items Balance in year-end Balance in year-begin
Long-term loans interest of installment and
81,263,909 36,701,382
interest charge
Enterprise bond interest 15,288,925 50,486,869
Short term loan interest payable 11,709,102 11,010,687
Other 354,166 354,166
Total 108,616,102 98,553,104
Interest overdue without paid：
In RMB
Borrower Amount Reason
Other notes：
40. Dividends payable
In RMB
Items Balance in year-end Balance in year-begin
Common dividends 9,703,930 9,703,930
Total 9,703,930 9,703,930
Other explanation, including dividends payable with over one yearage and disclosure un-payment reasons：
41.Other payable
（1）Disclosure by nature
In RMB
Items Balance in year-end Balance in year-begin
Construction and equipment payable 3,327,361,062 3,430,308,319
Engineering quality guarantee payable 195,098,255 156,112,962
State Oceanic Administration penalty
172,144,350 172,144,350
payable
Volume Purchase payable 4,000,000 4,000,000
Advance payment 7,655,833 12,726,072
Other 170,823,560 133,220,968
Total 3,877,083,060 3,908,512,671
(2) Other payables with large amount and aging of over one year
In RMB
Items End of term Reason
Construction and equipment payable 540,764,879
State Oceanic Administration penalty
172,144,350
payable
Engineering quality guarantee payable 68,696,174
113
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Volume Purchase payable 4,000,000
Other 57,599,186
Total 843,204,589 --
Other 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.
42. Divided into liability held for sale
In RMB
Items Closing balance Opening balance
Other notes：
43.Non-current liabilities due within 1 year
In RMB
Items Balance in year-end Balance in year-begin
Long-term loans due in 1 year 2,454,827,399 1,445,497,943
Bond payable due in 1 year 1,197,935,476
Long-term Account payable due in 1 year 291,893,306 369,256,941
Total 2,746,720,705 3,012,690,360
Other notes：
44.Other current liabilities
In RMB
Items Balance in year-end Balance in year-begin
Short-term bond payable 501,475,694 0
0
Total 501,475,694
Changes in short-term debentures payable：
In RMB
Balance Amortisa
Repay
at the Issuance tion of Balance at
Issuance Maturit Issuance Interest at ment
Name Face value beginnin during the siscounts the end of
date y period amounts face value for the
g of the year or the year
period
year premium
First batch of
short-term
financing bonds
issued by
500,000,000 06/06/2018 180 天 500,000,000 0 500,000,000 1,475,694 0 0 501,475,694
Guangdong
Electric Power
Development Co.,
Ltd. of 2018
Total -- -- -- 500,000,000 500,000,000 1,475,694 501,475,694
114
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Other notes：
45.Long-term borrowings
（1）Long-term term borrowings
In RMB
Items Balance in year-end Balance in year-begin
Pledged borrowings 2,804,420,143 2,489,399,132
Mortgage borrowings 85,000,000 85,000,000
Guarantee loan 13,834,275,771 1,606,812,500
Credit loans 1,625,598,751 15,284,512,237
Total 18,349,294,665 19,465,723,869
Notes of short-term loans category:
Other notes including interest rate range:
46.Bond payable
（1）Bond payable
In RMB
Items Balance in year-end Balance in year-begin
16 Pinghai01 698,413,826 698,168,211
12 Yudean Bond 38,718,405
Total 737,132,231 698,168,211
（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
The
Withdraw Overflow
Name of Issue Perio Opening curre Pay in current Closing
Book value Issue amount interest at discount Other
the bond date d balance nt period balance
par amount
issue
16 2016/ 3+2
700,000,000 700,000,000 698,168,211 0 10,910,278 -10,664,663 0 698,413,826
Pinghai01 9/26 years
12 Yudean 2013/ 5+2
1,200,000,000 1,200,000,000 0 0 476,429 0 1,159,693,500 1,197,935,476 38,718,405
Bond 3/18 years
(3) Note to conditions and time of share transfer of convertible bonds
（4）Other financial instruments that are classified as financial liabilities
The issuance of preferred stock and other financial instruments such as perpetual debt
Table of changes in financial instruments such as preferred stock and perpetual debt
In RMB
External Balance in year-begin Increase at this period Decrease at this period Balance in year-end
financial Amount Book value Amount Book value Amount Book value Amount Book value
115
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
instruments
Other Notes
47. Long-term payable
(1) Long-term payable listed by nature of the account
In RMB
Items Balance in year-end Balance in year-begin
Financing lease 1,935,988,562 1,458,259,241
Share repurchase payable 90,000,000 90,000,000
Total
Other Notes
48. Long-term employee salary payable
（1）Long-term employee salary payable
In RMB
Items Balance in year-end Balance in year-begin
II. Termination benefits 44,022,009 52,525,697
III. Other Long-term benefits 32,333,628 39,097,210
Total 76,355,637 91,622,907
(2) Changes of defined benefit plans
Present worth of defined benefit plans obligation:
In RMB
Items Closing balance Opening balance
Plan assets：
In RMB
Items Closing balance Opening balance
Net liabilities(net assets) of defined benefit plans
In RMB
Items Closing balance Opening balance
Notes to the influence of the content and related risk of defined benefit plans to the future cash flows, time and
uncertainty of the Company:
Notes to analysis results of major actuarial assumptions and sensibility of defined benefit plans
Other notes:
49. Specific payable
In RMB
Items Beginning of term Increased this term Decreased this term End of term Reason
Supply of water,
39,645,011 20,843,665 2,575,169 57,913,507
electricity and heat and
116
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
property management
Supporting funds for
24,960,000 24,960,000
expansion
Total 64,605,011 20,843,665 2,575,169 82,873,507 --
Other notes：
50. Estimates liabilities
In RMB
Items Balance in year-end Balance in year-begin Reason
Other notes：
51.Deferred income
In RMB
Items Beginning of term Increased this term Decreased this term End of term Reason
Government subsidy 142,520,263 0 2,073,849 140,446,414
Total 142,520,263 0 2,073,849 140,446,414 --
Details of government subsidies：
In RMB
Amount of
New Amount Other income
cost Other Asset-related
Beginning of subsidy in transferred to recorded in
Items deducted in chang End of term orincome-rel
term current non-operational the current
the current es ated
period income period
period
Shajiao A Zhenkou Related to
28,560,022 28,560,022
Pump house assets
Related to
Energy saving funds 20,863,104 1,231,347 19,631,757
assets
Tax refund for
Related to
PRC-produced 17,221,559 17,221,559
assets
equipment
Development and
Related to
competitiveness funds 8,666,666 8,666,666
assets
from SASAC
Incentives for energy
efficiency of power Related to
8,781,631 8,781,631
plant by Dongguan assets
city
5# generation set of Related to
3,076,924 3,076,924
desulfurization project assets
Expansion on flow Related to
3,887,055 3,887,055
reconstruction project assets
Sha A – 2016 central
Related to
finance energy saving 3,783,124 3,783,124
assets
fund
Refurbishment on air Related to
3,093,442 3,093,442
preheater assets
Dianbai Reshui wind 3,000,000 3,000,000 Related to
117
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
power plant project assets
Special prize funds of
recycle economy and Related to
2,707,321 2,707,321
energy saving by assets
Shenzhen city
Refurbishment on air Related to
2,585,029 2,585,029
preheater assets
Special funds for
Related to
differential electricity 1,026,886 148,696 878,190
assets
price
Related to
Water-freshing project 1,076,924 1,076,924
assets
Special prize funds of
recycle economy and Related to
923,896 101,051 822,845
energy saving by assets
Shaoguan city
Circulating water
pump special fund for Related to
1,000,000 1,000,000
technological assets
renovation
1&2# Air preheater Related to
1,000,000 1,000,000
energy saving project assets
Social security
treatment clearing
Related to
account relating to 102,370 102,370
income
firm’s stable position
subsidy
Comprehensive
technology upgrading
Related to
for the energy saving 10,000,000 10,000,000
assets
of 1&2# generator
units turbine
Second incentives for
comprehensive and
typical demonstration Related to
8,100,000 8,100,000
projects under assets
financial policies of
energy saving
Energy saving funds
used as policy Related to
4,165,231 195,623 3,969,608
liquidation subsidies assets
in previous year
Government subsidies
from the financial
Related to
treasury payment 3,568,379 151,258 3,417,121
assets
centre of Qujiang
District, Shaoguan
Specific funds for
denitrification and
energy saving Related to
5,330,700 245,874 5,084,826
reconstruction of assets
300MW generator
units.
118
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Total 142,520,263 2,073,849 140,446,414 --
Other notes：
52.Other Non-current liabilities
In RMB
Items Balance in year-end Balance in year-begin
Capital injection 16,405,569 16,405,569
Total 16,405,569 16,405,569
Other notes：
As at 31 December 2017 and June 30,2018, the Group’s other non-current liabilities represented the capital
injection received by Yuejiang Power from minority shareholders. However, such capital injection was recorded
as other non-current liabilities as the registration for changes of business license has not been completed.
