2022 Annual Report
Guangdong Electric Power Development Co., Ltd.
2022 Annual Report
March 2023
2022 Annual Report
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.Zheng Yunpeng, 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 Annual report.
Directors other than the following ones have attended the Board meeting to review the annual report.
The name of director who did not The name of director who was
Position of absent director Reason
attend the meeting in person authorized
Li Fangji Director Due to business Zheng Yunpeng
This annual report involves the forecasting description such as the future plans, and does not constitute the actual
commitments of the company to the investors. Investors and stakeholders should all maintain sufficient awareness
of risks for this and understand the differences between plans, forecasts and commitments.
The company is mainly engaged in thermal power generation. The business of thermal power generation is
greatly affected by factors including electric power demand and fuel price. For details, please refer to the
possible risk factors that the company may face in the "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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2022 Annual Report
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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2022 Annual Report
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. Original audit report seal with accounting firms and signature and seal from CPA;
3.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);
4.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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2022 Annual Report
Definition
Terms to be defined Refers to Definition
Guangdong Energy Group Refers to Guangdong Energy Group Co., Ltd.
Guangdong Electric Power Development Co., Ltd. Sha A
Sha A Power plant Refers to
Power plant
Guangdong Electric Power Development Co., Ltd.Xinjiang
Xinjiang Branch Refers to
Branch
Guangdong Electric Power Development Co., Ltd. Qinghai
Qinghai Branch Refers to
Branch
Zhanjiang Electric Power Refers to Zhanjiang Electric Power Co., Ltd.
Yuejia Company Refers to Guangdong Yuejia Electric Power Co., Ltd.
Shaoguan Power Genration
Refers to Guangdong Yudean Shaoguan Power Generation Co., Ltd.
Plant
Guangdong Energy Maoming Thermal Power Plant Co.,
Maoming Thermal Power Plant Refers to
Ltd.
Jinghai Company Refers to Guangdong Yudean Jinghai Power Co., Ltd.
Humen Power Company Refers to Guangdong Yudean Humen Power Co., Ltd.
Technology Engineering Guangdong Yudean Technology Engineering Management
Refers to
Company Co., Ltd
Zhanjiang Zhongyue Refers to Zhanjiang Zhongyue Energy Co., Ltd.
Bohe Company Refers to Guangdong Yudean Energy Co., Ltd.
Huadu Company Refers to Guangdong Huadu Natural Gas Thermal Power Co., Ltd.
Dapu Power Plant Refers to Guangdong Dapu Power Generation Co., Ltd.
Wind Power Company Refers to Guangdong Wind Power Co., Ltd.
Guangqian Company Refers to Shenzhen Guangqian Electric Power Co., Ltd.
Electric Power Sales Company Refers to Guangdong Yudean Electric Power Sales Co., Ltd.
Huizhou Natural Gas Company Refers to Guangdong Huizhou Natural Gas Power Co., Ltd.
Red Bay Company Refers to Guangdong Red Bay Power Co., Ltd.
Pinghai Power Plant Refers to Guangdong Huizhou Pinghai Power Co., Ltd.
Lincang Company Refers to Lincang Yudean Energy Co., Ltd.
Guangdong Yudean Yongan Natural Gas Thermal Power
Yongan Company Refers to
Co., Ltd.
Binhaiwan Energy Company Refers to Guangdong Yudean Binhaiwan Energy Co., Ltd.
Dayawan Energy Refers to Guangdong Yudean Dayawan Integrated Energy Co., Ltd.
Qiming Energy Refers to Guangdong Yudean Qiming Energy Co., Ltd.
Huaguoquan Company Refers to Shenzhen Huaguoquan Electric Industry Service Co., Ltd.
Dananhai Company Refers to Guangdong Yudean Dananhai Intelligence Energy Co., Ltd.
Yudean Baihua Refers to Guangdong Yudean Baihua Integrated Energy Co., Ltd.
Bijie Energy Refers to Guangdong Bijie New Energy Co., Ltd.
Shaoguan New Energy Refers to Guangdong Shaoguan Yuedianli New Energy Co., Ltd.
Henan New Energy Refers to Henan Yudean New Energy Co., Ltd.
Sha C Company Refers to Guangdong Shajiao( plant C) Power Generation Co., Ltd.
Yuehua Power Generation Refers to Guangdong Yuehua Power Generation Co., Ltd.
Yunhe Power Generation Refers to Guangdong Yudean Yunhe Power Generation Co., Ltd.
Tumu Thermal Power Refers to Tumushuke Thermal Power Co.,Ltd.
Hanhai Energy Refers to Tumushuke Yudean Hanhai New Energy Co., Ltd.
Huibo Energy Refers to Guangdong Huibo New Energy Co., Ltd.
Jinxiu Energy Refers to Yuedean Jinxiu Energy Co., Ltd.
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2022 Annual Report
Songshanhu Company Refers to Dongguan Songshanhu Yudean Energy Service Co., Ltd.
Senhong Energy Refers to Nanjing Senhong New Energy Co., Ltd.
Linyuan Senhai Energy Refers to Nanjing Linyuan Senhai New Energy Co., Ltd.
Zhennan Energy Refers to Yunfu Zhennan New Energy Co., Ltd.
Luoding Energy Refers to Yunfu Luoding Yudean New Energy Co., Ltd.
Alxa League Energy Refers to Alxa League Yudean New Energy Co., Ltd.
Sanmenxia Guangneng Refers to Sanmenxia Guangneng New Energy Co., Ltd.
Liangguang Energy Refers to Huazhou Yudean Liangguang New Energy Co., Ltd.
Caojiang Energy Refers to Gaozhou Yudean Caojiang New Energy Co., Ltd.
Dongrun Zhongneng Refers to Taishan Dongrun Zhongneng New Energy Co., Ltd.
Maoming Natural Gas Refers to Guangdong Yudean Maoming Natural Gas Co., Ltd.
Xingyue Energy Refers to Meizhou Xingyue New Energy Co., Ltd.
Xinguangyao Energy Refers to Laixi Xinguangyao New Energy Technology Co., Ltd.
Shache Energy Refers to Yudean Shache Comprehensive Energy Co., Ltd.
Zhenyun Energy Refers to Yunfu Yudean Zhenyun New Energy Co., Ltd.
Zhenneng Energy Refers to Yunfu Yudean New Energy Co., Ltd.
Zhuhai Energy Refers to Zhuhai Yudean New Energy Co., Ltd.
Liuzhou Energy Refers to Guangxi Liuzhou Yudean New Energy Co., Ltd.
Lvneng Energy Refers to Guangdong Yudean Lvneng New Energy Co., Ltd.
Dianbai Energy Refers to Maoming Dianbai New Energy Co., Ltd,
Tuoqian Energy Refers to Huanggang Tuoqian New Energy Co., Ltd.
Gaozhou Intelligence New
Refers to Gaozhou Yudean Intelligence New Energy Co., Ltd.
Energy
Hainan Guangneng Refers to Hainan Guangneng Yudean New Energy Co., Ltd.
Guangzhou New Energy Refers to Guangdong Yudean New Energy Development Co., Ltd.
Changha Energy Refers to Tumushuke Yudean Changhe New Energy Co., Ltd.
Caohu Energy Refers to Tumushuke Yudean Caohu New Energy Co., Ltd.
Xingneng Energy Refers to Qinghai Yudean Xingneng New Energy Co., Ltd.
Zhanjiang Guangneng Refers to Zhanjiang Guangneng Yudean New Energy Co., Ltd.
Baohe Energy Refers to Gaozhou Yudean Baohe New Energy Co., Ltd.
Fushun Energy Refers to Fushun Yudean New Energy Co., Ltd.
Leizhou Power Generation Refers to Guangdong Yudean Leizhou Power Generation Co., Ltd.
Jiuzhou New Energy Refers to Jiuzhou New Energy(Zhaoqing)Co., Ltd.
Xiangtan Xiangdian Chanshan Wind Power Generation
Changshan Wind Power Refers to
Co., Ltd.
Guangxi Xinyue Refers to Guangxi Xinyue New Energy Co., Ltd.
Zhanjiang Biomass Power Guangdong Yudean Zhanjiang Biomass Power Generation
Refers to
Generation Company Co., Ltd.
Guangdong Yudean Shibeishan Wind Energy Development
Shibeishan Wind Power Refers to
Co., Ltd.
Dianbai Wind Power Company Refers to Guangdong Yudean Dianbai Wind Power Co., Ltd.
Huilai Wind Power Company Refers to Huilai Wind Power Generation Co., Ltd.
Yangjiang Wind Power Guangdong Yudean Yangjiang Offshore Wind Power Co.,
Refers to
Company Ltd.
Heping Wind Power Company Refers to Guangdong Yudean Heping Wind Power Co., Ltd.
Pingyuan Wind Power
Refers to Guangdong Yudean Pingyuan Wind Power Co., Ltd.
Company
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.
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2022 Annual Report
Pingdian Integrated Energy
Refers to Huizhou Pingdian Integrated Energy Co., Ltd.
Company
Zhuhai Wind Power Company Refers to Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd.
Zhanjiang Wind Power Guangdong Yudean Zhanjiang Wind Power Generation
Refers to
Company Co., Ltd.
Guangdong Yudean Qujie Wind Power Generation Co.,
Qujie Wind Power Company Refers to
Ltd.
Guangdong Yudean Leizhou Wind Power Generation Co.,
Leizhou Wind Power Company Refers to
Ltd.
Tongdao Wind Power
Refers to Tongdao Yuexin Wind Power Generation Co., Ltd.
Company
Yudean Fuel Company Refers to Guangdong Power Industry Fuel Co., Ltd.
Guangdong Energy Insurance
Refers to Guangdong Energy Property Insurance Captive Co., Ltd.
Captive Company
Shanxi Energy Company Refers to Shanxi Yudean Energy Co., Ltd.
Yudean Shipping Company Refers to Guangdong Yudean Shipping Co., Ltd.
Yueqian Company Refers to Guizhou Yueqian Electric Co., Ltd.
Guangdong Energy Finance
Refers to Guangdong Energy Group Finance Co., Ltd.
Company
Energy Financial Leasing
Refers to Guangdong Energy Financial Leasing Co., Ltd.
Company
Guoneng Taishan Company Refers to Guoneng Yudean Taishan Power Generation Co., Ltd.
Weixin Energy Co., Ltd. Refers to Yunnan Yuntou Weixin Energy Co., Ltd.
Zhongxinkeng hydropower
Refers to Yangshan Zhongxinkeng Power Co., Ltd.
station
Jiangkeng hydropower station Refers to Yangshan Jiangkeng hydropower station
Southern Offshore wind power Union Development Co.,
Southern Offshore wind power Refers to
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
Refers to Guangdong Yudean Environmental Protection Co., Ltd.
Company
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2022 Annual Report
II. Company Profile & Financial Highlights.
1.Company profile
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
粤电力
Company Name in Chinese(
English name (If any) GUANGDONG ELECTRIC POWER DEVELOPMENT CO.,LTD
English abbreviation (If any) GED
Legal Representative Zheng Yunpeng
Registered address 33-36/F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou,Guangdong Province
Postal code of the Registered
510630
Address
Historical change of the
No
company's registered address
Office Address 33-36/F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou,Guangdong Province
Postal code of the office
510630
address
Internet Web Site http://www.ged.com.cn
E-mail ged@ged.com.cn
2. Contact person and contact manner
Board secretary Securities affairs Representative
Name Liu Wei Huang Xiaowen
35/F, South Tower, Yudean Plaza, No.2 Tianhe 35/F, South Tower, Yudean Plaza, No.2 Tianhe Road
Contact address
Road East, Guangzhou,Guangdong Province East, Guangzhou,Guangdong Province
Tel (020)87570251 (020)87570251
Fax (020)85138084 (020)85138084
E-mail liuw@ged.com.cn huangxiaowen@ged.com.cn
3. Information disclosure and placed
Newspapers selected by the Company for information China Securities Daily, Securities Times and Hong Kong Commercial
disclosure Daily(overseas newspaper for English version)
Internet website designated by CSRC for publishing
http://www.cninfo.com.cn
the annual report of the Company
The place where the Annual report is prepared and
Affair Dept. Of the Board of directors of the Company
placed
4.Changes in registration
Unified social credit code 91440000617419493W
On August 25,2021, The company's main business consists of " investment, construction and
operation management of power projects, production and sales of power, technical consulting
Changes in principal business and services in the power industry, leasing of terminal facilities, general cargo warehousing,
activities since listing (if any) loading and unloading, and transportation services. (projects subject to approval according to
law, business activities can only be carried out after being approved by the relevant
departments)” is changed to “investment, construction and operation management of power
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2022 Annual Report
projects and new energy projects; production and sales of electric power; technical consulting
and services in the power industry; leasing of terminal facilities; general cargo storage, loading
and unloading ,shipment service. (projects subject to approval according to law, business
activities can only be carried out after being approved by the relevant departments)".
Changes is the controlling
No change
shareholder in the past (is any)
5. Other Relevant Information
CPAs engaged
Name of the CPAs PWC Certified Public Accountants (special general partnership)
11/F,PricewaterhouseCoopers Center,2 Corporate Avenue 202 Hu Bin Road, Huangpu
Office address
District, Shanghai
Names of the certified public
Li Xiaolei, Fan Xin
accountants as the signatories
The sponsor performing persist ant supervision duties engaged by the company in the reporting period.
□Applicable √Not Applicable
The Financial advisor performing persist ant supervision duties engaged by the company in the reporting period
□Applicable √Not Applicable
6.Summary of accounting data and financial index
Whether it has retroactive adjustment or re-statement on previous accounting data
√Yes □ No
Retroactive adjustment or restatement of causes
Accounting policy change
Changes of
this period
over same
2021 2020
period of
2022 Last
year(%)
Before After Before
After adjustment After adjustment
adjustment adjustment adjustment
Operating income
52,661,088,436 44,167,223,887 44,457,866,542 18.45% 33,602,895,865 33,602,895,865
（Yuan）
Net profit attributable to
the shareholders of the -3,003,916,572 -3,147,754,234 -2,928,171,731 -2.59% 2,053,909,956 2,053,909,956
listed company（Yuan）
Net profit after deducting
of non-recurring gain/loss
attributable to the -2,936,757,038 -2,905,313,714 -2,685,731,211 -9.35% 1,551,209,648 1,551,209,648
shareholders of listed
company（Yuan）
Cash flow generated by
business operation, net 1,479,864,774 -40,304,011 122,174,668 1,111.27% 7,754,798,636 7,754,798,636
（Yuan）
Basic earning per
-0.5721 -0.5995 -0.5577 -2.59% 0.3912 0.3912
share(Yuan/Share)
Diluted gains per -0.5721 -0.5995 -0.5577 -2.59% 0.3912 0.3912
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2022 Annual Report
share(Yuan/Share)
Weighted average
-13.77% -10.72% -9.94% -3.83% 6.95% 6.95%
ROE(%)
Changed
End of 2021 over last End of 2020
End of 2022 year（％）
Before After Before
After adjustment After adjustment
adjustment adjustment adjustment
Gross assets（Yuan） 131,504,274,884 114,271,451,479 114,493,083,598 14.86% 99,479,773,162 99,479,773,162
Net assets attributable to
shareholders of the listed 20,241,872,479 23,185,079,805 23,386,185,436 -13.45% 31,820,079,621 31,820,079,621
company（Yuan）
Reasons of accounting policy change and correction of accounting errors
In 2021, the Ministry of Finance issued the Notice on Printing and Distributing the "Interpretation of
Accounting Standards for Business Enterprises No. 15" (hereinafter referred to as "Interpretation No. 15"). The
company implemented the provisions related to the trial operation sales of fixed assets in the Interpretation No.
15 from January 1, 2022, and retroactively adjusted the trial operation sales revenue incurred between January 1,
2021 and the implementation date. The comparative financial statements for 2021 were restated accordingly.
The above accounting policy changes have no impact on the balance sheet as of January 1, 2021.
□ Yes √No
The lower of the net profit before and after the deduction of the non-recurring gains and losses is negative.
√ Yes □ No
Items 2022 2021 Note
Including electricity sales income, steam
Operating income( Yuan） 52,661,088,436 44,457,866,542 income, labor service income and a few other
business income unrelated to the main business
Operating income after It is other business income unrelated to the
440,345,099 4,784,789,993
deduction( Yuan） main business.
Operating income after Including electricity sales income, steam
52,220,743,337 39,673,076,549
deduction( Yuan) income and labor service income
7.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
None
2） Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese
accounting standards.
□ Applicable √Not applicable
None
8.Main financial index by quarters
In RMB
First quarter Second quarter Third quarter Fourth quarter
Operating income 11,389,443,592 11,221,796,141 16,875,114,202 13,174,734,501
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2022 Annual Report
Net profit attributable to the shareholders of
-449,739,596 -925,999,569 -343,808,193 -1,284,369,214
the listed company
Net profit after deducting of non-recurring
gain/loss attributable to the shareholders of -461,615,643 -937,994,191 -350,046,170 -1,187,101,034
listed company
Net cash flow generated by business operation -620,286,887 411,928,377 2,777,296,829 -1,089,073,545
Whether significant variances exist between the above financial index or the index with its sum and the
financial index of the quarterly report as well as semi-annual report index disclosed by the company.
□Yes No
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2022 Annual Report
9.Items and amount of non-current gains and losses
√Applicable □Not applicable
In RMB
Amount Amount Amount
Items Notes
(2022) (2021) (2020)
Non-current asset disposal gain/loss(including It is mainly Yuejia is due
the write-off part for which assets impairment 30,802,837 82,842,178 340,976,361 to the settlement of houses
provision is made) and buildings
Government subsidy recognized in current gain It is various government
and loss(excluding those closely related to the
51,267,272 37,606,578 30,457,198 funds received by
Company’s business and granted under the
state’s policies) branches and subsidies.
Gain equal to the amount by which investment
costs for the Company to acquire subsidiaries,
associates and joint ventures are lower than the 0 0 9,784,791
Company’s enjoyable fair value of identifiable
net assets of investees when making investments
It is mainly because the
some assets in Yangjiang
Wind Power was seriously
damaged by typhoon,
causing operation failure.
Asset impairment provisions due acts of God
-83,358,694 0 0 The Company evaluates
such as natural disasters
the recoverable value of
the damaged assets and
makes provision for
impairment according to
the evaluation results.
Net gain and loss of the subsidiary under the
common control and produced from enterprise
0 -658,714,842 559,324,501
consolidation from the beginning of the period
to the consolidation date
Operating income and expenses other than the
46,299,376 16,979,172 36,323,955
aforesaid items
Other gains/losses in compliance with the It is mainly the loss of
definition of non-recurring gain/loss asset retirement, claim
-57,924,953 82,674,743 5,001,523 settlement and
compensation income of
branches and subsidiaries.
Less :Influenced amount of income tax 38,582,624 55,885,342 106,635,578
Influenced amount of minor shareholders’
15,662,748 -252,056,993 372,532,443
equity (after tax)
Total -67,159,534 -242,440,520 502,700,308 --
Details of other profit and loss items that meet the non-recurring profit and loss definition
□ Applicable√ Not applicable
None
For the company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Companies 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.
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2022 Annual Report
√ Applicable □ Not applicable
Amount
Items Reason
involved(RMB)
According to the VAT refund policy, the company
and its controlled subsidiaries are in compliance
Value-added tax will be refunded immediately 28,893,040
with relevant regulations and continue to enjoy the
VAT refund immediately
Carbon emission quota used to fulfill the Comply with national policies and regulations, and
-306,786,693
emission reduction obligation continue to occur.
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2022 Annual Report
III. Management Discussion & Analysis
I. Industry information of the company during the reporting period
The company shall comply with the disclosure requirements of power-related industries in the Guideline No.3
for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.
According to the statistics of the national power industry in 2022 published by the National Energy
Administration, the electricity consumption of the whole society in China in 2022 was 8.64 trillion kWh, with a
year-on-year increase of 3.6%. The electricity consumption of the primary industry was 114.6 billion kWh, with
a year-on-year increase of 10.4%; The electricity consumption of the secondary industry was 5.7 trillion kWh,
with a year-on-year increase of 1.2%; The electricity consumption of the tertiary industry was 1.49 trillion kWh,
with a year-on-year increase of 4.4%; The domestic electricity consumption of urban and rural residents was
1.34 trillion kWh, with a year-on-year increase of 13.8%.
In terms of power supply, with the goal of "carbon peaking and carbon neutrality" and the development
requirements of building a new power system, new energy sources such as wind power and solar power have
entered the "fast lane" of high-quality development, and the installed capacity has increased year by year in the
total installed capacity of power generation in China, with remarkable results of green and low-carbon
transformation in the power industry. By the end of 2022, the cumulative installed power generation capacity in
China was about 2.56 billion kilowatts, with a year-on-year increase of 7.8%, in which the installed capacity of
wind power is about 370 million kilowatts, with a year-on-year increase of 11.2%; The installed power
generation capacity of solar power is about 390 million kilowatts, with a year-on-year increase of 28.1%; The
installed capacity of coal-fired power is about 1.121 billion kilowatts, with a year-on-year increase of 1%, and
the power generation of coal-fired power is up 0.7% year-on-year, accounting for 58.4% of the total power
generation. Combined with the installed capacity and power generation, coal-fired power is still the most
important power supply in China, and it is also the "ballast stone" to ensure the safe and stable supply of
electricity in China.
In 2022, the fuel price remains high, and the operation of thermal power enterprises is facing great
challenges. According to the transaction results announced by Guangdong Power Exchange Center in December
2022, the average transaction price of bilateral negotiation transactions, annual listing transactions and annual
centralized competition transactions in the province in 2023 increased year on year, with the average transaction
price of bilateral negotiation being RMB 553.88/thousand kWh, which was RMB 56.84/thousand kWh higher
than the previous year. At the same time, the Energy Bureau of Guangdong Province and the South China
Energy Regulatory Office of Nation Energy Administration jointly issued the Notice on Matters Related to
Electricity Market Transactions in 2023, proposing that when the price fluctuation of primary energy exceeds a
certain range, the primary energy price fluctuation transmission mechanism shall be started according to the
market operation to promote the transmission of cost pressure to the downstream. In addition, in the first half of
2022, the National Development and Reform Commission successively issued the Notice on Further Improving
the Price Formation Mechanism of the Coal Market and related documents to strengthen the regulation and
supervision of the coal market price, guide the coal price within a reasonable range, promote the coordinated
development of coal and electricity upstream and downstream, and ensure the safe and stable supply of energy.
To sum up, the increase of transaction price in the medium and long-term market is conducive to the reasonable
diversion of the upstream coal price cost pressure to the downstream. Meanwhile, if the coal price can fall back
to a reasonable range under the guidance of national policies, the company's operating pressure will be released
to a certain extent, and its profit outlook will be improved.
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2022 Annual Report
II.Main Business the Company is Engaged in During the Report Period
The company shall comply with the disclosure requirements of power-related industries in the Guideline No.3
for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.
The company is mainly engaged in the investment, construction, and operation management of electric power
projects and new energy projects, as well as 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 2022, the company has controllable installed
capacity of 31.444 million kilowatts, including holding installed capacity of 29.6962 million kilowatts and equity
participation installed capacity of 1.7478 million kilowatts. Including: The holding installed capacity for coal-
fired power generation was 20.55 million kilowatts, accounting for 69.2%; the holding installed capacity for gas
and electricity of 6.392 million kilowatts, accounting for 21.52% ； and renewable energy generation like wind
power and hydropower of 2.7542 million kilowatts, accounting for 9.27%. .In addition, the company is entrusted
with managing the installed capacity of 8.854 million kilowatts . The above controllable installed capacity and
entrusted management installed capacity totaled 39.986 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 107.679 billion kilowatt-hours
,an increase of 2.16% YOY; average price stated in the consolidated statements is 545.55 Yuan/ thousands
kilowatt-hours(tax included ,the same below ), an increase of 78.44 yuan/ thousands kilowatt-hours or an
increast of 16.8% YOY;the total operating income was RMB 52,661.09 million, an increase of RMB 8,203.22
million or an increase of 18.45% 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 43,252.48 million yuan, which accounted for
81.84% of the main business costs, affected by the sharp increase of power generation and coal price, the fuel cost
increased by RMB 4,588.78 million year on year. an increase of 11.87% .
During the reporting period, benefiting from the YOY increase in on-grid electricity prices and the orderly
promotion of production of new energy projects such as wind power and photovoltaics projects, the company's
operating income increased significantly. However, affected by a variety of factors and the high-levelfuel prices,
the company's thermal power plants recorded serious losses, and the company achieved a net profit attributable
to the parent company of -3,003.92 million yuan in 2022, down 2.59% YOY. In which, the company's coal
power business achieved a net profit attributable to the parent company of -3,950.78 million yuan; The net
profit attributable to the parent company of the gas power business was 186.04 million yuan; The net profit
14
2022 Annual Report
attributable to the parent company from the hydropower business was - 27.23 million yuan; The new energy
business achieved a net profit attributable to the parent company of 325.68 million yuan; The investment
business of the company's headquarters achieved a net profit attributable to the parent company of 1042.98
million yuan.
Main Production and Operation Information
Items This reporting period Same period last year
Total installed capacity ('0,000 kW) 2,969.62 2,822.52
Installed capacity of units that are newly put into production ('0,000 kW) 147.10 218.12
Planned installed capacity of approved projects ('0,000 kW) 1,803.50 925.23
Planned installed capacity of projects under construction ('0,000 kW) 1,077.15 696.80
Power generation ('00,000,000 kWh) 1,140.59 1,111.77
On-grid electricity or electricity sales ('00,000,000 kWh) 1,076.79 1,053.98
Average on-grid price or selling price (RMB/ '00,000,000 kWh , including
0.55 0.47
tax)
Average power consumption rate of power plant (%) 5.71 5.23
Power plant utilization hours (h) 3,980 4,219
（1）Operation Information of thermal power
Items This reporting period Same period last year
Total installed capacity ('0,000 kW) 2,694.2 2,602.2
Installed capacity of units that are newly put into production ('0,000 kW) 92 82
Planned installed capacity of approved projects ('0,000 kW) 852 664.8
Planned installed capacity of projects under construction ('0,000 kW) 745.60 570.80
Power generation ('00,000,000 kWh) 1,086.73 1,077.46
On-grid electricity or electricity sales ('00,000,000 kWh) 1,025.63 1,021.45
Average on-grid price or selling price (RMB/ '00,000,000 kWh , including
0.54 0.46
tax)
Average power consumption rate of power plant (%) 5.62 5.23
Power plant utilization hours (h) 4,110 4,606
（2）Operation Information of wind power
Items This reporting period Same period last year
Total installed capacity ('0,000 kW) 234.50 197.04
Installed capacity of units that are newly put into production ('0,000 kW) 37.46 136.12
Planned installed capacity of approved projects ('0,000 kW) 11.50 0
Planned installed capacity of projects under construction ('0,000 kW) 100 104
Power generation ('00,000,000 kWh) 42.99 23.06
On-grid electricity or electricity sales ('00,000,000 kWh) 41.15 21.89
Average on-grid price or selling price (RMB/ '00,000,000 kWh , including
0.73 0.68
tax)
Average power consumption rate of power plant (%) 4.27 4.61
Power plant utilization hours (h) 2,168 2,044
（3）Operation Information of water power
Items This reporting period Same period last year
Total installed capacity ('0,000 kW) 13.28 13.28
Installed capacity of units that are newly put into production ('0,000 kW) 0 0
Planned installed capacity of approved projects ('0,000 kW) 0 0
15
2022 Annual Report
Planned installed capacity of projects under construction ('0,000 kW) 0 0
Power generation ('00,000,000 kWh) 3.76 3.44
On-grid electricity or electricity sales ('00,000,000 kWh) 3.70 3.39
Average on-grid price or selling price (RMB/ '00,000,000 kWh , including
0.21 0.21
tax)
Average power consumption rate of power plant (%) 1.66 1.44
Power plant utilization hours (h) 2,833 2,589
（4）Operation Information of Biomass business
Items This reporting period Same period last year
Total installed capacity ('0,000 kW) 10 10
Installed capacity of units that are newly put into production ('0,000 kW) 0 0
Planned installed capacity of approved projects ('0,000 kW) 0 0
Planned installed capacity of projects under construction ('0,000 kW) 0 0
Power generation ('00,000,000 kWh) 7.09 7.89
On-grid electricity or electricity sales ('00,000,000 kWh) 6.28 7.25
Average on-grid price or selling price (RMB/ '00,000,000 kWh , including
0.75 0.75
tax)
Average power consumption rate of power plant (%) 11.37 8.11
Power plant utilization hours (h) 7,087 7,890
（5）Operation Information of photovoltaic business
Items This reporting period Same period last year
Total installed capacity ('0,000 kW) 17.64 0
Installed capacity of units that are newly put into production ('0,000 kW) 17.64 0
Planned installed capacity of approved projects ('0,000 kW) 940 260.43
Planned installed capacity of projects under construction ('0,000 kW) 231.55 22
Power generation ('00,000,000 kWh) 0.03 0
On-grid electricity or electricity sales ('00,000,000 kWh) 0.03 0
Average on-grid price or selling price (RMB/ '00,000,000 kWh , including
0.54 /
tax)
Average power consumption rate of power plant (%) 1.11 /
Power plant utilization hours (h) 146 /
Note：1. The total installed capacity is the holding installed capacity, In 2021, the Company's photovoltaic
power generation was only used in the factory.
Electricity sales business of the Company
√ Applicable □ Not applicable
Guangdong Yudean Electric Power Sales Co., Ltd. ("Sales company"), a wholly-owned subsidiary of the
company, founded in July 2015, is the first power sales company in Guangdong province, and its power sales
qualification code is SD01. Based on the business of purchasing and selling electricity, the sales company focuses
on improving electricity efficiency, provides customers with services such as demand response strategy, energy
saving renovation, energy consumption strategy consultation, contracted energy management, power energy
storage, etc., and carries out comprehensive energy service projects (smart energy management, carbon asset
management, energy trusteeship, energy audit, etc.) in vertical (industry) fields, large group enterprises and large
parks.
In 2022, the electricity consumption of the sales company was 49.193 billion kWh, with a year-on-year decrease
of 8.59%, in which the electricity of the holding subsidiary of the agency company is 41.084 billion kWh,
accounting for 38.15% of the company's on-grid electricity.
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2022 Annual Report
Reasons for the significant changes in the relevant data
□ Applicable √Not applicable
Related new energy power generation business
During the "14th Five-Year Plan" period, the company initially planned to add about 14 million kilowatts of
new energy installed capacity, including 1.6 million kilowatts of onshore wind power, 2.8 million kilowatts of
offshore wind power and 9.6 million kilowatts of photovoltaic power (the above-mentioned planned installed
capacity and power generation type will be determined according to the actual situation of project approval for
filing, investment and development, and be subject to some adjustment in specific implementation.) By the end
of 2022, the company had a total installed capacity of about 2,521,400 kilowatts of new energy such as wind
power and photovoltaic power, including about 1.2 million kilowatts of offshore wind power, 1.145 million
kilowatts of onshore wind power and 176,400 kilowatts of photovoltaic power; In Jianyang Jiangqingzhou No.1
and No.2 offshore wind power projects and Xinjiang Hanhai photovoltaic projects, the total installed capacity is
3,315,500 million kilowatts; The scale of new energy projects that the Company has approved for filing is about
10 million kilowatts. In the future, the company will continue to actively grasp the development trend of
accelerating energy transformation under the goal of "emission peak" and "carbon neutrality", implement the
strategy of "1+2+3+X", actively expand the resources of new energy projects through self-construction and
acquisition, fully promote the leap-forward development of new energy, and build an ecological and civilized
power enterprise.
1. As of December 31, 2022, the new energy power generation projects controlled by the company that have been
put into production are as follows:
Installed capacity ( '0,000
Project type Project name Shareholding ratio
kilowatts)
Wind Power Zhanjiang Xuwen Yangqian 4.95 70%
Wind Power Zhanjiang Xuwen Yongshi 4.95 70%
Wind Power Jieyang Huilai Shibeishan 10.0 70%
Wind Power Jieyang Huilai Haiwanshi 1.4 90%
Wind Power Maoming Dianbai Hot Water 4.95 100%
Wind Power Zhanjiang Leizhou Hongxinlou 4.95 94%
Wind Power Zhanjiang Xuwen Shibanling 4.95 100%
Wind Power Zhanjiang Xuwen Qujie 4.95 100%
Wind Power Wailuo I offshore wind power 19.8 100%
Wind Power Xuwen Wutushan Wind Power 4.95 51%
Xuwen Dengjiaolou Wind 4.95 51%
Wind Power
Power
Wind Power Pingyuan Maoping 4.8 100%
Zhuhai Jinwan offshore Wind 30 74.49%
Wind Power
power
Zhanjiang Xuwen Wailuo II 20 100%
Wind Power
Offshore Wind Power
Zhanjiang Xuwen Xinliao 20.35 100%
Wind Power
offshore wind power
Yangjiang Shapa offshore wind 30 91.41%
Wind Power
power
Wind Power Guangxi Wuxuan 5 100%
Wind Power Yangjiang Shapa offshore wind 5 100%
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2022 Annual Report
power
Wind Power Guangxi Wuxuan 5 100%
Decentralized Wind Power in 1.08 65%
Wind Power
Shanwei Power Plant
Wind Power Nanxiong Zhuan village 4.99 100%
Wind Power Xiangtan Changshan 4.4 100%
Wind Power Pingyuan Sishui 4 100%
Wind Power Henan Xihua Wind Power 1.53 100%
Wind Power Henan Wuzhi Wind power 2.5 100%
Wind Power Hebei Ziyahe 10 80%
Wind Power Zhanjiang Leigao 15.03 51%
Photovoltaic Baojia Power generation 0.12 90%
Photovoltaic Dapu Power plant 0.20 100%
Photovoltaic Jiuzhou New Energy 1.73 100%
Photovoltaic Xinhui Power Plant 1.06 46%
Photovoltaic Yuehua Company 0.06 51%
Photovoltaic Shandong Gaotang 4.05 100%
Photovoltaic Jinxiu Wudeng 0.14 90%
Photovoltaic Red Bay Power Plant 1 65%
Photovoltaic Wushi Wudeng 0.014 100%
Photovoltaic Sanhe Xihua 0.46 100%
Photovoltaic Haiyan Shalan 1 100%
Photovoltaic Shanxi Hongdong 4.8 100%
Photovoltaic Meizhou Wuhua 3 100%
Total 252.14
III.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 131.504 billion. It is the largest listed company of power in Guangdong province. It is the only listed
company with over 100 billion assets controlled by state-owned holdings in Guangdong province. As of
December 31, 2022, the company, as the largest listed power company in Guangdong Province, has a total of
39.986 million kilowatts of controllable installed capacity and entrusted managed installed capacity, accounting
for about a quarter of the total installed capacity in 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.
3. Comprehensive advantages of main business
During the 14th five-year period, guided by the national energy development strategy, the company is
18
2022 Annual Report
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
2022, the company completed a total of 102.834 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
At present, the company's total assets reach 100 billion, and the cash flow of its stock business is abundant,
which provides a good support for the company's sustainable development. The company's financial position is
good, with good financing channels such as bank credit, bonds and securities markets and rich financing
methods. The company will make full use of internal and external financial resources to provide strong financial
guarantee for the production and operation of enterprises, the construction of key projects and the rapid
development of new energy industry.
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, helps the "3060"
target to be implemented.
IV.Main business analysis
Ⅰ.General
In 2022, affected by the increasing downward pressure on the economy, the overall demand for electricity in
Guangdong province remained almost flattened as the previous year, reaching 787.034 billion kWh-a YOY
increase of 0.05%.In terms of installed capacity, by the end of 2022, the regulated installed capacity of
Guangdong was 171 million kilowatts, with a year-on-year increase of 7.9%, of which the installed capacity of
coal-fired power was 68.577 million kilowatts, with a year-on-year increase of 1%; The installed capacity of gas
and electricity was 34.233 million kilowatts, with a year-on-year increase of 12.1%; The total installed capacity
of wind power and solar power generation was 28.351 million kilowatts, with a year-on-year increase of 27.3%.
During the reporting period, the company accumulated 107.679 billion kWh of on-grid electricity in
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2022 Annual Report
consolidated statements, with a year-on-year increase of 2.16%, in which, the on-grid electricity of coal
machine is 87.805 billion kWh, the on-grid electricity of gas machine is 14.758 billion kWh, and the on-grid
electricity of hydropower, wind power and photovoltaic power is 5.116 billion kWh.
In 2022, with the deepening of electricity marketization reform, and the continuous expansion in the scale
of market-oriented transactions in Guangdong province, according to the data of Guangdong Power Exchange
Center, the electricity directly traded in the province's market in 2022 was 298.57 billion kWh, of which the
electricity negotiated bilaterally was 252.924 billion kWh, with a year-on-year increase of 17.62%, and the
average transaction price is RMB 0.498/kWh; The average on-grid tariff of the consolidated statement of the
company was RMB 545.55/thousand kWh (including tax, the same below), with a year-on-year increase of
RMB 78.44/thousand kWh, i.e. 16.8%.
In 2022, facing the arduous test of balancing the multiple goals of ensuring supply, adjusting structure and
stabilizing growth in the power energy industry, the company resolutely fulfilled the economic, political and
social responsibilities of state-owned enterprises, and made every effort to ensure the safe production and stable
supply of electricity. Despite the positive factors such as the YOY increase in on-grid electricity prices and the
orderly promotion of production of new energy projects such as wind power and photovoltaics project, it’s still
difficult to cover high fuel costs, and the company's power generation business continued to lose money. By the
end of 2022, the company's total assets in consolidated statements were 131.504 billion yuan, a YOY increase
of 14.86%; The total liabilities in the consolidated statements were 102.782 billion yuan, with an asset-liability
ratio of 78.16%; The equity attributable to shareholders of the parent company was 20.242 billion yuan, a YOY
decrease of 13.45%. The company achieved a consolidated operating income of 52.661 billion yuan, a YOY
increase of 18.45%; and realized that the net profit attributable to shareholders of the parent company was -
3.004 billion yuan, with earnings per share was -0.57 yuan.
In 2022, the company added 920,000 kilowatts for Huadu Thermal Power, 44,000 kilowatts for Xiangtan
Changshan Wind Power, 40,000 kilowatts for Pingyuan Sishui Wind Power, 100,000 kilowatts for Hebei
Ziyahe Wind Power, 17,000 kilowatts for Zhaoqing Jiuzhou distributed photovoltaic power, The clean energy
projects included the regulation wind power of 150,000 kilowatts project, and it had a total installed capacity of
about 1.471 million kilowatts; By the end of 2022, the Company has a holding installed capacity of 9,146,200
kilowatts of clean energy power generation such as gas power, wind power, hydropower, photovoltaic, and
biomass power, and the proportion increased to 30.79%. In addition, the Company actively promoted the
construction of Daya Bay Integrated Energy Station, Ningzhou Alternative Power Source, ZhaoqingYongan
Natural Gas Thermal Power, YangjiangQingzhou Offshore Wind Power, Xinjiang Hanhai Photovoltaic and
other projects, continuously optimized the power supply structure, and promoted the company's green and low-
carbon transformation.
2. Revenue and cost
(1)Component of Business Income
In RMB
2022 2021 Increase
Amount Proportion Amount Proportion /decrease
Total operating revenue 52,661,088,436 100% 44,457,866,542 100% 18.45%
On Industry
Electric power , Steam sales
52,220,743,337 99.16% 43,864,972,613 98.67% 19.05%
and labor income
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2022 Annual Report
Other 440,345,099 0.84% 592,893,929 1.33% -25.73%
On products
Sales Electric Power 51,889,521,596 98.53% 43,568,666,575 98.00% 19.10%
Steam income 202,658,611 0.38% 167,971,843 0.38% 20.65%
Labor income 128,563,130 0.24% 128,334,195 0.29% 0.18%
Comprehensive utilization of
365,533,200 0.69% 495,095,811 1.11% -26.17%
fly ash
Lease revenue 42,581,955 0.08% 48,557,619 0.11% -12.31%
Other 32,229,944 0.06% 49,240,499 0.11% -34.55%
Area
Guangdong 51,738,933,176 98.25% 44,292,665,519 99.63% 16.81%
Xinjiang 724,019,436 1.37% 60,100,462 0.14% 1,104.68%
Hunan 81,219,984 0.15% 26,527,617 0.06% 206.17%
Yunnan 70,173,996 0.13% 64,581,623 0.15% 8.66%
Guangxi 46,017,681 0.09% 13,991,321 0.03% 228.90%
Henan, Hebei 724,163 0% 0 0% /
Sub-sale model
Direct selling 52,661,088,436 100% 44,457,866,542 100% 18.45%
(2)Situation of Industry, Product and District Occupying the Company’s Business Income and Operating Profit
with Profit over 10%
√ Applicable □Not applicable
The company shall comply with the disclosure requirements of power-related industries in the Guideline No.3
for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.
In RMB
Increase/decre
Increase/decre Increase/decre
ase of gross
ase of revenue ase of business
profit rate over
Gross profit in the same cost over the
Turnover Operation cost the same
rate(%) period of the same period of
period of the
previous previous year
previous year
year(%) (%)
(%)
On products
Sales Electric Power 51,889,521,596 52,503,713,101 -1.17% 19.10% 12.78% 5.68%
Including：
Fire coal Generation
40,624,681,752 43,377,979,331 -6.78% 15.14% 9.93% 5.06%
Power
Gas Generation
8,110,431,935 7,419,474,635 8.52% 27.26% 21.97% 3.97%
Power
Wind Generation
2,660,095,257 1,276,137,628 52.03% 94.30% 118.65% -5.34%
Power
Biomass Generation
414,276,939 374,369,738 9.63% -13.37% 0.62% -12.57%
Power
Hydroelectric
70,172,853 54,756,193 21.97% 8.66% -2.47% 8.90%
Generation power
Photovoltaic
9,862,860 995,576 89.91% / / /
Generation power
Area
Guangdong 51,738,933,176 51,870,231,552 -0.25% 16.81% 11.15% 5.11%
Reasons for great changes in related financial indicators
√ Applicable □ Not applicable
21
2022 Annual Report
1) The company's operating income in Xinjiang increased by 1104.68% year on year, mainly because the
company acquired Tumushuke Thermal Power Company in December 2021, and the operating income in
Xinjiang in 2021 was only the operating income generated after the actual control of Tumushuke Thermal
Power Company was acquired.
2) The company's operating income in Hunan increased by 206.17% year on year, mainly due to the trial
operation of Xupu and Tongdao wind power in the second half of 2021, with less power generation in 2021, and
the acquisition of Changshan wind power in 2022, which resulted in the year-on-year increase in electricity
sales in this region;
3) The company's operating income in Guangxi increased by 228.90% year on year, mainly due to the trial
operation of Wuxuan Wind Power in 2021. Due to the influence of trial operation and debugging, the power
generation in 2021 was small, and the electricity sales in this region increased year on year.
(3)Whether the Company’s Physical Sales Income Exceeded Service Income
√ Yes □ No
Classification Items Unit 2022 2021 Changes
Electric power, Sales volume '00,000,000 kWh 1,076.79 1,053.98 2.16%
thermal production
and supply Production '00,000,000 kWh 1,140.59 1,111.77 2.59%
Explanation for a year-on –year change of over 30%
□ Applicable √Not applicable
(4) Performance of the major sales contract, major procurement contract signed by the company till end of the
Period
√ Applicable □Not applicable
Implementation of Signed Major Sales Contracts as of this Reporting Period
√ Applicable □Not applicable
In RMB10,000
Description
Amount
Total Total Whether of the failure
Contract fulfilled during Amount to be
Counterparty contract fulfilled fulfilled to fulfill the
object the reporting fulfilled
amount amount properly contract
period
properly
Quantity CHINA Yes
of SOUTHERN 4,928,894.34
electricity POWER GRID
Implementation of Signed Major Purchase Contracts as of this Reporting Period
□ Applicable √Not applicable
(5)Component of business cost
Industry classification
In RMB
2022 2021
Proportion in Proportion in Increase/
Industry Items
Amount the operating Amount the operating Decrease
costs (%) costs (%)
Electric power, thermal
Fuel cost 43,252,482,322 81.84% 38,663,701,630 82.57% 11.87%
production and supply
Electric power, thermal Depreciation
4,708,493,060 8.91% 4,094,729,526 8.74% 14.99%
production and supply expense
Electric power, thermal Labor cost 1,780,084,083 3.37% 1,815,101,550 3.88% -1.93%
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2022 Annual Report
production and supply
Electric power, thermal
Other 3,111,250,716 5.89% 2,253,972,767 4.81% 38.03%
production and supply
Note
The company is in power sector and mainly engaged in power generation at present. The cost is composed of
fuel cost, depreciation expenses, labour cost and other expenses. Fuel cost accounts for about 81.84% of total
cost, affected by the high fuel price in 2022, the fuel cost further increased.
(6)Whether Changes Occurred in Consolidation Scope in the Report Period
√Yes □No
Nature New investment amount Paid-in capital at the Proportion (%) Acquired
Name in this period (Yuan) end of period(Yuan)
Yudean Jinxiu Integrated Energy Photovoltaic power
2,621,800 2,913,114
Co., Ltd. generation 90% Invested
Guangdong Yudean Huibo New Photovoltaic power
15,492,360 15,492,360
Energy Co., Ltd. generation 100% Invested
Nanjing Linyuan Senhai New Photovoltaic power
120,495,920 120,495,920
Energy Co., Ltd. generation 100% Invested
Nanjing Senhong New Energy Photovoltaic power
120,495,920 120,495,920
Co., Ltd. generation 100% Invested
Tumushuke Yudean Hanhai New Photovoltaic power
324,050,000 324,050,000
Energy Co., Ltd. generation 100% Invested
Taishan Dongrun Zhongneng New Photovoltaic power Asset
45,063,020 45,063,020
Energy Co., Ltd. generation 100% acquisition
Meizhou Xingyue New Energy Photovoltaic power
9,977,500 9,977,500
Co., Ltd. generation 100% Invested
Guangdong Yudean Huixin
104,975,000 123,500,000
Thermal Power Co., Ltd. CHP 100% Invested
Guangdong Yudean Maoming
Natural gas Thermal Power Co., 115,345,000 118,345,000
Ltd. CHP 85% Invested
Guangdong Shaoguan Yudean Photovoltaic power
33,473,000 33,473,000
New Energy Co., Ltd. generation 100% Invested
Yudean Shache Integrated Energy Photovoltaic power
1,206,110,470 1,206,110,470
Co., Ltd. generation 100% Invested
Laixi Xinguangyao New Energy Photovoltaic power Asset
32,923,000 33,255,555
Co., Ltd. generation 99% acquisition
Jiuzhou New Energy( Zhaoqing) Photovoltaic power Asset
39,000,000 40,680,000
Co., Ltd. generation 100% acquisition
Xiangtan Xiangdian Changshan Wind Power Asset
89,524,003 80,000,000
Wind Power Generation Co., Ltd. generation 100% acquisition
Yunfu Luoding Yudean New Photovoltaic power
1,844,520 1,844,520
Energy Co., Ltd. generation 100% Invested
(7)Relevant Situation of Significant Changes or Adjustment of the Business, Product or Service in the
Company’s Report Period
□ Applicable √Not applicable
(8)Situation of Main Customers and Main Supplier
Information of the company’s top 5 sales customers
23
2022 Annual Report
Total sales amount to top 5 customers (Yuan) 50,381,452,707
Proportion of sales to top 5 customers in the annual sales(%) 95.67%
Proportion of the sales volume to the top five customers in the
0.49%
total sales to the related parties in the year
Information of the company’s top 5 customers
No Name Amount（RMB） Proportion
1 GPGC 49,288,943,416 93.60%
2 State Grid Xinjiang Electric Power Co., Ltd 667,525,369 1.27%
Guangdong Yudean Environmental Protection
3 259,669,937 0.49%
Co., Ltd
4 State Grid Hunan Electric Power Co., Ltd 108,007,384 0.21%
5 Yunnan Power Grid Co., Ltd. 57,306,600 0.11%
Total -- 50,381,452,707 95.67%
Other explanation :
√Applicable □Not applicable
Guangdong Yudean Environmental Protection Co., Ltd. is a wholly-owned subsidiary of Guangdong Electric
Power Industrial Fuel Co., Ltd., a joint venture company of the company. Therefore, Guangdong Yudean
Environmental Protection Co., Ltd. is related to the company.
Principal suppliers
Total purchase of top 5 Suppliers（Yuan） 46,658,788,875
Percentage of total purchase of top 5 suppliers In total annual
81.78%
purchase(%)
Proportion of purchase amount from the top 5 suppliers in the
66.59%
total purchase amount from the related parties in the year
Information about the top 5 suppliers
No Name Amount（Yuan） Proportion
1 Guangdong Energy Group 37,994,814,563 66.59%
China Energy Construction Group,
2 Guangdong Electric Power Design & 3,484,742,135 6.11%
Research Institute Co., Ltd.
