Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
The Semi-annual Report 2021
August 2021
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
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 Semi-annual report.
Name of absent director Position of absent director Reason Name of proxy
Mao Qinghan Director Due to business Wang Xi
Shen Hongtao Independent director Due to business Wang Xi
Li Fangje Director Due to business Li Baobing
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. For details, please refer to the possible
risk factors that the company may face in the X "Risks facing the Company and countermeasures " in the Section
III "Management Discussion & Analysis".
The Company Will not distribute cash dividend or bonus shares, neither capitalizing of common reserves.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Table of Contents
I.Important Notice, Table of contents and Definitions
II. Company Profile & Financial Highlights.
III. Management Discussion & Analysis
IV. Corporate Governance
V. Environmental & Social Responsibility
VI. Important Events
VII. Change of share capital and shareholding of Principal Shareholders
VIII. Situation of the Preferred Shares
IX. Corporate Bond
X. Financial Report
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Documents available for inspection
1.Financial statements bearing the seal and signature of legal representative, financial controller and the person in
charge of the accounting organ;
2. All original copies of official documents and notices, which were disclosed in Securities Times, China
Securities and Hong Kong Commercial Daily (Both English and Chinese version);
3. Chinese 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).
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Definition
Terms to be defined Refers to Definition
Guangdong Energy Group Refers to Guangdong Energy Group Co., Ltd.
Guangqian Company Refers to Shenzhen Guangqian Electric Power Co., Ltd.
Guangdong Yudean Bohe Energy Co., Ltd. (formerly " Guangdong
Bohe Company Refers to Yudean Bohe Coal & Electricity Co., Ltd." renamed on February 25,
2021)
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 Yudean Energy Co., Ltd.
Qujie Wind Power Company Refers to Guangdong Yudean Qujie Wind Power Generation Co., Ltd.
Electric Power Sales Company Refers to Guangdong Yudean Electric Power Sales Co., Ltd.
Anxin Electric Inspection & Installation
Refers to Guangdong Yudean Anxin Electric Inspection & Installation Co., Ltd
Company
Tongdao Wind Power Company Refers to Tongdao Yuexin Wind Power Generation Co., Ltd.
Zhongyue Compamy Refers to Zhanjiang Zhongyue Energy Co., Ltd.
Yuejiang Company Refers to Guangdong Shaoguan Yuejiang Power Generation Co., Ltd.
Yongan Natural Gas Company Refers to Guangdong Yudean Yongan Natural Gas Thermal Power Co., Ltd.
Leizhou Wind Power Company Refers to Guangdong Yudean Leizhou Wind Power Generation Co., Ltd.
Zhanjiang Company Refers to Zhanjiang Electric Power Co., Ltd.
Zhanjiang Wind Power Company Refers to Guangdong Yudean Zhanjiang Wind Power Co., Ltd.
Huizhou Natural Gas Company Refers to Guangdong Huizhou Natural Gas Power Co., Ltd.
Maoming Thermal Power Plant Refers to Guangdong Energy Maoming Thermal Power Co., Ltd.
Jinghai Company Refers to Guangdong Yudean Jinghai Power Co., Ltd.
Red Bay Company Refers to Guangdong Red Bay Power Co., Ltd.
Huadu Natural Gas Company Refers to Guangdong Huadu Natural Gas Thermal Power Co., Ltd.
Humen Power Company Refers to Guangdong Yudean Humen Power Co., Ltd.
Yuejia Company Refers to Guangdong Yuejia Electric Power Co., Ltd.
Pinghai Power Plant Refers to Guangdong Hluizhou Pinghai Power Co., Ltd.
Pingdian Integrated Energy Company Refers to Huizhou Pingdian Integrated Energy Co., Ltd.
Zhencheng Integrated Energy Company Refers to Guangdong Yudean Zhencheng Integrated Energy Co., Ltd.
Binhaiwan Energy Company Refers to Guangdong Yudean Binhaiwan Energy Co., Ltd.
Dianbai Wind Power Company Refers to Guangdong Yudean Dianbai Wind Power Co., Ltd.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Yangjiang Wind Power Company Refers to Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd.
Heping Wind Power Company Refers to Guangdong Yudean Heping Wind Power Co., Ltd.
Pingyuan Wind Power Company Refers to Guangdong Yudean Pingyuan Wind Power Co., Ltd.
Zhuhai Wind Power Company Refers to Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd.
Wuxuan Wind Power Company Refers to Guangxi Wuxuan Yudean New Energy Co., Ltd.
Xupu Wind Power Company Refers to Hunan Xupu Yuefeng New Energy Co., Ltd.
Shibeishan Wind Power Refers to Guangdong Yudean Shibeishan Wind Energy Development Co., Ltd.
Huilai Wind Power Company Refers to Huilai Wind Power Generation Co., Ltd.
Yudean Fuel Company Refers to Guangdong Power Industry Fuel Co., Ltd.
Yudean Insurance Captive Company Refers to Guangdong Yudean Property Insurance Captive Co., Ltd.
Shanxi Energy Company Refers to Shanxi Yudean Energy Co., Ltd.
Yudean Shipping Company Refers to Guangdong Yudean Shipping Co., Ltd.
Yudean Western Investment Company Refers to Guangdong Yudeann Holdings Western Investment Co., Ltd.
Energy Group Finance Company Refers to Guangdong Energy Group Finance Co., Ltd.
Energy Financial Leasing Company Refers to Guangdong Energy Energy Financial Leasing Co., Ltd.
Guohua Taishan Company Refers to Guangdong Guohua Yudean Taishan Power Generation Co., Ltd.
Weixin Energy Co., Ltd. Refers to Yunnan Yuntou Weixin Energy Co., Ltd.
Zhongxinkeng hydropower station Refers to Yangshan Zhongxinkeng Power Co., Ltd.
Jiangkeng hydropower station Refers to Yangshan Jiangkeng hydropower station
Southern Offshore wind power Refers to Southern Offshore wind power Union Development Co., Ltd.
Sunshine Insurance Refers to Sunshine Insurance Group Co., Ltd.
Shenzhen Capital Refers to Shenzhen Capital Group Co., Ltd.
GMG Refers to GMG International Tendering Co., Ltd.
Shenzhen Energy Refers to Shenzhen Energy Group Co., Ltd.
Shenergy Company Refers to Shenergy Company Limited
Environmental Protection Company Refers to Guangdong Yudean Environmental Protection Co., Ltd.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
II. Company Profile & Financial Highlights.
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 粤电力
Chinese(If any)
English name (If any) GUANGDONG ELECTRIC POWER DEVELOPMENT CO.,LTD
English abbreviation (If
GED
any)
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, Tianhe Road East,
Guangzhou,Guangdong Province Guangzhou,Guangdong Province
Tel (020)87570251 (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 2020.
2. Information inquiry
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
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 2020.
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） 17,781,521,221 12,539,917,823 41.80%
Net profit attributable to the shareholders
109,028,853 813,684,495 -86.60%
of the listed company（yuan）
Net profit after deducting of
non-recurring gain/loss attributable to
90,377,204 784,542,709 -88.48%
the shareholders of listed company
（yuan）
Cash flow generated by business
3,096,857,643 4,018,221,897 -22.93%
operation, net（yuan）
Basic earning per share(yuan/Share) 0.0208 0.1550 -86.60%
Diluted gains per share(yuan/Share) 0.0208 0.1550 -86.60%
Weighted average income/asset ratio（%） 0.40% 3.03% -2.63%
As at the end of the
As at the end of last year YoY+/-（%）
reporting period
Gross assets（yuan） 92,331,563,629 85,970,818,168 7.40%
Shareholders’ equity attributable to
shareholders of the listed company 26,933,339,749 27,369,995,422 -1.60%
（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 109,028,853 813,684,495 26,933,339,749 27,369,995,422
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Items and amount adjusted according to IAS
The difference arising from
recognition of goodwill
38,638,777 38,638,777
after merger of enterprises
under the same control(a)
Difference arising from
recognition of land use
-315,000 -315,000 16,025,000 16,340,000
value after enterprise
merger
Influence on minority
27,060 27,060 4,945,519 4,918,459
interests(b)
According to IAS 108,740,913 813,396,555 26,992,949,045 27,429,892,658
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
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 23,852,682 Mainly due to Yuejia Company
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
for which assets impairment provision is made) shut-down and liquidation of
assets to obtain income.
Mainly due to power sales
Government subsidy recognized in current gain and
economic policy incentives and
loss(excluding those closely related to the Company’s business 6,433,278
subsidies for various power
and granted under the state’s policies)
plant projects.
Other non-business income and expenditures other than the
595,487
above
Fines and overdue payment fees -209,860
Mainly due to the income from
scrapped fixed assets of
Non-current assets scrap income 7,507,022
Guangdong wind power and
Pinghai Power Plant.
Loss of Non-current assets scrapped -4,006,514
Less: Amount of influence of income tax 8,588,045
Influenced amount of minor shareholders’ equity (after tax) 6,932,401
Total 18,651,649 --
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
Items Amount involved Reason
Value-added tax will be
4,141,947 Comply with national policies and regulations, and continue to occur
refunded immediately
Carbon emission quota used
to fulfil the emission -2,750,000 Comply with national policies and regulations, and continue to occur
reduction obligation
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
III. Management Discussion & Analysis
Ⅰ.Main Business the Company is Engaged in During the Report Period
The Company shall comply with the disclosure requirements of Shenzhen Stock Exchange Industry Information
Disclosure Guidelines No.15-Listed Companies Engaged in Power-related Business
The Company mainly engages in the investment, construction and operation management of power projects, and the
production and sales of electric power. It belongs to the power, heat production and supply industry classified in the
“Guidelines for the Industry Classification of Listed Companies” by the China Securities Regulatory Commission.
Since its foundation, the Company has always adhered to the business tenet of “Capital from the people, using it for
electricity, and benefiting the public” and adheres to the business policy of “Centering on the main business of
electricity, with diversified development”, focusing on the main business of power and making the power structure
go diversified. In addition to the development, construction and operation of large-scale coal-fired power plants, it
also has clean energy projects such as LNG power generation, wind power generation and hydropower generation,
which provides reliable and clean energy to users through the grid company. As of the end of the reporting period,
the company has controllable installed capacity of 23.473 million kilowatts, including holding installed capacity
of 21.759 million kilowatts and equity participation installed capacity of 1.714 million kilowatts. Including: the
holding installed capacity for coal-fired power generation of 17.15 million kilowatts; the holding installed
capacity for gas and electricity of 3.72 million kilowatts and renewable energy generation like wind power and
hydropower of 889,000 kilowatts. Clean energy installation accounted for 21.2%.In addition, the company is entrusted
with managing the installed capacity of 13.286 million kilowatts .
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 44.757 billion kilowatt-hours
,an increase of 43.07% YOY; average price stated in the consolidated statements is 440.05 Yuan/ thousands
kilowatt-hours(tax included ,the same below ), YOY drop of 2.41 Yuan/ thousands kilowatt-hours, a decrease
of0.54% YOY; the total operating income was RMB 17,781.52 million, an increase of RMB 5,241.6 million or an
increase of 41.8% 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 13,218.15 million yuan, which accounted for 78.77% of the main
business costs; Affected by the rebound in power generation and the rising coal price, the fuel cost for power
generation increased by RMB 6,175.19 million YOY, an increase of 87.68%.
During the reporting period, benefiting from the gradual recovery of the domestic macro-economy and the
increase in total social electricity demand, the Company's on-grid electricity increased by 43% YOY in the first
half of the year. However, due to the increase in bulk commodity prices, the cost of coal and gas power generation
fuels increased significantly YOY, plus the influence of factors such as the lowering of the benchmark on-grid
price of natural gas, the increase in market transaction electricity and the power spot trial operation, the
Company's power generation gross profit and the net profit attributable to the parent company decreased YOY,
and it achieved a net profit attributable to the parent company of RMB 109,028,900-a YOY decrease of 86.60%.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
The Company shall comply with the disclosure requirements of Shenzhen Stock Exchange Industry Information
Disclosure Guidelines No.15-Listed Companies Engaged in Power-related Business
In the first half of 2021, the Company resolutely implemented the requirements of the supply-side structural
reform of the power industry, adhered to a clean, low-carbon, safe and efficient energy development strategy, and
continued to optimize the power supply structure and asset structure. As of the end of the reporting period, the
Company has put into production of a total of 12 new energy power generation projects with a holding installed
capacity of 757,500 kilowatts; there are 10 wind power projects under construction, with a holding installed
capacity of 1,261,800 kilowatts. In addition, the Company had respectively signed cooperation framework
agreements with local governments of Tumshuk City of the Third Division of Xinjiang Production and
Construction Corps, Dafang County, Hezhou City and other local governments. In the future, it will make full use
of the existing resource advantages of local solar and wind energy to cooperate in the development of centralized
and decentralized photovoltaic power generation and wind power projects, industrial integration, carbon neutrality,
etc., which will help transform resource advantages into industrial advantages, economic advantages, and promote
the development of green energy and green economy, thus promoting the Company's clean and low-carbon energy
transformation.
1. As of June 30, 2021, the holding new energy power generation projects that the Company has put into production
are as follows:
Installed capacity (10,000
Project type Project name Shareholding ratio Investment amount
kilowatts)
Zhanjiang Xuwen
Wind Power 4.95 70% 48,300
Yangqian
Zhanjiang Xuwen
Wind Power 4.95 70% 38,348
Yongshi
Wind Power Jieyang Huilai Shibeishan 10.0 70% 67,797
Wind Power Jieyang Huilai Haiwanshi 1.4 90% 13,119
Wind Power Maoming Dianbai Reshui 4.95 100% 48,255
Zhanjiang Leizhou
Wind Power 4.95 80% 38,069
Hongxinlou
Zhanjiang Xuwen
Wind Power 4.95 100% 92,699
Shibanling
Wind Power Zhanjiang Xuwen Qujie 4.95 100% 373,945
Wailluo Offshore wind
Wind Power 19.8 100% 44,852
power
Xuwen Wutushan Wind
Wind Power 4.95 100% 44,800
Power
Xuwen Dengjiao Wind
Wind Power 4.95 51% 49,396
Power
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Wind Power Pingyuan Maoping 4.95 100% 151,000
Total 75.75 1,010,580
2. As of June 30, 2021, the new energy project under construction by the Company are as follows:
Installed capacity
Project type Project name Shareholding ratio Planned production time
(10,000 kilowatts)
Wind Power Zhuhai Jinwan Offshore 30.25 74% September 2021
wind power
Wind Power Zhanjiang Xuwen Wailuo 20 100% December 2021
Offshore wind power
Wind Power Zhanjiang Xuwen Xinliao 20.64 100% December 2021
offshore wind power
Wind Power Yangjiang Shapa offshore 30.22 89% December 2021
Wind power
Wind Power Guangxi Wuxuan 5 100% December 2021
Wind Power Hunan Xupu Taiyangshan 5 100% December 2021
Wind Power Hunan Tongdao 5 100% December 2021
Dagaoshan
Wind Power Shanwei Power Plant 1.08 65% December 2021
Decentralized Wind Power
Wind Power Nanxiong Zhuan Village 4.99 100% June 2022
Wind Power Pingyuan Sishui 4 100% June 2022
Total 126.18
II.Analysis On core Competitiveness
1. The largest listed company of power in Guangdong
The Company's main power generation assets are located in Guangdong Province, with a total asset size of more
than 92.3 billion. It is the largest listed company of power in Guangdong Province. As of June 30,2021, The
company's controllable installed capacity and entrusted managed installed capacity totaled 36.416 million
kilowatts , accounting for 25.3% of the total installed capacity of Guangdong Province.
2. Strong background and resource advantages
Guangdong Energy Group, the controlling shareholder of the company, as a provincial key energy enterprise, has
been actively supporting listed companies to become better and stronger by using the advantages of its resources,
technology and asset scale. As the only listed company and main force of Guangdong Energy Group, the company
has always been subordinated to serving the overall situation of the reform and development of Guangdong
Province and Guangdong Yudean Group. It has deeply cultivated the main power industry, actively played the
value discovery function and resource allocation function of the capital market, and assisted the reform and
development of Guangdong Province's energy resources.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
3. Comprehensive advantages of main business
Guided by the national energy development strategy, the Company is implementing the "1+2+3+X" strategy - to
build a first-class green and low-carbon power listed company, coordinate safety and development, optimize and
strengthen coal, gas and biomass power generation services, and vigorously develop new energy, energy storage,
hydrogen energy and land park development. The Company has abundant project reserves and broad development
prospects; With clear main business, reasonable structure, outstanding industrial position and market share, it has
strong comprehensive strength and broad development prospects.
4. Competitive advantage in electricity market
The company's generator set has high parameters, large capacity, high operation efficiency, low coal consumption,
stable operation, superior environmental protection performance and strong market competitive advantage. In the
first half of 2021, the company completed a total of 44.757 billion kilowatt-hours of electricity in the market, and
the scale of electricity sales continued to rank first in the province, with electricity sales prices superior to the
province's average. The company gives full play to its three advantages of scale, brand and service. With its
marketing service network all over the province and its technical accumulation and comprehensive resources in
the power industry, the company provides auxiliary value-added services such as peak regulation, frequency
modulation and backup for the power grid, and provides high-quality value-added services such as comprehensive
energy saving and power consumption consultation for users, thus realizing the transformation from a power
generation enterprise to an energy comprehensive service enterprise.
5. Advantage of financial resources
As of June 30,2021, the company's total assets were 92.331 billion yuan, net assets were 35.04 billion yuan, net
assets attributable to the parent were 26.933 billion yuan; Net cash inflow from operating activities was 3.097
billion yuan, net cash outflow from investment activities was 4.191 billion yuan, and net cash outflow from
financing activities was 87 million yuan. The company has large assets, abundant cash flow and strong financial
resources.
6. Regional development advantages
As the main energy source in Guangdong Province, the company shoulders the important task of helping
Guangdong Province to build a clean, low-carbon, safe and efficient modern energy system. The company will
actively integrate into the construction of Guangdong-Hong Kong-Macao Greater Bay Area, Shenzhen's advanced
demonstration zone and the development of Guangdong's "one core, one belt and one area". It will steadily push
forward the construction of key energy projects and the development of new energy resources in the province and
actively seek to expand into regions with better resource conditions and higher power demand, Help the "3060"
target to be implemented.
III.Main business analysis
Found more in”I. Main businesses of the Company in the reporting period”
Changes in the financial data
In RMB
This report period Same period last year YOY change（%） Cause change
Operating income 17,781,521,221 12,539,917,823 41.80% Benefiting from the gradual
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
recovery of the domestic macro
economy and the increase of the
total demand for electricity in the
society, the on-grid electricity
increased YOY and the operating
income increased in the first half of
the year.
Affected by the increase in bulk
commodity prices and a high level
coal prices in the first half of the
Operating cost 16,786,719,665 10,150,973,022 65.37%
year, plus the impact of increased
on-grid electricity, the cost of power
generation fuel increased YOY.
The Company strengthened its
investment in power marketing and
Sale expenses 30,495,119 22,894,557 33.20% actively competed for market share
of electricity, thus the sales expenses
increased YOY.
Administrative expenses 348,713,784 301,675,673 15.59%
Financial expenses 576,650,599 561,314,905 2.73%
Affected by the substantial increase
in fuel costs for power generation,
Income tax expenses 106,678,961 472,879,412 -77.44%
the Company’s profit fell YOY and
the income tax expenses decreased.
Mainly due to the increase in R&D
investment in the affiliated power
plants this year and the
R & D Investment 96,674,773 831,109 11,532.02% strengthening of the concentration
management of R&D expenses at
the same time, the R&D expenses
increased significantly YOY.
Cash flow generated by
3,096,857,643 4,018,221,897 -22.93%
business operation, net
Net cash flow generated
-4,190,865,039 -3,327,095,659 25.96%
by investment
Mainly due to the wind power
companies and new power plants
are in the infrastructure construction
Net cash flow generated
869,529,862 -46,707,153 -1,961.66% period, a large amount of funds need
by financing
to be raised for the purchase of
power generation equipment and the
construction of plants.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Mainly due to the Company is in a
stage of rapid development, the
Net increasing of cash
-224,477,656 644,419,313 -134.83% investment in power plants
and cash equivalents
especially new power plants has
increased.
Major changes to the profit structure or sources of the Company in the reporting period
□ Applicable √Not applicable
The profit composition or sources of the Company have remained largely unchanged during the report period.
Component of Business Income
In RMB
This report period Same period last year
Increase /decrease
Amount Proportion Amount Proportion
Total operating
17,781,521,221 100% 12,539,917,823 100% 41.80%
revenue
On Industry
Electric power ,
Steam sales and 17,535,862,514 98.62% 12,359,160,846 98.56% 41.89%
labor income
Other 245,658,707 1.38% 180,756,977 1.44% 35.91%
On products
Sales Electric Power 17,429,546,654 98.02% 12,249,310,829 97.68% 42.29%
Thermal sales 62,652,754 0.35% 68,698,614 0.55% -8.80%
Comprehensive
232,388,965 1.31% 145,845,255 1.16% 59.34%
utilization of fly ash
Other 56,932,848 0.32% 76,063,125 0.61% -25.15%
Area
Guangdong 17,755,824,058 99.86% 12,517,016,866 99.82% 41.85%
Yunnan 25,697,163 0.14% 22,900,957 0.18% 12.21%
(2)Situation of Industry, Product and District Occupying the Company’s Business Income and Operating Profit
with Profit over 10%
√ Applicable □Not applicable
In RMB
Increase/decrease Increase/decrease Increase/decrease
of revenue in the of business cost of gross profit
Gross profit
Turnover Operation cost same period of over the same rate over the same
rate(%)
the previous period of period of the
year(%) previous year (%) previous year (%)
On Industry
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Electric power ,
Steam sales and 17,535,862,514 16,780,408,772 4.31% 41.89% 65.52% -13.66%
labor income
On Products
Sales Electric
17,429,546,654 16,669,365,676 4.36% 42.29% 65.94% -13.63%
Power
Thermal sales 62,652,754 50,523,078 19.36% -8.80% 16.02% -17.25%
Area
Guangdong 17,755,824,058 16,757,608,850 5.62% 41.85% 65.51% -13.49%
Under circumstances of adjustment in reporting period for statistic scope of main business data, adjusted main
business based on latest on year’s scope of period-end.
□ Applicable √Not applicable
Explanation for a year-on –year change of over 30%
√ Applicable □ Not applicable
The company's operating income, operating costs, sales expenses, etc. have changed by over 30% year on year,
and the reasons for the changes are shown in "Year-on-year Changes of Major Financial Data" in the above table.
IV. Analysis of Non-core Business
□ Applicable √Not applicable
V. Analysis of assets and liabilities
1.Significant changes in asset composition
In RMB
End of Reporting period End of same period of last year
Change in
As a As a
percentage( Reason for significant change
Amount percentage of Amount percentage of
%)
total assets(%) total assets(%)
Monetary fund 5,566,527,909 6.03% 5,790,946,117 6.74% -0.71%
Accounts
4,533,682,583 4.91% 4,332,149,033 5.04% -0.13%
receivable
Contract assets 4,276,992 0% 3,870,497 0% 0%
Inventories 2,329,827,695 2.52% 1,589,882,029 1.85% 0.67%
Real estate
48,457,262 0.05% 49,732,668 0.06% -0.01%
Investment
Long-term equity
7,369,368,592 7.98% 6,687,257,614 7.78% 0.20%
investment
Fixed assets 48,296,881,750 52.31% 47,195,233,079 54.90% -2.59%
The Company applies the new
lease standard in 2021, and the
Construction in
6,961,952,641 7.54% 9,153,637,100 10.65% -3.11% constructions in progress are
process
reclassified to right-of-use
assets.
The Company applies the new
lease standard in 2021,
Usage right assets 4,399,305,885 4.76% 0% 4.76%
Recognize the right-of-use
assets
Short -term loans 8,112,048,863 8.79% 7,622,427,916 8.87% -0.08%
Contract 586,470 0% 6,573,912 0.01% -0.01%
17
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
liabilities
Long-term loans 21,969,981,365 23.79% 18,998,555,568 22.10% 1.69%
The Company applies the new
Lease liabilities 4,136,908,238 4.48% 0% 4.48% lease standard in 2021,
Recognize the lease liabilities
2.Main assets overseas
□ Applicable √Not applicable
3.Asset and Liabilities Measured by Fair Value
√ Applicable □Not applicable
In RMB
Gain/Loss on Cumulative Sold
Impairment Purchased
fair value fair value amount in
Opening provisions in amount in the Closing
Items change in the change the End of term
amount the reporting reporting mount
reporting recorded into reporting
period period
period equity period
Financial
assets
4．Investment
in other
3,548,088,015 112,466,070 2,651,191,469 -70,500,870 3,590,053,215
equity
instruments
Subtotal 3,548,088,015 112,466,070 2,651,191,469 -70,500,870 3,590,053,215
Total 3,548,088,015 112,466,070 2,651,191,469 -70,500,870 3,590,053,215
Financial
0 0 0 0 0 0 0 0
Liability
Other change
On January 14, 2021, Guangdong Wind Power Generation Co., Ltd., a wholly-owned subsidiary of the Company,
acquired 10% equity of Southern Offshore Wind Power Joint Development Co., Ltd. through equity transfer, that
is, the Company holds 20% equity of Southern Offshore Wind Power Joint Development Co., Ltd., which has a
significant impact on its business decision, and its accounting method has been changed from other equity
instruments investment to long-term equity investment equity method（Note VII(170).
Did great change take place in measurement of the principal assets in the reporting period ?
□ Yes √ No
4. Restricted asset rights as of the end of this Reporting Period
（1）Asset pledge situation
On June 30, 2021, individual subsidiaries of the Group pledged the right to impose electricity charges to banks to
obtain long-term loans of RMB4,013,469,662,of which: the balance of long-term loans due within one year was
290,559,745 yuan (as of December 31, 2020: 4,193,207,913 yuan). including: the long-term borrowings due
within one year amounted to RMB298,558,767 . The borrowings are detailed as follows:
1. On June 30, 2021, the long-term pledge borrowings of the following subsidiaries were based on their power
fee charging rights and accounts receivable as pledges:
18
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
In RMB
Name June 30,2021 December 31,2020
Guangdong Shaoguan Yuejiang Power Generation Co., Ltd. 1,723,480,897 1,840,351,082
Guangdong Yudean Leizhou Wind Power Generation Co., Ltd. 1,279,237,340 1,310,860,000
Guangdong Yudean Qujie Wind Power Generation Co., Ltd. 651,000,000 661,000,000
Guangdong Yudean Zhanjiang Wind Power Co., Ltd. 220,059,905 224,052,692
Lincang Yudean Energy Co., Ltd. 84,465,000 98,565,000
Guangdong Yudean Xuwen Wind Power Generation Co., Ltd. 55,226,519 58,379,139
Total 4,013,469,662 4,193,207,913
2.On June 30, 2021, 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:
In RMB
Name June 30,2021 December 31,2020
Guangdong Shaoguan Yuejiang Power Generation Co., ltd. 193,711,564 193,721,167
Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd. 61,549,006 42,285,806
Lincang Yudean Energy Co., Ltd. 10,000,000 20,000,000
Guangdong Yudean Xuwen Wind Power Generation Co., Ltd. 7,985,575 7,985,575
Guangdong Yudean Leizhou Power Generation Co., Ltd. 14,100,000 28,200,000
Guangdong Yudean Qujie Wind Power Generation Co., Ltd. 3,213,600 6,366,219
Total 290,559,745 298,558,767
19
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
VI. Investment situation
1. General
√ Applicable □ Not applicable
Investment of the period Investment of same period of last year Scale of change
1,254,358,100 447,600,000 180.24%
2.Condition of Acquiring Significant Share Right Investment during the Report Period
√Applicable □ Not applicable
In RMB
Whether
Gain or Less
Name of the Share Progress up to to Date of
Main Investmen Investment Capital Investment Product or the
Company Proportion Partner Balance Sheet Anticipated Involve Disclosur Disclosure Index(if any)
Business t Way Amount Source Horizon Type Current
Invested % Date Income in e(if any)
Investment
Lawsuit
Announcement
Guangdong No.:2020-13)Published in
Yudean Natural
Capital Self Electric April China Securities Daily,
Binhaiwan Gas 50,000,000 100% No Long-term -8,850,553 No
increase Funds Power 10,2020 Securities Times and
Energy Generation
http//.www.cninfo.com.cn
Co.,Ltd.
During the
Guangdo reporting
Guangdong ng period, the
Announcement
Huadu Guokun construction
Natural No.:2017-14)Published in
Natural Gas Capital Self New Electric of Huadu April
Gas 97,500,000 65% Long-term -3,041,456 No China Securities Daily,
Thermal increase Funds Energy Power Thermoelectri 26,2017
Generation Securities Times and
Power Co., Co., city Project
http//.www.cninfo.com.cn
Ltd. Ltd.： was
35% progressing
normally.
Guangdong Wind Capital 100,000,000 100% Self No Long-term Electric During the 351,866 No August Announcement
20
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Yudean power increase funds power reporting 31,2019 No.:2019-40)Published in
Qujie Wind generation period, the China Securities Daily,
Power construction Securities Times and
Generation of Zhanjiang http//.www.cninfo.com.cn
Co., Ltd. Wailuo
Offshore Wind
Power Project
Phase II was
progressing
normally.
During the
reporting
period, the Announcement
Guangdong
construction No.:2019-59)Published in
Yudean
Wind of Zhanjiang
Qujie Wind Capital Self Electric November China Securities Daily,
power 100,000,000 100% No Long-term Xinliao 354,113 No
Power increase funds power 29,2019 Securities Times and
generation Offshore Wind
Generation http//.www.cninfo.com.cn
Power Project
Co., Ltd.
was
progressing
normally.
During the
reporting
period, the
construction Announcement
Guangdong
Wind of Yangjiang No.:2018-45)Published in
Wind Power Capital Self Electric August
power 160,000,000 100% No Long-term Shapa -1,383,351 No China Securities Daily,
Generation increase funds power 31,2018
generation Offshore wind Securities Times and
Co., Ltd.
power Project http//.www.cninfo.com.cn
was
progressing
normally.
During the
Guangdong Announcement
Wind reporting
Wind Power Capital Self Electric January No.:2019-05)Published in
power 50,000,000 100% No Long -term period, the 10,892,619 No
Generation increase funds Power 26,2019 China Securities Daily,
generation construction
Co., Ltd. Securities Times and
of Zhuhai
21
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Jinwan http//.www.cninfo.com.cn
Offshore wind
power Project
was
progressing
normally.
During the
reporting
period, the
Announcement
Guangdong construction
Wind No.:2019-58)Published in
Wind Power Capital Self Electric of Guangxi November
power 30,000,000 100% No Long-term -128,049 No China Securities Daily,
Generation increase funds Power Wuxuan Wind 29,2019
generation Securities Times and
Co., Ltd. Farm Phase I
http//.www.cninfo.com.cn
project was
progressing
normally.
During the
reporting
period, the
construction
of Dagaoshan
Tongdao Wind Power Announcement
Yuexin Wind Project in No.:2020-13)Published in
Capital Self Electric April
Wind Power power 40,000,000 100% No Long-term Tongdao Dong -15,141 No China Securities Daily,
increase funds Power 11,2020
Generation generation Autonomous Securities Times and
Co., Ltd. County of http//.www.cninfo.com.cn
Hunan
Province
was
progressing
normally.
During the Announcement
Guangdong reporting
Wind No.:2020-13)Published in
Wind Power Capital Self Elecrric period, the April
power 30,000,000 100% No Long-term -46,108 No China Securities Daily,
Generation increase funds Power construction 11,2020
generation Securities Times and
Co., Ltd. of
http//.www.cninfo.com.cn
Taiyangshan
22
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Wind Farm
Project in
Xupu, Hunan
Province was
progressing
normally.
Southern
Announcement
Offshore
Wind No.:2020-63)Published in
wind power Capital Self Electric In normal December
power 10,000,000 100% No Long-term 8,563,328 No China Securities Daily,
Union increase funds Power operation 5,2020
generation Securities Times and
Developme
http//.www.cninfo.com.cn
nt Co., Ltd.
During the
reporting
Huizhou period, the
Daya preliminary
Bay work of the
Guangdong Petrificat Western Announcement No.:2020-10
February
Yudean Natural ion Comprehensiv and 2020-34)Published in
Capital Self Electric 15,2020,
Daya Bay Gas 128,000,000 80% Industrial Long-term e Energy -2,400,948 No China Securities Daily,
increase funds power May
Energy Co., Generation Zone Station Project Securities Times and
21,2021
Ltd. Investme of Daya Bay http//.www.cninfo.com.cn
nt Co., Petrochemical
Ltd.： Zone in
20% Huizhou was
progressing
normally.
During the
reporting
period, the Announcement
Guangdong construction
Wind No.:2020-63)Published in
Wind Power Capital Self Electric of Pingyuan December
Power 166,858,100 100% No Long-term 25,906,046 No China Securities Daily,
Generation increase funds power Sishui Zhuhai 5,2020
generation Securities Times and
Co., Ltd. Jinwan Wind
http//.www.cninfo.com.cn
farm Project
was
progressing
23
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
normally.
During the
reporting
period, the
construction
of Guangdong Announcement
Guangdong
Wind Yudean No.:2020-63)Published in
Wind Power Capital Self Electric December
power 30,000,000 100% No Long-term Nanxiong -202,386 No China Securities Daily,
Generation increase funds power 5,2020
geneation ZhuanVillage Securities Times and
Co., Ltd.
Wind farm http//.www.cninfo.com.cn
Project was
progressing
normally.
Guangdo
Announcement
Guangdong ng
No.:2020-69)Published in
Wind Power Capital Self Energy Coal In normal December
Coal sales 180,000,000 50% Long-term 82,773,307 No China Securities Daily,
Generation increase funds Group sales operation 23,2020
Securities Times and
Co., Ltd. Co.,
http//.www.cninfo.com.cn
Ltd.:50%
Guangdo
Shanxi ng Announcement Published in
Yudean Coal Capital Self Energy Coal In normal April China Securities Daily,
64,000,000 40% Long-term 168,305,759 No
Energy Co., mining increase funds Group mining operation 28,2021 Securities Times and
Ltd. Co., http//.www.cninfo.com.cn
Ltd.:60%
During the
reporting
Guangdong
period, the Announcement
Yudean
Natural New construction No.:2021-01)Published in
Dananhai Self Electric January
Gas establish 15,000,000 100% No Long-term of Jieyang 788 No China Securities Daily,
Intelligence funds Power 29,2021
Generation ment Dananhai Securities Times and
Energy Co.,
Petrochemical http//.www.cninfo.com.cn
Ltd.
comprehensiv
e energy
24
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
project was
progressing
normally.
The
preliminary
work of the
source
Guangdong
network lotus Announcement
Yudean
Natural New and storage No.:2021-36)Published in
Baihua Self Electric August
Gas establish 3,000,000 100% No Long-term integration 1,250 No China Securities Daily,
Integrated fduns power 10,2021
Generation ment project of Securities Times and
Energy Co.,
Huizhou New http//.www.cninfo.com.cn
Ltd.
Material
Industrial Park
is progressing
normally
Total -- -- 1,254,358,100 -- -- -- -- -- -- 0 281,081,084 -- -- --
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
Purchase Sale Book value
Changes in Cumulative Gain/loss
Stock Mode of Book value balance at amount amount balance at
Security Security Initial fair value of fair value of the Accounting Source of
Abbreviati accounting the beginning of the in the in the the end of
category code investment cost the this changes in reporting items the shares
on: measurement reporting period this this the reporting
period equity period
period period period
Domestic 000027 Shenzhen 15,890,628 FVM 92,080,800 61,916,400 138,106,572 153,997,200 Other Self funds
25
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
and foreign Energy equity
stocks instrument
Investment
Other
Domestic
equity
and foreign 600642 Shenergy 235,837,988 FVM 289,878,345 51,089,670 105,130,027 340,968,015 Self funds
instrument
stocks
Investment
Other
Domestic
equity
and foreign 831039 NEEQ 3,600,000 FVM 11,628,000 -540,000 7,488,000 11,088,000 Self funds
instrument
stocks
Investment
Total 255,328,616 -- 393,587,145 112,466,070 250,724,599 0 0 0 506,053,215 -- --
Disclosure date for the notice of
October 31,2019
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
The Company had no investment in derivatives in the reporting period.
VII. Sales of major assets and equity
I. Sales of major assets
□ Applicable √ Not applicable
The Company had no sales of major assets in the reporting period.
II. Sales of major equity
□ Applicable √ Not applicable
26
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
VIII.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
Registered Operating
Company name Type Main business Total assets Net assets Turnover Net Profit
capital profit
Guangdong
Yudean Jinghai Power generation
Power Subsidiary and power station 2,919,272,000 7,997,777,091 3,557,332,208 2,825,023,205 86,997,783 65,049,865
Generation Co., construction.
Ltd.
Guangdong
Huizhou Natural Power generation
gas Power Subsidiary and power station 1,499,347,500 3,759,515,960 2,099,003,894 1,996,292,606 267,439,226 208,243,950
Generation Co., construction.
Ltd.
Shenzhen
Power generation
Guangqian
Subsidiary and power station 1,030,292,500 1,648,152,649 1,462,765,262 619,922,588 105,654,585 80,613,094
Electric Power
construction.
Co., Ltd.
Guangdong
Huizhou Pinghai Power generation
Power Subsidiary and power station 1,370,000,000 4,975,546,191 2,123,552,234 2,196,837,720 190,548,407 139,810,863
Generation Plant construction.
Co., Ltd.
Guangdong
Yudean Qujie Power generation
Wind Power Subsidiary and power station 1,479,750,000 7,844,728,468 1,535,653,436 203,124,990 27,491,741 27,087,204
Generation Co., construction.
Ltd.
Guangdong
Power generation
Energy Maoming
Subsidiary and power station 1,437,985,100 2,761,333,958 1,312,921,194 957,316,941 -71,296,508 -53,402,223
Thermal Power
construction.
Co., Ltd.
Zhanjiang Power generation
Zhongyue Subsidiary and power station 1,454,300,000 3,580,699,535 913,859,441 959,628,170 -62,483,053 -48,384,003
Energy Co., Ltd. construction.
Guangdong Power generation
Yudean Bohe Subsidiary and power station 4,724,013,372 10,399,297,794 3,992,273,151 1,190,006,156 -163,549,065 -163,273,077
Energy Co., Ltd. construction.
Guangdong Red Power generation
Bay Power Co., Subsidiary and power station 2,749,750,000 5,852,870,398 3,228,790,940 2,197,125,947 16,821,053 19,513,157
Ltd. construction.
Guangdong
Yudean Electric Sales of electric
Subsidiary 230,000,000 313,361,605 207,489,970 7,664,541 -110,421,992 -82,816,494
Power Sales Co., power
Ltd.
Guangdong
Power generation
Dapu Power
Subsidiary and power station 1,040,000,000 4,130,884,045 803,644,684 1,139,690,207 -92,006,304 -69,805,099
Generation Co.,
construction.
Ltd.
Guangdong Power generation
Wind Power Co., Subsidiary and power station 2,801,252,870 12,150,583,176 3,082,222,908 109,142,383 7,936,864 6,264,742
Ltd. construction.
27
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Guangdong
Shaoguan Power generation
Yuejiang Power Subsidiary and power station 1,564,055,690 5,843,126,551 354,373,100 1,514,986,939 -150,008,429 -157,176,602
Generation Co., construction.
Ltd.
Guangdong
Electric Power Sharing
Fuel Trade 1,190,000,000 7,546,904,335 1,434,860,455 15,512,366,825 210,332,261 165,546,614
Industry Fuel Company
Co., Ltd.
Guangdong
Guohua Yudean Power generation
Sharing
Taishan Power and power station 4,669,500,000 10,044,606,934 7,947,414,616 4,199,718,332 273,024,568 195,349,373
Company
Generation Co., construction.
Ltd.
Shanxi Yudean Sharing Mining and power
1,160,000,000 6,544,093,925 5,134,942,174 40,369,217 420,795,807 420,775,891
Energy Co., Ltd. Company generation
Guangdong
Sharing Transportation
Yudean Shipping 2,465,800,000 2,133,357,614 756,130,810 975,357,361 65,889,265 62,555,903
Company and port operation
Co., Ltd.
Guangdong
Sharing
Energy Group Finance 3,000,000,000 24,953,958,935 3,962,163,511 361,371,694 265,102,812 212,021,766
Company
Finance 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
During the reporting period, the Dananhai
Guangdong Yudean Dananhai Intelligence Smart Project is in the early stage of
Invested
Energy Co., Ltd. upfront work and the construction has not
yet started.
During the reporting period, the Yudean
Guangdong Yudean Baihua Integrated Baihua Project is in the early stage of
Invested
Energy Co., Ltd. upfront work and the construction has not
yet started.
Guangdong Guangye Nanhua New Energy
M &A No significant impact.
Co., Ltd.
Guangdong Yueneng Datang New Energy
M &A No significant impact.
Co., Ltd.
Guangdong Yueneng Wind Power Co., Ltd. M & A No significant impact.
Note
IX．Structured vehicle controlled by the Company
□ Applicable √ Not applicable
28
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
X. Risks facing the Company and countermeasures
Under the background of "3060" goal on carbon emission peak and carbon neutrality, and accelerated the
transition of energy production and consumption to low carbon. According to the requirements of optimizing the
energy structure of the country, thermal power will gradually change from the main power supply to the basic
power supply of peak shaving and frequency modulation. As of June 2021, the installed capacity of the company's
coal-fired power holdings accounted for 78.8%, with a high proportion; The main power assets are mainly in
Guangdong Province, where there are many other power generators, which are greatly affected by the
West-to-East Power Transmission Project. The Company shall continuously promote the optimization and
adjustment of power supply structure, vigorously develop the construction of new energy projects, and promote
the clean and low-carbon energy transformation of the Company.