53.Stock capital
In RMB
Changed（+，-）
Balance in Capitalization Balance in
year-begin Issuance of year-end
Bonus shares of public Other Subtotal
new share
reserve
Total of capital 5,250,283,986. 5,250,283,986.
shares 00 00
Other notes：
54. Other equity instruments
(1) Basic information of preferred stock, perpetual capital securities and other financial instruments
outstanding issued at period-end
(2) Change list of preferred stock, perpetual capital securities and other financial instruments outstanding
issued at period-end
In RMB
Financial Opening period Increase Decrease 少 Closing period
instruments
outstanding Amount Book value Amount Book value Amount Book value Amount Book value
issued
Changes, reason of change and basis of relevant accounting treatment of other equity instruments in reporting
period:
Notes:
55. Capital reserves
In RMB
Items Year-beginning balance Increase in the current Decrease in the current Year-end balance
period period
Share premium 4,445,477,866 4,445,477,866
Other capital reserves 2,919,327 2,919,327
Estimate Increase 119,593,718 119,593,718
Investment from Yudean 395,000,000 395,000,000
119
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Group
Transfer of original
institutional capital 20,474,592 20,474,592
reserve
Enjoy the rights of associ
ated enterprise base on sh 20,785,182 20,785,182
are holding
Total 5,004,250,685 5,004,250,685
Other exlanation, including changes and reasons for changes：
56.Treasury stock
In RMB
Decrease in the current
Items Year-beginning balance Increase in the current Year-end balance
period
Other notes, including changes and reason of change:
57. Other comprehensive income
In RMB
Amount of current period
Less：
Previously rec
Year-beginning Amount for t ognized in prof After - tax a After - tax at Year-end
Items he period bef Less：Income ttributable t tributable to balance
balance it or loss in oth
ore income ta tax o the parent minority sha
er comprehensi
x company reholders
ve income
2.Other comprehensive income
reclassifiable to profit or loss in 137,001,523 -62,469,090 -15,617,273 -46,851,817 90,149,706
subsequent periods
Indluding：Share of other
comprehensive income of the
investee under the equity 21,753,244 21,753,246
method that w8ill be
reclassified to profit or loss
Gains or losses on changes in
fair value of available-for-sale 115,248,279 -62,469,090 -15,617,273 -46,851,817 68,396,462
financial assets
Total Other comprehensive
137,001,523 -62,469,090 -15,617,273 -46,851,817 90,149,706
income
Other explanation, including the active part of the hedging gains/losses of cash flow transfer to initial
recognization adjustment fro the arbitraged items：
58. Special reserves
In RMB
Decrease in the current
Items Year-beginning balance Increase in the current Year-end balance
period
Other notes, including changes and reason of change:
120
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
59. Surplus reserve
In RMB
Items Year-beginning balance Increase in the current Decrease in the current Year-end balance
period period
Statutory surplus reserve 2,641,707,753 69,654,691 2,711,362,443
Optional surplus reserves 4,948,655,971 174,136,728 5,122,792,700
Total 7,590,363,724 243,791,419 7,834,155,143
Other explanation, including changes reasons for changes：
60. Retained profits
In RMB
Items Amount of this period Amount of last period
Before adjustments: Retained profits in last period
5,713,290,735 6,135,494,928
end
Adjustment period undistributed profit total 0 0
After adjustments: Retained profits at the period
beginning 5,713,290,735 6,135,494,928
Add: Net profit attributable to owners of the 448,833,518 128,735,725
Company for the period
Less: Appropriation to statutory surplus reserve 69,654,691 212,960,545
Drawing discretionary surplus reserve 174,136,728 532,401,361
DrawingCommon risk provision 420,022,719 420,022,719
Less：Other 36,857
Retained profits at the period end 5,498,273,258 5,098,846,028
As regards the details of adjusted the beginning undistributed profits
(1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations, the affected
beginning undistributed profits are RMB 0.00.
(2) As the change of the accounting policy, the affected beginning undistributed profits are RMB 0.00.
(3) As the correction of significant accounting error, the affected beginning undistributed profits are RMB 0.00 .
(4) As the change of consolidation scope caused by the same control, the affected beginning undistributed profits
are RMB 0.00
(5) Other adjustment of the total affected beginning undistributed profits are RMB 0.00 .
61. Business income, Business cost
In RMB
Amount of current period Amount of previous period
Items
Income Cost Income Cost
Main business 13,769,537,895 12,199,733,160 12,301,242,987 11,116,293,804
Other business 125,447,284 1,123,267 84,243,590 10,396,187
Total 13,894,985,179 12,200,856,427 12,385,486,577 11,126,689,991
62. Business tax and subjoin
In RMB
121
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Items Amount of current period Amount of previous period
Urban construction tax 28,091,275 33,337,926
Education surcharge 13,922,867 22,968,052
Property tax 27,082,866 28,969,819
Land use tax 7,021,580 11,746,353
vehicle and vessel usage tax 94,146 139,338
Stamp tax 7,610,193 6,935,121
Local Educational Surcharges 9,171,847 4,211,962
Environmental protection tax 6,184,766 0
Other 353,025 210,087
Total 99,532,565 108,518,658
Other notes:
63.Sales expenses
In RMB
Items Amount of current period Amount of previous period
Business expense 817,279 593,379
Employee’s remuneration 6,876,798 1,854,626
Publicity Expenses 92,459 16,136
Depreciation expenses 61,663 2,093
Advertising 0 68,154
Market transaction service charge 1,806,329 0
Other 661,602 254,070
Total 10,316,130 2,788,458
Other notes:
64.Administrative expenses
In RMB
Items Amount of current period Amount of previous period
Employee’s remuneration 147,444,649 145,944,344
Depreciation expenses 21,770,448 23,689,115
Repair charge 1,900,338 2,334,351
Office expenses 4,691,502 4,765,055
Insurance expenses 1,492,619 1,287,175
Travel expenses 2,432,849 2,717,016
Board of directors 372,681 335,076
Entertainment expenses 1,701,606 1,635,200
Lowsuit expenses 548,624 502,783
Amortiation of Intangible assets 26,304,830 26,453,221
Sewage charges 0 10,527,064
122
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Consulting fee 758,257 1,662,697
Agency Charge 3,353,003 3,701,672
Tax fee 1,211 13,453
Property Management 8,534,397 10,341,583
Fire guard fee 20,205,693 16,957,562
Health afforestation fees 4,332,777 5,628,871
Other 25,861,400 27,467,088
Total 271,706,884 285,963,326
Other notes：
65.Financial Expenses
In RMB
Items Amount of current period Amount of previous period
Interest expenses 657,904,963 668,634,978
Interest income -29,906,705 -32,830,879
Other 3,120,540 1,839,471
Total 631,118,798 637,643,570
Other notes：
66.Loss of assets impairment
In RMB
Items Amount of current period Amount of previous period
Other notes：
67. Gains from changes in fair value
In RMB
Source of the gains from changes in fair
Amount of this period Amount of last period
value
Other notes：
68. Investment income
In RMB
Items Amount of this period Amount of last period
Long-term equity investment income by equity
272,404,985 225,418,910
method
Hold the investment income during from
18,256,500 2,124,000
available-for-sale financial assets
Other 357,107
Total 291,018,592 227,542,910
Other notes：
123
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
69. Assets disposal income
In RMB
Source Amount of current period Amount of previous period
Income form disposal of fixed assets 388,507 612,592
70.Other income
In RMB
Source Amount of current period Amount of previous period
Amortisation of government grant 2,073,849 2,065,231
VAT refund 4,559,728 5,092,977
2017 Nansha headquarters Enterprise
9,990,000 0
Award
Other 407,182 192,000
71. 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
Government Subsidy 3,087,100 3,087,100
Insurance indemnity 45,458,540 557,310 45,458,540
Other 4,063,261 1,096,627 4,063,261
Total 52,608,901 1,934,790 52,608,901
Government subsidy reckoned into current gains/losses
In RMB
Whether the
impact of Whether Amount of Amount of Assets-relate
Issuing
Items Reason Nature subsidies on the special current previous d/income
subject
current profit subsidies period period -related
and loss
Other notes：
72．Non-current expenses
In RMB
Amount of current period Amount of previous period The amount of non-operating
Items
gains & lossed
Foreign donations 550,000 60,000 550,000
Fine for delaying payment 395,966 32,317,140 395,966
Other 868,357 541,302 868,357
Total 1,814,323 32,918,442 1,814,323
Other notes：
124
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
73. Income tax expenses
（1）Income tax expenses
In RMB
Items Amount of current period Amount of previous period
Current income tax expense 308,558,550 201,520,623
Deferred income tax expense -2,265,559 -57,560,692
Settlement difference adjustment 1,474,587 4,731,892
Total 307,767,578 148,691,823
（2）Adjustment on accounting profit and income tax expenses
In RMB
Items Amount of current period
Total profits 1,040,686,811
Income tax expenses calculated on legal / applicable tax rate 260,171,703
Impact of different tax rates of subsidiaries -1,908,656
Effect of tax preferential from subsidiaries 1,474,587
Non-taxable income -47,122,869
Cost, expense, and loss not deductible for tax purposes 847,064
Deductible losses of unrecognized deferred tax assets in current period 2,559,645
Temporary difference on unrecognized deferred tax assets in current period 94,305,749
Income tax expense 307,767,578
Other notes：
74 .Other comprehensive income
More details can be seen in Note 57.