Guangdong Zhujiang Investment Electric Fuel
3 2,140,672,790 3.75%
Co., Ltd.
4 Guangdong Dapeng ING Co., Ltd 1,850,639,387 3.24%
Dongfang Electric Group, Dongfang Boiler
5 1,187,920,000 2.08%
Co., Ltd.
Total -- 46,658,788,875 81.78%
Other explanation :
√ Applicable □Not applicable
Guangdong Energy Group Co., Ltd. (hereinafter referred to as "Guangdong Energy Group") is the controlling
shareholder of the company, and has an associated relationship with the company. The amount of related
suppliers between the company and Guangdong Energy Group listed here covers all related transactions
between the company and Guangdong Energy Group and its subsidiaries.
24
2022 Annual Report
3.Expenses
In RMB
Increase
2022 2021 /Decreas Notes
e(%)
Sale expenses 69,108,603 65,407,040 5.66%
Administratio
1,192,506,931 1,101,123,287 8.30%
n expenses
Financial It is mainly caused by the increase of company investment and working
2,135,900,012 1,371,365,945 55.75%
expenses capital demand and the expansion of debt financing scale.
R& It is mainly becaused that the company and its subordinate units increase
Development 1,229,311,572 584,714,979 110.24% R&D investment and improve the centralized management of R&D
expenses expenses.
4.R& D Expenses
√ Applicable □Not applicable
Expected impact on the
Name of main R&D Project
Project purpose Goal to be achieved future development of
project progress
the Company
Form a research report on
chlorine migration and
transformation law and
energy-saving operation
Promote the safe,
optimization technology of
stable, energy-saving
Research on chlorine bypass flue evaporation
and low-carbon
migration and system in coal-fired power
Improve the safety and operation of the rotary
transformation law and plant, compile operation
reliability of the system atomizing evaporation
energy-saving guidelines of bypass flue
operation and promote the In system of the high-
operation optimization evaporation system, and
energy-saving and low-carbon operation temperature bypass
technology of bypass build a calculation software
economic operation of the flue, and promote and
flue evaporation package that can provide
system. apply the obtained
system in coal-fired guidance for optimal
results to other similar
power plant operation of bypass flue
process units of the
evaporation system in power
company.
plant, and provide
theoretical basis and
practical experience for
engineering application.
According to the different
operation conditions of the
current ash conveying
system, it is estimated that Predict the dust
the energy consumption of accumulation in the ash
Through the comprehensive
the air compressor can be hopper and the
Research on intelligent study of compressed air from
reduced by 20~30%. blockage of the
monitoring and early production to use, evaluate
In Combined with advanced warehouse pump in
warning technology of and analyze its energy-saving
operation monitoring technology, by advance, find it in the
ash conveying system potential, so as to carry out
studying the main process of early stage and deal
for millions of units targeted tests and
ash conveying system, with it as soon as
transformation.
develop an intelligent early possible to avoid more
warning system for ash serious consequences.
accumulation in ash hopper
and blockage of silo pump in
ash conveying system.
Development of Solve the serious blow In Solve the problem of Improve the economy
erosion resistance and damage of the valve element operation frequent erosion of and safety of the unit.
25
2022 Annual Report
temperature reduction and valve seat sealing surface desuperheating water
technology for reheater of the regulating valve. regulating valve of reheater
of ultra-supercritical and improve the reliability
generator set of equipment.
Through the
Research on the demonstration and
Research and demonstration and application application of MW
Complete the R&D and
demonstration on key of MW natural gas zero natural gas zero-carbon
demonstration verification
technologies of MW carbon emission power In emission power
of key technologies of
natural gas chemical generation technology based operation generation technology,
3MWth natural gas chemical
looping combustion on natural gas chemical provide an effective
loop combustion device.
power generation looping combustion means to achieve the
technology. goal of carbon peaking
and carbon neutrality.
Research and Establish the model, database
The average annual power
application of system and application Save water resources
generation water
intelligent monitoring platform of intelligent and reduce the
Completed consumption of the whole
and analysis system for monitoring and analysis production cost of the
plant decreased by 5% year
water saving in the system for water saving in the company.
on year.
whole plant whole plant.
Research on diversified Determine the fuel Explore a set of diversified
fuel coupling power composition and component fuel blending mode suitable Realize long-term
In
generation technology ratio that is reliable, stable and for Yunhe Power Generation stable and safe co-
operation
of large circulating safe with maximum economic Co., Ltd. to reduce the fuel burning.
fluidized bed boiler benefits. cost.
Research and
Establish a health
application of key Establish a health
Realize equipment health management system
technologies of management system for wind In
state management and life for wind power
offshore wind power power operation and operation
prediction. operation and
operation and maintenance.
maintenance.
maintenance
Research and Develop the unmanned
Reduce the labor input
application of operation mode of wharf grab
Achieve full-automatic ship of ship unloading
intelligent unmanned ship unloader to realize Completed
unloading operation. operation and reduce
driving technology for automatic ship unloading
the production cost.
ship unloader operation.
. Remind related personnel
Timely discover the to take cooling measures to
Detailed application of Reduce the natural loss
abnormality in temperature, reduce spontaneous
ambient intelligence of coal during storage
oxides and sulfides caused by In combustion times of coal
monitoring system in and reduce the
spontaneous combustion of operation bunker; 2. Reduce the
coal yard based on 5G+ emission of
coal yard, and give early potential safety hazard of
industrial Internet atmospheric pollutants.
warning in time. fire in coal conveying
system.
1. Develop and apply a variety
of innovative welding
technologies to complete the
Research and defect treatment of metal
Provide reference and
application of new parts; 2. Innovate and apply
experience for dealing with Reduce the risk of safe
processing technology post-weld heat treatment Completed
the defects of important operation of the unit.
for weld defects of technology for large thick-
container parts in the future.
drum downcomer. walled steam drum; 3.
Optimize the heat treatment
process and reduce the
deformation of steam drum.
26
2022 Annual Report
Company's research and development personnel situation
2022 2021 Increase /decrease
Number of Research and
1,333 1,075 24%
Development persons (persons)
Proportion of Research and
15.08% 11.65% 3.43%
Development persons
Academic structure of R&D personnel
Bachelor 961 755 27.28%
Master 87 104 -16.35%
Doctor 2 2 0%
Age composition of R&D personnel
Under 30 years old 127 84 51.19%
30-40 years old 455 371 22.64%
Over 40 years old 751 620 21.13%
The company's R & D investment situation
2022 2021 Increase /decrease
Amount of Research and
1,229,311,572 584,714,979 110.24%
Development Investment (Yuan)
Proportion of Research and
Development Investment of Operation 2.33% 1.32% 1.01%
Revenue
Amount of Research and
Development Investment 0 0 0%
Capitalization (Yuan)
Proportion of Capitalization Research
and Development Investment of
0% 0% 0%
Research and Development
Investment
Reasons and influence of significant changes in R&D personnel composition of the company
□ Applicable √Not applicable
The Reason of the Prominent Change in Total Amount of Research and Development Input Occupying the
Business Income Year on Year
□ Applicable √Not applicable
Reasons for the drastic change of capitalization rate of R&D investment and its rationality explanation
□ Applicable √Not applicable
5.Cash Flow
In RMB
Items 2022 2021 Increase/Decrease(%)
Subtotal of cash inflow received from operation activities 61,684,580,742 48,934,312,736 26.06%
Subtotal of cash outflow received from operation activities 60,204,715,968 48,812,138,068 23.34%
Net cash flow arising from operating activities 1,479,864,774 122,174,668 1,111.27%
Subtotal of cash inflow received from investing activities 2,063,345,623 2,047,927,008 0.75%
Subtotal of cash outflow for investment activities 15,215,449,730 11,341,567,109 34.16%
-
Net cash flow arising from investment activities -9,293,640,101 -41.52%
13,152,104,107
Subtotal cash inflow received from financing activities 51,212,894,586 39,504,863,355 29.64%
Subtotal cash outflow for financing activities 36,129,964,664 31,715,363,283 13.92%
27
2022 Annual Report
Net cash flow arising from financing activities 15,082,929,922 7,789,500,072 93.63%
Net increase in cash and cash equivalents 3,410,691,561 -1,381,965,670 346.80%
Notes to the year-on-year change of the relevant data
√Applicable □ Not applicable
(1) The cash inflow from operating activities increased by 26.06%, mainly due to the year-on-year increase in
the on-grid tariff.
(2) The cash outflow from operating activities increased by 23.34%, mainly due to the increase in fuel cost
caused by the increase in coal and gas prices this year.
(3) The net cash flow from operating activities increased by 1,112.27% year on year, mainly due to the fact that
the income this year increased more than the fuel cost, and the net cash inflow in 2021 was 120 million, which
was caused by a small comparative base.
(4) The cash outflow from investment activities increased by 34.16%, mainly due to the year-on-year increase
in fixed assets and intangible assets purchased and built by infrastructure units such as Hanhai and Yong'an and
the second-phase projects such as Jinghai, Bohe and Dapu.
(5) The cash inflow from fund-raising activities increased by 29.64%, and the net cash flow from fund-raising
activities increased by 93.63%, mainly due to the increase in investment and working capital demand and the
expansion of debt financing this year.
(6) The net increase in cash and cash equivalents increased by 346.8%, mainly due to the year-on-year increase
in cash flow from operating activities as well as the increasing borrowed funds.
Reasons for the significant difference between the net cash flow generated by the company's operating activities
during the reporting period and the net profit of this year
□ Applicable √Not applicable
V. Analysis of Non-core Business
□Applicable √Not applicable
VI. Condition of Asset and Liabilities
1.Condition of Asset Causing Significant Change
In RMB
End of 2022 End of 2021 Proporti
on
Proportion in Notes to the significant
increase
Amount the total change
/decreas
assets(%) e
Monetary fund 11,503,523,618 8.75% 8,105,320,953 7.08% 1.67%
Accounts
7,578,636,244 5.76% 7,030,685,357 6.14% -0.38%
receivable
Contract assets 4,910,263 0.004% 4,754,820 0.004% 0%
Inventories 3,376,868,100 2.57% 2,998,894,539 2.62% -0.05%
Investment real
365,285,301 0.28% 378,796,932 0.33% -0.05%
estate
Long-term
equity 9,198,053,183 6.99% 8,074,149,836 7.05% -0.06%
investment
Fixed assets 62,400,175,057 47.45% 57,145,099,423 49.91% -2.46%
28
2022 Annual Report
Construction in
11,768,828,161 8.95% 8,710,691,766 7.61% 1.34%
process
Use right assets 7,352,044,966 5.59% 5,256,124,979 4.59% 1.00%
Short-term
16,261,444,860 12.37% 12,360,296,429 10.80% 1.57%
loans
Contract
4,960,974 0% 5,864,811 0.01% -0.01%
liabilities
It is mainly the
expansion of debt
financing scale due to
Long-term
42,860,932,628 32.59% 28,940,577,856 25.28% 7.31% the increase of
borrowing
company investment
and working capital
demand.
Lease liabilities 6,870,820,017 5.22% 4,728,167,142 4.13% 1.09%
Overseas assets account for a relatively high proportion.
□ Applicable √ Not applicable
2.Asset and Liabilities Measured by Fair Value
√Applicable □ Not applicable
In RMB
Impair
ment
Gain/Loss on Cumulative Purchased Sold
provisi
fair value fair value amount in amount in Other
Opening ons in Closing
Items change in the change the the chan
amount the amount
reporting recorded into reporting reporting ges
reporti
period equity period period
ng
period
Financial assets
Other
equity
3,232,028,682 -175,957,628 2,115,908,438 2,000,000 3,058,071,054
Instrument
Investment
Subtotal of
financial 3,232,028,682 -175,957,628 2,115,908,438 2,000,000 3,058,071,054
assets
Total 3,232,028,682 -175,957,628 2,115,908,438 2,000,000 3,058,071,054
Financial
0 0 0 0
Liability
Other changes
None
3. Restricted asset rights as of the end of this Reporting Period
On December 31, 2022, some subsidiaries of the Group pledged the right to charge electricity fees to the banks
to obtain the long-term loans of RMB 6,052,250,122, of which the balance of long-term loans due within one
year was RMB 512,741,564 (as of December 31, 2021: the long-term loans were RMB 6,002,119,898, of which
the balance of long-term loans due within one year was RMB 386,056,214).
29
2022 Annual Report
VII. Investment situation
1. General
√ Applicable □ Not applicable
Investment of the period Investment of same period of last year Scale of change
8,056,177,802 4,542,474,730 77.35%
2.Condition of Acquiring Significant Share Right Investment during the Report Period
√Applicable □ Not applicable
In RMB
Whet
Share Invest her to
Name of the Progress up to Antici Gain or Less or Date of
Main Investm Investment Propo Capital ment Produc Invol
company Partner Balance Sheet pated the Current Disclosure( Disclosure Index(if any)
Business ent Way Amount rtion Source Horiz t Type ve in
Invested Date Incom Investment if any)
% on Laws
e uit
November Published in
Guangdong Wind 9,2021, China Securities Daily, Securities
Electri
Wind Power Power Capital Self Long- In normal August 31, Times , Shanghai Securities News ,
832,000,000 100% No c 327,934,905 No
Generation Generatio increase Funds term operation 2022,
Power Securities Daily and
Co., Ltd. n December http//.www.cninfo.com.cn.(Announceme
1,2022. nt No.:2021-78, 2022-37 and 2022-60）
Published in
Guangdong
Guangdong China Securities Daily, Securities
Energy Group Electri
Yudean Bohe Thermal Capital Self Long- In normal September Times , Shanghai Securities News ,
321,600,000 67% （Share c 5,932,120 No
Coal power power increase Funds term operation 17,2022
Proportion： Power Securities Daily and
Co., Ltd. http//.www.cninfo.com.cn.(Announceme
33%）
nt No.: 2022-47）
Jinxiu Jinheng
Yudean Jinxiu Solar New Energy
New Electri
Inteligence power Self Technology Long- In normal Not
establis 2,621,800 90% c 50,567 No Not applicable
Energy Co., generatio Funds Co., Ltd. term operation applicable
hment Power
Ltd. n （ Share
Proportion：
30
2022 Annual Report
10%）
Meizhou Solar
New Electri
Xingyue New power Self Long- In normal Not
establis 9,977,500 100% No c 0 No Not applicable
Energy Co., generatio Funds term operation applicable
hment Power
Ltd. n
Yunfu
Solar
Luoding New Electri
power Self Long- In normal Not
Yudean New establis 1,844,520 100% No c -408 No Not applicable
generatio Funds term operation applicable
Energy Co., hment Power
n
Ltd.
Qingdao Liante
Laixi New
Solar
Xinguangyao Technology Electri
power Purchas Self Long- In normal Not
New Energy 32,923,000 99% Co., Ltd. c -15,320 No Not applicable
generatio e Funds term operation applicable
Technology （ Share Power
n
Co., Ltd. Proportion：
1%）
Maoming
Guangdong Maonan
Yudean Chengjian
Maoming Intelligence Electri
Thermal Capital Self Long- In normal Not
Natural gas 115,345,000 85% Development c -21,075 No Not applicable
power increase Funds term operation applicable
Thermal Co., Ltd. Power
Power Co., （ Share
Ltd. Proportion：
15%）
Published in
Yudean
Solar China Securities Daily, Securities
Shache New Electri
power 1,206,110,47 Self Long- In normal December Times , Shanghai Securities News ,
Intelligence establis 100% No c -46,915 No
generatio 0 Funds term operation 1,2022
Energy Co., hment Power Securities Daily and
n http//.www.cninfo.com.cn.(Announceme
Ltd.
nt No.: 2022-60）
Taishan
Solar
Dongrun Electri
power Purchas Self Long- In normal Not
Zhongneng 45,063,020 100% No c -97,554 No Not applicable
generatio e Funds term operation applicable
New Energy Power
n
Co., Ltd.
Guangdong Solar New 104,975,000 100% Self No Long- Electri In normal -119,560 No Not Not applicable
31
2022 Annual Report
Yudean power establis Funds term c operation applicable
Huixin generatio hment Power
Thermal n
power Co.,
Ltd.
Nanjing
Solar
Linyuan Electri
power Purchas Self Long- In normal Not
Senhai New 120,495,920 100% No c -150,081 No Not applicable
generatio e Funds term operation applicable
Energy Co., Power
n
Ltd.
Nanjing Solar
Electri
Senhong New power Purchas Self Long- In normal Not
120,495,920 100% No c -153,982 No Not applicable
Energy Co., generatio e Funds term operation applicable
Power
Ltd. n
Guangdong
Solar
Shaoguan New Electri
power Self Long- In normal Not
Yudean New establis 33,473,000 100% No c -181,362 No Not applicable
generatio Funds term operation applicable
Energy Co., hment Power
n
Ltd.
Guangdong Solar
New Electri
Yudean Huibo power Self Long- In normal Not
establis 15,492,360 100% No c -321,876 No Not applicable
New Energy generatio Funds term operation applicable
hment Power
Co., Ltd. n
Published in
Tumushuke
Solar China Securities Daily, Securities
Yudean New Electri
power Self Long- In normal March Times , Shanghai Securities News ,
Hanhai New establis 324,050,000 100% No c -384,601 No
generatio Funds term operation 26,2022
Energy Co., hment Power Securities Daily and
n http//.www.cninfo.com.cn.(Announceme
Ltd.
nt No.: 2022-11）
Xiangtan
Xiangdian Wind
Electri
Changshan Power Purcha Self Long- In normal Not
89,524,003 100% No c -870,557 No Not applicable
Wind Power Generatio se Funds term operation applicable
Power
Generation n
Co., Ltd.
Jiuzhou New Solar Electri
Purcha Self Long- In normal Not
Energy power 29,819,878 100% No c -1,331,073 No Not applicable
se Funds term operation applicable
（Zhaoqing） generatio Power
32
2022 Annual Report
Co., Ltd. n
Published in
Guangdong
Yudean Capital Electri China Securities Daily, Securities
Thermal Self Long- In normal April Times , Shanghai Securities News ,
Dananhai increas 156,000,000 100% No c -2,681,463 No
power Funds term operation 22,2022
Smart Energy e Power Securities Daily and
Co., Ltd http//.www.cninfo.com.cn.(Announceme
nt No.: 2022-16）
Guangdong Solar
Capital Electri
Yudean Bijie power Self Long- In normal Not
increas 9,500,000 100% No c -7,339,672 No Not applicable
New Energy generatio Funds term operation applicable
e Power
Co., Ltd. n
Zhaoqing
Guangdong 《 Published in
Hejiang Electric
Yudean
Power
Yongan Capital Electri China Securities Daily, Securities
Thermal Self Development Long- In normal October
Natural Gas increas 180,000,000 90% c -7,036,717 No Times , Shanghai Securities News ,
power Funds Co., ltd. term operation 13,2020
Thermal e Power Securities Daily and
（Share
power Co., http//.www.cninfo.com.cn.(Announceme
Proportion：
Ltd. nt No.: 2022-52）
10%）
Published in
Guangdong
Yudean Capital Electri China Securities Daily, Securities
Thermal Self Long- In normal April Times , Shanghai Securities News ,
Binhaiwan increas 100,000,000 100% No c -12,097,004 No
power Funds term operation 11,2020
Energy Co., e Power Securities Daily and
Ltd. http//.www.cninfo.com.cn.(Announceme
nt No.: 2020-13）
Huizhou
Dayawan
Petrochemical
Guangdong Investment Published in
Yudean Group Co., Ltd China Securities Daily, Securities
Capital Electri
Dananhai Thermal Self （ Share Long- In normal July Times , Shanghai Securities News ,
increas 84,729,500 70% c -9,483,850 No
Intelligence power Funds Proportion： term operation 17,2021
e Power Securities Daily and
Energy Co., 20%）， http//.www.cninfo.com.cn.(Announceme
Ltd. Huizhou Port nt No.: 2021-43）
Investment
Group Co., Ltd.
（ Share
33
2022 Annual Report
Proportion：
10%）
Guangdong
Yudean Capital Electri
Thermal Self Long- In normal Not
Qiming increas 18,000,000 100% No c -14,732,505 No Not applicable
power Funds term operation applicable
Energy Co., e Power
Ltd.
Yunfu Yunda Published in
Guangdong
Investment China Securities Daily, Securities
Yudean Yunhe Capital Electri
Thermal Self Holdings Co., Long- In normal October Times , Shanghai Securities News ,
Power increas 785,236,675 90% c -189,268,096 No
power Funds Ltd.（ Share term operation 8,2021
Generation e Power Securities Daily and
Proportion： http//.www.cninfo.com.cn.(Announceme
Co., Ltd.
10%） nt No.: 2021-64）
Published in
Guangdong
Yudean Dapu Capital Electri China Securities Daily, Securities
Thermal Self Long- In normal September Times , Shanghai Securities News ,
Power increas 867,100,000 100% No c -348,122,830 No
power Funds term operation 17,2022
Generation e Power Securities Daily and
Co., Ltd. http//.www.cninfo.com.cn.(Announceme
nt No.: 2022-47）
Guangdong
Qichuang
Investment
Development
Co., Ltd. Published in
Guangdong
（ Share China Securities Daily, Securities
Yudean Capital Electri
Thermal Self Proportion： Long- In normal September Times , Shanghai Securities News ,
Jinghai Power increas 520,000,000 65% c -228,346,057 No
power Funds 25%）， term operation 17,2022
Generation e Power Securities Daily and
Guangzhou http//.www.cninfo.com.cn.(Announceme
Co., Ltd.
Development nt No.: 2022-47）
Power Group
（ Share
Proportion：
10%）
Guangdong China Huaneng Published in
Electri
Yuehua Power Thermal Purcha Self Group（ Share Long- In normal October China Securities Daily, Securities
522,234,384 51% c -185,022,315 No
Generation power se Funds Proportion： term operation 8,2021
Power Times , Shanghai Securities News ,
Co., Ltd. 49%） Securities Daily and
34
2022 Annual Report
http//.www.cninfo.com.cn.(Announceme
nt No.:2021-64, 2022-01）
Published in
Guangdong
Energy Group Electri China Securities Daily, Securities
Guangdong Thermal Purcha Self Long- In normal October Times , Shanghai Securities News ,
1,275,565,852 51% （ Share c -466,057,894 No
Shajiao (C) power se Funds term operation 8,2021
Proportion： Power Securities Daily and
49%） http//.www.cninfo.com.cn.(Announceme
nt No.:2021-64）
Power
Guangdong
Shanxi generatio Electri
Capital Energy Group
Yudean n and coal Self Long- city In normal Not
increas 130,000,000 40% （ Share 526,175,689 No Not applicable
Energy Co., mine Funds term and operation applicable
e Proportion：
Ltd. developm coal
60%）
ent
Guangdong
Hydropower
Xinjiang
Facility New Equipment
Yuejian New Self Long- In normal Not
manufact establis 2,000,000 10% Group Co., Ltd Metal 0 No Not applicable
Energy Co., Funds term operation applicable
uring hment （ Share
Ltd.
Proportion：
90%）
Total -- -- 8,056,177,802 -- -- -- -- -- -- 0 -613,789,486 -- -- --
3.Situation of the Significant Non-equity Investment Undergoing in the Report Period
□ Applicable √ Not applicable
4.Investment of Financial Asset
（1）Securities investment
√ Applicable □Not applicable
In RMB
Purchas
Mode of Book value Sale Book value
Changes in e Gain/los
Stock Initial accountin balance at the Cumulative fair amount balance at the
Security Security fair value of amount s of the Accounting
Abbreviati investment g beginning of value changes in in the end of the Source of the shares
category code the this in the reporting items
on: cost measurem the reporting equity this reporting
period this period
ent period period period
period
35
2022 Annual Report
Other equity
Domestic and Shenzhen
000027 15,890,628 FVM 122,472,000 -26,308,800 80,272,572 0 0 0 96,163,200 instrument Self funds
foreign stocks Energy
Investment
Other equity
Domestic and -
600642 Shenergy 235,837,988 FVM 409,272,682 69,034,064 0 0 0 304,872,052 instrument Self funds
foreign stocks 104,400,630 Investment
Other equity
Domestic and
831039 NEEQ 3,600,000 FVM 15,984,000 -7,452,000 4,932,000 0 0 0 8,532,000 instrument Self funds
foreign stocks
Investment
Other equity
Domestic and Sunshine
HK6963 356,000,000 FVM 1,653,500,000 42,203,802 1,339,703,802 0 0 0 1,695,703,802 instrument Self funds
foreign stocks insurance Investment
Total 611,328,616 -- 2,201,228,682 -95,957,628 1,493,942,438 0 0 0 2,105,271,054 -- --
36
2022 Annual Report
（2）Investment in Derivatives
□ Applicable √ Not applicable
The company had no investment in derivatives in the reporting period.
5.Application of the raised capital
□ Applicable √ Not applicable
The company had no application of the raised capital in the reporting period.
VIII. Sales of major assets and equity
1.Situation of Significant Asset Sale
□ Applicable √ Not applicable
None
2.Sales of major equity
□ Applicable √ Not applicable
2.Sales of major equity
□ Applicable √ Not applicable
IX. Analysis of the Main Share Holding Companies and Share Participating Companies
√ Applicable □ Not applicable
Situation of Main Subsidiaries and the Joint-stock company with over 10% net profit influencing to the company
In RMB
Company Company Sectors Registered Operating
Total assets Net assets Turnover Net Profit
Name type engaged in capital profit
Power
Guangqian generation
Electric Power Subsidiary and power 1,030,292,500 2,323,945,514 2,120,392,943 1,855,652,467 645,563,626 483,783,920
Company station
construction
Power
Wind Power generation
Generation Subsidiary and power 2,801,252,900 36,506,474,756 8,391,187,503 2,657,392,548 478,241,449 378,955,775
Company station
construction
Power
Huizhou generation
Natural Gas Subsidiary and power 1,499,347,500 3,247,488,299 2,105,862,677 3,250,426,792 257,801,418 206,626,438
Company station
construction
Power
Pinghai Power generation
Generation Subsidiary and power 1,370,000,000 4,500,781,512 1,829,701,460 5,210,093,742 -14,169,597 116,092,947
Company station
construction
Bohe Energy Power
Subsidiary generation 6,200,891,390 9,344,286,527 4,623,477,504 4,246,193,380 15,973,641 8,853,910
Company
and power
37
2022 Annual Report
station
construction
Power
Zhanjiang generation
Electric Power Subsidiary and power 2,875,440,000 3,711,371,535 3,388,420,159 2,527,747,682 -352,327,595 -316,547,774
Company station
construction
Power
Red Bay Power generation
Generation Subsidiary and power 2,749,750,000 6,265,611,224 2,393,430,116 5,565,503,172 -383,893,013 -327,351,941
Company station
construction
Power
Dapu Power generation
Genration Subsidiary and power 1,907,100,000 4,788,048,351 865,887,191 2,490,196,938 -424,015,354 -348,122,830
Company station
construction
Power
Jinghai Power generation
Generation Co., Subsidiary and power 2,919,272,000 8,376,697,495 2,631,645,005 6,996,344,270 -439,776,070 -351,301,626
Ltd. station
construction
Power
Yuehua Power generation
Genration Subsidiary and power 1,004,714,000 3,510,282,504 573,181,347 1,339,461,805 -391,222,030 -363,681,512
Company station
construction
Power
Maoming generation
Thermal power Subsidiary and power 1,437,985,100 2,654,286,406 286,671,144 2,288,380,934 -474,361,478 -527,375,955
Plant station
construction
Power
Zhongyue generation
Energy Subsidiary and power 1,454,300,000 3,337,678,505 -215,919,541 1,826,121,216 -619,516,888 -708,545,498
Company station
construction
Shaoguan Power
generation
Power
Subsidiary and power 1,070,000,000 5,177,449,723 -1,091,061,040 2,820,816,898 -844,059,353 -922,264,795
Generation station
Company construction
Power
generation
Shajiao C
Subsidiary and power 2,500,000,000 5,846,009,096 2,039,262,655 5,330,603,384 -830,059,486 -913,839,007
Company station
construction
Investment
in electric
Shanxi Yudean power,
Shareing
Energy Co., mining, new 1,620,749,000 10,010,740,679 7,706,474,053 193,310,933 1,320,834,464 1,319,342,256
Company
Ltd. energy and
other
projects
Acquirement and disposal of subsidiaries in the Reporting period
√ Applicable □ Not applicable
Company name Way of acquiring and Impact on the whole producing operation and performance
38
2022 Annual Report
disposing of subsidiary
corporations within the
reporting period
During the reporting period, the photovoltaic project in the
Guangdong Shaoguan Yudean New plant is in the preliminary stage and construction has not
Invested
Energy Co., Ltd. started; the distributed PV project in Wushi Town is under
construction.
Tumushuke Yudean Hanhai New During the reporting period, the project was in the process
Invested
Energy Co., Ltd. of infrastructure construction.
Yudean Jinxiu Intelligence Energy During the reporting period, the project was in the process
Invested
Co., Ltd. of infrastructure construction.
During the reporting period, the project was in the process
Nanjing Senhong New Energy Co., Ltd. Purchase
of infrastructure construction.
Nanjing Linyuan Senhai New Energy During the reporting period, the project was in the process
Purchase
Co., Ltd. of infrastructure construction.
Guangdong Yudean Huibo New Energy During the reporting period, the project was in the process
Invested
Co., Ltd. of infrastructure construction.
Taishan Dongrun Zhongneng New During the reporting period, the project was in the process
Purchase
Energy Co., Ltd. of infrastructure construction.
Guangdong Yudean Maoming Natural During the reporting period, this project was in the
Invested
Gas Thermal power Co., Ltd. preliminary stage, and the construction was not commenced.
During the reporting period, the project was in the process
Meizhou Xingyue New Energy Co., Ltd. Invested
of infrastructure construction.
Guangdong Yudean Huixin Thermal During the reporting period, this project was in the
Invested
power Co., Ltd. preliminary stage, and the construction was not commenced.
Yudean Shache Intelligence Energy During the reporting period, the project was in the process
Invested
Co., Ltd. of infrastructure construction.
Laixi Xinguangyao New Energy During the reporting period, the project was in the process
Purchase
Technology Co., Ltd. of infrastructure construction.
During the reporting period, the project achieved an
operating income of 7.27 million yuan and a net profit of -
Jiuzhou New Energy（Zhaoqing）Co.,
Purchase 1.33 million yuan, which had no significant impact on the
Ltd. company's overall production and operation and
performance.
During the reporting period, the project achieved an
operating income of 2.7 million yuan and a net profit of -
Xiangtan Xiangdian Changshan Wind
Purchase 870,000 yuan, which had no significant impact on the
Power Generation Co., Ltd. company's overall production and operation and
performance.
Yunfu Luoding Yudean New Energy During the reporting period, this project was in the
Invested
Co., Ltd. preliminary stage, and the construction was not commenced.
Note
1. During the reporting period, due to the high price of coal and gas, the company's power generation cost
remained high, and some thermal power plants continued deficit.
2. In 2022, due to the commissioning of Yangjiang, Xinliao, Wailuo and other projects, the wind power revenue
increased year on year.
3. Mainly because the coal price remained high this year, and the investment income in Shanxi energy increased
year on year.
X．Structured vehicle controlled by the Company
□ Applicable √ Not applicable
39
2022 Annual Report
XI. Prospect for future development of the Company
（I）The Development Trend of the Industry
In January 2023, the Blue Book of New Power System Development (Draft for Comment) issued by the
National Energy Administration pointed out that China would promote new energy as the main resource for
incremental power generation. By 2030, the installed capacity will account for more than 40%, and the power
generation will account for more than 20%. However, China's coal-based energy resource endowment determines
that coal will still occupy a high proportion in the energy supply structure for a long time. As one of the clean and
efficient utilization ways of coal, coal-fired power is still the basic guarantee power supply in the power system.
Therefore, before 2030, the installed capacity and power generation of coal-fired power will still increase
moderately, and the layout will be optimized around the large-scale new energy base, main load center and
important nodes of the power grid. Coal-fired generating units gradually transform into the clean and low-carbon
type through flexibility transformation and energy-saving and emission-reduction transformation, which further
enhances the regulation ability, better support the "carbon peaking and carbon neutrality" strategy and the stable
operation of the power system. Meanwhile, the clean and efficient gas generator set is conducive to enhancing the
peak-shaving capacity and safety reliability of the new power system with new energy as the main body, and to
building a clean, low-carbon, safe and efficient energy system, with certain development space. To sum up, in the
future, the thermal power industry will mainly rely on developing coal power with large capacity, high parameters,
advanced energy-saving, and accelerating the development of gas power to optimize the power supply structure,
promote the quality improvement and efficiency increase by enhancing the technical R&D strength, strive for high
electricity quantity and price by active marketing, and reduce the cost by refined management. In addition, the
company will adhere to the new development concept, continue to promote the optimization and adjustment of
power supply structure, actively, steadily and orderly promote the completion and commissioning of new energy
power generation projects, and contribute to building a clean, low-carbon, safe and efficient energy system.
(II) Corporate development strategy
In the future, it will focus on energy production and supply, with consideration of comprehensive energy services,
centered by the goals of carbon peaking and carbon neutralization. Based on Guangdong and targeted at the whole
country, it will implement the "1+2+3+X" strategy- to build a first-class green low-carbon power listed company,
coordinate safety and development, optimize and strengthen the coal power, gas power and biomass power
generation business, and vigorously develop new energy, energy storage, hydrogen energy and land park
development. It will fully promote the leap-forward development of new energy; Grasp the window phase of
thermal power development and accelerate the development and construction of key projects; Explore the
distribution of multi-energy joint supply project of "integration of source network, load and storage", promote the
integrated development of "integration of wind, light and fire hydrogen storage", and build an ecological and
civilized power generation enterprise.
(III) Production and operation plans
In 2023, the company's consolidated statement has a budget target value of 120.356 billion kilowatt hours of on-
grid electricity, which is 11.77% higher than the actual on-grid power in 2022; The budgetary target value of the
main business revenue is RMB 61.287 billion, and an increase of 9.071 billion yuan compared to the actual
amount of main business operating revenue of RMB 52.216 billion; The annual planned investment budget of the
parent company is RMB 6.275 billion, with a decrease of RMB 1.781 billion compared with the actual investment
of RMB 8.056 billion in 2022.
40
2022 Annual Report
(Note: The above operating plan does not represent the company's profit forecast for 2023, whether it can be
achieved depending on various factors such as changes in the electricity market and coal market conditions, thus
there is considerable uncertainty, and investors should pay special attention to it.)
（IV）Possible risks and countermeasures
1. Safety production risks
The increasingly frequent occurrence of extreme weather events has brought certain adverse effects to the normal
production and operation of enterprises, and the company needs to further strengthen the defense work against
natural disasters; Due to the long running years of some of the company's thermal power units, there are problems
such as reduced efficiency level, aging equipment, and decline in operation safety and reliability; In addition,
some contractors may have insufficient safety awareness and safety management may not in place.
Countermeasures: First, pay close attention to rain and flood conditions, and do well in flood prevention and
typhoon prevention in a strict and down-to-earth manner; The second is to strengthen equipment maintenance and
operation management, seriously carry out maintenance work, operation management and technical supervision,
improve the equipment management system, do well in equipment defect elimination, and improve the reliability
of unit equipment; The third is to strictly manage contractors, well managethe "threshold", resolutely root out
illegal subcontracting and illegal subcontracting, encourage the evaluation activity of outstanding contractors,
strengthen the safety education and training of contractors, and continuously improve the safety management of
contractors.
2. Fuel cost risk
Domestic coal production capacity continues to be released under the policy of ensuring supply and stable price,
but seasonal and regional supply and demand tensions still exist, and coal prices remain high. At the same time,
due to the intensification of geopolitical gaming in the international energy market, global coal and natural gas
supply expectations are unclear, and the future trend of overseas fuel prices is increasingly uncertain. Fuel costs
account for a large proportion of the company's main business costs, and fluctuations in fuel prices have a
significant impact on the company's operating performance. If fuel prices remain high, the company's operating
efficiency will continue to be under serious pressure.
Countermeasures: First, the company shall optimize the fuel procurement, reduce costs through the "precision
inventory" strategy, increase the mixing of economic coal, optimize the energy consumption of units, etc.; The
second is to broaden coal procurement channels, comprehensively consider domestic trade coal and imported coal
such as Russian coal, Australian coal and Mongolian coal according to the guidance of national policies, adhere to
that the procurement principle of economic efficiency is first, and reduce fuel costs; The third is to track the price
trend of natural gas in real time, optimize the power generation business strategy, generate more cost-effective
electricity, and actively seek subsidies for gas and electricity from superior departments, strengthen safety
production management and cost control, and strive to achieve a stable supply of gas and electricity.
3. Risk of power supply structure adjustment
Under the background of the "3060" goal of carbon peaking and carbon neutrality, the transition to low-carbon
energy production and consumption has been accelerated. According to the requirements of the state to optimize
the energy structure, the thermal power will gradually change from the main power supply to the basic power
41
2022 Annual Report
supply of peak regulation and frequency regulation, and the installed capacity and power growth of new energy
such as wind power and photovoltaic power will further squeeze the living space of coal-fired power units. As of
the end of December 2022, the company's holding capacity of coal power accounts for 69.2%, that is a relatively
high proportion, and the pressure of transformation of power to clean and low-carbon energyishigh.
Countermeasures:
The first is to steadily promote the transformation and upgrading of the power supply structure, strive to achieve
greater breakthroughs in structural adjustment, accelerate the progress of key energy projects, and solidly promote
the Daya Bay Integrated Energy Station, Zhaoqing Yongan Natural Gas Thermal Power Project, Xinjiang Hanhai
Photovoltaic Project, and Yunfu Natural Gas Cogeneration Project, Yangjiang Qingzhou offshore wind power
project, etc., to ensure that project investment and construction plans are completed on schedule. The second is to
continue to enrich the reserve of new energy projects, actively explore new energy development space in other
provinces and regions in China, and increase the development of new energy in Xinjiang, Guizhou, Hebei,
Qinghai, Guangxi and other regions. The third is to deeply explore the distributed energy supply of cold, heat,
electricity and gas, as well as the construction of infrastructure such as power exchange, charging piles and energy
storage, and the development and utilization of hydrogen energy. The fourth is to continuously optimize carbon
asset management, make full use of internal and external resources, strengthen carbon emission data management
and carbon asset management, promote energy conservation and carbon reduction, and realize the value-added
and income of carbon assets.
XII.Particulars about researches, visits and interviews received in this reporting period
√ Applicable □Not applicable
Way
Main contents
Reception Place of of Types of
Visitors received discussed and Basic index
time reception recept visitors
information provided
ion
Zhongjin Company,
Senjin Investment, For details, please refer to
Please refer to the
Lingze Investment, the "Record Form of Investor
investor activity
Meeting Huamei Investment, Relations Activities of
Field record form for details
February room of Organiza Zhengxigu Capital, Guangdong Electric Power
resear of the discussion. No
17,2022 the tion Huachuang Development Co.,
ch information is
company Securities, Guangfa Ltd."disclosed by the
provided by the
Fund, Ruitian interactive platform
company
Investment, Guotai （2022001）
Fund
Industrial Securities,
Maxwealth
For details, please refer to
Fund,Fuguo Fund, Please refer to the
the "Record Form of Investor
Taiping Asset, investor activity
Relations Activities of
Shenwan Hongyuan record form for details
March Online Organiza Guangdong Electric Power
Other Securities, Bank of of the discussion. No
21,2022 research tion Development Co.,
China Investment information is
Ltd."disclosed by the
Management, provided by the
interactive platform
Yangtze River company
（2022002）
endowment
insurance
Industrial Please refer to the For details, please refer to
Online Organiza Securities,Yinhua investor activity the "Record Form of Investor
May 5,2022 Other
research tion Fund, Southern record form for details Relations Activities of
fund, Jinglin Asset, of the discussion. No Guangdong Electric Power
42
2022 Annual Report
CCB Principal information is Development Co.,
Asset Management, provided by the Ltd."disclosed by the
Xincheng company interactive platform
Fund,Boshi Fund （2022003）
For details, please refer to
Investors who Please refer to the
the "Record Form of Investor
participated in the investor activity
Relations Activities of
The Company's record form for details
May Guangdong Electric Power
panorami Other Other performance of the discussion. No
13,2022 Development Co.,
c network briefing through the information is
Ltd."disclosed by the
panoramic network provided by the
interactive platform
platform company
（2022004）
For details, please refer to
Please refer to the
the "Record Form of Investor
investor activity
Relations Activities of
record form for details
May Online Organiza Guangdong Electric Power
Other Huatai Asset of the discussion. No
23,2022 research tion Development Co.,
information is
Ltd."disclosed by the
provided by the
interactive platform
company
（2022005）
For details, please refer to
Please refer to the
the "Record Form of Investor
investor activity
Relations Activities of
Industrial Securities, record form for details
May Online Organiza Guangdong Electric Power
Other (HSBC Global of the discussion. No
24,2022 research tion Development Co.,
AssetManagement information is
Ltd."disclosed by the
provided by the
interactive platform
company
（2022006）
For details, please refer to
Please refer to the
the "Record Form of Investor
investor activity
Relations Activities of
Industrial record form for details
June Online Organiza Guangdong Electric Power
Other Securities,Zhongron of the discussion. No
21,2022 research tion Development Co.,
g Fund information is
Ltd."disclosed by the
provided by the
interactive platform
company
（2022007）
For details, please refer to
Please refer to the
the "Record Form of Investor
investor activity
Meeting Zhengyuan Relations Activities of
Field record form for details
June room of Organiza Investment, Guangdong Electric Power
resear of the discussion. No
30,2022 the tion Huachuang Development Co.,
ch information is
company Securities Ltd."disclosed by the
provided by the
interactive platform
company
（2022008）
For details, please refer to
Please refer to the
the "Record Form of Investor
Dongbei Securities, investor activity
Relations Activities of
Southern fund, record form for details
July Online Organiza Guangdong Electric Power
Other Changjiang of the discussion. No
22,2022 research tion Development Co.,
Securities, BOCOM information is
Ltd."disclosed by the
Schroders provided by the
interactive platform
company
（2022009）
Please refer to the For details, please refer to
Meeting
Field Bongbei Securities, investor activity the "Record Form of Investor
July room of Organiza
resear Boshi Fund, Huatai record form for details Relations Activities of
26,2022 the tion
ch Securities of the discussion. No Guangdong Electric Power
company
information is Development Co.,
43
2022 Annual Report
provided by the Ltd."disclosed by the
company interactive platform
（2022010）
For details, please refer to
Please refer to the
the "Record Form of Investor
investor activity
Relations Activities of
Caitong Fund, record form for details
September Online Organiza Guangdong Electric Power
Other GuotaiJunan of the discussion. No
2,2022 research tion Development Co.,
Securities information is
Ltd."disclosed by the
provided by the
interactive platform
company
（2022011）
For details, please refer to
Investors who Please refer to the
the "Record Form of Investor
participated in the investor activity
Relations Activities of
The company's record form for details
September Guangdong Electric Power
panorami Other Other performance of the discussion. No
22,2022 Development Co.,
c network briefing through the information is
Ltd."disclosed by the
panoramic network provided by the
interactive platform
platform company
（2022012）
Jiashi Fund, Guotai
For details, please refer to
Junan,CITIC Please refer to the
the "Record Form of Investor
Securities, investor activity
Meeting Relations Activities of
Wangfang Asset, record form for details
September room of Organiza Guangdong Electric Power
Other Invesco Great of the discussion. No
23,2022 the tion Development Co.,
wall,Zhengyuan information is
company Ltd."disclosed by the
Investment, Luojia provided by the
interactive platform
Fangyuan, company
（2022013）
Tianchuang Capital
Yinhua Fund,
Penghua Fund, CS
Richland Asset, For details, please refer to
Please refer to the
Jinglin Asset, Xitai the "Record Form of Investor
investor activity
Meeting Investment, Relations Activities of
record form for details
September room of Organiza Industrial Securities, Guangdong Electric Power
Other of the discussion. No
28,2022 the tion Guangfa Development Co.,
information is
company Securities,AXA Ltd."disclosed by the
provided by the
SPDB Investment interactive platform
company
Managers, UBS （2022014）
SDIC, Anxin Fund,
Guoxin Securities
For details, please refer to
Please refer to the
the "Record Form of Investor
investor activity
Relations Activities of
Guoxin Securities, record form for details
October Online Organiza Guangdong Electric Power
Other Caitong Fund, of the discussion. No
31,2022 research tion Development Co.,
Fuguo Fund information is
Ltd."disclosed by the
provided by the
interactive platform
company
（2022015）
For details, please refer to
Invesco Great Please refer to the
the "Record Form of Investor
wall,Dongbei investor activity
Relations Activities of
Securities, Great record form for details
November Online Organiza Guangdong Electric Power
Other Wall Fund, TF of the discussion. No
11,2022 research tion Development Co.,
Securities, CITIC information is
Ltd."disclosed by the
AMC, Huachuang provided by the
interactive platform
Securities company
（2022016）
November Online Other Organiza Industrial Please refer to the For details, please refer to
44
2022 Annual Report
23,2022 research tion Securities,CCB investor activity the "Record Form of Investor
Principal Asset record form for details Relations Activities of
management, of the discussion. No Guangdong Electric Power
Guangfa information is Development Co.,
Fund,CINDA provided by the Ltd."disclosed by the
FUND, Anxin company interactive platform
Securities, Penghua （2022017）
Fund, MIRAE Asset
For details, please refer to
Guoxin Securities, Please refer to the
the "Record Form of Investor
Zhonggeng Fund, investor activity
Relations Activities of
Yangtze River record form for details
November Online Organiza Guangdong Electric Power
Other endowment of the discussion. No
28,2022 research tion Development Co.,
insurance,Huaan information is
Ltd."disclosed by the
Fund, Zhongjia provided by the
interactive platform
Fund company
（2022018）
For details, please refer to
Please refer to the
the "Record Form of Investor
investor activity
Relations Activities of
record form for details
November Online Organiza Guangdong Electric Power
Other Guangfa Securities of the discussion. No
30,2022 research tion Development Co.,
information is
Ltd."disclosed by the
provided by the
interactive platform
company
（2022019）
For details, please refer to
Please refer to the
the "Record Form of Investor
investor activity
Relations Activities of
record form for details
December Online Organiza Shenwan Hongyuan Guangdong Electric Power
Other of the discussion. No
7,2022 research tion Securities, Development Co.,
information is
Ltd."disclosed by the
provided by the
interactive platform
company
（2022020）
For details, please refer to
Please refer to the
the "Record Form of Investor
investor activity
Relations Activities of
MAXWEALTH record form for details
December Online Organiza Guangdong Electric Power
Other Fund, Guangfa of the discussion. No
20,2022 research tion Development Co.,
Securities information is
Ltd."disclosed by the
provided by the
interactive platform
company
（2022021）
45
2022 Annual Report
IV. Corporate Governance
I. General situation
The company is strictly in accordance with “Company Law”, “Securities Law”, “Governance Standards of Listed
Company”, “Listing Rules of Stocks” and other laws and regulations requirements, constantly perfects the
corporate governance structure, standardizes corporate operations and further enhances the level of corporate
governance. The company has established the corporate “Articles of Association”, the rules of procedure of three
meetings’ operation, the working rules of the board of directors special committee, the working rules of the
general manager of company and working conditions and internal control system which basically covers all
aspects of the operation management like financial management, investment management, information disclosure,
associated trade, external guarantees and fund-raising. These systems are implemented better. During the
reporting period, the company has amended part of the clauses in “Inside Information Management System” based
on the original systems and the requirements of the CSRC.
In 2022, the company continue implement the Guidelines for Corporate Governance of Listed Companies
and the relevant requirements of China Securities Regulatory Commission on improving the quality of listed
companies, and earnestly achieved a steady and prudent management, abided by laws and regulations, highlighted
and refined its main business, respected investors, and constantly improved the corporate governance level and the
development quality of listed companies. The Board of Directors organized 6 on-site meetings and 5
communication meetings, and completed the examination and approval of 65 proposals of the Board of Directors,
including regular reports, internal control evaluation, comprehensive risk management, profit distribution plan,
major investment and financing, major related party transactions, etc., all of which were passed and effectively
implemented. The Board of Directors also convened 4 general meeting of shareholders, and all 19 proposals
submitted at the general meeting of shareholders were passed and effectively implemented. The company
successfully completed the preparation and disclosure of regular reports and temporary announcements, and
issued 104 announcements throughout the year. The information disclosure has been assessed as "A" by Shenzhen
Stock Exchange for eight consecutive years.
Does there exist any difference in compliance with the corporate governance , the PRC Company Law and the
relevant provisions of CSRC,
□ Yes √ No
There exist no difference in compliance with the corporate governance , the PRC Company Law and the relevant
provisions of CSRC.