(I) Power supply structure is facing adjustment
Countermeasures: Firstly, accelerate the progress of key energy projects, solidly promote the construction of
Ningzhou Alternative Power Project, Huadu Thermal Power Project, Yangjiang Shaba, Wailuo Phase II, Xinliao
Offshore Wind Power Project, Guangxi Wuxuan, Tongdao Daodashan, Xupu Taiyangshan Onshore Wind Power
Project, and ensure that the annual project investment and construction plan are completed on schedule; Secondly,
increase the investment and development of clean energy and project reserves, and accelerate the preliminary
work of Daya Bay Comprehensive Energy Station, Zhaoqing Yong'an Natural Gas Thermal Power Project,
Yangjiang Qingzhou Offshore Wind Power Project, etc.; Thirdly, explore distributed energy sources of cold, heat,
electricity and gas multi-generation, as well as infrastructure construction such as electricity exchange, charging
piles and energy storage, and hydrogen energy development and utilization; Fourthly, through the establishment
and improvement of carbon emission management system, realize the increment and benefit of carbon assets.
(II) The situation of work safety is complicated
Some of the Company’s thermal power units have been in operation for a long time, and the deep peak shaving
and the unplanned outages of the units have been prominent, which have caused adverse consequences for the safe
operation and economic profit of the Company. The on-site personnel of some units operated in violation of
regulations and failed to implement safety measures sometimes, and the phenomenon of inadequate investigation
and rectification of hidden dangers was prominent. With the formal implementation of the amendment to the
"Safety Production Law", higher requirements have been put forward on the ability and strength of enterprise
safety production management.
Countermeasures: Firstly, further strengthen the safety risk classification control and hidden danger investigation
and elimination, strengthen the safety education and training of employees, strengthen emergency rescue and fire
drills, and fully implement the main responsibility of enterprise work safety; Secondly, accelerate the construction
of work safety standardization, improve the level of work safety, and ensure work safety; Thirdly, continuously
enhance risk identification and risk management and control capabilities, focus on preventing and resolving major
risks, and improve and implement safety risk management and control measures.
(III) The reform of the power system continues to deepen
At present, China has clearly defined the independent operation schedule of power trading institutions, and
requires that a unified national power trading organization system be basically established during the "14th
Five-Year Plan" period. In May 2021, the Guangdong power market launched a spot settlement trial run. Based on
that the existing base planned power, annual price difference, long-term contract power and retail agency
relationship remain unchanged, the settlement trial run of "price difference monthly trading+absolute price weekly
trading+spot" will be continuously organized, and the competition in Guangdong power market will become
increasingly fierce. Meanwhile, in 2021, the trading scale of Guangdong power market will be expanded to 270
29
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
billion kWh, which puts forward higher requirements for power marketing.
Countermeasures: Firstly, continuously strengthen the construction of power marketing system, optimize the
power spot trading mechanism, improve the ability to participate in the power spot market competition, and
realize the integration linkage of power production, marketing and service. Secondly, continuously promote
all-round refined management of all employees, and focus on strengthening the control of fuel costs, production
costs, financial expenses and other costs and expenses. Thirdly, steadily push forward the reform and innovation
of the system and mechanism, improve the system and mechanism suitable for the high-quality development of
listed companies, stimulate the endogenous motivation and vitality of enterprises, and study and build an
assessment and distribution incentive mechanism integrating incremental incentive, bottom line constraint and
fault-tolerant mechanism.
30
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
IV. Corporate Governance
I. Annual General Meeting and Provisional Shareholders’ Meetings in the Reporting Period
1.Annual General Meeting
Investor
Index to disclosed
Meeting Type participatio Convened date Disclosure date
information
n ratio
Announcement
First Provisional
Provisional No.:2021-09)..
Shareholders’
Shareholders’ 72.57% February 25,2021 February 26,2021 Published in China Securitie
general meeting of
general meeting s Daily, Securities Times an
2021
d http//.www.cninfo.com.cn
Announcement
2020 Annual No.:2021-33)..
Shareholders’ Shareholders’ 72.58% May 20,2021 May 21,2021 Published in China Securitie
general meeting General Meeting s Daily, Securities Times an
d http//.www.cninfo.com.cn.
2. Preferred stockholders restored voting rights to request to convene Provisional Shareholders’ Meeting.
□Applicable √ Not applicable
II. Changes in directors, supervisors and senior management staffs
□Applicable √Not applicable
No change has taken place in directors, supervisors and senior executives of the Company during the reporting
period. For the detail, refer to 2020 Annual Report.
III. Pre-plan for profit allocation and turning capital reserve into share capital for the reporting period
□ Applicable √ Not applicable
The Company planned not to distribute cash dividend and bonus share, and not to convert capital reserves into
share capital in half year.
IV. Implementation of any equity incentive plan, employee stock ownership plan or other incentive
measures for employees
□ Applicable √ Not applicable
None.
31
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
V. Environmental & Social Responsibility
I. Significant environmental issues
Whether the Company or any of its subsidiaries is identified as a key polluter by the environment authorities
√ Yes □No
Excess
Main
Emission Emission Total Verified ive
pollutant and Emissio
Company or Emission port concentra Implemented pollutant emissi total emissi
specific n port
subsidiary name way distribution tion emission standards on emission( on
pollutant number
condition (mg/Nm3) (Tons) Tons) conditi
name
on
Concentra Emission Standard of Air
ted Pollutants for Thermal
Shajao A Power Within the
Smoke emission 1 1.38 Power Plants 9.41 9.41 No
Plant factory
through (GB13223-2011) special
chimney emission limit
Concentra Emission Standard of Air
ted Pollutants for Thermal
Shajao A Power Within the
SO2 emission 1 17.38 Power Plants 118.46 118.46 No
Plant factory
through (GB13223-2011) special
chimney emission limit
Concentra Emission Standard of Air
ted Pollutants for Thermal
Shajao A Power Within the
NOX emission 1 28.99 Power Plants 197.62 197.62 No
Plant factory
through (GB13223-2011) special
chimney emission limit
Concentra Emission Standard of Air
ted Pollutants for Thermal
Guangdong Yudean Within the
Smoke emission 2 0.96 Power Plants 13.87 593 No
Dapu Power Plant factory
through (GB13223-2011) special
chimney emission limit
Concentra Emission Standard of Air
ted Pollutants for Thermal
Guangdong Yudean Within the
SO2 emission 2 12.33 Power Plants 177.90 1447 No
Dapu Power Plant factory
through (GB13223-2011) special
chimney emission limit
Concentra Emission Standard of Air
ted Pollutants for Thermal
Guangdong Yudean Within the
NOX emission 2 33.36 Power Plants 481.53 1502 No
Dapu Power Plant factory
through (GB13223-2011) special
chimney emission limit
Concentra Emission Standard of Air
Zhanjiang ted Pollutants for Thermal
Within the
Zhongyue Energy Smoke emission 2 1.19 Power Plants 12.39 480 No
factory
Co., Ltd. through (GB13223-2011) special
chimney emission limit
Concentra Emission Standard of Air
Zhanjiang ted Pollutants for Thermal
Within the
Zhongyue Energy SO2 emission 2 16.11 Power Plants 168.24 1200 No
factory
Co., Ltd. through (GB13223-2011) special
chimney emission limit
Concentra Emission Standard of Air
Zhanjiang ted Pollutants for Thermal
Within the
Zhongyue Energy NOX emission 2 26.19 Power Plants 273.52 1587 No
factory
Co., Ltd. through (GB13223-2011) special
chimney emission limit
32
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Concentra Emission Standard of Air
Guangdong
ted Pollutants for Thermal
Shaoguan Yuejiang Within the
Smoke emission 2 1.98 Power Plants 25.42 717.78 No
Power Generation factory
through (GB13223-2011) special
Co., Ltd.
chimney emission limit
Concentra Emission Standard of Air
Guangdong
ted Pollutants for Thermal
Shaoguan Yuejiang Within the
SO2 emission 2 21.46 Power Plants 275.52 2303.55 No
Power Generation factory
through (GB13223-2011) special
Co., Ltd.
chimney emission limit
Concentra Emission Standard of Air
Guangdong
ted Pollutants for Thermal
Shaoguan Yuejiang Within the
NOX emission 2 42.03 Power Plants 539.73 2809.07 No
Power Generation factory
through (GB13223-2011) special
Co., Ltd.
chimney emission limit
Concentra Emission Standard of Air
ted Pollutants for Thermal
Zhanjiang Electric Within the
Smoke emission 2 1 Power Plants 12 12 No
Power Co., Ltd. factory
through (GB13223-2011) special
chimney emission limit
Concentra Emission Standard of Air
ted Pollutants for Thermal
Zhanjiang Electric Within the
SO2 emission 2 15 Power Plants 211 211 No
Power Co., Ltd. factory
through (GB13223-2011) special
chimney emission limit
Concentra Emission Standard of Air
ted Pollutants for Thermal
Zhanjiang Electric Within the
NOX emission 2 32 Power Plants 446 446 No
Power Co., Ltd. factory
through (GB13223-2011) special
chimney emission limit
Concentra Emission Standard of Air
Guangdong Yudean ted Pollutants for Thermal
Within the
Jinghai Power Smoke emission 4 2.84 Power Plants 85.62 1770 No
factory
General Co., Ltd. through (GB13223-2011) special
chimney emission limit
Concentra Emission Standard of Air
广 Guangdong
ted Pollutants for Thermal
Yudean Jinghai Within the
SO2 emission 4 19.99 Power Plants 603.36 6502 No
Power General Co., factory
through (GB13223-2011) special
Ltd.
chimney emission limit
Concentra Emission Standard of Air
Guangdong Yudean ted Pollutants for Thermal
Within the
Jinghai Power NOX emission 4 36.51 Power Plants 1101.6 4687 No
factory
General Co., Ltd. through (GB13223-2011) special
chimney emission limit
Concentra Emission Standard of Air
Guangdong Red ted Pollutants for Thermal
Within the Not
Bay Power General Smoke emission 4 2.03 Power Plants 42.89 No
factory approved
Co., ltd. through (GB13223-2011) special
chimney emission limit
Concentra Emission Standard of Air
Guangdong Red ted Pollutants for Thermal
Within the Not
Bay Power General SO2 emission 4 9.24 Power Plants 223.8 No
factory approved
Co., ltd. through (GB13223-2011) special
chimney emission limit
Guangdong Red Concentra Within the Emission Standard of Air Not
NOX 4 32.73 743.64 No
Bay Power General ted factory Pollutants for Thermal approved
33
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Co., ltd. emission Power Plants
through (GB13223-2011) special
chimney emission limit
Concentra Emission Standard of Air
Guangdong Energy
ted Pollutants for Thermal
Maoming Thermal Within the
Smoke emission 2 1.13 Power Plants 15.71 168.12 No
Power Plant Co., factory
through (GB13223-2011) special
Ltd.
chimney emission limit
Concentra Emission Standard of Air
Guangdong Energy
ted Pollutants for Thermal
Maoming Thermal Within the
SO2 emission 2 12.9 Power Plants 146.2 385.51 No
Power Plant Co., factory
through (GB13223-2011) special
Ltd.
chimney emission limit
Concentra Emission Standard of Air
Guangdong Energy
ted Pollutants for Thermal
Maoming Thermal Within the
NOX emission 2 24.57 Power Plants 274.5 689.58 No
Power Plant Co., factory
through (GB13223-2011) special
Ltd.
chimney emission limit
Concentra Emission Standard of Air
Guangdong
ted Pollutants for Thermal
Huizhou Pinghai Within the
Smoke emission 2 2.38 Power Plants 43.06 700 No
Power Plant Co., factory
through (GB13223-2011) special
Ltd.
chimney emission limit
Concentra Emission Standard of Air
Guangdong
ted Pollutants for Thermal
Huizhou Pinghai Within the
SO2 emission 2 22.34 Power Plants 391.09 1670 No
Power Plant Co., factory
through (GB13223-2011) special
Ltd.
chimney emission limit
Concentra Emission Standard of Air
Guangdong
ted Pollutants for Thermal
Huizhou Pinghai Within the
NOX emission 2 36.86 Power Plants 644.46 2423 No
Power Plant Co., factory
through (GB13223-2011) special
Ltd.
chimney emission limit
Concentra Emission Standard of Air
ted Pollutants for Thermal
Qianwan LNG Within the
NOX emission 5 12.05 Power Plants 71.49 180.37 No
Power Plant factory
through (GB13223-2011) special
chimney emission limit）
Concentra Emission Standard of Air
ted Pollutants for Thermal
Huizhou LNG Within the
Smoke emission 6 0.22 Power Plants 4.15 232.11 No
power plant factory
through (GB13223-2011) special
chimney emission limit
Concentra Emission Standard of Air
ted Pollutants for Thermal
Huizhou LNG Within the
NOX emission 6 25.79 Power Plants 672.32 2033.1 No
power plant factory
through (GB13223-2011) special
chimney emission limit）
Concentra Emission Standard of Air
ted Pollutants for Thermal
Within the
Bohe Company Smoke emission 3 1.89 Power Plants 8.612 72 No
factory
through (GB13223-2011) special
chimney emission limit
Concentra Emission Standard of Air
ted Within the Pollutants for Thermal
Bohe Company SO2 3 7.02 171 974 No
emission factory Power Plants
through (GB13223-2011) special
34
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
chimney emission limit
Concentra Emission Standard of Air
ted Pollutants for Thermal
Within the
Bohe Company NOX emission 3 30.58 Power Plants 558.67 1195 No
factory
through (GB13223-2011) special
chimney emission limit）
Prevention and control of pollution facilities construction and operation
During the reporting period, the Company actively responded to the latest environmental protection policy
requirements, strengthened the operation adjustment and equipment maintenance management of dust removal,
desulfurization and denitrification systems, vigorously promoted the improvement of energy-saving technologies
and the transformation of urea instead of liquid ammonia, improved the equipment operation efficiency, reduced
the smoke and dust emission concentration, and ensured that the emission of various pollutants met the national
and territorial environmental protection management requirements.
According to the national environmental protection plan, the power plants under the Company actively responded
to the the policy documents such as Notice of the Comprehensive Division of the National Energy Administration
on Decomposing and Implementing the Objectives and Tasks of Upgrading and Renovating Coal-fired Power
Energy Saving and Emission Reduction, continued to implement the Action Plan for Upgrading and Renovating
Coal-fired Power Energy Saving and Emission Reduction (2014-2020) and other energy saving and emission
reduction requirements, and actively promoted the transformation of urea instead of liquid ammonia and
through-flow transformation projects.
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 建
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
35
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
platform and the national pollution source monitoring information and sharing platform.
Other environmental information that should be disclosed
None
Other environmental protection related information
None
The Company shall comply with the disclosure requirements of Shenzhen Stock Exchange Industry Information
Disclosure Guidelines No.15-Listed Companies Engaged in Power-related Business
1. The Company strictly abides by the Environmental Protection Law of the People's Republic of China, Air
Pollution Prevention Law of the People's Republic of China, Water Pollution Prevention Law of the People's
Republic of China and Law of the People's Republic of China on Prevention and Control of Environmental
Pollution by Solid Waste, and the current environmental protection policies and regulations have no impact on the
Company. In 2020, the operating expenses required by the Company's thermal power plants to implement
environmental protection policies and regulations are mainly to purchase limestone and denitration materials,
totaling about RMB 175 million.
2. In 2020, according to the standard, the coal consumption for comprehensive power supply of the Company's
thermal power plants is 301.59 g/kWh of coal, the sulfur dioxide emission performance value is 0.055g/kWh,
nitrogen oxide emission performance value is 0.125g/kWh, and soot emission performance value is 0.006g/kWh.
Where, the commissioning rate of desulfurization device is 100%, and the average desulfurization efficiency is
99.15%; The average operation rate of denitration device is 99.79%, and the average denitration efficiency is
84.42%; The operation rate of dry dust removal device is 100%, and the average dust removal efficiency is
99.88%; The average operation rate of wet electric dust removal is 99.79%, and the average dust removal
efficiency is 73.36%.
II. Social responsibilities
During the reporting period, the Company earnestly implemented the overall arrangement and arrangement of
"targeted poverty relief and targeted poverty alleviation" in Guangdong Province, and continuously organized
manpower, material resources and financial resources to consolidate the poverty alleviation achievements. Five
subsidiaries, including Yuejiang Company, Maoming Power Plant, Zhanjiang Company, Dapu Company and
Zhanjiang Wind Power Company, actively consolidated and expanded the poverty alleviation achievements and
made efforts to advance the rural revitalization plan.
I Counterpart assistance of Yuejiang Company on Mi Xiashui village, Quan’an Town, Nan Xiong City
2021 is the first year to promote the effective connection between poverty alleviation and rural revitalization. The
poverty relief work thoroughly implements the internship of General Secretary Jin Ping's poverty relief and
development strategy in the new period, and fully implements the relevant work arrangements of the central
government, provinces and cities on poverty alleviation. Yuejiang Power Generation Company closely follows the
2021 work objectives and carries out its work in a solid and orderly manner. Firstly, consolidate the effectiveness
of poverty alleviation. In 2020, Mixiashui Village has lifted 39 households with 97 relatively poor people out of
poverty, with an exit rate of poverty alleviation of 100%, on the basis of relatively poor villages getting rid of
poverty. According to the working principle of "poverty alleviation according to policies and responsibilities",
continue to understand and track the production and living conditions of poverty-stricken households in Mixiashui
Village, implement the basic requirements of "one household, one policy", and consolidate the effectiveness of
poverty alleviation. Meanwhile, start the early warning mechanism for people with relative difficulties in rural
areas, timely understand and report the production and living conditions of people with relative difficulties, and
formulate targeted assistance measures to implement the effectiveness of assistance. Secondly, well ensure filing
36
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
poverty relief archives. According to the requirements, sort out and improve the household files, documents,
construction and other information, and accept and file them in early June 2021 through the archives center.
Thirdly, well ensure linking poverty alleviation and rural revitalization. According to the requirements, sort out
and improve the relevant ledgers of poverty relief funds, poverty relief assets, industrial poverty relief and asset
income projects, and complete the handover work to ensure the effective connection between poverty alleviation
and rural revitalization.
II.Assistance provided by Maoming Power Plant to Xinbei Village, Shalang Town, Dianbai District,
Maoming City
In 2020, the per capita disposable income of 16 households of poverty alleviation under targeted assistance of
Maoming Power Plant was RMB 16,200, which exceeded the annual per capita disposable income standard of
RMB 8,951 for poor households with labor in poverty-stricken villages in 2020, achieving poverty alleviation. In
the first half of 2021, the annual income of the above 16 households of poverty alleviation has reached the poverty
alleviation standards, with no sign of returning to poverty, which has continuously consolidated the work
achievements in 2020. In addition, Maoming Power Plant sent personnel to participate in the poverty relief team
in Xinbei Village and won the honor of "Guangdong Advanced Collective for Poverty Alleviation".
III. Counterpart assistance of Zhanjiang Company on Waiyuan Village, Nanxing Town, Leizhou City
Since the poverty relief team of Zhanjiang Company went to Waiyuan Village Committee for poverty relief in
May 2016, the poverty relief team has carried out five poverty relief projects for poor households, so that poor
households will have a certain stable income in the next 20 years. Currently, all the five poverty relief projects
have produced benefits, and all the benefits have been distributed to poor households.
After five years' efforts, by December 2020, the per capita income of the original poor households (78 households
of 219 people, including 34 households with labor ability of 153 people and 44 households without labor ability of
66 people) increased from RMB 3,200 in 2015 to RMB 12,818 in 2020. Now, 100% of all poor households in
Waiyuan Village Committee have reached the poverty alleviation standard, with no sign of returning to poverty.
The poverty relief team of Zhanjiang Company has left Waiyuan Village and rushed to Xilian Town, Xuwen
County to carry out rural revitalization work.
IV. Counterpart assistance of Dapu Company on Xiamu Village, Fenglang Town, Dapu County, Meizhou
City
In the first half of 2021, Dapu Power Generation Company continued to send party building instructors to help
Xiamu Village, Fenglang Town, Dapu County, Meizhou City. Party building instructors played the role of "Head
Goose Project", focused on solving the hot and difficult issues such as policy propaganda for benefiting the people,
practical handling of people's livelihood, mediation of contradictions and disputes, effectively improved the
production and living conditions of poor people, and effectively boosted Xiamu Village in poverty alleviation.
They further innovated and created the characteristics of village party building, created a strong learning
atmosphere for party members, always reminded the majority of party members and cadres to devote themselves
to the construction of new countryside with full work enthusiasm, and contributed to the development of party
building to boost rural revitalization, win the tough fight of poverty alleviation and achieve the well-off goal. By
June 30, 2021, there were 67 poor households (including 41 low-income poor households, 15 poor households
with five guarantees and 11 general poor households), and 138 poor people, all of whom had been lifted out of
poverty stably.
V. Counterpart assistance of Zhanjiang Wind Power Co., Ltd. on Houhai Village, Xinliao Town, Xuwen
37
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
County
Zhanjiang Wind Power Company has successfully completed the task of poverty alleviation. On June 23, at the
summary and commendation meeting of poverty alleviation in Guangdong Province, the poverty relief team of
Zhanjiang Wind Power Company in Houhai Village, Xinliao Town, Xuwen County won the advanced collective
honor of poverty alleviation in Guangdong Province. According to the relevant arrangements of government
departments for rural revitalization, Zhanjiang Wind Power Company will send two cadres to Jinhe Town, Xuwen
County in July 2021 to carry out assistance work in the town, continue to shoulder corporate social responsibility
and help rural revitalization.
38
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
VI. Important Events
I. 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 is no commitment that has not been fulfilled by actual controller, shareholders, related parties, acquirers of
the Company
II. Particulars about the non-operating occupation of funds by the controlling shareholder
□ Applicable √ Not applicable
None
III. Illegal provision of guarantees for external parties
□ Applicable √ Not applicable
None
IV. Engagement and disengagement of CPAs firm
Whether the semi-annual financial report has been audited
□ Yes √ No
The semi-annual financial report of the Company has not been audited
V. Notes for “non-standard audit report” of CPAs firm during the Reporting Period by board of directors
and supervisory board
□ Applicable √ Not applicable
VI. Notes for the related information of “non-standard audit reports” last year by board of directors
□ Applicable √ Not applicable
VII. Bankruptcy and restructuring
□ Applicable √ Not applicable
No such cases in the reporting period.
39
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
VIII. Litigations and arbitrations
Significant litigations and arbitrations
□ Applicable √ Not applicable
No such cases in the reporting period.
Other litigation matters
√Applicable □ Not applicable
Imple
Litigatio mentati
Amount
Whether t n(arbitra on of Discl
involved Litigation(ar Disclo
o form est tion)trial litigati osure
Basic situation of litigation(arbitration) (Ten tho bitration)pro sure d
imated lia results on(arbi inde
usand yu gress ate
bilities and im tration) x
an)
pact judgme
nts
On June 1, 2021, the Dapu County People’
s Court accepted the Dapu County Natura
l Resources Bureau’s claim to Guangdon The case wa
g Yuedian Dapu Power Generation Co., Lt s held for th
d for a contract dispute. The Dapu Count e first time o
y Natural Resources Bureau’s petitions inc n July 29, 2
lude: 1. Order the defendant to hand over th 021, yet th
1,067.94 No None None
e remaining funds for the new constructio e two side
n project of “developing large units and su s are still ne
ppressing small ones” of Guangdong Yude gotiating o
an Dapu Power Plant to fulfill the paddy fie n the matte
ld quota, which totaled in RMB 10.679362 r currently.
million; 2. All litigation costs in this case s
hall be borne by the defendant.
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
40
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
XI.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. Credits and liabilities with related parties
□Applicable √ Not applicable
No such cases in the reporting period.
5. Transactions with related finance company, especially one that is controlled by the Company
√ Applicable □Not applicable
Deposit business
Related party Relationship Maximum daily Deposit interest Beginning The Ending
deposit limit rate range balance amount balance
（Ten thousand （Ten incurred （Ten
yuan) thousand （Ten thousand
yuan) thousand yuan)
yuan)
Guangdong Energy Group Controlled by Guangdong 800,000 0.35% 477,628 6,804 484,431
Finance Co., Ltd. Energy Group Co., Ltd.
Loan business
Related party Relationship Beginning The Ending
balance amount balance
Loan limit（Ten Loant interest （Ten incurred （Ten
thousand yuan) rate range thousand （Ten thousand
yuan) thousand yuan)
yuan)
Guangdong Energy Group Controlled by Guangdong ,300,000 3.05% to 815,572 164,474 980,046
Finance Co., Ltd. Energy Group Co., Ltd. 4.41%
Credit extension or other financial services
Related party Relationship Business type Total amount（Ten Actual amount incurred
thousand yuan) （Ten thousand yuan)
Guangdong Energy Group Controlled by Guangdong Credit 2,785,778 731,191
Finance Co., Ltd. Energy Group Co., Ltd.
41
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
6. Other significant related-party transactions
√ Applicable □Not applicable
（1）2021 daily related transactions were carried out after examination and approval by 2021 first provisional
shareholders' general meeting. Refer to (5) Related transactions of XII. Relationship between related parties and
the transactions between them of the Financial Report of this report for details.
（2）On January 28, 2021, the 19th meeting of the ninth board of directors reviewed and approved the Proposal on
Daily Related Transactions between the Company and Guangdong Energy Group Co., Ltd. in 2021, the Proposal
on Signing the Financial Services Framework Agreement between the Guangdong Yudean Finance Co., Ltd., the
Proposal on Signing the Financial Leasing Cooperation Framework Agreement between the Company and
Guangdong Yudean Financial Leasing Co., Ltd., the Proposal on Signing the Framework Agreement on
Cooperation in Insurance and Risk Management Services between the Company and Guangdong Yudean Property
Insurance Self-insurance Co., Ltd., and the above related party transactions will be implemented after being
reviewed and approved by the first provisional general meeting of shareholders in 2021.
（3）On April 27, 2021,In order to smoothly promote the construction of new energy projects and ease the
financial pressure, the First meeting of the ninth board of directors by Correspondence of 2021 reviewed and
approved the Proposal on Indirect Subsidiaries Introducing Investors, It is agreed to introduce Zhuhai Special
Economic Zone Power Development Group Co., Ltd. and Guangdong Energy Group Co., Ltd. as investors of
Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd. by means of capital increase and share expansion, in
which Zhuhai Power contributed RMB 89.187 million and held 20% equity of Zhuhai Wind Power Company,
while Guangdong Energy Group contributed RMB 25.5003 million and held 5.7184% equity of Zhuhai Wind
Power Company. After the completion of capital increase and share expansion, the shareholding ratio of
Guangdong Wind Power Company in Zhuhai Wind Power Company decreased to 74.2816%, and the final
shareholding ratio of each shareholder shall be subject to the asset appraisal record results. It is agreed to
implement the capital increase of special funds for promoting economic development in 2018 by means of capital
increase and share expansion proposed by the State-owned Assets Supervision and Administration Commission of
the People's Government of Guangdong Province, and introduce Guangdong Energy Group as the shareholder of
Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd., with Guangdong Energy Group contributing RMB
58.1053 million and holding 10.9594% equity of Yangjiang Wind Power Company. After the capital increase and
share expansion, the shareholding ratio of Guangdong Wind Power Company in Yangjiang Wind Power Company
decreased to 89.0406%, and the final shareholding ratio of each shareholder shall be subject to the asset appraisal
record results.
（4）On April 27, 2021，In order to smoothly promote the development and construction of new energy
projects and ease the financial pressure of Shanxi Yudean Energy Co., Ltd., the First meeting of the ninth board
of directors by Correspondence of 2021 reviewed and approved the Proposal on Capital Increase to Shanxi
Yudean Energy Co., Ltd., the Company's board of directors agreed that the Company and Guangdong Energy
Group Co., Ltd will simultaneously increase the capital to Shanxi Energy Company by 160 million yuan in
accordance with the equity ratio, which shall be used by Shanxi Energy Company to invest in Jilin Qian’an
Phase I 50MW Wind Power Project and Hebei Pingshan 100MW Photovoltaic Project. Our Company increased
the capital by RMB 64 million according to a 40% equity ratio.
（5）June 8,2021,In order to secure project construction funds and reduce financing costs, the Third meeting
of the ninth board of directors by Correspondence of 2021 reviewed and approved the Proposal on Some
Subsidiaries Applying for Entrusted Loans from Guangdong Energy Group Co., Ltd"., the board of directors
agreed to the Company’s wholly-owned subsidiaries Guangdong Yudean Qujie Wind Power Co., Ltd.and
42
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Guangdong Yudean Binhaiwan Energy Co., Ltd. applying for the entrusted loan from Guangdong Energy Group,
of which Qujie Wind Power Company’s applying loan amount does not exceed 1 billion yuan, and Binhaiwan
Company’s loan amount does not exceed 1 billion yuan; with the loan term does not exceed 15 years; the interest
rate is determined in accordance with the same interest rate as the green bonds issued by Guangdong Energy
Group in the current period. and the above related party transactions will be implemented after being reviewed
and approved by the Second provisional general meeting of shareholders in 2021.
（6）On June 8,2021, In order to secure project construction funds and reduce financing costs, the Third
meeting of the ninth board of directors by Correspondence of 2021 reviewed and approved the Proposal on Some
Subsidiaries Applying for Entrusted Loans from Guangdong Energy Group Co., Ltd"., the Company’s board of
directors agreed that Bohe Energy would respectively acquire the shutdown capacity of 660,000 kilowatts of
Guangdong Yuehua Power Generation Co., Ltd-a subsidiary to Guangdong Energy Group Co., Ltd and the
shutdown capacity of 250,000 kilowatts of Guangdong Yudean Yunhe Power Generation Co., Ltd in accordance
with the alternative shutdown capacity approval document of Bohe Power Plant Project; Bohe Energy Company
and Huangpu Power Plant and Yunfu Power Plant respectively sign the small thermal power unit capacity
indicator transfer agreements, and the transfer unit price does not exceed 400 yuan/kW. The total value of the
corresponding transfer agreement including tax does not exceed RMB 264 million and RMB 100 million
respectively. and the above related party transactions will be implemented after being reviewed and approved by
the Second provisional general meeting of shareholders in 2021.
Website for temporary disclosure of the connected transaction
Announcement Date of disclosure Website for disclosure
Estimates announcement of the Daily Related Party Transactions
January 29,2021 http//www.cninfo.com.cn.
of 2021
Announcement of Related Transactions on Signing of the
Financial Services Framework Agreement, Framework Agreement
January 29,2021 http//www.cninfo.com.cn.
on Financing Leasing Cooperation and Framework Agreement on
Cooperation in Insurance and Risk Management Services
Announcement on Related Transactions of Indirect Investors
April 28,2021 http//www.cninfo.com.cn.
Introduced by Subsidiaries
Announcement on Related Transactions of Capital Increase to
April 28,2021 http//www.cninfo.com.cn.
Shanxi Yudean Energy Co., Ltd.
Announcement on Related Transaction of Some Subsidiaries
June 10,2021 http//www.cninfo.com.cn.
Applying Entrusted Loans from Guangdong Energy Group
Announcement on related transaction concerning the acquisition
of capacity indicators for small thermal power units of Huangpu June 10,2021 http//www.cninfo.com.cn.
Power Plant and Yunfu Power Plant
XII. Significant contracts and execution
1.Entrustments, contracting and leasing
（1）Entrustment
√ Applicable □Not applicable
Statement of Trusteeship Situation :
According to the statement of Guangdong Energy 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 Guangdong Energy Group, wherein the shareholder's rights within the trusteeship
43
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
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 Guangdong 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
Note:
As a lessee, the Company rented houses and billboards from Yudean Real Estate Company Yudean Property
Company and Yangjiang Port , and the rental fee incurred this year was RMB6,135,667;
The parent company of the Company, as a leassor, leases the houses as Guangdong Yudean Porperty Company
and ,Shaoguan Port and Qujiang New Energy. The rental income for this year was confirmed to be RMB
1,059,844.
The parent company of the Company, as a leassor, leases the houses and parking spaces to units and individuals
such as Guangdong Electric Power Communication and Information Company and Guangdong Electric Power
Dispatching Center. The rental income for this year was confirmed to be RMB 369,008.
Project which generates profit or loss reaching over 10% of total profits of the Company during the Reporting
Period
□ Applicable √ Not applicable
There were no leases with a 10% or greater impact on the Company’s gross profit in the Reporting Period.
2.Significant Guarantees
√Applicable □ Not applicable
In RMB 10,000
Guarantee of the Company for the controlling subsidiaries (Exclude controlled subsidiaries)
Relevant Guarantee
Date of
disclosure Complete for
happening Actual
Name of the date/No. of Amount of Guarantee Guaranty Counter-guar Guarantee impleme associated
(Date of mount of
Company the Guarantee type （If any） antee（If any） term ntation parties
signing guarantee
guaranteed or not (Yes or
agreement)
amount no)
44
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Yunnan
Baoshan
Guarantee
Binlangjiang
December November ing of
Hydroelectrici 4,350 1,160 15 years No No
19,2007 30,2007 joint
ty
liabilities.
Development
Co., Ltd.
Yunnan
Baoshan
Guarantee
Binlangjiang
May June ing of
Hydroelectrici 9,367 4,147 18 years No No
27,2009 22,2009 joint
ty
liabilities.
Development
Co., Ltd.
Yunnan
Baoshan
Guarantee
Binlangjiang
May May ing of
Hydroelectrici 7,250 0 15 No No
27,2009 27,2009 joint
ty
liabilities.
Development
Co., Ltd.
Guarantee
Guangdong
October November ing of 23 years,9
Energy Group 200,000 60,023 No Yes
29,2020 19,2020 joint months
Co., Ltd.
liabilities.
Total actually
Total amount of approved
amount of external
external guarantee in the 0 26,992
guarantee in the
report period(A1)
report period(A2)
Total actually
Total amount of approved
amount of external
external guarantee at the
425,459 guarantee at the end 65,330
end of the report
of the report
period(A3)
period(A4)
Guarantee of the company for its subsidiaries
Relevant
Date of Guarantee
disclosure Complete
happening Actual for
Name of the date/No. of Amount of Guarantee Guaranty Counter-guar Guarantee implement
(Date of mount of associated
Company the Guarantee type （If any） antee（If any） term ation
signing guarantee parties
guaranteed or not
agreement) (Yes or no)
amount
Zhanjiang Guarantee
Wind Power April October ing of
18,572 5,523 18 years No No
Generation 29,2009 9,2010 joint
Co., Ltd. liabilities.
Total of actual
Total of guarantee for
guarantee for
subsidiaries approved in 0 -315
subsidiaries in the
the period(B1)
period (B2)
Total of actual
Total of guarantee for
guarantee for
subsidiaries approved at 141,536 5,523
subsidiaries at
period-end(B3)
period-end(B4)
Guarantee of the subsidiaries for the controlling subsidiaries
Relevant Date of Actual Complete Guarantee
Name of the Amount of Guarantee Guaranty Counter-guar Guarantee
disclosure happening mount of implement for
Company Guarantee type （If any） antee（If any） term
date/No. of (Date of guarantee ation associated
45
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
the signing or not parties
guaranteed agreement) (Yes or no)
amount
The Company’s total guarantee(i.e.total of the first three main items)
Total amount of
Total guarantee quota approved guarantee actually
in the reporting period 0 incurred in the 26,677
（A1+B1+C1） reporting period
（A2+B2+C2）
Total balance of the
Total guarantee quota already
actual guarantee at
approved at the end of the
566,995 the end of the 70,853
reporting period
reporting period
（A3+B3+C3）
（A4+B4+C4）
The proportion of the total amount of actually
guarantee in the net assets of the Company (that is 2.63%
A4+B4+C4）%
Including：
Amount of guarantees provided for shareholders,
60,023
the actual controller and their related parties (D)
Amount of debt guarantees provided directly or
indirectly for entities with a liability-to-asset ratio 5,307
over 70% (E)
Total amount of the three kinds of guarantees above
65,330
(D+E+F)
Description of the guarantee with complex method
3. Finance management on commission
□Applicable √ Not applicable
No such cases in the reporting period.
4.Major contracts for daily operations
□ Applicable √ Not applicable
5. Other significant contract
□ Applicable √ Not applicable
No such cases in the reporting period.
XIII. Explanation on other significant events
√ Applicable □Not applicable
Summary of important matters Name Date of Website for
disclosure disclosure
On January 28, 2021, the 19th meeting of the ninth board of directors Announcement of Related January 29,
reviewed and approved the Proposal on Daily Related Transactions Transactions on Signing of 2021 http//www.cnin
between the Company and Guangdong Energy Group Co., Ltd. in 2021, the Financial Services fo.com.cn.
the Proposal on Signing the Financial Services Framework Agreement Framework Agreement,
46
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
between the Guangdong Yudean Finance Co., Ltd., the Proposal on Framework Agreement on
Signing the Financial Leasing Cooperation Framework Agreement Financing Leasing
between the Company and Guangdong Yudean Financial Leasing Co., Cooperation and Framework
Ltd., the Proposal on Signing the Framework Agreement on Agreement on Cooperation
Cooperation in Insurance and Risk Management Services between the in Insurance and Risk
Company and Guangdong Yudean Property Insurance Self-insurance Management Services
Co., Ltd., and the above related party transactions will be implemented
after being reviewed and approved by the first provisional general
meeting of shareholders in 2021.
The Company's 2021 daily related party transactions are approved and Estimates announcement of January
http//www.cnin
implemented by the 2021 first provisional General Meeting of the Daily Related Party 29,2021
fo.com.cn.
Shareholders held on February 25, 2021. Transactions of 2021
In order to supplement working capital, expanding financing channels Announcement of January
and reducing financing costs, after reviewed at the 19th meeting of the Resolutions of the 19th 29,2021
Ninth Board of directors held on January 18,2021，the Board of Meeting of the Ninth Board
Directors agrees that the Company shall apply for registration and of Directors
issuance of RMB 4 billion of ultra-short-term financing bills in National http//www.cnin
Association of Financial Market Institutional Investors. The specific fo.com.cn.
work shall be handled by the Company's management team
authorized. and the Matter will be implemented after being reviewed
and approved by the first provisional general meeting of shareholders in
2021 on February 25,2021.
In order to further accelerate the development of major energy projects Announcement of January
and accelerate the optimization and upgrading of the energy structure, Resolutions of the 19th 29,2021
after reviewed at the 19th meeting of the Ninth Board of directors held Meeting of the Ninth Board
on January 18,2021，the board of directors agreed to the Company’s of Directors
sole proprietorship to establish a project company for the Jieyang Da’
nanhai Petrochemical Integrated Energy Project. The project registration
place is Jieyang Da’nanhai Petrochemical Industrial Zone, with the first
http//www.cnin
phase of registered capital is 15 million yuan. It’s agreed that the
fo.com.cn.
project company will carry out the upfront work of Jieyang Da’nanhai
petrochemical integrated energy project (2~3 400MW/9F or 600MW
gas-fired combined heat and power units, which will be determined
according to the heat load and heating characteristics of the project),
with the work expenses are controlled at no more than 12.5 million
yuan. Currently, the Company is carrying out the preliminary work of
the project according to the relevant requirements of project approval.
On February 23, 2021, the Company and the third division of Xinjiang "Announcement on the February
Production and Construction Corps Tumshuk at Dongguan City signed signing of the "Cooperation 24,2021
the "Cooperation Framework Agreement on Investment in 1.5 Million Framework Agreement" with
kW Photovoltaic Power Projects" and " Cooperation Framework the Third Division of the
http//www.cnin
Agreement on Investment in 500,000 kW Wind Power Projects". The Xinjiang Production and
fo.com.cn.
Company is currently actively promoting the investment and Construction Corps
development of 1.5 million kilowatts of photovoltaic and 500,000 Tumushuk City"
kilowatts of wind power projects of Tumshuk City of the third division
of Xinjiang Corps.
Approved by the China Securities Regulatory Commission (No. "Announcement on Public April
2477-[2019] China Securities Regulatory Commission), the Company Issuance of Corporate 22,2021
publicly issued 1.5 billion yuan of corporate bonds to qualified investors Bonds(Phase II) to Qualified
http//www.cnin
on April 28, 2021. The bond issuance interest rate is 3.5% and the Investors in 2021"
fo.com.cn.
issuance period is 5 years. Attached is the option of investors to sell
back at the end of the third year and the option of adjusting the issuer's
coupon rate.
During the reporting period, the interest payment for the corporate bond `Announcement on Interest April
of "20 Yudean 01" was completed on April 29, 2021. Payment in 2021 for the 23,2021 http//www.cnin
Corporate Bonds by the fo.com.cn.
Public Issuance of Corporate
47
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Bonds(Phase1) to Qualified
Investors in 2020 ''
In order to smoothly promote the construction of Offshore wind power Announcement on Related April
projects, after reviewed at the First meeting of the Ninth Board of Transactions of Indirect 28,2021
directors by Correspondence held on April 27,2021，It is agreed to Investors Introduced by
introduce Zhuhai Special Economic Zone Power Development Group Subsidiaries
Co., Ltd. and Guangdong Energy Group Co., Ltd. as investors of
Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd. by means of
http//www.cnin
capital increase and share expansion; It is agreed to implement the
fo.com.cn.
capital increase of special funds for promoting economic development
in 2018 by means of capital increase and share expansion proposed by
the State-owned Assets Supervision and Administration Commission of
the People's Government of Guangdong Province, and introduce
Guangdong Energy Group as the shareholder of Guangdong Yudean
Yangjiang Offshore Wind Power Co., Ltd.
In order to smoothly promote the development and construction of new Announcement on April
energy projects and ease the financial pressure of Shanxi Yudean Energy Related Transactions of 28,2021
Co., Ltd., after reviewed at the First meeting of the Ninth Board of Capital Increase to
directors by Correspondence held on April 27,2021，the Company's Shanxi Yudean Energy
board of directors agreed that the Company and Guangdong Energy Co., Ltd.
http//www.cnin
Group Co., Ltd will simultaneously increase the capital to Shanxi
fo.com.cn.
Energy Company by 160 million yuan in accordance with the equity
ratio, which shall be used by Shanxi Energy Company to invest in Jilin
Qian’an Phase I 50MW Wind Power Project and Hebei Pingshan
100MW Photovoltaic Project. Our Company increased the capital by
RMB 64 million according to a 40% equity ratio.