75.Items of Cash flow statement
（1）Other cash received from business operation
In RMB
Items Amount of current period Amount of previous period
Interest income 27,629,939 32,593,073
Government Subsidy 20,517,100 7,182,767
Insurance indemnity 46,053,407 8,879,625
Rent income 4,887,200 3,011,552
Other 115,162,269 56,204,282
Total 214,249,915 107,871,299
Explanation on other cash received in relateion to peration activities：
125
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
(2)Other cash paid related to oprating activities
In RMB
Items Amount of current period Amount of previous period
Sewage charges 1,487,368 9,416,665
Insurance expenses 18,676,033 50,406,954
Equipment cleaning and hygiene green fee 11,320,655 19,328,512
Transportation fee 11,072,669 13,833,959
Fire guard fee 16,380,176 16,074,970
Business fee 1,787,193 1,802,406
Agency Charge 3,259,329 5,007,819
Office Expense 5,596,884 4,589,452
Travel expenses 3,334,922 4,115,623
Rental fee 5,065,084 6,470,575
Enterprise publicity expenses 1,714,510 1,380,424
Information system maintenance 2,475,084 3,020,926
Water and electrical 12,191,809 9,807,005
R&D 1,481,032 2,872,231
Property Management fee 14,805,188 9,809,876
Union expenses 7,710,630 5,527,990
Other 123,569,878 132,723,856
Total 241,928,444 296,189,243
Explanation on other cash paid in relation to peration activities：
(3)Cash received related to other investment activities
In RMB
Items Amount of current period Amount of previous period
Explanation on cash received from other investment activities：
(4)Cash paid related to other investment activities
In RMB
Items Amount of current period Amount of previous period
Explanation on cash payable from other investment activities：
（5）Other cash received in relation to financing activities
In RMB
Items Amount of current period Amount of previous period
Fractional income 42,440
Total 42,440
Explanation on other cash received in relation to financing activities：
126
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
（6）Cash paid related with financing activities
IIn RMB
Items Amount of current period Amount of previous period
Yuejia Compan paid the minority
136,080,000 5,493,800
shareholders capital
Total 136,080,000 5,493,800
Explanation on cash paid related with financing activities：
76. Supplement Information for cash flow statement
（1）Supplement Information for cash flow statement
In RMB
Items Amount of current period Amount of previous period
I. Adjusting net profit to cash flow from operating
-- --
activities
Net profit 732,919,233 279,712,809
Depreciation of fixed assets, oil and gas assets and
1,676,623,536 1,893,466,852
consumable biological assets
Amortization of intangible assets 27,017,578 27,092,745
Amortization of Long-term deferred expenses 1,673,448 3,053,545
Loss on disposal of fixed assets, intangible assets
-388,507 -612,592
and other long-term deferred assets
Financial cost 682,245,650 687,249,045
Loss on investment -291,018,592 -227,542,910
Decrease in deferred income tax assets -10,801,782 -39,022,910
Increased of deferred income tax liabilities -388,473 -12,896,565
Decrease of inventories -478,765,296 -148,955,924
Decease of operating receivables -590,048,116 -6,141,117
Increased of operating Payable 2,046,464,029 -876,477,694
Net cash flows arising from operating activities 3,795,532,708 1,578,925,284
II. Significant investment and financing activities
-- --
that without cash flows:
III．Movement of cash and cash equivalents： -- --
Ending balance of cash equivalents 5,928,583,780 4,896,743,201
Less: Beginning balance of cash equivalents 4,996,580,490 5,184,873,650
Net increase of cash and cash equivalents 932,003,290 -288,130,449
(2) Net Cash paid of obtaining the subsidiary
In RMB
Amount
Including --
Including --
Including --
Other notes：
127
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
(3) Net Cash receive of disposal of the subsidiary
In RMB
Amount
Including --
Including --
Including --
Other notes：
（4）Composition of cash and cash equivalents
In RMB
Items Balance in year-end Balance in year-Beginning
I. Cash 5,928,583,780 4,996,580,490
Including：Cash at hand 51,361 37,745
Demand bank deposit 5,928,532,419 4,996,542,745
III. Balance of cash and cash equivalents at
5,928,583,780 4,996,580,490
the period end
Other notes：
77. Note of statement of changes in the owner's equity
Explain "other" project name and adjustment amount of the adjustment of closing balance in previous year, etc.:
78. The assets with the ownership or use right restricted
In RMB
Items Closing book value Causation of limitation
Fixed assets 667,391,617 Long-term loans mortgage assets
Unit construction financing Electricity bill
Account receivable 247,930,154
pledge the transferor
Total 915,321,771 --
Other notes：
79. Foreign currency monetary items
(1) Foreign currency monetary items
In RMB
Closing foreign currency Closing convert to RMB
Items Exchange rate
balance balance
Monetary capital -- -- 12,084
Including：USD 190 6.44 1,233
HKD 12,882 0.84 10,861
Long –term loans -- -- 77,909,323
Including：USD 11,386,333 6.44 73,304,073
Euro 601,786 7.65 4,605,250
Other notes：
128
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
(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
80. Hedging
Disclose hedging items by type of hedging as well as relevant arbitrage tool, qualitative and quantitative
information for arbitrage project:
81.Other
VIII. Changes of consolidation scope
1. Enterprise consolidation not under the same control
（1）Business combinations not under common control in the reporting period
In RMB
Revenue of Net profit of
Recognition
Timing of Costs for Proportion of Method of the acquiree the acquiree
Acquistition basis of the
Acquiree acquisition of acquisition of equities acquisition of from the from the
date acquisition
equities equities acquired (%) equities acquisition acquisition
date
date date
Other notes：
（2）Combination cost and goodwill
In RMB
Combination cost
Notes to determination method, consideration and changes of fair value of combined cost:
The main formation reason for the large goodwill:
Other notes:
(3) The identifiable assets and liabilities of acquiree at purchase date
In RMB
Fair value on the acquisition date Book value on the acquisition date
Determination method for fair value of the identifiable assets and liabilities:
Contingent liability of the acquiree bear during combination:
Other explanation:
(4) The profit or loss from equity held by the date before acquisition in accordance with the fair value
measured again
Whether there is a transaction that through multiple transaction step by step to realize enterprises merger and
gaining the controlduring the reporting period
□ Yes √ No
(5) Note to merger could not be determined reasonable consideration or Identifiable assets, Fair value of
liabilities of the acquiree at acquisition date or closing period of the merge
(6) Other notes:
2. Business combination under the same control
(1) Business combination under the same control during the reporting period
In RMB
Combined Proportion of Basis Combination date Recognition Income from Net profits Income Net profits
129
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
party the profits basis of the from the during the during the
combination period-begin reporting period of period of
date to the period to the comparison compairsion
combination combination
date of the date of the
combination combination
Other notes：
(2) Combination cost
In RMB
Combination cost
Notes to contingent consideration or other changes:
Other notes:
(3) The book value of the assets and liabilities of the combined party at combining date
In RMB
Combination date Last closing period
Notes to contingent consideration or other changes:
Other notes:
3. Counter purchase
Basic information of trading, the basis of transactions constitute counter purchase, the retain assets , liabilities of
the listed companies whether constituted a business and its basis, the determination of the combination costs, the
amount and calculation of adjusted rights and interests in accordance with the equity transaction process.
4. The disposal of subsidiary
Whether there is a single disposal of the investment to subsidiary and lost control
□ Yes √ No
Whether there are multiple transactions step by step dispose the investment to subsidiary and lost control in
reporting period
□ Yes √ No
5. Other reasons for the changes in combination scope
Notes to reasons for the changes in combination scope (Newly established subsidiary and subsidiary of liquidation)
and relevant information:
Main Registered Business Registered shareholding Acquired
Subsidiary
operation place nature capital ratio way
Guangdong Yudean Zhencheng Maoming, Maoming, Electric
20,000,000 53.29% Establish
Energy Co., Ltd. Guangdong Guangdong power
6.Other
IX. Equity in other entity
1. Equity in subsidiary
（1）Constitute of enterprise group
Registered Share-holding ratio
Subsidiary Main operation Business nature Acquired way
place Directly Indirectly
Electric
Maoming Zhenneng Maoming Maoming 66.61% Establish
Jianghai Power Jieyang Jieyang Electric 65 % Establish
Zhangjiang Wind Power Zhanjiang Zhangjiang Electric 70 % Establish
130
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Anxin Electric Power Maintenance Dongguan Dongguan Electric 100 % Establish
Humen Power Dongguan Dongguan Electric 60 % Establish
Electric
Bohe Electric Power Maoming Maoming 100 % Establish
Business
Yuheng Electronic Zhanjiang Zhanjiang Electric 76 % combination under
common contro
Electric
Xuwen Wind Power Zhangjiang Zhanjiang 70 % Establish
Huadu Natural gas Guangzhou Guangzhou Electric 65 % Establish
Electric
Dapu Power Meizhou Meizhou 100 % Establish
Leizhou Wind Power Leizhou Leizhou Electric 80 % 14 % Establish
Electric
Dianbai Wind Power Maoming Maoming 100 % Establish
Business
Zhanjiang Power Zhangjiang Zhangjiang Electric 76 % combination under
common contro
Business
Electric
Yuejia Power Meizhou Meizhou 58 % combination under
common contro
Business
Yuejiang Power Shaoguan Shaoguan Electric 90 % combination under
common contro
Business
Electric
Zhongyue Energy Zhanjiang Zhanjiang 90 % combination under
common contro
Electric sales Guangzhou Guangzhou Electric 100 % Establish
Electric
Qujie Wind Power Zhanjiang Zhanjiang 100 % Establish
Yangjiang Wind Power Yangjiang Yangjiang Electric 100 % Establish
Business
combinations
Electric involving
Lincang Energy Lincang Lincang 100 %
enterprises not
under common
contro
Business
Guangqian Electric Power Shenzhen Shenzhen Electric 100 % combination under
common contro
Business
Electric
Huizhou Natural gas Huizhou Huizhou 67 % combination under
common contro
Business
Electric
Pinghai Power Plant Huizhou Huizhou 45 % combination under
common contro
Business
Shibeishan Wind Power Jieyang Jieyang Electric 70 %
combination under
131
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
common contro
Business
Electric
Red Bay Power Shanwei Shanwei 65 % combination under
common contro l
Business
combinations
involving
Guangdong Wind Power Guangzhou Guangzhou Electric 100 %
enterprises not
under common
contro
Tongdao Company Huaihua, Hunan Huihua Electric 100 % Establish
Pingyuan Wind power Meizhou Meizhou Electric 100 % Establish
Electric
Heping Wind power Heyuan Heyuan 100 % Establish
Business
combinations
Electric involving
Huilai Wind Power Jieyang Jieyang 70 %
enterprises not
under common
contro
Electric
Hongrui Technology Shaoguan Shaoguan 90 % Establish
Electric
Yongan Natural gas Zhaoqing Zhaoqing 90 % Establish
Xupu, Huaihai Electric
Xupu Yuefeng Huaihua, Hunan 100 % Establish
Hunan
Wuxuan, Electric
Wuxuan Yuefeng Guangxi 100 % Establish
Guangxi
Electric
Pingdian Comprehensive Huizhou Huizhou 45 % Establish
Guangdong Yudean Zhencheng Electric
Maoming Maoming 53.29% Establish
Energy Co., Ltd.
Explanation on share-holding ratio in subsidiary different from ratio of voting right：
Pinghai power was bought by the Company in 2012 by offered non-public shares from Yudean. 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.
The voting rights proportion of the Company over its subsidiary: Zhanjiang Wind Power, Xuwen Wind Power,
Zhanjiang Wind Power, Xuwen Wind Power, Leizhou Wind Power ,Yuejia Electric and Shibeishan are 60.00%,
60.00%, 60.00%, 56.00% and 60.00%, respectively, determined based on relevant rules of these subsidiaries’
articles of association. As such, the Company’s voting proportion and shareholding percentage are not consistent.