II. Independence and Completeness in business, personnel , assets, organization and finance
The company has implemented separation of operation, separation of human resource, separation of assets,
separat ion of organization and financial independence between controlling shareholder. And it has a complete
business and operations management ability. 1. Separation of operation: the company is principally engaged in the
electricity generation and sales to Guangdong Electric Power Holding Co.(“GPHC”) or customers directly. The
company has subcontracted the subsidiary of Yudean, the holding company, to purchase the fuels, which is solely
for the purpose of better utilization of large-scale purchase and cost control. 2. Separation of human resource: the
General Manager and all his subordinates, Secretary to the Board of Directors, Financial Manager are paid by the
company and take no position in the holding company. 3. Separation of assets: the company has independent
production system, supporting system and other facilities. The company owns its intangible assets such as
46
2022 Annual Report
intellectual property rights, trademarks and non-patent technology; 4. Separation of organization: the company has
established integrated operating institution of its own.5.. Financial independence: the company has an independent
financial department and has established independent accounting system and financial management system. It
opened independent bank accounts for its own operation.
III. Competition situations of the industry
√Applicable □ Not Applicable
Types of Property of
Name of the
Problem relationship the Time Schedule of Works
Controlling Problems and Causes Countermeasures
Types with listed Controlling and Follow-up Program
Shareholders
companies Shareholders
Energy Group was On January 3, 2018, Our company will actively
established when the company fulfill the trusteeship and
Guangdong disclosed responsibilities according
Provincial Announcement on to the “Equity Custody
Government took Controlling Agreement” and
the lead in the Shareholders' participate in the
implementation of Commitment to management and
the “plant and Perform Related decision-making and
network separation” Matters (public inspection and supervision
power system notice No.: 2018- of the custody target. The
reform in China, 01); on January 13, company will cooperate
and was separated 2018, the company with Energy Group to
and formed from disclosed push forward the defect
Guangdong Announcement of rectification of the
Provincial Power Related underlying assets, study
Group Corporation. Transactions on the the rectification and
It is the largest and "Equity Custody solution to the defects and
most powerful Agreement" signed obstacles in the relevant
power generation with Guangdong assets that do not meet the
enterprise in Energy Group Co., listing conditions,
Guangdong Ltd. (public notice promote relevant
Province. Yudean No.: 2018-04). In rectification work from
Power is the only order to avoid the aspects of improving
Horizontal Guangdong listed company competition in the project approval or
Controlling Local
competitio Energy Group under the Energy same industry and to approval procedures,
shareholder SASAC
ns Co., Ltd. Group and is fulfill the relevant clarifying land and
engaged in power horizontal property ownership,
production competition enhancing asset
business. At commitments, profitability, and
present, Energy Energy Group has implementing legal
Group still has signed the Entrusted compliance. For custody
some remaining Management assets that meet the listing
power generation Agreement with the conditions in the future,
assets that have not company, and all the Energy Group will, in
been included in shareholders' rights accordance with the
Yudean Power other than the unified deployment of the
temporarily. ownership, income, Guangdong Provincial
Considering the and disposal rights Party Committee and the
situation of these of the company that provincial government
power generation temporarily fails to and the overall
assets, it is meet the listing requirements for the
temporarily not in conditions in the reform of state-owned
line with the listing company's custody enterprises, actively create
conditions, and it is area of the Energy conditions for the
difficult to solve Group are escrowed injection into listed
these problems in to our company. companies in accordance
the short term. with the status of the
Therefore, there is a assets under custody,
certain degree of combined with enterprise
47
2022 Annual Report
horizontal restructuring, structural
competition. adjustment arrangements,
electricity market and
capital market conditions.
IV. Annual General Meeting and Extraordinary Shareholders’ Meetings in the Reporting Period
1.Annual General Meeting
Investor
Sessions Type Meeting Date Disclosure date Disclosure index
participation ratio
《Announcement of Resolution of
The first the first Provisional shareholders’
Provisional general meeting in 2022，
provisional
shareholders’
shareholders’ 72.75% February 22,2022 February 23,2022 Announcement No.:2022-10,
General
General Published in China Securities
Meeting
meeting in 2022 Daily, Securities Times and
http//.www.cninfo.com.cn
Announcement of Resolution of
2021 shareholders’ general
2021 Annual
meeting ，Announcement
Shareholders’ General 72.68% May 20,2022 May 21,2022
general meeting Meeting No.:2022-29. Published in China
Securities Daily, Securities Times
and http//.www.cninfo.com.cn
Announcement of Resolution of
The Second the Second Provisional
Provisional shareholders’ general meeting in
provisional
shareholders’
shareholders’ 73.29% September 16,2022 September 17,2022 2022，Announcement No.:2022-
General
General 46, Published in China Securities
Meeting
meeting in 2022 Daily, Securities Times and
http//.www.cninfo.com.cn
Announcement of Resolution of
The Third the Third Provisional
Provisional shareholders’ general meeting in
provisional
shareholders’
shareholders’ 74.29% November 16,2022 November 17,2022 2022，Announcement No.:2022-
General
General 57 Published in China Securities
Meeting
meeting in 2022 Daily, Securities Times and
http//.www.cninfo.com.cn
2. Request for extraordinary general meeting by preferred stockholders whose voting rights restore
□ Applicable √Not applicable
V. Information about Directors, Supervisors and Senior Executives
1.Basic situation
Amount Amount Number
Shares Reasons
of shares of shares of shares
held at Other for
Starting increased decreased held at
Office Expiry date the chang increase
Name Positions Sex Age date of at the at the the end
status of tenure year- es(sha or
tenure reporting reporting of the
begin(s res) decrease
period(sh period(sh period(sh
hare) of shares
are) are) ares)
Board In June February
Wang Jin Male 59
chairman office 11,2018 20,2023
Vice
Zheng In June
Board Male 54
Yunpeng office 28,2018
chairman
Zheng General In Male 54 June
48
2022 Annual Report
Yunpeng Manager office 11,2018
In June
Li Fangji Director Male 55
office 28,2018
In Femal May March
Li Xiaoqing Director 51
office e 20,2022 16,2023
In November
Li Baobing Director Male 48
office 19,2019
Employee In August
Chen Yanzhi Male 47
director office 2,2021
In August
Mao Qinghan Director Male 48
office 2,2019
Independe In September
Ma Xiaoqian Male 58
nt director office 18,2017
Independe In Femal September
Zhang Hanyu 57
nt director office e 16,2022
Independe In September
Wu Zhanchi Male 47
nt director office 16,2022
Independe In September
Cai Guowei Male 43
nt director office 16,2022
Chairman
of the
Superviso In August
Zhou Zhijian Male 50
ry office 2,2021
Committe
e
Employee In August
Li Ruiming Male 59
supervisor office 2,2021
Superviso In Femal November
Shi Yan 45
r office e 19,2019
Employee In May
Li Qing Male 45
supervisor office 20,2014
Independe In August
Sha Qilin Male 62
nt director office 2,2021
Guo Deputy In April
Male 48
Yongxiong GM office 27,2021
Deputy
GM, In September
Liu Wei Male 43
Finance office 18,2017
manager
Board In October
Liu Wei Male 43
secretary office 24,2006
Shen Independe Dimissi Femal May September
55
Hongtao nt director on e 20,2016 16,2022
Independe Dimissi May September
Wang Xi Male 52
nt director on 20,2016 16,2022
Independe Dimissi September September
Yin Zhongyu Male 53
nt director on 18,2017 16,2022
Tang Deputy Dimissi November December
Male 60
Yongguang GM on 28,2019 31,2022
Total -- -- -- -- -- -- 0 0 0 0 0 --
Indicate whether any director, supervisor or senior management resigned before the expiry of their tenure during
the Reporting Period
√Yes □ No
49
2022 Annual Report
1. Due to the expiration of their terms of office and personal reasons, the independent directors of the company-
Ms. Shen Hongtao, Mr. Wang Xi and Mr. Yin Zhongyu-submitted resignation applications to the board of
directors respectively;
2. Because having reached the statutory retirement age, Mr. Tang Yongguang will no longer serve as the deputy
general manager of the company, and will no longer hold any position in the company and its subsidiaries after
leaving his post.
Changes of directors, supervisors and senior executives
√ Applicable □ Not applicable
Name Positions Types Date Reason
Li Xiaoqing Director Elected May 20,2022
Zhang Hanyu Independent director Elected September 16,2022
Wu Zhanchi Independent director Elected September 16,2022
Cai Guowei Independent director Elected September 16,2022
Shen Hongtao Independent director Left for term expiration September 16,2022
Wang Xi Independent director Left for term expiration September 16,2022
Yin Zhongyu Independent director Dimission September 16,2022 Personal reasons
Tang Yongguang Deputy GM Dimission December 31,2022 Retire
Wang Jin Board chairman Dimission February 20,2023 Work Adjustment
Zheng Yunpeng Board chairman Elected February 20,2023
Li Xiaoqing Director Dimission March 16,2023 Personal reasons
2.Posts holding
Work Experience in the past five years of Directors, supervisors and senior Executives in Current office
Mr. Wang Jin, born in May 1963. He holds a Bachelor of Engineering from Nanjing Institute of Technology
and a Master of Business Administration from Jinan University. He is now a senior engineer,and currently serves
as Full-time external directors of Guangdong Wind Power Generation Co., Ltd., Guangdong Energy Group
Science and Technology Research Institute Co., Ltd and Shanxi Yuedian Energy Co., Ltd,. He once served as
director of boiler maintenance workshop in Shaoguan Power Plant, director of Engineering Technology
Department of Zhuhai Power Plant’s Planning and Construction Department, deputy director of Zhuhai Power
Plant, executive deputy general manager of Guangzhu Power Generation Co., Ltd. and general manager of Zhuhai
Power Plant Co., Ltd., general manager and secretary of the Party Committee of Guangdong Zhuhai Jinwan
Power Generation Co., Ltd., general manager of Guangzhu Power Generation Co., Ltd., the deputy chief engineer
and the manager of the Department of Management and the secretary of the Party Branch of Guangdong Energy
Group Co., Ltd., and Deputy Chief Engineer of Guangdong Energy Group Co., Ltd., Secretary of the Party
Committee and Chairman of Guangdong Electric Power Development Co., Ltd.
Mr. Zheng Yunpeng, born in October 1968, Bachelor of South China University of Technology and MBA of
Jinan University, is a senior engineer. Currently, he serves as chairman and the general manager of Guangdong
Electric Power Development Co., Ltd. He had served as Deputy Minister of Strategy Development Department of
Guangdong Yudean Asset Management Co., Ltd., Deputy Minister of Strategy Development Department of
Guangdong Energy Group Co., Ltd., Minister of Strategy Development Department of Guangdong Energy Group
Co., Ltd., Secretary of the Party Branch and General Manager of Branch company of Guangdong Yudean
Environmental Protection Engineering Management company, Factory Director and Secretary of the Party
50
2022 Annual Report
Committee of Huangpu Power Plant, General Manager of Yuehua Power Generation company, General Manager
and Secretary of the Party Branch of Guangdong Yudean Natural Gas Co., Ltd.
Mr. Li Fangji, born in November 1967, is a senior engineer. He holds a bachelor degree from Beijing
Institute of Water Resources and Electric Power Economics and Management and a master degree in engineering
from Tianjin University. He currently serves as Deputy Chief Engineer of Guangdong Energy Group Co., Ltd. and
concurrently serves as Minister of Strategy Development Department and Secretary of Party Branch of Energy
Group Corporation, Director of Guangdong Electric Power Development Co., Ltd. He had served as Engineer of
Shenzhen Energy Corporation, Assistant to General Manager and Deputy General Manager of Shenzhen Qianwan
Electric Power Development Co., Ltd., Assistant to General Manager, Chairman of the Labor Union, Deputy
General Manager, General Manager, and Secretary of the Party Committee of Shenzhen Guangqian Electric
Power Co., Ltd., Secretary of Party Committee and General Manager of Guangdong Yudean Jinghai Power
Generation Co., Ltd.，Minister of strategy Development Dept and party branch secretary of Energy Group.
Ms. Li Xiaoqing, born in September 1971, was graduated from Chongqing University with a master's degree.
She is a senior economist. She used to be secretary clerk of general manager's office, manager assistant, board
secretary and manager of board affairs department, deputy general manager of Guangdong Electric Power
Development Co., Ltd, and she concurrently severed as the general manager of Guangdong Yudean Financial
Leasing Co., Ltd; she was the party branch secretary and general manager of Guangdong Yudean Financial
Leasing Co., Ltd; and she served as secretary of the General Party Branchland chairman of Guangdong Energy
Group Finance Co., Ltd, and she was the secretary of the Head quarter Party Branch of the of Guangdong Energy
Group Finance Co., Ltd, and the secretary of the board of directors, the secretary and general manager of the party
branch of the legal affairs and capital operation department, and the director of the general manager office and the
director of the board office of Guangdong Energy Group Co., Ltd, Director of Guangdong Electric Power
Development Co., Ltd.
Mr. Li Baobing, born in September 1974, graduated from Xi'an Jiaotong University with a master degree, is
a senior economist. Currently he is the Minister of Finance Department and Secretary of the Party Branch of
Guangdong Energy Group Co., Ltd., Director of Guangdong Electric Power Development Co., Ltd .He served as
Assistant to General Manager of Budget and Finance Department and Director of Asset Management Department
of Guangzhou Lingnan International Enterprise Group Co., Ltd., Manager of Investment Department and Deputy
General Manager of Guangdong Yudean Finance Co., Ltd., and had concurrently served as General Manager of
Shenzhen Tianxin Insurance Brokers Co., Ltd.and Vice Minister，Minister and Secretary of the Party Branch of
Finance Department of Guangdong Energy Group Co., Ltd.
Mr. Mao Qinghan, born in October 1974, Bachelor of Hunan University and Master of Engineering from
South China University of Technology. Engineer. He once served as the secretary and director of the party branch
of Xicun Thermal Power Plant in Guangzhou power plant, the deputy general manager of Guangzhou Power Plant,
the secretary of the party branch of Guangzhou Power Plant Co., Ltd., the secretary and general manager of the
party branch of Guangzhou Wanglong Thermal Power Co., Ltd., the safety director and general manager of the
Health and Safety Management Department of Guangzhou Development Group Co., Ltd., and the secretary and
general manager of the Party Committee of Guangzhou Development Power Group Co., Ltd.
Ms. Zhang Hanyu was born in January 1965, with a Doctor of Philosophy from Renmin University of China.
She is currently the vice chairman of Shenzhen Hualing Derui Equity Investment Fund Management company,
and concurrently holds an independent director of JSTI Group Co., Ltd and Guangdong Electric Power
Development Co., Ltd. She used to serve asLecturer at Capital University of Economics and Business, Section
Chief of China Securities Regulatory Commission, Assistant General Manager of China Securities Depository and
51
2022 Annual Report
Clearing Corporation, and Deputy General Manager of Ping An Securities.
Mr. Wu Zhanchi was born in October 1975, with a Doctor of Management from Southwestern University of
Finance and Economics. He is a Professor and doctoral supervisor, and he is non-practicing member of Chinese
Institute of Certified Public Accountants. He is currently a professor of Jinan University, an expert of the
Guangdong Provincial Department of Finance and the State-owned Assets Supervision and Administration
Commission, an independent director of Jitai Co., Ltd, an independent director of Jiahe Intelligent Co., Ltd, an
independent director of Shenzhen Baiguoyuan Co., Ltd, and an independent director of Minbang Optoelectronics
Co., Ltd, an independent director of Guangdong Electric Power Development Co., Ltd. He used to be the auditor
of Hunan Yingte Accounting Firm and the executive director of the Accounting Master Education Center of Jinan
University.
Mr. Cai Guowei was born in November 1979, with a Doctor of Economics from Sun Yat-Sen University. He
is professor and doctoral supervisor. He is currently a professor and doctoral supervisor of Lingnan College of
Sun Yat-sen University, and he is the head of the Institute of Digital Economy and Policy of Sun Yat-sen
University. He is also the executive director of the China World Economics Association, the deputy secretary-
general and director of the Guangdong Economic Association, the director of the China Institutional Economics
Forum, the member of the Youth Committee of the China Optimal Law Coordination Law and Economic
Mathematics Research Association, the consultant expert of the Guangzhou and Huizhou Municipal Governments,
and the evaluation expert of the National Natural Science Foundation of China and the National Social Science
Fund, and independent director of Guangdong Electric Power Development Co., Ltd . He used to be the assistant
dean and vice dean of Lingnan College of Sun Yat-Sen University.
Mr. Ma Xiaoqian, born in March 1964, is Ph.D.of engineering thermophysics from South China University of
Technology. He is a professor and currently serving as the director of the Key Laboratory of the Electric Power
School of South China University of Technology and concurrently serving as the deputy director of teaching
guiding committee of energy and power professional of high education of the Ministry of Education, the chairman
of the Guangzhou Energy Institute, the outside director of Guangzhou Environmental Protection Investment
Group Co., Ltd., and the independent director of Guangzhou Development Group Co., Ltd and Guangdong
Electric Power Development Co., Ltd. He used to be the dean and vice president of Electric Power College of the
South China University of Technology.
Mr. Sha Qilin, born in October 1960. Master of Wuhan Institute of Technology. Associate Professor,
practicing lawyer. He is currently a lawyer of Guangdong Nanguo Desai Law Firm, member of the Professional
Committee of Financial and Securities of Guangzhou Lawyers Association, and concurrently an independent
director of Guangdong Electric Power Development Co., Ltd. He was an associate professor of Wuhan Institute of
Technology (now Wuhan University of Technology), head of investment and development department of China
Huandao Group company, deputy chief engineer of group and chief manager of overseas listed leading group.
Mr. Chen Yanzhi, born in July 1975, graduated from Guangdong University of Technology with a bachelor's
degree, Senior Political Engineer. He is currently the Deputy Secretary of the Party Committee and Chairman of
the Trade Union and Employee Director of Guangdong Electric Power Development Co., Ltd. He used to be the
Assistant Engineer of the Technical Improvement company of Guangdong Electric Power Industry Bureau, the
special person in charge of the Labor and Wage Division, the special person in charge of the personnel of
Tianshengqiao First-class Hydropower Development Co., Ltd., the special person in charge of the Human
Resources Department and the Manager and Deputy Head of the Personnel Division of Guangdong Yudean
Group Co., Ltd.
Mr. Zhou Zhijian, was born in October 1972, with bachelor of Economics from Zhongnan University of
52
2022 Annual Report
Finance and Economics and Master of Business Administration from Jinan University, and he is senior accountant.
He is currently the Chief Auditor, General Manager and Secretary of the Party Branch of the Audit Department of
Guangdong Energy Group Co., Ltd, and Chairman of the Supervisory Board of Guangdong Electric Power
Development Co., Ltd. He served as Manager of the Asset Operation Division of the Strategic Development
Department of Guangdong Yudean Asset Management Co., Ltd, Deputy Minister of the Finance Department of
Guangdong Yudean Asset Management Co., Ltd, Deputy Minister and Minister of the Finance Department of
Guangdong Yudean Group Co., Ltd, and Deputy Secretary and General Manager of the General Party Branch of
Guangdong Energy Group Finance Co., Ltd.
Ms. Shi Yan, born in December 1977, Master graduate from Sun Yat-sen University, Senior accountant.
Currently, she is the manager of the comprehensive branch of the Finance Department of Guangdong Energy
Group Co., Ltd and Supervisor of Guangdong Electric Power Development Co., Ltd. Previously, she was the
special manager, director and general manager of the Cost Accounting Division of the Finance Department of
Guangdong Energy Group Co., Ltd.
Mr. Li Ruiming, born in December 1963. Bachelor degree from Guangdong Administration College, Master
of Power Engineering from Zhejiang University, Professor-level Senior Engineer. He is currently the Deputy
Secretary of the Party Committee and Secretary of Committee for Discipline Inspection and Employee
Supervisorof Guangdong Electric Power Development Co., Ltd. He used to be Operation Workshop Director and
Branch Secretary, Assistant to Plant Manager and Director of Coal Water Slurry Project Office of Maoming
Thermal Power Plant, Deputy Secretary of Party Committee, Secretary of Committee for Discipline Inspection,
Chairman of Trade Union of Maoming Thermal Power Plant, Plant Manager, Secretary of Party Committee,
Secretary of Committee for Discipline Inspection and Chairman of Trade Union of Maoming Thermal Power
Plant, Head of Preparatory Group of Bohe Coal and Electricity Company, Plant Manager and Secretary of Party
Committee of Yunfu Power Plant, General Manager and Secretary of Party Committee of Yunhe Power Plant,
Secretary of Party Committee, Secretary of Party Committee, Secretary of Committee for Discipline Inspection
and Chairman of Trade Union of Shajiao C Power Plant.
Mr. Li Qing, born in May 1977. Bachelor of Economics, Shanghai University of Finance and Economics.
senior accountant. The current Guangdong Electric Power Development Co., Ltd. employee supervisor, director
of the audit room. Former Yunfu Power Plant Finance Department Accounting, Guangdong Yuelong Power Co.,
Ltd.
Mr. Guo Yongxiong, born in January 1974, Bachelor of Engineering from Hehai University, Master of
Engineering from South China University of Technology, is Senior Engineer. Currently, he is deputy general
manager of Guangdong Electric Power Development Co., Ltd. He used to be in charge for the production
preparation department of Zhuhai Guangzhu Power Generation Co., Ltd, specially in charge of Engineering
Department for steam turbines of Guangdong Zhuhai Power Generation Co., Ltd as a loaned staff borrowed by
Zhuhai Power Plant, and used to be team leader and planning supervisor of Zhuhai Power Plant Maintenance
Department, Engineer of Zhuhai Guangzhu Power Generation Co., Ltd, Planning Director of Planning and
Contract Department and Planning Director of Zhuhai Power Plant Unit 3 and 4 Extension Office, Deputy
Manager of Planning and Contract Department and Planning Director of Jinwan Power Generation Company,
Manager of Human Resources Department, Manager of Equipment Department, Party Committee Member, Chief
Engineer of Guangdong Zhuhai Jinwan Power Generation Co., Ltd, and served as Deputy General Manager of
Guangdong Red Bay Power Generation Co., Ltd.
Mr. Liu Wei, born in April 1979, is Bachelor of finance from Zhongnan University of Economics and Law.
He is an economist and currently serves as the Company’s deputy general manager, chief financial officer,
53
2022 Annual Report
secretary of the board of directors, had served as the specialist of the financial department of Guangdong Electric
Power Group Co., Ltd, the specialist and the principal officer for the board affairs department , the representative
of the company's securities affairs of Guangdong Yudean Group Co., Ltd, the manager of the board affairs
department.
Office taking in shareholder companies
√Applicable □Not applicable
Does he /she
Expiry date receive
Names of the Titles engaged in the Sharing date of office
Names of the shareholders of office remuneration or
persons in office shareholders term
term allowance from
the shareholder
Vice chief engineer,
General Manager of
Guangdong Energy Group Operating Management
Li Fangji April 1,2018 Yes
Co., Ltd.
Dept and Secretary of
Party Branch
Vice Chief accountant,
General Manager of the
Guangdong Energy Group
Li Baobing Finance Department and September 1,2019 Yes
Co., Ltd.
Secretary of the Party
Branch
General Auditor, General
Guangdong Energy Group Manager of the Audit
Zhou Zhijian January 1,2021 Yes
Co., Ltd. Department, secretary of
Party Branch
Guangdong Energy Group Deputy GM of Finance
Shi Yan June 1,2020 Yes
Co., Ltd. Dept
Guangzhou Development
Mao Qinghan Assistant general manager July 1,2021 No
Group Co., Ltd.
Notes to post- Where there are more than one post, the starting time of appointment shall be the starting time of the main post.
holding in
shareholder’s unit
Offices taken in other organizations
√Applicable □Not applicable
Drawing
remuneration
Start date of office End date of
Name Other unit Title and allowance
term office term
from of other
unit(Y/N)
Guangdong Energy Maoming Thermal
Wang Jin Board chairman March 1,2022 No
Power Plant Co., Ltd.
Guangdong Red Bay Power Generation
Wang Jin Board chairman December 1, 2020 No
Co., Ltd.
Guangdong Yudean Jinghai Power
Wang Jin Board chairman December 1,2021 No
Generation Co., Ltd.
Guangdong Huizhou Natural Gas Power
Wang Jin Board chairman May 1,2021 No
Generation Co., Ltd.
Guizhou Yueqian Electric Power Co.,
Wang Jin Board chairman March 1,2021 No
Ltd.
Guangdong Huizhou Pinghai Power
Wang Jin Board chairman April 1,2021 No
Generation Co., Ltd.
Zheng Guangdong Yudean Huadu Natural Gas
Board chairman June 1,2021 No
Yunpeng Thermal Power Co., Ltd.
54
2022 Annual Report
Zheng Guangdong Yudean Bohe Coal Power
Board chairman June 1,2021 No
Yunpeng Co.,Ltd.
Zheng Guangdong Yudean Binhaiwan Energy
Executive director June 1,2019 No
Yunpeng Co., Ltd.
Zheng Guangdong Yudean Dayawan Integrated
Board chairman February 1,2020 No
Yunpeng Energy Co., Ltd
Zheng Guangdong Yudean Dananhai Intelligent
Executive director January 1,2021 No
Yunpeng Energy Co., Ltd.
Zheng Guangdong Yudean Baihua Integrated
Executive director February 1,2021 No
Yunpeng Energy Co., Ltd
Zheng Guangdong Yudean Qiming Energy Co.,
Executive director April 1,2021 No
Yunpeng Ltd.
Zheng Guangdong Yudean Technology
Board chairman September 1,2022 No
Yunpeng Engineering Co., Ltd.
Zheng Guangdong Yudean Huixin thermal
Board chairman August 1,2022 No
Yunpeng Power Co., Ltd.
Li Baobing CSPG Energy Co., Ltd. Supervisor June 1,2018 No
Guangdong Yudean Finance Lease Co.,
Li Baobing Board chairman September 1,2020 No
Ltd.
Guangdong Yudean
Guangdong Energy Group Finance Co.,
Li Baobing Director Finance Lease Co., No
Ltd.
Ltd.
Vice Board
Chen Yanzhi Shanxi Yudean Energy Co., Ltd. June 1,2022 No
chairman
Chen Yanzhi Guangdong Yudean Shipping Co., Ltd. Director April 1,2021 No
Guangdong Energy Group Xinjing
Chen Yanzhi Director December 1,2022 No
Company
Guangdong Yudean Technology
Chen Yanzhi Director September 1,2022 No
Management Co., Ltd.
Executive director
（legal
Guangzhou Development Electric Power
Mao Qinghan representative）, December 1,2017 Yes
Enterprise Co., Ltd.
secretary of the
party committee
Executive
director,Genearl
Guangzhou Development Electric Power Manager（legal
Mao Qinghan April 1,2018 No
Enterprise Co., Ltd.
representative）
Sha Qilin Guangdong Guangyue Law firm A lawyer, Partner July 1,2022 Yes
Provincial Key Laboratory, School of
Ma Xiaoqian Electric Power, South China University Director July 1,2014 Yes
of Technology
Guangzhou Environmental protection
Ma Xiaoqian External director September 1,2016 Yes
Investment Group Co., Ltd.
Guangzhou Development Group Co., Independent
Ma Xiaoqian June 1,2016 Yes
Ltd. Director
Guangzhou Hengyun Enterprise Group Independent
Ma Xiaoqian March 1,2021 Yes
Co., Ltd. Director
Independent
Ma Xiaoqian Guangzhou Steel Gas Energy Co., Ltd July 1,2021 Yes
Director
Shenzhen Hualing Derui Investment
Zhang Hanyu Vice Chairman January 1,2020 Yes
Fund Management Company
Independent
Zhang Hanyu JSTI September 1,2021 Yes
Director
Wu Zhanchi Jinan University Professor July 1,2006 Yes
55
2022 Annual Report
Independent
Wu Zhanchi Guangzhou Jitai Chemical Co., Ltd. April 1,2021 Yes
Director
Independent September
Wu Zhanchi Jiahe Intelligent Technology Co., LTD September 1,2016 Yes
Director 1,2022
Shenzhen Baiuoyuan Industrial (Group) Independent
Wu Zhanchi April 1,2020 Yes
Co., Ltd Director
Shenzhen Minbao Photoelectricity Co., Independent
Wu Zhanchi July 1,2019 Yes
Ltd. Director
Cai Guowei Sun Yat-sen University Professor July 1,2008 Yes
Chairman of the
Zhou Zhijian Yangjiang Nuclear Power Co., Ltd. Supervisory February 1,2020 No
Committee
Taishan Nuclear Power Industry
Zhou Zhijian Supervisor February 1,2021 No
Investment Co., Ltd.
Guangdong Energy Group Finance Co.,
Zhou Zhijian Director January 1,2020 No
Ltd.
Chairman of the
Guangdong Electric Power Development
Shi Yan Supervisory February 1,2021 No
Corporation
Committee
Guangdong Energy Group Guizhou Co.,
Shi Yan Director August 1,2020 No
Ltd.
Convenor of the
Li Qing Zhanjiang Electric Power Co., Ltd Board of October 1,2022 No
Supervisors
Chairman of the
Guangdong Yudean Technology
Li Qing Supervisory September 1,2022 No
Management Co., Ltd. Committee
Chairman of the
Li Qing Guangdong Yudean Huixin Co., Ltd. Supervisory August 1,2022 No
Committee
Chairman of the
Guangdong Yudean Bohe Energy Co.,
Li Qing Supervisory June 1,2021 No
Ltd. Committee
Chairman of the
Guangdong Yudean Yongan Natural Gas
Li Qing Supervisory March 1,2022 No
thermal Power Co., Ltd.
Committee
Convenor of the
Yunnan Nengtou Weixin Energy Co.,
Li Qing Board of March 1,2022 No
Ltd.
Supervisors
Convenor of the
Shenzhen Guangqian Electric Power
Li Qing Board of July 1,2022 No
Co., ltd.
Supervisors
Chairman of the
Li Qing Zhanjiang Zhongyue Energy Co., Ltd. Supervisory August 1,2019 No
Committee
Guangdong Yudean Baihua Integrated
Li Qing Supervisor February 1,2021 No
Energy Co., Ltd
Convenor of the
Li Qing Guangdong Yudean Shipping Co., Ltd. Board of April 1,2021 No
Supervisors
Guangdong Energy Finance lease Co.,
Li Qing Supervisor November 1,2020 No
Ltd.
Guo
Zhanjiang Electric Power Co., Ltd. Board chairman October 1,2022 No
Yongxiong
Guo Guoneng Yudean Taishan Power
Director December 1,2021 No
Yongxiong Generation Co., Ltd.
Guo Guangdong Yuelong Power Generation Board chairman January 1,2022 No
56
2022 Annual Report
Yongxiong Co., Ltd.
Guo Guangdong Yudean Yongan Natural Gas
Board chairman March 1,2022 No
Yongxiong thermal Power Co., Ltd.
Guo Guangdong Yudean Maoming Natural
Board chairman September 1,2022 No
Yongxiong Gas thermal Power Co., Ltd.
Guo Guangdong Yudean Leizhou Power
Executive director November 1,2022 No
Yongxiong Generation Co., Ltd.
Guo Guangdong Yudean Bijie New Energy
Executive director October 1,2021 No
Yongxiong Co., Ltd.
Guo
Zhuhai Yudean New Energy Co., Ltd. Executive director June 1,2022 No
Yongxiong
Guo Guandong Energy Group Xinjiang Co.,
Director December 1,2022 No
Yongxiong Ltd.
Guangdong Wind Power Generation Co.,
Liu Wei Director May 1,2022 No
Ltd.
Guangdong Energy Group Finance Co.,
Liu Wei Director June 1,2022 No
Ltd.
Guangdong Yudean Electric Power Sales
Liu Wei Director April 1,2020 No
Co., Ltd.
Liu Wei Shenzhen Capital Group Co., Ltd. Supervisor October 1,2019 No
Guangdong Yuejia Electric Power Co., Vice Board
Liu Wei March 1,2019 No
Ltd. chairman
Guangzhou Zhujiang Natural Gas Power Vice Board
Liu Wei April 1,2022 No
Generation Co., Ltd. chairman
Guangdong Energy Finance lease Co.,
Liu Wei Director November 1,2020 No
Ltd.
Guangdong Yudean Zhongshan Thermal
Liu Wei Board chairman April 1,2021 No
Power Plant Co., Ltd.
Liu Wei Tumushuke Thermal Power Co.,Ltd. Director December 1,2021 No
Chairman of the
Guangdong Energy Group Xinjiang Co.,
Liu Wei Supervisory December 1,2022 No
Ltd.
Committee
Guangdong Yudean Humen Power
Liu Wei Director April 1,2021 No
Generation Co., Ltd.
Yunnan Nengtou Weixin Energy Co., Vice Board
Liu Wei March 1,2022 No
Ltd. chairman
Punishments to the current and leaving board directors, supervisors and senior managers during the report period
by securities regulators in the recent three years
□ Applicable √Not applicable
3. Remuneration to directors, supervisors and senior executives
Decision-making procedures, basis for determination and actual payment of the remuneration to directors ,
supervisors and senior executives
Directors, supervisors and senior executives of the company shall obtain labor remuneration and enjoy
corresponding employee benefits according to their position and the company's wage system. Except such
remuneration and benefits, no other remuneration and fringe benefits shall be additionally provided；The
allowance for the independent directors and independent supervisors of the company shall be paid according to
the standards approved by the shareholders' general meeting. At the end of the report period, the directors,
supervisors and senior executives received the actual remuneration before tax was total RMB 6.1244 million .
Remuneration to directors, supervisors and senior executives in the reporting period
In RMB10,000
57
2022 Annual Report
Remuneration
Total actually
remuneration receives at the
Name Positions Sex Age Office status
received from end of the
the shareholder reporting
period
Wang Jin Board chairman Male 59 In office 85.34 No
Zheng Yunpeng Director, General Manager Male 54 In office 84.6 No
Li Fangji Director Male 55 In office Yes
Li Baobing Director Male 48 In office Yes
Li Xiaoqing Director Female 51 In office Yes
Chen Yanzhi Employee director Male 47 In office 63.71 No
Mao Qinghan Director Male 48 In office Yes
Ma Xiaoqian Independent director Male 58 In office 12.17 No
Cai Guowei Independent director Male 43 In office 2.68 No
Zhang Hanyu Independent director Female 57 In office 3.21 No
Wu Zhanchi Independent director Male 47 In office 2.68 No
Chairman of the Supervisory
Zhou Zhijian Male 50 In office Yes
Committee
Li Ruiming Employee supervisor Male 59 In office 71.96 No
Shi Yan Supervisor Female 45 In office Yes
Li Qing Employee supervisor Male 45 In office 41.65 No
Sha Qilin Independent supervisor Male 62 In office 7.14 No
Guo Yongxiong Deputy GM Male 48 In office 70.03 No
Deputy General manager,
Liu Wei Finance Manager, Board Male 43 In office 71.27 No
secretary
Tang Yongguang Deputy GM Male 60 Dimission 72.68 No
Shen Hongtao Independent director Female 55 Dimission 8.48 No
Wang Xi Independent director Male 52 Dimission 9.02 No
Yin Zhongyu Independent director Male 53 Dimission 5.82 No
Total -- -- -- -- 612.44 --
VI. Performance of directors' duties during the reporting period
1. Information of the board meetings during the reporting period
Session Convening date Disclosure date Meeting resolution
Announcement:No.::2022-04,Published in China Securities
The First meeting of the
January 20,2022 January 22,2022
Tenth Board of Directors Daily, Securities Times and http//.www.cninfo.com.cn
AnnouncementNo.::2022-11,Published in China Securities
The Second meeting of the
March 25,2022 March 26,2022
Tenth Board of Directors Daily, Securities Times and http//.www.cninfo.com.cn
AnnouncementNo.::2022-16,Published in China Securities
The 6th meeting of the Tenth
April 20,2022 April 22,2022
Board of Directors Daily, Securities Times and http//.www.cninfo.com.cn
The 3rd Meeting of the Tenth AnnouncementNo.::2022-24,Published in China Securities
Board of Directors by April 27,2022 April 28,2022
Daily, Securities Times and http//.www.cninfo.com.cn
Correspondence of 2022
AnnouncementNo.::2022-30,Published in China Securities
The7th meeting of the Tenth
June 22,2022 June 23,2022
Board of Directors Daily, Securities Times and http//.www.cninfo.com.cn
58
2022 Annual Report
AnnouncementNo.::2022-37,Published in China Securities
The 8th meeting of the Tenth
August 29,2022 August 31,2022
Board of Directors Daily, Securities Times and http//.www.cninfo.com.cn
AnnouncementNo.::2022-47,Published in China Securities
The 9th meeting of the Tenth September
September 17,2022
Board of Directors 16,2022 Daily, Securities Times and http//.www.cninfo.com.cn
AnnouncementNo.::2022-53,Published in China Securities
The 10th meeting of the
October 27,2022 October 29,2022
Tenth Board of Directors Daily, Securities Times and http//.www.cninfo.com.cn
The Fourth Meeting of the AnnouncementNo.::2022-58,Published in China Securities
November
Tenth Board of Directors by November 17,2022
16,2022 Daily, Securities Times and http//.www.cninfo.com.cn
Correspondence of 2022
AnnouncementNo.::2022-60,Published in China Securities
The 11th meeting of the November
December 1,2022
Tenth Board of Directors 29,2022 Daily, Securities Times and http//.www.cninfo.com.cn
The Fifth Meeting of the AnnouncementNo.::2022-62,Published in China Securities
December
Tenth Board of Directors by December 17,2022
16,2022 Daily, Securities Times and http//.www.cninfo.com.cn
Correspondence of 2022
2. Attendance of directors at the board meetings and the general meeting of shareholders
Attendance of directors at the board meetings and the general meeting of shareholders
Number of Number of
Whether to
board Number of board Number of
Number of attend the General
meetings board meetings board
Name of board board meetings of
attended meetings attended by meetings
director meetings meeting in shareholders
during the attended in means of attended by
absent from person twice attended
reporting person communicati proxy
in a row
period on
Wang Jin 11 6 5 0 0 No 3
Zheng
11 5 5 1 0 No 4
Yunpeng
Li Fangji 11 4 5 2 0 No 4
Li Xiaoqing 7 4 2 1 0 No 3
Li Baobing 11 5 5 1 0 No 3
Chen Yanzhi 11 5 5 1 0 No 4
Mao
11 3 5 3 0 No 1
Qinghan
Ma Xiaoqian 11 6 5 0 0 No 4
Zhang Hanyu 5 3 2 0 0 No 2
Wu Zhanchai 5 3 2 0 0 No 2
Cai Guowei 5 3 2 0 0 No 2
Shen
6 3 3 0 0 No 2
Hongtao
Wang Xi 6 3 3 0 0 No 2
Yin Zhongyu 6 1 3 2 0 Yes 0
Explanation of failure to attend the board meeting in person twice in a row
During the reporting period,Yin Zhongyu is an independent director due to traffic restrictions, Failure to
attend board meetings in person for two consecutive occasions,however he entrusted other independent director to
attend and vote in all meetings.
3. Directors' objections to related matters of the Company
Whether the director raises any objection to the relevant matters of the Company
□ Yes √ No
59
2022 Annual Report
During the reporting period, the directors did not raise any objection to the relevant matters of the company.
4. Other descriptions of directors' performance of duties
Whether the directors' suggestions on the company have been adopted
√ Yes □No
The director's statement on whether the relevant suggestions of the company have been adopted or not
In 2022, the directors of the company faithfully and diligently performed their corresponding duties in strict
accordance with the Company Law, Securities Law, Listing Rules for Stocks of Shenzhen Stock Exchange and
other relevant laws and regulations, as well as the Articles of Association and the Rules of Procedure of the Board
of Directors, paid close attention to the company's standardized operation, production and management, carefully
reviewed the reports and related documents submitted by the company, actively attended the company's board
meetings, special committee meetings and general meeting of shareholders, carefully considered all proposals,
made professional, independent, objective and fair judgments, and put forward constructive opinions and
suggestions on the company's development strategy, corporate governance and business decisions, which played
an important role in the company's scientific decision-making and steady development. During the reporting
period, the company's directors performed their duties diligently, honestly and faithfully, ensured scientific, timely
and efficient decision-making through continuous supervision and promotion of the implementation of the
resolutions of the Board of Directors, and earnestly protected the overall interests of the company and the
legitimate rights and interests of minority shareholders.
60
2022 Annual Report
VII. Situation of special committees under the Board of Directors during the reporting period
Numbe Other Details
r of informati of
Member
Committee meetin Conveni Put forward important opinions and on of
name
informati
gs ng date
Meeting content
suggestions duty
objecti
on ons (if
conven performa
ed nce any)
The Audit Compliance Committee
Shen worked in strict accordance with
Hongtao, 1. It reviewed the accounting statements and notes in the 2021, 2021 Financial the Company Law, the regulatory
Li Report;.2.It reviewed the proposal of the report on the evaluation of the rules of China Securities
Audit and
Xiaoqing Company’s internal control for 2021;3.It reviewed the Proposal of internal Regulatory Commission, the
Complianc April
, Li 2 control self-evaluation work plan in 2022;4.It reviewed the Proposal on the 2021 Articles of Association and other
e 2,2022 annual Risk management report;5.It reviewed the Proposal of the provision for
Baobing, relevant regulations, performed its
Committee impairment of assets ;6.It reviewed the Proposal on the Write-offs Asset; 7.It
Wang duties diligently and
reviewed the Proposal for Hiring the Annual Financial Report Audit Agency.
Xi, Yin conscientiously, and unanimously
Zhongyu passed all proposals according to
the actual situation of the company
The Audit Compliance Committee
Shen worked in strict accordance with
1. It reviewed the Proposal on Change in the Accounting Policy;2.It reviewed
Hongtao, the proposal Concerning Financial Report for the semi-annual of 2022;It the Company Law, the regulatory
Li reviewed the accounting statements and notes for the semi-annual of 2022;4.It rules of China Securities
Audit and
Xiaoqing reviewed the Proposal on Formulating "Guangdong Electric Power Regulatory Commission, the
Complianc August
, Li 2 Development Co., Ltd’s Internal Control Self-Assessment Management Articles of Association and other
e 19,2022 Measures;5.It reviewed the Proposal on Formulating the Management Measures
Baobing, relevant regulations, performed its
Committee for Comprehensive Risk Management and Internal Control of Guangdong
Wang duties diligently and
Electric Power Development Co., Ltd.;6.It reviewed the Proposal on the
Xi, Yin conscientiously, and unanimously
Company's 2021 Annual Compliance Management Report.
Zhongyu passed all proposals according to
the actual situation of the company
Wu The Audit Compliance Committee
Zhanchi worked in strict accordance with
Audit and 1. It reviewed the Proposal on the Work Plan of Financial Final Accounts in
Li Decemb the Company Law, the regulatory
Complianc 2022; 2. It reviewed the Proposal on ; 3. It reviewed the 2022
, Li 23,2022 Regulatory Commission, the
Committee Annual Audit Report.
Baobing, Articles of Association and other
Zhang relevant regulations, performed its
61
2022 Annual Report
Hanyu, duties diligently and
Cai conscientiously, and unanimously
Guowei passed all proposals according to
the actual situation of the company
Wang The Budget Committee worked in
Jin, strict accordance with the Company
Zheng Law, the regulatory rules of China
Yunpeng Securities Regulatory Commission,
Budget , Li April 1. It reviewed the company's 2021 Budget Implementation Report; 2. It the Articles of Association and
1
Committee Fangji, 2,2022 reviewed the company's 2021 Budget Report. other relevant regulations,
Li performed its duties diligently and
Baobing, conscientiously, and unanimously
Shen passed all proposals according to
Hongtao the actual situation of the company.
The Nomination Committee
Ma worked in strict accordance with
Xiaoqing the Company Law, the regulatory
, Wang rules of China Securities
Nominatio Jin, Chen Regulatory Commission, the
April It reviewed the Proposal on Recommending Li Xiaoqing as a candidate for
n Yanzhi, 2 Articles of Association and other
27,2022 director of the company
Committee Shen relevant regulations, performed its
Hongtao, duties diligently and
Yin conscientiously, and unanimously
Zhongyu passed all proposals according to
the actual situation of the company.
The Nomination Committee
Ma worked in strict accordance with
Xiaoqian the Company Law, the regulatory
, Wang rules of China Securities
Nominatio Xi, Chen Regulatory Commission, the
August It reviewed the Proposal on Recommending some candidates for independent
n Yanzhi, 2 Articles of Association and other
29,2022 directors of the 10th Board of Directors.
Committee Shen relevant regulations, performed its
Hongtao, duties diligently and
Yin conscientiously, and unanimously
Zhongyu passed all proposals according to
the actual situation of the company.
Remunerat Wang 1.It reviewed the proposal on determining the salary and position coefficient of The Remuneration and Assessment
April
ion and Xi, Li 2 managers of Guangdong Electric Power Development Co., Ltd. in 2021 ;2.It Committee worked in strict
2,2022
Assessmen Fangji, reviewed the Proposal on determining the business performance assessment accordance with the Company Law,
62
2022 Annual Report
t Mao scores of managers of Guangdong Electric Power Development Co., Ltd in the regulatory rules of China
Committee Qinghan, 2021; 3.It reviewed the proposal on the Budget Management Measures of Securities Regulatory Commission,
Ma Guangdong Electric Power Development Co., Ltd. the Articles of Association and
Xiaoqian other relevant regulations,
, Yin performed its duties diligently and
Zhongyu conscientiously, and unanimously
passed all proposals according to
the actual situation of the company.
The Remuneration and Assessment
Wang Committee worked in strict
Xi, Li accordance with the Company Law,
Remunerat Fangji, It reviewed the proposal on the 2022 Annual Business Performance the regulatory rules of China
ion and Mao Responsibility Letter for the Management Members of Guangdong Electric Securities Regulatory Commission,
June
Assessmen Qinghan, 2 the Articles of Association and
22,2022 Power Development Co., Ltd.”
t Ma other relevant regulations,
Committee Xiaoqian performed its duties diligently and
, Yin conscientiously, and unanimously
Zhongyu passed all proposals according to
the actual situation of the company.
The Strategic Development
Wang
Committee worked in strict
Jin,
accordance with the Company Law,
Zheng
the regulatory rules of China
Strategic Yunpeng
Securities Regulatory Commission,
Developm , Li October It reviewed the Proposal of the Outline of the company's Fourteen Five Plan
1 the Articles of Association and
ent Xiaoqing 26,2022
other relevant regulations,
Committee , Ma
performed its duties diligently and
Xiaoqian
conscientiously, and unanimously
, Zhang
passed all proposals according to
Hanyu
the actual situation of the company.
63
2022 Annual Report
VIII.The working status of the board of supervisors
The board of supervisors finds out whether the company has risks during the monitoring activities during the
reporting period
□ Yes √ No
The Supervisory Committee has no objection to the supervision matters during the reporting period.
IX. Particulars about employees.
1.Number of staff, professional structure and educational background
Number of in-service staff of the parent company（person） 850
Number of in-service staff of the main subsidiaries（person） 7,987
Total number of the in-service staff（person） 8,837
Total number of staff receiving remuneration in the current
9,139
period（person）
The number of the parent company and the main subsidiary’s
3,108
retired staffs who need to bear the cost（person）
Professional
Classified according by Professions Number of persons（person）
Production 5,244
Sales 185
Technical 1,704
Financial 267
Administrative 1,437
Total 8,837
Education
Classified according by education background Number of persons（person）
Doctor 2
Master 318
Universities 4,756
Colleges 2,294
Technical secondary school 329
High school and Below 1,138
Total 8,837
2. Remuneration policies
The company’s staff received the salaries and enjoyed the benefits according to the relevant provisions stipulated
in the company’s Salary Management Approach. The salary of the company’s staff (Except the management staff
who categorized in the annual salary system) basically constituted by the basic salary, post salary, performance
salary, allowance and special bounties and so on.
3.Training plan
The company formulated the Temporary Provisions for the Management of Staff Education and Training. The
staff training was adhered to the principle of learning integrated with application, learning by the needs and
stressing of practical effect, focused on the main contents of the post and the practical operation skills. The
training contents included the new staff orientation training, post training, continuing education, overseas training
and other trainings.
64
2022 Annual Report
4. Outsourcing situation
□ Applicable √ Not applicable
X. Specification of profit distribution and capitalizing of common reserves
Formulation, implementation or adjustment of the profit distribution policy, especially the cash dividend policy
during the reporting period
□ Applicable √Not applicable
During the reporting period, the company made a profit and the profit available to shareholders of the parent
company was positive, but no cash dividend distribution plan was put forward.
□ Applicable √ Not applicable
Profit distribution and capitalization of capital reserve during the reporting period
□ Applicable √Not applicable
The company Will not distribute cash dividend or bonus shares, neither capitalizing of common reserves.