On April 29, 2021, the Company and Dafang County People's "Announcement on the April
Government signed the "Strategic Cooperation Framework Agreement" signing of the "Strategic 30,2021
in Guangzhou. According to the agreement, the Company and the Cooperation Framework
Dafang County People’s Government will make full use of the new Agreement" with the
energy and existing resource advantages of Dafang County to actively People's Government of http//www.cnin
promote cooperation in the energy industry, energy conservation and Dafang County" fo.com.cn.
environmental protection industry, productive service industry, talent
training and rural revitalization in Dafang County. The planned
investment is 15 billion yuan. The Company is currently actively
promoting the upfront work of the investment projects.
On May 12, 2021, the Company signed the "Investment Cooperation "Announcement on the May 13,2021
Agreement on the Construction of 2 Million Kilowatt Photovoltaic signing of an additional 2
Power Generation Projects" in Dongguan City with the third division of million kilowatt photovoltaic
the Xinjiang Production and Construction Corps Tumushuk City. power generation project
According to the agreement, the Company intends to increase the investment cooperation
http//www.cnin
investment of 2 million kilowatts of photovoltaic power generation agreement with Tumushuk of
fo.com.cn.
projects in the territory of Tumshuk City, with an estimated total the third division of the
investment of about 10 billion yuan. The Company is currently actively Xinjiang Production and
promoting the investment and development of 2 million kilowatts of Construction Corps"
photovoltaic power in Tumshuk City of the third division of Xinjiang
Corps.
In order to promote the development of the Company’s clean Announcement of May 21,2021
energy projects and speed up the implementation of the Daya Bay Resolutions of the Second
Integrated Energy Station Project ， after reviewed at the Second meeting of the Ninth Board
meeting of the Ninth Board of directors by Correspondence held on of directors by
May 20,2021，the Company’s board of directors agreed that the Correspondence of 2021 http//www.cnin
Company and Huizhou Daya Bay Petrochemical Industrial Zone fo.com.cn.
Investment Co., Ltd shall simultaneously increase capital by amount
160 million yuan to Guangdong Yudean Daya Bay Comprehensive
Energy Co., Ltd. for the Daya Bay Thermal Power Company to
purchase the project construction land, of which the Company shall
48
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
invest 128 million yuan according to the equity ratio of 80%.
On June 4, 2021, the Company and the Hezhou Municipal People's "Announcement on the June 8,2021
Government signed the "Strategic Cooperation Framework Agreement" signing of the Cooperation
in Hezhou. According to the agreement, the Company and the Hezhou Framework Agreement with
Municipal People’s Government will make full use of Hezhou’s existing Hezhou Municipal People's http//www.cnin
solar resource advantages and actively promote cooperation in the Government and Haifeng fo.com.cn.
energy industry in Hezhou. The project plans to invest 10 billion yuan. County People's
The Company is currently actively promoting the upfront work of the Government"
investment project.
On June 4, 2021, the Company and Haifeng County People's "Announcement on the June 8,2021
Government of Shanwei City signed the Investment Cooperation signing of the Cooperation
Framework Agreement for Shanwei Haifeng Natural Gas Cogeneration Framework Agreement with
Power Supply Project. According to the agreement, the Company will Hezhou Municipal People's
invest in the construction of Shanwei Haifeng Natural Gas Cogeneration Government and Haifeng
Power Supply Project, and initially plan to build two 460,000 kW county People's http//www.cnin
gas-steam combined cycle units in the first phase, with a total Government" fo.com.cn.
investment of about RMB 3 billion; In the second phase, 2 new natural
gas cogeneration units will be built after full demonstration according to
the growth of local electricity and steam demand. Currently, the
Company is actively promoting the preliminary work of investment
projects.
As Guangdong Yudean Baihua Integrated Energy Co., Ltd.basically has Announcement of June 10,2021
the conditions to carry out the CCHP project of the new technology Resolutions of the Third
industrial park, the implementation of the upfront work will be meeting of the Ninth Board
conducive to the implementation and rapid progress of the project，after of directors by
reviewed at the Third meeting of the Ninth Board of directors by Correspondence of 2021
Correspondence held on June 8,2021，The board of directors of the
http//www.cnin
Company agreed that Baihua Energy Company will first build a 9F
fo.com.cn.
gas-fired unit supporting a 100t/h gas boiler (finally determined
according to the feasibility study of the project) to carry out the upfront
work. The upfront work cost of the project shall be controlled at 12
million yuan, which shall be solved by the Company's capital increase.
At present, Baihua Energy Company is actively coordinating and
promoting the preliminary work of the project.
In order to meet the requirements for the approval of the Bohe Announcement of June 10,2021
Power Plant project, after reviewed at the Third meeting of the Ninth Resolutions of the Third
Board of directors by Correspondence held on June 8,2021 ， he meeting of the Ninth Board
Company’s board of directors agreed to Guangdong Yudean Bohe of directors by
Energy Co., Ltd. purchasing 1.29 million kilowatts capacity of Correspondence of 2021
shut-down small thermal power units of Shajiao A Power Plant-a http//www.cnin
subsidiary of the Company in accordance with the alternative shutdown fo.com.cn.
capacity approval document of Bohe Power Plant Project; Bohe Power
Plant Project and Shajiao A Power Plant sign the transfer agreement of
capacity indicators of small thermal power units, with the transfer unit
price does not exceed 400 yuan/kW and the total price of the transfer
agreement including tax does not exceed 516 million yuan.
In order to meet the requirements for the approval of the Bohe Power Announcement of June 10,2021
Plant project, after reviewed at the Third meeting of the Ninth Board Resolutions of the Third
of directors by Correspondence held on June 8,2021，the Company’s meeting of the Ninth Board
board of directors agreed that Bohe Energy would respectively acquire of directors by
the shutdown capacity of 660,000 kilowatts of Guangdong Yuehua Correspondence of 2021
http//www.cnin
Power Generation Co., Ltd-a subsidiary to Guangdong Energy Group
fo.com.cn.
Co., Ltd and the shutdown capacity of 250,000 kilowatts of Guangdong
Yudean Yunhe Power Generation Co., Ltd in accordance with the
alternative shutdown capacity approval document of Bohe Power Plant
Project; Bohe Energy Company and Huangpu Power Plant and Yunfu
Power Plant respectively sign the small thermal power unit capacity
49
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
indicator transfer agreements, and the transfer unit price does not
exceed 400 yuan/kW. The total value of the corresponding transfer
agreement including tax does not exceed RMB 264 million and RMB
100 million respectively. and the above related party transactions will be
implemented after being reviewed and approved by the Second
provisional general meeting of shareholders in 2021.
In order to secure project construction funds and reduce financing costs, Announcement of June 10,2021
after reviewed at the Third meeting of the Ninth Board of directors by Resolutions of the Third
Correspondence held on June 8,2021，the board of directors agreed to meeting of the Ninth Board
the Company’s wholly-owned subsidiaries Guangdong Yudean Qujie of directors by
Wind Power Co., Ltd(here referred to as "Qujie Wind Power Correspondence of 2021
Company") and Guangdong Yudean Binhaiwan Energy Co., Ltd (here
referred to as "Binhaiwan Company") applying for the entrusted loan
from Guangdong Energy Group, of which Qujie Wind Power http//www.cnin
Company’s applying loan amount does not exceed 1 billion yuan, and fo.com.cn.
Binhaiwan Company’s loan amount does not exceed 1 billion yuan;
with the loan term does not exceed 15 years; the interest rate is
determined in accordance with the same interest rate as the green bonds
issued by Guangdong Energy Group in the current period. and the
above related party transactions will be implemented after
being reviewed and approved by the Second provisional
general meeting of shareholders in 2021.
XIV. Significant event of subsidiary of the Company
□ Applicable √ Not applicable
50
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
VII. 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
Amount Proportion Capitalization
Share Bonus
of common Other Subtotal Quantity Proportion
allotment shares
reserve fund
I. Share with conditional
1,897,970,125 36.15% -4,716 1,897,965,409 36.15%
subscription
1. State-owned shares
2. State-owned legal person
1,893,342,621 36.06% 1,893,342,621 36.06%
shares
3.Other domestic shares 4,627,504 0.09% -4,716 4,622,788 0.09%
Of which：Domestic legal
4,620,666 0.09% 4,620,666 0.09%
person shares
Domestic natural person
6,838 0% -4,716 2,122 0%
shares
4.Foreign shares
Of which：Foreign legal
person shares
Foreign natural person shares
II. Shares with unconditional
3,352,313,861 63.85% 4,716 3,352,318,577 63.85%
subscription
1.Common shares in RMB 2,553,905,861 48.64% 4,716 2,553,910,577 48.64%
2.Foreign shares in domestic
798,408,000 15.21% 798,408,000 15.21%
market
3.Foreign shares in foreign
market
4.Other
III. Total of capital shares 5,250,283,986 100% 5,250,283,986
Reasons for share changed
√ Applicable □ Not applicable
On February 10, 2021, the lock-up period of 4,716 restricted shares held by Mr. Lin Weifeng, a former employee
supervisor of the company, expired and such shares became unrestricted shares, so the number of unrestricted
shares of the Company also increased correspondingly.
51
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Approval of Change of Shares
□Applicable √Not applicable
Ownership transfer of share changes
□Applicable √Not applicable
Progress on any share repurchase:
□ Applicable √ Not applicable
Progress on reducing the repurchased shares by means of centralized bidding:
□ 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
In RMB
Number of
Number of Number of restricted Number of restricted
restricted shares Reasons for Release date of sales
Shareholder restricted shares shares in increased shares released in this
at the end of the sales restriction restriction
at the beginning this period period
period
Change of
Lin
4,716 4,716 0 0 employee February 10,2021
Weifeng
supervisor
Total 4,716 4,716 0 0 -- --
II. Securities issue and listing
□ Applicable √Not applicable
III. Shareholders and actual controlling shareholder
1. Number of shareholders and shareholding
In Shares
Total number of preferred
Total number of common
shareholders that had restored the
shareholders at the end of the 90,117 0
voting right at the end of the
reporting period
reporting period (if any) (note 8)
52
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Particulars about shares held above 5% by shareholders or top ten shareholders
Number of share
Proportion Number of shares Changes in Amount of Amount of
Nature of pledged/frozen
Shareholders of shares held at period reporting restricted shares un-restricted
shareholder State of
held（%） -end period held shares held Amount
share
Guangdong Energy State-owned
67.39% 3,538,005,285 1,893,342,621 1,644,662,664
Group Co., Ltd. legal person
Guangzhou
State-owned
Development Group 2.22% 116,693,602 116,693,602
legal person
Co., Ltd.
China Securities State-owned
1.93% 101,323,877 -29,559,025 101,323,877
Finance Co., Ltd. legal person
Guangdong Electric
State-owned
Power Development 1.80% 94,367,341 94,367,341
legal person
Corporation
Domestic
Li Zhuo Natural 1.32% 69,463,211 8,790,800 69,463,211
person
Domestic
Zheng Jianxiang Natural 0.48% 25,128,874 323,988 25,128,874
person
Domestic
Harbin Hali Industry Non-State
0.48% 25,030,385 4,087,440 25,030,385
Co., Ltd. owned legal
person
VANGUARD
TOTAL
Overseas
INTERNATIONAL 0.30% 15,855,512 15,855,512
Legal person
STOCK INDEX
FUND
CHINA INT'L
CAPITAL CORP Overseas
0.29% 15,216,066 15,216,066
HONG KONG Legal person
SECURITIES LTD
Domestic
Harbin Daoli District Non-State
0.26% 13,659,108 -8,298 13,659,108
Charity Foundation owned legal
person
Strategic investor or general legal
None
person becoming top-10 ordinary
53
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
shareholder due to rights issue
The fourth largest shareholder Guangdong Electric Power Development Corporation is the
Explanation on associated
wholly-owned subsidiaries of the largest shareholder Energy Group. These two companies have
relationship among the aforesaid
relationships; whether the other shareholders have relationships or unanimous acting was
shareholders
unknown
Above shareholders entrusting or
entrusted with voting rights, or Not applicable
waiving voting rights
Top 10 shareholders including the
Not applicable
special account for repurchase
Shareholding of top 10 shareholders of unrestricted shares
Quantity of unrestricted shares held Share type
Name of the shareholder
at the end of the reporting period Share type Quantity
RMB Common
Guangdong Energy Group Co., Ltd. 1,644,662,664 1,644,662,664
shares
RMB Common
Guangzhou Development Group Co., Ltd. 116,693,602 116,693,602
shares
RMB Common
China Securities Finance Co., Ltd. 101,323,877 101,323,877
shares
Guangdong Electric Power Development RMB Common
94,367,341 94,367,341
Corporation shares
RMB Common
Li Zhuo 69,463,211 69,463,211
shares
Foreign shares
Zheng Jianxiang 25,128,874 placed in domestic 25,128,874
exchange
RMB Common
Harbin Hali Industry Co., Ltd. 25,030,385 25,030,385
shares
Foreign shares
VANGUARD TOTAL INTERNATIONAL
15,855,512 placed in domestic 15,855,512
STOCK INDEX FUND
exchange
Foreign shares
CHINA INT'L CAPITAL CORP HONG
15,216,066 placed in domestic 15,216,066
KONG SECURITIES LTD
exchange
RMB Common
Harbin Daoli District Charity Foundation 13,659,108 13,659,108
shares
Explanation on associated relationship or The fourth largest shareholder Guangdong Electric Power Development Corporation
consistent action among the top 10 is the wholly-owned subsidiaries of the largest shareholder Energy Group. These two
shareholders of non-restricted negotiable companies have relationships; whether the other shareholders have relationships or
54
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
shares and that between the top 10 shareholders unanimous acting was unknown.
of non-restricted negotiable shares and top 10
shareholders
The Fifth largest shareholder Li Zhuo holds 1,307,620 A shares of the Company
through A shares ordinary stock account, and holds68,155,591A shares of the
Company through stock account with credit transaction and guarantee. hold
Explanation on shareholders participating in
69,463,211 shares of the Company's stock totally.
the margin trading business(if any )(See Notes
The Seventh largest shareholder Harbin Hali Industry Co., Ltd. holds300 A shares of
4)
the Company through A shares ordinary stock account, and holds25,030,085A shares
of the Company through stock account with credit transaction and guarantee, hold
25,030,385 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. Changes in shareholdings of directors, supervisors and executive officers
□ Applicable √Not applicable
There was no change in shareholding of directors, supervisors and senior management staffs, for the specific
information please refer to the 2020 Annual Report
V. Change of the controlling shareholder or the actual controller
Change of the controlling shareholder in the reporting period
□ Applicable √ Not Applicable
There was no any change of the controlling shareholder of the Company in the reporting period.
Change of the actual controller in the reporting period
□ Applicable √ Not applicable
There was no any change of the actual controller of the Company in the reporting period.
55
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
VIII. Situation of the Preferred Shares
□Applicable √Not applicable
The Company had no preferred shares in the reporting period
56
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
IX. Corporate Bond
√ Applicable □ Not applicable
I. Enterprise bond
□ Applicable √ Not applicable
No such cases in the reporting period.
II. Corporate bond
√ Applicable □ Not applicable
1. Basic information of corporate bonds
Bond balance
Bond Issue Value Interest
Bond name Bond code Due day (Ten thousand Servicing way Trading
short name day date rate
yuan )
Using simple interest
Public Issuance of rate on a yearly basis,
Corporate Bonds to regardless of
Qualified Investors compound interest. Shenzhe
in 2020 (Phase I) of 20 Yudean April April April Due payments once a n Stock
149113.SZ 1,500,000,000 2.45%
Guandong Electric 01 29,2020 29,2020 29,2025 year, maturing debt at a Exchan
Power Development time. In the final phase, ge
Co.,Ltd. interest is paid together
with the principal
redemption.
Using simple interest
Public Issuance of rate on a yearly basis,
Corporate Bonds to regardless of
Qualified Investors compound interest. Shenzhe
in 2021 (Phase I) of 21 Yudean January January January Due payments once a n Stock
149369.SZ 1,000,000,000 3.57%
Guandong Electric 01 27,2021 27,2021 27,2024 year, maturing debt at a Exchan
Power Development time. In the final phase, ge
Co.,Ltd. interest is paid together
with the principal
redemption.
Using simple interest
Public Issuance of rate on a yearly basis,
Corporate Bonds to regardless of
Qualified Investors compound interest. Shenzhe
in 2021 (Phase II) of 21Yudean April April April Due payments once a n Stock
149418.SZ 1,500,000,000 3.50%
Guandong Electric 02 28,2021 28,2021 28,2026 year, maturing debt at a Exchan
Power Development time. In the final phase, ge
Co.,Ltd. interest is paid together
with the principal
redemption.
Public Issuance of Using simple interest Shangha
Corporate Bonds to 21 Pinghai June June June rate on a yearly basis, i Stock
188197.SH 200,000,000 3.57%
Qualified Investors 01 4,2021 4,2021 4,2023 regardless of Exchan
in 2021 (Phase I) of compound interest. ge
57
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Guangdong Pinghai Due payments once a
Power Generation year, maturing debt at a
Plant Co., Ltd. time. In the final phase,
interest is paid together
with the principal
redemption.
Bonds traded for qualified investors Bonds traded for qualified investors
Applicable trading mechanism Bidding, quotation, inquiry and agreement transaction
Whether there are risks and countermeasures
Not applicable
for terminating listing transactions（If any)
Overdue and unpaid bonds
□ Applicable √ Not applicable
2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor
□ Applicable √ Not applicable
3.Adjustment of credit rating results during the reporting period
□ Applicable √ Not applicable
4 The implementation and changes of guarantee, debt repayment plan and other debt repayment guarantee
measures during the reporting period and their impact on the rights and interests of bond investors
□ Applicable √ Not applicable
III. Debt financing instruments of non-financial enterprises
√ Applicable □ Not applicable
1. Debt financing instruments of non-financial enterprises
Intere
Bond short Bond balan Servicing
Bond name Bond code Issue day Value date Due day st rat Trading
name ce way
e
Guangdong Provincia Repayme
l Expressway Develop 21 Yeduan nt of princ
January 26, January 26, July 23,202 Interban
ment Co., Ltd.2021 fi FA SCP0 012100376 800,000,000 2.65% ipal and in
2021 2021 1 k market
rst phase Ultra-short 01 terest onc
term financing bills e due
Guangdong Provincia Due pay
18 Yeduan
l Expressway Develop August 27, August 27, August 27, ments on Interban
FA MTN 101800948 800,000,000 4.19%
ment Co., Ltd. 2018 fi 2018 2018 2021 ce a yea k market
001
rst phase medium-ter r,，Repay
58
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
m notes ment of pr
incipal an
d interes
t once due
During the reporting period, interest payment
None
situation of the company bonds（If any）
Circulation and transfer in the national inter-bank bond market, its listing and circ
Applicable trading mechanism ulation will be carried out in accordance with the relevant regulations promulgate
d by the National Interbank Funding Center.
Whether there are risks and countermeasures fo
No
r terminating listing transactions（If any)
2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor
□ Applicable √ Not applicable
3.Adjustment of credit rating results during the reporting period
□ Applicable √ Not applicable
4 The implementation and changes of guarantee, debt repayment plan and other debt repayment guarantee
measures during the reporting period and their impact on the rights and interests of bond investors
□ Applicable √ Not applicable
IV.Convertible bond
□ Applicable √ Not applicable
V. The loss within the scope of consolidated statements in the reporting period exceeded 10% of the net
assets at the end of the previous year
□ Applicable √ Not applicable
VI. Main accounting data and financial indicators of the Company in recent two years by the end of the
reporting period
In RMB10,000
At the end of the reporting At the same time rate of
Items At the end of last year
period change
Current ratio 57.72% 58.89% -1.17%
Debt ratio 62.05% 56.62% 5.43%
59
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Quick ratio 41.49% 45.11% -3.62%
At the same time rate of
Amount of this period Amount of last period
change
Net profit after deducting
92,233,454 784,542,709 -88.24%
non-recurring profit and loss
EBITDA total debt ratio 19.62% 11.34% 8.28%
Time interest earned ratio 1.21 3.25 -62.77%
Cash interest guarantee times 6.23 7.94 -21.54%
EBITDATime interest earned
3.85 5.62 -31.49%
ratio
Repayment of debt (%) 100% 100% 0%
Payment of interest (%) 100% 100% 0%
60
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
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 June 30,2021 December 31,2020
Current asset：
Monetary fund 5,566,527,909 5,790,946,117
Settlement provision
Outgoing call loan
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 4,533,682,583 4,332,149,033
Financing of receivables
Prepayments 917,813,487 766,871,830
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Other account receivable 525,976,003 459,266,554
Including：Interest receivable 34,258,847 27,301,568
Dividend receivable 31,500,000
Repurchasing of financial assets
Inventories 2,329,827,695 1,589,882,029
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Contract assets 4,276,992 3,870,497
Assets held for sales
Non-current asset due within 1 year 49,785,734
Other current asset 912,303,817 546,685,636
Total of current assets 14,790,408,486 13,539,457,430
Non-current assets：
Loans and payment on other’s behalf
disbursed
Creditor's right investment
Other investment on bonds
Long-term receivable
Long term share equity investment 7,369,368,592 6,687,257,614
Other equity instruments
3,590,053,215 3,548,088,015
investment
Other non-current financial assets
Property investment 48,457,262 49,732,668
Fixed assets 48,296,881,750 47,195,233,079
Construction in progress 6,961,952,641 9,153,637,100
Production physical assets
Oil & gas assets
Use right assets 4,399,305,885
Intangible assets 2,147,486,225 2,141,625,383
Development expenses
Goodwill 27,209,147 2,449,886
Long-germ expenses to be amortized 26,112,427 26,409,305
Deferred income tax asset 520,513,509 446,587,650
Other non-current asset 4,153,814,490 3,180,340,038
Total of non-current assets 77,541,155,143 72,431,360,738
Total of assets 92,331,563,629 85,970,818,168
Current liabilities
Short-term loans 8,112,048,863 7,622,427,916
Loan from Central Bank
Borrowing funds
Transactional financial liabilities
Derivative financial liabilities
62
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Notes payable 923,000,000 1,092,292,546
Account payable 4,362,279,518 2,666,180,513
Advance receipts
Contract liabilities 586,470 6,573,912
Selling of repurchased financial
assets
Deposit taking and interbank deposit
Entrusted trading of securities
Entrusted selling of securities
Employees’ wage payable 452,118,517 304,548,373
Tax payable 437,552,411 498,801,080
Other account payable 7,461,304,204 6,775,700,584
Including：Interest payable
Dividend payable 9,771,322 9,771,322
Fees and commissions payable
Reinsurance fee payable
Liabilities held for sales
Non-current liability due within 1
3,066,253,723 3,180,551,951
year
Other current liability 809,060,822 3,217,523,576
Total of current liability 25,624,204,528 25,364,600,451
Non-current liabilities：
Reserve fund for insurance contracts
Long-term loan 21,969,981,365 18,998,555,568
Bond payable 4,199,373,854 1,499,542,911
Including：preferred stock
Sustainable debt
Lease liability 4,136,908,238
Long-term payable 24,960,000 3,171,971,127
Long-term remuneration payable to
206,313,777 218,543,743
staff
Expected liabilities
Deferred income 135,266,636 134,647,590
Deferred income tax liability 704,031,063 638,571,910
Other non-current liabilities 290,157,029 200,970,029
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Total non-current liabilities 31,666,991,962 24,862,802,878
Total of liability 57,291,196,490 50,227,403,329
Owners’ equity
Share capital 5,250,283,986 5,250,283,986
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 4,902,263,914 4,902,263,914
Less：Shares in stock
Other comprehensive income 2,030,655,147 1,946,305,595
Special reserve
Surplus reserves 8,903,515,135 8,515,360,638
Common risk provision
Retained profit 5,846,621,567 6,755,781,289
Total of owner’s equity belong to the
26,933,339,749 27,369,995,422
parent company
Minority shareholders’ equity 8,107,027,390 8,373,419,417
Total of owners’ equity 35,040,367,139 35,743,414,839
Total of liabilities and owners’
92,331,563,629 85,970,818,168
equity
Legal representative ：Wang Jin
Person-in-charge of the accounting work：Liu Wei
Person-in -charge of the accounting organ：Meng Fei
2.Parent Company Balance Sheet
In RMB
Items June 30,2021 December 31,2020
Current asset：
Monetary fund 639,674,711 338,045,631
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 121,419,472 173,029,247
64
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Financing of receivables
Prepayments 27,649,966 26,680,500
Other account receivable 298,564,358 328,224,857
Including：Interest receivable 1,116,857 1,038,206
Dividend receivable 31,500,000
Inventories 164,383,988 118,530,205
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 895,008 1,209,217
Total of current assets 1,252,587,503 985,719,657
Non-current assets：
Debt investment
Other investment on bonds
Long-term receivable 467,000,000 467,000,000
Long term share equity investment 29,872,486,231 28,453,042,855
Other equity instruments investment 3,670,554,085 3,548,088,015
Other non-current financial assets
Property investment 6,072,046 6,389,845
Fixed assets 511,066,141 559,635,880
Construction in progress 3,082,960 200,574
Production physical assets
Oil & gas assets
Use right assets
Intangible assets 79,887,603 81,954,649
Development expenses
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset
Other non-current asset 305,853,879 208,353,879
Total of non-current assets 34,916,002,945 33,324,665,697
Total of assets 36,168,590,448 34,310,385,354
Current liabilities
Short-term loans 2,302,429,806 1,902,013,125
65
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 213,018,637 136,723,162
Advance receipts
Contract Liabilities 258,000 6,343,773
Employees’ wage payable 102,242,247 93,479,997
Tax payable 24,306,819 28,112,055
Other account payable 37,437,900 40,872,386
Including：Interest payable
Dividend payable 9,771,322 9,771,322
Liabilities held for sales
Non-current liability due within 1
859,359,167 836,189,634
year
Other current liability 809,060,822 3,217,281,173
Total of current liability 4,348,113,398 6,261,015,305
Non-current liabilities：
Long-term loan
Bond payable 3,999,493,854 1,499,542,911
Including：preferred stock
Sustainable debt
Lease liability
Long-term payable
Long-term remuneration payable to
52,802,577 56,805,513
staff
Expected liabilities
Deferred income 29,988,606 29,988,606
Deferred income tax liability 649,624,463 621,507,946
Other non-current liabilities
Total non-current liabilities 4,731,909,500 2,207,844,976
Total of liability 9,080,022,898 8,468,860,281
Owners’ equity
Share capital 5,250,283,986 5,250,283,986
Other equity instruments
Including：preferred stock
66
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Sustainable debt
Capital reserves 5,405,326,643 5,405,326,643
Less：Shares in stock
Other comprehensive income 2,030,655,147 1,946,305,595
Special reserve
Surplus reserves 8,903,515,135 8,515,360,638
Retained profit 5,498,786,639 4,724,248,211
Total of owners’ equity 27,088,567,550 25,841,525,073
Total of liabilities and owners’
36,168,590,448 34,310,385,354
equity
3.Consolidated Income statement
In RMB
Items The first half year of 2021 The first half year of 2020
I. Income from the key business 17,781,521,221 12,539,917,823
Incl：Business income 17,781,521,221 12,539,917,823
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 17,943,454,838 11,135,841,343
Incl：Business cost 16,786,719,665 10,150,973,022
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Net amount of withdrawal of insurance
contract reserve
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 107,013,832 98,152,077
Sales expense 30,495,119 22,894,557
Administrative expense 348,713,784 301,675,673
R & D costs 93,861,839 831,109
Financial expenses 576,650,599 561,314,905
67
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Including：Interest expense 618,003,887 594,291,506
Interest income 41,832,597 35,840,406
Add: Other income 10,575,225 13,488,715
Investment gain（“-”for loss） 428,095,078 236,069,065
Incl: investment gains from affiliates 397,912,700 214,698,621
Financial assets measured at
amortized cost cease to be recognized
as income
Gains from currency exchange
Net exposure hedging income
Changing income of fair value
Credit impairment loss -238,645 20,911
Impairment loss of assets -16,743,630
Assets disposal income 23,852,682 51,176,776
III. Operational profit（“-”for loss） 300,350,723 1,688,088,317
Add ：Non-operational income 15,761,876 16,867,922
Less: Non-operating expense 14,626,058 13,027,594
IV. Total profit(“-”for loss) 301,486,541 1,691,928,645
Less：Income tax expenses 106,678,961 472,879,412
V. Net profit 194,807,580 1,219,049,233
(I) Classification by business
continuity
1.Net continuing operating profit 194,807,580 1,219,049,233
2.Termination of operating net profit
(II) Classification by ownership
1.Net profit attributable to the owners
109,028,853 813,684,495
of parent company
2.Minority shareholders’ equity 85,778,727 405,364,738
VI. Net after-tax of other
84,349,552 -5,609,082
comprehensive income
Net of profit of other comprehensive in
84,349,552 -5,609,082
come attributable to owners of the pare
nt company.
（I）Other comprehensive income
items that will not be reclassified into 84,349,552 -5,609,082
gains/losses in the subsequent
68
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
accounting period
1.Re-measurement of defined benefit pl
ans of changes in net debt or net assets
2.Other comprehensive income under t
he equity method investee can not be re
classified into profit or loss.
3. Changes in the fair value of
84,349,552 -5,609,082
investments in other equity instruments
4. Changes in the fair value of the
company’s credit risks
5.Other
（II）
Other comprehensive income that will
be reclassified into profit or loss.
1.Other comprehensive income under t
he equity method investee can be reclas
sified into profit or loss.
2. Changes in the fair value of
investments in other debt obligations
3. Other comprehensive income arising
from the reclassification of financial
assets
4.Allowance for credit impairments in
investments in other debt obligations
5. Reserve for cash flow hedges
6.Translation differences in currency fi
nancial statements
7.Other
Net of profit of other comprehensive in
come attributable to Minority
shareholders’ equity
VII. Total comprehensive income 279,157,132 1,213,440,151
Total comprehensive income
attributable to the owner of the parent 193,378,405 808,075,413
company
Total comprehensive income
85,778,727 405,364,738
attributable minority shareholders
VIII. Earnings per share
69
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
（I）Basic earnings per share 0.0208 0.1550
(II)Diluted earnings per share 0.0208 0.1550
The current business combination under common control, the net profits of the combined party before achieved ne
t profit of RMB 0.00, last period the combined party realized RMB0.00.
Legal representative ：Wang Jin
Person-in-charge of the accounting work：Liu Wei
Person-in -charge of the accounting organ：Meng Fei
4. Income statement of the Parent Company
In RMB
Items The first half year of 2021 The first half year of 2020
I. Income from the key business 665,551,244 469,554,164
Incl：Business cost 705,513,618 501,798,888
Business tax and surcharge 3,788,180 3,804,965
Sales expense 1,107,630 1,264,698
Administrative expense 46,656,602 54,085,038
R & D expense
Financial expenses 123,235,844 111,084,805
Including：Interest expenses 123,796,443 112,921,626
Interest income 2,267,082 2,323,189
Add：Other income 61,144 44,061
Investment gain（“-”for loss） 2,007,008,902 1,335,585,326
Including: investment gains from
392,738,688 211,523,852
affiliates
Financial assets measured at
amortized cost cease to be recognized
as income
Net exposure hedging income
Changing income of fair value
Credit impairment loss -1,866 20,911
Impairment loss of assets -16,743,630
Assets disposal income 157,963
II. Operational profit（“-”for loss） 1,792,317,550 1,116,418,492
Add ：Non-operational income 1,034,325 9,787,936
70
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Less：Non -operational expenses 624,872 1,374,084
III. Total profit(“-”for loss) 1,792,727,003 1,124,832,344
Less：Income tax expenses 2,056,715
IV. Net profit 1,792,727,003 1,122,775,629
1.Net continuing operating profit 1,792,727,003 1,122,775,629
2.Termination of operating net profit
V. Net after-tax of other
84,349,552 -5,609,080
comprehensive income
（I）Other comprehensive income
items that will not be reclassified into
84,349,552 -5,609,080
gains/losses in the subsequent
accounting period
1.Re-measurement of defined benefit
plans of changes in net debt or net ass
ets
2.Other comprehensive income under
the equity method investee can not b
e reclassified into profit or loss.
3. Changes in the fair value of
investments in other equity 84,349,552 -5,609,080
instruments
4. Changes in the fair value of the
company’s credit risks
5.Other
(II)Other comprehensive income that
will be reclassified into profit or loss
1.Other comprehensive income under
the equity method investee can be re
classified into profit or loss.
2. Changes in the fair value of
investments in other debt obligations
3. Other comprehensive income
arising from the reclassification of
financial assets
4.Allowance for credit impairments
in investments in other debt
obligations
71
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
5. Reserve for cash flow hedges
6.Translation differences in currency
financial statements
7.Other
VI. Total comprehensive income 1,877,076,555 1,117,166,549
VII. Earnings per share
（I）Basic earnings per share 0.3415 0.2139
(II)Diluted earnings per share 0.3415 0.2139
5. Consolidated Cash flow statement
In RMB
Items The first half year of 2021 The first half year of 2020
I.Cash flows from operating activities
Cash received from sales of goods or
19,776,330,714 13,888,627,580
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
Cash received from interest,
commission charge and commission
Net increase of inter-bank fund
received
Net increase of repurchasing business
Net cash received by agent in
securities trading
Tax returned 19,779,329 118,191,168
Other cash received from business
128,303,455 180,127,664
operation
72
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Sub-total of cash inflow 19,924,413,498 14,186,946,412
Cash paid for purchasing of
14,761,223,364 8,244,133,716
merchandise and services
Net increase of client trade and
advance
Net increase of savings in central
bank and brother company
Cash paid for original contract
claim
Net increase in financial assets
held for trading purposes
Net increase for Outgoing call loan
Cash paid for interest, processing
fee and commission
Cash paid to staffs or paid for staffs 848,669,695 703,279,072
Taxes paid 872,091,806 871,954,680
Other cash paid for business activities 345,570,990 349,357,047
Sub-total of cash outflow from
16,827,555,855 10,168,724,515
business activities
Net cash generated from /used in
3,096,857,643 4,018,221,897
operating activities
II. Cash flow generated by investing
Cash received from investment
retrieving
Cash received as investment gains 181,835,789 331,332,300
Net cash retrieved from disposal of
fixed assets, intangible assets, and 55,491,644 127,909,560
other long-term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash
83,767,669
received
Sub-total of cash inflow due to
321,095,102 459,241,860
investment activities
Cash paid for construction of fixed
assets, intangible assets and 4,069,950,057 3,786,337,519
other long-term assets
Cash paid as investment 338,850,126
73
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Net increase of loan against pledge
Net cash received from subsidiaries
103,159,958
and other operational units
Other cash paid for investment
activities
Sub-total of cash outflow due to
4,511,960,141 3,786,337,519
investment activities
Net cash flow generated by
-4,190,865,039 -3,327,095,659
investment
III.Cash flow generated by financing
Cash received as investment 126,187,000 4,400,000
Including: Cash received as
4,400,000
investment from minor shareholders
Cash received as loans 14,573,805,723 11,920,106,727
Other financing –related cash
received
Sub-total of cash inflow from
14,699,992,723 11,924,506,727
financing activities
Cash to repay debts 11,881,467,765 10,243,656,584
Cash paid as dividend, profit, or
1,908,378,220 1,727,557,296
interests
Including: Dividend and profit paid
605,612,185 405,101,369
by subsidiaries to minor shareholders
Other cash paid for financing
40,616,876
activities
Sub-total of cash outflow due to
13,830,462,861 11,971,213,880
financing activities
Net cash flow generated by financing 869,529,862 -46,707,153
IV. Influence of exchange rate
alternation on cash and cash -122 228
equivalents
V.Net increase of cash and cash
-224,477,656 644,419,313
equivalents
Add: balance of cash and cash
5,763,619,876 5,079,641,969
equivalents at the beginning of term
VI ..Balance of cash and cash
5,539,142,220 5,724,061,282
equivalents at the end of term
74
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
6. Cash Flow Statement of the Parent Company
In RMB
Items The first half year of 2021 The first half year of 2020
I.Cash flows from operating activities
Cash received from sales of goods or
783,452,071 583,190,697
rending of services
Tax returned 63,577 1,797,630
Other cash received from business
20,188,753 52,625,737
operation
Sub-total of cash inflow 803,704,401 637,614,064
Cash paid for purchasing of
581,204,165 379,318,233
merchandise and services
Cash paid to staffs or paid for staffs 133,944,525 138,572,849
Taxes paid 26,292,457 38,922,537
Other cash paid for business activities 22,417,628 28,960,467
Sub-total of cash outflow from
763,858,775 585,774,086
business activities
Net cash generated from /used in
39,845,626 51,839,978
operating activities
II. Cash flow generated by investing
Cash received from investment
16,460,000
retrieving
Cash received as investment gains 1,767,052,502 1,437,319,191
Net cash retrieved from disposal of
fixed assets, intangible assets, and 532,467 855,007
other long-term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash
received
Sub-total of cash inflow due to
1,767,584,969 1,454,634,198
investment activities
Cash paid for construction of fixed
assets, intangible assets and 11,365,569 7,829,959
other long-term assets
Cash paid as investment 1,254,689,794 653,932,389
Net cash received from subsidiaries
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
and other operational units
Other cash paid for investment
activities
Sub-total of cash outflow due to
1,266,055,363 661,762,348
investment activities
Net cash flow generated by
501,529,606 792,871,850
investment
III. Cash flow generated by financing
Cash received as investment
Cash received as loans 4,399,822,000 3,800,505,296
Other financing –related ash
1,104,829
received
Sub-total of cash inflow from
4,400,926,829 3,800,505,296
financing activities
Cash to repay debts 3,900,000,000 3,201,205,812
Cash paid as dividend, profit, or
738,484,034 765,486,917
interests
Other cash paid for financing
2,188,825
activities
Sub-total of cash outflow due to
4,640,672,859 3,966,692,729
financing activities
Net cash flow generated by financing -239,746,030 -166,187,433
IV. Influence of exchange rate
alternation on cash and cash -122 228
equivalents
V.Net increase of cash and cash
301,629,080 678,524,623
equivalents
Add: balance of cash and cash
338,045,631 224,504,289
equivalents at the beginning of term
VI ..Balance of cash and cash
639,674,711 903,028,912
equivalents at the end of term
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
7. Consolidated Statement on Change in Owners’ Equity
Amount in this period
In RMB
The first half year of 2021
Owner’s equity Attributable to the Parent Company
Other Equity Com
Less: Other Minor Total of
Items instrument Speciali mon
Share Capital Shares Comprehen Surplus Ot shareholders’ owners’
Preferr zed risk Retained profit Subtotal
Capital Oth reserves in sive reserves her equity equity
ed Sustaina reserve provis
er stock Income
stock ble debt ion
5,250,283, 4,902,263 1,946,305,5 8,515,360,
I.Balance at the end of last year 6,755,781,289 27,369,995,422 8,373,419,417 35,743,414,839
986 ,914 95 638
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, 4,902,263 1,946,305,5 8,515,360,
6,755,781,289 27,369,995,422 8,373,419,417 35,743,414,839
year 986 ,914 95 638
388,154,49
III.Changed in the current year 84,349,552 -909,159,722 -436,655,673 -266,392,027 -703,047,700
7
（1）Total comprehensive income 84,349,552 109,028,853 193,378,405 85,778,727 279,157,132
（II）Investment or decreasing of capital
253,441,431 253,441,431
by owners
1．Ordinary Shares invested by shareho
253,441,431 253,441,431
lders
2．Holders of other equity instruments i
nvested capital
3．Amount of shares paid and accounted
as owners’ equity
4．Other
388,154,49
（III）Profit allotment -1,018,188,575 -630,034,078 -605,612,185 -1,235,646,263
7
388,154,49
1.Providing of surplus reserves -388,154,497
7
2.Providing of common risk provisions
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
3．Allotment to the owners (or
-630,034,078 -630,034,078 -605,612,185 -1,235,646,263
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.Change amount of defined benefit
plans that carry forward
Retained earnings
5．Other comprehensive income
carry-over retained earnings
6．Other
(V). Special reserves
1. Provided this year
2．Used this term
（VI）Other
5,250,283, 4,902,263 2,030,655,1 8,903,515,
IV. Balance at the end of this term 5,846,621,567 26,933,339,749 8,107,027,390 35,040,367,139
986 ,914 47 135
Amount in last year
In RMB
The first half year of 2020
Owner’s equity Attributable to the Parent Company
Other Equity Less
Minor
instrument : Comm Total of
Items Other Speciali sharehol
Share Capital Shar Surplus on risk Retained Oth owners’
Preferr Comprehen zed Subtotal ders’
Capital Oth reserves es in reserves provisi profit er equity
ed Sustaina sive Income reserve equity
er stoc on
stock ble debt
k
5,250,283, 5,096,918, 1,676,143,0 8,245,767, 5,909,128, 26,178,241,0 8,011,44 34,189,685,
I.Balance at the end of last year
986 174 44 593 280 77 4,289 366
Add: Change of accounting policy
Correcting of previous errors
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Merger of entities under common
control
Other
II.Balance at the beginning of current 5,250,283, 5,096,918, 1,676,143,0 8,245,767, 5,909,128, 26,178,241,0 8,011,44 34,189,685,
year 986 174 44 593 280 77 4,289 366
269,593,04 -85,942,62 21,068,9 199,110,27
III.Changed in the current year -5,609,082 178,041,335
5 8 38 3
813,684,49 405,364, 1,213,440,1
（1）Total comprehensive income -5,609,082 808,075,413
5 738 51
（II）Investment or decreasing of capital 20,805,5
20,805,569
by owners 69
1．Ordinary Shares invested by shareho 20,805,5
20,805,569
lders 69
2 ． Holders of other equity instruments
invested capital
3．Amount of shares paid and accounted
as owners’ equity
4．Other
269,593,04 -899,627,1 -405,101, -1,035,135,
（III）Profit allotment -630,034,078
5 23 369 447
269,593,04 -269,593,0
1.Providing of surplus reserves
5 45
2.Providing of common risk provisions
3．Allotment to the owners (or -630,034,0 -405,101, -1,035,135,
-630,034,078
shareholders) 78 369 447
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.Change amount of defined benefit
plans that carry forward
Retained earnings
5．Other comprehensive income
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
carry-over retained earnings
6．Other
(V). Special reserves
1. Provided this year
2．Used this term
（VI）Other
5,250,283, 5,096,918, 1,670,533,9 8,515,360, 5,823,185, 26,356,282,4 8,032,51 34,388,795,
IV. Balance at the end of this term
986 174 62 638 652 12 3,227 639
8.Statement of change in owner’s Equity of the Parent Company
Amount in this period
In RMB
The first half year of 2021
Other Equity instrument Less:
Other Total of
Items Capital Share Specialize Surplus Retained Othe
Share capital Preferre Comprehensiv owners’
Sustainabl Other reserves s in d reserve reserves profit r
d stock e Income equity
e debt stock
5,250,283,98 5,405,326,6 8,515,360,63 25,841,525,07
I.Balance at the end of last year 1,946,305,595 4,724,248,211
6 43 8 3
Add: Change of accounting policy
Correcting of previous errors
Other
5,250,283,98 5,405,326,6 8,515,360,63 25,841,525,07
II.Balance at the beginning of current year 1,946,305,595 4,724,248,211
6 43 8 3
III.Changed in the current year 84,349,552 388,154,497 774,538,428 1,247,042,477
（I）Total comprehensive income 84,349,552 1,792,727,003 1,877,076,555
(II) Investment or decreasing of capital by
owners
1．Ordinary Shares invested by shareholders
2 ． Holders of other equity instruments invested
capital
3.Amount of shares paid and accounted as
owners’ equity
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
4．Other
-1,018,188,57
（III）Profit allotment 388,154,497 -630,034,078
5
1.Providing of surplus reserves 388,154,497 -388,154,497
2．Allotment to the owners (or shareholders) -630,034,078 -630,034,078
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.Change amount of defined benefit plans that
carry forward
Retained earnings
5．Other comprehensive income carry-over
retained earnings
6．Other
(V) Special reserves
1. Provided this year
2．Used this term
（VI）Other
5,250,283,98 5,405,326,6 8,903,515,13 27,088,567,55
IV. Balance at the end of this term 2,030,655,147 5,498,786,639
6 43 5 0
Amount in last year
In RMB
The first half year of 2020
Other Equity instrument Less:
Other Specializ Total of
Items Share Preferr Capital Shar Surplus Retained Oth
Oth Comprehen ed owners’
Capital ed Sustaina reserves es in reserves profit er
er sive Income reserve equity
stock ble debt stock
5,250,283, 5,599,980, 1,676,143,0 8,245,767, 4,514,862, 25,287,038,
I.Balance at the end of last year
986 903 44 593 488 014
Add: Change of accounting policy
Correcting of previous errors
Other
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
5,250,283, 5,599,980, 1,676,143,0 8,245,767, 4,514,862, 25,287,038,
II.Balance at the beginning of current year
986 903 44 593 488 014
269,593,04 223,148,50
III.Changed in the current year -5,609,082 487,132,469
5 6
1,122,775, 1,117,166,5
（I）Total comprehensive income -5,609,082
629 47
(II) Investment or decreasing of capital by
owners
1．Ordinary Shares invested by shareholders
2．Holders of other equity instruments inve
sted capital
3.Amount of shares paid and accounted as
owners’ equity
4．Other
269,593,04 -899,627,1 -630,034,07
（III）Profit allotment
5 23 8
269,593,04 -269,593,0
1.Providing of surplus reserves
5 45
-630,034,0 -630,034,07
2．Allotment to the owners (or shareholders)
78 8
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.Change amount of defined benefit plans
that carry forward
Retained earnings
5．Other comprehensive income carry-over
retained earnings
6．Other
(V) Special reserves
1. Provided this year
2．Used this term
（VI）Other
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
5,250,283, 5,599,980, 1,670,533,9 8,515,360, 4,738,010, 25,774,170,
IV. Balance at the end of this term
986 903 62 638 994 483
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
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 and China
Guangfa Bank (currently named as Guangdong 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, Guangdong Province, the People’ Republic of China “the PRC”). The Company’ parent company
is Guangdong Energy Group Co., Ltd. (“GEGC”, previously Guangdong Province Yudean Group Co., Ltd.) and
its ultimate controlling shareholder 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 30
June 2021, the total share capital of the Company is RMB 5,250,283,986 with par value of RMB 1 each.