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：
Controlling basis for the structuring entity included in consolidated range：
Basis on determinning to be a agent or consignor：
Other notes：
132
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
（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 % 31,447,248 73,436,079 1,218,236,113
Zhanjiang Power 24 % 23,275,453 24,408,218 969,086,014
Huizhou Natural gas 33 % 52,086,577 61,921,153 568,121,697
Pinghai Power plant 55 % 155,683,466 92,894,460 1,181,745,857
Red Bay 35 % 46,858,677 75,052,635 1,136,080,264
Other notes：
133
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
（3）Main financial information of significant not wholly-owned subsidiaries
In RMB
Closing balance Beginning balance
Subsidiaries Non-current Current Non-current Total Non-current Current Non-current Total
Current assets Total assets Current assets Total assets
assets liabilities Liabilities liabilities assets liabilities Liabilities liabilities
Jinghai Power 1,291,377,828 8,304,063,530 9,595,441,359 2,828,384,057 3,286,382,693 6,114,766,751 1,220,230,956 8,519,603,527 9,739,834,483 2,649,314,880 3,489,876,908 6,139,191,788
Zhanjiang
2,937,351,050 1,546,943,930 4,484,294,981 415,452,954 30,983,634 446,436,588 2,809,749,417 1,600,195,341 4,409,944,758 335,297,509 32,069,003 367,366,512
Power
Huizhou
498,388,297 3,330,693,138 3,829,081,435 936,930,535 1,170,570,000 2,107,500,535 531,864,001 2,867,325,353 3,399,189,354 819,036,708 828,770,000 1,647,806,708
Natural gas
Pinghai Power
1,417,733,360 4,693,337,876 6,111,071,236 1,472,131,579 2,490,310,826 3,962,442,405 1,009,047,306 4,875,445,336 5,884,492,642 1,359,960,430 2,490,065,211 3,850,025,641
plant
Red Bay 995,062,116 6,018,637,910 7,013,700,026 1,860,756,414 1,907,000,000 3,767,756,414 1,010,276,845 6,165,453,533 7,175,730,378 1,942,232,599 1,907,000,000 3,849,232,599
In RMB
Current term Last term
Subsidiaries Total Total
Cash flow from Cash flow from
Operating revenue Net profit comprehensive Operating revenue Net profit comprehensive
operating activities operating activities
income income
Jinghai Power 2,554,248,635 89,849,281 89,849,281 622,618,317 2,039,554,638 24,957,651 24,957,651 413,666,161
Zhanjiang Power 1,078,438,774 96,981,054 96,981,054 218,826,214 788,546,128 54,502,661 54,502,661 179,237,568
Huizhou Natural
819,208,378 157,838,111 157,838,111 437,818,955 674,243,898 55,574,470 55,574,470 -52,602,855
gas
Pinghai Power plant 1,859,200,437 283,060,847 283,060,847 268,101,867 1,648,628,423 249,002,746 249,002,746 545,126,473
Red Bay 2,130,697,649 133,881,934 133,881,934 403,607,731 1,859,528,654 82,409,392 82,409,392 444,425,499
Other notes
(4) Significant restrictions of using enterprise group assets and pay off enterprise group debt
(5) Provide financial support or other support for structure entities incorporate into the scope of
Other notes
134
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
2. The transaction of the Company with its owner’s equity share changed but still controlling the subsidiary
(1) Note to owner’s equity share changed in subsidiary
(2) The transaction’s influence to equity of minority shareholders and attributable to the owner's equity of
the parent company
3. Equity in joint venture arrangement or associated enterprise
(1) Significant joint venture arrangement or associated enterprise
Name of Main Places of Registration Nature of Shareholding Ratio (%) Obtaining
Subsidiary Operation Place Business direct indirect Method
Joint ventures：
Industry Fuel Guangzhou Guangzhou Fuel trade 50 % Equity method
Associates ：
Yudean Finance Guangzhou Guangzhou Finance 25 % Equity method
Shanxi Yudean
Taiyuan Taiyuan Coal investment 40 % Equity method
Enerty
Taishan Power
Taishan Taishan Electric 20 % Equity method
Generation
Notes to holding proportion of joint venture or associated enterprise different from voting proportion:
Basis of holding less than 20% of the voting rights but has a significant impact or holding 20% or more voting
rights but does not have a significant impact:
（2）Main financial information of Significant joint venture
In RMB
Amount of current period Amount of previous period
Industry Fuel Industry Fuel
Current assets 3,526,766,109 3,023,652,373
Including ：Cash and cash equivalent 811,774,238 1,486,090,950
Non-current assets 69,698,622 238,031,473
Total of assets 3,596,464,731 3,261,683,846
Current liabilities 2,619,543,245 2,049,097,586
Total liabilities 2,619,543,245 2,049,097,586
Attributable to shareholders of the parent
976,921,487 1,212,586,260
company
Share of net assets calculated by stake 488,460,743 606,293,130
--Other 83,002,171 -614,728
Book value of equity investment in joint
571,462,914 605,678,402
venture
Business income 12,060,789,171 9,762,707,487
Financial expenses 3,124,608 -5,148,310
Income tax 27,987,136 23,646,185
Net profit 82,556,997 70,938,555
Total comprehensive income 82,556,997 70,938,555
Dividends received from the joint venture
75,493,986 59,231,115
this year
Other notes
(3) Main financial information of significant associated enterprise
In RMB
135
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Closing balance/This period Opening balance/Last period
Taishan Power Taishan Power
Yudean Finance Shanxi Enerty Yudean Finance Shanxi Enerty
Generation Generation
Current assets 7,154,248,179 228,631,586 1,692,269,597 8,683,630,097 120,102,116 940,022,602
Non-current assets 13,719,609,159 3,335,028,687 10,352,894,018 13,100,038,881 3,144,442,198 13,059,475,755
Total of assets 20,873,857,339 3,563,660,273 12,045,163,615 21,783,668,978 3,264,544,314 13,999,498,357
Current liabilities 18,126,279,205 95,273,278 2,771,414,017 19,034,164,167 73,441,200 2,890,641,148
Non-current
150,000,000 1,335,500,000 150,000,000 1,300,500,000
liabilities
Total liabilities 18,126,279,205 245,273,278 4,106,914,017 19,034,164,167 223,441,200 4,191,141,148
Minority shareholder
2,747,578,134 3,318,386,995 7,938,249,598 2,749,504,811 3,041,103,114 9,807,378,045
Equity
Attributable to
shareholders of the 686,894,536 1,327,354,798 1,587,649,920 687,376,205 1,216,441,246 1,961,475,609
parent company
Share of net assets
13,325,000 13,325,000
calculated by stake
--Goodwill 455,525,498
Book value of equity
investment in 700,219,536 1,327,354,798 2,043,175,418 700,701,205 1,216,441,246 1,961,475,609
associates
Business income 353,187,954 786,668 4,256,108,141 288,014,924 558,089 3,240,744,080
Net profit 226,957,586 277,283,881 498,549,464 184,657,686 262,966,125 315,111,648
Total comprehensive
226,957,586 277,283,881 498,549,464 184,657,686 262,966,125 315,111,648
income
Dividends received
from the associated
57,221,065.82 42,295,033 8,000,000
enterprise this
year
Other notes
(4) Summary financial information of insignificant joint venture or associated enterprise
In RMB
Amount of current period Amount of previous period
Joint venture: -- --
The total number of the following -- --
Associated enterprise： -- --
Total investment book value 1,284,116,331 1,316,709,950
The total number of the following -- --
--Net profit -18,107,558 -6,772,948
Other comprehensive income -18,107,558 -6,772,948
Total comprehensive income
Other notes
(5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer funds
to the Company
(6) The excess loss of joint venture or associated enterprise
In RMB
136
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
The cumulative recognized The derecognized losses or the The noncumulative
Name losses in previous share of net profit in reporting unrecognized losses in reporting
accumulatively derecognied period period
Other notes
(7) The unrecognized commitment related to joint venture investment
(8) Contingent liabilities related to joint venture or associated enterprise investment
4. Significant common operation
Main operating place Proportion/share portion
Name Registration place Business nature
Registration place Directly Indirectly
Note to holding proportion or share portion in common operation different from voting proportion:
Basis of common operation as a single entity, classify as common operation
Other notes
5. Equity of structure entity not including in the scope of consolidated financial statements
Related notes to structure entity not including in the scope of consolidated financial statements
6.Other
X.Risk related to financial instruments
XI. Disclosure of fair value
1. Ending fair value of the assets and liabiliies measured by fair value
In RMB
Ending fair value
Items
First-order Second-order Third-order Total
1. Sustaining measured by
-- -- -- --
fair value
（II）Available-for –sale
346,523,895 346,523,895
financial assets
（2）Investment interest
346,523,895 346,523,895
tools
II. Non –persistent
-- -- -- --
measure
2.Recognized basis for the market price sustaining and non-persistent measured by fair value oon first-order
3. Valuation technique and qualitative and quantitative information on major parameters for the fair value measure
sustaining and non-persistent on second-order
4. Valuation technique adopted and nature and amount determination of important parameters for
consistent and inconsistent fair value measurement items at level 3
5. Sensitiveness analysis on unobservable parameters and adjustment information between opening and
closing book value of consistent fair value measurement items at level 3
6. Explain the reason for conversion and the policy governing when the conversion happens if conversion
happens among consistent fair value measurement items at different levels
7. Changes in the valuation technique in the current period and the reason for change
8. Fair value of financial assets and liabilities not measured at fair value
9.Other
XII.Related parties and related-party transactions
1. Parent company information of the enterprise
137
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Vote right ratio of
Share ratio of parent
Parent company Registrati parent company
Nature Registered capital company against the
name on place against the
company(%)
company(%)
Power plant operating,electricity
Guangdong Guangzho
assets management, electricity 23,000,000,000 67.39% 67.39%
Yudean Group u
generation
Explanation on parent company of the enterprise
On August 8, 2001, Guangdong Provincial Government had taken the lead in the implementation of the reform of
electric power system. Guangdong Electric power Group was established by inheriting the electricity generation
business of Guangdong electric Power Group Company and its registered capital is RMB 23 billion, with 76%
stake held by Guangdong Provincial People's Government and 24% stake held by China Hua Neng Group,
owning more than 13,000 staff now, and the company is the strongest
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 IX.1.