XI. Implementation Situation of Stock Incentive Plan of the Company, Employee Stock Ownership Plan
or Other Employee Incentive Measures
□Applicable √ Not applicable
None
XII. Construction and implementation of internal control system during the reporting period
1. Construction and implementation of internal control
(I) Organization setup and operation
The company has established a perfect organizational structure system, and its corporate governance structure,
internal organization design and operation mechanism meet the requirements of modern enterprise system. The
Board of Directors of the company shall bear the ultimate responsibility for the evaluation of internal control; The
Audit and Compliance Committee shall be responsible for organizing, leading and supervising the internal control
evaluation, reviewing the internal control evaluation report, and examining and approving the rectification
opinions of major and important defects in internal control. The management of the company is responsible for
organizing the implementation of the internal control evaluation, proposing the business or matters that should be
focused on in the internal control evaluation, and examining and approving the internal control evaluation plan
and the internal control evaluation report.
As the centralized department of internal control management, the Board Affairs Department of the company
is responsible for organizing the internal control self-inspection, testing and evaluation in the company, proposing
rectification schemes and specific rectification plans for the design and operation defects found, supervising the
completion of rectification, and cooperating with the internal audit department and external auditors to carry out
internal control evaluation at the enterprise level.
The Board of Directors, the Audit and Compliance Committee, the management and functional departments
of the company earnestly perform their duties of internal control and management. Every year, the company
conducts a comprehensive self-evaluation on the effectiveness of the internal control system, timely corrects the
internal control defects, continuously optimizes the internal control system, and effectively improves the
65
2022 Annual Report
company's management level and risk prevention ability.
(II) Establishment and implementation of internal control system
According to the Basic Standards for Internal Control of Enterprises and its supporting guidelines, Guideline
No.1 for Self-discipline Supervision of Listed Companies of Shenzhen Stock Exchange -Standardized Operation
of Listed Companies on Main Board, Listing Rules for Stocks of Shenzhen Stock Exchange and relevant laws and
regulations, combined with the actual situation of the company, from the perspective of business management,
function management and post management, the company formulates basic management systems including
financial accounting system, procurement system, asset management system, engineering project management
system, human resource management system, administrative management system, internal audit system, guarantee
management system, related party transaction system, investment and financing management system, and
subsidiary management system, to make decisions and management on major issues of the company.
(III) Overall evaluation
In 2022, the company conscientiously implemented the national and industry laws and regulations, the latest
supervision standards and the regulatory standards and normative requirements of state-owned assets and the
group company, constantly improved the compliance of the standard system, and well ensured revising,
improving and upgrading the internal control system; strictly implemented the "three important and one major"
system, standardized major decision-making behaviors, effectively prevented decision-making risks, enhanced
scientific decision-making and avoided decision-making mistakes; carried out in-depth internal control self-
evaluation, continuously strengthened the rectification of internal control defects, formed an effective internal
control management closed loop of "control-evaluation-improvement-control", continuously and dynamically
improved the internal control management system, and ensured that the company maintained effective internal
control in all major aspects according to the requirements of the enterprise internal control standard system and
relevant regulations, and no factors that affect the evaluation conclusion of internal control effectiveness would
occur.
2.Details of major internal control defects found during the reporting period
□ Yes √ No
XIII. Management and control of the Company's subsidiaries during the reporting period
Problems
Measures Subsequent
Integratio encountere Solution
Company name Integration plan taken for planned
n progress d in progress
solution solution
integration
Nanjing Linyuan
Acquired 100% equity of Merge Not Not
Senhai New Energy No Not applicable
the company. completed applicable applicable
Co., Ltd.
Nanjing Senhong Acquired 100% equity of Merge Not Not
No Not applicable
New Energy Co., Ltd. the company . completed applicable applicable
Taishan Dongrun
Acquired 100% equity of Merge Not Not
Zhongneng New No Not applicable
the company. completed applicable applicable
Energy Co., Ltd.
Laixi Xinguangyao
Acquired 99% equity of Merge Not Not
New Energy No Not applicable
the company. completed applicable applicable
Technology Co., Ltd.
Jiuzhou New Energy Acquired 100% equity of Merge Not Not
No Not applicable
（Zhaoqing）Co., the company . completed applicable applicable
66
2022 Annual Report
Ltd.
Xiangtan Xiangdian
Acquired 100% equity of Merge Not Not
Wind Power No Not applicable
the company . completed applicable applicable
Generation Co., Ltd.
Zhanjing Shangyang
Acquired 100% equity of Merge Not Not
Energy Technology No Not applicable
the company . completed applicable applicable
Co., Ltd.l
XIV.Internal control self-evaluation report or internal control audit report
1.Self-evaluation report on internal control
Disclosure date of appraisal report on
April 1,2023
internal control
Disclosure index of appraisal report on Juchao Website:（http://www.cninfo.com.cn）, Self-evaluation report of internal
internal control control in 2022
The ratio of the total assets of units
included in the scope of evaluation
accounting for the total assets on the 92.81%
company's consolidated financial
statements
The ratio of the operating income of
units included in the scope of evaluation
accounting for the operating income on 99.76%
the company's consolidated financial
statements
Standards of Defects Evaluation
Category Financial Report Non-financial Report
A. significant deficiency：① the
ineffective environmental control; ②
irregularities appearing between
company directors, supervisors and A. significant deficiency ： (1) The
senior executives; ③ serious mistakes in company lacks democratic and scientific
the financial statements of the current decision-making procedures; (2) Serious
period found by external audit but not the violation of national laws and
inner control in the process of operating; regulations; (3) The company's important
business lacks institutional control or the
④ ineffective supervision of inner system control fails. B. Important
control from directorate and inner audit defects: (1) Large-scale and long-term
institution.B. significant deficiency：① interruption of important business may
Qualitative criteria accounting policy chosen and applied is cause the company to deviate from the
not based on the GAAP; ② anti- control goal in the field; (2) The
irregularity procedure and control important defects of the previous year
have not been rectified; (3) There are
measures are not established; ③ very
deficiencies in the company's important
few relative control measures are business systems. C. General defects:
established or implemented in terms of other internal control deficiencies in
the accounting treatment related to financial reporting that do not constitute
unconventional or special transaction; C. material defects or important defects.
common deficiency means, apart from
the above “significant deficiency” and
“serious deficiency”, other deficiencies
exist in the inner control process.
A. Quantitative standards for material (1)A significant deficiency means that
defects: (1) The amount of the direct property loss is between 50
Quantitative standard misstatement≥ 0.5% of operating million yuan .(2) the significant
income; (2) the amount of misstatement
deficiency means hat the direct property
≥ 5% of the total profit; (3) The amount
of misstatement ≥ 0.5% of the total loss is between 30 million yuan
assets. B. Quantitative standards for (including 30 million yuan) ; the serious
67
2022 Annual Report
important defects: (1) 0.2% of operating deficiency means that the direct property
income≤misstatement amount< 0.5% of loss is between 30 million.
operating income; (2) 5% of total
profits≤ misstatement amount< 1% of
total profits; (3) 0.2% of total assets≤
misstatement amount < 0.5% of total
assets. C. General defect quantitative
standards: (1) The amount of
misstatement < 0.2% of operating
income; (2) the amount of misstatement
< 1% of the total profit; (3) The amount
of misstatement < 0.2% of total assets.
Number of major defects in financial
0
reporting（a）
Number of major defects in non financial
0
reporting (a)
Number of important defects in financial
0
reporting（a）
Number of important defects in non
0
financial reporting（a）
2. Internal Control audit report
√ Applicable □Not applicable
Review opinions in the internal control audit report
We believe that Guangdong Electric Power Development Co., Ltd. has maintained effective internal control over financial
reporting in all material respects as of 31 December 2022 as per the Basic Rules for Enterprise Internal Control and relevant
regulations.
Disclosure date of audit report
Disclosure
of internal control (full-text)
Index of audit report of
April 1,2023
internal control (full-text)
Juchao Website: （http://www.cninfo.com.cn）2022 Audit
Internal audit report’s opinion
report of internal control
Type of audit report on internal control Unqualified auditor’s report
Whether there is significant defect in non-financial report No
Has the CPAs issued a qualified auditor’s report of internal control .
□ Yes √No
Does the internal control audit report issued by the CPAs agree with the self-assessment report of the Board of
Directors
√Yes □No
XV. Rectification of self-examination problems in special governance actions of listed companies
In accordance with the relevant requirements of the Notice on Well Implementation in Self-Inspection and
Self-Correction of Special Actions for the Governance of Listed Companies (No. 156-[2020]Guangdong
Securities Regulatory Issuance), the company submitted the Special Self-Inspection List for the Governance of
Listed Companies on April 8, 2021. The company attached great importance to the deficiencies and problems
found in the self-inspection, actively carried out rectification in accordance with the established rectification
measures, and reported the "Rectification Report on Corporate Governance for Self-Inspection Issues" on
August 31, 2021. As present, issues found by the company's self-inspection were all rectified.
68
2022 Annual Report
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
Environmental protection related policies and industry standards
The company and its subordinate units strictly abide by the "Environmental Protection Law of the People's
Republic of China", "Atmospheric Pollution Prevention and Control Law of the People's Republic of China",
"Water Pollution Prevention and Control Law of the People's Republic of China", "Law of the People's
Republic of China on the Prevention and Control of Environmental Pollution of Solid Waste", "Air Pollutant
Emission Standards for Thermal Power Plants" (GB13223), "Comprehensive Sewage Discharge Standards"
(GB8978) and other relevant laws, regulations and industry standards to carry out production and business
activities.
Environmental protection administrative licensing
The company and its subsidiaries all have obtained environmental protection administrative permits in
accordance with regulations, and the pollution discharge permits are currently within the validity period.
Industrial emission standards and the specific situation of the pollutant emission involved in the production and
business activities
Main Excessi
Main
Company pollutant Emissi Emission Emissi Verifie ve
pollutant Implemented
or and on port port on Total d total emissio
and specific Emission way pollutant emission
subsidiary specific numbe distributio concent emission emissio n
pollutant standards
name pollutant r n condition ration n conditi
type on
name
Concentrated Emission Standard of
Shajiao A
emission Within the Air Pollutants for
power Air pollutant Smoke 1 1.64 24.83 121.90 No
through factory Thermal Power Plants
plant
chimney (GB13223-2011)
Concentrated Emission Standard of
Shajiao A
emission Within the Air Pollutants for
power Air pollutant SO2 1 16.94 256.93 426.65 No
through factory Thermal Power Plants
plant
chimney (GB13223-2011)
Concentrated Emission Standard of
Shajiao A
emission Within the Air Pollutants for
power Air pollutant NOX 1 30.51 462.74 609.5 No
through factory Thermal Power Plants
plant
chimney (GB13223-2011)
Concentrated Emission Standard of
Bohe emission Within the Air Pollutants for
Air pollutant Smoke 2 2.07 50.92 72 No
Company through factory Thermal Power Plants
chimney (GB13223-2011)
Concentrated Emission Standard of
Bohe emission Within the Air Pollutants for
Air pollutant SO2 2 10.2 413.04 974 No
Company through factory Thermal Power Plants
chimney (GB13223-2011)
Concentrated Emission Standard of
Bohe emission Within the Air Pollutants for
Air pollutant NOX 2 33.45 1071.20 1195 No
Company through factory Thermal Power Plants
chimney (GB13223-2011)
Dapu Concentrated Emission Standard of
Within the
Power Air pollutant Smoke emission 2 2.29 Air Pollutants for 53.473 593 No
factory
Plant through Thermal Power Plants
69
2022 Annual Report
chimney (GB13223-2011)
Concentrated Emission Standard of
Dapu
emission Within the Air Pollutants for
Power Air pollutant SO2 2 14.03 328.153 1447 No
through factory Thermal Power Plants
Plant chimney (GB13223-2011)
Concentrated Emission Standard of
Dapu
emission Within the Air Pollutants for
Power Air pollutant NOX 2 39.03 912.710 1502 No
through factory Thermal Power Plants
Plant chimney (GB13223-2011)
Concentrated Emission Standard of
Red Bay emission Within the Air Pollutants for
Air pollutant Smoke 4 2.13 90.25 1512 No
Company through factory Thermal Power Plants
chimney (GB13223-2011)
Concentrated Emission Standard of
Red Bay emission Within the Air Pollutants for
Air pollutant SO2 4 9.61 513.82 4851 No
Company through factory Thermal Power Plants
chimney (GB13223-2011)
Concentrated Emission Standard of
Red Bay emission Within the Air Pollutants for
Air pollutant NOX 4 33.28 1254.95 4851 No
Company through factory Thermal Power Plants
chimney (GB13223-2011)
Concentrated Emission Standard of
Jinghai emission Within the Air Pollutants for
Air pollutant Smoke 4 2.28 151.63 1770 No
Company through factory Thermal Power Plants
chimney (GB13223-2011)
Concentrated Emission Standard of
Jinghai emission Within the Air Pollutants for
Air pollutant SO2 4 15.34 1008.1 6449.52 No
Company through factory Thermal Power Plants
chimney (GB13223-2011)
Concentrated Emission Standard of
Jinghai emission Within the Air Pollutants for
Air pollutant NOX 4 32.72 2156.15 3395.39 No
Company through factory Thermal Power Plants
chimney (GB13223-2011)
Concentrated Emission Standard of
Maoming
emission Within the Air Pollutants for
Power Air pollutant Smoke 2 1.17 24.60 168.12 No
through factory Thermal Power Plants
Plant
chimney (GB13223-2011)
Concentrated Emission Standard of
Maoming
emission Within the Air Pollutants for
Power Air pollutant SO2 2 14.29 326.56 385.51 No
through factory Thermal Power Plants
Plant
chimney (GB13223-2011)
Concentrated Emission Standard of
Maoming
emission Within the Air Pollutants for
Power Air pollutant NOX 2 24.88 568.76 751.82 No
through factory Thermal Power Plants
Plant
chimney (GB13223-2011)
Concentrated Emission Standard of
Pinghai
emission Within the Air Pollutants for
Power Air pollutant Smoke 2 3.21 112.25 700 No
through factory Thermal Power Plants
Plant
chimney (GB13223-2011)
Concentrated Emission Standard of
Pinghai
emission Within the Air Pollutants for
Power Air pollutant SO2 2 23.29 811.17 1670 No
through factory Thermal Power Plants
Plant
chimney (GB13223-2011)
Concentrated Emission Standard of
Pinghai
emission Within the Air Pollutants for
Power Air pollutant NOX 2 38.61 1316.40 2423 No
through factory Thermal Power Plants
Plant
chimney (GB13223-2011)
70
2022 Annual Report
Shaoguan Concentrated Emission Standard of
Power emission Within the Air Pollutants for
Air pollutant Smoke 2 2.01 46.57 717.78 No
Generation through factory Thermal Power Plants
Plant chimney (GB13223-2011)
Shaoguan Concentrated Emission Standard of
Power emission Within the Air Pollutants for
Air pollutant SO2 2 17.85 412.52 2303.55 No
Generation through factory Thermal Power Plants
Plant chimney (GB13223-2011)
Shaoguan Concentrated Emission Standard of
Power emission Within the Air Pollutants for
Air pollutant NOX 2 38.20 883.08 2254.42 No
Generation through factory Thermal Power Plants
Plant chimney (GB13223-2011)
Yunhe Concentrated Emission Standard of
Power emission Within the Air Pollutants for
Air pollutant Smoke 1 1.72 17.83 360 No
Generation through factory Thermal Power Plants
Plant chimney (GB13223-2011)
Yudean
Concentrated Emission Standard of
Yunhe
emission Within the Air Pollutants for
Power Air pollutant SO2 1 8.06 88.81 2400 No
through factory Thermal Power Plants
Generation chimney (GB13223-2011)
Plant
Yunhe Concentrated Emission Standard of
Power emission Within the Air Pollutants for
Air pollutant NOX 1 33.95 335.77 2400 No
Generation through factory Thermal Power Plants
Plant chimney (GB13223-2011)
Concentrated Emission Standard of
Zhanjiang emission Within the Air Pollutants for
Air pollutant Smoke 2 1 36 528 No
Electric through factory Thermal Power Plants
chimney (GB13223-2011)
Concentrated Emission Standard of
Zhanjiang emission Within the Air Pollutants for
Air pollutant SO2 2 14 390 1320 No
Electric through factory Thermal Power Plants
chimney (GB13223-2011)
Concentrated Emission Standard of
Zhanjiang emission Within the Air Pollutants for
Air pollutant NOX 2 35 988 1990.7 No
Electric through factory Thermal Power Plants
chimney (GB13223-2011)
Concentrated Emission Standard of
Zhanjiang emission Within the Air Pollutants for
Air pollutant Smoke 2 0.99 17.14 480 No
Zhongyue through factory Thermal Power Plants
chimney (GB13223-2011)
Concentrated Emission Standard of
Zhanjiang emission Within the Air Pollutants for
Air pollutant SO2 2 14.80 257.37 1200 No
Zhongyue. through factory Thermal Power Plants
chimney (GB13223-2011)
Concentrated Emission Standard of
Zhanjiang emission Within the Air Pollutants for
Air pollutant NOX 2 28.48 495.29 1290.08 No
Zhongyue through factory Thermal Power Plants
chimney (GB13223-2011)
Concentrated Emission Standard of
Guangqian emission Within the Air Pollutants for
Air pollutant NOX 3 11.19 180.96 1312.5 No
Company through factory Thermal Power Plants
chimney (GB13223-2011)
Concentrated Emission Standard of
Huizhou
emission Within the Air Pollutants for
Natural Air pollutant Smoke 6 0.22 8.39 242.61 No
through factory Thermal Power Plants
Gas
chimney (GB13223-2011)
71
2022 Annual Report
Concentrated Emission Standard of
Huizhou
emission Within the Air Pollutants for
Natural Air pollutant NOX 6 26.58 977 1774.98 No
through factory Thermal Power Plants
Gas
chimney (GB13223-2011)
Concentrated Emission Standard of
Yuehua
emission Within the Air Pollutants for
Power Air pollutant SO2 2 0.149 1.586 27.54 No
through factory Thermal Power Plants
Generation chimney (GB13223-2011)
Concentrated Emission Standard of
Yuehua
emission Within the Air Pollutants for
Power Air pollutant NOX 2 38.297 493.13 1367.55 No
through factory Thermal Power Plants
Generation chimney (GB13223-2011)
Concentrated Emission Standard of
Xinhui
emission Within the Air Pollutants for
Power Air pollutant Smoke 2 0 0.5 85.6 No
through factory Thermal Power Plants
Generation chimney (GB13223-2011)
Concentrated Emission Standard of
Xinhui
emission Within the Air Pollutants for
Power Air pollutant SO2 2 0.12 1.5 45 No
through factory Thermal Power Plants
Generation chimney (GB13223-2011)
Concentrated Emission Standard of
Xinhui
emission Within the Air Pollutants for
Power Air pollutant NOX 2 13.36 303.5 1104 No
through factory Thermal Power Plants
Generation chimney (GB13223-2011)
Concentrated Emission Standard of
Tumushuk
emission Within the Air Pollutants for
e Thermo Air pollutant Smoke 2 2.072 25.28 135 No
through factory Thermal Power Plants
electric
chimney (GB13223-2011)
Tumushuk Concentrated Emission Standard of
e Thermo emission Within the Air Pollutants for
Air pollutant SO2 2 14.572 175.56 474 No
electric through factory Thermal Power Plants
Co., Ltd chimney (GB13223-2011)
Concentrated Emission Standard of
Tumushuk
emission Within the Air Pollutants for
e Thermo Air pollutant NOX 2 27.451 329.21 675 No
through factory Thermal Power Plants
electric
chimney (GB13223-2011)
Concentrated Emission Standard of
emission Within the Air Pollutants for
Shajia C Air pollutant Smoke 3 2.16 59.56 277.8 No
through factory Thermal Power Plants
chimney (GB13223-2011)
Concentrated Emission Standard of
emission Within the Air Pollutants for
Shajiao C Air pollutant SO2 3 12.51 345.66 972.3 No
through factory Thermal Power Plants
chimney (GB13223-2011)
Concentrated Emission Standard of
emission Within the Air Pollutants for
Shajiao C Air pollutant NOX 3 32.66 902.4 1389 No
through factory Thermal Power Plants
chimney (GB13223-2011)
Concentrated Emission Standard of
Huadu emission Within the Air Pollutants for
Air pollutant Smoke 3 5 0.1083 92.39 No
Company through factory Thermal Power Plants
chimney (GB13223-2011)
Concentrated Emission Standard of
Huadu emission Within the Air Pollutants for
Air pollutant SO2 3 20 0.2225 6.7 No
Company through factory Thermal Power Plants
chimney (GB13223-2011)
Huadu Air pollutant NOX Concentrated 3 Within the 50 Emission Standard of 87.5777 586.6 No
72
2022 Annual Report
Company emission factory Air Pollutants for
through Thermal Power Plants
chimney
(GB13223-2011)
Zhanjiang Concentrated Emission Standard of
Biomass emission Within the Air Pollutants for
Air pollutant Smoke 2 8 26.6 80.94 无
Power through factory Thermal Power Plants
Generation chimney (GB13223-2011)
Zhanjiang Concentrated Emission Standard of
Biomass emission Within the Air Pollutants for
Air pollutant SO2 2 8 33.8 183 No
Power through factory Thermal Power Plants
Generation chimney (GB13223-2011)
Zhanjiang Concentrated Emission Standard of
Biomass emission Within the Air Pollutants for
Air pollutant NOX 2 120 293.6 397 No
Power through factory Thermal Power Plants
Generation chimney (GB13223-2011)
Treatment of contaminants
In 2022, the company took the large-scale development of new energy and energy conservation and carbon
reduction as an important starting point to accelerate the construction of ecological civilization and pollution
prevention and control, and continuously improvedthe energy security and clean and low-carbon levels, and all
emission indicators were better than the industry average. The company adhered to the goal of building a
resource-saving and environment-friendly enterprise, and step-by-step actively promoted the upgrading and
transformation of existing coal-fired generator sets bya planned manner through the formulation and
implementation of measures such as energy consumption management improvement, operation optimization,
equipment management, maintenance and technological transformation, and strived to reduce the emission
intensity of coal-fired units.
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 and other laws and regulations, and conducted self-monitoring of the
environment in accordance with the monitoring program, and announced its own monitoring results in Guangdong
Province's key pollution source regulatory information platform and the national pollution source monitoring
information and sharing platform. Both the announced rate and completion rate had reached 100%.
Investment in environmental governance and protection and payment of environmental protection tax
73
2022 Annual Report
In 2022, The company purchased desulfurization and denitration materials totaling about 297.7089 million
yuan,The company paid environmental protection tax of 20.78 million yuan.
Measures taken to reduce their carbon emissions during the reporting period
Applicable □Not applicable
In 2022, the company added a total of 19 new energy projects, including 6 wind power projects and 13
photovoltaic projects, with a total installed capacity of 551,000 kilowatts, which’s expected to contribute about
1.027 billion kilowatt-hours of clean energy per year, saving about 321,000 tons of standard coal and reducing
carbon dioxide emissions by about 863,700 tons, equivalent to recreating 2,183 hectares of forest; it added 1
new gas power project, with a total installed capacity of 920,000 kilowatts, and it’s expected to have an annual
on-grid electricity of more than 3.8 billion kilowatt hours. Compared with coal-fired power plants, it can save
about 440,000 tons of standard coal consumption per year, reduce carbon dioxide emissions by about 1.76
million tons, and provide about 8.15 million GJ of annual heat, which’s of great significance for optimizing the
regional energy structure and layout and promoting the company to build a clean, low-carbon, safe and efficient
energy system. Meanwhile, the company actively promoted the high-quality development of coal power,
actively carried out energy-saving and carbon-reduction transformation, formulated an action plan for energy
conservation and efficiency improvement, centered on the steam turbine flow transformation for 15 units of
600,000 kW grade and above, and strived to reduce the coal consumption for coal-fired power units. In 2022, 1
steam turbine flow transformation has been completed, 4 units have entered the equipment manufacturing stage
and it’s planned to implement the transformation in the second half of 2023, as well as the other 10 units will be
completed by the end of 2025, and each unit is expected to save 8~10 g/kWh of coal after the completion of the
transformation.
Administrative penalties for environmental problems during the reporting period
None
Other environmental information that should be disclosed
None.
Other environmental protection related information None
The company shall comply with the disclosure requirements of power-related industries in the Guideline No.3
for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.
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 2022, 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 297.7089 million.
2. In 2022, according to the standard, the coal consumption for comprehensive power supply of the company's
thermal power plants is 302.85 g/kWh of coal, the sulfur dioxide emission performance value is 0.048g/kWh,
nitrogen oxide emission performance value is 0.120g/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
99.21%; The average operation rate of denitration device is 99.82%, and the average denitration efficiency is
89.39%; The average operation rate of wet electric dust removal is 99.98%, and the average dust removal
74
2022 Annual Report
efficiency is 99.84%.
Information related to environmental accidents of the listed company
In 2022, there were no environmental accidents in the company.
II. Social responsibilities
For details of the company's social responsibility report, please refer to the Social Responsibility Report
2022 published by the company on CNINF (http://www.cninfo.com.cn)
III. Consolidate and expand the achievements of poverty alleviation and rural revitalization
In 2022, the company conscientiously implemented the national rural revitalization strategy, and its
subordinate units actively carried out consumption assistance in combination with local development, and set up
a special working group to carry out field visits and assistance, invested funds and resources to help rural
construction of infrastructure, improve rural living standards, and help rural revitalization work furtherelevated.
1. Shaoguan Power Generation company’s Counterpart-assistance to Ruyuan Dongping Town
In 2022, Shaoguan Power Generation company vigorously promoted the consumption assistance, strictly abided
by the bottom line of not letting returning to poverty on a large scale to be happened, strengthened the dynamic
monitoring of preventing poverty return, reasonably formulated assistance project plans, and soundly did well in
consolidating and expanding the achievements of poverty alleviation and effective linking of rural revitalization.
The company's labor union actively carried out consumption assistance procurement activities, expanded
consumption assistance channels, broadened the sales channels of local agricultural and sideline products, and
increased farmers' income. So far, the cumulative consumption assistance has been more than 160,000 yuan,
effectively solving the problem of farmers' troublesome of income increasing and laying a solid foundation for
the industrial revitalization of Dongping Town.
2. Zhanjiang Electric Power company’s Counterpart-assistance to Xuwen Xilian Town
In 2022, Zhanjiang Electric Power company resolutely implemented the national rural revitalization strategy.
As always, it helped the rural revitalization of Xilian Town, and practiced the responsibility of state-owned
enterprises. The staff of the company stationed in Xilian Town to help the town and support the village were
courageous to take responsibility, actively planned measures according to local conditions, soundly
implemented the work of rural revitalization in detail, and as the main force participated in the preparation of
the overall planning plan of Xilian Town from 2021 to 2026. The work results won the "Excellent Award" of
Excellent Town Rural Revitalization Planof Guangdong Provinceinthe 2022. In addition, the company's labor
union helped purchase 303 boxes of dried golden pomfret by consumption assistance, effectively helping the
people who were lifted out of poverty to expand the sales channels of agricultural and marine products, leading
the people in the poverty alleviation areas to increase income and being conducive rural revitalization.
3. Tai Pu Power Generation company’sCounterpart-assistance to Huilai Jinghai Town
75
2022 Annual Report
In order to do a good job in helping towns and villages, Tai Pu Power Generation company selected Comrade
Guo Jie, deputy general manager of the company, stationed as the first secretary of the village and a member of
the township help and support team, made pairing-off assistance to help Jinghai Town, Huilai County, Jieyang
City, and actively promoted the rural revitalization. On the Guangdong Poverty Alleviation Day in 2022, the
company actively carried out poverty alleviation and relief activities, raising a total of 63,200 yuan to support
rural revitalization.
4. Zhongyue Energy company's Counterpart-assistance to Leizhou Jijia Town
In 2022, the rural revitalization team dispatched by Zhanjiang Zhongyue Energy company to Jijia Town,
Leizhou, Zhanjiang, with the theme of rural industry revitalization assistance, carried out special researchmainly
aimed at integrating cooperation of land resources and solving existing problems and holding discussions and
exchanges with village committee cadres and villagers. On the basis of respecting the will of the masses, it
proposed to establish land cooperatives, that farmers invest in by scattered lands and select the promising
projects to actively explore "land shareholding + large-scale planting", "decentralized production + unified
operation", "large households lead small households, professional households leadindividualfarmers" and other
development models to continuously enhance the vitality and strength of collective economic development.
5. Maoming Thermal Power company Counterpart-assistance to Xiaoliang Town, Jijia Town, Leizhou
In the work of helping rural revitalization, Maoming Thermal Power Plant selected a party-member cadre as a
village-based team member stationed to Xiaoliang Town, Dianbai District to carry out rural revitalization and
assistance work. In 2022, the company donated a total of 122,570 yuan to Xiaoliang Town, Dianbai Districtfor
rural revitalization related work such as the treatment of the living environment of Xiaoliang Town and the help
of monitoring poverty return households. Meanwhile, through the field research, the company planned to build
a photovoltaic compound project in Xiaoliang Town. It has registered and established Maoming Electric White
Intelligent New Energy Co., Ltd in Dianbai District and substantially carried out the preliminary work, the
project has been approved by Maoming Power Supply Bureau with the preliminary connect opinion, and it has
been included in Maoming City's key construction projects in 2023 by Maoming Development and Reform
Bureau.
6. Yuefeng New Energy's Counterpart-assistance to Nanxiong Baishun Town
In order to actively promote the integrated development of new energy development and rural revitalization, in
2022, Shaoguan Nanxiong Yuefeng New Energy-a subsidiary of Provincial Wind Electronics company signed a
new energy cooperative development framework agreement with the Nanxiong People's Government to help in
local rural revitalization by developing local rooftop photovoltaic, ground distributed photovoltaic and ground
distributed wind power projects. Yet the preliminary work of the pilot project of rural revitalization of
distributed wind power in Nanxiong Baishun Town was started.
76
2022 Annual Report
VI. Important Events
I. Commitments to fulfill the situation
1.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
2.The existence of the company's assets or projects earnings forecasts and earnings reporting period is still in
the forecast period, the company has assets or projects meet the original profit forecast made and the reasons
explained
□ Applicable √ Not applicable
II. Particulars about the non-operating occupation of funds by the controlling shareholder
□ Applicable √ Not applicable
No such cases in the reporting period.
III. Illegal provision of guarantees for external parties
□ Applicable √ Not applicable
No such cases in the reporting period.
IV. Explanation of the Board of Directors on the latest "Non-standard Audit Report"
□ Applicable √ Not applicable
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. Explain change of the accounting policy, accounting estimate and measurement methods as compared
with the financial reporting of last year.
√ Applicable □ Not applicable
In 2021, the Ministry of Finance issued the Notice on Printing and Distributing the "Interpretation of
Accounting Standards for Business Enterprises No. 15" (hereinafter referred to as "Interpretation No. 15"). The
company implemented the provisions related to the trial operation sales of fixed assets in the Interpretation No.
15 from January 1, 2022, and retroactively adjusted the trial operation sales revenue incurred between January 1,
2021 and the implementation date. The comparative financial statements for 2021 were restated accordingly.
The above accounting policy changes have no impact on the balance sheet as of January 1, 2021.
77
2022 Annual Report
The company has adopted the above notice and the Q&A on the Implementation to prepare the 2022 annual
financial statements, and the above amendments have no significant impact on the company's financial
statements, except for the relevant provisions on the trial operation and sales of fixed assets.
VII.Explain change of the consolidation scope as compared with the financial reporting of last year.
√ Applicable □ Not applicable
Nature New investment amount Paid-in capital at the Proporti
Name in this period (Yuan) end of period(Yuan) on (%) Acquired
Yudean Jinxiu intelligence Energy Co., Photovoltaic power Newly
2,621,800 2,913,114
Ltd. generation 90% established
Guangdong Yudean Huibo New Energy Photovoltaic power Newly
15,492,360 15,492,360
Co., Ltd. generation 100% established
Nanjing Linyuan Senhai New Energy Photovoltaic power
120,495,920 120,495,920
Co., Ltd. generation 100% Purchase
Photovoltaic power
Nanjing Senhong New Energy Co., Ltd. 120,495,920 120,495,920 100% Purchase
generation
Tumushuke Yudean Hanhai New Energy Photovoltaic power Newly
324,050,000 324,050,000
Co., Ltd. generation 100% established
Photovoltaic power
Taishan Dongrun New Energy Co., Ltd. 45,063,020 45,063,020 100% Purchase
generation
Photovoltaic power Newly
9,977,500 9,977,500
Meizhou Xingyue New Energy Co., Ltd. generation 100% established
Guangdong Yudean Huixin Thermal Natural gas power Newly
104,975,000 123,500,000
Power Co., Ltd. generation 100% established
Guangdong Yudean Maoming Natural Natural gas power Newly
115,345,000 118,345,000
Gas Thermal Power Co., Ltd. generation 85% established
Guangdong Shaoguan Yudean New Photovoltaic power Newly
33,473,000 33,473,000
Energy Co., Ltd. generation 100% established
Yudean Shashe Intelligence Energy Co., Photovoltaic power Newly
1,206,110,470 1,206,110,470
Ltd. generation 100% established
Laixi Xinguangyao New Energy Photovoltaic power
32,923,000 33,255,555
Technology Co., Ltd. generation 99% Purchase
Jiuzhou New Energy（Zhaoqing）Co., Photovoltaic power
39,000,000 40,680,000
Ltd. generation 100% Purchase
Xiangtan Xiangdian Changshan Wind Wind power
89,524,003 80,000,000
Power Generation Co., Ltd. generation 100% Purchase
Yunfu Luoding Yudean New Energy Photovoltaic power Newly
1,844,520 1,844,520
Co., Ltd. generation 100% established
VIII. Engagement/Disengagement of CPAs
CPAs currently engaged
PWC Certified Public Accountants (special general
Name of the domestic CPAs
partnership)
Remuneration for domestic accounting firm (RMB 0',000) 799
Successive years of the domestic CPAs offering auditing
7
services
Name of CPA Li Xiaolei, Fan Xin
Continuous years of audit services of certified public
Li Xiaolei(2 years), Fan Xin( 1 year)
accountants of domestic public accounting firms
Has the CPAs been changed in the current period
78
2022 Annual Report
□ Yes √ No
Description of the CPAs, financial advisers or sponsors engaged for internal control auditing
√ Applicable □Not applicable
In the report year, the company engaged PWC Certified Public Accountants (special general partnership)as the
certified public accountants and internal control audit body in 2022. The audit remuneration was RMB 7.99
million
IX. Situation of Facing Listing Suspension and Listing Termination after the Disclosure of the Yearly
Report
□Applicable √ Not applicable
X. Relevant Matters of Bankruptcy Reorganization
□Applicable √ Not applicable
No such cases in the reporting period.
XI. Matters of Important Lawsuit and Arbitration
□Applicable √ Not applicable
No such cases in the reporting period.
XII. Situation of Punishment and Rectification
□Applicable √ Not applicable
No such cases in the reporting period.
XIII. Credit Condition of the Company and its Controlling Shareholders and Actual Controllers
□Applicable √ Not applicable
XIV. Material related transactions
1. Related transactions in connection with daily operation
√Applicable Not applicable
For related party transactions related to daily operations during the reporting period, please see "7. Other Major
Related Party Transactions"
2. Related-party transactions arising from asset acquisition or sale
□Applicable √ Not applicable
No such cases in the reporting period.
3. Related party transactions of joint outbound investment
□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.
79
2022 Annual Report
5. Transactions with related finance company, especially one that is controlled by the company
√ Applicable □Not applicable
Deposit business
Related party Relationship Maximum Deposit Beginning The amount of this period The amount
daily interest rate balance(RM of this period
deposit range B '0,000) Total deposit Total deposit Total amount
limit(RMB amount amount is withdrawn
'0,000) (RMB (RMB for this
'0,000) '0,000) period(RMB
'0,000)
Guangdong Controlled
Energy by
Group Guangdong
1,100,000 0.25%-0.35% 647,482 11,814,214 11,587,634 874,062
Finance Co., Energy
Ltd. Group Co.,
Ltd.
Loan business
Related party Relationship Beginning The amount of this period
balance(RM Total
Loan B '0,000) Total loan Ending
Loant interest repayment
limit(RMB amount of balance(RM
rate range amount of
'0,000) the current
the current B '0,000)
period(RMB
period(RMB
'0,000)
'0,000)
Guangdong Controlled
Energy by
Group Guangdong
3,500,000 2.7%-4.11% 934,417 1,370,000 1,313,608 990,809
Finance Co., Energy
Ltd. Group Co.,
Ltd.
Credit extension or other financial services
Related party Relationship Business type Total amount(RMB Actual amount
'0,000) incurred(RMB '0,000)
Guangdong
Communications Controlled by the same
Credit extension 3,500,000 990,809
Group Finance Co., parent company
Ltd
6. Transactions between the financial company controlled by the company and related parties
□ Applicable √Not applicable
There is no deposit, loan, credit or other financial business between the financial company controlled by the
company and related parties.
7. Other significant related-party transactions
√ Applicable □Not applicable
（ 1）2022 daily related transactions were carried out after examination and approval by 2022 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 20, 2022, the first meeting of the Tenth Board of Directors of the company reviewed and approved
the Proposal on Daily Related Party Transactions between the company and Guangdong Energy Group Co., Ltd.
in 2022, the Proposal on Signing the between the company and
Guangdong Yudean Finance Co., Ltd., the Proposal on Signing the between the company and Guangdong Yudean Financial Leasing Co., Ltd. The above related party
transactions were reviewed and approved at the company's first provisional general meeting of shareholders in
2022.
（ 3 ） On August 29, 2022, the 8th meeting of the Tenth Board of Directors of the company reviewed and
approved on the Proposal Concerning Risk Assessment Report on Guangdong Energy Finance Co., Ltd. for the
First Half of 2022
（ 4 ） On September 16,2022,In order to increase the scale of clean coal power and realize the sustainable
development of the company, the 9th meeting of the Tenth Board of Directors of the company reviewed and
approved on the Proposal on the Investment and Construction of the 2 × 1000MW Units Project of the No. 3
and No.4 Units of Maoming Bohe Power Plant and Proposal on Investment and Construction of Huilai Power
Plant Unit 5 and Unit 6 Expansion Project (2×1000MW Project), Agree to Bohe Energy company to invest in
the construction of 2×1000MW unit of No.3 and 4 of Maoming Bohe Power Plant. The project is 2×1000MW
ultra-supercritical secondary reheat coal-fired generating unit with a total investment of 7,483.51 million yuan;
Jinghai Power Generation company agrees to invest in the expansion project of Unit 5 and 6 units of Huilai
Power Plant. The project is 2×1000MW ultra-supercritical secondary reheat coal power unit with a total
investment of 8,049.77 million yuan.
Website for temporary disclosure of the connected transaction
Announcement Date of disclosure Website for disclosure
Estimates announcement of the Daily
January 22,2022 http//www.cninfo.com.cn.
Related Party Transactions of 2022
Announcement of Related Transactions on
Signing of the Financial Services
Framework Agreement, Framework
Agreement on Financing Leasing January 22,2022 http//www.cninfo.com.cn.
Cooperation and Framework Agreement on
Cooperation in Insurance and Risk
Management Services
The 9th meeting of the Tenth Board of
August 31, 2022 http//www.cninfo.com.cn.
Directors
The 8th meeting of the Tenth Board of
September 17,2022 http//www.cninfo.com.cn.
Directors
XV. 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
81
2022 Annual Report
range, except the ownership, right of earning and right of disposition, will be trusted to the company, The custody
fee collected from each company directly holding the first-class target of Guangdong Energy Group is RMB
100,000/year; The custody fee collected from each company indirectly holding the secondary target is RMB
50,000/year. published by the company in China Securities Daily, Securities Times and
http://www.cninfo.com.cn on January 13, 2018(Announcement No.2018-04). the custody fee actually
collected by the company was RMB 1.6981 million.
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 the lessee, the company has incurred a rental fee of RMB 27,805,836 in this year.
82
2022 Annual Report
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
Date of Guarantee
disclosure Complete
Amount happening Actual for
Name of the date/No. of Guaranty（If Counter-guarantee（If implementa
of (Date of mount of Guarantee type Guarantee term associated
company the any） any） tion
Guarantee signing guarantee parties
guaranteed or not
agreement) (Yes or no)
amount
Guangdong Yudean
Yangjiang Offshore wind
Guangdong Energy Guaranteeing of power Co., Ltd. provides 23 years and 9
October 29,2020 200,000 November 19,2020 200,000 No Yes
Group Co., Ltd. joint liabilities. joint and several liability months
guarantee counter-
guarantee
Guangdong Yudean
Yunnan Baoshan Yangjiang Offshore wind
Binlangjiang
December Guaranteeing of power Co., Ltd. provides
Hydroelectricity 4,350 November 30,2007 0 15 years No No
19,2007 joint liabilities. joint and several liability
Development Co.,
Ltd. guarantee counter-
guarantee
Guangdong Yudean
Yunnan Baoshan Yangjiang Offshore wind
Binlangjiang
Guaranteeing of power Co., Ltd. provides
Hydroelectricity May 27,2009 9,367 June 22,2009 0 18 years No No
joint liabilities. joint and several liability
Development Co.,
Ltd. guarantee counter-
guarantee
83
2022 Annual Report
Xinjiang Jintai
Guaranteeing of
Electric Power Co., Not applicable 3,775 December 20,2019 0 3 Years No No
joint liabilities.
Ltd.
Total actually amount of
Total amount of approved external
0 external guarantee in the report 29,607
guarantee in the report period(A1)
period(A2)
Total amount of approved external Total actually amount of
guarantee at the end of the report 425,459 external guarantee at the end of 200,000
period(A3) the report period(A4)
Guarantee of the company for its subsidiaries
Relevant
Date of Guarantee
disclosure Complete
Amount happening Actual for
Name of the date/No. of Guaranty（If Counter-guarantee（If implementa
of (Date of mount of Guarantee type Guarantee term associated
company the any） any） tion
Guarantee signing guarantee parties
guaranteed or not
agreement) (Yes or no)
amount
Zhanjiang Wind
Guaranteeing of
Power Generation April 29,2009 18,572 October 9,2010 4,872 18 years No No
Co., Ltd. joint
Total of guarantee for subsidiaries Total of actual guarantee for
300,000 -210
approved in the period(B1) subsidiaries in the period (B2)
Total of guarantee for subsidiaries Total of actual guarantee for
441,536 4,872
approved at period-end(B3) subsidiaries at period-end(B4)
Guarantee of the subsidiaries for the controlling subsidiaries
Relevant
Date of Guarantee
disclosure Complete
Amount happening Actual for
Name of the date/No. of Guaranty（If Counter-guarantee（If implementa
of (Date of mount of Guarantee type Guarantee term associated
company the any） any） tion
Guarantee signing guarantee parties
guaranteed or not
agreement) (Yes or no)
amount
The company’s total guarantee(i.e.total of the first three main items)
Total amount of guarantee
Total guarantee quota approved in the actually incurred in the
300,000 29,397
reporting period（A1+B1+C1）
reporting period
（A2+B2+C2）
84
2022 Annual Report
Total balance of the actual
Total guarantee quota already approved
guarantee at the end of the
at the end of the reporting period 866,995 204,872
reporting period
（A3+B3+C3）
（A4+B4+C4）
The proportion of the total amount of actually guarantee in the net assets
10.12%
of the company (that is A4+B4+C4）%
Including：
Amount of guarantees provided for shareholders, the actual controller and
200,000
their related parties (D)
Amount of debt guarantees provided directly or indirectly for entities with
0
a liability-to-asset ratio over 70% (E)
Proportion of total amount of guarantee in net assets of the company
0
exceed 50%（F）
Total amount of the three kinds of guarantees above (D+E+F) 200,000
Note: 1. The new guarantee added to Xinjiang Jintai Electric Power Co., Ltd in 2021 by the company was a joint and several liability guarantee for Xinjiang Jintai
Electric Power Co., Ltd due to the company's acquisition of Tushi Thermal Power company. The payment was settled in May 2022 and the guarantee obligation was
released; 2. The company's joint and several liability guarantee for Yunnan Baoshan Binglangjiang Hydropower Development Co., Ltd has been lifted in December
2022.
85
2022 Annual Report
3. Finance management on commission
(1)Situation of Entrusted Finance
□ Applicable √ Not applicable
No any Entrusted Finance for the company in the reporting period..
（2）Situation of Entrusted Loans
□ Applicable √ Not applicable
No any Entrusted loans for the company in the reporting period..
4. Other significant contract
□ Applicable √ Not applicable
No other significant contracts for the company in reporting period.
XVI. Explanation on other significant events
√ Applicable □Not applicable
Summary of important matters Name Website
Date of for
disclosure disclosur
e
In order to implement the deployment of aid to Xinjiang, deepen strategic of the Second March http//ww
cooperation with key regions, further optimize the power supply structure, and increase of the Tenth Board 26,2022
meeting w.cninfo.
the proportion of clean energy, the company's board of directors agreed to the company's
of directors by com.cn.
wholly-owned establishment of Tumusuke Yudean Hanhai New Energy Co., Ltd
Correspondence of 2022
(hereinafter referred to as "Hanhai New Energy company”) to invest in the construction
of a 400,000-kilowatt photovoltaic power generation project in the 45th Regiment of the
Third Division of the Xinjiang Production and Construction Corps. The total investment
of the project is 2,226,851,400 yuan, and the capital is set at 445,370,000 yuan according
to 20% of the total project investment, which will be solved by the company's capital
increase to Hanhai New Energy company in batches.
In order to meet the heat load demand of Yunfu Industrial Park and peripheral Resolutions of the 6th April http//ww
enterprises, further optimize the company's power supply structure, and promote meeting of the Tenth Board 22,2022 w.cninfo.
the company's sustainable development, the board of directors agrees to invest in
of directors com.cn.
the construction of Yunhe Power Generation company Natural Gas Cogeneration
Project (2×460MW), and Guangdong YudeanYunhe Co., Ltd. is responsible for
the specific construction and operation of the project. The total investment of the
project is 2,809.70 million yuan (including the heating network project), and the
project capital is calculated as 561.94 million yuan according to 20% of the total
project investment. The company invests 505.75 million yuan according to the
proportion of 90% equity ratio. The capital required for the project will be solved
by the company's capital increase to Yunhe Power Generation company in batches
according to the actual construction progress and capital needs of the project.
In order to improve the power supply guarantee capacity, improve the scale Resolutions of the 6th April http//ww
of advanced clean coal-fired power generation and promote the sustainable meeting of the Tenth Board 22,2022 w.cninfo.
development of the company, the Ninth Meeting of the Tenth Board of Directors
of directors com.cn.
deliberated and agreed on the following matters: 1. Guangdong Yudean Dabu
Power Generation Co., Ltd. invested in the construction of Guangdong Yudean
Dabu Power Plant Phase II Project, with a total investment of RMB
8,122,320,000; 2. Guangdong Yudean Bohe Energy Co., Ltd. invested in the
construction of No.3 and No.4 2×1000MW units of Maoming Bohe Power Plant,
which is a 2×1000MW ultra-supercritical secondary reheat coal-fired generating
unit with a total investment of RMB 7,483.51 million; 3. Guangdong Yudean
Jinghai Power Generation Co., Ltd. invested in the construction of the expansion
project of No.5 and No.6 units in Huilai Power Plant, which is a 2×1000MW ultra-
supercritical secondary reheat coal-fired generating unit with a total investment of
86
2022 Annual Report
RMB 8,049.77 million.In order to meet the electricity load growth in Jieyang City
and the heat load demand of Dananhai Petrochemical Industrial Zone, and further
increase the proportion of clean energy of the company, the board of directors
agrees to invest in the construction of the Jieyang Dananhai Natural Gas
Cogeneration Project (2×480MW), and Guangdong Yudean Dananhai Smart
Energy Co., Ltd.-a wholly-owned subsidiary-is responsible for the specific
construction and operation of the project. The total investment of the project is
2,855.45 million yuan (including the heating network project), and the project
capital is calculated as 571.09 million yuan according to 20% of the total project
investment. The capital required by the project will be solved by the company's
capital increase to Dananhai Smart Energy company in batches according to the
actual construction progress and capital needs of the project.
In order to further increase the company's clean energy ratio and further Resolutions of the 8th August 31, http//ww
optimize the power supply structure, the board of directors agreed that the meeting of the Tenth Board 2022 w.cninfo.
company will increase capital to Guangdong Wind Power Co., Ltd. to invest in the
of directors com.cn.
construction of two photovoltaic projects of 300MW in Qingshuihe in Inner
Mongolia and 200MW Phase I of Zhuhai Sanzao,in which RMB 314.55 million
will be invested for the Qingshuihe 300MW project and RMB 209.7758 million
will be invested for the 200MW project of Zhuhai Sanzao Phase I, and the capital
will be increased in batches according to the actual progress of the project and
capital needs.
In order to improve the power supply guarantee capacity, improve the scale Resolutions of the 9th September http//ww
of advanced clean coal-fired power generation and promote the sustainable
meeting of the Tenth Board 17,2022 w.cninfo.
development of the company, the Ninth Meeting of the Tenth Board of Directors
deliberated and agreed on the following matters: 1. Guangdong Yudean Dabu of directors com.cn.