The Company and its subsidiaries (collectively referred to as “the Group”) are principally engaged in the
businesses of developing and operating electric power plants in Guangdong Province ， Yunnan Province, Hunan
Province and Guangxi, the PRC.
The financial statement has been approved for issue by the Company’s Board of Directors on August 26,2021.
The Company and its subsidiaries (collectively referred to as “the Group”) are principally engaged in the
businesses of developing and operating electric power plants in Guangdong Province ， Yunnan Province, Hunan
Province and Guangxi, the PRC.
The financial statement has been approved for issue by the Company’s Board of Directors on August 2020.
For the Consolidation scope changed of the Group, please refer to VIII and IX(Equity in other entities
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.
As at 30 June 2021,the Group’s net current liabilities amounted to RMB 10.834 billion, capital commitments
contracted for by the Group amounted to RMB 18.381 billion, and capital commitments amounted to RMB 160
million, among which the capital expenditure due within one year amounted to RMB 9.477 billion. Therefore, the
Group is to some extent exposed to liquidity risk.
The reason for net current liabilities is that a portion of the Group’s capital expenditure is backed by short-term
borrowings and funds in hand. Management of the Company plans to take the following measures to ensure that
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
the Group can continuously obtain sufficient working capital to liquidate debts due within 12 months starting from
30 June 2021, therefore, the financial statements are prepared on a going concern basis
(a) The Group continuously generates profit after its generator sets have successively been put into production in
recent years. Management expects stable cash inflows from operating activities in the future; and
(b) The Group maintains good relations of long-term cooperation with financial institutions (including the
Company’ associate Guangdong Energy Group Finance Co., Ltd. “Energy Group Finance Company”), formerly
known as Guangdong Yudean Finance Co., Ltd.) in order to obtain sufficient financing credit lines. As at 30 June
2021 , the Group’s available credit line from financial institutions amounted to approximately RMB 46.699
billion, with RMB20.546 billion from Energy Group Finance Company, RMB 24.153 billion from other
commercial banks and financial institutions, RMB 1.2 billion from issuance of corporate bonds approved by the
China Securities Regulatory Commission, and RMB 800 million of quota of medium-term notes financing
obtained after the registration in the Interbank Market in China. Among the Group’s available credit line from
financial institutions, approximately RMB 16.57 billion million is due before 30 June 2021. Management has
communicated with the financial institutions and hence expected the credit line due before 30 June 2021 to renew
the term for another 12 months.
V. Significant accounting policies and accounting estimates
Specific accounting policies and accounting estimates tips:
The Group determines specific accounting policies and accounting estimates based on the characteristics of
production and operation, which are mainly reflected in the measurement of expected credit losses of receivables
(Note 5(10)), costing of inventory (Note 5(15)), fixed asset depreciation and intangible asset amortisation (Notes
5(24),(30，（29）), impairment of long-term assets (Note 5(20)), timing of revenue recognition (Note 5(31)),
deferred tax assets and deferred tax liabilities (Note 5(41)), etc.
Details of the Group's critical judgements used in determining significant accounting policies are set forth in
Note 5(44).
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, 2021 as well as the business performance
and cash flow situation in the first half of 2021 of the Company frankly and completely.
2. Accounting period
Fiscal year is dated from Gregorian calendar Jan., 1 to Gregorian calendar December., 31.
The accounting of the financial statements during the period starts from January 1, 2021 to 6 months ended June 3
0,2021.
3.Operating cycle
The business cycles for principal activities are usually less than 12 months.
4.Standard currency for bookkeeping
The Company adopts CNY to prepare its functional statements.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
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
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
86
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
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.Classification of joint venture arrangement and accounting treatment methods for joint operation
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.
10. Financial instruments
Financial instruments refer to contracts that form financial assets of one party and financial liabilities or equity
instruments of other parties. When the Group becomes a party to a financial instrument contract, the relevant
financial assets or financial liabilities are recognized.
(a) Financial assets
(i) Classification and measurement
According to the business model for managing financial assets and the contractual cash flow characteristics of
financial assets, the Group classifies financial assets into: (1) Financial assets measured in amortized cost; (2)
Financial assets measured at fair value, whose changes are included in other comprehensive income; (3) Financial
assets measured at fair value and whose changes are included in current profits and losses.
The initial measurement of financial assets is calculated by using fair value. For financial assets measured at fair
value, whose changes are included in current profits and losses, relevant transaction costs are directly included in
current profits and losses; For other types of financial assets, relevant transaction costs are included in the initial
recognition amount. Accounts receivable or notes receivable arising from the sale of products or the provision of
labor services that do not include or take into account significant financing components are initially recognized by
the Group in accordance with the amount of consideration that the Group is expected to be entitled to receive.
Debt instrument
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Debt instruments held by the Group refer to instruments that meet the definition of financial liabilities from the
perspective of the issuer and are measured in the following ways:
Measured in amortized cost:
The Group's business model for managing such financial assets is to collect the contractual cash flow, and the
contractual cash flow characteristics of such financial assets are consistent with the basic lending arrangements,
that is, the cash flow generated on a specific date is only the payment of principal and interest based on the
amount of outstanding principal. The Group recognizes interest income for such financial assets according to the
effective interest rate method. Such financial assets mainly include monetary funds, accounts receivable, other
receivables and long-term receivables. The Group lists long-term receivables due within one year (including one
year) from the balance sheet date as non-current assets due within one year.
Equity instruments
The Group will measure the equity instrument investments that it has no control, joint control and significant
influence on at fair value, and their changes are included in the current profits and losses, and listed as trading
financial assets.
In addition, the Group designated some non-trading equity instrument investments as financial assets measured at
fair value with changes included in other comprehensive income and listed them as other equity instrument
investments. Dividend income related to such financial assets is included in current profits and losses.
(ii) Impairment
For financial assets measured in amortized cost, the Group recognizes loss reserves on the basis of expected credit
losses.
The Group takes into account reasonable and reliable information on historical events, current situation and future
economic situation forecasts, and uses the risk of default as the weight to calculate the probability weighted
amount of the present value of the difference between the cash flow receivable from the contract and the cash flow
expected to be received to confirm the expected credit loss.
On each balance sheet date, the Group separately measures the expected credit losses of financial instruments at
different stages. If the credit risk of financial instruments has not increased significantly since the initial
confirmation, it is in the first stage. The Group measures the loss reserve according to the expected credit loss in
the next 12 months; If the credit risk of a financial instrument has increased significantly since its initial
recognition but no credit impairment has occurred, it is in the second stage. The Group measures the loss reserve
according to the expected credit loss of the instrument throughout the duration; If a financial instrument has
suffered credit impairment since its initial recognition, it is in the third stage. The Group measures the loss reserve
according to the expected credit loss of the instrument throughout the duration.
For financial instruments with low credit risk on the balance sheet date, the Group assumes that their credit risk
has not increased significantly since the initial confirmation, and measures the loss reserve according to the
expected credit loss in the next 12 months.
For financial instruments in the first and second stages and with low credit risk, the Group calculates interest
income based on the book balance before deducting impairment provisions and the actual interest rate. For
financial instruments in the third stage, the interest income shall be calculated according to their book balance
minus the amortized cost after impairment provision and the actual interest rate.
For accounts receivable, regardless of whether there is any significant financing component, the Group measures
the loss reserve according to the expected credit loss throughout the duration.
When a single financial asset cannot evaluate the expected credit loss information at a reasonable cost, the Group
divides the receivables into several combinations according to the credit risk characteristics, calculates the
expected credit loss on the basis of the combinations, and determines the combination on the following basis:
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Account receivable portfolio 1: Accounts receivable from electricity sales
Account receivable portfolio 2: Related party receivable
Account receivable portfolio 3:Other account receivable
Other Account receivable portfolio 1:Advance payments receivable petty cash and other receivable
For accounts receivable divided into combinations, the Group refers to the historical credit loss experience,
combines the current situation with the forecast of future economic situation, compiles a comparison table of
overdue days of accounts receivable and the expected credit loss rate for the whole duration, and calculates the
expected credit loss.
For other receivables divided into portfolios, the Group refers to the historical credit loss experience, combines the
current situation with the forecast of future economic situation, and calculates the expected credit loss through
default risk exposure and the expected credit loss rate within the next 12 months or the whole duration.
The Group includes the accrued or reversed loss reserves into the current profits and losses.
（iii） Derecognition of financial assets
A financial asset is derecognised when: (i) the contractual rights to 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.
When the investment in other equity instruments is derecognized, the difference between the book value and the
consideration received and the accumulated amount of the changes in fair value originally included in other
comprehensive income shall be included in the retained income; On derecognition of a financial asset, the
difference between the carrying amount and the sum of the consideration received and the cumulative changes in
fair value that had been recognised directly in owners’ 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. This kind of financial liabilities are initially measured according to their fair value after
deducting transaction costs, and are subsequently measured using the effective interest rate method. If the term is
less than one year (including one year), it shall be listed as current liabilities; If the term is more than one year but
expires within one year (including one year) from the balance sheet date, it shall be listed as non-current liabilities
due within one year; The rest is listed as non-current liabilities.
When the current obligation of the financial liability has been discharged in whole or in part, the Group terminates
the recognition of the part of the financial liability or obligation that has been discharged. The difference between
the book value of the termination recognition and the consideration paid shall be included in the profit and loss of
the current period.
(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
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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
11.Note receivable
12.Account receivable
See Note V (10) Financial Instruments for details.
13.Financing receivable
14.Other account receivable
Determination method of expected credit loss of other receivables and accounting treatment method
See Note V (10) Financial Instruments for details.
15. Inventories
(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..
(e) Amortization methods of low-value consumables
Low-value consumables are amortized in full amount.
16.Contract assets
See Note V (10) Financial Instruments for details.
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17.Contract costs
18.Held-for-sale assets
19.Creditor's rights investment
20.Other Creditor's rights investment
21.Long-term account receivable
See Note V (10) Financial Instruments for details.
22. Long-term equity investment
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.
(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’ 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
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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（Note 5(31).
23. 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
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 (amortization) rates of investment properties are as follows:
Estimated useful lives Estimated net residual value Annual depreciation rates
Building 20-40years 0%- 5% 2.38%-4.75%
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’ 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,
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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.
24. 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 Estimated residual
Category Depreciation
depreciation （Year） value
House and building Straight-line method 10 -50 years 5% 1.90% to9.50%
Generation equipment Straight-line method 5-25 years 0% to 5% 3.80% to20%
Transportation Straight-line method
5-15 years 0% to5% 6.33% to20%
equipment
Other equipment Straight-line method 5-25 years 0% to5% 3.80% to20%
The estimated useful life and the estimated net residual value of a fixed asset and the depreciation method applied
to the asset are reviewed, and adjusted as appropriate at each year-end.
(3)Cognizance evidence and pricing method of financial leasing fixed assets
The Group applied the new lease standards in 2021，See Note V (42) Lease for details.
25.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（NoteV(31)).
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26.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.
27.Biological Assets
28.Oil & Gas assets
29. Right to use assets
The Group applied the new lease standards in 2021，See Note V (42) Lease for details.
30. 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 amortized 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.
(b) Other intangible assets
Besides land use right, sea use right, associated projects for electricity transmission and transformation,
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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.
(c) Periodic review on useful life and method of amortization
For intangible assets with finite useful life, their expected life and amortization method are reviewed and adjusted
at the end of every year.
(d)Research and development
The expenditure on an internal research and development project is classified into expenditure on the research
phase and expenditure on the development phase based on its nature and whether there is material uncertainty that
the research and development activities can form an intangible asset at the end of the project.
Expenditure on the research phase is recognised in profit or loss in the period in which it is incurred. Expenditure
on the development phase is capitalised only if all of the following conditions are satisfied:
management intends to complete the intangible asset, and use or sell it;
it can be demonstrated how the intangible asset will generate economic benefits: products with the application
of intangible assets or the intangible assets themselves can prove to have market value, intangible assets for
internal use application can prove to be of usefulness;
there are adequate technical, financial and other resources to complete the development and the ability to use or
sell the intangible asset;
it is technically feasible to complete the intangible asset so that it will be available for use or sale; and
the expenditure attributable to the intangible asset during its development phase can be reliably measured.
Other development expenditures that do not meet the conditions above are recognised in profit or loss in the
period in which they are incurred. Development costs previously recognised as expenses are not recognised as an
asset in a subsequent period. Capitalised expenditure on the development phase is presented as development costs
in the balance sheet and transferred to intangible assets at the date that the asset is ready for its intended use.
(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
31. 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’ 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
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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.
32.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 current and 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.
33.Constract Liabilities
See Note V (39) Revenue for details.
34. 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 Energy Group. The amounts based on the above calculations are recognised as
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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.
Defined benefit plan
For defined benefit plan, the Group used the projected unit credit method and includes the obligation of the
defined benefit plan 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 period. The cost of employee benefits arising from defined
benefit plans are classified into the following parts:
— service cost (including current service cost as well as gains and losses on curtailments and settlements);
— net interest expenses on net liabilities of the defined benefit plan (including interest expenses for obligations of
the defined benefit plan); and
— Changes arising from remeasurement on net liabilities of defined benefit plans
Service cost and net interest expenses on net liabilities of defined benefit plans are included in profit or loss for
the current period. Changes arising from remeasurement on net liabilities of defined benefit plans (including
actuarial gains or losses) are included in other comprehensive income.
(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.
(4) Other long-term employee 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.
35.Lease liabilities
The Group applied the new lease standards in 2021，See Note V (42) Lease for details.
36. 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
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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 Group recognises the loss provision of financial guarantee contracts which provision is based on ECL.
The provisions expected to be settled within one year since the balance sheet date are classified as current
liabilities.
37. Share payment
38. Other financial instruments such as preferred stocks and perpetual bonds
39. Revenue
Accounting policies adopted for income recognition and measurement
When the customer obtains the control of the relevant goods or services, the Group recognizes the income
according to the expected amount of consideration that it is entitled to receive.
(a) Revenue from sales of electricity and heat energy
Revenue is recognised when electricity and heat energy are supplied to grid companies or customers, and grid
companies or customers obtain control over electricity.
(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, the recipient
resource utilisation confirms receipt and they obtain control over the by-products.
(c) Provision of electric power transaction service For the electric power transaction service provided by the
Group to external parties, upon the receiving of the service, revenue is recognised based on the difference between
the purchase price and the selling price of electricity.
(d) Rendering of services
The Group provides maintenance services to external parties. The related revenue is recognised based on the stage
of completion within a certain period, which is determined based on proportion of costs incurred to date to the
estimated total costs. On the balance sheet date, the Group re-estimates the stage of completion to reflect the
actual status of contract performance.
When the Group recognises revenue based on the stage of completion, the amount with unconditional collection
right obtained by the Group is recognised as accounts receivable, and the rest is recognised as contract assets.
Meanwhile, loss provision for accounts receivable and contract assets are recognised on the basis of ECLs (Note
V(10)). If the contract price received or receivable exceeds the amount for the completed service, the excess
portion will be recognised as contract liabilities.
Contract assets and contract liabilities under the same contract are presented on a net basis. Contract costs
include contract performance costs and contract acquisition costs. The costs incurred by the Group for the
rendering of maintenance services are recognised as contract performance costs and are carried forward to the cost
of main operations based on the stage of completion when associated revenue is recognised.
The Group provides external maintenance service, revenue is recognised according to the percentage completion
method, determined by percentage of the total cost incurred.
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The adoption of different business models in similar businesses leads to differences in accounting policies for
income recognition
Not applicable
40.Government grants
Government grants refer to the monetary or non-monetary assets obtained by the Group from the government,
including tax return, financial subsidy and etc. Government grants are recognised when the grants can be received
and the Group can comply with all attached conditions. If a government grant is a monetary asset, it will be
measured at the amount received or receivable. If a government grant is a non-monetary asset, it will be measured
at its fair value. If it is unable to obtain its fair value reliably, it will be measured at its nominal amount.
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 are recorded as deferred
income and recognised in profit or loss on a systemic basis over the useful lives of the assets. Government grants
related to income that compensate the incurred costs, expenses or losses are recognised in profit or loss.
Government grants related to income that compensate future costs, expenses or losses are recorded as deferred
income and recognised in profit or loss in reporting the related costs, expenses or losses; government grants
related to income that compensate incurred costs, expenses or losses are recognised in profit or loss directly in the
current period. The Group applies the presentation method consistently to the similar government grants in the
financial statements.
41. 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;
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that tax payer has a legally enforceable right to offset current tax assets against current tax liabilities.
42. Leases
（1）Accounting of operational leasing
The Group as the lessor
Leases that substantially transfer almost all risks and rewards related to the ownership of leased assets are
financial leases. Other leases are operating leases.
When the Group operates leased buildings, machinery, equipment and means of transport, the rental income from
operating lease is recognized on a straight-line basis during the lease period. The variable rent determined
according to a certain proportion of the sales amount is included in the rental income when it actually occurs.
For rent relief directly due to the COVID-19 epidemic and only before June 30, 2021, the Group chose to adopt a
simplified method, taking the relief rent as variable rent, and recording the relief amount in the current profits and
losses during the relief period.
Except for the contract changes directly caused by the above-mentioned COVID-19 epidemic, when the lease
changes, the Group takes it as a new lease from the effective date of the change, and takes the lease receipts
received in advance or receivable related to the lease before the change as the new lease receipts.
（2）Accounting treatment of financing leasing
The Group as the lessee
The Group recognizes the right to use assets on the start date of the lease term, and recognizes the lease liabilities
according to the present value of the unpaid lease payments. Lease payments include fixed payments, and
payments to be made when it is reasonably determined that the option to purchase or terminate the lease will be
exercised. The variable rent determined according to a certain proportion of the sales amount is not included in the
lease payment amount, and is included in the current profits and losses when it actually occurs. The Group lists
the lease liabilities paid within one year (including one year) from the balance sheet date as non-current liabilities
due within one year.
The Group's right-to-use assets include rented houses and buildings, machinery, equipment and means of transport.
The right-to-use assets are initially measured according to the cost, which includes the initial measurement
amount of the lease liabilities, the lease payment amount paid on or before the start date of the lease term, the
initial direct expenses, etc., and the received lease incentives are deducted. If the Group can reasonably determine
that the ownership of the leased asset is acquired at the expiration of the lease term, depreciation shall be accrued
within the remaining service life of the leased asset; If it is impossible to reasonably determine whether the
ownership of the leased asset can be acquired at the expiration of the lease term, depreciation shall be accrued
within the lease term and the remaining service life of the leased asset, whichever is shorter. When the recoverable
amount is lower than the book value of the right-to-use assets, the Group will write down its book value to the
recoverable amount.
For short-term leases with a lease term of no more than 12 months and low-value asset leases with low value
when individual assets are brand new, the Group chooses not to recognize the right-to-use assets and lease
liabilities, and records the relevant rental expenses into the current profits and losses or related asset costs
according to the straight-line method in each period of the lease term.
When the lease changes and meets the following conditions, the Group will treat it as a separate lease: (1) The
lease scope expands by increasing the right to use one or more leased assets; (2) The increased consideration is
equivalent to the individual price of the expanded part of the lease scope adjusted according to the contract
conditions. When the lease change is not accounted for as a separate lease, except for the contract change directly
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
caused by the COVID-19 epidemic which adopts simplified method, the Group redetermines the lease term on the
effective date of the lease change, discounts the changed lease payment amount with the revised discount rate, and
re-measures the lease liabilities. If the lease scope is reduced or the lease term is shortened as a result of the lease
change, the Group will reduce the book value of the right-to-use assets accordingly, and include the related gains
or losses related to partial or complete termination of the lease in the current profits and losses. If other lease
changes lead to re-measurement of lease liabilities, the Group will adjust the book value of the right-to-use assets
accordingly.
For rent reduction and exemption directly caused by the COVID-19 epidemic and only before June 30, 2021, the
Group chose to adopt a simplified method. When an agreement was reached to cancel the original payment
obligation, the undiscounted reduction and exemption amount was included in the current profits and losses, and
the lease liabilities were adjusted accordingly.
43. Other significant accounting policies and estimates
Segment information:
The Group identifies operating segments based on the internal organization structure, management requirements
and internal reporting system, and discloses segment information of reportable segments which are determined on
the basis of operating segments.
An operating segment is a component of the Group that satisfies all of the following conditions: (1) the
component is able to earn revenues and incur expenses from its ordinary activities; (2) whose operating results are
regularly reviewed by the Group’s management to make decisions about resources to be allocated to the segment
and to assess its performance, and (3) for which the information on financial position, operating results and cash
flows is available to the Group. If two or more operating segments have similar economic characteristics and
satisfy certain conditions, they are aggregated into one single operating segment.
Critical accounting estimates and judgements
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.
(a) Key judgement in critical accounting policy
Critical accounting estimates and key assumptions listed bellow contain significant risks to major changes on the
carrying amount of assests and liabilities in the following accouting year:
(i) Classfication of financial assets
The Group determines the classification of financial assets based on the significant judgement of analysis of
business model and cash flow characteristics.
The Group determines the business model of managing financial assets based on the level of financial assets’
group. The consideration factors include the means of assessing and reporting to the key management the
performance of the financial assets, the risks that hinders the performance assets and the managing style, and the
means of payment to its own management personnel.
The major judgment in determining whether the contractual cash flow characteristics of the financial assets is in
consistency of the borrowing arrangement includes: whether there is a change in the amount of principal or the
timing of the duration when repayment in advance and etc. occurs; whether the mere considerations of interest are
time value of the money, credit risk, other basic risks of debt and consideration for cost and profit. For example,
the judgment on the amount of repayment in advance should be whether or not the amount only reflects the
unpaid principle, the interest that is calculated based on the unpaid principle and the reasonable compensation for
terminating the contract in advance.
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(ii) Assessment of significant increase in credit risk
The assessment of the Group on whether the increase of credit risk is significant includes changes in one or more
than one indicators: the conditions of the debtor’s business, the internal and external credit rating, the significant
change in the actual or expected operation result, the value of collateral asset or the significant decrease in the
credit rating of the guarantor.
The assessment of the Group on whether a credit loss occurs includes the debtors are in financial difficulties, in
the restructure of debts or possibly subject to bankruptcy
(b) Critical accounting estimates and key assumptions
(i) Estimates on impairment of long-term assets
As described in Note 5(20), 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 are indications that the assets may be impaired at the balance
sheet date.
When assessing whether the above assets are impaired, management mainly evaluates and analyses: (i) whether
events affecting asset impairment occurred; (ii) whether the present value of expected cash flows arising from the
continuing use or disposal of the asset is lower than its carrying amount; and (iii) whether the significant
assumptions used in the calculation of the present value of the estimated cash flows are 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.
(ii) Measurement of expected credit losses
The Group calculates expected credit losses through default risk exposure and expected credit loss rate, and
determines the expected credit loss rate based on default probability and default loss rate. In determining the
expected credit loss rate, the Group uses data such as internal historical credit loss experience, etc., and adjusts
historical data based on current conditions and forward-looking information. When considering forward-looking
information, the indicators used by the Group include the risk of economic downturn, the external market
environment, the technological environment and changes in customer conditions. The Group regularly monitors
and reviews assumptions related to the calculation of expected credit losses.
(iii）Point of revenue recognition
With regard to sales of electricity to grid companies, the Group supplies electricity to grid companies in
accordance with the contract. Then grid companies have the right to sell electricity and set price at its sole
discretion, and take the risks of any price fluctuation and damages or losses of the products. The Group believes
that the grid companies obtain control over electric power upon receiving the electric. Therefore, revenue is
recognised accordingly.
(b) Critical accounting estimates and key assumptions 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:
(i) Accounting estimates on impairment of long-term assets
As described in Note v(31), 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 is any indication that an asset may be impaired at the balance
sheet date. If the result of the impairment test indicates that the recoverable amount of an asset is less than its
carrying amount, a provision for impairment and an impairment loss are recognised for the amount by which the
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
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. These
calculations require use of accounting estimates.
When assessing whether the above assets are impaired, management mainly evaluates and analyses: (i) whether
events affecting asset impairment occurred; (ii) whether the present value of expected cash flows arising from the
continuing use or disposal of the asset is lower than its carrying amount; and (iii) whether the significant
assumptions used in the calculation of the present value of the estimated cash flows are appropriate.
Relevant assumptions adopted by the Group to determine impairment, e.g. changes in assumptions on discount
rate, growth rate and gross margins 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.
(ii) Measurement of ECLs
The Group calculates ECLs through default risk exposure and ECL rate, and determines the ECL rate based on
default probability and default loss rate. In determining the ECL rate, the Group uses data such as internal
historical credit loss experience, etc., and adjusts historical data based on current conditions and forward-looking
information. When considering forward-looking information, the Group considered different macroeconomic
scenarios. Significant macroeconomic assumptions related to the estimation of ECLs include the risk of economic
downturn, the external market environment, the technological environment, changes in customer conditions, gross
domestic product, consumer price index, etc. The Group regularly monitors and reviews assumptions related to
the calculation of ECLs. In 2021, the Group updated values of forward-looking parameters used in ECL model to
reflect the impact of COVID-19 on ECLs of financial instrument in a timely manner.
(iii) Depreciation period and residual values of fixed assets
The depreciation period and residual values of fixed assets are determined by management after taking into
account their durability and past maintenance records based on the industry practice, and are reviewed at each
year-end with appropriate adjustments made accordingly.
Any changes in the depreciation period and residual values of fixed assets may have significant impact on the
Group’s net profit.
(iv) Income tax and deferred income tax
The Group is subject to enterprise income tax in numerous jurisdictions. There are some transactions and events
for which the ultimate tax determination is uncertain during the ordinary course of business. Significant
judgement is required from the Group in determining the provision for income taxes in each of these jurisdictions.
Where the final tax outcome of these matters is different from the amounts that were initially recorded, such
differences will impact the income tax and deferred tax provisions in the period in which such determination is
made.
Deferred tax assets are recognised for the deductible tax losses that can be carried forward to subsequent years to
the extent that it is probable that taxable profit will be available in the future against which the deductible tax
losses can be utilised. Taxable profit that will be available in the future includes the taxable profit that will be
realised through normal operations and the taxable profit that will be increased upon the reversal of taxable
temporary differences incurred in prior periods. Judgments and estimates are required to determine the time and
amounts of taxable profit in the future. Any difference between the reality and the estimate may result in
adjustment to the carrying amount of deferred tax assets.
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44.Change of main accounting policies and estimations
(1)Change of main accounting policies
√ Applicable □ Not applicable
The content and reason for change of
Approval process Remark
accounting policy
The Group and the Company
implemented the new leasing standards
for the first time on January 1, 2021.
The Ministry of Finance promulgated the
According to relevant regulations, the
revised Accounting Standards for
Group and the Company will not
Business Enterprises No.21-Leasing in
re-evaluate the existing contract options
2018 (hereinafter referred to as the "New
before the first implementation date. As
Leasing Standards"), and the Group has
for the cumulative impact of the
adopted the above standards and notices
standard, the Group and the Company
to prepare the financial statements for
adjusted the amount of related items in
2020.
the financial statements at the beginning
of 2021, but the comparative financial
statements for 2020 were not restated
(2) Change of main accounting estimations
□Applicable√ Not applicable
（3）Adjustments to the Financial Statements at the Beginning of the First Execution Year of any New Standards
Governing Financial Instruments, Revenue or Leases from year 2021
Applicable
Whether need to adjust the balance sheet account at the beginning of the year
√ Yes □No
Consolidated balance sheet
In RMB
Amount involved in the
Items December 31,2020 January 1,2021
adjustment
Current asset：
Monetary fund 5,790,946,117 5,790,946,117
Settlement provision
Outgoing call loan
Transactional financial
assets
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Derivative financial assets
Notes receivable
Account receivable 4,332,149,033 4,332,149,033
Financing of receivables
Prepayments 766,871,830 766,871,830
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance
contracts receivable
Other account receivable 459,266,554 459,266,554
Including：Interest
27,301,568 27,301,568
receivable
Dividend receivable 31,500,000 31,500,000
Repurchasing of financial
assets
Inventories 1,589,882,029 1,589,882,029
Contract assets 3,870,497 3,870,497
Assets held for sales
Non-current asset due
49,785,734 49,785,734
within 1 year
Other current asset 546,685,636 546,685,636
Total of current assets 13,539,457,430 13,539,457,430
Non-current assets
Loans and payment on
other’s behalf disbursed
Creditor's right investment
Other creditor's right
investment
Long-term receivable
Long term share equity
6,687,257,614 6,687,257,614
investment
Other equity instruments
3,548,088,015 3,548,088,015
investment
Other non-current financial
assets
Property investment 49,732,668 49,732,668
Fixed assets 47,195,233,079 44,554,049,443 -2,641,183,636
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Construction in progress 9,153,637,100 8,108,720,319 -1,044,916,781
Production physical assets
Oil & gas assets
Use right assets 3,712,120,546 3,712,120,546
Intangible assets 2,141,625,383 2,141,625,383
Development expenses
Goodwill 2,449,886 2,449,886
Long-germ expenses to be
26,409,305 26,409,305
amortized
Deferred income tax asset 446,587,650 446,587,650
Other non-current asset 3,180,340,038 3,180,340,038
Total of non-current assets 72,431,360,738 72,457,380,867 26,020,129
Total of assets 85,970,818,168 85,996,838,297 26,020,129
Current liabilities
Short-term loans 7,622,427,916 7,622,427,916
Loan from Central Bank
Borrowing funds
Transactional financial
liabilities
Derivative financial
liabilities
Notes payable 1,092,292,546 1,092,292,546
Account payable 2,666,180,513 2,666,180,513
Advance receipts
Contract liabilities 6,573,912 6,573,912
Selling of repurchased
financial assets
Deposit taking and
interbank deposit
Entrusted trading of
securities
Entrusted selling of
securities
Employees’ wage payable 304,548,373 304,548,373
Tax payable 498,801,080 498,801,080
Other account payable 6,775,700,584 6,775,700,584
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Including：Interest payable
Dividend payable 9,771,322 9,771,322
Fees and commissions
payable
Reinsurance fee payable
Liabilities held for sales
Non-current liability due
3,180,551,951 3,188,843,619 8,291,668
within 1 year
Other current liability 3,217,523,576 3,217,523,576
Total of current liability 25,364,600,451 25,372,892,119 8,291,668
Non-current liabilities：
Reserve fund for insurance
contracts
Long-term loan 18,998,555,568 18,998,555,568
Bond payable 1,499,542,911 1,499,542,911
Including：preferred stock
Sustainable debt
Lease liability 3,164,739,588 3,164,739,588
Long-term payable 3,171,971,127 24,960,000 -3,147,011,127
Long-term remuneration
218,543,743 218,543,743
payable to staff
Expected liabilities
Deferred income 134,647,590 134,647,590
Deferred income tax
638,571,910 638,571,910
liability
Other non-current
200,970,029 200,970,029
liabilities
Total non-current liabilities 24,862,802,878 24,880,531,339 17,728,461
Total of liability 50,227,403,329 50,253,423,458 26,020,129
Owners’ equity
Share capital 5,250,283,986 5,250,283,986
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 4,902,263,914 4,902,263,914
Less：Shares in stock
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Other comprehensive
1,946,305,595 1,946,305,595
income
Special reserve
Surplus reserves 8,515,360,638 8,515,360,638
Common risk provision
Retained profit 6,755,781,289 6,755,781,289
Total of owner’s equity
belong to the parent 27,369,995,422 27,369,995,422
company
Minority shareholders’
8,373,419,417 8,373,419,417
equity
Total of owners’ equity 35,743,414,839 35,743,414,839
Total of liabilities and
85,970,818,168 85,970,818,168
owners’ equity
Adjustment statement
Parent Company Balance Sheet
In RMB
Amount involved in the
Items December 31,2020 January 1,2021
adjustment
Current asset：
Monetary fund 338,045,631 338,045,631
Transactional financial
assets
Derivative financial
assets
Notes receivable
Account receivable 173,029,247 173,029,247
Financing of receivables
Prepayments 26,680,500 26,680,500
Other account receivable 328,224,857 328,224,857
Including：Interest
1,038,206 1,038,206
receivable
Dividend receivable 31,500,000 31,500,000
Inventories 118,530,205 118,530,205
Contract assets
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Assets held for sales
Non-current asset due
within 1 year
Other current asset 1,209,217 1,209,217
Total of current assets 985,719,657 985,719,657
Non-current assets：
Creditor's right investment
Other Creditor's right
investment
Long-term receivable 467,000,000 467,000,000
Long term share equity
28,453,042,855 28,453,042,855
investment
Other equity instruments
3,548,088,015 3,548,088,015
investment
Other non-current financial
assets
Property investment 6,389,845 6,389,845
Fixed assets 559,635,880 559,635,880
Construction in progress 200,574 200,574
Production physical assets
Oil & gas assets
Use right assets
Intangible assets 81,954,649 81,954,649
Development expenses
Goodwill
Long-germ expenses to be
amortized
Deferred income tax asset
Other non-current asset 208,353,879 208,353,879
Total of non-current assets 33,324,665,697 33,324,665,697
Total of assets 34,310,385,354 34,310,385,354
Current liabilities
Short-term loans 1,902,013,125 1,902,013,125
Transactional financial
liabilities
Derivative financial
liabilities
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Notes payable
Account payable 136,723,162 136,723,162
Advance receipts
Contract Liabilities 6,343,773 6,343,773
Employees’ wage payable 93,479,997 93,479,997
Tax payable 28,112,055 28,112,055
Other account payable 40,872,386 40,872,386
Including：Interest payable
Dividend payable 9,771,322 9,771,322
Liabilities held for sales
Non-current liability due
836,189,634 836,189,634
within 1 year
Other current liability 3,217,281,173 3,217,281,173
Total of current liability 6,261,015,305 6,261,015,305
Non-current liabilities：
Long-term loan
Bond payable 1,499,542,911 1,499,542,911
Including：preferred stock
Sustainable debt
Lease liability
Long-term payable
Long-term remuneration
56,805,513 56,805,513
payable to staff
Expected liabilities
Deferred income 29,988,606 29,988,606
Deferred income tax
621,507,946 621,507,946
liability
Other non-current
liabilities
Total non-current liabilities 2,207,844,976 2,207,844,976
Total of liability 8,468,860,281 8,468,860,281
Owners’ equity
Share capital 5,250,283,986 5,250,283,986
Other equity instruments
Including：preferred stock
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Sustainable debt
Capital reserves 5,405,326,643 5,405,326,643
Less：Shares in stock
Other comprehensive
1,946,305,595 1,946,305,595
income
Special reserve
Surplus reserves 8,515,360,638 8,515,360,638
Retained profit 4,724,248,211 4,724,248,211
Total of owners’ equity 25,841,525,073 25,841,525,073
Total of liabilities and
34,310,385,354 34,310,385,354
owners’ equity
Note
（4）Retrospective Restatement of Previous Comparative Data due to the First Execution of any New Standards
Governing Financial Instruments or Leases from year 2021
√ Applicable □ Not applicable
Affected amount
Contents and causes of changes in accounting policies Affected report items January 1,2021
The Group The Company
For the operating lease contracts that existed before the first
implementation of the new leasing standards, the Group and Right to use assets 26,020,129 -
the Company distinguish different connection methods
according to the remaining lease term: Lease liabilities (17,728,461) -
If the remaining lease term exceeds 12 months, the Group Non current
and the Company shall confirm the lease liabilities liabilities due within (8,291,668) -
according to the remaining lease payment amount and one year
incremental borrowing rate on January 1, 2021, and
determine the book value of the right-to-use assets
according to the amount equal to the lease liabilities for
each lease option and the necessary adjustment according to
the prepaid rent.
If the remaining lease term does not exceed 12 months, the
Group and the Company adopt a simplified method and do
not recognize the right-to-use assets and lease liabilities,
which has no significant impact on the financial statements.
For the operating lease contracts of low-value assets that
existed before the first implementation of the new leasing
standards, the Group and the Company adopted a simplified
method and did not recognize the right-to-use assets and
lease liabilities, which had no significant impact on the
financial statements.
Due to the implementation of the new leasing standards, the Right to use assets 3,686,100 ,417 -
Group and the Company reclassified the fixed assets
Fixed assets (2,641,183,636) -
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
originally included in the fixed assets as the right-to-use Construction in process (1,044,916,781) -
assets, and reclassified the payable financial lease payments
Long-term payable -
originally included in the long-term payables as the lease
3,147,011,127
liabilities.
Lease liabilities -
(3,147,011,127)
On January 1, 2021, when measuring the lease liabilities, the Group and the Company adopted the same discount rate for
lease contracts with similar characteristics, and the weighted average of the incremental borrowing rates adopted was
4.27%.
The implementation of the above revised standards has no impact on the shareholders' equity attributable to the parent
company and minority shareholders' equity in the consolidated financial statements of the Group.
45.Other
VI. Taxation
1. Main categories and rates of taxes
Class of tax Tax basis Tax rate
Taxable value-added amount (Tax
payable is calculated using the taxable
sales amount multiplied by the
VAT 3%,5%,6%,9% and13%
applicable tax rate less deductible VAT
input of the current period) Revenue
from hydropower sales
City maintenance and construction tax Amount of VAT paid 5% to7%
Corporate income tax Taxable income 20% and25%
Education surcharges Amount of VAT paid 3%
Local education surcharges Amount of VAT paid 2%
Property’s rental income or the residual
House property tax value from original value less the 12% and1.2%
deducting proportion
Calculated and paid based on the
Calculated and paid based on the
pollution equivalent values or the
Environmental protection tax applicable tax amounts of different
discharge of taxable pollutants
pollutants
multiplied by the applicable tax amounts
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 12.50%
Leizhou Wind Power 12.50%
Yudean Zhuhai Offshore wind power 0%
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Yudean Pingyuan Wind Power 0%
Zhanjiang Yuheng Electric Power Maintenance and Installation
20%
Co., Ltd.