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：
Name Relationship
Industry Fuel Joint venture
Guangdong Yudean Finance Associate
Guangdong Yudean Shipping Associate
Other notes
4.Other related party
Other related party Relationship with the Enterprisse
Maoming Thermal power Plant Controlled by Yudean
Shaoguan Power Generation plant Controlled by Yudean
Yudean Environmental protection Controlled by Yudean
Yudean Property Controlled by Yudean
Huangpu Electric Power Engineering Controlled by Yudean
Yangjiang Port Controlled by Yudean
Yudean Real Estate Controlled by Yudean
Yudean Information Technology Controlled by Yudean
Huangpu Yuehua Huma resources Controlled by Yudean
Yudean Natural gas Controlled by Yudean
Yudean Finance lease Controlled by Yudean
Yudean Changtan Power Generation Controlled by Yudean
138
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Zhuhai Jinwan Controlled by Yudean
Yudean New Energy Controlled by Yudean
Yunhe Power Generation Controlled by Yudean
Yuelong Power Generation Controlled by Yudean
Guanghe Electric Power Controlled by Yudean
Yudean Menghua New Energy Controlled by Yudean
Chongshan Thermal power plant Controlled by Yudean
Shenzhen Tianxin Controlled by Yudean
Qujiang New Energy Controlled by Yudean
The Group Controlled by Yudean
Yudean Insurance Captive Controlled by Yudean
Yuehua Power Generation Controlled by Yudean
Sha A Plant Controlled by Yudean
Other notes
5. Related transactions.
（1）Related transactions on purchasing goods and receiving services
Acquisition of goods and reception of labor service
In RMB
Approval trading Whether over the
Related party Content Current amount Last amount
limit trading limit(Y/N)
Fuel Company Fuel purchase 7,135,671,591 No 6,815,959,245
Yudean
Environment Material purchase 74,236,581 No 57,013,375
Protection
Acceptance of tugboat
Yudean Shipping 8,252,359 No 12,606,792
services
Yudean Property Acceptance of
12,018,032 No 12,828,482
Management management services
Guangzhou
Huangpu Electric
Maintenance services 5,023,823 No 2,987,898
Power Engineering
Co., Ltd.
Acceptance of tugboat
Yangjiang Port 3,910,865 No 3,327,803
services
Yudean Real Estate Leasing service 27,293 No 32,966
Acceptance of
Yudean Information 1,103,961 No 454,427
management services
Huangpu Yuehua Human receivaces 2,925,678 No 1,438,679
Yudean Natural gas Fuel purchase 38,228,155 No 99,369,938
Yudean Finance
Leasing service 194,654 No
lease
Yudean Changtan Acceptance of
226,415 No
Power Generation management services
Maoming Thermal Leasing service 595,944 No 74,003
139
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
power plant
Shaoguan Power
Leasing service 24,000 No
Generation
Yunhe Power
Electric purchase 26,020,204 No 777,641
Generation
Yuehua Power
Electric purchase 25,056,294 No 20,367,239
Generation
Zhuhai Jinwan Electric purchase 51,056,560 No 14,669,222
Guanghe Electric
Electric purchase 54,456,828 No 10,249,291
Power
Yuelong Power
Electric purchase 17,468,048 No 3,699,971
Generation
Sales of goods and services
In RMB
Related parties Content Occurred current term Occurred in previous term
Yudean Environment Protection Sale of Material 52,048,796 34,746,789
Providing maintenance
Shajiao C 6,794,858 1,113,144
services
Zhuhai Jinwan Power Providing maintenance
2,934,438 126,904
Generation Co., Ltd. services
Yudean New Energy Service 7,518
Yudean Yunhe Power Providing maintenance
12,374,579 9,463,005
Generation services
Yudean Shipping Leasing service 21,622
Notes
（2）Related trusteeship or contracting
Related trusteeship or contracting in which the Company is the undertake
In RMB
Gains from the
Name of the Name of the Asset situation of
Start date Terminating date Pricing basis deal in report
employer undertaker the undertaker
period
Notes
Lists of entrust/contractee
In RMB
Name of the Name of the Clarge
entruster/contract entrustee/ Type Initial date Due date Pricing basis recognized in the
ee contractor reporting period
Notes
(3) Information of related lease
The company eas lessor:
In RMB
The lease income confirmed in The lease income confirmed in
Name of lessee Category of leased assets
this year last year
Shipping Company Property Leasing 21,622
The Company was lessee：
In RMB
140
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
The lease income confirmed in
Lessor Category of leased assets Category of leased assets
this year
Yudean Real Estate Leasing service 27,293 32,966
Maoming Thermal power plant Leasing service 595,944 74,003
Shaoguan Power Generation
Leasing service 24,000
Plant
Yudean Finance lease Equipment leasing 194,654
Notes
In the first half of 2018, the Group leased fixed assets to Yudean Financial Leasing in the form of sale and
leaseback. The leased price of the leased property was RMB 600,000,000, the lease term was 6 years, and the
lease rate was 6.19%.
（4）Status of related party guarantee
As a guarantor for the company
In RMB
Execution accomplished
Guarantor Guarantee amount Start date End date
or not
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 August 14, 2013 August 13,2022 No
Statement on related guarantees
(5) Inter-bank lending of capital of related parties：
In RMB
Amount borrowed and
Related party Initial date Due date Notes
loaned
Borrowed
Guangdong Yudean
100,000,000 November 30,2017 November 29,2018
Finance Co., Ltd.
Guangdong Yudean
250,000,000 February 26,2018 February 25,2019
Finance Co., Ltd.
Guangdong Yudean
50,000,000 February 28,2018 February 27,2019
Finance Co., Ltd.
Guangdong Yudean
200,000,000 May 22,2018 May 21,2019
Finance Co., Ltd.
Guangdong Yudean
100,000,000 May 28,2018 May 27,2019
Finance Co., Ltd.
Guangdong Yudean
200,000,000 March 5,2018 March 4,2019
Finance Co., Ltd.
Guangdong Yudean
250,000,000 March 6,2018 March 5,2019
Finance Co., Ltd.
Guangdong Yudean
250,000,000 March 8,2018 March 7,2019
Finance Co., Ltd.
Guangdong Yudean
8,436,800 March 24,2014 March 24,2019
Finance Co., Ltd.
141
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Guangdong Yudean
8,540,000 April 24,2014 April 24,2019
Finance Co., Ltd.
Guangdong Yudean
34,250,000 June 24,2014 June 25,2019
Finance Co., Ltd.
Guangdong Yudean
27,940,000 July 19,2014 July 19,2019
Finance Co., Ltd.
Guangdong Yudean
17,090,000 December 19,2016 December 18,2021
Finance Co., Ltd.
Guangdong Yudean
37,720,000 June 28,2017 June 27,2022
Finance Co., Ltd.
Guangdong Yudean
17,448,000 February 1,2018 February 1,2023
Finance Co., Ltd.
Guangdong Yudean
12,460,000 November 12,2014 October 27,2029
Finance Co., Ltd.
Guangdong Yudean
75,000,000 December 10,2014 October 27,2029
Finance Co., Ltd.
Guangdong Yudean
100,000,000 February 4,2015 October 27,2029
Finance Co., Ltd.
Guangdong Yudean
45,000,000 June 17,2015 October 27,2029
Finance Co., Ltd.
Guangdong Yudean
25,000,000 July 23,2015 October 27,2029
Finance Co., Ltd.
Guangdong Yudean
24,000,000 September 15,2015 October 27,2029
Finance Co., Ltd.
Guangdong Yudean
30,000,000 September 28,2015 October 27,2029
Finance Co., Ltd.
Guangdong Yudean
19,000,000 October 13,2015 October 27,2029
Finance Co., Ltd.
Guangdong Yudean
144,500,000 December 16,2015 October 27,2029
Finance Co., Ltd.
Guangdong Yudean
10,750,000 November 12,2014 October 27,2029
Finance Co., Ltd.
Guangdong Yudean
75,000,000 December 10,2014 October 27,2029
Finance Co., Ltd.
Guangdong Yudean
100,000,000 February 4,2015 October 27,2029
Finance Co., Ltd.
Guangdong Yudean
45,000,000 June 17,2015 October 27,2029
Finance Co., Ltd.
Guangdong Yudean
25,000,000 July 23,2015 October 27,2029
Finance Co., Ltd.
Guangdong Yudean
24,000,000 September 15,2015 October 27,2029
Finance Co., Ltd.
Guangdong Yudean
30,000,000 September 28,2015 October 27,2029
Finance Co., Ltd.
Guangdong Yudean
19,000,000 October 13,2015 October 27,2029
Finance Co., Ltd.
Guangdong Yudean
144,500,000 December 16,2015 October 27,2029
Finance Co., Ltd.
142
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Guangdong Yudean
12,000,000 June 21,2018 June 30,2018
Finance Co., Ltd.
Guangdong Yudean
175,000,000 December 13,2017 December 12,2018
Finance Co., Ltd.
Guangdong Yudean
100,000,000 September 27,2017 September 26,2018
Finance Co., Ltd.
Guangdong Yudean
150,000,000 November 7,2017 November 6,2018
Finance Co., Ltd.
Guangdong Yudean
100,000,000 June 19,2017 June 18,2020
Finance Co., Ltd.
Guangdong Yudean
67,000,000 March 14,2018 February 27,2019
Finance Co., Ltd.
Guangdong Yudean
50,000,000 April 13,2018 September 28,2018
Finance Co., Ltd.
Guangdong Yudean
32,154,349.10 April 13,2018 September 28,2018
Finance Co., Ltd.
Guangdong Yudean
25,000,000 September 7,2017 September 6,2018
Finance Co., Ltd.
Guangdong Yudean
30,000,000 November 8,2017 November 7,2018
Finance Co., Ltd.
Guangdong Yudean
65,000,000 December 12,2017 December 11,2018
Finance Co., Ltd.
Guangdong Yudean
42,000,000 April 25,2018 April 24,2019
Finance Co., Ltd.
Guangdong Yudean
40,000,000 May 23,2018 May 22,2019
Finance Co., Ltd.
Guangdong Yudean
90,000,000 June 6,2018 June 5,2019
Finance Co., Ltd.
Guangdong Yudean
63,000,000 June 19,2018 June 18,2019
Finance Co., Ltd.
Guangdong Yudean
150,000,000 September 15,2017 September 14,2018
Finance Co., Ltd.
Guangdong Yudean
110,000,000 December 11,2017 December 10,2018
Finance Co., Ltd.
Guangdong Yudean
50,000,000 April 4,2018 April 3,2019
Finance Co., Ltd.
Guangdong Yudean
100,000,000 May 15,2018 May 14,2019
Finance Co., Ltd.
Guangdong Yudean
100,000,000 May 29,2018 May 30,2019
Finance Co., Ltd.
Guangdong Yudean
100,000,000 June 13,2018 June 12,2019
Finance Co., Ltd.
Guangdong Yudean
150,000,000 June 28,2018 June 27,2019
Finance Co., Ltd.
Guangdong Yudean
60,000,000 June 22,2018 June 21,2019
Finance Co., Ltd.
Guangdong Yudean
89,300,000 June 23,2017 June 22,2032
Finance Co., Ltd.
143
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Guangdong Yudean
5,305,000 July 28,2017 June 22,2032
Finance Co., Ltd.