Power Generation Co., Ltd. invested in the construction of Guangdong Yudean
Dabu Power Plant Phase II Project, with a total investment of RMB
8,122,320,000; 2. Guangdong Yudean Bohe Energy Co., Ltd. invested in the
construction of No.3 and No.4 2×1000MW units of Maoming Bohe Power Plant,
which is a 2×1000MW ultra-supercritical secondary reheat coal-fired generating
unit with a total investment of RMB 7,483.51 million; 3. Guangdong Yudean
Jinghai Power Generation Co., Ltd. invested in the construction of the expansion
project of No.5 and No.6 units in Huilai Power Plant, which is a 2×1000MW ultra-
supercritical secondary reheat coal-fired generating unit with a total investment of
RMB 8,049.77 million
In order to fully integrate and enhance the company's management strength Resolutions of the 11th December http//ww
and level in Xinjiang, and coordinate the development, construction, production meeting of the Tenth Board 1,2022 w.cninfo.
and operation of new energy and traditional energy in Xinjiang, after deliberation of directors com.cn.
at the Eleventh Meeting of the Tenth Board of Directors of the company, it was
agreed to establish a wholly-owned Xinjiang Regional company in Urumqi,
Xinjiang Uygur Autonomous Region (the name of the company will be subject to
industrial and commercial registration), with the initial registered capital of RMB
300 million.
In order to further increase the proportion of clean energy and smoothly Resolutions of the 11th December http//ww
promote the development strategy, after deliberation at the Eleventh Meeting of meeting of the Tenth Board 1,2022 w.cninfo.
the Tenth Board of Directors, it was agreed to increase the capital of Guangdong of directors com.cn.
Wind Power Generation Co., Ltd. by RMB 380.07 million, which will be used to
invest in the construction of 50MW Photovoltaic Power Generation Project of
Lianjiang Changshan Farm, 20MW Photovoltaic Power Generation Project of
Lianjiang Liming Farm, 50MW Photovoltaic Power Generation Project of
Lianjiang Dongsheng Farm, and the acquisition of 100% equity of Jianhao
Photovoltaic Technology Co., Ltd. of Qinglong Manchu Autonomous County.
The capital will be increased in batches according to the actual progress of the
project and the capital demand.
In order to speed up the development of new energy, increase the proportion Resolutions of the 11th December http//ww
of clean energy and optimize the power supply structure, after deliberation at the meeting of the Tenth Board 1,2022 w.cninfo.
Eleventh Meeting of the Tenth Board of Directors of the company, it was agreed of directors com.cn.
that a wholly-owned subsidiary, Yudean Shache Comprehensive Energy Co., Ltd.
(hereinafter referred to as "Yudean Shache company"), as the main investor, would
invest in the construction of a 2 million KW light storage integration project of
Guangdong Energy Shache County (with a photovoltaic construction scale of
87
2022 Annual Report
2,000MW and an energy storage construction scale of 500MW/2000MWh). The
total investment of the project is RMB 12,917,064,600. Matching transaction,
click transaction, inquiry transaction, bidding transaction and negotiation
transaction.
XVII. Significant event of subsidiary of the Company
□ Applicable √Not applicable
88
2022 Annual Report
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 Proporti Capitalizatio
Share Bonus Proportio
on n of common Other Subtotal Quantity
allotment shares n
reserve fund
I. Share with conditional
1,897,966,117 36.15% -2,830 1,897,963,287 36.15%
subscription
1. State-owned shares
2. State-owned legal
1,893,342,621 36.06% 31,896 1,893,374,517 36.06%
person shares
3.Other domestic shares 4,623,496 0.09% -34,726 4,588,770 0.09%
Of which：Domestic legal
4,620,666 0.09% -1,084,896 3,535,770 0.07%
person shares
Domestic natural person
2,830 0% 1,050,170 1,053,000 0.02%
shares
4.Foreign shares
Of which：Foreign
legal person shares
Foreign natural person
shares
II. Shares with
3,352,317,869 63.85% 2,830 3,352,320,699 63.85%
unconditional subscription
1.Common shares in RMB 2,553,909,869 48.64% 2,830 2,553,912,699 48.64%
2.Foreign shares in
798,408,000 15.21% 798,408,000 15.21%
domestic market
3.Foreign shares in
foreign market
4.Other
III. Total of capital shares 5,250,283,986 5,250,283,986
Reasons for share changed
√ Applicable □ Not applicable
1.On February 2, 2022, the lock-up period of the 2,830 restricted shares held by Mr.Wen Lianhe, aformer
director of the company, has expired it has been converted into tradable shares whthout restiiction .therefore,
the number of restricted shares of the company has also increased accordingly;
2.231,896 A restricted shares held by the Trade Union Committee of Guangdong Prison Administration were
changed to be held by Guangdong Energy Group Co., Ltd. due to the advance repayment procedures for the
share-trading reform;
3.In November 2022, according to the ruling of the People's Court of Changsha County, Hunan Province ([2022]
X0121Z No. 7422), the 1,053,000 A restricted shares held by Guangdong Rural Telephone company were
changed to be held by Luo Guoliang. By the end of 2022, the share transfer has been completed;
Approval of Change of Shares
□Applicable √Not applicable
Ownership transfer of share changes
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable
89
2022 Annual Report
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 Number of
restricted restricted Reasons for
restricted restricted Release date of
Shareholder shares in shares at the sales
shares at the shares released sales restriction
increased this end of the restriction
beginning in this period
period period
Change of
Wen Lianhe 2,830 0 2,830 0 February 2,2022
director
Total 2,830 0 2,830 0 -- --
Ⅱ.Issuing and listing
1.Explanation of the Situation of the Security Issue(No Preferred Shares) in the Report Period
□Applicable √Not applicable
2.Change of asset and liability structure caused by change of total capital shares and structure
□Applicable √Not applicable
3.About the existing employees’ shares
□Applicable √Not applicable
Ⅲ.Shareholders and actual controlling shareholder
1. Number of shareholders and shareholding
In Shares
Total The total
Total
number of number of Total preferred
common shareholder
preferred shareholders at the end of
sharehold s at the end
shareholder the month from the date of
ers at the 83,855 of the 82,700 0 0
s voting disclosing the annual
end of the month from report(if any)(See Notes
rights (if
reporting the date of 8)
any)(See
period disclosing
Notes 8)
Particulars about shares held above 5% by shareholders or top ten shareholders
Proporti Number of share
Nature of on of Number of Changes in Amount of Amount of un- pledged/frozen
Shareholders
shareholde shares shares held at reporting restricted restricted shares
r held period -end period shares held held State of
Amount
（%） share
State-
Guangdong Energy Group owned
67.39% 3,538,037,181 31,896 1,893,374,517 1,644,662,664
Co., Ltd. legal
person
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2022 Annual Report
State-
Guangzhou Development owned
2.22% 116,693,602 0 0 116,693,602
Group Co., Ltd. legal
person
State-
Guangdong Electric Power owned
1.80% 94,367,341 0 0 94,367,341
Development Corporation legal
person
Domestic
ICBC－First Seafront fund
Non-State
New Economy flexible
owned 0.96% 50,593,399 50,593,399 0 50,593,399
allocation of hybrid
legal
securities investment fund
person
Domestic
ICBC－Caitong value Non-State
momentum hybrid securities owned 0.71% 37,076,754 37,076,754 0 37,076,754
investment fund legal
person
Domestic
Zheng Jianxiang Natural 0.50% 26,234,500 719,600 0 26,234,500
person
Domestic
ICBC－Qianhai open
Non-State
source new economy
owned 0.45% 23,641,155 -21,076,763 0 23,641,155
flexible allocation of hybrid
legal
securities investment fund
person
Domestic
ICBC－Caitong growth Non-State
preferred hybrid securities owned 0.39% 20,214,860 20,214,860 0 20,214,860
investment fund legal
person
State-
China Securities Finance owned
0.35% 18,246,045 -33,781,100 0 18,246,045
Co., Ltd. legal
person
VANGUARD TOTAL Overseas
INTERNATIONAL Legal 0.30% 15,855,512 0 0 15,855,512
STOCK INDEX FUND person
Strategy investors or general legal
person becomes top 10 shareholders due
Not applicable
to rights issued (if applicable) （ See
Notes 3）
The Third largest shareholder Guangdong Electric Power Development Corporation is the
Explanation on associated relationship wholly-owned subsidiaries of the largest shareholder Energy Group. These two companies
among the aforesaid shareholders have relationships; whether the other shareholders have relationships or unanimous acting
was unknown
Above shareholders entrusting or
entrusted with voting rights, or waiving Not applicable
voting rights
Top 10 shareholders including the
special account for repurchase (if any) Not applicable
(see note 10)
Shareholding of top 10 shareholders of unrestricted shares
Quantity of unrestricted shares held at Share type
Name of the shareholder
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
Guangzhou Development Group Co., Ltd. 116,693,602 RMB Common 116,693,602
91
2022 Annual Report
shares
RMB Common
Guangdong Electric Power Development Corporation 94,367,341 94,367,341
shares
ICBC－First Seafront fund New Economy flexible RMB Common
50,593,399 50,593,399
allocation of hybrid securities investment fund shares
ICBC－Caitong value momentum hybrid securities RMB Common
37,076,754 37,076,754
investment fund shares
Foreign shares
placed in
Zheng Jianxiang 26,234,500 26,234,500
domestic
exchange
ICBC－Qianhai open source new economy flexible RMB Common
23,641,155 23,641,155
allocation of hybrid securities investment fund shares
ICBC－Caitong growth preferred hybrid securities RMB Common
20,214,860 20,214,860
investment fund shares
Foreign shares
placed in
China Securities Finance Co., Ltd. 18,246,045 18,246,045
domestic
exchange
Foreign shares
VANGUARD TOTAL INTERNATIONAL STOCK placed in
15,855,512 15,855,512
INDEX FUND domestic
exchange
Explanation on associated relationship or consistent
The Third largest shareholder Guangdong Electric Power Development
action among the top 10 shareholders of non-restricted
Corporation is the wholly-owned subsidiaries of the largest shareholder
negotiable shares and that between the top 10
Energy Group. These two companies have relationships; whether the
shareholders of non-restricted negotiable shares and top
other shareholders have relationships or unanimous acting was unknown.
10 shareholders
Explanation on shareholders participating in the margin
Not applicable
trading business(if any )(See Notes 4)
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.
2.Controlling shareholder
Nature of Controlling Shareholders: Local state holding
Type of Controlling Shareholders: Legal person
Name of the Legal
Controlling representativ Date of incorporation Organization code Principal business activities
shareholder e/Leader
Management and sales of the
electricity investment construction
operation management，electricity
power(Thermal Power)，
The industry of transportation
Guangdong Energy
Li Zhuoxian August 3,2001 91440000730486022G resources environmental
Group Co., Ltd.
protection，new source of energy
electricity investment; investment
planning and consulting ;
information consulting service;
sales of production materials.
The equity of the
controlling shareholder Unknown
in other domestic and
92
2022 Annual Report
foreign listed
companies held or
partly held by it in the
report period
Change of the actual controller in the reporting period
□Applicable √Not applicable
No such cases in the Reporting Period.
3．Information about the controlling shareholder of the company
Actual controller nature：Local state owned assets management
Actual controller type：Legal person
Legal
Name of the Date of
representative/pe Organization code Principal business activities
controlling shareholder establishment
rson in charge
State-owned Assets As the special institution directly
supervision and subordinate to Guangdong
administration Provincial People's Government,
Commission of / June 26,2004 114400007583361658 performed the obligation of
Guangdong provincial state-asset contributor
Provincial People’s entrusted by the provincial
Government government.
Equity of other
domestic/foreign listed
company with share
controlling and share Unknown
participation by
controlling shareholder
in reporting period
Changes of the actual controller in the reporting period
□Applicable √Not applicable
No Changes of the actual controller in the reporting period
Block Diagram of the ownership and control relations between the company and the actual controller
The actual controller controls the company by means of trust or managing the assets in other way
□Applicable √Not applicable
93
2022 Annual Report
4.The cumulative number of shares pledged by the controlling shareholder or the largest shareholder of the
company and its person acting in concert accounts for 80% of the number of shares held by the company
□Applicable √Not applicable
5.Particulars about other legal person shareholders with over 10% share held
□Applicable √Not applicable
6.Situation of Share Limitation Reduction of Controlling Shareholders, Actual Controllers, Restructuring Party
and Other Commitment Subjects
□Applicable √Not applicable
IV. Specific implementation of share repurchase during the reporting period
Progress in implementation of share repurchase
□ Applicable √Not applicable
Implementation progress of reducing repurchased shares by centralized bidding
□ Applicable √Not applicable
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2022 Annual Report
VIII. Situation of the Preferred Shares
□Applicable √Not applicable
The company had no preferred shares in the reporting period.
95
2022 Annual Report
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
In RMB
Bond short Bond balance Interest
Bond name Bond code Issue day Value date Due day Servicing way Trading
name (RMB '0,000) rate
Public Issuance of Corporate Using simple interest rate on a
Bonds to Qualified Investors in yearly basis, regardless of
2020 (Phase I) of Guandong 20 Yudean compound interest. Due Shenzhen
Electric Power Development 01 149113.SZ April 29,2020 April 29,2020 April 29,2025 1,500,000,000 2.45% payments once a year, maturing Stock
Co.,Ltd. debt at a time. In the final Exchange
phase, interest is paid together
with the principal redemption.
Public Issuance of Corporate Using simple interest rate on a
Bonds to Qualified Investors in yearly basis, regardless of
2021 (Phase I) of Guandong 21 Yudean compound interest. Due Shenzhen
Electric Power Development 01 149369.SZ January 27,2021 January 27,2021 January 27,2024 1,000,000,000 3.57% payments once a year, maturing Stock
Co.,Ltd. debt at a time. In the final Exchange
phase, interest is paid together
with the principal redemption.
Public Issuance of Corporate Using simple interest rate on a
Bonds to Qualified Investors in yearly basis, regardless of
2021 (Phase II) of Guandong 21Yudean Shenzhen
compound interest. Due
Electric Power Development 02 149418.SZ April 28,2021 April 28,2021 April 28,2026 1,500,000,000 3.50% Stock
payments once a year, maturing Exchange
Co.,Ltd. debt at a time. In the final
phase, interest is paid together
96
2022 Annual Report
with the principal redemption.
Using simple interest rate on a
Public Issuance of Corporate yearly basis, regardless of
Bonds to Professional Investors compound interest. Due Shenzhen
21Yedean November
in 2021 (Phase I) of Guandong 149711.SZ November 24,2021 November 24,2021 November 24,2021 3.41% payments once a year, maturing Stock
03 24,2026
Electric Power Development debt at a time. In the final Exchange
Co.,Ltd. phase, interest is paid together
with the principal redemption.
Using simple interest rate on a
Public Issuance of Corporate yearly basis, regardless of
Bonds to Professional Investors compound interest. Due Shanghai
21Pinghai
in 2021 (Phase I) of Guandong 188197.SH June 4,2021 June 4,2021 June 4,2023 200,000,000 3.57% payments once a year, maturing Stock
01
Huizhou Pinghai Power debt at a time. In the final exchange
Generation Co.,Ltd. phase, interest is paid together
with the principal redemption.
During the reporting period, interest payment situation 20 Yudean 01, 21 Yudean 01 and 21 Yudean 02 are bonds for qualified investors, 21 Yudean 03 and 21 Pinghai 01 are bonds for
of the company bonds（If any） professional investors.
Applicable trading mechanism Matching transaction, click transaction, inquiry transaction, bidding transaction, negotiation transaction
Whether there are risks and countermeasures for
No
terminating listing transactions（If any)
Overdue and unpaid bonds
□ Applicable √ Not applicable
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2022 Annual Report
2). Trigger and implementation of option clauses and investor protection clauses of the issuer or investor
□ Applicable √ Not applicable
3).Information of intermediary agency
Contact
Name of bond Name of intermediary Name of signing person of
Office Address Tel
project agency accountant intermedia
ry agency
2/F, Block B, Kaiheng
China Securities Co.,
Center, No.2
Ltd. (lead principal Liu
Chaoyangmennei Street, Not applicable 010-86451370
underwriter/bookkeepin Renshuo
Dongcheng District,
g manager/trustee)
Beijing
22/F, CITIC Securities
CITIC Securities Co., Building, No.48
Song
Ltd. (joint lead Liangmaqiao Road, Not applicable 010-60836755
Yilan
underwriter) Chaoyang District,
Public Issuance of Beijing
Corporate Bonds
to Qualified 23/F, R&F Center,
Investors in 2020 No.10 Huaxia Road,
Beijing Zhong Lun Law Ling
(Phase I) of Zhujiang New Town, Not applicable 020-28261689
Firm Qinghua
Guandong Electric Tianhe District,
Power Guangzhou
Development 18/F, Wang Bin, Li
Co.,Ltd. PricewaterhouseCooper PricewaterhouseCoopers Yanhua（2019）；
s Zhongtian Certified Center, No.10 Zhujiang Wang Bin, Guo
Public Accountants West Road, Zhujiang Wang Bin 020-38192000
Biyu（2018）；
(Special General New Town, Tianhe
Wang Bin, Chen
Partnership) District, Guangzhou,
China Junjun（2017）
Building 6, Yinhe
China Cheng Xin SOHO, No.2
Fang
International Credit Nanzhugan Hutong, Not applicable 010-66428877
Zibin
Rating Co. Ltd. Dongcheng District,
Beijing
2/F, Block B, Kaiheng
China Securities Co.,
Center, No.2
Ltd. (lead principal Liu
Chaoyangmennei Street, Not applicable 010-86451370
underwriter/bookkeepin Renshuo
Dongcheng District,
g manager/trustee)
Beijing
22/F, CITIC Securities
CITIC Securities Co., Building, No.48
Song
Ltd. (joint lead Liangmaqiao Road, Not applicable 010-60836755
Public Issuance of Yilan
underwriter) Chaoyang District,
Corporate Bonds Beijing
to Qualified
Investors in 2021 23/F, R&F Center,
(Phase I) of No.10 Huaxia Road,
Beijing Zhong Lun Law Liang
Guandong Electric Zhujiang New Town, Not applicable 020-28261689
Firm Qinghua
Power Tianhe District,
Development Guangzhou
Co.,Ltd. 18/F, Wamg Bin, Li
PricewaterhouseCooper PricewaterhouseCoopers Yanhua（2019）；
s Zhongtian Certified Center, No.10 Zhujiang
Wang Bin, Guo
Public Accountants West Road, Zhujiang Wang Bin 020-38192000
Biyu（2018）；
(Special General New Town, Tianhe
Partnership) Wang Bin, Chen
District, Guangzhou,
China Junjun（2017）
China Cheng Xin Building 6, Yinhe Fang
International Credit SOHO, No.2 Not applicable 010-66428877
Zibin
Rating Co. Ltd. Nanzhugan Hutong,
98
2022 Annual Report
Dongcheng District,
Beijing
2/F, Block B, Kaiheng
China Securities Co.,
Center, No.2
Ltd. (lead principal Liu
Chaoyangmennei Street, Not applicable 010-86451370
underwriter/bookkeepin Renshuo
Dongcheng District,
g manager/trustee)
Beijing
22/F, CITIC Securities
CITIC Securities Co., Building, No.48
Song
Ltd. (joint lead Liangmaqiao Road, Not applicable 010-60836755
Yilan
underwriter) Chaoyang District,
Beijing
Public Issuance of
23/F, R&F Center,
Corporate Bonds No.10 Huaxia Road,
to Professional Beijing Zhong Lun Law Liang
Zhujiang New Town, Not applicable 020-28261689
Firm Qinghua
Investors in 2021 Tianhe District,
(Phase II) of Guangzhou
Guandong Electric 18/F,
Power PricewaterhouseCooper PricewaterhouseCoopers Wng Bin, Li
s Zhongtian Certified Center, No.10 Zhujiang Yanhua（2019-
Public Accountants West Road, Zhujiang Wang Bin 020-38192000
2020）；Wang Bin,
(Special General New Town, Tianhe
Partnership) District, Guangzhou, Guo Biyu（2018）
China
Building 6, Yinhe
China Cheng Xin SOHO, No.2
Fang
International Credit Nanzhugan Hutong, Not applicable 010-66428877
Zibin
Rating Co. Ltd. Dongcheng District,
Beijing
2/F, Block B, Kaiheng
China Securities Co.,
Center, No.2
Ltd. (principal Liu
Chaoyangmennei Street, Not applicable 010-86451370
underwriter/bookkeepin Renshuo
Dongcheng District,
g manager/trustee)
Beijing
29/F, 10/F and 11/F (01-
04 units), Chow Tai
Public Issuance of Fook Finance Centre,
Wang
Corporate Bonds ETR Law Firm NO.6 Zhujiang Dong Not applicable 020-37181333
Xing
to Professional Road, Tianhe District
Guangzhou City,
Investors in 2021 Guangdong Province
(Phase I) of
18/F,
Guandong Electric
PricewaterhouseCooper PricewaterhouseCoopers Wang Bin, Li
Power s Zhongtian Certified Center, No.10 Zhujiang Yanhua（2019- Chin
Development Public Accountants West Road, Zhujiang 020-38192645
2020）；Wang Bin, Junjun
Co.,Ltd. (Special General New Town, Tianhe
Partnership) District, Guangzhou, Guo Biyu（2018）
China
Building 5, Yinhe
China Cheng Xin SOHO, No.2
International Credit Nanzhugan Hutong, Not applicable Sheng Lei 010-66428877
Rating Co. Ltd. Dongcheng District,
Beijing
Public Issuance of North Block, Times
Corporate Bonds Square Excellence
(Phase II), No.8
to Professional CITIC Securities Co., Jian
Zhongxin Third Road, Not applicable 13539997160
Investors in 2021 Ltd Qiongwen
Futian District,
(Phase I) of Shenzhen City,
Guandong Guangdong Province
Huizhou Pinghai Zhongxi Certified 11/F, Block A, Wei Shuzhen, Fan Fan
Power Generation 18520643032
Public Accountants Xincheng Culture Fengwei Fengwei
99
2022 Annual Report
Co.,Ltd. (Special General Building, No.11
Partnership) Chongwenmenwai
Street, Beijing
Shanghai Brilliance
14/F, Huasheng
Credit Rating &
Building, No.398, Not applicable Yu Liping 13641825613
Investors Service Co.,
Hankou Road, Shanghai
Ltd.
7/F, Block D,
Qiaofufang Grassland,
Beijing Dentons Law
No.9 Dongdaqiao Road, Not applicable Lv Sihui 13692899924
Offices, LLP
Chaoyang District,
Beijing
Whether the above agency changes during the reporting period
□ Yes √No
4). Use of raised funds
In RMB
Whether it is
Rectificati
consistent with
Unuse Operation of on of
the purpose, use
Total amount d special account illegal use
Name of bond project Used amount plan and other
of raised funds amoun for raised funds of raised
agreements
t (if any) funds (if
stipulated in the
any)
prospectus
Public Issuance of Corporate The special
Bonds to Qualified Investors fund-raising
in 2020 (Phase I) of Guandong 1,500,000,000 1,500,000,000 0 account No Yes
Electric Power Development operates
Co.,Ltd. properly
Public Issuance of Corporate The special
Bonds to Qualified Investors fund-raising
in 2021 (Phase I) of Guandong 1,000,000,000 1,000,000,000 0 account No Yes
Electric Power Development operates
Co.,Ltd. properly
Public Issuance of Corporate The special
Bonds to Professional fund-raising
Investors in 2021 (Phase II) of 1,500,000,000 1,500,000,000 0 account No Yes
Guandong Electric Power operates
Development Co.,Ltd. properly
Public Issuance of Corporate The special
Bonds to Professional fund-raising
Investors in 2021 (Phase I) of 800,000,000 800,000,000 0 account No Yes
Guandong Electric Power operates
Development Co.,Ltd. properly
Public Issuance of Corporate The special
Bonds to Professional fund-raising
Investors in 2021 (Phase I) of 200,000,000 200,000,000 0 account No Yes
Guandong Huizhou Pinghai operates
Power Generation Co.,Ltd. properly
The raised funds are used for construction projects
□ Applicable √ Not applicable
During the reporting period, the company changed the use of funds raised from the above bonds
□ Applicable √ Not applicable
100
2022 Annual Report
5).Adjustment of credit rating results during the reporting period
□ Applicable √ Not applicable
6) 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
(1). Credit enhancement mechanism: 20 Yudean 01, 21 Yudean 01, 21 Yudean 02, 21 Yudean 03 and 21 Pinghai
company 01 bonds are not guaranteed.
(2). Debt repayment plan and other debt repayment guarantee measures: 20 Yudean 01, 21 Yudean 01, 21 Yudean
02, 21 Yudean 03 and 21 Pinghai 01 debt repayment plans and other debt repayment guarantee measures have not
changed during the reporting period, and the payment of their principal and interest will be handled by the bond
registration institution and relevant institutions. The specific matters of payment will be elaborated in the
announcement disclosed by the issuer in the media specified by China Securities Regulatory Commission,
Shenzhen Stock Exchange, Shanghai Stock Exchange and China Securities Industry Association in accordance
with relevant regulations.
101
2022 Annual Report
III. Debt financing instruments of non-financial enterprises
√ Applicable □ Not applicable
1. Debt financing instruments of non-financial enterprises
In RMB
Bond short Interest
Bond name Bond code Issue day Value date Due day Bond balance Servicing way Trading
name rate
Using simple interest rate on a yearly
2021 MTN (Phase I) of basis, regardless of compound interest.
21 Yudean Due payments once a year, maturing Interbank
Guangdong Electric Power 102101339.IB July 19,2021 July 21,2021 July 21,2024 1,200,000,000 3.17%
FaMTN001 debt at a time. In the final phase, market
Development Co., Ltd. interest is paid together with the
principal redemption.
Using simple interest rate on a yearly
2021 MTN (Phase II) of basis, regardless of compound interest.
21 Yudean November November November Due payments once a year, maturing Interbank
Guangdong Electric Power 102102318.IB 2,200,000,000 3.13%
FaMTN002 15,2021 17,2021 17,2024 debt at a time. In the final phase, market
Development Co., Ltd. interest is paid together with the
principal redemption.
Using simple interest rate on a yearly
2022 MTN (Phase I) of basis, regardless of compound interest.
22 Yudean August Due payments once a year, maturing Interbank
Guangdong Electric Power 102281929.IB August 24,2022 August 26,2022 600,000,000 2.90%
FaMTN001 26,2027 debt at a time. In the final phase, market
Development Co., Ltd. interest is paid together with the
principal redemption.
Using simple interest rate on a yearly
2023 MTN (Phase I) of basis, regardless of compound interest.
23 Yudan Due payments once a year, maturing Interbank
Guangdong Electric Power 102380558.IB March 15, 2023 March 17,2023 March 17,2023 1,600,000,000 3.35%
FaMTN001 debt at a time. In the final phase, market
Development Co., Ltd. interest is paid together with the
principal redemption.
Guangdong Electric Power
Development Co., Ltd. Co., 22 Yudean December December One time repayment of principal and Interbank
012284265.IB June 7,2023 2,000,000,000 2.34%
Ltd.2022 III phase Ultra-short FaSCP003 9,2022 12,2022 interest due market
term financing bills
Guangdong Electric Power
22 Yudean December December One time repayment of principal and Interbank
Development Co., Ltd. Co., 012284408.IB March 23,2023 1,500,000,000 2.52%
FaSCP004 22,2022 23,2022 interest due market
Ltd.2022 IV phase Ultra-short
102
2022 Annual Report
term financing bills
Using simple interest rate on a yearly
2021 MTN (Phase I) of basis, regardless of compound interest.
21 Pnghai Fa October Due payments once a year, maturing Interbank
Guangdong Huizhou Pinghai 102102049.IB October 15,2021 October 15,2021 300,000,000 3.72%
MTN001 15,2024 debt at a time. In the final phase, market
Power Generationt Co., Ltd. interest is paid together with the
principal redemption.
During the reporting period, interest payment situation of the company bonds（If any） No
Circulation and transfer in the national inter-bank bond market, its listing and circulation will
Applicable trading mechanism be carried out in accordance with the relevant regulations promulgate d by the National
Interbank Funding Center
Whether there are risks and countermeasures for terminating listing transactions（If any) No
Overdue and unpaid bonds
□ Applicable √ Not applicable
103
2022 Annual Report
2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor
□ Applicable √ Not applicable
3.Information of intermediary agency
Name of
Name of bond Name of signing Contact person of
intermediary Office Address Tel
project accountant intermediary agency
agency
Industry Bank(lead
No.154, Hudong
principal Zhao Xinle, Liu 010-89926570、
Road, Fuzhou, Not applicable
underwriter/bookk Jingyi 020-38160153
Fujian
eeping manager
No. 55,
ICBC(joint lead Fuxingmennei,
Not applicable Sheng Xue 010-66106736
underwriter) Street , Xicheng
District , Beijing
31,33, 36 and
37/F, SK
2021 MTN (Phase Beijing Zhong Lun Building, A6,
Not Applicable Liang Qinghua 020-28262689
I) of Guangdong Law Firm Jianguomenwai
Street , Chaoyang
Electric Power
District, Beijing
Development Co.,
11/F,
Ltd.
PricewaterhouseC PricewaterhouseC Wang Bin, Li
oopers Zhongtian oopers, No.2, Yanhua（2019-
Certified Public Enterprist
2020）；Wang Li Xiaolei 021-23238888
Accountants Building, No.202,
Bin, Guo Biyu
(Special General Hubin Road,
Partnership) Huangpu District （2018）
Shanghai
Shanghai 14/f, Huasheng
Brilliance Credit Building , No.398
Not applicable Zhang Jie 18600048666
Rating & Investors Hankou Road,
Service Co., Ltd. Shanghai
Industry Bank
No.154, Hudong
(lead principal Zhao Xinle, Ye 010-89926570、
Road, Not applicable
underwriter/bookk Huishan 020-38160153
Fuzhou ,Fujian
eeping manager
No. 55,
ICBC(joint lead Fuxingmennei,
Not applicable Sheng Xue 010-66106736
underwriter) Street , Xicheng
District , Beijing
2021 MTN (Phase 31,33, 36 and
II) of Guangdong 37/F, SK
Electric Power Beijing Zhong Lun Building, A6,
Not Applicable Liang Qinghua 020-28262689
Law Firm Jianguomenwai
Development Co.,
Street , Chaoyang
Ltd. District, Beijing
11/F,
PricewaterhouseC PricewaterhouseC Wang Bin , Li
oopers Zhongtian oopers, No.2, Yanhua（2019-
Certified Public Enterprist
2020）；Wang Li Xiaolei 021-23238888
Accountants Building, No.202,
Bin, Guo Biyu
(Special General Hubin Road,
Partnership) Huangpu District （2018）
Shanghai
Industry Bank
2022 MTN (Phase No.154, Hudong
(lead principal Zhao Xinle, Ye 010-89926570、
I) of Guangdong Road, Not applicable
underwriter/bookk Huishan 020-38160153
Electric Power Fuzhou ,Fujian
eeping manager
Development Co., Not applicable Sheng Xue
ICBC(joint lead No. 55, 010-66106736
104
2022 Annual Report
Ltd. underwriter) Fuxingmennei,
Street , Xicheng
District , Beijing
31,33, 36 and
37/F, SK
Beijing Zhong Lun Building, A6,
Not Applicable Liang Qinghua 020-28262689
Law Firm Jianguomenwai
Street , Chaoyang
District, Beijing
11/F,
PricewaterhouseC PricewaterhouseC Wang Bin , Li
oopers Zhongtian oopers, No.2, Yanhua（2019-
Certified Public Enterprist
2020）；Wang Li Xiaolei 021-23238888
Accountants Building, No.202,
Bin, Guo Biyu
(Special General Hubin Road,
Partnership) Huangpu District （2018）
Shanghai
Industry Bank
No.154, Hudong
(lead principal Zhao Xinle, Ye
Road, Not applicable 020-38988015
underwriter/bookk Huishan
Fuzhou ,Fujian
eeping manager
Agricultural Bank
No.69, Jianguo
of China
Mennei Street,
Corporation Not applicable An Liwei 010-85109045
Chaoyang
Limited (co-lead
District, Beijing
underwriter)
2023 MTN (Phase 31,33, 36 and
I) of Guangdong 37/F, SK
Electric Power Beijing Zhong Lun Building, A6,
Not Applicable Liang Qinghua 020-28262689
Law Firm Jianguomenwai
Development Co., Street , Chaoyang
Ltd. District, Beijing
11/F,
PricewaterhouseC PricewaterhouseC Chen Junjun, Li
oopers Zhongtian oopers, No.2, Xiaolei
Certified Public Enterprist
（2021）；Wang Li Xiaolei 021-23238888
Accountants Building, No.202,
(Special General Hubin Road, Bin,Li Yanhua
Partnership) Huangpu District （2019-2020)
Shanghai
China
Construction Bank No.25, Finance
(lead principal Street, Xicheng Not applicable Zhou Peng 010-67596478
underwriter/bookk District Beijing
eeping manager
Industrial Bank No.154, Hudong
Zhao Xinle , Liu 010-89926570、
Co., Ltd. (joint Road, Not applicable
Fuzhou ,Fujian Jingyi 020-38160153
lead underwriter)
Guangdong
10 &11/f, Chow
Electric Power
Tai Fook Finance
Development Co.,
Certire No.6
Ltd.2022 III phase
ETR Law Firm Zhujiang Dong Not applicable Wang Xing 020-37181333
Ultra-short term
Road, Tianhe
financing bills
District
Guangzhou
PricewaterhouseC 11/F,
PricewaterhouseC Chen Junjun, Li
oopers Zhongtian Xiaolei
Certified Public oopers, No.2,
Enterprist （2021）；Wang Li Xiaolei 021-23238888
Accountants
(Special General Building, No.202, Bin,Li Yanhua
Partnership) Hubin Road, （2019-2020)
Huangpu District
105
2022 Annual Report
Shanghai
SPD Bank
（principal No.12, Zhongshan
Not applicable Lin Jie 021-31886388
underwriter/bookk 1 Road, Shanghai
eeping manager）
10 &11/f, Chow
Tai Fook Finance
Guangdong Certire No.6
Electric Power ETR Law Firm Zhujiang Dong Not applicable Wang Xing 020-37181333
Development Co., Road, Tianhe
Ltd.2022 IV phase District
Ultra-short term Guangzhou
financing bills 11/F,
PricewaterhouseC PricewaterhouseC Chen Junjun, Li
oopers Zhongtian oopers, No.2, Xiaolei
Certified Public Enterprist
（2021）；Wang Li Xiaolei 021-23238888
Accountants Building, No.202,
(Special General Hubin Road, Bin,Li Yanhua
Partnership) Huangpu District （2019-2020)
Shanghai
No. 55,
ICBC(joint lead Fuxingmennei,
Not applicable Dai Ying 010-66109649
underwriter) Street , Xicheng
District , Beijing
Industry Bank
No.154, Hudong
(lead principal
Road, Not applicable Zhao Xinle 010-89926570
underwriter/bookk
Fuzhou ,Fujian
eeping manager
2021 MTN (Phase 11/F, Block A,
Zhongxi
II) of Guangdong Xincheng Culture
CPAs( Special Wei Shuzhen, Fan
Huizhou Pinghai Building, No.11 Fan Fengwei 18520643032
General Fengwei
Power Genration Chongwenmenwai
Partnership)
Co., Ltd. Street, Beijing
（Sustainable Shanghai 14/F, Huasheng
peg） Brilliance Credit Building, No.398, Yu Liping, Lin
Yu Liping 13641825613
Rating & Investors Hankou Road, Qiaoyun
Service Co., Ltd Shanghai
7/F, Block D,
Qiaofufang
Beijing Dentons Grassland, No.9 Ni Jieyun, Chen
Lv Sihui 13692899924
Law Offices, LLP Dongdaqiao Road, Shiyi
Chaoyang
District, Beijing
Whether the above agency changes during the reporting period
□ Yes √No
106
4. Use of raised funds
In RMB
Whether it is
consistent
Operation of Rectification with the
Total amount Unuse
special account of illegal use purpose, use
Name of bond project of raised Used amount d
for raised funds of raised plan and other
funds amount
(if any) funds (if any) agreements
stipulated in
the prospectus
The special
2021 MTN (Phase I) of fund-raising
Guangdong Electric Power 1,200,000,000 1,200,000,000 0 account No Yes
Development Co., Ltd. operates
properly
2021 MTN (Phase II) of
Guangdong Electric Power 2,200,000,000 2,200,000,000 0 Not applicable No Yes
Development Co., Ltd.
2022 MTN (Phase I) of
Guangdong Electric Power 600,000,000 600,000,000 0 Not applicable No Yes
Development Co., Ltd.
2023 MTN (Phase I) of
Guangdong Electric Power 1,600,000,000 1,600,000,000 0 Not applicable No Yes
Development Co., Ltd.
Guangdong Electric Power
Development Co., Ltd.2022 III
2,000,000,000 2,000,000,000 0 Not applicable No Yes
phase Ultra-short term financing
bills
Guangdong Electric Power
Development Co., Ltd.2022 IV
1,500,000,000 1,500,000,000 0 Not applicable No Yes
phase Ultra-short term financing
bills
2021 MTN (Phase I) of
Guangdong Huizhou Pinghai
300,000,000 300,000,000 0 Not applicable No Yes
Power Genration Co., Ltd.
（Sustainable peg）
The raised funds are used for construction projects
√ Applicable □Not applicable
21Yudeanfa MTN001 raised RMB 1.2 billion, of which RMB 375 million was used to replace the
increased capital of its holding subsidiaries, that is, it was finally used to replace the paid-in capital of key
construction projects. RMB 250 million is used to replace the increased capital of Guangdong Yudean Marina
Bay Energy Co., Ltd., and finally used for the capital of the alternative power supply project at Ningzhou plant
site in Dongguan; RMB 125 million is used to replace the increased capital of Guangdong Yudean Qujie Wind
Power Generation Co., Ltd., and finally used for the capital of phase II of Guangdong Yudean Zhanjiang
Wailuo Offshore Wind Power Project. In the main building installation project of the alternative power supply
project at Ningzhou plant site in Dongguan, the first concrete of the main plant foundation was poured in
September 2021. The construction of the project is progressing as planned. By February 28, 2023, the structure
of the main workshop has been built to the roof, in which the main structure of No.1 main workshop has been
completed, and the No.2 and No.3 machine islands have been delivered for installation; The auxiliary
transformer and main transformer of Unit #2 have been put in place. It is expected that the first unit will be put
into operation in April 2023, and the second and third units will be put into operation in June and September of
the same year. The Phase II of Guangdong Yudean Zhanjiang Wailuo Offshore Wind Power Project was put
107
into operation in December 2021, and the project was in good operation. In 2022, it realized an operating
income of RMB 244,873,100 and an operating profit of RMB -48,906,600.
During the reporting period, the company changed the use of funds raised from the above bonds
□ Applicable √ Not applicable
5.Adjustment of credit rating results during the reporting period
□ Applicable √ Not applicable
6 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
1). 21Yudeanfa MTN001, 21Yudeanfa MTN002, and 22Yudeanfa MTN 001, 23Yudeanfa MTN001,22
Yudeanfa SCP003 ,22 Yudeanfa SCP004 and 21 Pinghai FD MTN 001 are not guaranteed.
2). The debt repayment plan of the above-mentioned debt financing instruments and other debt repayment
guarantee measures of the company have not changed during the reporting period.
IV. Convertible bond
□ Applicable √ Not applicable
No such cases in the reporting period.
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
Not applicable □Not applicable
Influence on the
company's
Loss situation Reasons for loss
operation and
solvency
With assets of 100
billion yuan and
During the reporting period, coal strong solvency,
and gas prices were still high. The company has
company actively strived for abundant financing
During the reporting period, the net profit within the scope of the
favorable electricity prices and channels and
company's consolidated statement was RMB -4,514,989,124.95 which
strictly implemented cost control, sufficient credit,
accounted for 13.70% of the net assets at the end of the previous year
but it could not cover the increase and can make full
in fuel costs, and the thermal power use of internal and
business continued to suffer losses. external financial
resources to ensure
capital needs
VI.Overdue interest-bearing debts except bonds at the end of the reporting period
□ Applicable √ Not applicable
108
VII.Whether there are any violations of rules and regulations during the reporting period
□ Yes √ No
VIII. 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 0.61 0.61 0%
Debt ratio 78.16% 71.21% 6.95%
Quick ratio 0.53 0.53 0%
At the same time rate of
Amount of this period Amount of last period
change
Net profit after deducting
-446,349.23 -375,656.56 -18.82%
non-recurring profit and loss
EBITDA total debt ratio 3.43% 1.67% 1.76%
Time interest earned ratio -0.94 -2.18 56.94%
Cash interest guarantee times 0.66 0.08 725%
EBITDATime interest earned
1.30 0.68 91.18%
ratio
Repayment of debt (%) 100% 100% 0%
Payment of interest (%) 100% 100% 0%
109
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
FINANCIAL STATEMENTS AND
AUDITOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
[English translation for reference only. Should there be any inconsistency between the
Chinese and English versions, the Chinese version shall prevail.]
Guangdong Electric Power Development Co., Ltd.
Financial Statements and Auditor's Report
For the Year Ended 31 December 2022
[English translation for reference only]
Content Page
Auditor’s Report 113 - 120
Financial statements for the year ended 31 December 2022
Consolidated and company balance sheets 121 - 125
Consolidated and company income statements 126 - 127
Consolidated and company cash flow statements 128 - 130
Consolidated statement of changes in shareholders’ equity 131 - 132
Company statement of changes in shareholders’ equity 133 - 134
Notes to the financial statements 135 - 290
Supplementary information to the financial statements 291 - 292
111
[English Translation for Reference Only]
Auditor’s Report
PwC ZT Shen Zi (2023) No. 10033
(Page 1 of 8)
To the shareholders of Guangdong Electric Power Development Co., Ltd.,
Opinion
What we have audited
We have audited the accompanying financial statements of Guangdong Electric Power
Development Co., Ltd. (hereinafter “Guangdong Electric Power”), which comprise:
the consolidated and company balance sheets as at 31 December 2022;
the consolidated and company income statements for the year then ended;
the consolidated and company cash flow statements for the year then ended;
the consolidated and company statements of changes in shareholders’ equity for
the year then ended; and
notes to the financial statements.
Our opinion
In our opinion, the accompanying financial statements present fairly, in all material respects,
the consolidated and company’s financial position of Guangdong Electric Power as at 31
December 2022, and their financial performance and cash flows for the year then ended in
accordance with the requirements of Accounting Standards for Business Enterprises
(“CASs”).
Basis for Opinion
We conducted our audit in accordance with China Standards on Auditing (“CSAs”). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities
for the Audit of the Financial Statements section of our report. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of Guangdong Electric Power in accordance with the Code of Ethics for
Professional Accountants of the Chinese Institute of Certified Public Accountants (“CICPA
Code”), and we have fulfilled our other ethical responsibilities in accordance with the CICPA
Code.
Key Audit Matter
Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the financial statements of the current period. These matters
112
were addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
113
PwC ZT Shen Zi (2023) No. 10033
(Page 2 of 8)
Key Audit Matter (Cont’d)
Key audit matters identified in our audit are summarised as follows:
(1) Impairment of power related fixed assets
(2) Recognition of deferred tax assets related to deductible losses
Key Audit Matter How our audit addressed the Key Audit Matter
(1) Impairment of power related fixed Our audit procedures for the impairment of
assets power related fixed assets mainly include:
Refer to Note 2(29)(b)(i) and Note We understood and evaluated the internal
4(10)(a)(iv) to the financial statements. control relevant to the impairment test of
fixed assets and tested the operating
Certain subsidiaries of Guangdong
effectiveness of key control;
Electric Power have been experiencing
continuous operating losses in recent
years. Taking into account possible We involved internal valuers to review
future risks, such as the instability of and analyse the appropriateness of the
electricity demand, the unstable price of method applied by management for the
coal used in power generation, the impairment test;
macro-economy and other risk factors,
management continuously assesses the
impairment of the fixed assets of the Based on our understanding of the
above subsidiaries. businesses of the subsidiaries as well as
the industry in which they operate, we
As at 31 December 2022, management evaluated the rationality of assumptions
conducted impairment tests for the fixed adopted by management in calculation of
assets of the aforesaid subsidiaries, and the present value of estimated future cash
made a provision for impairment at the flows, including the discount rate, the
excess of the carrying amount of asset growth rate of the estimated on-grid price,
groups of generator units over their the growth rate of the estimated electricity
recoverable amount. The recoverable sale, and the varability rate of the
amount of the asset groups was the estimated price of coal used in power
higher of the fair value, less costs to sell, generation:
of the asset groups and the present value
of the future cash flows expected to be
derived from them. The calculations of - For the discount rate, we involved
the present value of the future cash flows internal valuers to evaluate the
expected to be derived from them appropriateness in combination with
involve management’s significant industry situation;
estimates and judgements, including the - For the growth rate of the estimated
discount rate, the growth rate of the on-grid electricity price and the
estimated on-grid electricity price, the varability rate of the estimated price of
growth rate of the estimated electricity coal used in power generation, we
sale and the varability rate of the compared historical varability rates
estimated price of coal used in power and industry data, and considered
generation. market trend;
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PwC ZT Shen Zi (2023) No. 10033
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Key Audit Matter (Cont’d)
Key Audit Matter (Cont’d) How our audit addressed the Key Audit Matter
(Cont’d)
(1) Impairment of power related fixed Our audit procedures for the impairment of
assets (Cont’d) power related fixed assets (Cont’d):
As the carrying amounts of fixed assets - For the growth rate of the estimated
with indication of impairment are electricity sale, we have compared
significant to the consolidated financial historical data, approved budgets and
statements of Guangdong Electric business plans, and checked the
Power, and the impairment test of asset
corresponding supporting documents;
groups of generator units involves
management’s significant estimates and
judgements, impairment of power We checked the input data and formulas
related fixed assets is identified as a key used in the calculation of the present value
audit matter. of future cash flows expected to be derived
from them, and evaluated the mathematic
accuracy;
We compared the key assumptions used by
management in estimating the present
value of future cash flows in the previous
year with the actual operation of the
current year to evaluate if there’s any
indication of management bias;
We conducted sensitivity analysis on the
discount rate and other key assumptions
applied by management, and evaluated
how the changes in key assumptions
(individually or in aggregate) will give rise
to different results to further evaluate if
there’s any indication of management bias
in selecting parameters of key
assumptions.
Based on the results of the aforesaid work, we
found that management's judgements and
estimates on the impairment of fixed assets
are supported by appropriate evidence.
115
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(Page 4 of 8)
Key Audit Matter (Cont’d)
Key Audit Matter (Cont’d) How our audit addressed the Key Audit Matter
(Cont’d)
(2) Recognition of deferred tax assets Our audit procedures for the recognition of
related to deductible losses deferred tax assets related to deductible
losses mainly include:
Refer to Note 2(29)(b)(iii) and Note
4(16) to the financial statements.
We obtained management's calculation
As at 31 December 2022, Guangdong sheet for the financial forecast in future
Electric Power recognised the periods, checked the input data and
corresponding deferred tax assets for the formulas used in the calculation, and
deductible losses incurred by individual evaluated the mathematic accuracy;
subsidiaries at a total of RMB
968,337,573. Deductible losses that were
not recognised as deferred tax assets We obtained supporting documents such
totalled RMB 11,033,478,760. as the income tax settlement report, tax
returns and accounting records of the
According to the financial forecast of the aforesaid subsidiaries, and reviewed for
aforesaid subsidiaries in future periods, the existence of deductible losses and the
management recognises deferred tax accuracy of the amount and period;
assets within the limits of which the
aforesaid subsidiaries are likely to obtain Based on our understanding of the
future taxable income to offset the businesses of the aforesaid subsidiaries
deductible losses. The financial forecast
and the industry in which they operate,
of the aforesaid subsidiaries in future
and combined with industry development
periods involves significant
management’s significant estimates and trend and historical operating
judgements, including estimated performance, we evaluated the key
electricity sale, estimated on-grid assumptions used by management to
electricity price, estimated price of coal calculate the expected taxable income for
used in power generation and other future periods, including the
operating expenses. reasonableness of assumptions on
estimated electricity sale, estimated on-
grid electricity price, estimated fuel price,
and other operating expenses;
116
PwC ZT Shen Zi (2023) No. 10033
(Page 5 of 8)
Key Audit Matter (Cont’d)
Key Audit Matter (Cont’d) How our audit addressed the Key Audit
Matter (Cont’d)
(2) Recognition of deferred tax assets Our audit procedures for the recognition of
related to deductible losses (Cont’d) deferred tax assets related to deductible
losses mainly include (Cont’d):
As the deferred tax assets related to
deductible losses are significant to the
consolidated financial statements of We compared the taxable income
Guangdong Electric Power, and the estimated by management last year with
financial forecast for future periods the actual taxable income for the current
involves management’s significant year to access the historical accuracy of
estimates and judgements, the management’s forecast;
recognition of the deferred tax assets
related to deductible losses is identified
as a key audit matter. We reviewed whether the deferred tax
assets were recognised within the limits of
which the taxable income was likely to be
obtained in the future to offset deductible
losses and deductible temporary
differences.