Tongdao Yuexin Wind Power Generation 20%
Zhencheng Integrated Energy Company 20%
Shenzhen Huaguoquan Electric Industry Service Co., Ltd. 20%
2.Tax preferences
Pursuant to the approval documents (Cai Shui [2008] No. 46 and Guo Shui Fa [2009] No. 80), Dianbai Wind
Power, Leizhou Wind Power, Pingyuan Wind Power and Zhuhai Wind Power are exempted from enterprise
income tax in the first three years counting from the year when revenue from production and operations is
recorded for the first time, and can enjoy half rate reduction in the following three years. As the local taxation
bureau considered that Dianbai Wind Power posted profits for the first time in 2016, Leizhou Wind Power posted
profits for the first time in 2017, Pingyuan Wind Power posted profits for the first time in 2020, the applicable
enterprise income tax rates for Dianbai Wind Power, Leizhou Wind Power, Pingyuan Wind Power and Zhuhai
Wind Power were 12.5%, and 0% in 2021 respectively.
Pursuant to the Supplementary Notice on Issues Concerning the Preferential Enterprise Income Tax Policies for
Public Infrastructure Projects (Cai Shui [2014] No. 55), enterprises invest and operate public infrastructure
projects in compliance with the Catalog of Public Infrastructure Projects Eligible for Preferential Enterprise
Income Tax Treatment, those which adopt one-off approval and are subject to construction in batches (such as
terminals, berths, airport terminals, runways, sections, generator units, etc.) are subject to income tax calculated in
units of each batch and enjoy the tax preferential policy of “three-year exemption and three-year 50% reduction”
when the following conditions are satisfied: (i) different batches are space-independent; (ii) each batch has its own
function to generate revenue; (iii) they are accounted for in units of each batch and are subject to income tax
individually, while the period expenses are allocated rationally. In 2020, the Group’s subsidiary Qujie Wind
Power met the above conditions. Therefore, Qujie Youhao wind power project (profits posted for the first time
was in 2017), Xuwen Shibanling wind power project (profits posted for the first time was in 2016), Qujie Wailuo
offshore wind power project (Phase I) (profits posted for the first time was in 2019), Qujie Wailuo offshore wind
power project (Phase II) and Xinliao offshore wind power project of Qujie Wind Power are entitled to the tax
preferential policy of “three-year exemption and three-year 50% reduction”respectively
In addition, 50% of VAT levied on the sales of electricity generated by Guangdong Yudean Shibeishan Wind
Power Co., Ltd. (“Shibeishan Wind Power”), Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd.
(“Zhanjiang Wind Power”), Guangdong Yudean Xuwen Wind Power Electricity Co., Ltd. (“Xuwen Wind
Power”), Dianbai Wind Power and Huilai Wind Power Co., Ltd. (“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).
In accordance with regulations of the Notice on Implementing the Inclusive Tax Deduction and Exemption
Policies for Micro and Small Enterprises (Cai Shui [2019] No. 13), for a small enterprise with low profits, for the
part of the annual taxable income not exceeding RMB 1 million, the amount of taxable income is reduced to 25%
of income and is subject to the enterprise income at the tax rate of 20%; for the part between RMB 1 million and
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
RMB 3 million, the amount of taxable income is reduced to 50% of income and is subject to the enterprise income
at the tax rate of 20%. The above small enterprises with low profits refer to enterprises that are engaged in
non-restricted and prohibited industries of the country, which meet three conditions of annual taxable income not
exceeding RMB 3 million, the number of employees not exceeding 300, and the amount of total assets not
exceeding RMB 50 million. In 2021, Yuheng Electric, Tongdao Company, Zhencheng Comprehensive and
Huaguoquan Company met the conditions for small low-profit enterprises, and their amount of taxable income
were reduced to 25% of income and were subject to the enterprise income tax at the tax rate of 20%. Therefore, in
2021, the applicable enterprise income tax rate for Yuheng Electric, Tongdao Company, Zhencheng
Comprehensive and Huaguoquan Company was 20%.
Pursuant to Notice on Issues Concerning the Implementation of the Preferential Catalogue of Enterprise Income
Tax for Integrated Utilisation of Resources (Cai Shui [2008] No. 47), since 1 January 2008, enterprises use the
resources listed in the Preferential Catalogue of Enterprise Income Tax for Integrated Utilisation of Resources
(2008 Edition) as the main raw materials to produce products in the above catalogue that meet national or industry
related standards, and the income from above products is reduced to 90% of the total income of the enterprises for
the year. The Group’s subsidiaries Zhanjiang Electric and Guangdong Huizhou Pinghai Power Plant Co., Ltd.
(“Pinghai Power Plant”) use coal ash to produce commercial coal ash, which meets the above-mentioned
preferential tax conditions for integrated utilisation of resources. Therefore, in 2021, revenue from sales of coal
ash from Zhanjiang Electric and Pinghai Power Plant was reduced to 90% of the total income for the year.
3.Other
(a) Pursuant to the Announcement on Relevant Policies for Deepening Value-added Tax Reform ([2019] No. 39)
issued by the Ministry of Finance, the State Administration of Taxation and the General Administration of
Customs and relevant regulations, the applicable tax rates of revenue arising from sales of electricity, sales of
by-products and maintenance and repair services and revenue arising from sales of heat energy of the Group, are
13% and 9% respectively from 1 April 2019, while the VAT rates were 16% and 10% respectively before then.
The Group’ revenue from entrusted loans between companies and training service is subject to VAT at the rate of
6%. The Group's real estate operating leases taxed by the simple taxation method are subject to the VAT rate of
5%.
Pursuant to Notice on the Policy of Streamlining and Combination of Value-added Tax Levy Rates jointly issued
by the Ministry of Finance and the State Administration of Taxation, revenue from sales of electricity generated
from small hydropower units at the county level or below is subject to VAT at the rate of 3%. Three small
hydropower plants of Lincang Yudean Energy Co., Ltd. (“Lincang Energy”), a subsidiary of the Company, are
subject to VAT at the rate of 3%.
According to the Notice on Deducting Relevant Enterprise Income Tax Policies for Equipment and Appliances
issued by State Taxation Administration of The People's Republic of China (CS [2018] No.54) and relevant
regulations, the newly purchased equipment less than RMB 5 million of Guangdong Yudean Electric Power
Marketing Co., Ltd. ("Power Marketing Company"), a subsidiary of the Group, during the period from January 1,
2018 to June 30, 2021 can be included in the current cost at one time in the next month after the assets are put into
use, deducted when the taxable income is calculated, and no depreciation will be calculated by year.
Apart from the Group's subsidiaries, Guangdong Yudean Dianbai Wind Power Co., Ltd. ("Dianbai Wind Power"),
Guangdong Yudean Qujie Wind Power Co., Ltd. ("Qujie Wind Power"), Guangdong Yudean Leizhou Wind Power
Co., Ltd. ("Leizhou Wind Power"), Guangdong Yudean Pingyuan Wind Power Co., Ltd. ("Pingyuan Wind
114
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Power"), Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd. ("Zhuhai Wind Power") and Zhanjiang
Yuheng Power Maintenance and Installation Co., Ltd.v("Yuheng Power"), Tongdao Yuexin Wind Power Co., Ltd.
("Tongdao Company"), Guangdong Yudean Zhencheng Integrated Energy Co., Ltd. ("Zhencheng Integrated") and
Shenzhen Huaguoquan Electric Service Co., Ltd. ("Huaguoquan Company"), the applicable enterprise income tax
rate of the Company and its subsidiaries is 25%.
According to the Environmental Protection Tax Law of the People's Republic of China, the Group has applied the
environmental protection tax since 1 January 2018. The taxation objects include air pollutants, water pollutants,
solid waste and noise. Taxation is based on the amount of pollutants’ emissions.
VII. Notes on major items in consolidated financial statements
1. Monetary funds
In RMB
Items Closing balance Opening balance
Cash on hand 27,829 26,993
Cash at bank 5,539,114,391 5,763,592,883
Other cash balance 27,385,689 27,326,241
Total 5,566,527,909 5,790,946,117
Total of money limited to use by
27,385,689 27,326,241
mortgage, pledge or freeze
Other note
（a).As of June 30,2021,The company’s deposit in Energy Group Finance company is 4,843,720,679 yuan
(4,775,686,722 yuan before December 31, 2020).The deposit in Energy Finance means that deposited in
Guangdong Energy Finance Co., Ltd. (“Energy Finance”). Energy Finance is one financial institution approved by
People's Bank of China and is a subsidiary of Energy Group Co., Ltd.
（b）As of June 30, 2021, the Group had no funds deposited overseas (December 31, 2020: None).
（c） As of June 30, 2021, other cash balances amounted to RMB27,385,689 (31 December 2020: 27,326,241) ，
Of which :
(i) Huizhou Pingdian Integrated Energy Co., Ltd-a subsidiary to the Company Group-applied to the bank for a
guarantee deposit for the issuance of a performance guarantee letter in order to participate in the electricity sales
business at the Guangdong Power Exchange Center, the amount of which was RMB 7,500,000(December
31,2020:RMB7,500,000）;
(ii) Guangdong Yudean Anxin Electric Inspection & Installation Company -a subsidiary to the Company
Group-applied to the bank for a guarantee deposit of RMB 593,730 for the issuance of a performance guarantee
due to the signing of an overhaul service contract（December 31,2021: RMB592,681）;
(iii) Guangdong Yudean Pingyuan Wind Power Co., Ltd. ("Pingyuan Wind Power"), a subsidiary of the Group,
deposited a special fund for ecological protection with the bank at the request of Pingyuan County Science and
Industry Bureau when building the wind farm project, amounting to RMB 10,101,559 (December 31, 2020: RMB
10,043,160);
(iv) Tongdao Yuexin Wind Power Co., Ltd. ("Tongdao Yuefeng"), a subsidiary of the Group, deposited a special
margin deposit with the bank for the reclamation of temporary land for the Dagaoshan Wind Farm Project in
115
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Tongdao, amounting to RMB 3,481,900 (December 31, 2020: RMB 3,481,900);
(v) Hunan Xupu Yuefeng New Energy Co., Ltd. ("Xupu Yuefeng"), a subsidiary of the Group, deposited a special
margin deposit with the bank for the reclamation of the temporary land for the first phase of Taiyangshan Wind
Farm in Xupu County, with an amount of RMB 3,608,500 (December 31, 2020: RMB 3,608,500).
2. Transactional financial assets
Not applicable
3. Derivative financial assets
Not applicable
4. Notes receivable
Not applicable
5. Accounts receivable
(1) Accounts receivable disclosed by category
In RMB
Closing balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Category
Proportion Proportion Book value Proportion Amoun Proportion Book value
Amount Amount Amount
% % % t %
Of which：
Accrual of
bad debt
provision 4,533,973,255 100% 290,672 0.01% 4,533,682,583 4,332,342,360 100% 193,327 0.01% 4,332,149,033
by
portfolio
Of which：
Electricity
sales 4,474,920,203 98.70% 4,474,920,203 4,289,945,688 99.02% 4,289,945,688
receivable
Related
party 29,985,808 0.66% 29,985,808 23,063,968 0.53% 23,063,968
receivable
Other 29,067,244 0.64% 290,672 1% 28,776,572 19,332,704 0.45% 193,327 1% 19,139,377
Total 4,533,973,255 100% 290,672 1% 4,533,682,583 4,332,342,360 100% 193,327 1% 4,332,149,033
Accrual of bad debt provision by single item:
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion% Reason
Accrual of bad debt provision by portfolio:
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Electricity sales receivable 4,474,920,203 0 0%
Total 4,474,920,203 --
Note：
Portfolio 1- Electricity sales receivable，As at 30 June 2021, the amount of receivables from sales of electricity of
the Group was RMB4,474,920,203, which was mainly from China Southern Power Grid Co., Ltd. and its
subsidiaries (collectively referred to as “China Southern Power Grid”). Taking into consideration its good credit,
the Group believes that there is no significant credit risk in the receivables from sales proceeds of electricity, and
the possibility of significant losses due to China Southern Power Grid's default is extremely low. The Group's
expected credit loss rate for sales proceeds of electricity is 0%（December 31,2020:0%).
2020.
Accrual of bad debt provision by portfolio:0
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Related party receivable 29,985,808 0 0%
Total 29,985,808 --
Note：
Portfolio 2- Related party receivable：As at 30 June 2021, the amount of receivables from related parties of the
Group was RMB 29,985,808（December 31,2020:RMB23,063,968) , and the historical loss rate was extremely low.
Therefore, The Group believes that there is no significant credit risk in the receivables from related parties, and
the possibility of significant losses due to their default is extremely low. The Group's expected credit loss rate for
receivables from related parties is 0%.
Accrual of bad debt provision by portfolio:0
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Other account receivable 29,067,244 290,672 1%
Total 29,067,244 290,672 --
Portfolio 3- Other fund receivable: For other fund receivable except Portfolio 1 and Portfolio 2, Bad provision
according to the expected credit loss mode
Provision for bad debt by portfolio：
117
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Note：
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of
other receivables if the provision for bad debts of bills receivable is accrued according to the general model of
expected credit loss:
√ Applicable □Not applicable
Portfolio 1- Electricity sales receivable，As at 30 June 2021, the amount of receivables from sales of electricity of
the Group was RMB4,474,920,203( December 31, 2020: RMB4,289,945,688) , which was mainly from China Southern
Power Grid Co., Ltd. and its subsidiaries (collectively referred to as “China Southern Power Grid”). Taking into
consideration its good credit, the Group believes that there is no significant credit risk in the receivables from
sales proceeds of electricity, and the possibility of significant losses due to China Southern Power Grid's default is
extremely low. The Group's expected credit loss rate for sales proceeds of electricity is 0%(December 31,2020:
0%).
Portfolio 3- Fund receivable other than Portfolio 1 and Portfolio 2
Aging June 30,2021
Book balance Bad debt provision
Expected credit loss rate for the
Within 1 year Amount Amount
entire duration
29,067,244 1% 290,672
In 2021, the amount of bad debt provision of accounts receivable reversed by the Group was RMB 290,672（In
2020: 193,327） , The bad debt provision amount of accounts receivable transferred back this year is RMB
193,327（In 2020：155,421），and the corresponding book balance was RMB19,332,704 （In 2020：15,542,140），
There was no bad debt provision for accounts receivable written off this year（In 2020:None).
Disclosure by aging
In RMB
Closing balance
Aging
Within 1 year（Including 1 year） 4,090,344,674
1-2 years 333,176,591
2-3 years 105,959,092
Over 3 years 4,492,898
3-4 years 4,492,898
Total 4,533,973,255
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
(2) Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
In RMB
Amount of change in the current period
Opening Reversed or Closing
Category
balance Accrual collected Write-off Other balance
amount
Accounts
193,327 290,672 193,327 290,672
receivable
Total 193,327 290,672 193,327 0 0 290,672
Of which the significant amount of the reversed or collected part during the reporting period
In RMB
Name Reversed or collected amount Method
Huizhou Huiling Huacheng Co., Ltd. 45,182 Cash recovery
Shenzhen Energy Group Co., Ltd.
37,275 Cash recovery
Eartern Power plant
Total 82,457 --
(3) The actual write-off accounts receivable
Not applicable
（4） Top 5 of the closing balance of the accounts receivable collected according to the arrears party
In RMB
Name Closing balance Proportion% Bad debt provision
GPGC 3,788,492,546 83.56% 0
GPGC,Zhanjiang Power
480,302,154 10.59% 0
supply Bureau
Shenzhen Power
121,019,475 2.67% 0
supply Bureau
GPGC,Maoming Power
38,167,780 0.84% 0
supply Bureau
GPGC,Jieyang Power
29,126,744 0.64% 0
supply Bureau
Total 4,457,108,699 98.30%
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
（5）Account receivable which terminate the recognition owning to the transfer of the financial assets
Not applicable
(6)The amount of the assets and liabilities formed by the transfer and the continues involvement of accounts
receivable
Not applicable
6.Financing receivable
Not applicable
7.Prepayments
(1) List by aging analysis:
In RMB
Closing balance Opening balance
Aging
Amount Proportion % Amount Proportion %
Within 1 year 914,452,277 99.63% 763,808,199 99.59%
1-2 years 2,091,487 0.23% 2,226,260 0.29%
2-3 years 660,177 0.07% 779,606 0.10%
Over 3 years 609,546 0.07% 57,765 0.02%
Total 917,813,487 -- 766,871,830 --
Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in time
As at June 30,2021, advances to suppliers aged more than 1 year were RMB3,361,210, 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 %
company
Guangdong Power Industry Fuel Co., Ltd. Related party 610,775,532 66.55%
Guangdong Zhutou Electric Power fuel Co., Ltd. Third party 169,134,857 18.43%
Zhuhai Gaolangang Railway Co., Ltd. Third party 24,324,111 2.65%
Guangzhu Railway Co., Ltd. Third party 17,780,196 1.94%
Carbon emissions trading Center Third party 17,000,000 1.85%
Total 839,014,696 91.41%
Other note：
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
8. Other accounts receivable
In RMB
Items Closing balance Opening balance
Interest receivable 34,258,847 27,301,568
Dividend receivable 31,500,000
Other accounts receivable 491,717,156 400,464,986
Total 525,976,003 459,266,554
（1）Interest receivable
1) Category of interest receivable
In RMB
Items Closing balance Opening balance
Fixed deposit 34,258,847 27,301,568
Other
Total 34,258,847 27,301,568
2) Significant overdue interest
Not applicable
3）Bad-debt provision
□ Applicable √ Not applicable
(2)Dividend receivable
1) Category of Dividend receivable
In RMB
Items Closing balance Opening balance
Sunshine Insurance Holding Co., Ltd 0 31,500,000
Total 31,500,000
2）Dividend receivable of important account age over 1 year
Not applicable
3）Bad-debt provision
□ Applicable √ Not applicable
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
（3） Other accounts receivable
1) Other accounts receivable classified by the nature of accounts
In RMB
Nature Closing book balance Opening book balance
Sales of by-products receivable 155,433,670 91,564,007
Land receivable deposit 146,885,400 146,885,400
Supplementary medical insurance fund
92,978,883 92,191,270
receivable
Land receivable deposit 23,446,000 23,446,000
Receivable petty cash 16,882,213 8,561,629
Compensation receivable for electricity
charges during the demolition and 15,094,736 11,881,442
construction period
Standard funds receivable 9,192,439 3,692,394
Government subsidy receivable 4,295,513 712,256
Other 36,827,271 30,723,089
Less：Bad-debt provision -9,318,969 -9,192,501
Total 491,717,156 400,464,986
2）Bad-debt provision
In RMB
Stage 1 Stage 2 Stage 3
Expected credit Expected credit loss over Expected credit losses for
Bad Debt Reserves Total
losses over the next life (no credit the entire duration (credit
12 months impairment) impairment occurred)
Balance as at January
3,517,194 0 5,675,307 9,192,501
1, 2021
Balance as at January
—— —— —— ——
1, 2021 in current
--Transfer to Stage 3 -117,865 117,865 0
Provision in the current
0 1,060,781 1,060,781
period
Turn back in the
-934,313 -934,313
current period
Balance as at June
2,465,016 6,853,953 9,318,969
30,2021
Loss provision changes in current period, change in book balance with significant amount
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
□ Applicable √Not applicable
Disclosure by aging
In RMB
Aging Closing balance
Within 1 year(Including 1 year） 396,539,739
1-2 years 42,374,878
2-3 years 16,124,235
Over 3 years 45,997,273
3-4 years 40,260,263
4-5 years 464,098
Over 5 years 5,272,912
Total 501,036,125
3) Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
In RMB
Amount of change in the current period
Opening Reversed or Closing
Category
balance Accrual collected Write-off Other balance
amount
Other
9,192,501 1,060,781 934,313 9,318,969
receivable
Total 9,192,501 1,060,781 934,313 9,318,969
Where the current bad debts back or recover significant amounts:
In RMB
Name Amount Mode
(4) Other account receivables actually cancel after write-off
Not applicable
(5)Top 5 of the closing balance of the other accounts receivable collected according to the arrears party
In RMB
Portion in Bad debt
Year-end total other provision of
Name Nature Age
balance receivables year-end
(%) balance
Within 1
Meixian Chengjiangzhen People's Land withdrawal
146,885,400 year(Includin 29.32% 0
Government of Meizhou City receivable
g 1 year）
Guangdong Yudean Environmental Receivables from 145,961,541 Within 1 29.13% 0
123
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Protection Co., Ltd. sales of by-products year(Includin
g 1 year）
Supplementary
Within 4
Taikang Pension medical insurance 92,978,883 18.56% 0
years
fund receivable
Maoming Port Bohe New Port Land receivable
23,446,000 Over 3 \years 4.68% 0
Construction Headquarters Office deposit
Compensation for
Jieyang Dananhai Petrochemical electricity charges 1-2 year
Industrial Zone Management Committee payable during the 15,094,736 （Including 3.01% 0
(compensation for power loss) demolition and 2 years）
construction period
Total -- 424,366,560 -- 84.70% 0
6) Account receivables with government subsidies involved
In RMB
Estimated time,
Name Project name Amount in year-end At the end of aging
amount and basis
Within 1 year
Expected to be fully
Union State Taxation VAT is refunded （Including 1 year）
2,914,373 recovered by June
Bureau immediately and1-2 years
2023
（Including 2 years）
VAT is refunded Expected to be fully
Xuwen State Taxation Within 1 year
immediately 1,381,140 recovered by June
Bureau （Including1 year）
2022
(7) Other account receivable which terminate the recognition owning to the transfer of the financial assets
Not applicable
(8) The amount of the assets and liabilities formed by the transfer and the continues involvement of other
accounts receivable
Not applicable
9. Inventories
Whether the company need to comply with the disclosure requirements of the real estate industry
No
（1）Category of Inventory
In RMB
Closing book balance Opening book balance
Items Provision for Provision for
Book balance inventory Book value Book balance inventory Book value
impairment impairment
Raw materials 1,541,278,813 219,427 1,541,059,386 873,215,395 219,427 872,995,968
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Parts 789,316,402 27,848,496 761,467,906 726,029,502 28,775,273 697,254,229
Other 27,300,403 0 27,300,403 19,631,832 0 19,631,832
Total 2,357,895,618 28,067,923 2,329,827,695 1,618,876,729 28,994,700 1,589,882,029
(2) Inventory depreciation reserve
In RMB
Increased in current period Decreased in current period
Beginning of Year-end
Items Transferred
term Provision Other Other balance
back
Raw materials 219,427 0 0 0 0 219,427
Parts 28,775,273 0 0 926,777 0 27,848,496
Total 28,994,700 0 0 926,777 0 28,067,923
(3) Explanation on inventories with capitalization of borrowing costs included at ending balance
Not applicable
(4) Assets unsettled formed by construction contract which has completed at period-end
Not applicable
10.Contract assets
In RMB
Year-end balance Opening balance
Items Book Bad debt Book Bad debt
Book value Book value
balance provision balance provision
Contract assets of third
3,211,174 27,344 3,183,830 1,696,522 12,512 1,684,010
parties
Contract assets of related
1,093,162 1,093,162 2,186,487 2,186,487
parties
Total 4,304,336 27,344 4,276,992 3,883,009 12,512 3,870,497
Amount and reason of material change of book value of contract assets in the current period:
In RMB
Items Amount Reason
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of
other receivables if the provision for bad debts of contract assets is accrued according to the general model of
expected credit loss:
□ Applicable √Not applicable
Provision for impairment of contract assets in the current period
125
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
In RMB
Reversed or collected
Items Accrual Write-off Reason
amount
Contract assets of third Increase in third-party
27,344 12,512
parties contract assets
Total 27,344 12,512 --
11. Assets divided as held-to-soldNot applicable
Not applicable
12. Non-current assets due within 1 year
In RMB
Items Year-end balance Opening balance
Deposit for finance lease due within one year 49,785,734
Total 49,785,734
13. Other current assets
In RMB
Items
Year-end balance Year-beginning balance
Contract acquisition cost 0 0
Return cost receivable 0 0
VAT to be deducted 889,120,954 541,660,352
Advance payment of income tax 3,926,517 4,286,044
Carbon emission rights assets 18,517,106 0
Other 739,240 739,240
Total 912,303,817 546,685,636
Other note：
14.Creditor's right investment
Not applicable
15.Other creditor's rights investment
Not applicable
16. Long-term accounts receivable
Not applicable
126
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
17. Long-term equity investment
In RMB
Increase /decrease
Profits and Cash bonus or Withdraw
Opening losses on Other
Investees Changes profits l of
balance Additional Decrease in investments comprehe
in other
investment investment Recognized nsive
equity announced to impairme
under the income
equity method issue t provisio
I. Joint ventures
Industrial Fuel 531,313,393 180,000,000 82,773,307 29,649,898
Subtotal 531,313,393 180,000,000 82,773,307 29,649,898
II. Associates
Guangdong Guohua Yudean Taishan
1,889,026,588 39,058,150
Power Generation Co., Ltd.
Shanxi Yudean Energy Co., Ltd. 1,819,132,396 64,000,000 168,305,759
Energy Group Finance Company 1,027,206,662 53,005,442 76,421,226
Guangdong Energy Financng Leasing
522,483,539 10,664,772 12,576,669
Co., Ltd.
Yudean Captive 268,468,953 8,183,639 1,505,619
Yudean Shipping 241,738,113 21,894,566
Wenxin Yuntou 175,592,218 -4,642,692
West Investment 144,018,912 144,018,912
Guizhou Yueqian Electric Power Co.,
144,018,912 13,495,745
Ltd.
Huaneng Shantou Wind Power
55,092,902 3,461,346
Generation Co., Ltd.
Yangshan Zhongxinkeng 7,593,292
Yangshan Jiangkeng 5,590,646
Southern Offshore Wind Power 80,500,820 1,712,666
Zhanjiang Yuexin 9,350,000
Subtotal 6,155,944,221 297,869,732 144,018,912 315,139,393 90,503,514
Total 6,687,257,614 477,869,732 144,018,912 397,912,700 120,153,412
Other note
（a）On January 14, 2021,Guangdong Wind Power Generation Co., Ltd., a subsidiary of the Company, acquired 10%
equity of Southern Offshore Wind Power Joint Development Co., Ltd. through equity transfer, that is, the
Company holds 20% equity of Southern Offshore Wind Power Joint Development Co., Ltd., which has a
significant impact on its business decision, and its accounting method has been changed from other equity
instruments investment to long-term equity investment equity method.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
18. Other equity instruments investment
In RMB
Items Closing balance Opening balance
Shenzhen Energy Co., Ltd. 153,997,200 92,080,800
Shanghai Shenergy Group 340,968,015 289,878,345
GMG International Tendering Co., Ltd. 11,088,000 11,628,000
Shenzhen Capital Group Co., Ltd. 1,048,000,000 1,048,000,000
Sunshine Insurance Group Co., Ltd. 2,036,000,000 2,036,000,000
Southern Offshore wind power Union
0 70,500,870
Development Co., Ltd
Total 3,590,053,215 3,548,088,015
Itemized disclosure of the current non - trading equity instrument investment
Amount of Reasons for being Reasons for
other measured at fair other
Recognized Accumul comprehens value and whose comprehensi
Accumulati
Name dividend ating ive income changes are ve income
ng gains
income losses transferred included in other transferred to
to retained comprehensive retained
earning income earnings
Consideration of
Not
Shenzhen Energy Co., Ltd. 3,931,200 138,106,572 strategic
applicable
investments
Consideration of
Not
Shanghai Shenergy Group 105,130,027 strategic
applicable
investments
Consideration of
GMG International Tendering Not
540,000 7,488,000 strategic
Co., Ltd. applicable
investments
Consideration of
Shenzhen Capital Group Co., Not
25,711,178 719,966,000 strategic
Ltd. applicable
investments
Consideration of
Sunshine Insurance Group 1,680,000,0 Not
strategic
Co., Ltd. 00 applicable
investments
In RMB
Other note：
(a) As at 31 June 2021, the Company held 15,120,000 tradable A shares in Shenzhen Energy with fair value of
RMB153,997,200, and the investment cost was RMB 15,890,628. The investment was stated at fair value with
reference to the market price. During the year, gains at fair value amounted to RMB61,916,400 (2020:income of
RMB13,834,800), and other comprehensive income was adjusted upwards accordingly.
(b) As at 30 June 2021, the Company held 55,532,250 tradable A shares in Shanghai Shenergy with fair value of
RMB340,968,015, and the investment cost was RMB 235,837,988. The investment was stated at fair value with
reference to the market price. During the year, gains at fair value amounted to RMB51,089,670 (2020:income of
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
RMB 51,644,993), and other comprehensive income was adjusted upwards accordingly.
(c) As at 30 June 2021, the Company held 1,800,000 shares of GMG International Tendering Co., Ltd. traded at
the National Equities Exchange and Quotations system with fair value of RMB 11,088,000, and the investment cost
was RMB 3,600,000. The investment was stated at fair value with reference to the market price. During the year,
gains at fair value amounted to RMB 540,000 (2020:income of RMB446,000), and other comprehensive income was
adjusted upwards accordingly.
(d) As at 30 June 2021, the Company held A shares in Shenzhen Cptital Group Co., Ltd. with fair value of
RMB1,048,000,000, and the investment cost was RMB 328,034,000. In this year, there was no change in the fair
value of the equity investment (in 2020, the income from fair value measurement was RMB82,263,440).
(e) As at 30 June 2021, the Company held A shares in Sunshine Insurance Company. with fair value of
RMB2,036,000,000, and the investment cost was RMB 356,000,000. In this year, there was no change in the fair
value of the equity investment (in 2020, the income from fair value measurement was RMB268,000,000).
In 2021,
(f) On June 30, 2021, as the shareholding ratio of Southern Offshore Wind Power Company held by the Company
increased from 10% to 20%, which could have a significant impact on its business decision-making, its equity
accounting method was changed to the long-term equity investment method (Note VII (17)).
19.Other non-current assets
Not applicable
20. Investment property
(1) Investment property adopted the cost measurement mode
√Applicable □ Not applicable
In RMB
House, Construction in
Items Land use right Total
Building process
I. Original price
1. Balance at period-beginning 68,765,763 68,765,763
2.Increase in the current
period
(1) Purchase
(2)Inventory\Fixed
assets\ Transferred from cons
truction in progress
(3)Increased of Enterprise
Combination
3.Decreased amount of the
period
（1）Dispose
（2）Other out
4. Balance at period-end 68,765,763 68,765,763
II.Accumulated amortization
1.Opening balance 19,033,095 19,033,095
2.Increased amount of the
1,275,406 1,275,406
period
129
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
(1) Withdrawal 1,275,406 1,275,406
3.Decreased amount of the
period
（1）Dispose
（2）Other out
4. Balance at period-end 20,308,501 20,308,501
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 -end 48,457,262 48,457,262
2.Book value at
49,732,668 49,732,668
period-beginning
(2) Investment property adopted fair value measurement mode
□ Applicable √Not applicable
(3) Investment real estate without certificate of ownership
Not applicable
21. Fixed assets
In RMB
Items Closing balance Opening balance
Fixed assets 48,227,173,624 44,473,573,052
Disposal of fixed assets 69,708,126 80,476,391
Total 48,296,881,750 44,554,049,443
(1) List of long-term accounts receivable
In RMB
Machinery
Items House, building Transportations Other equipment Total
equipment
I. Original price
1. Balance at
22,288,247,274 60,521,334,525 1,176,889,879 1,374,529,626 85,361,001,304
period-beginning
2.Increase in the
311,661,769 6,115,146,447 5,701,040 27,729,767 6,460,239,023
current period
(1) Purchase 0 23,547,404 4,477,109 15,565,824 43,590,337
13,665,113 4,443,162,159 663,717 11,387,043 4,468,878,032
（2） Transferred
130
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
from construction
in progress
(3)Increased of
Enterprise 297,996,656 648,436,884 560,214 776,900 947,770,654
Combination
（4）The lease
maturity is divided 0 1,000,000,000 0 0 1,000,000,000
into fixed assets
3.Decreased
amount of the 9,818,705 137,907,908 14,883,350 8,364,356 170,974,319
period
（1）Dispose 9,818,705 137,907,908 14,883,350 8,364,356 170,974,319
4. Balance at
22,590,090,338 66,498,573,064 1,167,707,569 1,393,895,037 91,650,266,008
period-end
II. Accumulated
depreciation
1.Opening balance 7,191,153,717 31,673,834,641 442,851,631 980,856,206 40,288,696,195
2.Increased
amount of the 292,972,533 2,285,716,834 26,985,202 57,376,175 2,663,050,744
period
(1)
274,929,497 1,417,876,164 26,858,044 57,199,079 1,776,862,784
Withdrawal
(2)Increased of
Enterprise 18,043,036 138,162,872 127,158 177,096 156,510,162
Combination
（3）The lease
maturity is divided 0 729,677,798 0 0 729,677,798
into fixed assets
3.Decreased
amount of the 281,638 95,191,386 9,066,623 16,184,328 120,723,975
period
（1）Dispose 281,638 95,191,386 9,066,623 16,184,328 120,723,975
4.Closing balance 7,483,844,612 33,864,360,089 460,770,210 1,022,048,053 42,831,022,964
III. Impairment
provision
1.Opening balance 65,759,328 532,306,791 422,918 243,020 598,732,057
2.Increase in the
0 0 0 0 0
reporting period
（1）Withdrawal 0 0 0 0 0
3.Decreased
amount of the 0 6,662,637 0 0 6,662,637
period
（1）Dispose 0 6,662,637 0 0 6,662,637
4. Closing balance 65,759,328 525,644,154 422,918 243,020 592,069,420
IV. Book value
1.Book value of
15,040,486,398 32,108,568,821 706,514,441 371,603,964 48,227,173,624
the period-end
2.Book value of
15,031,334,229 28,315,193,093 733,615,330 393,430,400 44,473,573,052
the period-begin
131
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
(2) List of temporarily idle fixed assets
Not applicable
(3) Fixed assets leased in the operating leases
In RMB
Items End book value
House and Building 45,874,212
(4) Fixed assets without certificate of title completed
In RMB
Items Book value Reason
Temporarily in the government approved
House and Building 531,784,609
stage
On June 30, 2021, after consulting the Group's legal advisers, the management believed that there would be no
substantive legal obstacles to the handling of these property certificates and would not have a significant adverse
impact on the normal operation of the Group.
（5）Liquidation of fixed assets
In RMB
Items Closing balance Opening balance
Parts of power generation equipment
65,607,768 75,549,913
have been scrapped
Other equipment 4,100,358 4,926,478
Total 69,708,126 80,476,391
22. Construction in progress
In RMB
Items Closing balance Opening balance
Construction in progress 6,961,681,002 8,106,445,342
Engineering Material 271,639 2,274,977
Total 6,961,952,641 8,108,720,319
(1) List of construction in progress
In RMB
Items Closing balance Opening balance
132
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Yangjiang
Shapa offshore
2,589,204,980 0 2,589,204,980 1,256,161,549 0 1,256,161,549
wind power
project
Qujie Wailuo
offshore wind
917,834,843 0 917,834,843 881,078,251 0 881,078,251
power project
II
Xinliao
offshore wind 618,604,950 0 618,604,950 353,175,641 0 353,175,641
power project
Huadu thermal
and power
584,444,624 0 584,444,624 410,951,764 0 410,951,764
cogeneration
project
Hunan Tongdao
Dagaoshan
195,457,395 0 195,457,395 72,566,121 0 72,566,121
wind power
plant project
Bohe Energy
integration 134,763,347 0 134,763,347 97,519,981 0 97,519,981
project
Shajiao
Ningzhou gas 91,021,229 0 91,021,229 89,785,770 0 89,785,770
power project
Zhuhai Jinwan
Electric
0 0 0 3,146,316,681 3,146,316,681
offshore wind
power project
Pingyuan
Maoping wind 0 0 0 338,524,935 338,524,935
power project
Other
infrastructure
1,144,268,933 283,142,471 861,126,462 802,352,687 283,142,471 519,210,216
construction
projects
Other
technology
969,223,172 0 969,223,172 941,154,433 0 941,154,433
improvement
projects
Total 7,244,823,473 283,142,471 6,961,681,002 8,389,587,813 283,142,471 8,106,445,342
133
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
(2) Changes of significant construction in progress
Including：
Capitalisatio
Current Capitalisation Source
Amount at Increase at this Transferred to Other Balance in Progress n of interest
Name Budget Proportion(%) amount of of interest of
year beginning period fixed assets decrease year-end of work accumulated
capitalizatio ratio（%) funds
balance
n of interest
Financi
Yangjiang Shapa
al
offshore wind power 5,963,270,000 1,256,161,549 1,333,043,431 0 0 2,589,204,980 43.78% 43.78% 87,240,831 45,055,584 3.98%
instituti
project
on loan
Financi
Qujie Wailuo offshore al
3,789,120,000 881,078,251 36,756,592 0 917,834,843 31.70% 35.30% 36,928,728 19,991,999 4.26%
wind power project II instituti
on loan
Financi
Xinliao offshore wind al
3,698,880,000 353,175,641 265,429,309 0 618,604,950 36.50% 32.50% 34,710,076 18,047,920 4.26%
power project instituti
on loan
Financi
Huadu thermal and
al
power cogeneration 3,593,160,000 410,951,764 173,492,860 0 0 584,444,624 16.53% 16.53% 32,527,914 19,240,340 3.84%
instituti
project
on loan
Financi
Hunan Tongdao
al
Dagaoshan wind 531,740,000 72,566,121 122,891,274 0 0 195,457,395 44.93% 44.93% 7,220,283 4,166,991 4.19%
instituti
power plant project
on loan
Financi
Bohe Energy al
11,037,075,900 97,519,981 37,243,366 0 0 134,763,347 88.50% 96.90% 334,552,815 500,522 4.30%
integration project instituti
on loan
Shajiao Ningzhou gas Financi
5,927,600,000 89,785,770 1,235,459 0 0 91,021,229 1.54% 1.54% 2,219,815 2,219,815 2.85%
power project al
134
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
instituti
on loan
Financi
Zhuhai Jinwan Electric
al
offshore wind power 5,643,170,000 3,146,316,681 778,656,135 3,924,972,816 0 100% 100% 69,473,159 14,397,867 4.26%
instituti
project
on loan
Financi
Pingyuan Maoping al
450,818,900 338,524,935 22,854,265 361,379,200 0 100% 100% 10,975,783 5,176,723 3.43%
wind power project instituti
on loan
Financi
Not
Other infrastructure al
519,210,216 404,018,453 60,901,450 1,200,757 861,126,462 applicab 259,693,622 12,017,086
construction projects instituti
le
on loan
Financi
Not
Other technology al
941,154,433 152,402,870 121,624,566 2,709,565 969,223,172 applicab 5,870,261 0
improvement projects instituti
le
on loan
Total 40,634,834,800 8,106,445,342 3,328,024,014 4,468,878,032 3,910,322 6,961,681,002 -- -- 881,413,287 140,814,847 --
In RMB
135
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
(3) List of the withdrawal of the impairment provision of the construction in progress
Not applicable
（4）Engineering material
In RMB
End of term Beginning of term
Items Provision for Book Provision for
Book balance Book value Book value
impairment balance impairment
Special Material 271,639 271,639 937,407 937,407
Special equipment 1,337,570 1,337,570
Total 271,639 0 271,639 2,274,977 0 2,274,977
23. Productive biological assets
(1) Productive biological assets measured at cost methods
□ Applicable √ Not applicable
(2) Productive biological assets measured at fair value
□ Applicable √ Not applicable
24. Oil and gas assets
□ Applicable √ Inapplicable
25. Right to use assets
In RMB
Computer and
House and Machinery Transportation
Items electronic Other Total
buildings equipment equipment
equipment.
1.Opening
16,281,302 4,748,889,791 56,243 9,682,584 4,774,909,920
balance
2.Increased
amount of the 7,712,057 1,007,003,206 2,157,494 9,923,519 1,026,796,276
period
New lease
7,712,057 1,007,003,206 2,157,494 9,923,519 1,026,796,276
contract
3.Decreased
amount of the -1,000,000,000 -1,000,000,000
period
The lease
maturity is
-1,000,000,000 -1,000,000,000
divided into
fixed assets
4.Closing
23,993,359 4,755,892,997 2,213,737 19,606,103 4,801,706,196
balance
136
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
1.Opening
-1,062,789,374 -1,062,789,374
balance
2.Increased
amount of the -4,846,182 -63,923,614 -247,459 -271,480 -69,288,735
period
(1)
-4,846,182 -63,923,614 -247,459 -271,480 -69,288,735
Withdrawal
3.Decreased
amount of the 729,677,798 729,677,798
period
The lease
maturity is
729,677,798 729,677,798
divided into
fixed assets
4.Closing
-4,846,182 -397,035,190 -247,459 -271,480 -402,400,311
balance
1.Closing book
19,147,177 4,358,857,807 1,966,278 19,334,623 4,399,305,885
value
2.Opening
16,281,302 3,686,100,417 56,243 9,682,584 3,712,120,546
book value
Other note：
Except for short-term leases and low-value leases, the lessee will no longer distinguish between operating leases
and financial leases, and will recognize the right-to-use assets and lease liabilities, and accrue depreciation for the
right-to-use assets.
The short-term lease means that the lease term does not exceed one year, and low-value lease means that the total
lease cost does not exceed RMB 40,000.