Guangdong Yudean
12,145,000 August 24,2017 June 22,2032
Finance Co., Ltd.
Guangdong Yudean
50,190,000 September 22,2017 June 22,2032
Finance Co., Ltd.
Guangdong Yudean
14,645,000 November 2,2017 June 22,2032
Finance Co., Ltd.
Guangdong Yudean
43,400,000 November 28,2017 June 22,2032
Finance Co., Ltd.
Guangdong Yudean
29,110,000 December 18,2017 June 22,2032
Finance Co., Ltd.
Guangdong Yudean
21,610,000 May 10,2018 June 22,2032
Finance Co., Ltd.
Guangdong Yudean
13,600,000 May 29,2018 June 22,2032
Finance Co., Ltd.
Guangdong Yudean
17,300,000 June 13,2018 June 22,2032
Finance Co., Ltd.
Guangdong Yudean
69,600,000 June 20,2018 June 22,2032
Finance Co., Ltd.
Guangdong Yudean
183,102,299 December 25,2013 December 24,2028
Finance Co., Ltd.
Guangdong Yudean
430,000,000 December 6,2007 December 5,2025
Finance Co., Ltd.
Guangdong Yudean
200,000,000 August 15,2017 August 14,2018
Finance Co., Ltd.
Guangdong Yudean
70,000,000 September 18,2017 September 17,2018
Finance Co., Ltd.
Guangdong Yudean
30,000,000 November 28,2017 November 27,2018
Finance Co., Ltd.
Guangdong Yudean
100,000,000 November 30,2017 November 29,2018
Finance Co., Ltd.
Guangdong Yudean
100,000,000 December 13,2017 December 12,2018
Finance Co., Ltd.
Guangdong Yudean
80,000,000 March 19,2018 March 18,2019
Finance Co., Ltd.
Guangdong Yudean
100,000,000 April 3,2018 April 2,2019
Finance Co., Ltd.
Guangdong Yudean
80,000,000 April 27,2018 April 26,2019
Finance Co., Ltd.
Guangdong Yudean
100,000,000 May 31,2018 May 30,2019
Finance Co., Ltd.
Guangdong Yudean
80,000,000 June 14,2018 June 13,2019
Finance Co., Ltd.
Guangdong Yudean
120,000,000 June 19,2018 June 18,2019
Finance Co., Ltd.
Guangdong Yudean
30,000,000 July 20,2017 July 19,2018
Finance Co., Ltd.
144
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Guangdong Yudean
20,000,000 August 1,2017 July 31,2018
Finance Co., Ltd.
Guangdong Yudean
10,000,000 August 25,2017 August 24,2018
Finance Co., Ltd.
Guangdong Yudean
20,000,000 August 30,2017 August 29,2018
Finance Co., Ltd.
Guangdong Yudean
15,000,000 August 31,2017 August 30,2018
Finance Co., Ltd.
Guangdong Yudean
10,000,000 September 12,2017 September 11,2018
Finance Co., Ltd.
Guangdong Yudean
5,000,000 March 14,2018 March 13,2019
Finance Co., Ltd.
Guangdong Yudean
5,000,000 March 15,2018 March 14,2019
Finance Co., Ltd.
Guangdong Yudean
5,000,000 March 16,2018 March 15,2019
Finance Co., Ltd.
Guangdong Yudean
5,000,000 March 19,2018 March 18,2019
Finance Co., Ltd.
Guangdong Yudean
5,000,000 May 10,2018 May 9,2019
Finance Co., Ltd.
Guangdong Yudean
10,000,000 May 11,2018 May 10,2019
Finance Co., Ltd.
Guangdong Yudean
5,000,000 May 11,2018 May 10,2019
Finance Co., Ltd.
Guangdong Yudean
10,000,000 May 14,2018 May 13,2019
Finance Co., Ltd.
Guangdong Yudean
5,000,000 May 15,2018 May 14,2019
Finance Co., Ltd.
Guangdong Yudean
15,000,000 June 4,2018 June 3,2019
Finance Co., Ltd.
Guangdong Yudean
5,000,000 June 6,2018 June 5,2019
Finance Co., Ltd.
Guangdong Yudean
5,000,000 June 8,2018 June 7,2019
Finance Co., Ltd.
Guangdong Yudean
10,000,000 June 14,2018 June 13,2019
Finance Co., Ltd.
Guangdong Yudean
5,000,000 June 19,2018 June 18,2019
Finance Co., Ltd.
Guangdong Yudean
100,000,000 June 26,2018 June 25,2019
Finance Co., Ltd.
Guangdong Yudean
22,800,000 December 8,2016 August 15,2031
Finance Co., Ltd.
Guangdong Yudean
100,000,000 May 22,2018 May 21,2019
Finance Co., Ltd.
Guangdong Yudean
100,000,000 June 22,2018 June 21,2019
Finance Co., Ltd.
Guangdong Yudean
50,000,000 May 14,2018 May 13,2019
Finance Co., Ltd.
145
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Guangdong Yudean
50,000,000 January 1,2018 July 3,2018
Finance Co., Ltd.
Guangdong Yudean
50,000,000 Janupary 1,2018 July 5,2018
Finance Co., Ltd.
Guangdong Yudean
50,000,000 January 1,2018 August 29,2018
Finance Co., Ltd.
Guangdong Yudean
100,000,000 January 1,2018 September 14,2018
Finance Co., Ltd.
Guangdong Yudean
50,000,000 January 1,2018 September 26,2018
Finance Co., Ltd.
Guangdong Yudean
50,000,000 January 1,2018 November 25,2018
Finance Co., Ltd.
Guangdong Yudean
50,000,000 January 1,2018 December 14,2018
Finance Co., Ltd.
Guangdong Yudean
120,000,000 January 1,2018 October 13,2029
Finance Co., Ltd.
Guangdong Yudean
10,000,000 January 1,2018 October 13,2029
Finance Co., Ltd.
Guangdong Yudean
250,000,000 July 13,2017 July 12,2018
Finance Co., Ltd.
Guangdong Yudean
50,000,000 September 30,2017 September 28,2018
Finance Co., Ltd.
Guangdong Yudean
150,000,000 October 12,2017 October 11,2018
Finance Co., Ltd.
Guangdong Yudean
200,000,000 December 14,2017 December 13,2018
Finance Co., Ltd.
Guangdong Yudean
200,000,000 December 15,2017 December 14,2018
Finance Co., Ltd.
Guangdong Yudean
200,000,000 June 8,2018 June 7,2019
Finance Co., Ltd.
Guangdong Yudean
150,000,000 June 22,2018 June 22,2019
Finance Co., Ltd.
Loaned
(6) Related party asset transfer and debt restructuring
In RMB
Related party Amount borrowed and loaned Amount of current period Amount of previous period
(7) Rewards for the key management personnel
In RMB
Items Amount of current period Amount of previous period
Rewards for the key management
3,039,268 2,904,056
personnel
146
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
（8）Other related transactions
(a)Allocation of common expenses
In the first half of 2018,, the common expenses received by the Group from Shajiao C was RMB1,930,694.49.( In
the first half of 2017, the common expenses received by the Group from Shajiao C was RMB1,498,424.06.)
(b) Interest income
In RMB
Items June 30,2018 June 30,2017
Deposit interest of Yudean 26,032,498 27,050,894
Proportion(%) 87.14% 82.39%
(c)Interest expense
In RMB
Items June 30,2018 June 30,2017
Loan interest paid to Yudean Finance 169,618,760 138,471,921
Proprotion(%) 25.81% 20.71%
(d)Joiont investment
Attributable to Yudean Proportion %
Yudean Finance 65%
Fuel Company 50%
Shan\xi Energy 60%
West Investment 35%
Yudean Shipping 45%
Yudean Insurnce 51%
6. Payables and receivables of the related party
（1）Receivables
In RMB
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 3,605,937,699 4,152,300,806
Finance Co., Ltd.
Account receivable Shajiao C 5,710,788 13,185,631
Guangdong
Account receivable 4,923,611
ZhuhaiJinwan Power
Yuelong Power
Account receivable 15,550
Generation
147
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Account receivable Yudean New Energy 762,132
Guanghe Electric
Account receivable 35,177
Power
Yunhe Power
Account receivable 133,950 2,526,785
Generation
Guangdong Yudean
Other receivable 19,000
Finance Co., Ltd.
Other receivable Yudean Real Estate 1,265,672 1,274,519
Other receivable Shajiao C 2,183,792 253,097
Other receivable Yudean PM 413,282 413,282
Guangdong Yudean
Other receivable Environmental 87,139,420 136,540,065
protection
Yudean Menghua
Other receivable 241,844
New Energy
Other receivable Yudean Insurnce 98,000,000
Guangdong Yudean
Interest receivable 18,297,556 14,923,771
Finance Co., Ltd.