Based on the results of the above work, we
found that management's estimates
regarding the recognition of deferred tax
assets related to deductible losses were
supported by appropriate evidence.
117
PwC ZT Shen Zi (2023) No. 10033
(Page 6 of 8)
Other Information
Management of Guangdong Electric Power is responsible for the other information. The
other information comprises all of the information included in 2022 annual report of
Guangdong Electric Power other than the financial statements and our auditor’s report
thereon.
Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.
Responsibilities of Management and Audit and Compliance Committee for
the Financial Statements
Management of Guangdong Electric Power is responsible for the preparation and fair
presentation of these financial statements in accordance with the CASs, and for such internal
control as management determines is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing these financial statements, management is responsible for assessing
Guangdong Electric Power’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate Guangdong Electric Power or to cease operations, or
has no realistic alternative but to do so.
The Audit and Compliance Committee is responsible for overseeing Guangdong Electric
Power’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether these financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue
an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with CSAs will
always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these financial
statements.
118
PwC ZT Shen Zi (2023) No. 10033
(Page 7 of 8)
Auditor’s Responsibilities for the Audit of the Financial Statements (Cont’d)
As part of an audit in accordance with CSAs, we exercise professional judgement and
maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances.
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on Guangdong
Electric Power’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in these financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause
Guangdong Electric Power to cease to continue as a going concern.
Evaluate the overall presentation (including the disclosures), structure and content of
the financial statements, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the
entities or business activities within Guangdong Electric Power to express an opinion
on the financial statements. We are responsible for the direction, supervision and
performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the Audit and Compliance Committee regarding, among other
matters, the planned scope and timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify during our audit.
119
PwC ZT Shen Zi (2023) No. 10033
(Page 8 of 8)
Auditor’s Responsibilities for the Audit of the Financial Statements (Cont’d)
We also provide the Audit and Compliance Committee with a statement that we have
complied with relevant ethical requirements regarding independence, and to communicate
with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with the Audit and Compliance Committee, we determine
those matters that were of most significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
PricewaterhouseCoopers Zhong Tian LLP Signing CPA
Li Xiaolei
(Engagement Partner)
Shanghai, the People’s Republic of China Signing CPA
30 March 2023 Fan Xin
120
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
31 December
ASSETS Note 31 December 2022 2021
(Restated)
Current assets
Cash at bank and on hand 4(1) 11,503,523,618 8,105,320,953
Notes receivables 2,644,300 165,603
Accounts receivables 4(2) 7,578,636,244 7,030,685,357
Advances to suppliers 4(3) 1,534,982,252 892,771,238
Other receivables 4(4) 934,784,152 2,429,475,558
Inventories 4(5) 3,376,868,100 2,998,894,539
Contract assets 4,910,263 4,754,820
Other current assets 4(6) 875,605,805 1,417,985,608
Total current assets 25,811,954,734 22,880,053,676
Non-current assets
Long-term equity investments 4(7) 9,198,053,183 8,074,149,836
Investments in other equity
instruments 4(8) 3,058,071,054 3,232,028,682
Investment properties 4(9) 365,285,301 378,796,932
Fixed assets 4(10) 62,400,175,057 57,145,099,423
Construction in progress 4(11) 11,768,828,161 8,710,691,766
Right-of-use assets 4(12) 7,352,044,966 5,256,124,979
Intangible assets 4(13) 3,346,735,496 2,658,726,346
Goodwill 4(14) 128,097,553 139,983,037
Long-term prepaid expenses 4(15) 109,485,746 30,335,301
Deferred tax assets 4(16) 1,359,025,081 1,176,841,986
Other non-current assets 4(17) 6,606,518,552 4,810,251,634
Total non-current assets 105,692,320,150 91,613,029,922
TOTAL ASSETS 131,504,274,884 114,493,083,598
121
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED BALANCE SHEET (CONT’D)
AS AT 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
LIABILITIES AND
SHAREHOLDERS’ EQUITY Note 31 December 2022 31 December 2021
(Restated)
Current liabilities
Short-term borrowings 4(19) 16,261,444,860 12,360,296,429
Notes payables 4(20) 1,495,778,076 1,908,780,000
Accounts payables 4(21) 5,938,254,013 6,626,567,064
Contract liabilities 4,960,974 5,864,811
Employee benefits payable 4(22) 447,421,417 422,013,230
Taxes payable 4(23) 302,484,915 502,303,075
Other payables 4(24) 9,403,658,031 10,569,763,778
Current portion of non-current
liabilities 4(25) 3,975,249,970 3,697,619,753
Other current liabilities 4(26) 4,174,850,374 1,658,449,006
Total current liabilities 42,004,102,630 37,751,657,146
Non-current liabilities
Long-term borrowings 4(27) 42,860,932,628 28,940,577,856
Debentures payable 4(28) 9,094,489,909 8,693,083,422
Lease liabilities 4(29) 6,870,820,017 4,728,167,142
Long-term payables 4(30) 666,297,028 121,779,223
Deferred income 4(31) 142,292,215 163,611,515
Long-term employee benefits
payable 4(32) 429,265,269 415,480,262
Deferred tax liabilities 4(16) 584,116,265 635,754,761
Other non-current liabilities 4(33) 129,428,167 75,469,729
Total non-current liabilities 60,777,641,498 43,773,923,910
Total liabilities 102,781,744,128 81,525,581,056
Shareholders’ equity
Share capital 4(34) 5,250,283,986 5,250,283,986
Capital surplus 4(35) 4,257,046,505 4,276,952,183
Other comprehensive income 4(36) 1,629,837,957 1,750,011,571
Specific reserve 520,379 -
Surplus reserve 4(37) 8,903,515,135 8,903,515,135
Undistributed profits 4(38) 200,668,517 3,205,422,561
Total equity attributable to
shareholders of the Company 20,241,872,479 23,386,185,436
Minority interests 8,480,658,277 9,581,317,106
Total shareholders’ equity 28,722,530,756 32,967,502,542
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY 131,504,274,884 114,493,083,598
The accompanying notes form an integral part of these financial statements.
Legal representative: Principal in charge of accounting: Head of accounting department:
Zheng Yunpeng Liu Wei Meng Fei
122
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
ASSETS Note 31 December 2022 31 December 2021
Current assets
Cash at bank and on hand 879,381,053 708,028,634
Accounts receivables 14(1) 191,716,383 192,707,778
Advances to suppliers 26,568,272 26,368,250
Other receivables 14(2) 568,099,765 415,990,566
Inventories 85,079,898 216,808,997
Other current assets 1,198,615 21,453,621
Total current assets 1,752,043,986 1,581,357,846
Non-current assets
Long-term receivables 1,160,000,000 627,000,000
Long-term equity investments 14(3) 41,709,796,167 36,539,978,077
Investments in other equity
instruments 3,057,271,054 3,231,228,683
Investment properties 5,118,650 5,754,247
Fixed assets 340,983,004 436,327,041
Construction in progress 1,052,786 1,201,126
Right-of-use assets 6,443,720 8,125,410
Intangible assets 77,808,432 80,670,784
Long-term prepaid expenses 1,595,480 -
Other non-current assets 218,100,000 136,500,000
Total non-current assets 46,578,169,293 41,066,785,368
TOTAL ASSETS 48,330,213,279 42,648,143,214
123
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
COMPANY BALANCE SHEET (CONT’D)
AS AT 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
LIABILITIES AND OWNERS’
EQUITY Note 31 December 2022 31 December 2021
Current liabilities
Short-term borrowings 3,522,986,272 2,442,508,111
Accounts payables 169,028,547 214,080,378
Contract liabilities - 1,083,950
Employee benefits payable 115,457,391 105,045,040
Taxes payable 17,655,588 8,288,884
Other payables 60,615,999 2,535,329,957
Current portion of non-current
liabilities 751,166,231 125,174,953
Other current liabilities 3,525,551,274 1,030,040,123
Total current liabilities 8,162,461,302 6,461,551,396
Non-current liabilities
Long-term borrowings 4,498,800,000 -
Debentures payable 8,794,981,607 8,193,949,060
Lease liabilities 610,527 4,251,838
Deferred income 9,996,202 19,992,404
Long-term employee benefits
payable 76,074,603 68,648,773
Deferred tax liabilities 520,442,187 562,112,354
Total non-current liabilities 13,900,905,126 8,848,954,429
Total liabilities 22,063,366,428 15,310,505,825
Shareholders’ equity
Share capital 5,250,283,986 5,250,283,986
Capital surplus 4,834,675,772 4,834,039,575
Other comprehensive income 1,640,520,684 1,764,421,309
Surplus reserve 8,903,515,135 8,903,515,135
Undistributed profits 5,637,851,274 6,585,377,384
Total shareholders’ equity 26,266,846,851 27,337,637,389
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY 48,330,213,279 42,648,143,214
The accompanying notes form an integral part of these financial statements.
Legal representative: Principal in charge of accounting: Head of accounting department:
Zheng Yunpeng Liu Wei Meng Fei
124
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Item Note 2022 2021
(Restated)
Revenue 4(39) 52,661,088,436 44,457,866,542
Less: Cost of sale 4(39) (52,852,310,181) (46,827,505,473)
Taxes and surcharges 4(40) (245,262,277) (293,980,076)
Selling expenses 4(41) (69,108,603) (65,407,040)
General and administrative expenses 4(42) (1,192,506,931) (1,101,123,287)
Research and development expenses 4(43) (1,229,311,572) (584,714,979)
Financial expenses 4(44) (2,135,900,012) (1,371,365,945)
Including: Interest expenses 2,257,705,843 1,499,997,783
Interest income 132,632,800 133,800,923
Add: Other income 4(48) 80,160,312 72,653,517
Investment income 4(49) 1,061,876,396 835,945,827
Including: Share of profit of associates
and joint ventures 960,006,337 743,767,471
Credit impairment reversal/(loss) 4(47) 1,563,130 (21,767,857)
Asset impairment losses 4(46) (173,772,140) (29,330,461)
Gains on disposals of assets 4(50) 30,802,837 184,589,025
Operating loss (4,062,680,605) (4,744,140,207)
Add: Non-operating income 4(51) 125,490,287 139,092,875
Less: Non-operating expenses 4(52) (443,902,556) (171,458,731)
Total loss (4,381,092,874) (4,776,506,063)
Less: Income tax (expenses)/Credits 4(53) (133,896,253) 525,442,914
Net loss (4,514,989,127) (4,251,063,149)
Including: Net loss of the acquiree in a
business combination under
common control before the
combination date - (658,714,842)
125
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED INCOME STATEMENT (CONT’D)
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Item Note 2022 2021
(Restated)
Classified by continuity of operations
Net loss from continuing operations (4,514,989,127) (4,251,063,149)
Net profit from discontinued operations - -
Classified by ownership of the equity
Net loss attributable to shareholders of the
Company (3,003,916,572) (2,928,171,731)
Minority interests (1,511,072,555) (1,322,891,418)
Other comprehensive income, net of tax (118,919,844) (222,990,915)
Attributable to shareholders of the Company 4(36) (120,173,614) (206,788,258)
Other comprehensive income that will not be
reclassified to profit or loss
Changes arising from remeasurement of
defined benefit plans - (37,296,993)
Share of other comprehensive income of
the investee accounted for using equity
method that will not be reclassified to
profit or loss 9,938,693 15,609,735
Changes in fair value of investments in
other equity instruments (131,968,221) (184,768,848)
Other comprehensive income that will be
reclassified to profit or loss
Share of other comprehensive income of
the investee accounted for using equity
method that will be reclassified to profit
or loss 1,855,914 (332,152)
Attributable to minority interests 1,253,770 (16,202,657)
Total comprehensive income (4,633,908,971) (4,474,054,064)
Attributable to shareholders of the Company (3,124,090,186) (3,134,959,989)
Attributable to minority interests (1,509,818,785) (1,339,094,075)
Earnings per share
Basic earnings per share (RMB Yuan) 4(54) (0.57) (0.56)
Diluted earnings per share (RMB Yuan) 4(54) (0.57) (0.56)
The accompanying notes form an integral part of these financial statements.
Legal representative: Principal in charge of accounting: Head of accounting department:
Zheng Yunpeng Liu Wei Meng Fei
126
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
COMPANY INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Item Note 2022 2021
Revenue 14(4) 1,533,266,982 1,593,822,545
Less: Cost of sale 14(4) (1,849,774,728) (1,911,951,135)
Taxes and surcharges (9,648,354) (7,710,134)
Selling expenses (2,412,869) (2,842,664)
General and administrative expenses (171,586,927) (145,466,208)
Research and development expenses (29,788,257) (20,455,799)
Financial expenses (432,576,281) (264,631,340)
Including: Interest expenses 441,545,281 267,141,416
Interest income 12,627,185 6,119,603
Add: Other income 11,028,484 10,117,324
Investment income 14(5) 1,115,058,948 3,419,054,733
Including: Share of profit of
associates and joint
ventures 880,732,739 697,838,523
Credit impairment (loss)/reversal (67,605) 58,102
Asset impairment losses 14(6) (1,101,203,999) (29,321,084)
Operating (loss)/profit (937,704,606) 2,640,674,340
Add: Non-operating income 11,982,760 242,648,802
Less: Non-operating expenses (19,485,023) (2,738,153)
Total (loss)/profit (945,206,869) 2,880,584,989
Less: Income tax expenses (2,319,241) (2,319,241)
Net (loss)/profit (947,526,110) 2,878,265,748
Classified by continuity of operations
Net (loss)/profit from continuing operations (947,526,110) 2,878,265,748
Net profit from discontinued operations - -
Other comprehensive income, net of tax (123,900,625) (181,508,634)
Other comprehensive income that will not
be reclassified to profit or loss
Changes arising from remeasurement of
defined benefit plans - (9,126,313)
Share of other comprehensive income of
the investee accounted for using
equity method that will not be
reclassified to profit or loss 6,211,682 12,718,679
Changes in fair value of investments in
other equity instruments (131,968,221) (184,768,848)
Other comprehensive income that will be
reclassified to profit or loss
Share of other comprehensive income of
the investee accounted for using
equity method that will be reclassified
to profit or loss 1,855,914 (332,152)
Total comprehensive income (1,071,426,735) 2,696,757,114
The accompanying notes form an integral part of these financial statements.
Legal representative: Principal in charge of accounting: Head of accounting department:
Zheng Yunpeng Liu Wei Meng Fei
127
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Item Note 2022 2021
(Restated)
Cash flows from operating activities
Cash received from sale of goods or
rendering of services 58,985,187,824 48,542,309,080
Refund of taxes and surcharges 2,436,660,341 119,312,074
Cash received relating to other
operating activities 4(55)(a) 262,732,577 272,691,582
Sub-total of cash inflows 61,684,580,742 48,934,312,736
Cash paid for goods and services (54,729,703,233) (43,630,281,266)
Cash paid to and on behalf of
employees (2,736,395,371) (2,571,733,835)
Payments of taxes and surcharges (1,722,416,617) (1,699,308,834)
Cash paid relating to other operating
activities 4(55)(b) (1,016,200,747) (910,814,133)
Sub-total of cash outflows (60,204,715,968) (48,812,138,068)
Net cash flows from operating
activities 4(56)(a) 1,479,864,774 122,174,668
Cash flows from investing activities
Cash received from disposals of
investments 2,033,756 -
Cash received from returns on
investments 257,724,562 388,877,407
Net cash received from disposals of
fixed assets, intangible assets and
other long-term assets 1,734,284,438 1,656,570,070
Net cash received from disposals of
subsidiaries and other business
units 2,510,000 2,479,531
Cash received relating to other
investing activities 4(55)(c) 66,792,867 -
Sub-total of cash inflows 2,063,345,623 2,047,927,008
Cash paid to acquire fixed assets,
intangible assets and other
long-term assets (14,599,355,445) (10,732,326,573)
Cash paid to acquire investments (306,328,518) (343,850,820)
Net cash paid to acquire subsidiaries
and other business units 4(56)(c) (93,901,448) (76,574,154)
Cash paid relating to other investing
activities 4(55)(d) (215,864,319) (188,815,562)
Sub-total of cash outflows (15,215,449,730) (11,341,567,109)
Net cash flows used in investing
activities (13,152,104,107) (9,293,640,101)
128
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED CASH FLOW STATEMENT (CONT'D)
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Item Note 2022 2021
(Restated)
Cash flows from financing activities
Cash received from capital
contributions 466,806,611 131,187,000
Including: Cash received from capital
contributions by minority
shareholders of
subsidiaries 466,806,611 131,187,000
Cash received from borrowings 50,147,797,975 32,180,925,115
Cash received from issuance of
debentures 598,290,000 7,192,751,240
Sub-total of cash inflows 51,212,894,586 39,504,863,355
Cash repayments of borrowings (30,388,831,183) (25,537,837,322)
Cash payments for distribution of
dividends, profits or interest
expenses (2,267,620,075) (4,635,028,385)
Including: Dividends or profits paid to
minority shareholders by
subsidiaries (35,299,408) (1,548,524,814)
Cash paid relating to other financing
activities 4(55)(e) (3,473,513,406) (1,542,497,576)
Sub-total of cash outflows (36,129,964,664) (31,715,363,283)
Net cash flows from financing
activities 15,082,929,922 7,789,500,072
Effect of foreign exchange rate
changes on cash and cash
equivalents 972 (309)
Net increase/(decrease) in cash and
cash equivalents 4(56)(a) 3,410,691,561 (1,381,965,670)
Add: Cash and cash equivalents at
the beginning of the year 8,023,116,939 9,405,082,609
Cash and cash equivalents at the end
of the year 4(56)(b) 11,433,808,500 8,023,116,939
The accompanying notes form an integral part of these financial statements.
Legal representative: Principal in charge of accounting: Head of accounting department:
Zheng Yunpeng Liu Wei Meng Fei
129
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
COMPANY CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Item 2022 2021
Cash flows from operating activities
Cash received from sale of goods or rendering of
services 1,704,886,911 1,751,398,147
Refund of taxes and surcharges 48,773,944 -
Cash received relating to other operating activities 29,357,378 33,327,861
Sub-total of cash inflows 1,783,018,233 1,784,726,008
Cash paid for goods and services (1,663,501,651) (1,815,409,475)
Cash paid to and on behalf of employees (313,707,873) (318,336,325)
Payments of taxes and surcharges (32,727,086) (38,149,853)
Cash paid relating to other operating activities (58,467,469) (57,513,608)
Sub-total of cash outflows (2,068,404,079) (2,229,409,261)
Net cash flows used in operating activities (285,385,846) (444,683,253)
Cash flows from investing activities
Cash received from disposals of investments 50,000,000 240,000,000
Cash received from returns on investments 334,042,053 2,005,221,164
Net cash received from disposals of fixed assets,
intangible assets and other long-term assets 262,854,303 1,539,098
Sub-total of cash inflows 646,896,356 2,246,760,262
Cash paid to acquire fixed assets, intangible assets
and other long-term assets (15,738,158) (25,572,026)
Cash paid to acquire investments (6,403,397,010) (2,771,449,351)
Net cash paid to acquire the subsidiary (2,622,780,791) (2,042,164,731)
Sub-total of cash outflows (9,041,915,959) (4,839,186,108)
Net cash flows used in investing activities (8,395,019,603) (2,592,425,846)
Cash flows from financing activities
Cash received from borrowings 16,131,600,000 4,838,375,167
Cash received from issuance of debentures 598,290,000 6,699,600,000
Sub-total of cash inflows 16,729,890,000 11,537,975,167
Cash repayments of borrowings (7,440,000,000) (7,300,000,001)
Cash payments for distribution of dividends, profits or
interest expenses (434,052,090) (824,679,178)
Cash paid relating to other financing activities (7,983,067) (6,524,929)
Sub-total of cash outflows (7,882,035,157) (8,131,204,108)
Net cash flows from financing activities 8,847,854,843 3,406,771,059
Effect of foreign exchange rate changes on cash and
cash equivalents 976 (309)
Net increase in cash and cash equivalents 167,450,370 369,661,651
Add: Cash and cash equivalents at the beginning of
the year 707,707,282 338,045,631
Cash and cash equivalents at the end of the year 875,157,652 707,707,282
The accompanying notes form an integral part of these financial statements.
Legal representative: Principal in charge of accounting: Head of accounting department:
Zheng Yunpeng Liu Wei Meng Fei
130
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Note Attributable to shareholders of the Company
Other Total
comprehensiv Specific Surplus Undistributed Minority shareholders’
Share capital Capital surplus e income reserve reserve profits interests equity
Balance at 1 January 2022
(Restated) 5,250,283,986 4,276,952,183 1,750,011,571 - 8,903,515,135 3,205,422,561 9,581,317,106 32,967,502,542
Movements for the year
ended 31 December 2022
Total comprehensive income
Net loss - - - - - (3,003,916,572) (1,511,072,555) (4,514,989,127)
Other comprehensive
income 4(36) - - (120,173,614) - - - 1,253,770 (118,919,844)
Total comprehensive income
for the year - - (120,173,614) - - (3,003,916,572) (1,509,818,785) (4,633,908,971)
Capital contribution and
withdrawal by shareholders
Capital contribution by
shareholders - - - - - - 265,147,196 265,147,196
Transactions with minority
shareholders - (19,288,105) - - - - 167,047,220 147,759,115
Profit distribution
Appropriation to surplus
reserve 4(37) - - - - - - - -
Distribution to shareholders 4(38)(b) - - - - - - (53,852,929) (53,852,929)
Specific reserve
Appropriation in the current
year - - - 58,277,883 - - 22,825,440 81,103,323
Utilisation in the current year - - - (57,757,504) - - (22,687,361) (80,444,865)
Share of interests in associates
in proportion to the
shareholding 4(35) - 636,197 - - - - - 636,197
Acquisition of subsidiaries - - - - - - 32,000,000 32,000,000
Others - (1,253,770) - - - (837,472) (1,319,610) (3,410,852)
Balance at 31 December 2022 5,250,283,986 4,257,046,505 1,629,837,957 520,379 8,903,515,135 200,668,517 8,480,658,277 28,722,530,756
131
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (CONT'D)
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Note Attributable to shareholders of the Company
Other
comprehensive Undistributed Total shareholders’
Share capital Capital surplus income Specific reserve Surplus reserve profits Minority interests equity
Balance at 1 January 2021 5,250,283,986 8,014,211,278 1,957,175,481 - 8,515,360,638 8,083,048,238 11,808,648,219 43,628,727,840
Movements for the year ended
31 December 2021
Total comprehensive income
Net loss (Restated) - - - - - (2,928,171,731) (1,322,891,418) (4,251,063,149)
Other comprehensive income 4(36) - - (206,788,258) - - - (16,202,657) (222,990,915)
Total comprehensive income
for the year - - (206,788,258) - - (2,928,171,731) (1,339,094,075) (4,474,054,064)
Capital contribution and
withdrawal by shareholders
Capital contribution by
shareholders - - - - - - 249,001,517 249,001,517
Others - 958,923 - - - - 411,286,259 412,245,182
Business combination
involving enterprises under
common control - (3,743,601,641) - - - - - (3,743,601,641)
Profit distribution
Appropriation to surplus
reserve 4(37) - - - - 388,154,497 (388,154,497) - -
Distribution to shareholders - - - - - (1,560,317,476) (1,548,524,814) (3,108,842,290)
Share of interests in associates in
proportion to the shareholding 4(35) - 5,383,623 - - - - - 5,383,623
Transfer within shareholders'
equity
Transfer from other
comprehensive income to
retained earnings - - (375,652) - - 375,652 - -
Others - - - - - (1,357,625) - (1,357,625)
Balance at 31 December 2021
(Restated) 5,250,283,986 4,276,952,183 1,750,011,571 - 8,903,515,135 3,205,422,561 9,581,317,106 32,967,502,542
The accompanying notes form an integral part of these financial statements.
Legal representative: Principal in charge of accounting: Head of accounting department:
Zheng Yunpeng Liu Wei Meng Fei
132
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
COMPANY STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Other Total
comprehensive Specific Surplus Undistributed shareholders’
Note Share capital Capital surplus income reserve reserve profits equity
Balance at 1 January 2022 5,250,283,986 4,834,039,575 1,764,421,309 - 8,903,515,135 6,585,377,384 27,337,637,389
Movements for the year
ended 31 December 2022
Total comprehensive income
Net loss - - - - - (947,526,110) (947,526,110)
Other comprehensive
income - - (123,900,625) - - - (123,900,625)
Total comprehensive
income for the year - - (123,900,625) - - (947,526,110) (1,071,426,735)
Specific reserve
Appropriation in the current
year - - - 3,991,586 - - 3,991,586
Utilisation in the current
year - - - (3,991,586) - - (3,991,586)
Share of interests in
associates in proportion to
the shareholding 4(35) - 636,197 - - - - 636,197
Balance at 31 December
2022 5,250,283,986 4,834,675,772 1,640,520,684 - 8,903,515,135 5,637,851,274 26,266,846,851
133
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
COMPANY STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (CONT'D)
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Other Total
comprehensive Specific Undistributed shareholders’
Note Share capital Capital surplus income reserve Surplus reserve profits equity
Balance at 1 January 2021 5,250,283,986 5,405,326,643 1,946,305,595 - 8,515,360,638 4,724,248,211 25,841,525,073
Movements for the year ended
31 December 2021
Total comprehensive income
Net profit - - - - - 2,878,265,748 2,878,265,748
Other comprehensive income - - (181,508,634) - - - (181,508,634)
Total comprehensive income
for the year - - (181,508,634) - - 2,878,265,748 2,696,757,114
Capital contribution and withdrawal
by shareholders
Capital withdrawal by
shareholders - (576,670,691) - - - - (576,670,691)
Profit distribution -
Appropriation to surplus
reserve 4(37) - - - - 388,154,497 (388,154,497) -
Distribution to shareholders - - - - - (630,034,078) (630,034,078)
Share of interests in associates in
proportion to the shareholding 4(35) - 5,383,623 - - - - 5,383,623
Transfer within shareholders' -
equity
Transfer from other
comprehensive income to
retained earnings - - (375,652) - - 375,652 -
Others - - - - - 676,348 676,348
Balance at 31 December 2021 5,250,283,986 4,834,039,575 1,764,421,309 - 8,903,515,135 6,585,377,384 27,337,637,389
The accompanying notes form an integral part of these financial statements.
Legal representative: Principal in charge of accounting: Head of accounting department:
Zheng Yunpeng Liu Wei Meng Fei
134
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
1 General information
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’s Republic of China (“the PRC”). The Company’s parent
company is Guangdong Energy Group Co., Ltd. (“GEGC”) 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 RMB ordinary shares (“A-share”) and domestic listed foreign shares (“B-share”)
issued were listed for transactions in Shenzhen Stock Exchange respectively on 26 November
1993 and 28 June 1995. As at 31 December 2022, the total share capital of the Company was
RMB 5,250,283,986 with face value of RMB 1 per share.
The Company and its subsidiaries (collectively referred to as “the Group”) are principally engaged
in the businesses of developing and operating electric power projects in Guangdong Province,
Yunnan Province, Xinjiang Uygur Autonomous Region, Hunan Province and Guangxi Zhuang
Autonomous Region of the PRC. For the information of the Company’s major subsidiaries
included in the consolidation scope in the current year, please refer to Note 6(1).
These financial statements were authorised for issue by the Company's Board of Directors on 30
March 2023.
2 Summary of significant accounting policies and accounting estimates
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 (“ECL”) of receivables and contract assets (Note 2(9)), costing of
inventory (Note 2(10)), investment properties, depreciation of fixed asset and right-of-use assets
and amortisation of intangible assets (Notes 2(12), 2(13), 2(25) and 2(16)), impairment of long-
term assets (Note 2(18)), timing of revenue recognition (Note 2(22)), deferred tax assets and
deferred tax liabilities (Note 2(24)), etc.
Details of the Group’s critical judgements, critical accounting estimates and key assumptions
used in determining significant accounting policies are set forth in Note 2(29).
135
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(1) Basis of 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
(hereinafter collectively referred to as “the Accounting Standards for Business Enterprises” or
“CAS”) and the disclosure requirements in the Preparation Convention of Information Disclosure
by Companies Offering Securities to the Public No.15 – General Rules on Financial Reporting
issued by the China Securities Regulatory Commission (“the CSRC”).
As at 31 December 2022, the Group’s net current liabilities amounted to RMB 16,192 million,
capital commitments amounted to RMB 27,199 million, among which the amount expected to be
settled within one year was RMB 14,199 million. Therefore, the Group is to some extent exposed
to liquidity risk. The reasons for net current liabilities were that a portion of the Group’s capital
expenditure was backed by short-term borrowings and the significant rise of coal prices from
2021 to 2022.
In view of the above, the Board of Directors of the Company has carefully considered the Group's
future working capital, operating conditions and available financing sources when assessing the
Group's ability to continue as a going concern. The Group has formulated the following plans and
measures to reduce pressure of working capital and improve its financial position:
(i) The Group maintains good relations of long-term cooperation with financial institutions (including
the Company’s associate Guangdong Energy Group Finance Co., Ltd. (“Energy Group Finance
Company”) and Guangdong Energy Finance Leasing Company (“Energy Finance Leasing
Company”)) in order to obtain sufficient financing credit lines. As at 31 December 2022, the
Group’s available credit line and approved debt insurance from financial institutions amounted to
approximately RMB 76,698 million, with RMB 26,823 million from Energy Group Finance
Company, RMB 14,105 million from Energy Finance Leasing Company, RMB 24,770 million from
other commercial banks, RMB 2,000 million of corporate debentures approved for issuance by
the CSRC and RMB 9,000 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 3,016 million is due before 31 December 2023. In view
of the Group’s business operation as well as good and long-term cooperative relationships with
financial institutions, management expected the credit line due before 31 December 2023 could
be renewed for another 12 months.
(ii) The Group will actively seek more favourable long-term electricity price and will strive to
effectively reduce coal procurement costs by giving full play to its advantages in scale.
Management believes that based on the actual trend of coal and electricity prices as at the issue
date of the financial statements and the expected gradual implementation of relevant national
regulatory policies, the coal procurement situation is expected to improve to a certain extent and
the Group's cash flows from operating activities in 2023 are expected to improve significantly.
136
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(1) Basis of preparation (Cont’d)
The Board of Directors of the Company has reviewed the Group's cash flow forecasting for 2023
prepared by management. The cash flow forecasting is based on management's judgements and
assumptions regarding a number of future events and is subject to the successful completion of a
series of plans and measures planned and being implemented by the Group, including: (1) The
Group will continuously monitor the financial indicators of its subsidiaries and improve the
operation and financing structure of its subsidiaries through various measures, including but not
limited to providing financing support and capital injection, so that the subsidiaries within the
Group can continue to meet the requirements of the borrowing agreements in foreseeable future;
(2) the Group can continue to meet the conditions of existing bank financing and obtain
necessary borrowing renewals and new borrowings, including financing from Energy Group
Finance Company and Energy Finance Leasing Company, and it can successfully conduct
external financing by issuing corporate debentures, medium-term notes, and ultra-short-term
financing bonds when necessary; and (3) the Group will obtain more favourable long-term
electricity price and effective adoption to lower fuel procurement costs so as to improve operating
cash flows. Taking into full consideration of the above measures being implemented or planned
by the Group, management believes that the Group can obtain sufficient funds to pay its
operating expenses, capital commitment within one year and repay its matured debt obligations
within the next 12 months from 31 December 2022. Therefore, management believes that it is
appropriate to prepare these financial statements on a going concern basis.
(2) Statement of compliance with the Accounting Standards for Business Enterprises
The financial statements of the Group and the Company for the year ended 31 December 2022
are in compliance with the Accounting Standards for Business Enterprises, and truly and
completely present the consolidated and the company’s financial position of the Group and the
Company as at 31 December 2022 and their financial performance, cash flows and other
information for the year then ended.
(3) Accounting year
The Company’s accounting year starts on 1 January and ends on 31 December.
(4) Recording currency
The Company’s recording currency is Renminbi (RMB).
137
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(5) Business combinations
(a) Business combinations involving enterprises under common control
The consideration paid and net assets obtained by the Group in a business combination are
measured at the carrying amount. If the acquiree is acquired from a third party by the ultimate
controlling party in a prior year, the consideration paid and net assets obtained by the Group are
measured based on the carrying amounts of the acquiree’s assets and liabilities (including the
goodwill arising from the acquisition of the acquiree by the ultimate controlling party) presented in
the consolidated financial statements of the ultimate controlling party. The difference between the
carrying amount of the net assets obtained from the combination and the carrying amount of the
consideration paid for the combination is treated as an adjustment to capital surplus (share
premium). If the capital surplus (share premium) is not sufficient to absorb the difference, the
remaining balance is adjusted against retained earnings. Costs directly attributable to the
combination are included in profit or loss in the period in which they are incurred. Transaction
costs associated with the issue of equity or debt securities for the business combination are
included in the initially recognised amounts of the equity or debt securities.
(b) Business combinations involving enterprises not under common control
For business combinations involving enterprises not under common control, the Group adopts
concentration test to judge whether the acquired production and operation activities or asset
groups constitute a business. If the concentration test is passed, the Group conducts accounting
treatment according to the relevant asset purchase principle; if the concentration test fails, the
Group will further judge whether it constitutes a business based on whether the relevant groups
obtained in the merger have at least one input and one substantive processing process, and the
combination of the two has a significant contribution to the output capacity.
The cost of combination and identifiable net assets obtained by the Group in a business
combination are measured at fair value at the acquisition date. Where the cost of the combination
exceeds the Group’s interest in the fair value of the acquiree’s identifiable net assets, the
difference is recognised as goodwill; where the cost of combination is lower than the Group’s
interest in the fair value of the acquiree’s identifiable net assets, the difference is recognised in
profit or loss for the current period. Costs directly attributable to the combination are included in
profit or loss in the period in which they are incurred. Transaction costs associated with the issue
of equity or debt securities for the business combination are included in the initially recognised
amounts of the equity or debt securities.
(6) Preparation of 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 profit realised
before the combination date is presented separately in the consolidated income statement.
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.
138
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
139
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(6) Preparation of consolidated financial statements (Cont'd)
All significant intra-group balances, transactions and unrealised profits are eliminated in the
consolidated financial statements. The portion of subsidiaries’ shareholders’ 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 or loss attributable to
minority interests and total comprehensive income attributable to minority interests, and
presented separately in the consolidated financial statements under shareholders’ equity, net
profit and total comprehensive income respectively. When the amount of loss for the current
period attributable to the minority shareholders of a subsidiary exceeds the minority shareholders’
portion of the opening balance of owners’ equity of the subsidiary, the excess is allocated against
the balance of minority interests. Unrealised profits and losses resulting from the sale of assets
by the Company to its subsidiaries are fully eliminated against net profit attributable to owners of
the parent. Unrealised profits and losses resulting from the sale of assets by a subsidiary to the
Company are eliminated and allocated between net profit attributable to owners of the parent and
net profit attributable to minority interests in accordance with the allocation proportion of the
parent in the subsidiary. Unrealised profits and losses resulting from the sale of assets by one
subsidiary to another are eliminated and allocated between net profit attributable to owners of the
parent and net profit attributable to minority interests in accordance with the allocation proportion
of the parent in the subsidiary.
If the accounting treatment of a transaction is inconsistent in the financial statements at the
Group level and at the Company or its subsidiary level, adjustment will be made from the
perspective of the Group.
(7) Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, deposits that can be readily drawn on
demand, and short-term and highly liquid investments that are readily convertible to known
amounts of cash and which are subject to an insignificant risk of changes in value.
(8) Foreign currency translation
Foreign currency transactions are translated into RMB using the exchange rates prevailing at the
dates of the transactions.
At the balance sheet date, monetary items denominated in foreign 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.
140
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(9) Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a
financial liability or equity instrument of another entity. A financial asset or a financial liability is
recognised when the Group becomes a party to the contractual provisions of the instrument.
(a) Financial assets
(i) Classification and measurement
Based on the Group’s business model for managing the financial assets and the contractual cash
flow characteristics of the financial assets, financial assets are classified as: (1) financial assets
at amortised cost; (2) financial assets at fair value through other comprehensive income; (3)
financial assets at fair value through profit or loss.
At initial recognition, the financial assets are measured at fair value. Transaction costs that are
incremental and directly attributable to the acquisition of the financial assets are included in the
initially recognised amounts, except for the financial assets at fair value through profit or loss, the
related transaction costs of which are expensed in profit or loss for the current period. Accounts
receivables arising from sale of products or rendering of services (excluding or without regard to
significant financing components) are initially recognised at the consideration that is entitled to be
received by the Group as expected.
Debt instruments
The debt instruments held by the Group refer to the instruments that meet the definition of
financial liabilities from the perspective of the issuer, and are measured in the following
categories:
Measured at amortised cost:
The objective of the Group’s business model is to hold the financial assets to collect the
contractual cash flows, and the contractual cash flow characteristics are consistent with a basic
lending arrangement, which gives rise on specified dates to the contractual cash flows that are
solely payments of principal and interest on the principal amount outstanding. The interest
income of such financial assets is recognised using the effective interest method. Such financial
assets mainly comprise cash at bank and on hand, notes receivables, accounts receivables,
other receivables, and long-term receivables, etc. Long-term receivables that are due within one
year (inclusive) as from the balance sheet date are included in the current portion of non-current
assets.
Equity instruments
Investments in equity instruments, over which the Group has no control, joint control or significant
influence, are measured at fair value through profit or loss under financial assets held for trading.
In addition, at initial recognition, a portion of certain investments in equity instruments not held for
trading are designated as financial assets at fair value through other comprehensive income
under other investments in equity instruments. The relevant dividend income of such financial
assets is recognised in profit or loss for the current period.
141
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(9) Financial instruments (Cont’d)
(a) Financial assets (Cont’d)
(ii) Impairment
The Group recognises the loss provision on the basis of the ECL for financial assets and contract
assets measured at amortised cost.
Giving consideration to reasonable and supportable information that is available without undue
cost or effort at the balance sheet date on past events, current conditions and forecasts of future
economic conditions weighted by the probability of default, the Group recognises the ECL as the
probability-weighted amount of the present value of the difference between the cash flows
receivable from the contract and the cash flows expected to collect.
For accounts receivables and contract assets arising from sale of goods and rendering of
services in the ordinary course of operating activities, the Group recognises the lifetime ECL
regardless of whether there exists a significant financing component.
Except for the above accounts receivables and contract assets, at each balance sheet date, the
ECL of financial instruments at different stages is measured respectively. 12-month ECL is
recognised for financial instruments in Stage 1 which don’t have a significant increase in credit
risk since initial recognition; lifetime ECL is recognised for financial instruments in Stage 2 which
have had a significant increase in credit risk since initial recognition but are not deemed to be
credit-impaired; and lifetime ECL is recognised for financial instruments in Stage 3 that are credit-
impaired.
For the financial instruments with low credit risk as at the balance sheet date, the Group assumes
there is no significant increase in credit risk since initial recognition. The Group determines them
as the financial instruments in Stage 1 and recognises the 12-month ECL.
For the financial instruments in Stage 1 and Stage 2, the interest income is calculated by
applying the effective interest rate to the book balance (before net of ECL provision). For the
financial instrument in Stage 3, the interest income is calculated by applying the effective interest
rate to the amortised cost (net of ECL provision).
In case the ECL of an individually assessed financial asset cannot be evaluated with reasonable
cost, the Group classifies the receivables into certain groups on the basis of shared risk
characteristics, and calculates the ECL for each group respectively. Basis for determining groups
and method for provision are as follows:
142
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(9) Financial instruments (Cont’d)
(a) Financial assets (Cont’d)
(ii) Impairment (Cont’d)
Group 1 of notes receivables Notes receivables
Group 1 of accounts receivables Receivables from sale of electricity
Group 2 of accounts receivables Receivables from related parties
Group 3 of accounts receivables Receivables from sale of steam and others
Group 1 of contract assets Receivables from related parties
Group 2 of contract assets Other contract assets
Receivables from business units, reserves receivable and
Group 1 of other receivables other receivables
For accounts receivables that are classified into groups, the Group prepares a comparison table
of the overdue days of receivables and the lifetime ECL rate, and calculates ECL with reference
to the historical credit loss experience, the current situation and the forecast of future economic
conditions. For other receivables that are classified into groups, the Group calculates the ECL
with reference to historical credit loss experience, current conditions and forecasts of future
economic conditions, and based on the exposure at default and the 12-month or lifetime ECL
rates.
The Group recognises the loss provision made or reversed into profit or loss for the current period.
143
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(9) Financial instruments (Cont’d)
(a) Financial assets (Cont’d)
(iii) Derecognition
A financial asset is derecognised when one of the following criteria is satisfied: (i) the contractual
rights to receive the cash flows from the financial asset are expired, (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 a financial asset is derecognised, the difference between the carrying amount and the
consideration received as well as the cumulative changes in fair value that are previously
recognised directly in other comprehensive income is recognised in profit or loss for the current
period, except for those measured at fair value through other comprehensive income, the
difference aforementioned is recognised in retained earnings instead.
(b) Financial liabilities
Financial liabilities are classified as financial liabilities at amortised cost and financial liabilities at
fair value through profit or loss at initial recognition.
Financial liabilities of the Group mainly comprise financial liabilities at amortised cost, including
notes payables, accounts payables, other payables, borrowings and debentures payable, etc.
Such financial liabilities are initially recognised at fair value, net of transaction costs incurred, and
subsequently measured using the effective interest method. Financial liabilities with maturities of
no more than one year (inclusive) are presented as current liabilities, and those with maturities of
over one year but due within one year (inclusive) as from the balance sheet date are presented
as current portion of non-current liabilities; and others are presented as non-current liabilities.
144
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(9) Financial instruments (Cont’d)
(b) Financial liabilities (Cont’d)
A financial liability is derecognised or partly derecognised when the underlying present obligation
is discharged or partly discharged. The difference between the carrying amount of the
derecognised part of the financial liability and the consideration paid is recognised in profit or loss
for the current period.
(c) Determination of fair value of financial instruments
The fair value of a financial instrument that is traded in an active market is determined at the
quoted price in the active market. The fair value of a financial instrument that is not traded in an
active market is determined by using a valuation technique. In valuation, the Group adopts
valuation techniques applicable in the current situation and supported by adequate available data
and other information, selects inputs with the same characteristics as those of assets or liabilities
considered in relevant transactions of assets or liabilities by market participants, and gives
priority to the use of relevant observable inputs. When relevant observable inputs are not
available or feasible, unobservable inputs are adopted.
(10) Inventories
(a) Classification
Inventories mainly comprise fuel and spare parts, and are measured at the lower of cost and net
realisable value.
(b) Valuation of inventories
Cost of fuel is calculated using the weighted average method. Spare parts are amortised in full
amount when issued for use.
(c) Basis for determining net realisable values of inventories and method for making provision for
decline in the value of inventories
Provision for decline in the value of inventories is determined at the excess amount of the
carrying amount of the inventories over their net realisable value. Net realisable value is
determined based on the estimated selling price in the ordinary course of business, less the
estimated costs necessary to make the sale and related taxes.
(d) The Group adopts the perpetual inventory system.
(e) Amortisation methods of low-value consumables
Low value consumables are amortised in full amount.
145
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(11) Long-term equity investments
Long-term equity investments comprise the Company’s long-term equity investments in its
subsidiaries, and the Group’s long-term equity investments in its joint ventures and associates.
Subsidiaries are the investees over which the Company is able to exercise control. A joint
venture is a joint arrangement which is structured through a separate vehicle over which the
Group has joint control together with other parties and only has rights to the net assets of the
arrangement based on legal forms, contractual terms and other facts and circumstances. An
associate is an investee over which the Group has significant influence on its financial and
operating policy decisions.
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 joint ventures and associates are accounted for using the equity
method.
(a) Determination of investment cost
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 in the consolidated financial statements of
the ultimate controlling party at the combination date; for long-term equity investments 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: for long-term
equity investments acquired by payment in cash, the initial investment cost shall be the purchase
price actually paid; for long-term equity investments acquired by issuing equity securities, the
initial investment cost shall be the fair value of the equity securities issued.
(b) Subsequent measurement and recognition of profit or loss
Long-term equity investments accounted for using the cost method are measured at initial
investment cost. Cash dividend or profit distribution declared by the investees is recognised as
investment income in profit or loss for the current period.
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 that 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 upwards accordingly.
For long-term equity investments accounted for using the equity method, the Group recognises
the investment income according to its share of net profit or loss of the investee. The Group does
not recognise further losses when the carrying amount of the long-term equity investment
together with any long-term interests that, in substance, form part of the Group’s net investment
in the investee is reduced to zero. However, if the Group has obligations for additional losses and
the criteria with respect to recognition of provisions are satisfied, the Group continues recognising
the investment losses and the provisions at the amount it expects to undertake. The Group’s
share of changes in the investee’s owners’ equity other than those arising from the net profit or
loss, other comprehensive income and profit distribution is recognised in capital surplus with a
corresponding adjustment to the carrying amount of the long-term equity investment. The
carrying amount of the investment is reduced by the Group’s share of the profit distribution or
cash dividends declared by the investee. Unrealised gains or losses on transactions between the
Group and its investees are eliminated to the extent of the Group’s equity interest in the
investees, based on which the investment income or losses are recognised. Any losses resulting
from transactions between the Group and its investees, which are attributable to asset
146
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
impairment losses are not eliminated.
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(11) Long-term equity investments (Cont’d)
(c) Basis for determining existence of control, joint control or significant influence over investees
Control is the power over investees that can bring variable returns through involvement in related
activities of investees and the ability to influence the returns by using such power over investees.
Joint control is the agreed sharing of control over an arrangement, and the decision of activities
relating to such arrangement requires the unanimous consent of the Group and other parties
sharing control.
Significant influence is the power to participate in making the decisions on financial and operating
policies of the investee, but is not control or joint control over making those policies.
(d) Impairment of long-term equity investments
The carrying amounts of long-term equity investments in subsidiaries, joint ventures and
associates are reduced to the recoverable amounts when the recoverable amounts are below
their carrying amounts (Note 2(18)).
(12) Investment properties
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 property 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 for 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 net residual values that are
expressed as a percentage of cost and the annual depreciation (amortisation) rates of
investment properties are as follows:
Estimated net residual Annual depreciation
Estimated useful lives values (amortisation) rates
Buildings 20 to 40 years 0% to 5% 2.38% to 4.75%
Land use rights 60 years 0% 1.67%
The investment property’s estimated useful life, estimated net residual value and depreciation
(amortisation) method applied are reviewed and adjusted as appropriate at each year-end.
When an investment property is transferred to owner-occupied property, it is reclassified to fixed
asset and intangible assets with the carrying amounts determined at the carrying amounts of the
investment property at the date of the transfer.
147
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(12) Investment properties (Cont’d)
An investment property is derecognised on disposal or when the investment property is
permanently withdrawn from use and no future economic benefits are expected from its disposal.
The net amount of proceeds from sale, transfer, retirement or damage of an investment property
after its carrying amount and related taxes and expenses is recognised in profit or loss for the
current period.
The carrying amount of an investment property is reduced to the recoverable amount if the
recoverable amount is below the carrying amount (Note 2(18)).
(13) Fixed assets
(a) Recognition and initial measurement of fixed assets
Fixed assets comprise buildings, power generation equipment, motor vehicles, and other
equipment.
Fixed assets are recognised when it is probable that the related economic benefits will flow into
the Group and the costs can be reliably measured. Fixed assets purchased or constructed by the
Group are initially measured at cost at the time of acquisition. The fixed assets contributed by the
State shareholders at the reorganisation of the Company into a corporation entity are recognised
based on the evaluated amounts approved by the state-owned assets administration department.
Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed asset
when it is probable that the associated economic benefits will flow to the Group and the related
cost can be reliably measured. The carrying amount of the replaced part is derecognised. All the
other subsequent expenditures are recognised in profit or loss for the period in which they are
incurred.
(b) Depreciation methods for fixed assets
Except for fixed assets purchased using work safety funds (Note 2 (26)), other fixed assets are
depreciated using the straight-line method to allocate the cost of the assets to their estimated net
residual values over their estimated useful lives. For the fixed assets that have been provided for
impairment loss, the related depreciation charge is prospectively determined based upon the
adjusted carrying amounts over their remaining useful lives.
The estimated useful lives, the estimated net residual values expressed as a percentage of cost
and the annual depreciation rates of fixed assets are as follows:
Estimated useful Estimated net
lives residual values Annual depreciation rates
Buildings 10 to 50 years 0% to 5% 1.90% to 9.50%
Power generation
equipment 5 to 30 years 0% to 5% 3.17% to 20.00%
Motor vehicles 5 to 10 years 0% to 5% 9.50% to 20.00%
Other equipment 5 to 22 years 0% to 5% 4.32% to 20.00%
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.