137
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
26. Intangible assets
(1) Information
In RMB
Transmission and Carbon
Land use Non-patent Franchise Sea use Transportation
Items Patent Software Transformation emission Total
right Technology right right project
Supporting Project trading rights
I. Original price
1. Balance at
2,465,901,227 8,461,203 152,461,615 14,795,352 129,906,544 15,170,000 251,739,268 3,038,435,209
period-beginning
2.Increase in the
41,534,960 137,865 7,040,995 48,713,820
current period
(1) Purchase 11,391,783 3,325,641 14,717,424
（2）Internal R & D 137,865 2,675,069 2,812,934
（3）Increased of
Enterprise 30,143,177 30,143,177
Combination
（4）Transfer of
projects under 1,040,286 1,040,286
construction
3.Decreased amount
3,509,034 679,245 134,513 4,322,792
of the period
（1）Dispose 3,509,034 679,245 134,513 4,322,792
4. Balance at
2,503,927,153 7,919,823 159,368,097 14,795,352 129,906,544 15,170,000 251,739,268 3,082,826,237
period-end
II.Accumulated
amortization
1. Balance at
427,975,917 1,772,260 104,488,485 10,981,010 28,180,513 15,170,000 251,739,268 840,307,453
period-beginning
2. Increase in the
31,377,628 487,633 6,206,100 194,802 1,235,594 39,501,757
current period
(1) Withdrawal 26,397,851 487,633 6,206,100 194,802 1,235,594 34,521,980
(2)Increased of
4,979,777 4,979,777
Enterprise
138
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Combination
3.Decreased amount
924,046 45,283 2,242 971,571
of the period
（1）Dispose 924,046 45,283 2,242 971,571
4. Balance at
458,429,499 2,214,610 110,692,343 11,175,812 29,416,107 15,170,000 251,739,268 878,837,639
period-end
III. Impairment
provision
1. Balance at
56,502,373 56,502,373
period-beginning
2. Increase in the
current period
(1) Withdrawal
3.Decreased amount
of the period
（1）Dispose
4. Balance at
56,502,373
period-end
4. Book value
1.Book value at period
1,988,995,281 5,705,213 48,675,754 3,619,540 100,490,437 0 0 2,147,486,225
-end
2.Book value at
1,981,422,937 6,688,943 47,973,130 3,814,342 101,726,031 0 0 2,141,625,383
period-beginning
The intangible assets by the end of the formation of the company's internal R & D accounted 0.13% of the proportion of the balance of intangible assets
139
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
（2）Details of Land use right failed to accomplish certification of property
In RMB
Items Book value Reason
Land use right 32,527,564 The procedures have not been completed
27. Development expenditure
In RMB
Increase Decrease
Internal
Recognitio
Balance in developme Transfers Closing
Items n of
year-begin nt Other to current balance
intangible
expenditur gains
assets
e
Expenditur
e on
research,
transformat
ion & 0 96,674,773 2,812,934 93,861,839 0
developme
nt of
engineerin
g system
Total 0 96,674,773 2,812,934 93,861,839 0
28. Goodwill
(1) Original book value of goodwill
In RMB
Increase Decrease
Name of the investees or the events formed goodwill Opening balance The merger of Closing balance
disposition
enterprises
Guangdong Wind Power Generation Co., Ltd. 2,449,886 2,449,886
Lincang Company 25,036,894 25,036,894
Guangdong Guangye Nanhua New Energy 6,158,996 6,158,995
Guangdong Yueneng Datang New Energy 18,600,266 18,600,266
Total 27,486,780 24,759,262 52,246,041
140
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
（2）Impairment provision of goodwill
In RMB
Increase Decrease
Name of the investees or the events formed goodwill Opening balance Closing balance
Provision disposition
Lincang Yudean New Energy -25,036,894 -25,036,894
Total -25,036,894 -25,036,894
29.Long-term amortization expenses
In RMB
Balance in Increase at this Amortization Balance in
Items Other decrease
year-begin period balance year-end
Long-term lease
13,259,296 1,005,400 12,253,896
charges
Improvement of
8,555,616 2,279,975 1,569,331 9,266,260
use right assets
Other 4,594,393 2,122 4,592,271
Total 26,409,305 2,279,975 2,576,853 0 26,112,427
30.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
442,161,096 110,384,714 442,188,855 110,391,655
impairments
Intra-group
139,795,441 34,948,860 148,814,504 37,203,626
transactions
Deductible losses 1,202,033,119 300,508,279 866,934,091 216,733,521
Net income from test
run included in
196,913,405 50,755,502 234,870,149 54,608,985
construction in
progress
Employee benefits
116,540,826 29,135,206 117,216,096 29,304,023
payable
141
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Depreciation of fixed
91,157,476 22,478,651 74,700,511 18,675,127
assets
Government grants 76,619,379 19,154,845 76,619,379 19,154,845
Amortization of
4,726,073 1,181,519 4,526,232 1,131,558
intangible assets
Total 2,269,946,815 568,547,576 1,965,869,817 487,203,340
(2)Details of the un-recognized deferred income tax liabilities
In RMB
Balance in year-end Balance in year-begin
Temporarily Temporarily
Items Deferred Income Tax Deferred Income Tax
Deductable or Taxable Deductable or Taxable
liabilities liabilities
Difference Difference
Non-same control
enterprise merger
235,334,618 58,833,655 56,290,560 14,072,640
assets evaluation and
appreciation
Changes in fair value
of other equity
instruments included in 2,651,191,471 662,797,865 2,538,725,399 634,681,350
other comprehensive
income
Net expenses in trial
operation included in
96,051,849 24,012,962 96,051,849 24,012,962
construction in
progress
Amortization of land
16,068,632 4,017,158 16,068,632 4,017,158
use rights
Interest receivable 6,620,900 1,655,226 6,620,900 1,655,226
Depreciation of fixed
2,993,057 748,264 2,993,057 748,264
assets
Total 3,008,260,527 752,065,130 2,716,750,397 679,187,600
(3) Deferred income tax assets or liabilities listed by net amount after off-set
In RMB
End balance of Trade-off between the Opening balance of
Trade-off between the
deferred income tax deferred income tax deferred income tax
Items deferred income tax
assets or liabilities assets and liabilities at assets or liabilities
assets and liabilities
after off-set period-begin after off-set
Deferred income tax
48,034,067 520,513,509 40,615,690 446,587,650
assets
Deferred income
48,034,067 704,031,063 40,615,690 638,571,910
liabilities
(4)Details of income tax assets not recognized
In RMB
Items Balance in year-end Balance in year-begin
142
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Deductible temporary difference 1,329,998,214 1,179,347,248
Deductible loss 2,288,448,367 2,074,970,324
Total 3,618,446,581 3,254,317,572
(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
2021 0 134,978,486
2022 627,942,773 628,529,972
2023 670,390,708 670,390,708
2024 153,029,742 153,029,742
2025 488,041,416 488,041,416
2026 349,043,728 0
Total 2,288,448,367 2,074,970,324 --
31. Other non-current assets
In RMB
Balance in year-end Balance in year-begin
Items Book balance Provision for Book value Book balance Provision for Book value
devaluation devaluation
Prepayments for
1,400,545,902 1,400,545,902 1,421,038,893 1,421,038,893
equipment fund
Prepayments for
1,332,568,308 1,332,568,308 394,556,021 394,556,021
construction fund
Input VAT to be
918,577,935 918,577,935 886,196,509 886,196,509
deducted
Prepayment for land
209,800,841 209,800,841 73,532,955 73,532,955
use rights
Unrealised losses on
206,654,427 206,654,427 209,580,144 209,580,144
sale and lease back
Prepayment for equity
80,000,000 80,000,000 80,000,000 80,000,000
acquisition
Prepayment for
888 888 12,164 12,164
income tax
Deposits prepaid for
0 0 113,381,000 113,381,000
equity acquisition
Other 5,666,189 5,666,189 2,042,352 2,042,352
Total 4,153,814,490 4,153,814,490 3,180,340,038 3,180,340,038
Other note：
32. Short-term borrowings
(1) Category of short-term borrowings
143
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
In RMB
Items Closing balance Opening balance
Credit borrowings 8,112,048,863 7,622,427,916
Total 8,112,048,863 7,622,427,916
(2) List of the short-term borrowings overdue but not return
Not applicable
33. Transactional financial liabilities
Not applicable
34. Derivative financial liability
Not applicable
35.Notes payable
In RMB
Items Closing balance Opening balance
Commercial acceptance 220,000,000 120,000,000
Bank acceptance bills 703,000,000 972,292,546
Total 923,000,000 1,092,292,546
Amount due in next fiscal period is RMB0.00.
36. Accounts payable
(1) List of accounts payable
In RMB
Items Closing balance Opening balance
Fuel payable and freight payable 3,863,389,738 2,152,485,461
Materials and spare parts payable 387,865,495 396,420,019
Settlement payable for power
68,712,874 41,580,819
transactions
Management fees payable for frequency
12,987,129 11,686,819
modulation and energy storage
144
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Other 29,324,282 64,007,395
Total 4,362,279,518 2,666,180,513
（2）Significant accounts payable that aged over one year
In RMB
Items Closing balance Opening balance
Fuel payable and freight payable 33,459,078 Not yet settled
Total 33,459,078 --
Other note：
As at 30 June 2021, accounts payable with ageing over one year amounted RMB33,459,07 ( December 31，2020:
RMB36,173,534), mainly unsettled fuel payable
37. Advance from customers
Not applicable
38.Contract Liabilities
In RMB
Items Closing balance Opening balance
Advances from services 434,507 6,344,293
Advances from others 151,963 229,619
Total 586,470 6,573,912
The amount and reasons of significant changes in book value during the reporting period
In RMB
Items Change amount Reason for change
39.Payable Employee wage
(1) List of Payroll payable
In RMB
Items Opening balance Increase Decrease Closing balance
1.Short-term
261,426,210 838,039,236 687,279,627 412,185,819
compensation
2.Post-employment
benefits - defined 3,087,318 121,986,060 117,384,901 7,688,477
contribution plans
3.Dismissal welfare 32,292,293 1,197,769 5,290,213 28,199,849
4. Other benefits due
7,742,552 49,440 3,747,620 4,044,372
within one year
145
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
5.Other 1,264,170 1,264,170
Total 304,548,373 962,536,675 814,966,531 452,118,517
（2）Short-term remuneration
In RMB
Balance in Increase in this period decrease in this period Balance in year-end
Items
year-begin
1.Wages, bonuses,
198,851 589,148,910 471,197,553 118,150,208
allowances and subsidies
2.Employee welfare 3,089,748 56,023,549 44,876,167 14,237,130
3. Social insurance
148,100,870 66,578,634 60,339,577 154,339,927
premiums
Including：Medical
148,100,870 62,480,316 56,241,259 154,339,927
insurance
Work injury insurance 792,349 792,349 0
Maternity insurance 3,305,969 3,305,969 0
4. Public reserves for
69,225,130 69,225,130 0
housing
5.Union funds and staff
102,198,051 25,216,624 21,316,174 106,098,501
education fee
Other short-term
remuneration
Total 261,426,210 838,039,236 687,279,627 412,185,819
（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
74,034,229 74,034,229 0
insurance premiums
2.Unemployment
2,085,141 2,085,141 0
insurance
3. Annuity payment 3,087,318 45,866,690 41,265,531 7,688,477
Total 3,087,318 121,986,060 117,384,901 7,688,477
40.Tax Payable
In RMB
Items Closing balance Opening balance
VAT 280,624,860 315,452,032
Enterprise Income tax 116,984,702 147,823,950
Individual Income tax 1,210,409 18,973,674
City Construction tax 6,124,485 4,710,210
146
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
House property Tax 17,480,457 0
Education surcharges 5,179,861 3,895,809
Land use tax 4,607,638 0
Water resource fee 2,485,261 4,690,504
Environmental protection tax payable 1,426,669 2,227,048
Other 1,428,069 1,027,853
Total 437,552,411 498,801,080
41.Other payable
In RMB
Items Closing balance Opening balance
Dividend payable 9,771,322 9,771,322
Other payable 7,451,532,882 6,765,929,262
Total 7,461,304,204 6,775,700,584
（1）Dividends payable
Not applicable
(2) Dividends payable
In RMB
Items Closing balance Opening balance
Shareholders of non-tradable shares
9,771,322 9,771,322
payable to the Company
Total 9,771,322 9,771,322
Note: Including significant unpaid dividends payable over one year, the unpaid reason shall be disclosed:
This part of dividends is mainly payable to shareholders of non-tradable shares who have not gone through the
formalities of share-trading reform. This part of dividends will be paid after the formalities are completed.
（3）Other payable
（1）Disclosure by nature
In RMB
Items Closing balance Opening balance
Construction and equipment expenses
6,237,328,791 5,539,541,169
payable
147
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Generator unit capacity payable 830,188,680 830,188,680
Engineering quality guarantee payable 93,470,674 124,770,917
Advances from land reserve 39,253,600 39,253,600
Carbon emission allowances payable 31,847,471 36,011,871
Advances from compensations for
14,373,126 14,373,126
demolition
State Oceanic and Fisheries
11,531,700 11,531,700
Administration penalty payable
Other 193,538,840 170,258,199
Total 7,451,532,882 6,765,929,262
(2) Other payables with large amount and aging of over one year
In RMB
Items Closing balance Reason
Other payable 1,456,966,128 Failure to meet payment terms
Total 1,456,966,128 --
Other note
Mainly used to cope with project funds and retention money. Since the project has not finished the project and
acceptance and final settlement or in the warranty period of acceptance, the project funds and retention money has
not been settled.
42. Liabilities classified as holding for sale
Not applicable
43.Non-current liabilities due within 1 year
In RMB
Items Closing balance Opening balance
Long-term loans due in 1 year 1,289,471,734 1,391,129,374
Bond payable due in 1 year 1,583,304,666 1,544,367,074
Long-term Account payable due in 1
90,000,000 90,566,666
year
Lease liabilities due in 1 year 103,477,323 162,780,505
Total 3,066,253,723 3,188,843,619
148
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
44. Other current-liabilities
In RMB
Items Closing balance Opening balance
Short-term bond payable 809,060,822 3,216,900,546
Output VAT to be written off 623,030
Total 809,060,822 3,217,523,576
Changes in short-term debentures payable：
In RMB
Amort
isatio
Balance at the Issuance n of Repayment Balance at
Face Issuance Maturit Issuance Interest at
Name beginning of during the discou for the the end of
value date y period amounts face value
the year year nts or period the year
premi
um
Second batch
of short-term
1,600,00 1,600,000 1,613,680,3
financing 2020/8/10 172days 1,611,440,000 2,240,359
0,000 ,000 59
bonds issued
of 2020
Third batch of
short-term
1,600,00 1,600,000 1,619,007,8
financing 2020/11/10 178days 1,605,460,546 13,547,313
0,000 ,000 59
bonds issued
of 2020
First batch of
short-term
800,000, 800,000,0
financing 2021/1/26 178days 800,000,000 9,060,822 809,060,822
000 00
bonds issued
of 2021
Other note：
45.Long-term borrowings
（1）Long-term term borrowings
In RMB
Items Closing balance Opening balance
Pledged borrowings 3,722,909,917 3,894,649,146
Guarantee loan 811,214,638 76,100,000
Credit loans 17,435,856,810 15,027,806,422
Total 21,969,981,365 18,998,555,568
149
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
46.Bond payable
（1）Bond payable
In RMB
Items Closing balance Opening balance
Public Issuance of Corporate Bonds to Qualified
Investors in 2020 (Phase I) by Guangdong Electric 1,499,595,741 1,499,542,911
Power Development Co., Ltd.
Public Issuance of Corporate Bonds to Qualified
Investors in 2021 (Phase I) by Guangdong Electric 999,898,113
Power Development Co., Ltd.
Public Issuance of Corporate Bonds to Qualified
Investors in 2021 (Phase II) by Guangdong Electric 1,500,000,000
Power Development Co., Ltd.
Public Issuance of Corporate Bonds to Qualified
Investors in 2021 (Phase I) by Guangdong Huizhou 199,880,000
Pinghai Power Generation Co., Ltd.
Total 4,199,373,854 1,499,542,911
150
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
（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
Overflow Pay in
Opening The current Withdraw Closing
Name of the bond Face value Issue date Period Issue amount discount current
balance issue interest at par balance
amount period
Public Issuance of Corporate
Bonds to Qualified Investors in
2020 (Phase I) of Guandong 3+2
1,500,000,000 2020/4/29 1,500,000,000 1,499,542,911 6,326,370 52,830 1,499,595,741
Electric Power Development years
Co.,Ltd.
Public Issuance of Corporate
Bonds to Qualified Investors in
2021 (Phase I) of Guandong
1,000,000,000 2021/1/26 3 years 1,000,000,000 1,000,000,000 14,875,000 -101,887 999,898,113
Electric Power Development
Co.,Ltd.
Public Issuance of Corporate
Bonds to Qualified Investors in
2021 (Phase II) of Guandong 3+2
1,500,000,000 2021/4/27 1,500,000,000 1,500,000,000 9,181,507 1,500,000,000
Electric Power Development years
Co.,Ltd.
Public Issuance of Corporate
Bonds to Qualified Investors in
2021 (Phase I) of Guangdong 200,000,000 2021/6/4 2 years 200,000,000 200,000,000 -120,000 199,880,000
Pinghai Power Generation Plant
Co., Ltd.
Total -- -- -- 4,200,000,000 1,499,542,911 2,700,000,000 30,382,877 -169,057 4,199,373,854
151
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
(3) Note to conditions and time of share transfer of convertible bonds
Not applicable
（4）Other financial instruments that are classified as financial liabilities
Not applicable
47. Lease liability
In RMB
Items Closing balance Opening balance
Net lease liabilities 4,136,908,238 3,164,739,588
Total 4,136,908,238 3,164,739,588
48. Long-term payable
In RMB
Items Closing balance Opening balance
Special payable 24,960,000 24,960,000
Total 24,960,000 24,960,000
(1) Long-term payable listed by nature of the account
Not applicable
152
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
（2）Specific payable
In RMB
Items Opening balance Increase Decrease Closing balance Cause
Supporting funds
24,960,000 24,960,000
for expansion
Total 24,960,000 0 0 24,960,000 --
Other note：
(i) The payables for specific projects represent the fund granted for benefits improvement and capacity expansion
by governments at provincial and central level to Lincang Energy, subsidiary of the Company. According to the
document issued by Yunnan Water Conservancy & Hydropower Investment Co., Ltd. (Yun Shui Tou Fa [2015] No.
16), such payables for specific project were subject to an interest rate of 4% from 1 January 2015. The
corresponding interest was recorded in the financial expenses by the Company.
49. Long-term employee salary payable
（1）Long-term employee salary payable
In RMB
Items Closing balance Opening balance
II. Termination benefits 122,601,354 134,831,320
III. Other Long-term benefits 83,712,423 83,712,423
Total 206,313,777 218,543,743
(2) Changes of defined benefit plans
Not applicable
50.Predicted liabilities
Not applicable
51.Deferred income
In RMB
Decreased this
Items Beginning of term Increased this term End of term Reason
term
Asset-related
Government
134,647,590 3,030,000 2,410,954 135,266,636 government grants
Subsidy
received
Total 134,647,590 3,030,000 2,410,954 135,266,636 --
153
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Details of government subsidies：
In RMB
Amount Other Amount
New transferr income of cost Asset-related
Beginning subsidy in ed to recorde deducte Other End of or
Items
of term current non-ope d in the d in the changes term income-relate
period rational current current d
income period period
Compensation for
relocation and Related to
16,684,075 16,684,075
renovation of Shajiao A assets
Zhenkou pump house
Special funds for #1-#3
Related to
generators’ 16,410,766 16,410,766
assets
desulfurisation project
Related to
Energy saving grants 13,790,787 82,355 13,708,432
assets
Tax refund for Related to
10,332,934 10,332,934
PRC-made equipment assets
Comprehensive
technology upgrading
for the energy saving of Related to
7,692,307 7,692,307
1&2# generator units assets
turbine by Zhongyue
Energy
Development and
Related to
competitiveness funds 6,666,666 6,666,666
assets
from SASAC
Second incentives for
comprehensive and
typical demonstration Related to
6,750,000 450,000 6,300,000
projects under financial assets
policies of energy
saving
Incentives for energy
Related to
efficiency of power 4,943,063 4,943,063
assets
plant by Dongguan
Post rewarding
subsidies for ultra-low Related to
5,645,957 5,645,957
emissions of 1&2# assets
generators
Incentives for energy
efficiency of power Related to
4,159,433 4,159,433
plant by Zhongyue assets
Energy
Post rewarding
subsidies for ultra-low
emissions of designated Related to
3,388,462 3,388,462
account of special fund assets
in Maonan District of
Maoming in 2018
Incentives for energy
Related to
efficiency of power 2,755,964 515,770 2,240,194
assets
plant by Zhanjiang
Dianbai Reshui wind Related to
3,000,000 3,000,000
power plant project assets
154
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Expansion on flow Related to
2,175,028 2,175,028
reconstruction project assets
Shajiao A - 2016
Related to
central finance energy 2,116,875 2,116,875
assets
saving funds
Government subsidies
from the financial
Related to
treasury payment centre 2,375,062 75,632 2,299,430
assets
of Qujiang District,
Shaoguan
Special prize funds of
recycle economy and Related to
2,004,821 2,004,821
energy saving by assets
Shenzhen
Related to
Energy saving funds 1,638,785 1,638,785
assets
Provincial special funds
for enterprises’ Related to
8,674,936 152,356 8,522,580
technology assets
improvement
Special fund for the
Related to
project of no 3,710,000 557,303 3,152,697
assets
wastewater discharge
Development and
application project for
Related to
the operation and 2,550,000 2,550,000
assets
maintenance of
offshore wind power
Provincial technical
transformation fund for
special enterprises Related to
2,030,000 304,939 1,725,061
promoting high-quality assets
economic development
in 2021
Guangdong Red Bay
Power Generation Co., Related to
1,000,000 1,000,000
Ltd. -Waste water zero assets
emission subsidy
Related to
Other 7,181,669 272,599 6,909,070
assets
2,410,9 135,266,63
Total 134,647,590 3,030,000
54 6
52. Other non-current liabilities
In RMB
Items Closing balance Opening balance
Capital injection 289,187,000 200,000,000
Housing revolving fund 970,029 970,029
Total 290,157,029 200,970,029
Other note：
In 2018, the Company’s subsidiaries Yangjiang Wind Power and Qujie Wind Power respectively received capital
155
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
injection of RMB 100,000,000 and RMB 50,000,000 from GEGC. The capital will be used for Yangjiang Shapa
offshore wind power plant project and Qujie Wailuo offshore wind power plant project. As at 30 June 2021, such
capital injection was recorded in other non-current liabilities as the registration for changes of business license had
not been completed.
In 2019, the Group’s subsidiary Zhuhai Wind Power received a capital injection of RMB 50,000,000 and
RMB89,187,000 from GEGC. The capital will be used for Zhuhai Jinwan Electric offshore wind power project. As
at 30 June 2021, such capital injection was recorded in other non-current liabilities as the registration for changes
of business license had not been completed.
53.Stock capital
In RMB
Changed（+，-）
Balance in Balance in
Issuance of Capitalizatio
year-begin Bonus shares Other Subtotal year-end
new share n of public
reserve
Total of
5,250,283,986 5,250,283,986
capital shares
54. Other equity instruments
Not applicable
55. Capital reserves
In RMB
Items Year-beginning Increase in the current Decrease in the current Year-end balance
balance period period
Share premium 4,543,959,053 4,543,959,053
Other capital reserves 2,919,327 2,919,327
Estimate Increase 119,593,718 119,593,718
Investment from
395,000,000 395,000,000
Energy Group
Share of interests in
the investee in
-179,682,776 -179,682,776
proportion to the
shareholding
Transfer of capital
surplus recognised
20,474,592 20,474,592
under the previous
accounting system
156
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Total 4,902,263,914 4,902,263,914
56.Treasury stock
Not applicable
57. Other comprehensive income
In RMB
Amount of current period
Less：Prior
Less：Amount
period
transferred into
included in
profit and loss in
other
Amount the current After-tax After-tax
Year-beginning composite Less： Closing
Items incurred period that attribute to attribute to
balance income Income tax balance
before recognied into the parent minority
transfer to expenses
income tax other company shareholder
retained
comprehensive
income in
income in prior
the current
period
period
I. Other
comprehensive
income that will
not be 1,946,486,479 112,466,070 28,116,518 84,349,552 2,030,836,031
subsequently
reclassified to
profit or loss
Other
comprehensive
income that
cannot be
42,442,427 42,442,427
transferred to
profit or loss
under equity
method
Changes in fair
value of
investments in 1,904,044,052 112,466,070 28,116,518 84,349,552 1,988,393,604
other equity
instruments
II. Other
-180,884 -180,884
comprehensive
157
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
income that will
be subsequently
reclassified to
profit or loss
Including：Share
of other
comprehensive
income of the
investee that
cannot be -180,884 -180,884
transferred to
profit or loss
accounted for
using the equity
method
Total of other
comprehensive 1,946,305,595 112,466,070 28,116,518 84,349,552 2,030,655,147
income
Other notes include the valid part of gain and loss of a cash-flow hedge converted into initial amount of arbitraged
items for adjustment:
58. Special reserves
Not applicable
59. Surplus reserves
In RMB
Items Year-beginning Increase in the current Decrease in the current Year-end balance
balance period period
Statutory surplus
2,905,992,585 110,901,285 3,016,893,870
reserve
Discretionary surplus
5,609,368,053 277,253,212 5,886,621,265
reserve
Total 8,515,360,638 388,154,497 8,903,515,135
60. Retained profits
In RMB
Items Amount of this period Amount of last period
Before adjustments: Retained profits in last
6,755,781,289 5,909,128,280
period end
158
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
After adjustments: Retained profits at the period
6,755,781,289 5,909,128,280
beginning
Add: Net profit attributable to owners of the 109,028,853 813,684,495
Company for the period
Less: Appropriation to statutory surplus reserve 110,901,285 77,026,584
Drawing discretionary surplus reserve 277,253,212 192,566,461
Dividends payable on ordinary shares 630,034,078 630,034,078
Retained profits at the period end 5,846,621,567 5,823,185,652
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 17,535,862,514 16,780,408,772 12,359,160,846 10,137,771,229
Other business 245,658,707 6,310,893 180,756,977 13,201,793
Total 17,781,521,221 16,786,719,665 12,539,917,823 10,150,973,022
Income related information:
In RMB
Contract classification Division 1 Division 2 Total
Including：
Electric power 17,429,546,654 17,429,546,654
Generation by-product 232,388,965 232,388,965
Thermal Energy 62,652,754 62,652,754
Labor service 43,663,106 43,663,106
Rent 13,269,742 13,269,742
Including：
Guangdong 17,755,824,058 17,755,824,058
159
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Yunnan 25,697,163 25,697,163
Including：
Power market 17,429,546,654 17,429,546,654
Other market 351,974,567 351,974,567
Including：
Sell goods 17,724,588,373 17,724,588,373
Service 43,663,106 43,663,106
Assets use rights 13,269,742 13,269,742
Including：
Recognize at a certain
17,724,588,373 17,724,588,373
time point
Recognize in a certain
56,932,848 56,932,848
period of tim
Including：
Including：
Information related to performance obligations:
Commodity type Usual performance time of Important payment terms Commodity nature
performance obligation
Electric power When power is supplied to the grid Cash settlement/monthly Electric power
company settlement
Heat energy When heat energy is supplied to Cash settlement/monthly Heat energy
customers who buy heat, settlement
Power generation by-products When by-products such as fly ash Cash settlement/monthly Power generation
generated by power generation are settlement by-products
transported to the agreed delivery
place,
Labor service Service provision period Cash settlement/monthly Labor service
settlement
Information related to the transaction price apportioned to the residual performance obligation:
The income corresponding to the performance obligations that have not been performed or have been performed
incompletely but the contract has been signed at the end of the reporting period is RMB 586,471, of which RMB
586,471 is expected to be recognized as income in 2021.
62. Business tax and subjoin
In RMB
Items Amount of current period Amount of previous period
160
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Urban construction tax 34,711,861 29,825,058
Education surcharge 27,657,092 22,897,084
Property tax 23,538,501 23,444,528
Land use tax 5,258,950 5,061,833
vehicle and vessel usage tax 72,842 412,002
Stamp tax 9,107,495 11,158,662
Environmental protection tax 6,667,091 5,352,910
Total 107,013,832 98,152,077
63.Selling expenses
In RMB
Items Amount of current period Amount of previous period
Employee’s remuneration 25,648,205 19,851,760
Depreciation expenses 1,720,627 371,964
Business expense 1,234,823 634,957
Publicity Expenses 160,596 289,093
Other 1,730,868 1,746,783
Total 30,495,119 22,894,557
64.Administrative expenses
In RMB
Items Amount of current period Amount of previous period
Employee’s remuneration 186,562,425 161,938,884
Amortization of intangible assets 32,200,186 29,226,650
Depreciation expenses 27,102,873 23,540,759
Fire safety expenses 15,965,657 17,401,896
Property management expenses 14,769,806 12,697,371
Agency fee 8,186,076 4,683,784
Rental expenses 5,392,398 3,923,000
A forestation fee 4,637,517 3,518,796
Office expenses 4,592,733 3,727,413
Travel expenses 3,391,471 1,210,024
Entertainment expenses 2,097,568 1,089,133
Consulting fee 1,785,530 1,339,055
161
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Insurance expenses 1,224,748 5,030,478
Low consumables amortization 790,556 1,015,180
Expenses on board meetings 316,595 387,661
Other 39,697,645 30,945,589
Total 348,713,784 301,675,673
65. R&D Expense
In RMB
Items Amount of current period Amount of previous period
Direct input fee 52,318,810
Employee’s remuneration 35,352,927
Outsourced research and development
1,182,183 9,434
expenses
Other 5,007,919 821,675
Total 93,861,839 831,109
66.Financial Expenses
In RMB
Items Amount of current period Amount of previous period
618,003,887 594,291,506
Interest expenses
-41,832,597 -35,840,406
Interest income
Bank charges and others 479,309 2,863,805
Total 576,650,599 561,314,905
67.Other income
In RMB
Other sources of revenue Amount of the Current Term Amount of the Previous Term
Revenue from timely levy and refund of
4,141,947 4,513,774
VAT
Government subsidies related to assets 2,410,954 1,615,884
Other 4,022,324 7,359,057
Total 10,575,225 13,488,715
162
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
68. Investment income
In RMB
Items Amount of this period Amount of last period
Long-term equity investment income by
397,912,700 214,698,621
equity method
Dividends earned during the holding period
30,182,378 21,370,444
on investments in other equity instrument
Total 428,095,078 236,069,065
69.Net exposure hedging income
Not applicable
70. Gains on the changes in the fair value
Not applicable
71. Credit impairment loss
In RMB
Items Amount of this period Amount of last period
Loss of bad debts in other receivables -126,468 0
Impairment loss of debt investment 0 0
Loss of impairment of other debt
0 0
investment
Long-term receivables and bad debt
0 0
losses
Impairment loss of the contract assets -14,832 0
Loss of bad accounts receivable -97,345 20,911
Total -238,645 20,911
72. Losses from asset impairment
In RMB
Items Amount of this period Amount of last period
II. Loss of inventory price and
Impairment of contract performance -16,743,630
costs
163
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Total -16,743,630
Other note：
73.Assets disposal income
In RMB
Source Amount of this period Amount of last period
Income from disposal of Fixed assets 17,388,533 51,176,776
Income from land disposal 6,464,149 0
74. 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
Gain on disposal of
7,507,022 8,035,492 7,507,022
non-current assets
Carbon emissions quota
0 2,720,755 0
disposal proceeds
Claims and Compensation
4,115,168 2,843,081 4,115,168
Income
Other 4,139,686 3,268,594 4,139,685
Total 15,761,876 16,867,922 15,761,875
75.Non-current expenses
In RMB
The amount of non-operating
Items
Amount of current period Amount of previous period gains & losses
Foreign donations 109,792 138,137 109,792
Loss on obsolescence of
4,006,514 1,124,738 4,006,514
non-current assets
Carbon emission rights assets
2,750,000 6,601,136 0
used for performance
Fine for delaying payment 209,860 2,784,751 209,860
Other 7,549,892 2,378,832 7,549,892
Total 14,626,058 13,027,594 11,775,990
Other note：
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
In accordance with the Interim Provisions on the Accounting Treatment Regarding Carbon Emissions Right
Trading and the Interim Measures for the Administration of Trading of Carbon Emission Rights (Cai Kuai [2019]
No. 22), companies within the Group that were identified as key emission units recognised the purchase of carbon
emission quotas used in 2021 as non-operating expenses on an accrual basis, and included relate provision for
carbon emission quota payable in other payables.
76. Income tax expenses
（1）Income tax expenses
In RMB
Items
Amount of current period Amount of previous period
Current income tax expense 188,815,544 421,812,657
Deferred income tax expense -82,136,583 51,066,755
Total 106,678,961 472,879,412
（2）Adjustment on accounting profit and income tax expenses
In RMB
Items Amount of current period
Total profits 301,486,541
Income tax expenses calculated on legal / applicable tax rate 75,371,635
Effect of different tax rate applicable to the subsidiary
-9,278,187
Company
Influence of non taxable income -109,210,376
Impact of non-deductible costs, expenses and losses 4,526,589
Transfer-out of deductible losses for which deferred tax asset
-50,418
was recognised
Deductible temporary differences for which no deferred tax
154,803,878
asset was recognised in the current period
Utilisation of deductible losses for which no deferred tax asset
-7,853,747
was recognised in previous periods
Utilisation of deductible temporary differences for which no
-1,630,413
deferred tax asset was recognised in previous periods
Income tax expenses 106,678,961
Other note
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77. Other comprehensive income
Refer to the notes VII(57)
78.Items of Cash flow statement
（1）Other cash received from business operation
In RMB
Interest income Amount of current period Amount of previous period
Interest income 34,335,537 30,094,472
Rent income 11,608,886 7,443,726
Government Subsidy 6,451,965 7,080,364
Insurance indemnity 1,362,282 6,406,134
Other 74,544,785 129,102,968
Total 128,303,455 180,127,664
(2)Other cash paid related to operating activities
In RMB
Items Amount of current period Amount of previous period
Insurance expenses 45,138,120 60,766,847
Electricity transaction expenses 15,173,967 16,514,263
Property management expenses 14,459,312 10,267,042
Fire guard fee 14,334,205 15,519,230
Transportation fee 12,384,777 9,854,130
Automobile fee 11,589,600 8,143,840
Equipment cleaning and hygiene green
10,228,571 11,827,265
fee
Rental fee 10,157,296 8,116,972
Agency Charge 7,818,278 5,244,325
Union expenses 6,289,070 3,416,782
Office Expense 5,503,905 4,230,271
Information system maintenance 4,790,630 2,987,286
Travel expenses 4,760,924 1,855,526
R&D 4,313,829 546,572
Business fee 3,241,854 1,335,015
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Enterprise publicity expenses 2,665,366 2,220,034
Other 172,721,286 186,511,647
Total 345,570,990 349,357,047
(3)Cash received related to other investment activities
In RMB
Items Amount of current period Amount of previous period
Net revenue from commissioning 83,767,669
Total 83,767,669
(4)Cash paid related to other investment activities
Not applicable
（5）Other cash received in relation to financing activities
Not applicable
（6）Cash paid related with financing activities
In RMB
Items Amount of current period Amount of previous period
Rent paid by the financial lease 40,616,876
Total 40,616,876
79. Supplement Information for cash flow statement
（1）Supplement Information for cash flow statement
In RMB
Supplement Information Amount of current period Amount of previous period
I. Adjusting net profit to cash flow from
-- --
operating activities
Net profit 194,807,580 1,219,049,233
Add: Impairment loss provision of assets -238,645 16,743,630
Depreciation of fixed assets, oil and gas
1,778,138,190 1,634,111,347
assets and consumable biological assets
Depreciation of Use right assets 69,288,735
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Amortization of intangible assets 34,521,980 32,553,092
Amortization of Long-term deferred
2,576,853 1,630,976
expenses
Loss on disposal of fixed assets, intangible
-27,353,190 -61,836,734
assets and other long-term deferred assets
Fixed assets scrap loss
Loss on fair value changes
Financial cost 618,003,887 594,291,506
Loss on investment -428,095,078 -236,069,065
Decrease of deferred income tax assets -73,925,859 52,054,377
Increased of deferred income tax liabilities 65,459,153
Decrease of inventories -739,945,667 -489,301
Decease of operating receivables -477,018,607 285,504,917
Increased of operating Payable 2,080,638,311 480,677,919
Other
Net cash flows arising from operating
3,096,857,643 4,018,221,897
activities
II. Significant investment and financing
-- --
activities that without cash flows:
Conversion of debt into capital
Convertible corporate bonds maturing
within one year
Financing of fixed assets leased
3 ． Movement of cash and cash
-- --
equivalents：
Ending balance of cash 5,539,142,220 5,724,061,282
Less: Beginning balance of cash
5,763,619,876 5,079,641,969
equivalents
Add：End balance of cash equivalents
Less: Beginning balance of cash
equivalents
Net increase of cash and cash equivalent -224,477,656 644,419,313
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(2) Net Cash paid of obtaining the subsidiary
Not applicable
(3) Net Cash receive of disposal of the subsidiary
Not applicable
(4) Component of cash and cash equivalents
In RMB
Items Year-end balance Year-beginning balance
I. Cash 5,539,142,220 5,763,619,876
Including：Cash at hand 27,829 26,993
Demand bank deposit 5,539,114,391 5,763,592,883
III. Balance of cash and cash equivalents
5,539,142,220 5,763,619,876
at the period end
80. Note of statement of changes in the owner's equity
Specify the description of the item "others" and the adjusted amount of the balance at the end of last year:
81. The assets with the ownership or use right restricted
In RMB
Items Closing book value Causation of limitation
Ecological security, land reclamation
Monetary funds 27,385,689 bond, project performance bond and
special project deposit
Assets to use rights formed by financing
Using right assets 4,358,857,807
lease
Total 4,386,243,496 --
82. 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 -- --
Including：USD 190 6.46010 1,227
Euro
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HKD 12,886 0.83208 10,722
Account receivable -- --
Including：USD
Euro
HKD
Long –term borrowings -- --
Including：USD 22,098,462 6.46010 142,758,274
Euro
HKD
(2) Note to overseas operating entities, including important overseas operating entities, which 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
83. Hedging
Arbitrage According to arbitrage category to disclose arbitrage item, relevant arbitrage tools and the arbitraged
risk qualitative and quantitative information:
84. Government subsidies
（1）Government subsidies confirmed in current period
In RMB
Amount included in
Items Amount Project
current profit and loss
Value-added tax will be refunded immediately 4,141,947 Other income 4,141,947
Government subsidies relating to assers 2,410,954 Other income 2,410,954
other 4,022,324 Other income 4,022,324
（2）Government subsidy return
□ Applicable √ Not applicable
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85.Other
VIII. Changes of merge scope
1. Business merger not under same control
Not applicable
2. Business combination under the same control
Not applicable
3. Counter purchase
Not applicable
4. The disposal of subsidiary
Not applicable
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:
Subsidiaries established during the year：
Subsidiaries Major business Place of Nature of Shareholding% Acquisition
location registration business method
Guangdong Yudean Dananhai Intelligence Energy Co., Jieyang Jieyang Electric Power 100% Establish
Ltd.
Guangdong Yudean Baihua Integrated Energy Company Huizhou Huizhou Electric Power 100% Establish
6.Other
IX. Equity in other entity
1. Equity in subsidiary
（1）Constitute of enterprise group
Business Share-holding ratio
Subsidiary Main operation Registered place Acquired way
nature Directly Indirectly
Energy Termal Electric
Maoming Maoming 46.54% Establish
Power Plant Power
Jinghai Company Jieyang Jieyang Electric 65% Establish
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power
Zhangjiang Wind Electric
Zhanjiang Zhanjiang 70% Establish
Power power
Anxin Electric Power Electric
Dongguan Dongguan 100% Establish
Maintenance power
Humen Power Electric
Dongguan Dongguan 60% Establish
Generation power
Electric
Bohe Company Maoming Maoming 67% Establish
power
Business combinations
Electric
Yuheng Company Zhanjiang Zhanjiang 76% involving enterprises
power
under common control
Electric
Xuwen Wind Power Zhanjiang Zhanjiang 70% Establish
power
Electric
Huadu Natural gas Guangzhou Guangzhou 65% Establish
power
Electric
Dapu Company Meizhou Meizhou 100% Establish
power
Leizhou Wind Electric
Leizhou Leizhou 80% 14% Establish
Power power
Electric
Dianbai Wind Power Maoming Maoming 100% Establish
power
Business combinations
Electric
Zhanjiang Company Zhanjiang Zhanjiang 76% involving enterprises
power
under common control
Business combinations
Electric
Yuejia Company Meizhou Meizhou 58% involving enterprises not
power
under common control
Business combinations
Electric
Yuejiang Company Shaoguan Shaoguan 90% involving enterprises
power
under common control
Business combinations
Electric
Zhongyue Company Zhanjiang Zhanjiang 90% involving enterprises
power
under common control
Electric
Electric sales Guangzhou Guangzhou 100% Establish
power
Electric
Qujie Wind Power Zhanjiang Zhanjiang 100% Establish
power
Yangjiang Wind Electric
Yangjiang Yangjiang 100% Establish
Power power
Business combinations
Electric
Lincang Company Lincang Lincang 100% involving enterprises not
power
under common control
Business combinations
Guangqian Electric
Shenzhen Shenzhen 100% involving enterprises under
Company power
common control
Business combinations
Electric
Huizhou Natural gas Huizhou Huizhou 67% involving enterprises
power
under common control
Business combinations
Pinghai Power Electric
Huizhou Huizhou 45% involving enterprisest under
Generation power
common control
Business combinations
Shibeishan Wind Electric
Jieyang Jieyang 70% involving enterprises
Power power
under common control
Electric Business combinations
Red Bay Company Shanwei Shanwei 65%
power involving enterprises
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under common control
Business combinations
Guangdong Wind Electric
Guangzhou Guangzhou 100% involving enterprises not
Power power
under common control
Tongdao Wind Electric
Huaihua Huaihua 100% Establish
Power power
Pingyuan Wind Electric
Meizhou Meizhou 100% Establish
Power power
Electric
Heping Wind Power Heyuan Heyuan 100% Establish
power
Business combinations
Electric
Huilai Wind Power Jieyang Jieyang 89.83% involving enterprises not
power
under common control
Electric
Yuejiang Hongrui Shaoguan Shaoguan 90% Establish
power
Electric
Yongan Natural gas Zhaoqing Zhaoqing 90% Establish
power
Electric
Xupu Wind Power Huaihua Huaihua 100% Establish
power
Wuxuan Wind Electric
Guangzi Guangxi 100% Establish
Power power
Pingdian Integrated Electric
Huizhou Huizhou 45% Establish
Energy Company power
Zhencheng
Electric
Integrated Energy Maoming Maoming 37.23% Establish
power
Company
Electric
Zhuhai Wind Power Zhuhai Zhuhai 100% Establish
power
Electric
Binhai Bay Dongguan Dongguan 100% Establish
power
Electric
Daya Bay Company Huizhou Huizhou 80% Establish
power
Electric
Qiming Company Shenzhen Shenzhen 100% Establish
power
Business combinations
Huaguoquan
Shenzhen Shenzhen Rent 100% involving enterprises not
Company
under common control
Nanxiong New Electric
Shaoguan Shaoguan 100% Establish
Energy power
Electric
Dananhai Company Jieyang Jieyang 100% Establish
power
Electric
Yudean Baihua Huizhou Huizhou 100% Establish
power
Business combinations
Electric
Nanhua New Energy Zhanjiang Zhanjiang 51% involving enterprises not
power
under common control
Business combinations
Electric
Datang New Energy Guangzhou Guangzxhou 51% involving enterprises not
power
under common control
Business combinations
Yueneng Wind Electric
Zhanjiang Zhanjiang 51% involving enterprises not
Power power
under common control
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
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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.