Prepayment Industry fuel 544,340,420 589,294,868
Prepayment Yudean Natural ga 28,536,944
Yudean
Prepayment InformationTechnolo 611,415
gy
Prepayment Shenzhen Tianxin 10,140
（2）Payables
In RMB
Name Related party Amount at year end Amount at year beginning
Account payable Industry fuel 1,996,938,187 1,463,573,252
Account payable Shipping Company 2,130,700
Yudean Environmental
Account payable 85,779,003 62,871,339
Protection
Account payable Yudean InformationTechnology 667,200 68,000
Account payable Yudean Property 3,626,307
Huangpu Electric power
Account payable 2,031,512 3,335,568
Engineering
Huangpu Yuehua Human
Account payable 1,400,000 566,250
Resources
Account payable Manming Thermal power 90,955,718 89,461,265
Shaoguan Power Generation
Account payable 3,544,826
Plant
Account payable Yunhe Power Generation 1,006,553
Account payable Zhuhai Jinwan 218,925
Account payable Zhuhai Hengda Energy 37,183
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Account payable Yuelong Power Generation 34,071
Other payable Yudean Insurnce 86,838
Other payable Yudean Shipping 920,000 4,280,000
Other payable Shajiao C 4,602
Other payable Yudean Property 244,398 5,300,494
Other payable Yudean InformationTechnology 669,900 1,028,740
Huangpu Electric Power
Other payable 1,374,524 2,451,285
Engineering
Other payable Manming Thermal power 4,000,000 7,187,525
Other payable Shaoguan Power Generation 7,655,833 11,024,853
Other payable Qujiang Yudean New Energy 9,000
Other payable Shenzhen Tianxin 70,000 70,000
Huangpu Yuehua Human
Other payable 1,701,219
Resources
Other payable Yudean Real Estate 1,360,639
Yudean Environmental
Other payable 631,264
Protection
Interest payable Yudean Finance 18,995,040 10,451,874
Note payable Industry fuel 0 67,611,800
Note payable Yudean Finance 379,154,349 230,000,000
Short-term loan Yudean Finance 6,197,000,000 5,637,000,000
Non-current liability due in 1
Yudean Finance 185,706,035 191,763,707
year
Long-term loan Yudean Finance 2,795,375,704 2,533,388,877
7. Related party commitment
8.Other
XIII. Stock payment
1. The Stock payment overall situation
149
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
□ Applicable √ Not applicable
2. The Stock payment settled by equity
□ Applicable √ Not applicable
3. The Stock payment settled by cash
□ Applicable √ Not applicable
4. Modification and termination of the stock payment
5.Other
XIV. Commitments
1.Importance commitment events
Important commitments of existence of balance sheet date
(a) The Seventh Session of the Board passed the Proposal of Capital Injection in Guangdong Yudean Bohe Coal
Power Co., Ltd. during its 11th meeting on 29 October 2012, pursuant to which the Company agreed to inject
RMB 854,570,000 in cash to Bohe Coal for the construction of terminal project. The injection would be made
in batches based on the capital requirement of the project. On 22 August 2013, the Seventh Session of the
Board passed the Proposal of Invest to Establish Guangdong Maoming Bohe Electric Power Generation
Project during its 15th meeting, pursuant to which the Company agreed to inject RMB 1,375,000,000 to Bohe
Coal for the construction of Bohe electric plant. The injection of the initial capital of Bohe Coal of RMB
285,000,000 was completed. The subsequent injection of RMB 1,090,000,000 will be made in batches based
on the capital requirement of the project. The aforesaid capital commitment is totalled at RMB 2,229,570,000.
As at June 30, 2018, the Company injected RMB 2,229,000,000 to Bohe Coal.
(b) The 3rd meeting of the 9th Board of Directors held by the company on April 16, 2018 passed the “Proposal
on Increasing Capital to Guangdong Yudean Property Insurance Captive Co., Ltd.” In order to further enhance the
ability to undertake insurance business and enhance the corporate’s anti-risk ability, the board of directors agreed
that the company would increase the capital to Guangdong Yudean Property Insurance Co., Ltd. by RMB 98
million according to the proportion of 49%. On June 30, 2018, the company's accumulated capital injection was
completed.
(c) The Eighth Session of the Board passed the Proposal of Investment in the Establishment of 2×400MW Fuel
Gas - Steam Thermal Power Cogeneration Project in Guangdong Yudean Huadu Natural Gas Thermal Power Co.,
Ltd. during its 15th meeting dated 24 April 2017. To promote the subsequent development of natural gas thermal
power project in Huadu, the Company is required to inject a total capital of RMB 467,110,800 to Guangdong
Yudean Huadu Natural Gas Thermal Power Co., Ltd. based on its shareholding proportion of 65% in this company.
In addition to the whole capital injected since the incorporation of the project company, the Company still need to
inject another RMB 369,610,800. As at 31 December 2017, the Company had injected RMB 89,050,000, and the
accumulated injection of capital was RMB 186,550,000.
(d) The Seventh Session of the Board passed the Proposal of Investment in Phase II Thermal Power Cogeneration
Project of Huizhou LNG Electric during its 14th meeting in April 2013. According to the proposal, the Board
permits the Company to invest in Phase II Thermal Power Cogeneration Project of Huizhou LNG Electric with the
contribution ratio of 67%. The capital is about RMB 569,000,000 in total, which will be made in batches based on
the project progress and capital requirement. The Company injected RMB 42,670,000 and RMB 52,330,000
respectively in September and December 2017.
(e) The 2018 first communication meeting of the 9th Board of Directors held on March 13, 2018, reviewed and
approved the “Proposal on Investment and Construction of Zhanjiang Wailuo Offshore Wind Power Project
(Phase I) Project); in order to actively implement the energy development planning of the State and Guangdong
Province, vigorously develop clean energy, and accelerate the optimization of the company's power generation
structure, the board of directors agreed to invest in the construction of Guangdong Yudean Zhanjiang Wailuo
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Offshore Wind Power Project (Phase I) by Guangdong Yuedian Qujie Wind Power Co., Ltd. (hereinafter referred
to as “Qujie Wind Power Company”), a wholly-owned subsidiary of the company. The project has an installed
capacity of 198MW, with a total investment of RMB 373.45 million; the capital fund is calculated to be RMB
749.89 on the base of 20%. According to the project construction progress and capital demand, the company will
increase capital to Qujie Wind Power Company in due time to resolve it. The company injected capital of
RMB100,000,000 and RMB300,000,000 in April and May 2018 respectively.
(f) The 2018 first communication meeting of the 9th Board of Directors held on March 13, 2018, reviewed and
approved the “Proposal on Launching the Preliminary Work of Zhanjiang Wailuo Offshore Wind Power Project
(Phase II), in order to give full play to regional resource information and personnel advantages that Zhanjiang
Wailuo Offshore Wind Power Project (Phase I) has had, seize the opportunity to accelerate the development of
offshore wind power, the board of directors agreed the company to start the Preliminary Work of Zhanjiang
Wailuo Offshore Wind Power Project (Phase II), the total planned installed-capacity is 200MW, and the
company's wholly-owned subsidiary, Qujie Wind Power Co., Ltd. is responsible for the specific pre-work matters.
The pre-work expenses are controlled by 48 million yuan, which is solved by the company through the capital
increase to Qujie Wind Power Company. The company injected capital of RMB 48,000,000 in May 2018.
2.Contingency
（1）Significant contingency at banlance sheet date
On June 30, 2018, the Company provided joint and several liability guarantee for bank borrowings of RMB
111,360,000 for Yunnan Baoshan binglangjiang Hydropower Development Co., Ltd., which is in process.
On June 30, 2018, the Company provided joint liability guarantee for the investment of RMB74,400,578 in
Zhanjiang Wind Power. The bank loan of RMB 68,000,000 generated by the Company for Yuejiang Power was
held by the Company Provide joint liability guarantee.
（2）The Company have no significant contingency to disclose, also should be stated
The was no significant contingency in the Company.
3.Other
XV. Post-balance-sheet events
1. Significant events had not adjusted
In RMB
Influence number to the
Reason of unable to estimate
Items Content financial position and operating
influence number
results
151
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
2. Profit distribution
3. Sales return
4.Notes of ohter significant events
XVI. Other signifiant enents
1.The accounting errors correction in previous period
（1）Retrospective restatement
In RMB
Name of the influenced report
Content Processing program Cumulative impact
items during comparison period
（2）Prospective application
Content Processing program Reason of adopting prospective application
2. Debt restructuring
3. Replacement of assets
（1）Non-monetary assets exchange
（2）Other assets replacement
4. Pension plan
5.Discontinuing operation
In RMB
Termination of
the business
profits
Items Income Expense Total profits Income tax Net profit
attributable of the
parent company
owner
Other notes
152
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
6. Segment information
(1) Recognition basis and accounting policies of reportable segment
In RMB
Parent Maoming Zhanjiang Zhongyue
Items Jinghai Power Pinghai Power Red Bay Other Partial offset Total
Company Zhenneng Power Enerty
Main Buinsess
1,127,894,766 2,532,988,182 1,834,351,612 2,116,368,301 843,474,722 1,067,245,376 741,032,613 3,513,663,221 -7,480,897.76 13,769,537,895
Income
Main Buinsess
1,082,555,502 2,269,891,780 1,381,071,515 1,831,365,552 860,757,673 958,336,068 749,376,337 3,075,755,154 -9,376,421.17 12,199,733,160
Cost
Profit Total 995,881,177 119,799,041 384,369,227 178,479,245 -59,935,407 128,194,156 -78,871,119 213,931,996 -841,800,901.30 1,040,047,416
Assets Total 27,933,650,530 9,595,441,359 6,111,071,236 7,013,700,026 3,027,926,326 4,484,294,981 5,080,559,073 30,258,104,012 -20,687,475,003 72,817,272,539
Liability Total 4,861,179,955 6,114,766,751 3,962,442,405 3,767,756,414 2,094,568,231 446,436,588 4,100,049,015 20,165,061,979 -2,204,064,107 43,308,197,231
(3) There was no reportable segment, or the total amount of assets and liabilities of each part of reportable
segment, shall disclose the reason.
（4）Other notes
7. Other important transactions and events have an impact on investors’ decision-making
8.Other
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
XVII. Notes s of main items in financial reports of parent company
（1）Account receivable
1.Classification accojunt receivables.
In RMB
Amount in year-end Amount in year-beginning
Bad debt Bad debt
Category Book Balance Book Balance
provision provision
Book value Book value
Proport Proport Amount Proporti Amo Proport
Amount Amount
ion(%) ion(%) on(%) unt ion(%)
Accounts receivable of
individual significance 195,462,1
252,706,285 100 % 252,706,285 100 % 195,462,150
and subject to individual 50
impairment assessment
195,462,1
Total 252,706,285 100 % 252,706,285 100 % 195,462,150
50
Receivable accounts with large amount individually and bad debt provisions were provided.
√Applicable □Not applicable
In RMB
End of term
Content of account receivable
（Unit） Provision for bad
Account receivable Proportion of provision Reason for provision
debts
Full amount recovery is
GPGC 250,507,138 0%
expected
Dongguan Depu Energy Full amount recovery is
2,199,147 0%
Technology Co., Ltd. expected
Total 252,706,285 -- --
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
□Applicable √Not applicable
Receivable accounts on which had debt provisions are provided by other ways in the portfolio
（2）Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debt provision during the reporting period was of RMB 0.00;The amount of the
reversed or collected part during the reporting period was of RMB0.00.
Where the current bad debts back or recover significant amounts:
In RMB
Name Back or withdraw money Method
（3）The current accounts receivable written-offs situation
In RMB
Items Amount written-offs situation
Account receivables actually written-offs during the reporting period：
154
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
In RMB
Nature of account Reason for Verification Arising form related
Name Amount written-off
receivable written-off procedures transactions(Y/N)
Explanation for written-off of account receivables：
（4）The ending balance of other receivable owed by the imputation of the top five parties
In RMB
Account receivable(Unit ) End of term lance
Account receivable Bad debt provision Proportion Reason
GPGC 250,507,138
Dongguan Depu Energy Technology 2,199,147
Co., Ltd.