148
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(13) Fixed assets (Cont’d)
(c) The carrying amounts of fixed assets are reduced to the recoverable amounts when the
recoverable amounts are below their carrying amounts (Note 2(18)).
(d) Disposals of fixed assets
A fixed asset is derecognised on disposal or when no future economic benefits are expected from
its use or disposal. The amount of proceeds from disposals on sale, transfer, retirement or
damage of a fixed asset net of its carrying amount and related taxes and expenses is recognised
in profit or loss for the current period.
(14) Construction in progress
Construction in progress is measured at actual cost. Actual cost comprises construction costs,
installation costs, borrowing costs that are eligible for capitalisation and other costs necessary to
bring the construction in progress ready for its intended use. Construction in progress is
transferred to fixed assets when the asset is ready for its intended use, and depreciation is
charged starting from the following month. The carrying amount of construction in progress is
reduced to the recoverable amount when the recoverable amount is below its carrying amount
(Note 2(18)).
(15) Borrowing costs
The borrowing costs that are directly attributable to acquisition and construction of an asset that
needs a substantially long period of time 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 and the borrowing costs incurred thereafter are recognised in profit or loss for the
current period. Capitalisation of borrowing costs is suspended during periods in which the
acquisition or construction of an asset is interrupted abnormally and the interruption lasts for more
than 3 months, until the acquisition or construction is resumed.
For special borrowings for the acquisition and construction of qualifying assets, the capitalised
amount of the special borrowings is determined by the interest expenses incurred in the period
less interest income of the unused borrowings deposited at bank or investment income from
temporary investment.
149
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(15) Borrowing costs (Cont'd)
The capitalised amount of general borrowings intended to be used for the acquisition and
construction of qualifying assets is determined by the weighted average of the excess of
accumulated capital expenditure over capital expenditure of the special borrowings multiplied by
the weighted average effective interest rate of the utilised general borrowings. The effective
interest rate is the rate at which the future cash flows of the borrowings over the expected lifetime
or a shorter applicable period are discounted into the initial recognised amount of the borrowings.
(16) Intangible assets
Intangible assets include land use rights, sea use rights and software, and are measured at cost.
The intangible assets contributed by the state-owned shareholders upon the reorganisation of
the Group into a corporation and favourable contract are recognised based on the evaluated
amounts as approved by the state-owned assets administration department.
(a) Land use rights and sea use rights
Land use rights are amortised on the straight-line basis over their approved use period of 20 to
70 years. If the acquisition costs of the land use rights and the buildings located thereon cannot
be reasonably allocated between the land use rights and the buildings, all of the acquisition costs
are recognised as fixed assets. Allotted land with undetermined useful lives is not amortised.
Sea use rights are amortised on the straight-line basis over their approved use period of 25 to 50
years.
(b) Other intangible assets
Intangible assets other than land use rights and sea use rights are amortised on a straight-line-
basis over the expected useful lives of 2 to 60 years.
(c) Periodical review of useful life and amortisation method
For an intangible asset with a finite useful life, review of its useful life and amortisation method is
performed at each year-end, with adjustment made as appropriate.
150
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(16) Intangible assets (Cont’d)
(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;
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 below the carrying amount (Note 2(18)).
(17) Long-term prepaid expenses
Long-term prepaid expenses include the expenditure for improvements to right-of-use assets, 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.
151
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(18) Impairment of long-term assets
Fixed assets, construction in progress, right-of-use assets, 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 the assets
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 asset’s carrying amount exceeds its
recoverable amount. The recoverable amount of an asset is the higher of the fair value less costs
to sell and the present value of the future cash flows expected to be derived from it. Provision for
asset impairment is determined and recognised on the individual asset basis. If it is not possible to
estimate the recoverable amount of an individual asset, the recoverable amount of a 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 amount of goodwill is allocated to the related asset groups 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 above asset impairment loss is recognised, it will not be reversed for the value recovered
in the subsequent periods.
(19) Employee benefits
Employee benefits refer to all forms of consideration or compensation given by the Group in
exchange for service rendered by employees or for termination of employment relationship, which
include short-term employee benefits, post-employment benefits, termination benefits and other
long-term employee benefits.
(a) Short-term employee benefits
Short-term employee benefits include wages or salaries, bonus, allowances and subsidies, staff
welfare, premiums or contributions on medical insurance, work injury insurance and maternity
insurance, housing funds, union running costs and employee education costs and short-term paid
absences, etc. The short-term employee benefits actually occurred are recognised as a liability in
the accounting period in which the service is rendered by the employees, with a corresponding
charge to the profit or loss for the current period or the cost of relevant assets. Non-monetary
benefits are measured at fair value.
(b) Post-employment benefits
The Group classifies post-employment benefit plans as either defined contribution plans or defined
benefit plans. Defined contribution plans are post-employment benefit plans under which the
Group pays fixed contributions into a separate fund and will have no obligation to pay further
contributions; and defined benefit plans are post-employment benefit plans other than defined
contribution plans. During the reporting period, the Group's post-employment benefits mainly
include basic pensions, unemployment insurance and supplementary pensions, and all of them
belong to the defined contribution plans; non-planned expenses provided to retired employees fall
152
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
under defined benefit plans.
153
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(19) Employee benefits (Cont'd)
(b) Post-employment benefits (Cont'd)
Basic pensions
The Group’s employees participate in the basic pension plan set up and administered by local
authorities of Ministry of Human Resource and Social Security. Monthly payments of premiums
on the basic pensions are calculated according to the bases and percentage prescribed by the
relevant local authorities. When employees retire, the relevant local authorities are obliged to pay
the basic pensions to them.
Supplementary pensions
The Group purchases supplementary pensions for employees, and pays insurance premium
according to the policies of the parent company, GEGC.
The amounts based on the above calculations are recognised as liabilities in the accounting
period in which the service has been rendered by the employees, with a corresponding charge to
the profit or loss for the current period or the cost of relevant assets.
Defined benefit plan
For defined benefit plan, the Group uses 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.
154
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(19) Employee benefits (Cont'd)
(c) 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 for the current period at the earlier of the following
dates: 1) when the Group cannot unilaterally withdraw an employment termination plan or a
curtailment proposal; 2) when the Group recognises costs or expenses for a restructuring that
involves the payment of termination benefits.
Early retirement benefits
The Group offers early retirement benefits to those employees who accept early retirement
arrangements. The early retirement benefits refer to the salaries and social security contributions
to be paid to and for the employees who accept voluntary retirement before the normal retirement
date prescribed by the State, as approved by the management. The Group pays early retirement
benefits to those early retired employees from the early retirement date until the normal
retirement date. The Group accounts for the early retirement benefits in accordance with the
treatment for termination benefits, in which the salaries and social security contributions to be
paid to and for the early retired employees from the off-duty date to the normal retirement date
are recognised as liabilities with a corresponding charge to the profit or loss for the current period.
The differences arising from the changes in the respective actuarial assumptions of the early
retirement benefits and the adjustments of benefit standards are recognised in profit or loss in the
period in which they occur.
The termination benefits expected to be settled within one year since the balance sheet date are
classified as employee benefits payable.
(20) Dividend distribution
Cash dividends are recognised as liabilities in the period in which the dividends are approved by
the shareholders’ meeting.
(21) Provisions
Provisions for product warranties are recognised when the Group has a present obligation, it is
probable that an outflow of economic benefits will be required to settle the obligation, and the
amount of the obligation can be measured reliably.
A provision is initially measured at the best estimate of the expenditure required to settle the
related present obligation. Factors surrounding a contingency, such as the risks, uncertainties and
the time value of money, are taken into account as a whole in reaching the best estimate of a
provision. Where the effect of the time value of money is material, the best estimate is determined
by discounting the related future cash outflows. The increase in the discounted amount of the
provision arising from passage of time is recognised as interest expense.
The carrying amount of provisions is reviewed at each balance sheet date and adjusted to reflect
the current best estimate.
155
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Loss provision for financial guarantee contracts which are recognised on the basis of ECL are
presented as provisions.
The provisions expected to be settled within one year since the balance sheet date are classified
as current liabilities.
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(22) Revenue recognition
The Group recognises revenue at the amount of the consideration which the Group expects to be
entitled to receive when the customer obtains control over relevant goods or services.
(a) Revenue from sale of electricity and heat energy
Revenue is recognised when electricity and heat energy are supplied to grid companies or
customers, and they obtain control over electricity.
(b) Revenue from sale of by-products
Revenue from the sale 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 resource utilisation enterprise confirms receipt and obtains 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
receipt 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 fulfilment.
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 receivables, and
the rest is recognised as contract assets. Meanwhile, loss provisions for accounts receivables and
contract assets are recognised on the basis of ECL (Note 2(9)). 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 fulfilment costs and contract acquisition costs. Costs incurred for
provision of maintenance services are recognised as contract fulfilment costs, which is recognised
as the cost of sale of main operations based on the stage of completion when recognising
revenue.
156
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(23) Government grants
Government grants refer to the monetary or non-monetary assets obtained by the Group from the
government, including tax return and financial subsidy, 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 reasonable and systemic basis over the useful lives of the assets.
Government grants related to daily operation 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. For other
government grants related to income that compensate the future costs, expenses or losses are
recorded as deferred income and deducted against related costs in reporting the related costs,
expenses or losses; government grants related to income that compensate the incurred costs,
expenses or losses are deducted against related costs.
The Group applies the presentation method consistently to the similar government grants in the
financial statements.
Government grants that are related to ordinary activities are included in operating profit,
otherwise, they are recorded in non-operating income or expenses.
157
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(24) Deferred tax assets and deferred tax liabilities
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 liability is recognised for a temporary difference arising from the initial
recognition of goodwill. No deferred tax asset or deferred tax liability is recognised for a temporary
difference arising 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, associates and joint ventures, except where the Group is able to control the timing of
reversal of the temporary differences, and it is probable that the temporary differences will not be
reversed in the foreseeable future. When it is probable that the temporary differences arising from
investments in subsidiaries, associates and joint ventures 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 tax assets and liabilities are related to the same taxpayer within the Group and
the same taxation authority; and,
that taxpayer within the Group has a legally enforceable right to offset current tax assets
against current tax liabilities.
158
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(25) Leases
A contract is, or contains, a lease if the contract conveys the right to control the use of an
identified asset for a period of time in exchange for consideration.
The Group as the lessee
At the lease commencement date, the Group recognises the right-of-use asset and measures the
lease liability at the present value of the lease payments that are not paid at that date. Lease
payments include fixed payments, the exercise price of a purchase option or termination penalty if
the lessee is reasonably certain to exercise that option etc. Variable lease payments in proportion
to sales are excluded from lease payments and recognised in profit or loss as incurred. Lease
liabilities that are due within one year (inclusive) as from the balance sheet date are included in
the current portion of non-current liabilities.
Right-of-use assets of the Group comprise leased land use rights, buildings, machinery and
equipment, motor vehicles, etc. Right-of-use assets are measured initially at cost which comprises
the amount of the initial measurement of lease liabilities, any lease payments made at or before
the commencement date and any initial direct costs, less any lease incentives received. If there is
reasonable certainty that the Group will obtain ownership of the underlying asset by the end of the
lease term, the asset is depreciated over its remaining useful life; otherwise, the asset is
depreciated over the shorter of the lease term and its remaining useful life. The carrying amount
of the right-of-use asset is reduced to the recoverable amount when the recoverable amount is
below the carrying amount.
For short-term leases with a term of 12 months or less and leases of an individual asset (when
new) of low value, the Group chooses to include the lease payments in the cost of the underlying
assets or in the profit or loss for the current period on a straight-line basis over the lease term,
instead of recognising right-of-use assets and lease liabilities.
The Group accounts for a lease modification as a separate lease if both: (1) the modification
increases the scope of the lease by adding the right to use one or more underlying assets; (2) the
consideration for the lease increases by an amount commensurate with the stand-alone price for
the increase in scope and any appropriate adjustments to that stand-alone price to reflect the
circumstances of the contract.
For a lease modification that is not accounted for as a separate lease, the Group redetermines
the lease term at the effective date of the lease modification, and remeasures the lease liability by
discounting the revised lease payments using a revised discount rate, except that the contract
changes directly resulting from situations prescribed by the Ministry of Finance that can be used
the simplified method. For a lease modification which decreases the scope of the lease or
shortens the lease term, the Group decreases the carrying amount of the right-of-use asset, and
recognises in profit or loss any gain or loss relating to the partial or full termination of the lease.
For other lease modifications which lead to the remeasurement of lease liabilities, the Group
correspondingly adjusts the carrying amount of the right-of-use asset.
159
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(25) Leases (Cont'd)
The Group as the lessor
A lease is classified as a finance lease if it transfers substantially all the risks and rewards
incidental to ownership of an underlying asset. An operating lease is a lease other than a finance
lease.
(a) Operating leases
Where the Group leases out self-owned buildings and land use rights under operating leases,
rental income therefrom is recognised on a straight-line basis over the lease term. Variable rental
that is linked to a certain percentage of sales is recognised in rental income as incurred.
For the rent concessions agreed on existing lease contracts, the Group applies the practical
expedient to account for the concessions as variable lease payments and record the concessions
in profit or loss during the waiving period when the Group selects the simplified method.
Except that the above contract changes prescribed by the Ministry of Finance that can be used
the simplified method, for a lease modification, the Group accounts for it as a new lease from the
effective date of the modification, and considers any lease payments received in advance and
receivable relating to the lease before modification as receivables of the new lease.
(26) Work safety funds
Subsidiaries of the Group engaged in power generation business shall appropriate work safety
funds based on the actual revenue in the previous year and at the following percentages:
3% for the proportion of revenue up to RMB 10 million in the previous year;
1.5% for the proportion of revenue between RMB 10 million and RMB 100 million in the
previous year;
1% for the proportion of revenue between RMB 100 million and RMB 1,000 million in the
previous year;
0.8% for the proportion of revenue between RMB 1,000 million and RMB 5,000 million in
the previous year;
0.6% for the proportion of revenue between RMB 5,000 million and RMB 10,000 million in
the previous year;
0.2% for the proportion of revenue exceeding RMB 10,000 million in the previous year.
Work safety funds are mainly used for the improvement, modification and maintenance of safety
protection facilities, as well as safety production inspection, evaluation, consultation, standardised
construction, etc. Work safety funds are recognised in profit or loss as the "Special reserve" item
for the current period when appropriated. When using the special reserve, if the expenditures are
expenses in nature, the expenses incurred are offset against the special reserve directly when
incurred. If the expenditures are capital expenditures, when projects are completed and
transferred to fixed assets, the special reserve should be offset against the cost of fixed assets,
and a corresponding accumulated depreciation is recognised. Such fixed assets are not
depreciated in subsequent periods.
160
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(27) Carbon emission use rights
Categorised as an Enterprise with High Emissions, the Group needs to fulfil its emission reduction
obligations and recognise carbon emission related assets and expenditures per relevant
regulations:
(i) The present obligations incurred by the Group in fulfilling its emission reduction obligations are
measured at the best estimate of the expenditure required and recognised as other payables and
non-operating expenses.
(ii) The Group purchases carbon emission allowances and recognises related carbon emission rights
assets based on the cost paid or payable at the acquisition date, and the balance is included in
other current assets; the Group makes no accounting treatment for carbon emission allowances
purchased at nil consideration;
(iii) The Group uses the purchased carbon emission allowances to fulfil its emission reduction
obligations and recognises the book balance of the allowances used as a reduction of carbon
emission rights assets; the Group makes no accounting treatment if it uses carbon emission
allowances purchased at nil consideration to fulfil its obligations;
(iv) The Group sells carbon emission allowances and recognises related non-operating income or
non-operating expenses based on the difference between the amount received or receivable at
the date of sale and the book balance of the allowances sold.
(28) Segment information
The Group identifies operating segments based on the internal organisation structure,
management requirements and internal reporting system, and discloses segment information of
reportable segments which is determined on the basis of operating segments.
An operating segment is a component of the Group that satisfies all of the following conditions: (a)
the component is able to earn revenue and incur expenses from its ordinary activities; (b) 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 (c) for which the
information on financial position, operating results and cash flows is available to the Group. Two
or more operating segments that have similar economic characteristics and satisfy certain
conditions can be aggregated into one single operating segment.
161
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(29) 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) Critical judgements in applying the accounting policies
(i) Classification of financial assets
Significant judgements made by the Group in the classification of financial assets include analysis
on business models and contractual cash flow characteristics.
The Group determines the business model for financial asset management at the level of different
groups, and factors to be considered include the methods of evaluation on financial asset
performance and reporting of financial asset performance to key management personnel, risks
affecting financial asset performance and management methods for such risks, the ways in which
related business management personnel are remunerated, etc.
When assessing whether contractual cash flow characteristics of financial assets are consistent
with basic lending arrangement, key judgements made by the Group include: the possibility of
changes in timing or amount of the principal during the duration due to reasons such as early
repayment; whether interest only include time value of money, credit risks, other basic lending
risks and considerations for costs and profits. For example, whether the amount of prepayment
only reflects the principal outstanding and the interest based on the principal outstanding, as well
as the reasonable compensation due to the early termination of the contract.
(ii) Determination of significant increase in credit risk
When the Group classifies financial instruments into different stages, its criteria for significant
increase in credit risk and credit-impaired are as follows:
Judgement of the Group for significant increase in credit risk is mainly based on whether one or
more of the following indicators changed significantly: business environment of the debtor,
internal and external credit rating, significant changes in actual or expected operating results,
significant decrease in value of collateral or credit rate of guarantor, etc.
Judgement of the Group on the occurred credit impairment is mainly based on whether it meets
one or more of the following conditions: the debtor is suffering significant financial difficulties,
engaged in other debt restructuring, or it is probable that the debtor will enter bankruptcy, etc.
162
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(29) Critical accounting estimates and judgements (Cont’d)
(a) Critical judgements in applying the accounting policies (Cont’d)
(iii) Timing of revenue recognition
With regard to sale of electricity to grid companies, the Group supplies electricity to grid
companies in accordance with the contract. Thereafter, the grid companies have the right to sell
electricity and the discretion in pricing, and take the risks of any price fluctuation or loss of the
products. The Group believes that the grid companies obtain control over electric power upon the
receiving of the electric power. Therefore, revenue is recognised upon the receiving of the electric
power of grid companies.
(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) Assessment on impairment of fixed assets
A fixed asset is tested for impairment by the Group if there is any indication that it may be
impaired at the balance sheet date by calculating and comparing the recoverable amount of the
fixed asset with its carrying amount to check the difference. 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 asset impairment loss are recognised for the amount by which the asset’s
carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an
asset’s fair value less costs to sell and the present value of the future cash flows expected to be
derived from the asset. The determination of the recoverable amount involves 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 disposals 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.
The calculation of the present value of future cash flows involves management’s significant
estimates and judgements, including the discount rate, the growth rate of the estimated on-grid
electricity price, the growth rate of the estimated electricity sale and the varability rate of the
estimated price of coal used in power generation. Changes in these assumptions 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.
163
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(29) Critical accounting estimates and judgements (Cont’d)
(b) Critical accounting estimates and key assumptions (Cont’d)
(ii) Measurement of ECL
The Group calculates ECL through exposure at default and ECL rates, and determines the ECL
rates based on probability of default and loss given default. In determining the ECL rates, 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 and parameters related to the estimation of
ECL include the risk of economic downturn, external market environment, technological
environment, changes in customer conditions, Gross Domestic Product (“GDP”) and Consumer
Price Index (“CPI”), etc. The Group regularly monitors and reviews assumptions and parameters
related to the calculation of ECL.
(iii) Income taxes and deferred income taxes
The Group is subject to income taxes 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 tax in each of these jurisdictions. Where the final tax outcomes of these matters are
different from the amounts that were initially recorded, such differences will impact the income tax
and deferred income tax provisions in the period in which such determination is made.
As stated in Note 3(2), some subsidiaries of the Group are high-tech enterprises. The high-tech
enterprise certificate is effective for three years. Upon expiration, application for high-tech
enterprise identification should be submitted again to the relevant government authorities. Based
on the historical experience of reassessment for high-tech enterprise upon expiration and the
actual condition of the subsidiaries, the Group considers that the subsidiaries are able to obtain
the qualification for high-tech enterprises in future years, and therefore a preferential tax rate of
15% is used to calculate the corresponding deferred income tax. If some subsidiaries cannot
obtain the qualification for high-tech enterprise upon expiration, then the subsidiaries are subject
to a statutory tax rate of 25% for the calculation of the income tax, which further influences the
recognised deferred tax assets, deferred tax liabilities and income tax expenses.
164
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(29) Critical accounting estimates and judgements (Cont’d)
(b) Critical accounting estimates and key assumptions (Cont’d)
(iii) Income taxes and deferred income taxes (Cont’d)
A deferred tax asset is recognised for the carryforward of unused deductible losses to the extent
that it is probable that future taxable profits will be available against which the deductible losses
can be utilised. Future taxable profits include taxable profits that can be achieved through normal
operations and the increase in taxable profits due to the reversal of taxable temporary
differences arising from previous period in future period. The Group determines the future
taxable profits based on the future financial forecast, which requires management’s significant
estimates and judgements, including the estimated electricity sale, estimated on-grid electricity
price, the estimated price of coal used in power generation and other operating expenses. If
there is any difference between the actual and the estimates, adjustment may be made to the
carrying amount of deferred tax assets.
(30) Significant changes in accounting policies
The Ministry of Finance released the Circular on Issuing Interpretation No. 15 of Accounting
Standards for Business Enterprises (Interpretation No. 15) in 2021 and Q&A on Implementation
of Accounting Standards for Business Enterprises and other documents in 2022. The financial
statements for the year ended 31 December 2022 have been prepared by the Group and the
Company in accordance with the above circulars and Q&A. The revisions have no significant
impacts on the financial statements of the Group and the Company except for the following.
(a) Fixed assets - Accounting treatment of sales proceeds before intended use
The Group and the Company applied the Interpretation No. 15 related to fixed assets -
accounting treatment of sales proceeds before intended use from 1 January 2022. For the sale
proceeds before intended use occurred between 1 January 2021 and the implementation date,
the Group applied the amendments retrospectively, and the comparative financial statements of
2021 have been restated accordingly. The above changes in accounting policies have no impact
on the balance sheet as of 1 January 2021.
The Company had no sale proceeds before intended use occurred between 1 January 2021 and
the implementation date, and the above changes in accounting policies have no impact on the
financial statements of the Company for the year ended 31 December 2021.
165
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(30) Significant changes in accounting policies (Cont’d)
(a) Fixed assets - Accounting treatment of sales proceeds before intended use (Cont’d)
The amounts affected
(i) The line items affected 31 December 2021
The Group (positive
numbers for debit and
negative numbers for
credit)
The Group’s wind power plant projects Long-term equity
were tested for its intended use in 2021. investments 1,941,486
The Group recognised the sale Fixed assets 201,973,167
proceeds and related cost incurred Construction in progress 75,964,697
before intended use in revenue and cost Deferred tax assets (58,247,231)
of sale respectively, and adjusted Capital surplus 18,476,872
construction in progress accordingly. Undistributed profits (219,582,503)
The wind power plant projects became Minority interests (20,526,488)
available for use in June 2021. For
projects transferred to fixed assets in 2021
2021, the Group adjusted fixed assets Revenue (290,642,655)
and charged depreciation expenses
Cost of sale 12,704,791
accordingly. The Group retrospectively
Investment income (1,941,486)
amended investment income and long-
Income tax expenses 58,247,231
term equity investments for associates’
sale proceeds before intended use
accounted for using the equity method.
For equity dilution caused by minority
shareholders’ capital increase while
preparing the production line for its
intended use, the Group adjusted capital
surplus accordingly based on
retrospectively adjusted net assets.
In addition to the above adjustments, the Group also reclassified the cash inflow and outflow
derived from the proceeds before intended use of fixed assets from cash flows from investing
activities to cash flows from operating activities in 2021, of which the cash received from sale of
goods or rendering of services increased by RMB 162,478,679.
166
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Taxation
(1) The main categories and rates of taxes applicable to the Group are set out below:
Category Tax base Tax rate/levying rate
Value-added tax Taxable value-added amount (Tax payable is 5%, 6%, 9% and 13%
(“VAT”) (a) calculated using the taxable sale amount
multiplied by the applicable tax rate less
deductible input VAT of the current period)
Revenue from hydropower sales 3%
City maintenance Amount of VAT paid 5% to 7%
and construction
tax
Educational Amount of VAT paid 3%
surcharge
Local educational Amount of VAT paid 2%
surcharge
Enterprise income Taxable income 12.5%, 15%, 20% and
tax 25%
Property tax Real estate’s rental income or the residual 12% and 1.2%
value from original value less the
deducting proportion
Environmental Calculated and paid based on the pollution Calculated and paid
protection tax equivalent values or the discharge of based on the
(b) taxable pollutants multiplied by the applicable tax
applicable tax amounts amounts of different
pollutants
(a) Pursuant to the Announcement on Relevant Policies for Deepening the Value-added Tax Reform
(Cai Shui Haiguan [2019] No. 39) jointly issued by the Ministry of Finance, the State Taxation
Administration and the General Administration of Customs and relevant regulations, the Group’s
revenue from sale of electricity, sale of by-products, maintenance and repair services, etc. and
revenue arising from sale of heat energy is subject to VAT at the rate of 13% and 9% from 1 April
2019. The Group’s revenue from entrusted loan business among companies and training service
is subject to VAT at the rate of 6%. The operating leases of the real estates under simplified
taxation method is subject to VAT at a 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 Taxation Administration, revenue from sale
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 Group, are subject to VAT at the rate of 3%.
Pursuant to the provisions including the Circular on Enterprise Income Tax Policy concerning
Deductions for Equipment and Appliances (Cai Shui [2018] No. 54) and the Announcement on
Extending the Implementation Period of Certain Preferential Tax Policies (Cai Shui [2021] No. 6)
issued by the State Taxation Administration, during the period from 1 January 2018 to 31
December 2023, the cost of equipment with the original cost less than RMB 5,000,000 newly
purchased by Guangdong Yudean Power Sales Co., Ltd. (“Power Sales”), a subsidiary of the
Group, can be fully deducted against taxable profit in the next month after the asset is put into
use, instead of being depreciated annually for tax filing.
167
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Taxation (Cont’d)
(1) The main categories and rates of taxes applicable to the Group are set out below (Cont’d):
(b) 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.
(2) Tax preference
(a) Pursuant to the approval documents (Cai Shui [2008] No. 46 and Guo Shui Fa [2009] No. 80), the
Company and several subsidiaries are approved to engage in wind power projects and
photovoltaic projects since 1 January 2008 and are exempted from enterprise income tax in the
first three years counting from the year when revenue from production and operations of those
projects is recorded for the first time, and can enjoy half rate reduction in the following three years
(“three-year exemptions and three-year halves”).
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 List of Public Infrastructure Projects
Enjoying Enterprise Income Tax Preferential, 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 exemptions and three-year halves” when the following conditions
are satisfied: (i) different batches are space-independent; (ii) each batch has its own revenue
function; (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 2022, the Group’s subsidiary
Guangdong Yudean Qujie Wind Power Co., Ltd. (“Qujie Wind Power”) and Guangdong Yudean
Pingyuan Wind Power Co., Ltd. (“Pingyuan Wind Power”) met the above conditions. Therefore,
Qujie Youhao wind power project (the first time for which revenue from sale of power was posted
was 2017), Qujie Wailuo offshore wind power project (Phase I) (the first time for which revenue
from sale of power was posted was 2019), Qujie Wailuo offshore wind power project (Phase II)
(the first time for which revenue from sale of power was posted was 2021) and Xinliao offshore
wind power project (the first time for which profits were posted was 2021), Pingyuan maoping
project (the first time for which revenue from sale of power was posted was 2020) and Pingyuan
Sishui project (the first time for which revenue from sale of power was posted was 2021) of Qujie
Wind Power System and Pingyuan Wind Power are entitled to the tax preferential policy of “three-
year exemptions and three-year halves” respectively according to each wind power project.
168
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Taxation (Cont’d)
(2) Tax preference (Cont’d)
(b) In 2020 and 2022, Zhanjiang Electric Co., Ltd. (“Zhanjiang Electric”) and Guangdong Yudean
Zhanjiang Biomass Power Generation Co., Ltd. (“Biomass Power Generation”), subsidiaries of the
Group, were granted High-tech Enterprise Certificate (Certificate No. GR202044010003 and
Certificate No. GR202244008597) by the Department of Science and Technology of Guangdong
Province, Department of Finance of Guangdong Province and Guangdong Provincial Office of the
State Taxation Bureau on 9 December 2020 and 22 December 2022 respectively. The certificates
are valid for three years. Under Article 28 of the Enterprise Income Tax Law of the People’s
Republic of China, the enterprise income tax rate applicable to Zhanjiang Electric and Biomass
Power Generation for the year of 2022 is 15%.
(c) 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), Announcement of
the State Taxation Administration on Matters Concerning the Implementation of Preferential
Income Tax Policies Supporting the Development of Small Low-Profit Enterprises and Individual
Industrial and Commercial Households (STA Announcement [2021] No. 8) and Announcement on
Further Implementing Preferential Income Tax Policies for Small and Micro Enterprises ([2022]
No. 13), for a small enterprise with low profits, for the part of the annual taxable income not
exceeding RMB 1,000,000, the amount of taxable income is reduced to 12.5% of income and is
subject to the enterprise income at the tax rate of 20%; for the part between RMB 1,000,000 and
RMB 3,000,000, the amount of taxable income is reduced to 25% of income and is subject to the
enterprise income at the tax rate of 20%. The aforementioned small low-profit enterprise engages
in industries not restricted or prohibited by the state and concurrently meet the three conditions,
that is, the annual taxable amount is not more than RMB 3,000,000, the number of its employees
is not more than 300, and their total assets do not exceed RMB 50,000,000. In 2022, some of the
Company's subsidiaries were entitled to the aforesaid preferential tax policy.
(d) 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. 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 2022, revenue from
sale of coal ash from Zhanjiang Electric and Ping Hai Power Plant was reduced to 90% of the total
income for the year.
(e) Pursuant to the Notice on Issuing the Catalogue of Value-Added Tax Preferences for Products
and Labour Services Involving the Comprehensive Utilisation of Resources (Cai Shui [2015] No.
78), VAT levied on self-produced products and services for comprehensive utilisation of resources
will be refunded immediately, to which Biomass Power Generation’s VAT after offsetting output
VAT from revenue against input VAT from cost of sale from main operations is entitled to.
Biomass Power Generation is a subsidiary mainly engaged in power generation using biomass
materials.
In addition, 50% of VAT levied on the sale 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”), Guangdong Yudean Dianbai Wind Power Co.,
Ltd. (“Dianbai Wind Power”), Huilai Wind Power Co., Ltd. (“Huilai Wind Power”) and Guangdong
Yueneng Wind Power Co., Ltd. (“Yueneng 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).
169
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements
(1) Cash at bank and on hand
31 December 2022 31 December 2021
Cash on hand 46,435 83,108
Cash at bank 2,705,136,812 1,554,213,074
Energy Group Finance Company (b) 8,777,022,027 6,514,354,377
- Deposits 8,728,625,253 6,468,820,757
- Interest receivable 36,396,774 39,533,620
- Other cash balances (c) 12,000,000 6,000,000
Other cash balances (c) 21,318,344 36,670,394
11,503,523,618 8,105,320,953
(a) As at 31 December 2022, the Group had no offshore deposit (31 December 2021: Nil).
(b) Deposits with Energy Group Finance Company refer to the deposits placed in Energy Group
Finance Company (Note 8(6)). Energy Group Finance Company is a financial institution
established with the approval of the People’s Bank of China. Both the Company and Energy
Group Finance Company are controlled by GEGC.
(c) As at 31 December 2022, other cash balances of RMB 33,318,344 (31 December 2021: RMB
42,670,394) mainly represented deposits for ecological protection and performance guarantees,
among which other cash balances placed in Energy Group Finance Company was RMB
12,000,000 (31 December 2021: RMB 6,000,000) (Note 8(6)).
(2) Accounts receivables
31 December 2022 31 December 2021
Accounts receivables 7,579,203,103 7,030,948,863
Less: Provision for bad debts (566,859) (263,506)
7,578,636,244 7,030,685,357
(a) The ageing of accounts receivables is analysed as follows:
31 December 2022 31 December 2021
Within 1 year 6,943,600,556 6,602,371,992
1 to 2 years 364,750,508 306,931,561
2 to 3 years 243,473,499 119,940,421
Over 3 years 27,378,540 1,704,889
7,579,203,103 7,030,948,863
170
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(2) Accounts receivables (Cont’d)
(b) As at 31 December 2022, the five largest accounts receivables aggregated by debtors are analysed
as follows:
Provision for % of total
Balance bad debts balance
Total amount of the five largest
accounts receivables 7,436,142,873 - 98.11%
(c) Provision for bad debts
For accounts receivables, the Group recognises the lifetime ECL regardless of whether there exists
a significant financing component.
As at 31 December 2022, provision for bad debts made on a collective basis for accounts
receivables is analysed as follows:
Group 1:
As at 31 December 2022, the Group’s receivables from sale of electricity amounted to RMB
7,491,837,601 (31 December 2021: RMB 6,974,790,832), which mainly comprised receivables of
RMB 7,357,403,891 from China Southern Power Grid Co., Ltd. and its subsidiaries (collectively
referred to as “China Southern Power Grid”) and RMB 134,433,710 from State Grid Corporation of
China (“State Grid”) and its subsidiaries. Considering the favourable credit history of China
Southern Power Grid and State Grid, the Group held that there was no significant credit risk arising
from receivables from sale of electricity. Since the possibility of material losses due to the default by
China Southern Power Grid and State Grid was extremely low, the Group made no provision for the
ECL of the receivables from sale of electricity (31 December 2021: Nil).
Group 2:
As at 31 December 2022, the Group’s receivables from related parties amounted to RMB
39,546,687 (31 December 2021: RMB 32,237,080), and the historical loss rate was extremely low.
Therefore, The Group held that there was no significant credit risk arising from receivables from
related parties. Since the possibility of material losses due to the default by related parties was
extremely low, the Group made no provision for the ECL for the receivables from related parties (31
December 2021: Nil).
171
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(2) Accounts receivables (Cont’d)
(c) Provision for bad debts (Cont’d)
Group 3:
31 December 2022 31 December 2021
Book Book
balance Provision for bad debts balance Provision for bad debts
Lifetime ECL Lifetime ECL
Amount rates Amount Amount rates Amount
Within 1 year 46,948,057 0.95% (445,712) 23,836,136 0.97% (231,175)
1 to 2 years 805,943 10.00% (80,594) 35,568 10.00% (3,557)
2 to 3 years 35,568 31.79% (11,306) 29,247 30.00% (8,774)
Over 3 years 29,247 100.00% (29,247) 20,000 100.00% (20,000)
47,818,815 (566,859) 23,920,951 (263,506)
(d) As at 31 December 2022, the right to collect electric charges of the Group’s certain subsidiaries,
were pledged to banks to obtain long-term borrowings of RMB 6,052,250,122, including current
portion of long-term borrowings of RMB 512,741,564 (31 December 2021: long-term borrowings of
RMB 6,002,119,898, including current portion of long-term borrowings of RMB 386,056,214).
172
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(3) Advances to suppliers
31 December 2022 31 December 2021
Advances to suppliers 1,535,097,252 892,886,238
Less: Provision for impairment (115,000) (115,000)
1,534,982,252 892,771,238
(a) The ageing of advances to suppliers is analysed as follows:
31 December 2022 31 December 2021
Amount % of total balance Amount % of total balance
Within 1 year 1,532,647,170 99.84% 890,361,044 99.72%
1 to 2 years 1,525,236 0.10% 1,256,263 0.14%
2 to 3 years 370,407 0.02% 563,276 0.06%
Over 3 years 554,439 0.04% 705,655 0.08%
1,535,097,252 100.00% 892,886,238 100.00%
As at 31 December 2022, advances to suppliers with ageing over one year amounted to RMB
2,450,082 (31 December 2021: RMB 2,525,194), mainly including prepayments for spare parts
and materials.
(b) Provision for impairment accrued in the current year
2022 2021
Opening balance (115,000) (803,017)
Write-off in the current year - 688,017
Reversal in the current year - -
Ending balance (115,000) (115,000)
(c) As at 31 December 2022, the five largest advances to suppliers aggregated by debtors are
analysed as follows:
Amount % of total balance
Total amount of advances to five largest
debtors 1,420,215,456 92.52%
173
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(4) Other receivables
31 December 2022 31 December 2021
Land withdrawal receivable 285,763,798 302,530,718
Current accounts receivables from related
parties (Note 8(6)) 258,446,096 1,740,236,196
Receivables from sale of by-products 142,602,487 95,418,898
Including: Receivables from related parties
(Note 8(6)) 131,141,189 76,772,719
Supplementary medical insurance fund
receivable 102,914,387 98,784,664
Receivables from business units 75,047,046 118,932,979
Land deposits receivable 23,446,000 23,446,000
Compensation receivable for electricity
charges during the demolition and
construction period 7,099,200 15,824,336
Petty cash receivable 3,460,868 2,646,600
Others 71,308,102 69,403,144
970,087,984 2,467,223,535
Less: Provision for bad debts (35,303,832) (37,747,977)
934,784,152 2,429,475,558
(a) The ageing of other receivables is analysed as follows:
31 December 2022 31 December 2021
Within 1 year 512,250,821 2,226,475,458
1 to 2 years 249,175,803 168,657,304
2 to 3 years 153,072,185 5,694,340
Over 3 years 55,589,175 66,396,433
970,087,984 2,467,223,535
174
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(4) Other receivables (Cont’d)
(b) Loss provision and changes in book balance
Stage 1 Stage 3
Lifetime ECL (credit
12-month ECL (group) 12-month ECL (individual) Sub-total impaired) Total
Provision for Provision for Provision for Book Provision for Provision for
Book balance bad debts Book balance bad debts bad debts balance bad debts bad debts
31 December 2021 135,587,452 (18,131,497) 2,312,019,603 - (18,131,497) 19,616,480 (19,616,480) (37,747,977)
Increase in the
current year 80,560,005 (6,252,264) 4,129,723 - (6,252,264) - - (6,252,264)
Reversal in the
current year (60,565,705) 7,787,920 (1,520,351,085) - 7,787,920 (330,827) 330,827 8,118,747
Write-off in the current
year (27,250) 27,250 - - 27,250 (550,412) 550,412 577,662
Transfer to Stage 3 (2,926,022) 2,926,022 - - 2,926,022 2,926,022 (2,926,022) -
31 December 2022 152,628,480 (13,642,569) 795,798,241 - (13,642,569) 21,661,263 (21,661,263) (35,303,832)
175
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(4) Other receivables (Cont’d)
(b) Loss provision and changes in book balance (Cont’d)
As at 31 December 2022 and 31 December 2021, the Group did not have other receivables at Stage
2. Other receivables at Stage 1 and Stage 3 are analysed as follows:
(i) As at 31 December 2022, other receivables for which the related provision for bad debts was
provided on the individual basis are analysed as follows:
Provision
Book 12-month for bad
balance ECL rates debts Reason
Stage 1
The counterparty is a related party, with
Receivables from a historical loss rate of 0% ; therefore,
related parties 389,587,285 - - the risk of ECL is extremely low.
Land withdrawal The counterparty is a government unit
receivable 271,989,298 - - and the risk of ECL is extremely low.
The counterparty is Taikang Pension
Co., Ltd. Guangdong Branch
(“Taikang Pension”), which mainly
provides custody services for the
Group’s supplementary medical
Supplementary insurance fund. The historical loss rate
medical insurance is 0%, and the risk of ECL is extremely
fund receivable 102,914,387 - - low.
Land deposits The counterparty is a government unit
receivable 23,446,000 - - and the risk of ECL is extremely low.
Compensation
receivable for The demolition and construction project
electricity charges is initiated by the state-owned
during the industrial park, which pays
demolition and compensation expenses, and the risk
construction period 7,099,200 - - of ECL is extremely low.
The counterparty is a government unit,
with a historical loss rate of 0%;
therefore, the risk of ECL is extremely
Others 762,071 - - low.
795,798,241 -
Book Lifetime Provision for
balance ECL rates bad debts Reason
Stage 3
Receivables from Unrecoverable by estimation since the
business units 16,591,996 100% (16,591,996) counterparty is financially difficult.
Unrecoverable by estimation since the
Others 5,069,267 100% (5,069,267) counterparty is financially difficult.
21,661,263 (21,661,263)
176
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(4) Other receivables (Cont’d)
(b) Loss provision and changes in book balance (Cont’d)
(i) As at 31 December 2021, other receivables for which the related provision for bad debts was
provided on the individual basis are analysed as follows (Cont’d):
Provision
12-month for bad
Book balance ECL rate debts Reason
Stage 1
The counterparty is a related party,
with a historical loss rate of 0% ;
Receivables from therefore, the risk of ECL is extremely
related parties 1,817,008,915 - - low.
Land withdrawal The counterparty is a government unit
receivable 288,756,218 - - and the risk of ECL is extremely low.
The counterparty is Taikang Pension,
which mainly provides custody
Supplementary services for the Group’s
medical supplementary medical insurance
insurance fund fund. The historical loss rate is 0%,
receivable 98,784,664 - - and the risk of ECL is extremely low.
The amount has the performance
Receivables from guarantee issued by bank with an
business units 58,920,000 - - extremely low risk of ECL.
Land deposits The counterparty is a government unit
receivable 23,446,000 - - and the risk of ECL is extremely low.
Compensation
receivable for
electricity
charges during The demolition and construction
the demolition project is initiated by the state-owned
and industrial park, which pays
construction compensation expenses, and the risk
period 15,824,336 - - of ECL is extremely low.
The counterparty is a government
unit, with a historical loss rate of 0%;
therefore, the risk of ECL is extremely
Others 9,279,470 - - low.
2,312,019,603 -
Lifetime
Book ECL Provision for
balance rates bad debts Reason
Stage 3
Unrecoverable by estimation since
Receivables from the counterparty is financially
business units 13,889,589 100% (13,889,589) difficult.
Unrecoverable by estimation since
the counterparty is financially
Others 5,726,891 100% (5,726,891) difficult.
19,616,480 (19,616,480)
177
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(4) Other receivables (Cont’d)
(b) Loss provision and changes in book balance (Cont’d)
(ii) As at 31 December 2022 and 31 December 2021, other receivables for which the related provision
for bad debts was provided on a collective basis are all within Stage 1, which are analysed as
follows:
31 December 2022
Book balance Loss provision
Amount Amount Provision ratio
Group 1
Within 1 year 77,606,733 (4,014,982) 5.17%
1 to 2 years 63,120,629 (1,263,279) 2.00%
2 to 3 years 2,357,477 (466,557) 19.79%
Over 3 years 9,543,641 (7,897,751) 61.40%
152,628,480 (13,642,569) 8.94%
31 December 2021
Book balance Loss provision
Amount Amount Provision ratio
Group 1
Within 1 year 112,414,194 (909,472) 0.81%
1 to 2 years 6,183,553 (807,222) 13.05%
2 to 3 years 860,422 (288,519) 33.53%
Over 3 years 16,129,283 (16,126,284) 99.98%
135,587,452 (18,131,497) 13.37%
(c) The amount of provision for bad debts of other receivables in the current year was RMB 6,252,264
(2021: RMB 22,488,667), and the amount of reversed provision for bad debts of other receivables in
the current year was RMB 8,118,747 (2021: RMB 692,002), with corresponding book balance of
RMB 60,896,532 (2021: RMB 54,151,642).
The balance of other receivables that were written off in the current year was RMB 577,662, and the
provision for bad debts was RMB 577,662.
178
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(4) Other receivables (Cont’d)
(d) As at 31 December 2022, the five largest other receivables aggregated by debtors are analysed as
follows:
% of total Provision for
Nature Balance Ageing balance bad debts
Current accounts
Energy Financial Leasing receivables from Within 2
Company related parties 240,453,119 years 24.79% -
People’s Government of
Chengjiang Town,
Meixian District, Land withdrawal 2 to 3
Meizhou City receivable 136,885,400 years 14.11% -
Guangdong Yudean
Environmental
Protection Co., Ltd. Receivables from sale
(“Yudean of by-products to Within 1
Environmental”) related parties 131,141,189 year 13.52% -
People’s Government of
Yamen Town, Xinhui Land withdrawal 1 to 2
District, Jiangmen City receivable 109,094,018 years 11.25% -
Supplementary
medical insurance Within 5
Taikang Pension fund receivable 102,914,387 years 10.61% -
720,488,113 74.27% -
(5) Inventories
(a) Inventories are summarised by categories as follows:
31 December 2022 31 December 2021
Provision for Provision for
decline in the decline in the
value of Carrying value of Carrying
Book balance inventories amount Book balance inventories amount
Fuel 2,451,751,083 - 2,451,751,083 2,189,710,739 - 2,189,710,739
Spare
parts 930,548,565 (34,044,608) 896,503,957 817,710,542 (34,044,608) 783,665,934
Others 28,613,060 - 28,613,060 25,517,866 - 25,517,866
3,410,912,708 (34,044,608) 3,376,868,100 3,032,939,147 (34,044,608) 2,998,894,539
179
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(5) Inventories (Cont’d)
(b) Provision for decline in the value of inventories is analysed as follows:
Written off in the
31 December 2021 current year 31 December 2022
Spare parts (34,044,608) - (34,044,608)
(c) Provision for decline in the value of inventories is as follows:
Specific basis for determining net
realisable value Reason for write-off
The carrying amount is higher than
the amount of net realisable value
of the disposal proceeds less costs
Spare parts to sell Nil
(6) Other current assets
31 December 2022 31 December 2021
Input VAT to be deducted 822,610,159 1,238,295,329
Carbon emission rights assets (a) 35,890,568 295,315
Prepayment of income tax 15,213,902 174,867,263
Others 1,891,176 4,527,701
875,605,805 1,417,985,608
(7) Long-term equity investments
31 December 2022 31 December 2021
(Restated)
Joint ventures (a) 891,570,923 654,820,514
Associates (b) 8,423,629,394 7,536,476,456
9,315,200,317 8,191,296,970
Less: Provision for impairment of long-term
equity investments (117,147,134) (117,147,134)
9,198,053,183 8,074,149,836
180
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(7) Long-term equity investments (Cont’d)
(a) Joint ventures
Movements in the current year
Share of net Ending balance
profit/(loss) Share of other Cash of provision for
31 December Increase in under equity comprehensive dividends 31 December impairment
2021 investments method income declared Others 2022 loss
Industry Fuel 645,470,514 - 64,928,489 - - - 710,399,003 -
China Aviation Shenxin
Wind Power Co., Ltd.
(“China Aviation
Shenxin”) (i) - 174,328,518 - - - - 174,328,518 -
Zhanjiang Yuexin
Distributed Energy and
Technique Co., Ltd.
(“Yuexin Energy”) 9,350,000 - (2,506,598) - - - 6,843,402 -
654,820,514 174,328,518 62,421,891 - - - 891,570,923 -
Please refer to Note 6(2) for related information of interest in joint ventures.
(i) On 29 December 2022, the Group's subsidiary Guangdong Wind Power Generation Co Ltd. ("Provincial Wind") acquired 51% equity of China Aviation
Shenxin at a consideration of RMB 174,328,518, which was originally held by China Aviation Industry Renewable Energy Corporation ("Aviation Industry
Renewable Energy"). As at 31 December 2022, the Group's subsidiary Provincial Wind held 51% equity of China Aviation Shenxin. According to the
articles of association of China Aviation Shenxin, the resolution of the shareholders' meeting must be unanimously adopted by shareholders representing
more than 2/3 of the voting rights. Therefore, China Aviation Shenxin is jointly controlled by the Group's subsidiary Provincial Wind and Inner Mongolia
Electric Power Survey&Design Institute Co., Ltd., which holds 49% equity.
181
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(7) Long-term equity investments (Cont’d)
(b) Associates
Movements in the current year
Ending
Share of net Share of other Share of balance of
profit/(loss) comprehensive other Cash dividends provision for
31 December Increase in Decrease in under equity income (Note changes in or profits 31 December impairment
2021 investments investments method 4(36)) equity (ii) declared 2022 loss
(Restated)
Shanxi Yudean Energy Co.,
Ltd. (“Shanxi Yudean
Energy”) (i) 2,363,177,253 130,000,000 - 526,175,689 - - - 3,019,352,942 -
Guangdong Guohua Yudean
Taishan Electric Co., Ltd.
(“Taishan Electric”) 1,784,468,086 - - 116,886,446 - - - 1,901,354,532 -
Energy Group Finance
Company 1,666,774,664 - - 151,630,673 9,938,693 - (123,894,709) 1,704,449,321 -
Energy Financial Leasing
Company 532,306,787 - - 23,242,646 - - (18,292,179) 537,257,254 -
GEG Property&Casualty
Captive Insurance Co., Ltd.