On 30 November 2018, Maoming Zhenneng merged Maoming Thermal, wholly-owned by GEGC. After the
merger, GEGC held 30.12% equity of Maoming Zhenneng. According to the agreement between the Company
and GEGC, the delegated shareholder and director from GEGC maintain consensus with those of the Company
while exercising the voting rights during the shareholders’ meeting and the Board of Directors’ meeting at
Maoming Zhenneng. Therefore, the Company owns control power over Maoming Zhenneng. In addition, pursuant
to the consent agreement entered into between the Company and GEGC, the Company holds 61.33% voting rights
in Zhencheng Comprehensive, a subsidiary whose 80% equity is directly held by Maoming Zhenneng. Therefore,
the Company owns control power over Zhencheng Comprehensive
（2）Significant not wholly-owned subsidiaries
In RMB
Profit or loss
Holding proportion of Dividend declared to Closing balance of
Name attributable to
non-controlling interest non-controlling interest non-controlling interest
non-controlling interest
Bohe Company 33% -53,880,115 0 1,317,450,140
Zhanjiang Company 24% 5,863,779 23,197,930 969,651,803
Jinghai Company 35% 22,767,453 151,318,844 1,245,066,273
Red Bay Company 35% 6,829,605 96,734,416 1,130,076,829
Huizhou Natural gas 33% 68,720,504 211,037,669 692,671,285
Pinghai Power
55% 76,895,975 106,235,578 1,167,953,729
Generation
Energy Thermal power
53.46% -28,548,828 0 699,712,524
Plant
Zhongyue Company 10% -4,838,400.29 0 91,385,944.06
Yuejiang Company 10% -15,717,660.22 0 35,437,310.02
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（3）Main financial information of significant not wholly-owned subsidiaries
In RMB
Closing balance Beginning balance
Subsidiaries Current Non-current Current Non-current Total Current Non-current Current Non-current Total
Total assets Total assets
assets assets liabilities Liabilities liabilities assets assets liabilities Liabilities liabilities
Bohe Company 996,163,042 9,403,134,752 10,399,297,794 3,403,576,506 3,003,448,137 6,407,024,643 767,050,262 9,643,376,566 10,410,426,828 3,764,791,895 2,490,088,705 6,254,880,600
Zhanjiang
3,169,849,923 1,216,184,060 4,386,033,983 325,114,099 20,704,040 345,818,139 3,046,263,179 1,262,920,735 4,309,183,914 175,539,000 21,203,440 196,742,440
Company
Jinghai Company 1,227,254,211 6,770,522,879 7,997,777,091 2,879,267,668 1,561,177,215 4,440,444,882 1,169,487,442 6,990,897,776 8,160,385,218 2,449,512,187 1,786,251,133 4,235,763,320
Red Bay
966,546,751 4,886,323,647 5,852,870,398 1,959,993,892 664,085,567 2,624,079,459 972,859,321 5,062,032,390 6,034,891,711 1,796,971,724 752,258,158 2,549,229,882
Company
Huizhou Natural
771,065,829 2,988,450,131 3,759,515,960 1,092,875,695 567,636,372 1,660,512,067 710,651,111 3,115,192,544 3,825,843,655 635,175,623 660,400,000 1,295,575,623
gas
Pinghai Power
1,384,073,549 3,591,472,642 4,975,546,191 1,682,216,957 1,169,777,000 2,851,993,957 1,254,897,337 3,768,541,657 5,023,438,994 1,570,145,027 1,276,397,000 2,846,542,027
Generation
Energy Thermal
553,599,600 2,207,734,357 2,761,333,958 1,124,304,402 324,108,362 1,448,412,764 549,240,963 2,288,389,730 2,837,630,693 1,124,331,591 346,975,685 1,471,307,276
power Plant
Zhongyue
618,707,875 2,961,991,660 3,580,699,535 2,013,223,903 653,616,192 2,666,840,094 476,912,616 3,095,012,573 3,571,925,189 2,106,065,554 503,616,192 2,609,681,745
Company
Yuejiang
1,154,897,192 4,688,229,359 5,843,126,551 2,642,274,135 2,846,479,316 5,488,753,450 857,228,782 4,837,598,797 5,694,827,579 2,098,618,875 3,084,659,002 5,183,277,877
Company
In RMB
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Amount of current period Amount of previous period
Total Total
Subsidiaries Operating Cash flow from Operating Cash flow from
Net profit comprehensive Net profit comprehensive
revenue operating activities revenue operating activities
income income
Bohe Company 1,190,006,156 -163,273,077 -163,273,077 179,163,841 0 -8,721,657 -8,721,657 13,629,614
Zhanjiang Company 1,071,291,598 24,432,411 24,432,411 84,360,764 770,671,060 94,510,548 94,510,548 209,297,596
Jinghai Company 2,825,023,204 65,049,865 65,049,865 474,585,529 2,095,200,102 230,709,943 230,709,943 661,661,302
Red Bay Company 2,197,125,947 19,513,157 19,513,157 168,777,355 1,630,674,910 152,599,944 152,599,944 639,189,177
Huizhou Natural gas 1,996,292,606 208,243,950 208,243,950 490,350,045 1,870,326,110 334,746,205 334,746,205 412,544,115
Pinghai Power
2,196,837,720 139,810,863 139,810,863 238,260,223 1,443,009,856 242,186,835 242,186,835 326,530,144
Generation
Energy Thermal
957,316,941 -53,402,223 -53,402,223 384,086,022 727,648,226 15,189,745 15,189,745 438,551,052
power Plant
Zhongyue Company 959,628,170 -48,384,003 -48,384,003 208,055,333 598,088,942 1,152,621 1,152,621 221,798,430
Yuejiang Company 1,514,986,939 -157,176,602 -157,176,602 572,702,666 937,419,499 -51,659,034 -51,659,034 384,073,079
Other note：
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(4) Significant restrictions of using enterprise group assets and pay off enterprise group debt
Not applicable
(5) Provide financial support or other support for structure entities incorporate into the scope of
consolidated financial statements
Not applicable
2. The transaction of the Company with its owner’s equity share changed but still controlling the subsidiary
Not applicable
3. Equity in joint venture arrangement or associated enterprise
(1) Significant joint venture arrangement or associated enterprise
Shareholding Ratio (%) The accounting
Main
Registration treatment of
Name of Subsidiary Places of Nature of Business
Place direct indirect investment in
Operation
associates
- Joint ventures：
Guangzho
Industry Fuel Guangzhou Fuel trade 50%
u
Associates ：
Coal
Shanxi Yudean Transportation and
Taiyuan Taiyuan 40%
Enerty port operations
investment
Yudean Shipping Zhenzhen Shenzhen 35%
Guangzho
Energy Finance Guangzhou Financial 25%
u
Taishan Power
Taishan Taishan Power Generation 20%
Generation
Energy Financing Guangzho
Guangzhou Financing Leasing 25%
Leasing Company u
（2）Main financial information of Significant joint venture
In RMB
Amount of current period Amount of previous period
Industry Fuel Industry Fuel
Current assets 6,780,910,522 3,394,974,695
Non-current assets 922,876,289 919,752,240
Total of assets 7,703,786,811 4,314,726,935
Current liabilities 5,805,985,154 2,677,965,708
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Non current liabilities 306,058,725 505,894,435
Total liabilities 6,112,043,879 3,183,860,143
Minority shareholder Equity 67,010,551 67,010,550
Attributable to shareholders of the parent
1,524,732,381 1,063,856,242
company
Share of net assets calculated by stake 765,051,530 531,928,121
--Other -614,728 -614,728
Book value of equity investment in joint
764,436,802 531,313,393
venture
Business income 15,512,366,825 6,784,253,886
Financial expenses 12,439,451
Income tax 53,178,987 22,088,703
Net profit 160,175,934 57,819,131
Total comprehensive income 160,175,934 57,819,131
Dividends received from the joint
29,649,898 69,090,435
venture this year
Other note
Share of asset is calculated in proportion to the shareholding based on the amount attributable to the parent
company in the consolidated financial statements of associates. The amount in the consolidated financial
statements of associates considers the impacts of fair value of identifiable assets and liabilities of associates at the
time of acquisition and the unification of accounting policies.
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(3) Main financial information of significant associated enterprise
In RMB
Closing balance/This period Opening balance/Last period
Energy Energy
Yudean Taishan Power Financing Yudean Taishan Power Financing
Shanxi Energy Energy Finance Shanxi Energy Energy Finance
Shipping Generation Leasing Shipping Generation Leasing
Company Company
Current
455,128,400 663,148,623 8,127,000,300 2,049,580,991 1,156,853,457 359,511,675 610,941,062 4,029,448,613 1,394,060,235 913,688,722
assets
Non-current
6,088,965,525 1,470,208,991 16,826,658,632 9,605,611,270 5,499,653,915 4,862,121,461 1,526,832,468 16,236,897,512 10,151,763,274 4,333,088,521
assets
Total of
6,544,093,925 2,133,357,614 24,953,658,932 11,655,192,261 6,656,507,372 5,221,633,136 2,137,773,530 20,266,346,125 11,545,823,509 5,246,777,243
assets
Current
367,030,212 1,375,208,726 20,967,023,636 2,097,192,318 1,727,456,519 272,974,916 1,447,093,206 16,186,047,689 2,099,513,156 1,457,308,158
liabilities
Non-current
1,042,121,539 2,018,078 24,771,788 2,847,582,009 394,482,950 24,771,788 1,699,534,931
liabilities
Total
1,409,151,751 1,377,226,804 20,991,795,424 2,097,192,318 4,575,038,528 667,457,866 1,447,093,206 16,210,819,477 2,099,513,156 3,156,843,089
liabilities
Minority
shareholder 6,281,278 1,226,302 6,344,280 1,177,413
Equity
Attributable
to
shareholders 5,128,660,896 756,130,810 3,961,863,508 9,556,773,641 2,081,468,844 4,547,830,990 690,680,324 4,055,526,648 9,445,132,940 2,089,934,154
of the parent
company
Share of net
assets
2,051,438,155 263,632,679 990,465,878 1,928,084,738 520,571,642 1,819,132,396 241,738,113 1,013,881,662 1,889,026,588 522,483,539
calculated
by stake
--Goodwill 13,325,000 13,325,000
Book value
of equity
2,051,438,155 263,632,679 1,003,790,878 1,928,084,738 520,571,642 1,819,132,396 241,738,113 1,027,206,662 1,889,026,588 522,483,539
investment
in associates
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Business
40,369,217 975,357,361 361,371,694 2,700,661,824 119,226,458 4,992,410 435,612,954 343,612,965 2,700,661,824
income
Net profit 420,775,891 62,555,903 212,021,766 223,754,761 41,841,369 269,234,121 -53,831,002 209,453,720 201,189,473
Total
comprehensi 420,775,891 62,555,903 212,021,766 223,754,761 41,841,369 269,234,121 -53,831,002 209,453,720 201,189,473
ve income
Dividends
received
from the
76,421,226 12,576,669 20,000,000 73,161,903 146,136,255
associated
enterprise
this year
Other note
Guangdong Energy Group Finance Leasing Co., Ltd became an associate company to Guangdong Electric Power in November 2020, and the income statement has
no comparable data in the previous period.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
(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 675,349,344 656,356,923
The total number of the following -- --
--Net Profit 20,498,038 -1,816,145
--Other comprehensive income -1,269,641
- Total comprehensive income 20,498,038 -3,085,786
(5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer funds
to the Company
Not applicable
(6) The excess loss of joint venture or associated enterprise
Not applicable
(7)The unrecognized commitment related to joint venture investment
Not applicable
(8) Contingent liabilities related to joint venture or associated enterprise investment
Not applicable
4. Significant common operation
Not applicable
5. Equity of structure entity not including in the scope of consolidated financial statements
Not applicable
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
6.Other
X. The risk related financial instruments
XI. The disclosure of the fair value
1. Closing fair value of assets and liabilities calculated by fair value
In RMB
Closing fair value
Fair value Fair value Fair value
Items
measurement items at measurement items at measurement items at Total
level 1 level 2 level 3
I. Consistent fair value
-- -- -- --
measurement
（3）Other equity
506,053,215 3,164,500,870 3,670,554,085
instrument investment
II Inconsistent fair value
-- -- -- --
measurement
2.Recognized basis for the market price sustaining and non-persistent measured by fair value on first-order
For financial instruments that are not traded in active markets, the Group adopts valuation techniques to determine
their fair value.
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 and qualitative and quantitative information on major parameters for the fair value measure
sustaining and non-persistent on third -order
For financial instruments that are not traded in active markets, the Group adopts valuation techniques to determine
their fair value. The valuation models used are mainly cash flow discount model and market comparable company
model. The input values of valuation techniques mainly include risk-free interest rate, benchmark interest rate,
exchange rate, credit spread, liquidity premium, dividend model, EBITDA multiplier, illiquidity discount and so
on.
5.Continuous third-level fair value measurement project, adjustment information between the opening and closing
book value and sensitivity analysis of unobservable parameters
6.The reasons for the conversions and the policies for determining the timing of the conversions for continuous
fair value measurement items where conversions between various levels occurred during the current period
The Group takes the occurrence date of the event that leads to the transition between different levels as the time to
confirm the transition between different levels. This year, there is no transition among the first level, the second
level and the third level.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
7. Changes in valuation technology during the current period and the reasons for the changes
8. Sensitiveness analysis on unobservable parameters and adjustment information between opening and
closing book value of consistent fair value measurement items at level 3
The Group's financial assets and liabilities measured in amortized cost mainly include: accounts receivable, other
receivables, long-term receivables, short-term loans, fund payable, long-term loans, bonds payable and long-term
payables.
There is no significant difference between the book value and fair value of the Group's financial assets and
financial liabilities that are not measured at fair value.
9.Other
XII. Related parties and related-party transactions
1. Parent company information of the enterprise
Share ratio of Vote right ratio
Parent company Registered parent company of parent
Registration place Nature
name capital against the company against
company(%) the company(%)
Operation and management of
power generation enterprises,
Guangdong capital management of
Guangzhou 23 billion 67.39% 67.39%
Energy Group electricity assets, construction
of power plant and sales of
electricity
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
On February 18, 2019, With the approval of the state-owned assets supervision and administration commission of
the Guangdong provincial people's government and the approval of the Guangdong provincial market supervision
administration, the former Guangdong Energy group Co., Ltd. was renamed as Guangdong Energy Group Co., Ltd
Ultimate controller of the Company is Guangdong Provincial People’s Government state owned assets
supervision and Administration Commission.
Other note：
2.Subsidiary of the Enterprise
See to Notes IX.1.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
3.Cooperative enterprise and joint venture
See Notes IX.3.
Other cooperative enterprise and joint venture that have related transaction with the Company in the Period or
occurred in pervious period：
Name Relationship
Yudean Fuel Company Joint venture
Yudean Shipping Comany Associate
Energy Group Finance Cmpany Associate
Yudean Insurance Captive Company Associate
Guangdong Energy Financing Leasing Co., Ltd. Associate
Other note
4.Other related party
Other related party Relationship with the Enterprise
Yudean Environmental protection Controlled by Energy Group
Guanghe Electric Power Controlled by Energy Group
Yuelong Power Generation Controlled by Energy Group
Xinhui Power Plant Controlled by Energy Group
Yunhe Power Generation Controlled by Energy Group
Zhongshan Thermal power plant Controlled by Energy Group
Yuehua Power Generation Controlled by Energy Group
Zhuhai Jinwan Controlled by Energy Group
Guangzhu Company Controlled by Energy Group
Yudean Infornation Technology Controlled by Energy Group
Huangpu Power Engineering Controlled by Energy Group
Yudean Property Controlled by Energy Group
Yangjiang Port Controlled by Energy Group
Yudean Changtan Power Generation Controlled by Energy Group
Yudean Real Estate Controlled by Energy Group
Shajiao C Power Plant Controlled by Energy Group
Energy Group Controlled by Energy Group
Huizhou New Energy Controlled by Energy Group
Deqing New Energy Controlled by Energy Group
Shaoguan Port Controlled by Energy Group
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Yudean New Energy Controlled by Energy Group
Qujiang New Energy Controlled by Energy Group
Yudean Environmental protection material Controlled by Energy Group
Huizhou Natural gas Controlled by Energy Group
Shenzhen Tianxin Controlled by Energy Group
Energy Group Natural gas Controlled by Energy Group
Energy Group Research Controlled by Energy Group
5. Related transactions.
（1）Related transactions on purchasing goods and receiving services
Acquisition of goods and reception of labor service
In RMB
Whether over the
Approval
Related party Content Current amount trading Last amount
trading limit
limit(Y/N)
Fuel Company Fuel purchase 10,988,461,951 No 4,902,865,249
Energy Group Natural gas Fuel purchase 1,011,394,168 No 742,626,273
Yudean Environment Protection Material purchase 108,295,352 No 68,533,438
Management
Yudean Property Management 14,070,665 No 15,521,486
services
Acceptance of
Yangjiang Port 12,695,230 No 1,479,405
tugboat services
Acceptance of
Yudean Shipping 12,113,208 No 13,097,736
tugboat services
Maintenance
Huangpu Power Engineering 5,524,654 No 5,364,513
services
Acceptance of
Yudean Information management 2,145,269 No 1,057,265
services
Acceptance of
Yudean Changtan Power
management 0 No 113,208
Generation
services
Acceptance of
Yuehua Power Generation management 0 No 37,800
services
Guanghe Electric Power Electric purchase 71,683,747 No 78,863,402
Guangzhu Company Electric purchase 59,973,500 No 65,652,082
Zhuhai Jinwan Electric purchase 56,010,529 No 60,817,812
Zhongshan Thermal power plant Electric purchase 44,818,875 No 44,099,821
Yunhe Power Generation Electric purchase 33,829,900 No 28,300,770
Yuehua Power Generation Electric purchase 30,209,169 No 29,358,941
Xinhui Power Generation Electric purchase 21,348,324 No 28,026,682
Yuelong Power Generation Electric purchase 14,351,040 No 14,217,210
Sales of goods and services
In RMB
Related parties Content Occurred current term Occurred in previous term
Yudean Environment Sale of Material 158,811,106 110,603,961
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Protection
Providing maintenance
Shajiao C plant 22,011,907 19,703,681
services
Xinhui Power Generation Service 5,008,934 5,782,041
Provide emergency rescue
Energy Group 4,716,981 0
services
Providing maintenance
Yunhe Power Generation 4,251,461 12,313,194
services
Zhongshan Thermal power Providing maintenance
3,663,982 2,445,092
plant services
Providing maintenance
Qujiang New Energy 1,531,789 2,307,500
services
Yudean New Energy Service 512,078 312,004
Providing maintenance
Huizhou New Energy 138,813 19,749
services
Deqing New Energy Service 0 557,677
Yudean Environment Providing maintenance
0 188,522
Protection services
（2）Related trusteeship or contracting
Related trusteeship or contracting in which the Company is the undertake
In RMB
Gains from
Name of the Name of the Asset situation Start Termina
Pricing basis the deal in
employer undertaker of the undertaker date ting date
report period
The custody fee charged to each first-class target
company directly controlled by Guangdong Energy
Group is 100,000 yuan/year, and the custody fee
charged to each second-class target company
indirectly controlled by Guangdong Yudean Group
is 50,000 yuan/year. If the custody period is less
than one complete fiscal year, the calculation
formula of the custody fee of each target company
Shareholders'
Guangdong is calculated according to the custody days. During
Guangdong rights except
Electric the current period, there are 19 first-level subject
Energy ownership, January
Power companiesthat have been in custody for half a year , 1,117,472
Group Co., income right and 1,2018
Developme 8 second-level subject companiesthat have been in
Ltd. disposition right
nt Co., Ltd. custody for half a year, and two other subject
companies have been changed: (1) Xitou
Company-the first-level subjectcompany-was
cancelled on February 25, 2021, with the number of
custody days was 56 days and the custody fee was
RMB 15,342; (2) Zhuhai Power Generation
Company-a second-level subject company-was
cancelled on May 20, 2021, with the number of
custody days was 140 daysand the custody fee was
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
RMB 19,178. Accordingly, in the first half of the
year, the custodial income of RMB 1,117,472 was
provisionally accrued.
Note
According to the instructions of Guangdong Energy Group on undertaking to perform related matters, in order to
avoid horizontal competition and fulfill the commitments of related horizontal competition, the Company and
Guangdong Energy Group have signed the Equity Trust Agreement, which entrusts the rights of shareholders of
the Company within the trust scope of Guangdong Energy Group to the Company except for the rights of
ownership, income and disposition. The expected trust fee is RMB 2.45 million/year.
Charge RMB 100,000/year custody fees for each Guangdong Energy Group's direct holding primary target
company; charge each indirectly controlling secondary target company 50,000/year custody fee. For details, please
refer to the " Announcement on Related Party Transaction of the Signing of the “Equity Custody Agreement” by
Guangdong Electric Power Development Co., Ltd with Guangdong Yudean Group Co., Ltd " (Announcement No.:
2018-04) disclosed in China Securities Journal, Securities Times, and Cninfo.com on January 13, 2018.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Lists of entrust/contracted
Not applicable
(3) Information of related lease
The company as lessor:
In RMB
The lease income confirmed The lease income confirmed
Name of lessee Category of leased assets
in this year in last year
Shipping Company Property Leas 0 528,807
Shajiao C Power plant Property Leas 0 42,857
Shaoguan Port Property Leas 330,400 12,465
Property Company Property Leas 728,743 0
Qujiang New Energy Property Leas 701 0
The Company was lessee：
In RMB
The lease income confirmed
Lessor Category of leased assets Category of leased assets
in this year
Yudean Real Estate Leasing service 6,135,668 4,909,655
Yudean Finance lease Financing leasing 71,857,044 43,685,957
Note
On March 2021,Based on the Framework Agreement on Financial Lease between the Company and Yudean
Leasing, Yudean Leasing is committed to offering the Group a credit line of less than RMB 10 billion, which is
reusable during the one-year agreement period.
As at 30 June 2021, the balance of Bohe Coal’s long-term payables of finance lease through leaseback was
RMB 1,006,959,137 (December 31, 2020: 1,007,089,705 ), and its interest expenses recorded in construction in
progress was RMB 20,907,626 (December 31, 2020: RMB47,836,846);
Qujie Wind's balance of lease liabilities formed by financial leases is RMB 1,680,811,246 (as of December 31, 2020,
the balance of long-term payables formed by financial leases is RMB: 1,106,364,504), and the interest expenses
included in the right-of-use assets this year are RMB 31,468,242 yuan（December 31, 2020:RMB34,701,756）;
On June 30,2021,the balance of Qujie Wind Power’s long-term payables of finance lease was RMB 1,680,811,246
(December 31, 2020: 1,106,364,504), and the interest expenses recorded in construction in progress amounted to
RMB31,468,242 ((December 31, 2020: 34,701,756 ）.
On June 30,2021,the balance of Zhuhai Wind Power’s long-term payables of finance lease was RMB 275,639,325
(December 31, 2020: 275,227,648), and the interest expenses recorded in construction in progress amounted to
RMB5,741,900(December 31, 2020:RMB 8,543,651) ）.
On June 30,2021,the balance of Yangjiang Wind Power’s long-term payables of finance lease was RMB
223,556,472 (December 31, 2020: 138,294,539), and the interest expenses recorded in construction in progress
amounted to RMB3,518,395 ((December 31, 2020:RMB 6,354,198 ）.
On June 30,2021,the balance of Nanxiong Yuefeng New Energy’s long-term payables of finance lease was RMB
188
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
20,830,088, and the interest expenses recorded in construction in progress amounted to RMB389,126.
On June 30,2021,the balance of Huadu Natural Gasr’s long-term payables of finance lease was RMB 393,702,735
(December 31, 2020: 76,214,109), and the interest expenses recorded in construction in progress amounted to
RMB8,725,389 ((December 31, 2020: RMB149,836 ）.
On June 30,2021,the balance of Tongdao Wind Power’s long-term payables of finance lease was RMB 67,914,839
(December 31, 2020: 40,577,991), and the interest expenses recorded in construction in progress amounted to
RMB1,106,366 ((December 31, 2020:RMB 904,804 ）.
（4）Status of related party guarantee
As a guarantor for the company
In RMB
Guarantor Guarantee amount Start date End date Execution accomplished
Guangdong Energy
600,225,631 December 3,2019 September 15,2043 No
Group
As a secured party for the company
In RMB
Execution accomplished
Guarantor Guarantee amount Start date End date
or not
Energy Group 0 August 14,2013 August 13,2022 Yes
(5) Inter-bank lending of capital of related parties：
In RMB
Amount borrowed
Related party Initial date Due date Notes
and loaned
Borrowed
Guangdong Energy Group Finance Co., Ltd. 140,000,000 December 6,2007 December 5,2025
Guangdong Energy Group Finance Co., Ltd. 295,040,000 March 11,2013 March 10,2031
Guangdong Energy Group Finance Co., Ltd. 232,110,651 December 25,2013 December 24,2028
Guangdong Energy Group Finance Co., Ltd. 60,000,000 October 16,2014 October 13,2029
Guangdong Energy Group Finance Co., Ltd. 51,740,000 December 10,2014 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 1,790,000 December 10,2014 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 1,780,000 December 10,2014 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 49,950,000 December 10,2014 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 1,790,000 December 10,2014 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 1,780,000 December 10,2014 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 100,000,000 February 4,2015 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 100,000,000 February 4,2015 October 27,2029
189
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Guangdong Energy Group Finance Co., Ltd. 10,000,000 February 11,2015 February 10,2033
Guangdong Energy Group Finance Co., Ltd. 7,000,000 June 9,2015 February 10,2033
Guangdong Energy Group Finance Co., Ltd. 45,000,000 June 17,2015 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 45,000,000 June 17,2015 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 5,000,000 July 2,2015 February 10,2033
Guangdong Energy Group Finance Co., Ltd. 25,000,000 July 23,2015 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 25,000,000 July 23,2015 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 11,500,000 August 12,2015 February 10,2033
Guangdong Energy Group Finance Co., Ltd. 200,000,000 September 2,2015 May 26,2030
Guangdong Energy Group Finance Co., Ltd. 24,000,000 September 15,2015 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 24,000,000 September 15,2015 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 30,000,000 September 28,2015 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 30,000,000 September 28,2015 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 4,000,000 September 29,2015 February 10,2033
Guangdong Energy Group Finance Co., Ltd. 19,000,000 October 13,2015 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 19,000,000 October 13,2015 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 144,500,000 December 16,2015 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 144,500,000 December 16,2015 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 4,000,000 December 16,2015 February 10,2033
Guangdong Energy Group Finance Co., Ltd. 200,000,000 December 17,2015 May 26,2030
Guangdong Energy Group Finance Co., Ltd. 3,000,000 January 27,2016 February 10,2033
Guangdong Energy Group Finance Co., Ltd. 1,000,000 March 3,2016 February 10,2033
Guangdong Energy Group Finance Co., Ltd. 78,000,000 November 30,2016 November 28,2031
Guangdong Energy Group Finance Co., Ltd. 14,000,000 January 25,2017 May 26,2030
Guangdong Energy Group Finance Co., Ltd. 4,000,000 May 15,2017 August 15,2031
Guangdong Energy Group Finance Co., Ltd. 10,055,666.05 October 27,2017 May 26,2030
Guangdong Energy Group Finance Co., Ltd. 42,542,563.40 December 11,2017 May 26,2030
Guangdong Energy Group Finance Co., Ltd. 8,800,000 December 18,2017 August 15,2032
Guangdong Energy Group Finance Co., Ltd. 18,845,253.12 January 31,2018 May 26,2030
Guangdong Energy Group Finance Co., Ltd. 7,200,639.87 April 28,2018 May 26,2030
Guangdong Energy Group Finance Co., Ltd. 12,000,000 June 20,2018 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 12,000,000 June 20,2018 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 22,753,922 July 4,2018 May 26,2030
Guangdong Energy Group Finance Co., Ltd. 26,000,000 July 31,2018 July 22,2033
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Guangdong Energy Group Finance Co., Ltd. 5,000,000 August 17,2018 August 15,2031
Guangdong Energy Group Finance Co., Ltd. 800,000 August 17,2018 August 15,2031
Guangdong Energy Group Finance Co., Ltd. 5,191,038.20 September 11,2018 May 26,2030
Guangdong Energy Group Finance Co., Ltd. 17,000,000 September 20,2018 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 17,000,000 September 20,2018 October 27,2029
Guangdong Energy Group Finance Co., Ltd. 8,327,537.21 November 22,2018 May 26,2030
Guangdong Energy Group Finance Co., Ltd. 30,000,000 December 28,2018 December 27,2036
Guangdong Energy Group Finance Co., Ltd. 30,000,000 January 15,2019 December 27,2036
Guangdong Energy Group Finance Co., Ltd. 5,919,804 January 24,2019 May 26,2030
Guangdong Energy Group Finance Co., Ltd. 10,000,000 February 25,2019 August 15,2031
Guangdong Energy Group Finance Co., Ltd. 10,000,000 February 25,2019 August 15,2031
Guangdong Energy Group Finance Co., Ltd. 30,250,000 March 11,2019 August 15,2031
Guangdong Energy Group Finance Co., Ltd. 7,058,352 April 12,2019 May 26,2030
Guangdong Energy Group Finance Co., Ltd. 38,000,000 May 31,2019 December 27,2036
Guangdong Energy Group Finance Co., Ltd. 23,000,000 June 21,2019 December 27,2036
Guangdong Energy Group Finance Co., Ltd. 632,991.90 June 26,2019 June 25,2039
Guangdong Energy Group Finance Co., Ltd. 570,000 July 15,2019 June 25,2039
Guangdong Energy Group Finance Co., Ltd. 26,000,000 July 29,2019 December 27,2036
Guangdong Energy Group Finance Co., Ltd. 297,042.21 August 26,2019 June 25,2039
Guangdong Energy Group Finance Co., Ltd. 1,297,700 September 12,2019 June 25,2039
Guangdong Energy Group Finance Co., Ltd. 180,000 September 29,2019 June 25,2039
Guangdong Energy Group Finance Co., Ltd. 21,000,000 September 29,2019 December 27,2036
Guangdong Energy Group Finance Co., Ltd. 210,000 October 29,2019 June 25,2039
Guangdong Energy Group Finance Co., Ltd. 18,000,000 October 30,2019 Decemer ,27,2036
Guangdong Energy Group Finance Co., Ltd. 3,000,000 November 21,2019 June 22,2039
Guangdong Energy Group Finance Co., Ltd. 18,000,000 November 27,2019 December 27,2036
Guangdong Energy Group Finance Co., Ltd. 2,000,000 December 5,2019 June 25,2039
Guangdong Energy Group Finance Co., Ltd. 1,100,000 December 18,2019 June 25,2039
Guangdong Energy Group Finance Co., Ltd. 9,000,000 December 25,2019 December 27,2036
Guangdong Energy Group Finance Co., Ltd. 3,000,000 December 27,2019 December 26,2034
Guangdong Energy Group Finance Co., Ltd. 1,800,000 January 14,2020 June 25,2039
Guangdong Energy Group Finance Co., Ltd. 10,014,937.25 January 17,2020 May 26,2030
Guangdong Energy Group Finance Co., Ltd. 10,000,000 February 21,2020 December 27,2036
Guangdong Energy Group Finance Co., Ltd. 1,500,000 February 25,2020 June 25,2039
191
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Guangdong Energy Group Finance Co., Ltd. 32,158,951.93 February 26,2020 January 2,2040
Guangdong Energy Group Finance Co., Ltd. 7,868,106.45 March 25,2020 May 26,2030
Guangdong Energy Group Finance Co., Ltd. 100,000,000 April 3,2020 March 31,2023
Guangdong Energy Group Finance Co., Ltd. 16,821,144.20 April 8,2020 May 26,2030
Guangdong Energy Group Finance Co., Ltd. 20,000,000 April 9,2020 January 2,2040
Guangdong Energy Group Finance Co., Ltd. 47,400,000 April 16,2020 June 25,2039
Guangdong Energy Group Finance Co., Ltd. 54,000,000 April 20,2020 June 25,2039
Guangdong Energy Group Finance Co., Ltd. 22,682,257.62 April 30,2020 May 26,2030
Guangdong Energy Group Finance Co., Ltd. 43,481,594.40 May 14,2020 January 2,2040
Guangdong Energy Group Finance Co., Ltd. 8,500,000 May 18,2020 June 25,2039
Guangdong Energy Group Finance Co., Ltd. 43,850,008.20 May 27,2020 January 2,2040
Guangdong Energy Group Finance Co., Ltd. 2,800,000 May 28,2020 May 25,2035
Guangdong Energy Group Finance Co., Ltd. 69,030,000 May 29,2020 May 28,2040
Guangdong Energy Group Finance Co., Ltd. 46,020,000 June 15,2020 May 28,2040
Guangdong Energy Group Finance Co., Ltd. 6,700,000 June 17,2020 June 25,2039
Guangdong Energy Group Finance Co., Ltd. 15,400,000 June 17,2020 January 2,2040
Guangdong Energy Group Finance Co., Ltd. 2,200,000 June 22,2020 May 25,2035
Guangdong Energy Group Finance Co., Ltd. 20,000,000 June 24,2020 December 26,2034
Guangdong Energy Group Finance Co., Ltd. 4,550,000 June 28,2020 May 25,2035
Guangdong Energy Group Finance Co., Ltd. 100,000,000 July 6,2020 July 5,2021
Guangdong Energy Group Finance Co., Ltd. 11,200,000 July 9,2020 June 25,2039
Guangdong Energy Group Finance Co., Ltd. 200,000,000 July 13,2020 July 12,2021
Guangdong Energy Group Finance Co., Ltd. 48,350,000 July 16,2020 January 2,2040
Guangdong Energy Group Finance Co., Ltd. 10,000,000 July 21,2020 July 20,2021
Guangdong Energy Group Finance Co., Ltd. 6,000,000 July 22,2020 May 25,2035
Guangdong Energy Group Finance Co., Ltd. 100,000,000 July 29,2020 July 28,2021
Guangdong Energy Group Finance Co., Ltd. 80,000,000 July 30,2020 July 29,2021
Guangdong Energy Group Finance Co., Ltd. 20,000,000 August 6,2020 August 5,2021
Guangdong Energy Group Finance Co., Ltd. 400,000,000 August 10,2020 August 9,2021
Guangdong Energy Group Finance Co., Ltd. 19,500,000 August 10,2020 July 25,2039
Guangdong Energy Group Finance Co., Ltd. 60,000,000 August 13,2020 August 12,2021
Guangdong Energy Group Finance Co., Ltd. 2,700,000 August 14,2020 May 25,2035
Guangdong Energy Group Finance Co., Ltd. 100,000,000 August 19,2020 August 18,2021
Guangdong Energy Group Finance Co., Ltd. 7,700,000 August 20,2020 June 25,2039
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Guangdong Energy Group Finance Co., Ltd. 83,613,861.21 August 20,2020 January 2,2040
Guangdong Energy Group Finance Co., Ltd. 20,000,000 August 24,2020 August 23,2021
Guangdong Energy Group Finance Co., Ltd. 21,281,009.76 August 27,2020 January 2,2040
Guangdong Energy Group Finance Co., Ltd. 36,000,000 September 10,2020 June 25,2039
Guangdong Energy Group Finance Co., Ltd. 20,000,000 September 10,2020 September 9,2021
Guangdong Energy Group Finance Co., Ltd. 6,800,000 September 14,2020 May 25,2035
Guangdong Energy Group Finance Co., Ltd. 5,700,000 September 15,2020 June 25,2039
Guangdong Energy Group Finance Co., Ltd. 12,188,757.10 September 16,2020 January 2,2040
Guangdong Energy Group Finance Co., Ltd. 10,000,000 September 16,2020 September 15,2021
Guangdong Energy Group Finance Co., Ltd. 5,000,000 September 17,2020 September 16,2021
Guangdong Energy Group Finance Co., Ltd. 30,000,000 September 28,2020 September 27,2021
Guangdong Energy Group Finance Co., Ltd. 20,000,000 October 9,2020 December 26,2034
Guangdong Energy Group Finance Co., Ltd. 50,000,000 October 12,2020 October 11,2021
Guangdong Energy Group Finance Co., Ltd. 5,000,000 October 14,2020 October 13,2021
Guangdong Energy Group Finance Co., Ltd. 11,600,000 October 15,2020 June 25,2039
Guangdong Energy Group Finance Co., Ltd. 30,000,000 October 16,2020 January 2,2040
Guangdong Energy Group Finance Co., Ltd. 12,000,000 October 23,2020 May 25,2035
Guangdong Energy Group Finance Co., Ltd. 100,000,000 October 28,2020 October 27,2021
Guangdong Energy Group Finance Co., Ltd. 50,000,000 October 29,2020 October 28,2021
Guangdong Energy Group Finance Co., Ltd. 10,000,000 November 4,2020 November 2,2035
Guangdong Energy Group Finance Co., Ltd. 28,000,000 November 4,2020 May 28,2040
Guangdong Energy Group Finance Co., Ltd. 60,000,000 November 16,2020 November 16,2021
Guangdong Energy Group Finance Co., Ltd. 13,000,000 November 17,2020 December 26,2034
Guangdong Energy Group Finance Co., Ltd. 7,100,000 November 19,2020 June 25,2039
Guangdong Energy Group Finance Co., Ltd. 16,530,202.23 November 19,2020 January 2,2040
Guangdong Energy Group Finance Co., Ltd. 9,000,000 November 19,2020 November 2,2035
Guangdong Energy Group Finance Co., Ltd. 150,000,000 November 24,2020 November 23,2021
Guangdong Energy Group Finance Co., Ltd. 100,000,000 November 26,2020 November 25,2021
Guangdong Energy Group Finance Co., Ltd. 24,000,000 November 26,2020 December 27,2036
Guangdong Energy Group Finance Co., Ltd. 6,290,000 December 10,2020 January 2,2040
Guangdong Energy Group Finance Co., Ltd. 100,000,000 December 11,2020 December 10,2021
Guangdong Energy Group Finance Co., Ltd. 24,000,000 December 11,2020 December 26,2034
Guangdong Energy Group Finance Co., Ltd. 10,000,000 December 16,2020 December 15,2121
Guangdong Energy Group Finance Co., Ltd. 150,000,000 December 17,2020 December 16,2021
193
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Guangdong Energy Group Finance Co., Ltd. 200,000,000 December 22,2020 December 21,2021
Guangdong Energy Group Finance Co., Ltd. 60,000,000 January 4,2021 May 28,2040
Guangdong Energy Group Finance Co., Ltd. 25,000,000 January 4,2021 December 29,2040
Guangdong Energy Group Finance Co., Ltd. 300,000,000 January 14,2021 January 13,2022
Guangdong Energy Group Finance Co., Ltd. 21,210,000 January 15,2021 January 14,2036
Guangdong Energy Group Finance Co., Ltd. 100,000,000 January 15,2021 January 14,2041
Guangdong Energy Group Finance Co., Ltd. 11,000,000 January 21,2021 January 2,2040
Guangdong Energy Group Finance Co., Ltd. 100,000,000 January 22,2021 January 21,2022
Guangdong Energy Group Finance Co., Ltd. 3,000,000 January 22,2021 November 2,2035
Guangdong Energy Group Finance Co., Ltd. 4,500,000 February 5,2021 December 26,2034
Guangdong Energy Group Finance Co., Ltd. 30,000,000 February 25,2021 February 24,2022
Guangdong Energy Group Finance Co., Ltd. 100,000,000 February 26,2021 February 25,2022
Guangdong Energy Group Finance Co., Ltd. 8,500,000 February 26,2021 December 29,2040
Guangdong Energy Group Finance Co., Ltd. 13,084,525.72 March 11,2021 January 2,2040
Guangdong Energy Group Finance Co., Ltd. 5,000,000 March 16,2021 June 25,2039
Guangdong Energy Group Finance Co., Ltd. 50,000,000 March 17,2021 March 16,2022
Guangdong Energy Group Finance Co., Ltd. 5,000,000 March 24,2021 March 23,2022
Guangdong Energy Group Finance Co., Ltd. 40,000,000 March 25,2021 March 24,2022
Guangdong Energy Group Finance Co., Ltd. 19,000,000 March 26,2021 May 28,2040
Guangdong Energy Group Finance Co., Ltd. 60,000,000 March 29,2021 March 28,2022
Guangdong Energy Group Finance Co., Ltd. 30,000,000 March 30,2021 March 28,2036
Guangdong Energy Group Finance Co., Ltd. 100,000,000 March 30,2021 September 29,2021
Guangdong Energy Group Finance Co., Ltd. 30,000,000 April 1,2021 March 31,2022
Guangdong Energy Group Finance Co., Ltd. 10,000,000 April 6,2021 June 25,2039
Guangdong Energy Group Finance Co., Ltd. 100,000,000 April 13,2021 April 12,2022
Guangdong Energy Group Finance Co., Ltd. 50,000,000 April 13,2021 June 23,2022
Guangdong Energy Group Finance Co., Ltd. 86,135,247.60 April 14,2021 January 2,2040
Guangdong Energy Group Finance Co., Ltd. 10,000,000 April 15,2021 April 14,2022
Guangdong Energy Group Finance Co., Ltd. 50,000,000 April 19,2021 April 18,2022
Guangdong Energy Group Finance Co., Ltd. 8,121,853.80 April 22,2021 June 25,2039
Guangdong Energy Group Finance Co., Ltd. 16,000,000 April 22,2021 December 29,2040
Guangdong Energy Group Finance Co., Ltd. 7,500,000 April 23,2021 July 22,2033
Guangdong Energy Group Finance Co., Ltd. 300,000,000 April 25,2021 April 24,2022
Guangdong Energy Group Finance Co., Ltd. 10,000,000 April 25,2021 October 24,2021
194
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Guangdong Energy Group Finance Co., Ltd. 10,000,000 April 29,2021 April 28,2022
Guangdong Energy Group Finance Co., Ltd. 100,000,000 May 12,2021 May 11,2022
Guangdong Energy Group Finance Co., Ltd. 100,000,000 May 14,2021 May 13,2022
Guangdong Energy Group Finance Co., Ltd. 29,000,000 May 17,2021 November 16,2021
Guangdong Energy Group Finance Co., Ltd. 10,000,000 May 17,2021 May 16,2022
Guangdong Energy Group Finance Co., Ltd. 31,500,000 May 18,2021 January 2,2040
Guangdong Energy Group Finance Co., Ltd. 5,000,000 May 20,2021 June 25,2039
Guangdong Energy Group Finance Co., Ltd. 2,000,000 May 20,2021 November 19,2021
Guangdong Energy Group Finance Co., Ltd. 10,000,000 May 21,2021 May 20,2022
Guangdong Energy Group Finance Co., Ltd. 100,000,000 May 25,2021 May 24,2022
Guangdong Energy Group Finance Co., Ltd. 5,000,000 June 2,2021 June 1,2022
Guangdong Energy Group Finance Co., Ltd. 15,000,000 June 8,2021 June 7,2022
Guangdong Energy Group Finance Co., Ltd. 100,000,000 June 10,2021 June 9,2022
Guangdong Energy Group Finance Co., Ltd. 160,000,000 June 10,2021 June 9,2022
Guangdong Energy Group Finance Co., Ltd. 100,000,000 June 11,2021 June 15,2022
Guangdong Energy Group Finance Co., Ltd. 250,000,000 June 15,2021 June 14,2022
Guangdong Energy Group Finance Co., Ltd. 10,000,000 June 15,2021 December 14,2021
Guangdong Energy Group Finance Co., Ltd. 10,000,000 June 15,2021 June 14,2022
Guangdong Energy Group Finance Co., Ltd. 100,000,000 June 16,2021 June 15,2022
Guangdong Energy Group Finance Co., Ltd. 70,000,000 June 16,2021 June 10,2022
Guangdong Energy Group Finance Co., Ltd. 10,000,000 June 16,2021 June 15,2022
Guangdong Energy Group Finance Co., Ltd. 5,000,000 June 18,2021 June 17,2022
Guangdong Energy Group Finance Co., Ltd. 100,000,000 June 23,2021 June 23,2022
Guangdong Energy Group Finance Co., Ltd. 100,000,000 June 29,2021 June 28,2022
Loaned
(6)Related party asset transfer and debt restructuring
Not applicable
(7) Rewards for the key management personnel
In RMB
Items
Amount of current period Amount of previous period
Annual salary of the operator 3,199,040 3,053,040
195
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
（8）Other related transactions
(a)Allocation of common expenses
In the first half of 2021,, the common expenses received by the Group from Shajiao C was RMB2,453,346.( In the
first half of 2020, the common expenses received by the Group from Shajiao C was RMB1,711,963 )
(b) Interest income
In RMB
Items
Amount of current period Amount of previous period
Deposit interest of Energy Group Finance 39,045,277 32,889,591
Proportion % 92.79% 91.77%
(c)Interest expense
Items
Amount of current period Amount of previous period
Interest of borrowing of Guangdong Energy 131,455,460 135,226,054
Finance Company
Discount interest of Guangdong Energy Finance 6,589,373 12,277,995
Company
Proportion 22.33% 24.82%
（d）Interest payable
Items
Amount of current period Amount of previous period
Yudean Finance Lease interest 71,857,044 43,685,957
(e)Joint Investment
Name Energy Group
Enerty Thermal power Plant 30.12%
Bohe Company 33%
Energy Group Finance Company 65%
Industry Fuel 50%
Shanxi Energy Company 60%
Capital Company 51%
Yueqian Company 17.48%
Yudean Shipping 65%
196
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Energy Financing Leasing 50%
6. Payables and receivables of the related party
（1）Receivables
In RMB
At end of term At beginning of term
Project Related parties
Book balance Bad debt provision Book balance Bad debt provision
Energy Group
Monetary funds 4,844,314,409 4,776,279,403
Finance Company
Account Xinhui Power
7,921,910 6,361,157
receivable Generation
Shajiao C plant 6,280,995 8,344,661
Energy Group 5,000,000
Yunhe Power
4,935,972 3,282,711
Generation
Yudean
Environmental 2,370,749
protection
Qujiang New
1,489,952 1,282,820
Energy
Zhongshan
1,323,383 2,036,029
Thermal Power
Yudean
633,153
Environmental
Huizhou New
29,694 438,382
Energy
Yudean New
1,316,666
Energy
Shaoguan Port 1,542
Zhongshan
Contract assets 553,570 482,939
Thermal Power
Shajiao C plant 476,800 331,627
Xinhui Power
62,792 549,950
Plant
Qujiang New
566,660
Energy
Yudean New
255,311
Energy
Yudean
Other account
Environmental 145,961,541 76,071,143
receivable
protection
Energy Group
34,258,847 27,301,568
Finance Company
Shajiao C plant 4,327,901 1,580,829
Yudean Real
1,995,522 1,715,273
Estate
The Group 1,117,472 2,311,321
Yudean Property 525,708 1,006,188
Capital Company 251,769
Zhongshan
69,842 46,045
Thermal Power
197
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Research 7,177
Yudean Shipping 110,400
Advance payment Industry Fuel 610,775,532 555,574,836
Shenzhen Tianxin 6,164,093 45,487
Capital Company 1,698,503
Yudean
Infornation 250,000
Technology
Zhuhai Port 4,118,339
（2）Payables
In RMB
Name Related party Amount at year end Amount at year beginning
Energy Group Finance
Note Payable 320,000,000 612,992,546
Company
Account Payable Industry fuel 3,368,617,262 2,003,569,440
Energy Group natural gas 172,195,427 63,883,147
Yudean Environmental
56,260,724 43,445,926
Protection
Yudean Environmental
16,511,363
Protection Material
Huangpu Electric
3,043,598
Engineering
Yudean Shipping Company 1,150,000 2,300,000
Yudean Property 607,894 1,675,376
Yudean Infornation
245,900
Technology
Xinhui Power Plant 128,964
Other account payable Yangjiang Port 3,115,810 372,400
Yudean Environmental
433,536
Protection Material
Yudean Information
301,497 433,460
Technology
Yudean Shipping Company 200,000 200,000
Yuemeng New Energy 183,773
Huangpu Electric
122,846 5,696,988
Engineering
Yudean Property 90,086 757,262
Shenzhen Tianxin 70,000 70,000
Yudean Real Estate 47,371 2,305
Qujiang New Energy 9,000 9,000
Zhongshan Thermal Power 345,486
Yudean Environmental
132,864
Protection
Changtan Power Generation 120,000
Energy Group Finance
Short-term loan 5,817,794,653 4,587,920,173
Company
-Principal 5,814,000,000 4,583,000,000
-Interest 3,794,653 4,920,173
Non-current liability due in 1 Energy Group Finance
140,315,586 185,952,653
year Company
-Principal 132,347,725 181,449,280
-Interest 7,967,861 4,503,373
Enerty Financing Leasing 11,337,912 11,337,912
198
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Energy Group Finance
Long-term loan 3,842,354,431 3,381,849,374
Company
Lease liabilities Enerty Financing Leasing 3,669,413,842 2,643,768,496
7. Related party commitment
Not applicable
8.Other
XIII. Stock payment
1. The Stock payment overall situation
□ 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
(1) Commitments of capital expenditure
The following are the capital expenditure commitments signed by the Group on the balance sheet date, which do
not need to be listed on the balance sheet:
June 30,2021 December 31,2020
House ,Building and Generation 18,360,865,379 15,285,913,171
equipment
Intangible assets 19,733,104 0
Total 18,380,598,483 15,285,913,171
(2) Performance of previous commitments
(a) The Ninth Session of the Board approved the Proposal on the Investment in and Construction of Dongguan
Ningzhou Site Alternative Power Project during its 3rd communication meeting on 10 April 2020. The Board gave
permission to Binhai Bay Company (the main part of investment) for investment in and construction of Dongguan
Ningzhou Site Alternative Power Project, and the installation capacity of the project was gas-steam cooling
199
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
thermal and power cogeneration unit of 3×700MW. The dynamic investment for the project amounted to RMB
5,927,600,000, including a capital fund of RMB 1,185,520,000. As at 30 June 2021, the Company had made a
capital contribution of RMB 620,000,000 to Binhai Bay Company, including a contribution of50,000,000 made in
the current year.