Total 252,706,285
(5) Account receivable which terminate the recognition owning to the transfer of the financial assets
(6) The amount of the assets and liabilities formed by the transfer and the continues involvement of accounts
receivable
Other notes：
2. Other accounts receivable
(1) Other accounts receivable disclosed by category
In RMB
Amount in year-end Amount in year- begin
Bad debt Bad debt
Book Balance Book Balance
provision provision
Category
Propo Book value Propor Book value
Proportio Amou Proporti Amou
Amount rtion( Amount tion(%
n(%) nt on(%) nt
%) )
Other accounts receivable of
individual significance and
106,747,436 93.89% 106,747,436 22,394,109 80.02% 22,394,109
subject to individual
impairment assessment
Other accounts receivable of
individual insignificance but
6,945,821 6.11% 6,945,821 5,590,195 19.98% 5,590,195
subject to individual
impairment assessment
Total 113,693,257 100 % 113,693,257 27,984,304 100 % 27,984,304
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）
Other receivable Bad debt provision Proportion Reason
Guangdong Yudean Property
98,000,000
Insurance Captive Co., Ltd.
Guangdong Yudean
Environmental protection 8,747,436
Co., Ltd.
155
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Total 106,747,436 -- --
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
（2）Bad debt provision accrual collected or switch back
Bad debt provision accrual was RMB0.00, the acount collected or switches back amounting to RMB 0.00.
Significant amount of reversed or recovered bad debt provision：
In RMB
Name Amount Method
(3) Other account receivables actually cancel after wtite-off
In RMB
Items Amount
Of Which,Other receivable write-off：
In RMB
Whether the money
is generated by
Name Nature Amount Reason program
related party
transactions
Notes：
(4) Other account receivables category by nature of money
In RMB
Naature Ending book balance Beginning book balance
Investment to be transferred 98,000,000
Sales of fly ash 8,747,436 22,394,109
Petty cash 1,667,931 901,951
Other 5,277,890 4,688,244
Total 113,693,257 27,984,304
（5）The ending balance of other receivables owed by the imputation of the top five parties
In RMB
Portion in total other Bad debt provision
Name Nature Year-end balance Age
receivables(%) of year-end balance
Investment to
Yudean Insurance 98,000,000 Within 1 year 86.20%
be transferred
Guangdong Yudean
Environmental Protection Co., Sales of fly ash 8,747,436 Within 1 year 7.69%
Ltd.
Water and
Guangdong Yudean Group
electricity 2,183,792 Within 1 year 1.92%
Shajiao C
rental
156
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
advances
Employee Petty cash 1,667,931 Within 1 year 1.47%
Guangdong Yudean Real Estate
Deposit 597,764 Within 1 year 0.53%
Investment Co., Ltd.
Total -- 111,196,923 -- 97.81%
(6) Accounts receivable involved with government subsidies
In RMB
Estimated received time,
Name of units Project of government Closing balance Closing age
amount and basis
(7) Other account receivable which terminate the recognition owning to the transfer of the financial assets
(8) The amount of the assets and liabilities formed by the transfer and the continues involvement of other
accounts receivable
Other Notes：
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
19,030,371,604 1,138,134,640 17,892,236,964 18,770,291,604 1,138,134,640 17,632,156,964
subsidiaries
Investment in
joint ventures and 5,866,294,025 5,866,294,025 5,738,255,738 5,738,255,738
associates
Total 24,896,665,629 1,138,134,640 23,758,530,989 24,508,547,342 1,138,134,640 23,370,412,702
（1）Investment in subsidiaries
In RMB
Impairment
Impairment
Name of investee Opening balance Increase Decrease Closing balance provision for
provision
the year
Shenzhen Guangqian Electric
1,353,153,223 1,353,153,223
PowerCo., Ltd.
Guangdong Yudean Bohe Electric 2,229,000,000 2,229,000,000
Yudean Dapu Power Generation 1,000,000,000 1,000,000,000
Guangdong Wind Power Generation
827,419,390 827,419,390
Co., Ltd.
Lincang Yudean Energy Co., Ltd. 427,689,439 427,689,439
Yudean Qujie Wind Power
231,750,000 448,000,000 679,750,000
Generation Co., Ltd.
Yudean Electric Sale 230,000,000 230,000,000
Guangdong Yudean Anxin 20,000,000 20,000,000
Tongdao Yuexin Wind Power 10,000,000 10,000,000
Zhanjiang Zhongyue Energy 1,150,248,115 1,150,248,115 187,248,115
Shaoguan Yuejiang Power Generation 1,153,694,674 1,153,694,674 408,494,674
157
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Yudean Yongan Natural Gas 90,000,000 90,000,000
Yudean Leizhou Wind Power 80,800,000 80,800,000
Zhanjiang Electric Power 2,185,334,400 2,185,334,400
Yudean Zhanjiang Wind Power 242,277,000 242,277,000
Huizhou Natural gas 1,072,506,646 1,072,506,646
Maoming Zhenneng 687,458,978 687,458,978
Jinghai Power Generation 1,930,395,668 1,930,395,668
Red Bay Power Generation 2,220,023,386 2,220,023,386
Yudean Huadu Natural gas 186,550,000 186,550,000
Yudean Humen Power Generation 90,000,000 90,000,000 86,807,584
Yuejia Electric Power 631,679,338 187,920,000 443,759,338 455,584,267
Huizhou Pinghai Power Generation 720,311,347 720,311,347
Total 18,770,291,604 448,000,000 187,920,000 19,030,371,604 1,138,134,640
（2）Investment in joint ventures and associates
In RMB
Increase/decrease in this period Balanc
Incre Announced e of the
provisi
Name of Beginning of ase Decre
Investment
Other Other for Provisi
in ase in comprehe change distributing on for End of term on on
investee term income under Other
inves invest nsive s in cash impair for
equity method impair
tmen ment income eqiuty dividend or ment
t profit ment
I.Joint venture
Industry Fuel 605,678,402 41,278,498 75,493,986 571,462,914
Subtotal 605,678,402 41,278,498 75,493,986 571,462,914
II. Associatesd
Yangshan
5,673,426 239,442 852,810 5,060,058
Jiangkeng
Yangshan
7,509,371 399,953 7,909,324
Zhongxinkeng
West
153,696,713 -20,427,697 133,269,016
Investment
Yudean
941,757,936 -2,354,123 8,469,538 930,934,275
Shipping
Shanxi Yudean
1,216,441,246 110,913,552 1,327,354,798
Enerty
Yudean
700,701,205 56,739,397 57,221,066 700,219,536
Finance
Taishan Power 1,961,475,609 81,699,809 2,043,175,418
Yudean
145,321,830 1,586,857 146,908,686
Insurance
Subtotal 5,132,577,336 228,797,190 66,543,414 5,294,831,111
Total 5,738,255,738 270,075,688 142,037,400 5,866,294,025
158
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
（3）Other notes
4. Business income, Business cost
In RMB
Amount of current period Amount of previous period
Items
Income Cost Income Cost
Main business 1,127,894,766 1,082,555,502 928,897,921 885,653,373
Other business 20,451,256 625,713 10,867,381 1,472,966
Total 1,148,346,022 1,083,181,215 939,765,302 887,126,339
Other notes：
5. Investment income
In RMB
Items Amount of current period Amount of previous period
Long-term equity investment income
777,396,415 877,823,419
accounted by cost method
Long-term equity investment income
270,075,688 221,764,316
accounted by equity method
Investment return on investments held to
9,634,179 8,780,663
maturity during the holding period
Investment income received from holding of
18,256,500 2,124,000
available-for –sale financial assets
Other 357,107 -15,227
Total 1,075,719,889 1,110,477,171
6.Other
XVIII. 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
388,507
non-current asset
Governmental subsidy calculated into
current gains and loess（while closely related
The sales company received a reward of
with the normal business of the Company,
12,471,031 RMB 9.99 million from the Nansha
excluding the fixed-amount or
government headquarters.
fixed-proportion governmental subsidy
according to the unified national standard）
Effect on current gains/losses when a one-off
adjustment is make tocurent gains/losses -395,966
according to requirements of taxation.
Zhanjiang Wind Power Company received
Other non-business income and expenditures insurance compensation for typhoon Tyson
51,190,544
other than the above for a total of RMB 45.54585 million.
Less：Influence amount of income tax 16,012,521
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
Influenced amount of minor shareholders’
11,949,795
equity
Total 35,691,800 --
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
Profit of report period Weightedaverage retureon eqiuty(%) Basicearningspershare(y Diluted eqrnings per
uan/share） share(yuan/share)
Net profit attributable to the
Common stock shareholders of 1.88% 0.0855 0.0855
Company.
Net profit attributable to the
Common stock shareholders of
1.73% 0.0787 0.0787
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 448,833,518 128,735,725 23,677,112,778 23,695,190,653
Items and amount adjusted according to IAS
The difference arising
from recognition of
goodwill after merger of 64,623,000 64,623,000
enterprises under the same
control
Difference arising
fromrecognition of land
-315,000 -315,000 17,915,000 18,230,000
use value after enterprise
merger
Influence on minority
27,060 27,060 4,783,159 4,756,099
interests
According to IAS 448,545,578 128,447,785 23,764,433,937 23,782,799,752
(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
160
Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
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) 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.
(b) Influence on minority interests
Housing reform loss occurred to the Company and some holding subsidiaries. Therefore, there’s some
influence on minority interests.
4.Other
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Guangdong Electric Power Development Co., Ltd The Semi-annual Report 2018
XI. Documents available for inspection
1.Text of Semi-ammual report carrying the signature of Chairman of the Board;
2.Financial statements bearing the seal and signature of legal representative, financial controller and the person in
charge of the accounting organ;
3.All original copies of official documents and notices, which were disclosed in Securities Times, China
Secunities and Hong Kong Commercial Daily (Both English and Chinese version);
4.The article of association of the Company;
5. English version of the semi-annual report.
The documents mentioned above are kept in office, and are ready for reference at any time (except public holidays,
Saturday and Sunday).
The Board of Directors of Guangdong Electric Power Development Co., Ltd.
Chairman of the Board: Wang Jin
August 31, 2018
162