(b) The Ninth Session of the Board approved the Proposal on Investment in and Construction of Zhuhai Jinwan
Offshore Wind Power Project during its 7th meeting on 25 January 2019. For the purpose of scaling up the
Company’s offshore wind power in Guangdong Province and the southeast coast, the Board approved the
Company’s investment in Zhuhai Jinwan Offshore Wind Power Project with a total dynamic investment of RMB
5,643,170,000, including a capital fund of RMB 1,128,634,000.
On April 27, 2021,In order to smoothly promote the construction of new energy projects and ease the financial
pressure, the First meeting of the ninth board of directors by Correspondence of 2021 reviewed and approved the
Proposal on Indirect Subsidiaries Introducing Investors, It is agreed to introduce Zhuhai Special Economic Zone
Power Development Group Co., Ltd. and Guangdong Energy Group Co., Ltd. as investors of Guangdong Yudean
Zhuhai Offshore Wind Power Co., Ltd. by means of capital increase and share expansion, in which Zhuhai Power
contributed RMB 89.187 million and held 20% equity of Zhuhai Wind Power Company, while Guangdong Energy
Group contributed RMB 25.5003 million and held 5.7184% equity of Zhuhai Wind Power Company. After the
completion of capital increase and share expansion, the shareholding ratio of Guangdong Wind Power Company
in Zhuhai Wind Power Company decreased to 74.2816%. As at 30 June 2021, the Company had made a capital
contribution of RMB665,000,000 to Zhuhai Jinwan Offshore Wind Power Project, including a contribution
of50,000,000 made in the current year.
(c) The Ninth Session of the Board approved the Proposal of Investment in and Construction of Zhanjiang
Wailuo Offshore Wind Power Project (Phase I) during its 1st communication meeting on 23 March 2018. The
Board gave permission to its wholly-owned subsidiary Qujie Wind Power for the construction of Zhanjiang
Wailuo Offshore Wind Power Project (Phase I). The installation capacity of the project reached at 198 MW, and
the total investments hit RMB 3,739,450,000. The capital fund was recorded as RMB 747,890,000 at a proportion
of 20%. As at 31 December 2020, the Company made a total capital contribution of RMB 600,000,000 to the
project and in 2020 the Company did not increase capital.
(d) The Ninth Session of the Board approved the Proposal of Investment in Construction of Zhanjiang Wailuo
Offshore Wind Power Project (Phase II) during its 1st communication meeting on 23 March 2018 and the
Proposal of Investment in Construction of Zhanjiang Wailuo Offshore Wind Power Project (Phase II) during its
9th meeting on 29 August 2019. The Board gave permission to the Company’s wholly-owned subsidiary Qujie
Wind Power for the investment of Wailuo Phase II, which was deemed as the main part of investment. The total
dynamic investment for the project amounted to RMB 3,789,120,000, including a capital fund of RMB
757,824,000. As at 30 June 2021, the Company had made a capital contribution of RMB278,000,000 to The
Project, including a contribution of100,000,000 made in the current year.
（e) The Eighth Session of the Board approved the Proposal of Establishment of Yudean Yangjiang Offshore
Wind Power Co., Ltd. during its 6th meeting on 27 April 2015. The Board gave permission to the Company’s
wholly-owned subsidiary Guangdong Wind Power for the establishment of Yangjiang Wind Power in Yangjiang,
which was deemed as the main part of investment in Yangjiang Shapa offshore wind power project. The total
dynamic investment was RMB 5,963,270,000, and the capital fund was calculated as RMB 1,192,660,000 at a
proportion of 20%. It is agreed to implement the capital increase of special funds for promoting economic
200
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
development in 2018 by means of capital increase and share expansion proposed by the State-owned Assets
Supervision and Administration Commission of the People's Government of Guangdong Province, and introduce
Guangdong Energy Group as the shareholder of Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd.,
with Guangdong Energy Group contributing RMB 58.1053 million and holding 10.9594% equity of Yangjiang
Wind Power Company. After the capital increase and share expansion, the shareholding ratio of Guangdong Wind
Power Company in Yangjiang Wind Power Company decreased to 89.0406%, and the final shareholding ratio of
each shareholder shall be subject to the asset appraisal record results. As at 30 June 2021, the Company had made
a capital contribution of RMB665,000,000 to The Project, including a contribution of160,000,000 made in the
current year.
(f) The Ninth Session of the Board approved the Proposal on Investment in and Construction of Zhanjiang
Xinliao Offshore Wind Power Project during its 6th communication meeting on 28 November 2019. The Board
agreed Qujie Wind Power’s investment (as the main part of the investment in the project) in construction and
operation of Zhanjiang Xinliao Offshore Wind Power Project with a total dynamic investment of RMB
3,698,880,000. The capital fund was recorded as RMB 739,776,000 at a proportion of 20%.
As at 30 June 2021, the Company had made a capital contribution of RMB370,000,000 to The Project, including a
contribution of100,000,000 made in the current year.
(g) The Ninth Session of the Board approved the Proposal on Accelerating Guangdong Yudean Dapu Power
Plant Project (Phrase II) during its 15th meeting on 12 October 2020. The Board gave permission to the subsidiary
Dapu Electric for part of substantive work of the project. The project investment in 2020 was limited to RMB
317,100,000, which was provided to Dapu Electric by the Company through capital increase based on actual
construction progress. As at 30 June 2021, no contribution was made to Dapu Electric.
(h) The Eighth Session of the Board approved the Proposal on the Establishment of Hunan Tongdao Dong
Autonomous County Dagaoshan Wind Power Project Company during its 14th meeting on 25 October 2016 and
the Proposal on the Construction of Hunan Tongdao Dagaoshan Wind Power Plant Project during its 3rd
communication meeting on 10 April 2020. The Board gave permission to the Company’s subsidiary Tongdao
Company for the investment in and construction of the Tongdao Dagaoshan wind power project and the
installation capacity of the project was 50MW. The total dynamic investment was RMB 531,740,000, including a
capital fund of RMB 106,348,000 (accounting for 20% of the total dynamic investment). As at 30 June 2021, the
Company had made a capital contribution of RMB100,000,000 to The Project, including a contribution
of40,000,000 made in the current year.
(i) The Ninth Session of the Board approved the Proposal on the Investment in and Construction of Guangxi
Wuxuan Wind Power Plant Project (Phrase I) during its 6th communication meeting on 28 November 2019. The
total investments of the project hit RMB 482,580,000 (including investment in self-construction of outgoing
circuit), including a capital fund of RMB 96,516,000. As at 30 June 2021, the Company had made a capital
contribution of RMB80,000,000 to The Project, including a contribution of30,000,000 made in the current year.
(j) The Ninth Session of the Board approved the Proposal on Investment in and Construction of Hunan Xupu Sun
Mountain Wind Power Plant Project during its 3rd communication meeting on 10 April 2020. The Board gave
permission to Guangdong Wind Power for the investment in and construction of the project. The installation
capacity of the project was 50MW, and the total dynamic investment was RMB 524,532,900 (including
investment in self-construction of outgoing circuit), including a capital fund of RMB 104,906,580 (accounting for
20% of the total dynamic investment). As at 30 June 2021, the Company had made a capital contribution of
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
RMB80,000,000 to The Project, including a contribution of30,000,000 made in the current year.
(k) The Ninth Session of the Board approved the Proposal on the Investment in and Construction of Zhaoqing
Dinghu Natural Gas Thermal Power Cogeneration Project during its 15th meeting on 12 October 2020. The Board
gave permission to the Company’s holding subsidiary Yongan Natural Gas (as the main part of the investment in
the project) for the investment in and construction of Zhaoqing Dinghu natural gas thermal power cogeneration
project. The capital fund of the project was calculated as RMB 600,000,000 at 20% of the project’s total
investments. The initial registered capital of Yongan Natural Gas was RMB 100,000,000, and the Company
contributed RMB 90,000,000 based on its shareholding proportion of 90% in 2016. The remaining capital fund of
RMB 500,000,000 for the project would be provided by the Company according to its shareholding proportion of
90% in batches based on actual construction progress and capital demand. As at 30 June 2021, the Company had
made a capital contribution of RMB100,000,000 to The Project, In 2021,the Company didn’t increase registered
capital.
(l) The Ninth Session of the Board approved the Proposal on Acquisition of Equity of Guangdong Guangye
Nanhua New Energy Co., Ltd. and Other Companies by Guangdong Wind Power during its 17th meeting on 4
December 2020. The Board gave permission to the Company’s subsidiary Guangdong Wind Power for
acquisition of 10% equity of South Sea Wind Electricity with a transfer payment of RMB 70,500,870, 51% equity
of Nanhua New Energy with a transfer payment of RMB 93,381,000, and 51% equity of Datang Renewable
Power not exceeding the limit granted by the Board of the Company with a transfer payment of RMB 161,858,100,
which would be provided to Guangdong Wind Power by the Company through capital increase. As at 30 June
2021, The Company has increased its capital by RMB 330,739,970 to Guangdong Wind Power. Guangdong
Wind Power has paid RMB 93,381,000 for the acquisition of 51% equity of Nan’hua New Energy, paid RMB
161,858,100 for the acquisition of 51% equity of Datang New Energy, and paid RMB 70,500,820 for an equity
transfer for the acquisition of 10% of the equity ofSouthern Offshore Wind Power Company.
(m) The Ninth Session of the Board approved the Proposal on Investment in and Construction of Guangdong
Yudean Nanxiong Zhu’an Village Wind Power Plant Project during its 17th meeting on 4 December 2020. The
Board gave permission to the Company’ wholly-owned subsidiary Guangdong Wind Power for the investment in
Guangdong Yudean Nanxiong Zhu’an Village wind power plant project (49,900 KW) as a shareholder. The total
dynamic investment of the project was RMB 451,810,000, including a capital fund of RMB 90,362,000, and the
remaining capital fund would be provided through bank loan financing etc. As at 30 June 2021, the Company had
made a capital contribution of RMB40,000,000 to The Project, including a contribution of30,000,000 made in the
current year.
(n) The Ninth Session of the Board approved the Proposal on Investment in and Construction of Guangdong
Yudean Pingyuan Sishui Wind Power Plant Project during its 17th meeting on 4 December 2020. The Board gave
permission to the Company’ s wholly-owned subsidiary Guangdong Wind Power for the investment in
Guangdong Yudean Pingyuan Sishui wind power plant project (40,000 KW) as a shareholder. The total dynamic
investment of the project was RMB 339,480,000, including a capital fund of RMB 67,900,000. As at 30 June 2021,
the Company had made a capital contribution of RMB40,000,000 to The Project, In 2021,the Company didn’t
increase registered capital.
(o) The Ninth Session of the Board approved the Proposal on Involvement in Capital of Guangdong Electric
Power Industry Fuel Co., Ltd. during its 18th meeting on 21 December 2020. The Company and GEGC were
allowed to increase capital of RMB 360,000,000 to Industry Fuel at the shareholding proportion for the
202
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
subscription of the new registered capital of Guangdong Yudean Faneng Investment Co., Ltd. at the corresponding
shareholding proportion of 20%, and the remaining capital would be raised through self-finance by Industry Fuel.
The Company needed to make a capital injection of RMB 180,000,000 based on the shareholding proportion of
50%, As at 30 June 2021, the Company made a capital injection of RMB180,000,000.
(p) The 15th Meeting of the 8th Board of director approved the Proposal about Investment in the Construction of 2
×400MW Gas-steam Thermoelectricity Cogeneration Project of Guangdong Yudean Huadu Natural Gas Thermal
Power Co., Ltd. and it was agreed that Huadu Thermal Power, a holding subsidiary, would invest in the
2×400MW Gas-steam Cogeneration Project of Guangdong Yudean Huadu Natural Gas Thermal Power Co., Ltd.
The total investment of the project was RMB 3,593,160,000, and the capital was RMB 718,632,000. According to
the 65% share ratio, the total capital to be injected into Huadu Company by the Company was RMB 467,110,800.
On June 30, 2021, the Company has injected a total capital of RMB 284,050,000 into the project, of which RMB
97,500,000 was injected this year.
(q) On February 14, 2021,The Second Meeting of the Ninth board of Directors examined and adopted the
Proposal on Establishing the Huizhou Daya Bay Petrochemical District Western Comprehensive Energy Station
Project Company and Carrying out the Upfront Work, In order to promote the implementation and speed up the
progress of the Western Comprehensive Energy Station Project of Huizhou Daya Bay Petrochemical District, the
board of directors agrees: The Company and Huizhou Daya Bay Petrochemical Industrial Zone Investment Co.,
Ltd establish the Huizhou Daya Bay Petrochemical District Western Comprehensive Energy Station Project
Company in Daya Bay District by the share structure ratio of 80%:20%, with the initial registered capital of RMB
22 million-of which the Company contributes RMB17.6 million according to the share ratio. The 2nd Meeting of
the 9th Board of director by correspon dence examined and adopted the Proposal on Capital Increase to
Guangdong Yudean Daya Bay Comprehensive Energy Co., Ltd.， the Company’s board of directors agreed that
the Company and Huizhou Daya Bay Petrochemical Industrial Zone Investment Co., Ltd shall simultaneously
increase capital by amount 160 million yuan to Guangdong Yudean Daya Bay Comprehensive Energy Co., Ltd
(hereinafter referred to as "Daya Bay Thermal Power Company") for the Daya Bay Thermal Power Company to
purchase the project construction land, of which the Company shall invest 128 million yuan according to the
equity ratio of 80%. On June 30, 2021, the Company has injected a total capital of RMB145,600,000 into the
project, of which RMB 128,000,000 was injected this year.
（r) On April 27,2021, The Second Meeting of the Ninth Board of Director by Correspondence examined and
adopted the Proposal on Capital Increase to Shanxi Yudean Energy Co., Ltd.，the Company's board of directors
agreed that the Company and Guangdong Energy Group Co., Ltd will simultaneously increase the capital to
Shanxi Energy Company by 160 million yuan in accordance with the equity ratio, which shall be used by Shanxi
Energy Company to invest in Jilin Qian’an Phase I 50MW Wind Power Project and Hebei Pingshan 100MW
Photovoltaic Project. Our Company increased the capital by RMB 64 million according to a 40% equity ratio. On
June 30, 2021, the Company has injected a total capital of RMB64,000,000 into Shanxi Energy.
(s) On January 28,2021, The Third Meeting of the Ninth Board of Director by Correspondence examined and
adopted the Proposal on the establishment of Guangdong Dananhai Intelligence Energy Co., Ltd., the board of
directors agreed to the Company’s sole proprietorship to establish a project company for the Jieyang Da’nanhai
Petrochemical Integrated Energy Project. with the first phase of registered capital is 15 million yuan. It’s agreed
that the project company will carry out the upfront work of Jieyang Da’nanhai petrochemical integrated energy
project (2~3 400MW/9F or 600MW gas-fired combined heat and power units. On June 30, 2021, the Company
has injected a total capital of RMB15,000,000 into Dananhai Company.
(t) On June 8,2021, The Third Meeting of the Ninth Board of Director by Correspondence examined and adopted
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
the Proposal on Carrying out the Upfront Work of the "Integrated Source, Network and Load" Project in Huizhou
New Material Industrial Park，The board of directors of the Company agreed that Baihua Energy Company will
first build a 9F gas-fired unit supporting a 100t/h gas boiler (finally determined according to the feasibility study
of the project) to carry out the upfront work. The upfront work cost of the project shall be controlled at 12 million
yuan, which shall be solved by the Company's capital increase. Baihua Energy Company was registered and
established on February 25, 2021. It is a wholly-owned subsidiary to the Company with a registered capital of 5
million yuan. On June 30, 2021, the Company has injected a total capital of RMB3，000，000 into Baihua Energy
Company.
2.Contingency
（1）Significant contingency at balance sheet date
（a）As at 30 June 2021, the Company provided joint guarantee for bank borrowings amounting to RMB
53,070,000 for Yunnan Baoshan Binlangjiang Hydroelectricity Development Co., Ltd., of which the liability
relief procedure is being handled.
(b) On 31 December 2014, in response to the occupation of 15.0202 hectares of paddy fields during the
construction of Dapu Electric’s engineering project (Phrase I), Dapu Power Plant had paid paddy fields cultivation
fund of RMB 3,965,332 in full as required by the Ministry of Land and Resources and Guangdong Provincial
Department of Natural Resources. However, on 29 June 2020, the Department of Natural Resources of Dapu
County issued a letter to Dapu Electric, requiring Dapu Electric to pay additional fields cultivation fund of RMB
10,679,362 according to relevant regulations of paddy fields cultivation in 2016. However, according to the
suggestion of legal adviser, Dapu Electric considered that the above relevant regulations were not applicable.
The Natural Resources Bureau of Dapu County has filed a lawsuit with the People's Court of Dapu County on this
matter. On June 1, 2021, the People's Court of Dapu County formally filed a case, and the case was first heard on
July 29, 2021. As of the issuance date of this report, both parties are still negotiating on this matter. After
consulting the legal adviser, the management of the Group cannot predict the negotiation result of this matter at
present, so the expenses related to the occupation of paddy fields have not been accrued in the semi-annual
financial statements of 2021.
（2）The Company have no significant contingency to disclose, also should be stated
The was no significant contingency in the Company.
3.Other
XIV. Post-balance-sheet events
Not applicable
XVI.. Other significant events
1. The accounting errors correction in previous period
Not applicable
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
2. Debt restructuring
Not applicable
3. Replacement of assets
Not applicable
4.Pension plan
Not applicable
5. Discontinuing operation
Not applicable
6. Segment information
(1) Recognition basis and accounting policies of reportable segment
As the Group's operating income, expenses, assets and liabilities are mainly related to the production and sale of
electricity and related products, the management of the Group takes the electricity business as a whole, and
regularly obtains and evaluates its financial status, operating results and cash flow and other relevant accounting
information. Therefore, the Group has only the power business segment, so it has not prepared the report segment
information.
From January to June, 2021, the income of the Group's power plants from China Southern Power Grid
Corporation was RMB 17,429,546,654 (January to June, 2020: RMB 12,227,202,300), accounting for 98.2% of the
Group's operating income (January to June, 2020: 97.52%)
(2) The financial information of reportable segment
Not applicable
(3) There was no reportable segment, or the total amount of assets and liabilities of each part of reportable
segment, shall disclose the reason.
As the Group's operating income, expenses, assets and liabilities are mainly related to the production and sale of
electricity and related products, the management of the Group takes the electricity business as a whole, and
regularly obtains and evaluates its financial status, operating results and cash flow and other relevant accounting
information. Therefore, the Group has only the power business segment, so it has not prepared the report segment
information.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
(4) Other notes
7. Other important transactions and events have an impact on investors’ decision-making
8. Other
XVII. Notes s of main items in financial reports of parent company
（1）Account receivable
1.Classification account receivables.
In RMB
Closing balance Opening balance
Bad debt
Book balance Book balance Bad debt provision
Category provision Book Book
Proport Amo Proporti value Propor Propor value
Amount Amount Amount
ion % unt on % tion % tion %
Of which：
Accrual of bad
121,419,4 121,419,4 173,02
debt provision 173,029,247
72 72 9,247
by portfolio
Of which：
121,419,4 121,419,4 173,02
Total 100% 173,029,247 100%
72 72 9,247
Accrual of bad debt provision by single item:
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion% Reason
Accrual of bad debt provision by portfolio:
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Electricity sales receivable 121,419,472 0 100%
Total 121,419,472 0 --
Note：
Portfolio 1- Electricity sales receivable，As at 30 June 2021, the amount of receivables from sales of electricity of
the Group was RMB121,419,472, which was mainly from China Southern Power Grid Co., Ltd. and its subsidiaries
(collectively referred to as “China Southern Power Grid”). Taking into consideration its good credit, the Group
believes that there is no significant credit risk in the receivables from sales proceeds of electricity, and the
possibility of significant losses due to China Southern Power Grid's default is extremely low. The Group's
expected credit loss rate for sales proceeds of electricity is 0%.
Accrual of bad debt provision by portfolio:
In RMB
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Closing balance
Name
Book balance Bad debt provision Proportion
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of
other receivables if the provision for bad debts of bills receivable is accrued according to the general model of
expected credit loss:
□ Applicable √ Not applicable
Disclosure by aging
In RMB
Closing balance
Aging
Within 1 year（Including 1 year） 121,419,472
Total 121,419,472
(2) Accounts receivable withdraw, reversed or collected during the reporting period
Not applicable
(3) The actual write-off accounts receivable
Not applicable
（4）The ending balance of other receivables owed by the imputation of the top five parties
In RMB
Name Amount Proportion(%) Bad debt provision
GPGC 121,419,472 100% 0
Total 121,419,472 100%
(5) Account receivable which terminate the recognition owning to the transfer of the financial assets
Not applicable
(6) The amount of the assets and liabilities formed by the transfer and the continues involvement of accounts
receivable
Not applicable
2. Other accounts receivable
In RMB
Items Closing balance Opening balance
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Interest receivable 1,116,857 1,038,206
Dividend receivable 31,500,000
Other accounts receivable 297,447,501 295,686,651
Total 298,564,358 328,224,857
（1）Interest receivable
1) Category of interest receivable
In RMB
Items Closing balance Opening balance
Fixed deposit 224,492 130,098
Entrust loans 892,365 908,108
Bond investment 0 0
Total 1,116,857 1,038,206
(2) Significant overdue interest
Not applicable
3）Bad-debt provision
□ Applicable √ Not applicable
（2）Dividend receivable
1）Category of dividend receivable
In RMB
Items Closing balance Opening balance
Sunshine Insurance Holding Co., Ltd 0 31,500,000
Total 31,500,000
(2) Significant dividend receivable aged over 1 year
Not applicable
3）Bad-debt provision
□ Applicable √ Not applicable
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（3） Other accounts receivable
1) Other accounts receivable classified by the nature of accounts
In RMB
Nature Closing book balance Opening book balance
Entrust loans receivable 240,000,000 240,000,000
Supplementary medical insurance fund
34,393,478 34,393,478
receivable
Sales of by-products receivable 10,491,364 9,318,678
Advances receivable 5,482,068 3,136,509
Other 7,291,996 9,047,525
Total 297,658,906 295,896,190
2）Bad-debt provision
In RMB
Stage 1 Stage 2 Stage 3
Expected credit Expected credit loss over Expected credit losses for
Bad Debt Reserves Total
losses over the life (no credit the entire duration (credit
next 12 months impairment) impairment occurred)
Balance as at January 1,
209,539
2021
Balance as at January 1,
—— —— —— ——
2021 in current
Withvision for this
6,637
period
Turn it back 4,771
Balance as at June
211,405
30,2021
Loss provision changes in current period, change in book balance with significant amount
□ Applicable √Not applicable
Disclosure by aging
In RMB
Aging Closing balance
Within 1 year(Including 1 year） 262,428,025
1-2 years 18,113,142
2-3 years 254,355
Over 3 years 16,863,384
3-4 years 16,743,677
4-5 years 0
Over 5 years 119,707
Total 297,658,906
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3) Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
In RMB
Amount of change in the current period
Opening Reversed or Closing
Category
balance Accrual collected Write-off Other balance
amount
Other aging portfolio 176,364 6,637 183,001
Advance payment
4,771 4,771 0
portfolio
Petty Cach portfolio 28,404 28,404
Total 209,539 6,637 4,771 211,405
(4) The actual write-off accounts receivable
Not applicable
(5) Top 5 of the closing balance of the other accounts receivable collected according to the arrears party
In RMB
Proportion of the
total year end
Closing Closing balance of
Name Nature Aging balance of the
balance bad debt provision
accounts
receivable
Guangdong Shaoguan Entrusted loan
Yuejiang Power due within one 200,000,000 Within 1 year 67% 0
Generation year
Entrusted loan
Lincang Company due within one 40,000,000 Within 1 year 13% 0
year
Supplementary
Taikang Endowment
medical
Insurance Co., Ltd. 34,393,478 Within 1 year 12% 0
insurance fund
Guangdong Branch
receivable
Guangdong Yudean Sales of
Environmental by-products 10,491,364 Within 1 year 4% 0
Protection Co., Ltd. receivable
Guangdong Energy Advances
4,327,901 Within 1 year 1% 0
Group Shajiao C Plant receivable
Total -- 289,212,743 -- 97% 0
（6）Accounts receivable involved with government subsidies
Not applicable
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(7) Other account receivable which terminate the recognition owning to the transfer of the financial assets
Not applicable
(8) The amount of the assets and liabilities formed by the transfer and the continues involvement of other accounts
receivable
Not applicable
3. Long-term equity investment
In RMB
Closing balance Opening balance
Items Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Investments in
24,071,860,322 1,348,124,079 22,723,736,243 23,169,002,222 1,348,124,079 21,820,878,143
subsidiaries
Investments in
associates and 7,245,077,842 96,327,854 7,148,749,988 6,728,492,566 96,327,854 6,632,164,712
joint ventures
Total 31,316,938,164 1,444,451,933 29,872,486,231 29,897,494,788 1,444,451,933 28,453,042,855
（1） Investments in subsidiaries
In RMB
Increase /decrease
Decreas Closing balance of
Opening Withdrawn
Investees Add ed Oth Closing balance impairment
balance impairment
investment investm er provision
provision
ent
Zhanjiang
2,185,334,400 2,185,334,400
Power
Yuejia Company 0 0 455,584,267
Energy Thermal
687,458,978 687,458,978
Power
Jinghai
1,930,395,668 1,930,395,668
Company
Zhanjiang Wind
242,277,000 242,277,000
Power
Zhongyue
963,000,000 963,000,000 187,248,115
Energy
Humen Power
3,192,416 3,192,416 86,807,584
Generation
Anxin Company 20,000,000 20,000,000
Bohe Energy 3,167,000,000 3,167,000,000
Pinghai Power
720,311,347 720,311,347
Generation
Red By Power
2,220,023,386 2,220,023,386
Generation
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Huizhou Natural
1,205,199,446 1,205,199,446
gas Company
Guangqian
1,353,153,223 1,353,153,223
Company
Yuejiang Power
892,850,119 892,850,119 408,494,674
Generation
Huadu Natural
186,550,000 186,550,000
Gas
Dapu Power
1,040,000,000 1,040,000,000
Generation
Guangdong
2,325,301,260 466,858,100 2,792,159,360
Wind Power
Leizhou Wind
80,800,000 80,800,000
Power
Qujie Wind
1,279,750,000 200,000,000 1,479,750,000
Power
Yudean Electric
230,000,000 230,000,000
Sale
Lincang
281,000,000 281,000,000 209,989,439
Company
Yongan Natural
90,000,000 90,000,000
Gas Company
Tongdao Wind
60,000,000 40,000,000 100,000,000
Power Company
Binhaiwan
570,000,000 50,000,000 620,000,000
Comapny
Daya Bay
17,600,000 128,000,000 145,600,000
Company
Qiming
20,000,000 20,000,000
Comapny
Guaguoquan
49,680,900 49,680,900
Company
Dananhai
0 15,000,000 15,000,000
Company
Baihua Energy 0 3,000,000 3,000,000
Total 21,820,878,143 902,858,100 22,723,736,243 1,348,124,079
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
（2）Investment in joint ventures and associates
In RMB
Increase/decrease in this period
Balance of
Announced
Investment Other the
Name of Beginning of Decrease Other for Provision
Increase in income under changes End of term provision on
investee term in comprehensive distributing for Other
investment equity in for
investment income cash dividend impairment
method equity impairment
or profit
I.Joint venture
Industry Fuel 531,313,393 180,000,000 82,773,307 29,649,898 764,436,802
Subtotal 531,313,393 180,000,000 82,773,307 29,649,898 764,436,802
II. Associated
Guohua
Taishan 1,889,026,588 39,058,150 1,928,084,738
Company
Shanxi Energy
1,819,132,396 64,000,000 168,305,759 2,051,438,155
Company
Energy Group
Finance 1,027,206,662 53,005,442 76,421,226 1,003,790,878
Company
Yudean
Shipping 241,738,113 21,894,566 263,632,679
Company
Yudean
268,468,953 8,183,639 1,505,619 275,146,973
Captive
Yueqian Power 0 13,495,745 144,018,912 157,514,657
West
Investment 144,018,912 144,018,912 0
Company
Yangshan
7,593,292 7,593,292
Zhongxinkeng
Yangshan
5,590,646 5,590,646
Jiangkeng
Weixin Yuntou 175,592,218 -4,642,692 170,949,526 96,327,854
Energy 522,483,539 10,664,772 12,576,669 520,571,642
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
Financing
Leasing
Company
Subtotal 6,100,851,319 64,000,000 309,965,381 90,503,514 6,384,313,186 96,327,854
Total 6,632,164,712 244,000,000 392,738,688 120,153,412 7,148,749,988 96,327,854
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
（3）Other note
4. Business income, Business cost
In RMB
Amount of current period Amount of previous period
Items
Income Cost Income Cost
Main business 631,179,660 705,008,533 433,972,161 501,292,187
Other business 34,371,584 505,085 35,582,003 506,701
Total 665,551,244 705,513,618 469,554,164 501,798,888
Income related information:
In RMB
Contract classification Division 1 Total
Including：
Power Selling 631,179,660 631,179,660
Income from fly ash sales 14,754,526 14,754,526
Rent 6,884,992 6,884,992
Other income 12,732,066 12,732,066
Including：
Guangdong 665,551,244 665,551,244
Including：
Power Market 631,179,660 631,179,660
Other market 34,371,584 34,371,584
Including：
Physical delivery 645,934,186 645,934,186
Provide labour 12,732,066 12,732,066
Provide use right 6,884,992 6,884,992
Including：
Recognize at a certain time point 645,934,186 645,934,186
Recognize in a certain period of time 19,617,058 19,617,058
Including：
Including：
Total 665,551,244 665,551,244
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Information related to performance obligations:
Commodity type Usual performance time of performance Important payment terms Commodity nature
obligation
Electric power When power is supplied to the grid company Cash settlement/monthly Electric power
settlement
Power generation When heat energy is supplied to customers Power generation
products who buy heat, by-product commodity
Labor service When by-products such as fly ash generated Labor service
by power generation are transported to the
agreed delivery place,
Information related to the transaction price apportioned to the residual performance obligation:
The income corresponding to the performance obligations that have not been performed or have been performed
incompletely but the contract has been signed at the end of the reporting period is RMB 258,000, of which RMB
258,000 is expected to be recognized as income in 2021, RMB 0 is expected to be recognized as income in the year,
and RMB0 is expected to be recognized as income in the year.
It is the margin deposit that Huizhou Pingdian Integrated Energy Co., Ltd. ("Pingdian Integrated"), a subsidiary of
the Group, applied to the bank to issue a performance guarantee for participating in the electricity sales business
in Guangdong Electric Power Trading Center.
Other note：
5. Investment income
In RMB
Items Amount of current period Amount of previous period
Long-term equity investment income
1,570,167,398 1,092,290,730
accounted by cost method
Long-term equity investment income
392,738,688 211,523,852
accounted by equity method
Dividend income from investments in
other equity instruments during the 30,182,378 21,370,444
holding period
Other 13,920,438 10,400,300
Total 2,007,008,902 1,335,585,326
6.Other
XVII. Supplement information
1. Particulars about current non-recurring gains and loss
√ Applicable □ Not applicable
In RMB
Items Amount Notes
Non-current asset disposal gain/loss 23,852,682 Mainly due to Yuejia Company
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
shut-down and liquidation of assets to
obtain income.
Govemment subsidy recognized in current
Mainly due to power sales economic
gain and loss(excluding those closely
6,433,278 policy incentives and subsidies for
related to the Company’s business and
various power plant projects.
granted under the state’s policies)
Other non-business income and
595,487
expenditures other than the above
Fines and overdue payment fees -209,860
Mainly due to the income from scrapped
Non-current assets scrap income 7,507,022 fixed assets of provincial wind power and
Pinghai Power Plant.
Loss of Non-current assets scrapped -4,006,514
Less: Amount of influence of income tax 8,588,045
Influenced amount of minor
6,932,401
shareholders’ equity (after tax)
Total 18,651,649 --
Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in
the Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the
Public-Extraordinary Gains and Losses, or classifies any extraordinary gain/loss item mentioned in the said
explanatory announcement as a recurrent gain/loss item.
√Applicable □ Not applicable
Items Amount involved Reason
Value-added tax will be
4,141,947 Comply with national policies and regulations, and continue to occur
refunded immediately
Carbon emission quota used
to fulfil the emission -2,750,000 Comply with national policies and regulations, and continue to occur
reduction obligation
2. Return on net asset and earnings per share
Earnings per share
Profit of report period Weighted average return on equity(%) Basic earnings per Diluted earnings per
share(yuan/share） share(yuan/share)
Net profit attributable to the
Common stock shareholders of 0.40% 0.0208 0.0208
Company.
Net profit attributable to the
Common stock shareholders of
0.33% 0.0172 0.0172
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 Amount in the End of the reporting Beginning of the
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021
reporting period previous period period reporting period
According to CAS 109,028,853 813,684,495 26,933,339,749 27,369,995,422
Items and amount adjusted according to IAS
The difference arising
from recognition of
goodwill after merger of 0 0 38,638,777 38,638,777
enterprises under the
same control
Difference arising
from recognition of
-315,000 -315,000 16,025,000 16,340,000
land use value after
enterprise merger
Influence on minority
27,060 27,060 4,945,519 4,918,459
interests
According to IAS 108,740,913 813,396,555 26,992,949,045 27,429,892,658
(2) Discrepancy in net profit and net assets as disclosed in the financial report respectively according to the
accounting standards outside Mainland China and CAS
□ Applicable √ Not Applicable
(3) Note to the discrepancy in accounting data under the accounting standards outside Mainland China. In case the
discrepancy in data which have been audited by an overseas auditing agent has been adjusted, please specify the
name of the overseas auditing agent.
(a) 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
218