(“GEG Property Insurance”) 276,532,777 - - 11,597,609 - - (2,426,770) 285,703,616 -
Guangdong Yudean Shipping
Co., Ltd. (“Yudean Shipping”) 247,954,895 - - 26,726,321 1,855,914 636,197 - 277,173,327 -
Guizhou Yueqian Power Co.,
Ltd. (“Yueqian Power”) 161,325,870 - - 70,648,616 - - - 231,974,486 -
South Sea Wind Electricity
Development Co., Ltd.
(“South Sea Wind Electricity”) 169,753,693 - - 25,405,459 - - (102,550) 195,056,602 -
Yunnan Energy Investment
Weixin Co., Ltd. (“Weixin
Yuntou”) 138,810,051 - - (52,510,020) - - - 86,300,031 (96,327,854)
Sub-total for next page 7,341,104,076 130,000,000 - 899,803,439 11,794,607 636,197 (144,716,208) 8,238,622,111 (96,327,854)
182
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(7) Long-term equity investments (Cont’d)
(b) Associates (Cont’d)
Movements in the current year
Ending
Share of net Share of other Share of balance of
profit/(loss) comprehensive other Cash dividends provision for
Increase in Decrease in under equity income (Note changes in or profits 31 December impairment
31 December 2021 investments investments method 4(36)) equity (ii) declared 2022 loss
(Restated)
Huaneng Shantou Wind
Power Co., Ltd. (“Huaneng
Shantou Wind Power”) 60,691,152 - - 5,061,794 - - (5,530,034) 60,222,912 -
Yunfu Power Plant (B Power
Plant) Co., Ltd. (“Yunfu B”) 9,596,285 - - (9,596,285) - - - - (20,819,280)
Others 7,937,809 - (2,033,756) 2,315,498 - - (582,314) 7,637,237 -
Total 7,419,329,322 130,000,000 (2,033,756) 897,584,446 11,794,607 636,197 (150,828,556) 8,306,482,260 (117,147,134)
Please refer to Note 6(2) for related information of equity in associates.
183
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(7) Long-term equity investments (Cont’d)
(b) Associates (Cont’d)
(i) As at 29 August 2022, the Company and GEGC increased a capital of RMB 325,000,000 to
Shanxi Yudean Energy in proportion of the shareholding, for the investment in wind farm phase II
100MW project in Xiyan Town, Mengxian, Wuxiang 100MW integrated photovoltaic energy
integration project, Qinshui 100MW parity photovoltaic project, Dabu Xianeng 100MW agricultural
photovoltaic complementary project, Dongfeng Yueda KIA 36 MW distributed photovoltaic power
generation project in Yancheng City, Jiangsu Province, among which the Company contributed
RMB 130,000,000 at the shareholding proportion of 40%.
(ii) In 2022, other changes in equity from long-term equity investments in associates were changes in
capital surplus of RMB 636,197 (2021: changes in capital surplus of RMB 5,383,623).
(8) Investments in other equity instruments
Cash dividends in
31 December 2022 31 December 2021 the current year
Investments in equity instrument not held for trading
- Equity of listed
companies 2,105,271,054 547,728,682 66,846,450
- Equity of unlisted
companies 952,800,000 2,684,300,000 34,416,139
3,058,071,054 3,232,028,682 101,262,589
184
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(8) Investments in other equity instruments (Cont’d)
Including:
% of Cash dividends
31 December Movements in the 31 December shareholding in the current
2021 current year 2022 in investee year
Investments in other equity instruments - cost
- Shanghai Shenergy Co., Ltd. (“Shanghai Shenergy”)
(a) 235,837,988 - 235,837,988 1.13% 11,106,450
- Sunshine Insurance (e) 356,000,000 - 356,000,000 3.04% 52,500,000
- Shenzhen Capital Group Co., Ltd. (“SCG”) (c) 328,034,000 - 328,034,000 3.67% 34,416,139
- Others 20,290,628 2,000,000 22,290,628 - 3,240,000
940,162,616 2,000,000 942,162,616 101,262,589
Investments in other equity instruments - accumulated
changes in fair value
- Shanghai Shenergy (a) 173,434,694 (104,400,630) 69,034,064
- Sunshine Insurance (e) 1,297,500,000 42,203,802 1,339,703,802
- SCG (c) 701,966,000 (80,000,000) 621,966,000
- Others 118,965,372 (33,760,800) 85,204,572
2,291,866,066 (175,957,628) 2,115,908,438
Total 3,232,028,682 (173,957,628) 3,058,071,054
The Group does not participate in or influence the financial and operating decisions of the above investees in any ways. Therefore, the Group has no
significant influence on the above investees, and accordingly they are accounted for as investments in other equity instruments.
185
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(8) Investments in other equity instruments (Cont’d)
(a) As at 31 December 2022, the Company held 55,532,250 tradable A shares in Shanghai Shenergy
with fair value of RMB 304,872,052, 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, losses on
fair value amounted to RMB 104,400,630 (2021: Gains of RMB 119,394,337), and other
comprehensive income was adjusted downwards accordingly.
(b) As at 31 December 2022, the Company held 350,000,000 tradable H shares in Sunshine
Insurance with fair value of RMB 1,695,703,802, and the investment cost was RMB 356,000,000.
The investment was stated at fair value with reference to the market price. During the year, gains
on fair value amounted to RMB 42,203,800 (2021: Losses of RMB 382,500,000), and other
comprehensive income was adjusted upwards accordingly.
(c) As at 31 December 2022, the fair value of the equity that the Company held in SCG amounted to
RMB 950,000,000, and the investment cost was RMB 328,034,000. During the year, losses on
fair value amounted to RMB 80,000,000 (2021: Losses of RMB 18,000,000), and other
comprehensive income was adjusted downwards accordingly.
186
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(9) Investment properties
Buildings Land use rights Total
Cost
- Opening balance 508,730,777 46,042,801 554,773,578
- Additions in the current year 438,747 - 438,747
- Transfer out in the current
year (6,646,703) - (6,646,703)
- Ending balance 502,522,821 46,042,801 548,565,622
Accumulated depreciation
- Opening balance (164,834,616) (11,142,030) (175,976,646)
- Increase in the current year
(a) (8,382,937) (903,659) (9,286,596)
- Transfer out in the current
year 1,982,921 - 1,982,921
- Ending balance (171,234,632) (12,045,689) (183,280,321)
Carrying amount
- Ending balance 331,288,189 33,997,112 365,285,301
- Opening balance 343,896,161 34,900,771 378,796,932
(a) In 2022, depreciation charged to investment properties amounted to RMB 9,286,596 (2021: RMB
9,980,869) among which depreciation expenses charged to cost of sale, and general and
administrative expenses were RMB 8,650,998 and RMB 635,598 (2021: RMB 9,345,271 and RMB
635,598) respectively.
(10) Fixed assets
31 December 2022 31 December 2021
(Restated)
Fixed assets (a) 62,273,985,182 57,047,122,800
Disposals of fixed assets (b) 126,189,875 97,976,623
62,400,175,057 57,145,099,423
187
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(10) Fixed assets (Cont’d)
(a) Fixed assets
Power generation
Buildings equipment Motor vehicles Other equipment Total
Self-use Self-use Self-use Self-use
Cost
31 December 2021 (restated) 30,461,761,423 89,377,001,367 662,435,852 1,477,718,227 121,978,916,869
Increase in the current year
Purchase 134,349,033 592,158,863 30,097,302 39,528,359 796,133,557
Transfers from construction in
progress (ii) 4,242,193,676 5,602,827,775 16,329,419 24,673,176 9,886,024,046
Transfers from investment properties
in the current year 6,646,703 - - - 6,646,703
Adjustment due to differences in
project settlement - - - 344,828 344,828
Decrease in the current year
Disposal and scrap (54,322,334) (1,010,811,239) (23,399,532) (27,594,568) (1,116,127,673)
Decrease in disposals of subsidiaries
in the current year - (589,568) (946,774) (155,678) (1,692,020)
Adjustment due to differences in
project settlement (173,882,730) (373,906,790) (1,318,463) - (549,107,983)
31 December 2022 34,616,745,771 94,186,680,408 683,197,804 1,514,514,344 131,001,138,327
188
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(10) Fixed assets (Cont’d)
(a) Fixed assets
Power generation
Buildings equipment Motor vehicles Other equipment Total
Self-use Self-use Self-use Self-use
Accumulated depreciation
31 December 2021 (restated) (11,937,538,940) (50,281,958,185) (477,541,422) (1,064,855,631) (63,761,894,178)
Increase in the current year
Provision (i) (788,100,674) (3,684,084,079) (36,843,550) (109,796,801) (4,618,825,104)
Transfers from investment
properties in the current
year (1,982,921) - - - (1,982,921)
Decrease in the current year
Disposal and scrap 26,147,085 712,018,401 21,891,122 26,026,064 786,082,672
Decrease in disposals of
subsidiaries in the current
year - 406,884 908,682 152,422 1,467,988
31 December 2022 (12,701,475,450) (53,253,616,979) (491,585,168) (1,148,473,946) (67,595,151,543)
189
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(10) Fixed assets (Cont’d)
(a) Fixed assets
Power generation
Buildings equipment Motor vehicles Other equipment Total
Self-use Self-use Self-use Self-use
Provision for impairment
31 December 2021 (236,527,567) (932,674,173) (422,918) (275,233) (1,169,899,891)
Increase in the current year
Provision (iii) (155,592,876) - - - (155,592,876)
Others (4,519,416) - - - (4,519,416)
Decrease in the current year - - -
Disposal and scrap 1,277,211 192,205,656 - 8,298 193,491,165
Other decreases - 4,519,416 - - 4,519,416
31 December 2022 (395,362,648) (735,949,101) (422,918) (266,935) (1,132,001,602)
Carrying amount
31 December 2022 21,519,907,673 40,197,114,328 191,189,718 365,773,463 62,273,985,182
31 December 2021 (restated) 18,287,694,916 38,162,369,009 184,471,512 412,587,363 57,047,122,800
190
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(10) Fixed assets (Cont’d)
(a) Fixed assets (Cont’d)
As at 31 December 2021 and 31 December 2022, no power generation equipment or buildings
were pledged as collateral for long-term borrowings.
(i) In 2022, depreciation of fixed assets charged into cost of sale, general and administrative
expenses, construction in progress, research and development expenses and selling expenses are
set out as follows:
2022 2021
(Restated)
Cost of sale 4,404,866,139 3,916,896,479
Research and development expenses 145,433,531 36,944,538
General and administrative expenses 66,063,836 63,638,815
Construction in progress 1,929,448 4,583,607
Selling expenses 532,150 737,724
4,618,825,104 4,022,801,163
(ii) The costs of fixed assets transferred from construction in progress in the current year amounted to
RMB 9,886,024,046 (2021: RMB 9,445,047,480) (Note 4(11)(a)(i)).
191
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(10) Fixed assets (Cont’d)
(a) Fixed assets (Cont’d)
(iii) Impairment of fixed assets
In 2022, movements of provision for impairment of fixed assets are as follows:
Increase in Decrease in
31 December the current the current 31 December
2021 year year 2022
Guangdong Yuehua Power Co., Ltd. ("Yuehua Power")
(Note 1) 538,763,955 - (164,847,347) 373,916,608
Guangdong Yudean Bohe Energy Co., Ltd. ("Bohe Energy")
(Note 2) 208,000,000 - - 208,000,000
Lincang Energy (Note 3) 200,601,657 - (461,200) 200,140,457
Guangdong Yudean Shaoguan Power Plant Co., Ltd.
(Shaoguan Power Plant) (Note 4) 39,598,360 75,133,692 (108,588) 114,623,464
Guangdong Yudean Yangjiang Offshore Wind Power Co.,
Ltd. (“Yangjiang Wind Power”) (Note 5) - 80,459,184 - 80,459,184
Guangdong Electric Power Development Co., Ltd. Shajiao A
Power Plant (“Shajiao A Power Plant”) 50,656,655 - (8,298) 50,648,357
Guangdong Energy Maoming Thermal Power Station Co.,
Ltd. (“Maoming Thermal”) 29,751,684 - - 29,751,684
Guangdong Red Bay Power Generation Co., Ltd. (“Red Bay
Power”) 45,049,547 - (23,821,407) 21,228,140
Guangdong Yudean Jinghai Power Co., Ltd. (“Jinghai
Power”) 22,228,873 - (2,856,886) 19,371,987
Zhanjiang Electric 18,822,875 - - 18,822,875
Guangdong Yudean Yunhe Power Co., Ltd. ("Yunhe
Power") 10,388,437 - - 10,388,437
Guangdong Huizhou Natural Gas Power Co., Ltd. (“Huizhou
Natural Gas”) 3,230,570 - - 3,230,570
Zhanjiang Zhongyue Energy Co., Ltd. (“Zhongyue Energy”) 2,807,278 - (1,387,439) 1,419,839
1,169,899,891 155,592,876 (193,491,165) 1,132,001,602
Note 1 Yuehua Power shut down 5# generator unit at the end of 2019 and 6# generator unit at the end
of November 2020. The Group tested the recoverable amount of the asset groups of 5# and 6#
generator units that had been shut down, and made provision for impairment accordingly. At the
end of 2019, a provision for impairment of the related asset group of 5# generator unit amounting
to RMB 317,686,700 and a provision for impairment of the related asset group of 6# generator
unit amounting to RMB 251,426,700 were made. In 2022, Yunhua Power partly disposed of the
related assets of 5# and 6# generator units that had been shut down, the accumulated provision
for impairment written off on such disposals amounted to RMB 164,847,347, and the balance of
provision for impairment amounted to RMB 373,916,608.
Note 2 In 2020, Bohe Energy obtained approval from Guangdong Provincial Development and Reform
Committee. As the alternative capacity of some generator units could not be approved,
management expected that the alternative capacity of these units would not be available for
subsequent project construction or sale. Therefore, a provision of RMB 208,000,000 for
impairment of fixed assets was made to the capitalised acquisition cost of the alternative capacity
of these generator units.
Note 3 Due to the fierce competition in the hydroelectric power market in Yunnan Province, Lincang
Energy, a subsidiary of the Group, suffered from continuous operating loss. In previous years, the
Group had made a provision of RMB 200,601,657 for the impairment of fixed assets for the
relevant asset groups of generator units of Lincang Energy.
Note 4 In 2022, the asset group of the special railway line docking station for transferring coal for boiler
combustion in Shaoguan Power Plant was expected to be unable to be used for future operation
because of the gradual decline of railway coal transport capacity. Therefore, a provision of RMB
75,133,692 for impairment of this asset group was made in 2022.
192
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(10) Fixed assets (Cont’d)
(a) Fixed assets (Cont’d)
(iii) Impairment of fixed assets
Note 5 In 2022, part of wind turbine generator units of Yangjiang Wind Power were hit by typhoons, and
part of their infrastructure was seriously damaged and could not operate normally. Management
evaluated the recoverable value of this part of the damaged assets and made a provision for
impairment amounting to RMB 80,459,184 according to the evaluation results.
(iv) Impairment of related asset groups of certain subsidiaries that have suffered continuous operating
loss in recent years
In recent years, certain subsidiaries of the Group suffered continuous operating loss and
indications of impairment of related asset groups were observed. Taking into consideration risks
that may exist in the future, such as the instability of electricity demand and price of coal for
power generation, macro economy and other factors, the Group continuously assessed the
impairment of the above-mentioned subsidiaries’ power generation asset groups (mainly including
fixed assets) in 2022 (refer to Note 2(29)(b)(i) for the assessment method and accounting
estimtates involved). The assessment results indicated that the estimated recoverable amounts of
the above asset groups were higher than their carrying amounts. Therefore, management
considered that no provision for impairment should be made.
(iv) Fixed assets with pending certificates of ownership:
Reasons for not obtaining certificates
Carrying amount of ownership
Buildings 2,121,250,891 Awaiting government approval
As at 31 December 2022, after consulting the Group’s legal consultant, management believed
that there were no substantial legal obstacles in obtaining the certificates and no material adverse
impact on normal operation of the Group would occur.
(b) Disposals of fixed assets
31 December 2022 31 December 2021
Parts of power generation equipment 124,038,520 93,602,122
Other equipment 2,151,355 4,374,501
126,189,875 97,976,623
(11) Construction in progress
31 December 2022 31 December 2021
(Restated)
Construction in progress (a) 11,766,944,424 8,707,685,036
Construction materials 1,883,737 3,006,730
11,768,828,161 8,710,691,766
193
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(11) Construction in progress (Cont’d)
(a) Construction in progress
31 December 2022 31 December 2021 (Restated)
Provision for Provision for
Book balance impairment Carrying amount Book balance impairment Carrying amount
Qingzhou offshore wind power project 2,342,070,500 - 2,342,070,500 27,475,461 - 27,475,461
Shajiao Ningzhou gas power project 1,969,185,872 - 1,969,185,872 253,652,368 - 253,652,368
Guangdong Energy Xinjiang 400,000 kW
photovoltaic project 1,448,198,206 - 1,448,198,206 - - -
Dacheng wind power project 683,097,937 - 683,097,937 - - -
Yuehua Power substitution of natural gas for coal
power project 616,219,696 - 616,219,696 57,514,981 - 57,514,981
Zhaoqing Dinghu natural gas thermal power
cogeneration project 582,964,452 - 582,964,452 120,337,569 - 120,337,569
Daya Bay petrochemical western thermal power
cogeneration project 504,579,892 - 504,579,892 37,759,737 - 37,759,737
Inner Mongolia Yuefeng 300MW photovoltaic park
project 409,218,078 - 409,218,078 - - -
Dabu Phase II Expansion Project 238,826,677 - 238,826,677 25,214,002 - 25,214,002
Jinchang Muhong Jinchang District West Slope
100MW photovoltaic power generation project 216,333,499 - 216,333,499 - - -
Hongdong County 200MW centralised photovoltaic
power generation project 207,718,654 - 207,718,654 2,559,959 - 2,559,959
Qiantang 100MW fishery and solar complementary
project in Potou, Zhanjiang 194,269,709 - 194,269,709 72,146 - 72,146
Jinchang Mujin Jinchang District West Slope 100MW
photovoltaic power generation project 179,642,763 - 179,642,763 - - -
Laishui Conservancy Energy Laishui County 80MW
affordable on-grid photovoltaic power generation
project 149,824,672 - 149,824,672 - - -
Wuhua Huangnizhai Project 130,793,897 - 130,793,897 - - -
Dongsheng Farm agricultural photovoltaic power
generation project (Phase I) in Lianjiang,
Zhanjiang 122,913,806 - 122,913,806 2,825,114 - 2,825,114
Changshan Farm agricultural photovoltaic power
generation project in Lianjiang, Zhanjiang 109,540,517 - 109,540,517 2,532,711 - 2,532,711
Huadu thermal and power cogeneration project 100,715,497 - 100,715,497 1,054,889,800 - 1,054,889,800
Sub-total for next page 10,206,114,324 - 10,206,114,324 1,584,833,848 - 1,584,833,848
194
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
195
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(11) Construction in progress (Cont’d)
(a) Construction in progress (Cont’d)
31 December 2022 31 December 2021 (Restated)
Provision for Provision for
Book balance impairment Carrying amount Book balance impairment Carrying amount
Hunan Tongdao Dagaoshan wind
power plant project - - - 320,622,384 - 320,622,384
Wuxuan Hequn project - - - 413,866,414 - 413,866,414
Yangjiang Shapa offshore wind
power project - - - 4,417,942,531 - 4,417,942,531
Other infrastructure construction
projects 1,254,443,125 (273,214,618) 981,228,507 1,423,911,853 (272,760,361) 1,151,151,492
Technology improvement and other
projects 588,231,904 (8,630,311) 579,601,593 827,898,678 (8,630,311) 819,268,367
12,048,789,353 (281,844,929) 11,766,944,424 8,989,075,708 (281,390,672) 8,707,685,036
196
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(11) Construction in progress (Cont’d)
(a) Construction in progress (Cont’d)
(i) Movements of major construction in progress
Proportion of Including:
Transfer to fixed investment to Capitalised Capitalisation
31 December Increase in the assets in the current Provision for Other 31 December the budget Project Capitalised borrowing costs for rate of
Project name Budget 2021 current year year (Note 4(10)(a)(ii)) impairment movements (i) 2022 (%) progress borrowing costs the year borrowing cost Source of fund
(Restated)
Qingzhou offshore wind power Borrowing and
project 17,107,250,000 27,475,461 2,314,595,039 - - - 2,342,070,500 15.13% 24.90% 30,900,081 30,900,081 2.75% own funds
Shajiao Ningzhou gas power Borrowing and
project 5,927,600,000 253,652,368 1,716,265,813 - - (732,309) 1,969,185,872 33.25% 68.63% 50,614,908 42,963,316 3.27% own funds
Guangdong Energy Xinjiang
40,0000 kW photovoltaic Borrowing and
project 2,226,851,400 - 1,448,198,206 - - - 1,448,198,206 71.73% 65.03% 11,502,012 11,502,012 2.94% own funds
Borrowing and
Dacheng wind power project 800,000,000 - 683,097,937 - - - 683,097,937 96.00% 100.00% - - - own funds
Yuehua Power substitution of
natural gas for coal power Borrowing and
project 1,532,190,000 57,514,981 558,704,715 - - - 616,219,696 35.36% 36.50% 13,558,332 13,558,332 4.18% own funds
Zhaoqing Dinghu Natural Gas
Thermal Power Borrowing and
Cogeneration Project 2,998,180,000 120,337,569 462,626,883 - - - 582,964,452 57.94% 49.86% 35,172,647 30,462,326 3.77% own funds
Daya Bay petrochemical
western thermal power Borrowing and
cogeneration project 3,820,000,000 37,759,737 466,820,155 - - - 504,579,892 32.15% 37.86% 10,861,422 10,861,422 2.92% own funds
Inner Mongolia Yuefeng
300MW photovoltaic park Borrowing and
project 1,572,760,000 - 409,218,078 - - - 409,218,078 25.16% 22.42% 1,726,696 1,726,696 2.45% own funds
Dabu Phase II Expansion Borrowing and
Project 8,134,220,000 25,214,002 217,448,925 - - - 242,662,927 5.58% 4.02% 3,836,250 3,836,250 3.10% own funds
Jinchang Muhong Jinchang
District West Slope 100MW
photovoltaic power Borrowing and
generation project 598,705,600 - 216,333,499 - - - 216,333,499 41.09% 47.00% 502,510 502,510 2.45% own funds
Hongdong County 200MW
centralised photovoltaic Borrowing and
power generation project 516,560,000 2,559,959 205,158,695 - - - 207,718,654 41.31% 43.86% 1,904,053 1,904,053 3.10% own funds
Qiantang 100MW fishery and
solar complementary project Borrowing and
in Potou, Zhanjiang 500,232,000 72,146 194,197,563 - - - 194,269,709 42.90% 43.55% 2,565,207 2,565,207 3.37% own funds
Sub-total for next page 524,586,223 8,892,665,508 - - (732,309) 9,416,519,422 163,144,118 150,782,205
197
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(11) Construction in progress (Cont’d)
(a) Construction in progress (Cont’d)
(i) Movements of major construction in progress (Cont’d)
Transfer to fixed Including:
assets in the Proportion of Capitalised Capitalisation
Increase in the current year (Note Provision for Other movements investment to Project Capitalised borrowing costs for rate of
Project name Budget 31 December 2021 current year 4(10)(a)(ii)) impairment (i) 31 December 2022 the budget (%) progress borrowing costs the year borrowing cost Source of fund
(Restated)
Jinchang Mujin Jinchang
District West Slope 100MW
photovoltaic power Borrowing and
generation project 598,705,600 - 179,642,763 - - - 179,642,763 34.03% 44.00% 668,245 668,245 2.42% own funds
Laishui Conservancy Energy
Laishui County 80MW
affordable on-grid
photovoltaic power Borrowing and
generation project 376,000,000 - 149,824,672 - - - 149,824,672 38.27% 38.26% 533,607 533,607 3.00% own funds
Borrowing and
Wuhua Huangnizhai project 336,020,000 - 130,793,897 - - - 130,793,897 46.00% 41.67% 721,326 721,326 3.44% own funds
Dongsheng Farm agricultural
photovoltaic power
generation project (Phase I) Borrowing and
in Lianjiang, Zhanjiang 299,020,000 2,825,114 120,088,692 - - - 122,913,806 45.40% 65.74% 3,420,954 3,420,954 3.10% own funds
Changshan Farm agricultural
photovoltaic power
generation project in Borrowing and
Lianjiang, Zhanjiang 294,690,000 2,532,711 107,007,806 - - - 109,540,517 41.18% 62.93% 1,980,810 1,980,810 3.10% own funds
Huadu thermal and power Borrowing and
cogeneration project 3,536,710,000 1,054,889,800 485,867,256 (1,440,041,559) - - 100,715,497 69.94% 97.80% 92,845,058 54,388,944 3.94% own funds
Hunan Tongdao Dagaoshan Borrowing and
wind power plant project 531,740,000 320,622,384 50,942,006 (371,564,390) - - - 96.61% 100.00% 19,727,145 10,010,879 4.12% own funds
Borrowing and
Wuxuan Hequn Plant Project 485,000,000 413,866,414 12,239,666 (426,106,080) - - - 99.66% 100.00% 20,264,009 8,245,177 4.28% own funds
Yangjiang Shapa offshore wind Borrowing and
power project 5,963,270,000 4,417,942,531 1,199,702,277 (5,617,644,808) - - - 95.29% 100.00% 221,735,731 65,673,558 3.25% own funds
Other infrastructure Borrowing and
construction projects - 1,151,151,492 886,127,085 (1,059,432,063) (454,257) - 977,392,257 - - 56,036,231 35,931,335 - own funds
Technology improvement and Borrowing and
other projects - 819,268,367 765,199,514 (971,235,146) - (33,631,142) 579,601,593 - - 1,335,162 - - own funds
8,707,685,036 12,980,101,142 (9,886,024,046) (454,257) (34,363,451) 11,766,944,424 582,412,396 332,357,040
198
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(11) Construction in progress (Cont’d)
(a) Construction in progress (Cont’d)
(i) Movements of major construction in progress (Cont’d)
Other movements of construction in progress for the year mainly include construction in progress of RMB 34,363,451 that was completed and transferred
to intangible assets.
(ii) Provision for impairment of construction in progress
Increase in the
Item 31 December 2021 current year 31 December 2022 Reason for provision
(Restated)
Humen Electric 2*1000MW project (137,373,040) - (137,373,040) Stoppage of construction
Impairment of upfront
Impairment of upfront expenses for 5# and expenses for
6# generator units of Jinghai (55,389,093) - (55,389,093) construction in progress
Impairment of upfront
Impairment of upfront expenses for expenses for
Guangdong wind power project (43,138,231) - (43,138,231) construction in progress
Impairment of upfront
Impairment of upfront expenses for 5# and expenses for
6# generator units of Red Bay (26,446,447) - (26,446,447) construction in progress
Impairment of upfront
expenses for
Others (19,043,861) (454,257) (19,498,118) construction in progress
(281,390,672) (454,257) (281,844,929)
199
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(12) Right-of-use assets
Land use Machinery and Motor
rights Buildings equipment vehicles Total
Cost
31 December 2021 - 59,726,188 5,800,549,982 8,434,545 5,868,710,715
Increase in the
current year
New lease
contracts 361,855,746 10,328,178 2,087,418,765 7,797,726 2,467,400,415
Decrease in the
current year
Modification of
leases - (909,835) (854,267) (5,421,630) (7,185,732)
Leases
transferred out
upon maturity - (6,656,395) - (1,434,787) (8,091,182)
31 December 2022 361,855,746 62,488,136 7,887,114,480 9,375,854 8,320,834,216
Accumulated
depreciation
31 December 2021 - (17,358,410) (593,074,160) (2,153,166) (612,585,736)
Increase in the
current year
Provision (a) (8,387,293) (21,791,767) (331,125,537) (2,249,943) (363,554,540)
Decrease in the
current year
Modification of
leases - 504,728 676,138 978,488 2,159,354
Leases
transferred out
upon maturity - 6,656,395 - 1,434,787 8,091,182
31 December 2022 (8,387,293) (31,989,054) (923,523,559) (1,989,834) (965,889,740)
Provision for
impairment
31 December 2021 - - - - -
Increase in the
current year
Provision - - (2,899,510) - (2,899,510)
31 December 2022 - - (2,899,510) - (2,899,510)
Carrying amount
31 December 2022 353,468,453 30,499,082 6,960,691,411 7,386,020 7,352,044,966
31 December 2021 - 42,367,778 5,207,475,822 6,281,379 5,256,124,979
(a) In 2022, depreciation charged to right-of-use assets was RMB 363,554,540 (2021: RMB
244,546,772), among which depreciation expenses charged to cost of sale, general and
administrative expenses, selling expenses and construction in progress were RMB 294,975,923,
RMB 18,031,393, RMB 2,736,644 and RMB 47,810,580 (2021: RMB 168,487,776, RMB
11,428,272, RMB 2,747,235 and RMB 61,883,489) respectively.
200
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(13) Intangible assets
Use rights of
associated
projects for
electricity Non-patent
Land use rights and transmission and technology and
sea use rights transformation Software others Total
Cost
31 December 2021 3,155,681,252 260,331,315 214,052,599 91,714,579 3,721,779,745
Increase in the current year
Purchase 738,127,331 - 18,999,616 101,145 757,228,092
Transfers from construction in
progress - - 33,631,142 732,309 34,363,451
Decrease in the current year
Disposal - - (4,581,951) - (4,581,951)
31 December 2022 3,893,808,583 260,331,315 262,101,406 92,548,033 4,508,789,337
Accumulated amortisation
31 December 2021 (575,637,956) (260,331,315) (138,064,496) (32,517,259) (1,006,551,026)
Increase in the current year
Provision (a) (77,523,591) - (19,748,237) (5,901,618) (103,173,446)
Decrease in the current year
Disposal - - 4,173,004 - 4,173,004
31 December 2022 (653,161,547) (260,331,315) (153,639,729) (38,418,877) (1,105,551,468)
201
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(13) Intangible assets (Cont’d)
Use rights of
associated
projects for
electricity Non-patent
Land use rights and transmission and technology and
sea use rights transformation Software others Total
Provision for impairment
31 December 2021 (56,502,373) - - - (56,502,373)
Decrease in the current year - - - - -
31 December 2022 (56,502,373) - - - (56,502,373)
Carrying amount
31 December 2022 3,184,144,663 - 108,461,677 54,129,156 3,346,735,496
31 December 2021 2,523,540,923 - 75,988,103 59,197,320 2,658,726,346
(a) In 2022, amortisation charged to intangible assets was RMB 103,173,446, with cost of sale of RMB 13,917,919, general and administrative expenses
of RMB 71,440,393, construction in progress of RMB 15,582,846 and research and development expenses of RMB 2,232,288 respectively (In 2021,
amortisation charged to intangible assets was RMB 83,576,878, with cost of sale of RMB 4,225,762, general and administrative expenses of RMB
71,354,033 and construction in progress of RMB 7,581,319 and research and development expenses of RMB 415,764 respectively).
(b) As at 31 December 2022, for the land use rights with a carrying amount of RMB 224,004,105 (31 December 2021: RMB 40,485,578) and a cost of
RMB 233,461,861 (31 December 2021: RMB 48,689,959), the certificates had not been obtained due to incomplete filing documents or the
registration procedures were under processing.
(c) In 2022, the Group’s expenditures on research and development amounting to RMB 1,229,311,572 (2021: RMB 584,714,979) were all recognised as
research and development expenses in the current period (Note 4(43)). As at 31 December 2022, there were no intangible assets arising from
internal research and development of the Group.
202
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(14) Goodwill
31 December 2022 31 December 2021
Goodwill -
Tumxuk Thermal Power Co., Ltd.
(“Tumxuk Thermal Power”) 119,488,672 119,488,672
Others 45,531,259 45,531,259
165,019,931 165,019,931
Less: Provision for impairment -
Others (36,922,378) (25,036,894)
128,097,553 139,983,037
(15) Long-term prepaid expenses
31 December Increase in the Amortisation in 31 December
2021 current year the current year 2022
Improvements to right-
of-use assets 7,965,121 9,577,332 (12,845,788) 4,696,665
Insurance expenses - 79,363,798 (23,051,376) 56,312,422
Road use rights - 32,028,855 (850,181) 31,178,674
Others 22,370,180 38,720 (5,110,915) 17,297,985
30,335,301 121,008,705 (41,858,260) 109,485,746
203
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(16) Deferred tax assets and deferred tax liabilities
(a) Deferred tax assets before offsetting
31 December 2022 31 December 2021 (Restated)
Deductible Deductible
temporary temporary
differences and differences and
deductible tax Deferred tax deductible tax
losses assets losses Deferred tax assets
Deductible losses 4,176,626,660 968,337,573 3,189,847,440 758,900,259
Provision for asset
impairment 392,229,114 96,899,577 444,961,087 109,842,258
Depreciation of fixed assets 291,680,433 71,206,998 309,188,451 74,032,411
Unrealised profits from
intra-group transactions 656,830,968 164,207,742 685,896,928 171,474,232
Employee benefits payable 293,456,521 70,088,187 305,163,061 73,089,625
Government grants 76,328,527 18,673,466 95,459,260 23,306,593
Amortisation of intangible
assets 3,328,432 832,108 4,028,407 1,007,101
5,890,480,655 1,390,245,651 5,034,544,634 1,211,652,479
Including:
Expected to be recovered
within 1 year (inclusive) 89,773,324 115,084,638
Expected to be recovered
after 1 year 1,300,472,327 1,096,567,841
1,390,245,651 1,211,652,479
(b) Deferred tax liabilities before offsetting
31 December 2022 31 December 2021
Taxable temporary Deferred tax Taxable temporary Deferred tax
differences liabilities differences liabilities
Changes in fair value of
investments in other
equity instruments
included in other
comprehensive income (2,115,908,438) (528,977,110) (2,291,866,066) (572,966,517)
Depreciation of fixed assets (85,028,556) (21,257,139) (92,116,411) (23,029,104)
Revaluation reserve of
business combinations
involving enterprises not
under common control (235,501,692) (58,875,422) (272,521,240) (68,130,309)
Amortisation of land use
rights (15,302,244) (3,825,561) (15,685,439) (3,921,360)
Interest receivable (9,606,414) (2,401,603) (10,071,856) (2,517,964)
(2,461,347,344) (615,336,835) (2,682,261,012) (670,565,254)
Including:
Expected to be recovered
within 1 year (inclusive) (12,535,987) (10,368,799)
Expected to be recovered
after 1 year (602,800,848) (660,196,455)
(615,336,835) (670,565,254)
204
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(16) Deferred tax assets and deferred tax liabilities (Cont’d)
(c) Deductible temporary differences and deductible losses that are not recognised as deferred tax
assets are analysed as follows:
31 December 2022 31 December 2021
(Restated)
Deductible temporary differences 1,987,366,998 1,831,235,286
Deductible losses 11,033,478,760 5,808,689,992
13,020,845,758 7,639,925,278
(d) Deductible tax losses that are not recognised as deferred tax assets will expire in following years:
31 December 2022 31 December 2021
2022 - 679,470,193
2023 1,171,683,402 810,630,290
2024 173,024,661 173,024,661
2025 760,600,486 598,674,880
2026 3,992,021,430 3,546,889,968
2027 4,936,148,781 -
11,033,478,760 5,808,689,992
Management believed that as at the maturity date for the above deductible losses, the relevant
subject of tax payment has no sufficient taxable profits to deduct the above deductible losses;
therefore, no related deferred tax asset was recognised.
(e) The net balances of deferred tax assets and deferred tax liabilities after offsetting are as follows:
31 December 2022 31 December 2021 (Restated)
Offsetting Balance after Offsetting Balance after
amount offsetting amount offsetting
Deferred tax assets (31,220,570) 1,359,025,081 (34,810,493) 1,176,841,986
Deferred tax liabilities 31,220,570 (584,116,265) 34,810,493 (635,754,761)
205
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(17) Other non-current assets
31 December 2022 31 December 2021
Advances for engineering and equipment 4,483,822,263 2,294,733,606
Input VAT to be deducted 1,813,240,967 2,207,784,437
Prepayment for land use rights 198,089,693 166,211,424
Deposits prepaid for equity acquisition (a) 93,426,000 80,000,000
Prepayments for purchase of buildings 11,623,305 58,318,764
Others 6,316,324 3,203,403
6,606,518,552 4,810,251,634
(a) In August 2022, Guangdong Wind Power and Shanxi Hengyang New Energy Co., Ltd.
("Hengyang New Energy") signed the Framework Agreement for Acquiring Equity of Wuxiang
Lvheng 100MW Photovoltaic Power Generation Project, and Guangdong Wind Power paid a
deposit of RMB 52,200,000 as agreed in the agreement.
In September 2022, Guangdong Wind Power and Shandong Fengxu New Energy Co., Ltd.
("Shandong Fengxu") signed the Framework Agreement for Acquiring 100% Equity of Gaotang
Fengxu New Energy Co., Ltd., and Guangdong Wind Power paid a deposit of RMB 41,226,000
as agreed in the agreement.
206
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(18) Provision for asset impairment and losses
Increase in the Reversal in the Write-off/Charge-off
31 December 2021 current year current year in the current year 31 December 2022
Provision for bad debts of
accounts receivables (263,506) (546,710) 243,357 - (566,859)
Including: Provision for bad debts
on a collective basis (263,506) (546,710) 243,357 - (566,859)
Provision for bad debts of other
receivables (37,747,977) (6,252,264) 8,118,747 577,662 (35,303,832)
Sub-total (38,011,483) (6,798,974) 8,362,104 577,662 (35,870,691)
Provision for impairment of
advances to suppliers (115,000) - - - (115,000)
Provision for decline in the
value of inventories (34,044,608) - - - (34,044,608)
Provision for impairment of contract
assets (21,889) - 9,360 - (12,529)
Provision for impairment of
long-term equity investments (117,147,134) - - - (117,147,134)
Provision for impairment of fixed
assets (1,169,899,891) (155,592,876) - 193,491,165 (1,132,001,602)
Provision for impairment of
construction in progress (281,390,672) (454,257) - - (281,844,929)
Provision for impairment of
right-of-use assets - (2,899,510) - - (2,899,510)
Provision for impairment of
intangible assets (56,502,373) - - - (56,502,373)
Provision for impairment of goodwill (25,036,894) (11,885,484) - - (36,922,378)
Sub-total (1,684,158,461) (170,832,127) 9,360 193,491,165 (1,661,490,063)
(1,722,169,944) (177,631,101) 8,371,464 194,068,827 (1,697,360,754)
207
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(19) Short-term borrowings
31 December 2022 31 December 2021
Credit loan 16,201,278,600 12,062,948,533
Guaranteed loan 60,166,260 297,347,896
16,261,444,860 12,360,296,429
(a) As at 31 December 2022, the annual interest rates of the short-term borrowings ranged from
2.00% to 3.85% (31 December 2021: 2.77% to 3.85%).
(b) As at 31 December 2022, the principal of short-term credit loan provided by related party Energy
Group Finance Company amounted to RMB 5,723,903,012 (31 December 2021: RMB
4,977,136,729) (Note 8(6)). Interest payable of short-term borrowings to Energy Group Finance
Company amounted to RMB 5,323,466 (31 December 2021: RMB 3,142,408).
(c) As at 31 December 2022, short-term borrowings of RMB 60,000,000 (31 December 2021: RMB
297,000,000) were guaranteed by Xinjiang Jintai Electric Power Co., Ltd., a minority shareholder
of the subsidiary Tumxuk Thermal Power.
(20) Notes payables
31 December 2022 31 December 2021
Bank acceptance notes 1,019,206,000 1,728,780,000
Trade acceptance notes 476,572,076 180,000,000
1,495,778,076 1,908,780,000
208
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(21) Accounts payables
31 December 2022 31 December 2021
Fuel payable 5,182,454,648 5,731,957,639
Materials and spare parts payable 417,506,141 501,756,882
Repair expenses payable 98,126,083 99,748,099
Desulfurisation and denitrification expenses
payable 67,846,620 50,427,110
Contracted operation expenses payable 62,414,344 166,296,490
Management fees payable for frequency
modulation and energy storage 25,898,303 319,986
Others 84,007,874 76,060,858
5,938,254,013 6,626,567,064
(a) As at 31 December 2022, accounts payables with ageing over one year amounted RMB
56,448,384 (31 December 2021: RMB 51,399,876), mainly including unsettled fuel payable and
materials payable.
(22) Employee benefits payable
31 December 2022 31 December 2021
Short-term employee benefits payable (a) 368,880,069 348,069,102
Defined contribution plans payable (b) 3,128,825 3,092,268
Early retirement benefits payable (c) 67,170,982 62,450,865
Defined benefit plans payable (c) 8,241,541 8,400,995
447,421,417 422,013,230
209
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(22) Employee benefits payable (Cont’d)
(a) Short-term employee benefits
31 December Increase in the Decrease in the 31 December
2021 current year current year 2022
Wages and salaries,
bonus, allowances and
subsidies 11,143,810 1,715,775,659 (1,723,132,997) 3,786,472
Staff welfare 5,035,644 180,750,141 (181,390,687) 4,395,098
Social security
contributions 184,406,723 163,862,622 (142,101,008) 206,168,337
Including: Medical
insurance 184,406,603 157,254,700 (135,541,925) 206,119,378
Work injury
insurance 120 4,243,006 (4,242,888) 238
Maternity
insurance - 2,364,916 (2,316,195) 48,721
Housing funds 4,800 179,950,828 (179,929,654) 25,974
Labour union funds and
employee education
funds 140,396,647 66,507,488 (61,901,191) 145,002,944
Other short-term employee
benefits 7,081,478 100,314,325 (97,894,559) 9,501,244
348,069,102 2,407,161,063 (2,386,350,096) 368,880,069
(b) Defined contribution plans
31 December Increase in the Decrease in the 31 December
2021 current year current year 2022
Basic pensions 4,800 214,025,762 (213,975,805) 54,757
Unemployment insurance 150 5,245,900 (5,239,042) 7,008
Enterprise annuity
contribution 3,087,318 124,098,888 (124,119,146) 3,067,060
3,092,268 343,370,550 (343,333,993) 3,128,825
(c) The remuneration for early retirement and the Group’s special retirement pensions that are
expected to be paid within one year from the date of the balance sheet are listed as the early
retirement benefits payable and the defined benefit plan payable, respectively. Please refer to Note
4(32)(a) and (b) for details.
210
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(23) Taxes payable
31 December 2022 31 December 2021
Enterprise income tax payable 142,673,955 91,420,743
Land VAT payable 80,216,700 80,216,700
Unpaid VAT 33,926,459 145,874,436
Individual income tax payable 28,187,414 29,777,458
City maintenance and construction tax
payable 1,306,426 16,340,357
Educational surcharge payable 1,088,906 12,684,138
Property tax payable 924,458 77,307,640
Land use tax payable 217,542 21,588,871
Others 13,943,055 27,092,732
302,484,915 502,303,075
(24) Other payables
31 December 2022 31 December 2021
Construction and equipment expenses
payable 8,097,497,010 7,210,562,333
Carbon emission allowances payable 382,721,278 103,819,285
Generator unit capacity payable (b) 249,056,604 219,849,057
Project warranty payable 236,415,770 228,942,252
Advances payable to third parties 98,388,118 -
Payables for equity acquisition (c) 68,180,122 2,501,436,910
Dividends payable (d) 18,553,521 -
Administrative fines payable 11,531,700 11,531,700
Others 241,313,908 293,622,241
9,403,658,031 10,569,763,778
(a) As at 31 December 2022, other payables of RMB 2,403,143,193 (31 December 2021: RMB
2,564,331,490) aged over one year mainly represented construction and equipment expenses
payable and warranty payable not being settled because the comprehensive acceptance and
settlement of relevant projects were yet to be completed or projects were still within their warranty
periods.
211
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(24) Other payables (Cont’d)
(b) As at 31 December 2022, 1# and 2# generator units of Bohe Energy had been completed and were
temporarily transferred to fixed assets. Generator unit capacity payable by Bohe Energy was
estimated to be RMB 249,056,604 based on the capacity index of thermal power generator units.
(c) In 2022, the Company acquired 100% equity of Gaotang Shihui New Energy Co., Ltd. ("Gaotang New
Energy"), 80% equity of Dacheng County Dun'An New Energy Co., Ltd. ("Dun'An New Energy") and
100% equity of Jiuzhou New Energy (Zhaoqing) Co., Ltd. ("Jiuzhou New Energy"), with the
transaction price of RMB 178,000,000 in total (see Note 5(1) for details). As at 31 December 2022,
there were still payables for equity acquisition amounting to RMB 68,180,122 that had not yet been
paid. According to the equity acquisition agreement, the remaining equity acquisition payment will be
made within one year.
(d) In 2022, Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd. (“Zhuhai Wind Power”), a
subsidiary of the Group, declared to distribute a dividend of RMB 18,553,521 to the minority
shareholder Zhuhai Special Economic Zone Power Development Group Co., Ltd. at a resolution of
the shareholders' meeting. As at 31 December 2022, the dividend was still not paid.
(25) Current portion of non-current liabilities
31 December 2022 31 December 2021
Current portion of long-term borrowings (Note
4(27)) 2,685,540,872 2,705,229,515
Current portion of long-term payables (Note 4(30)) 18,508,453 -
Current portion of debentures payable 334,056,607 121,526,171
Current portion of lease liabilities (Note 4(29)) 937,144,038 870,864,067
3,975,249,970 3,697,619,753
212
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(26) Other current liabilities
31 December 2022 31 December 2021
Short-term debentures payable 3,503,496,438 1,007,871,233
Output VAT to be written off 671,353,936 650,577,773
4,174,850,374 1,658,449,006
Related information of short-term debentures payable is as follows:
Amortisation
Issuance Maturity Issuance 31 December Issued in the Interest at of discounts Repayments for 31 December
Face value date period amount 2021 current year face value or premium the year 2022
Second batch of super short-term
financing notes issued by
Guangdong Electric Power
Development Co., Ltd., 2021 1,000,000,000 23/8/2021 178 days 1,000,000,000 1,007,871,233 - 2,906,301 - (1,010,777,534) -
First batch of super short-term
financing notes issued by
Guangdong Electric Power
Development Co., Ltd., 2022 1,000,000,000 14/2/2022 178 days 1,000,000,000 - 1,200,000,000 11,762,630 - (1,211,762,630) -
Second batch of super short-term
financing notes issued by
Guangdong Electric Power
Development Co., Ltd., 2022 1,000,000,000 16/6/2022 178 days 1,000,000,000 - 1,500,000,000 14,630,137 - (1,514,630,137) -
Third batch of super short-term
financing notes issued by
Guangdong Electric Power
Development Co., Ltd., 2022 2,000,000,000 9/12/2022 177 days 2,000,000,000 - 2,000,000,000 2,564,383 - - 2,002,564,383
Fourth batch of super short-term
financing notes issued by
Guangdong Electric Power
Development Co., Ltd., 2022 1,500,000,000 22/12/2022 90 days 1,500,000,000 - 1,500,000,000 932,055 - - 1,500,932,055
6,500,000,000 6,500,000,000 1,007,871,233 6,200,000,000 32,795,506 - (3,737,170,301) 3,503,496,438
In 2022, the interest rate of super short-term financing notes issued by the Company was from 2.00% to 2.52% (2021: 1.80% to 2.21%).
213
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(27) Long-term borrowings
31 December 2022 31 December 2021
Credit loan 36,895,757,247 23,906,374,506
Pledged loan (a) 6,067,812,048 6,007,416,837
Guaranteed loan (b) 2,582,904,205 1,732,016,028
45,546,473,500 31,645,807,371
Less: Current portion of long-term
borrowings (Note 4(25))
Credit loan (2,004,935,172) (2,181,560,334)
Pledged loan (528,303,490) (391,353,153)
Guaranteed loan (152,302,210) (132,316,028)
42,860,932,628 28,940,577,856
(a) Pledged loan
As at 31 December 2022, the charge right for electricity was treated as pledge for long-term
pledged loan for some subsidiaries.
(b) Guaranteed loan
As at 31 December 2022, the principal balance of the Group’s subsidiary Xuwen Wind Power’s
long-term borrowings from Energy Group Finance Company was RMB 6,400,000, including
current portion of long-term borrowings amounting to RMB 1,400,000, which was secured by
Zhanjiang Wind Power (2021: RMB 7,100,000, including current portion of long-term borrowings
amounting to RMB 1,400,000). The annual interest rate of the loan is 4.06% (2021: 4.26%), and
the remaining principal will mature in installments by 28 November 2031.
As at 31 December 2022, the principal balance of the Group’s subsidiary Qujie Wind Power’s
long-term borrowings from China Clean Development Mechanism Fund was RMB 69,000,000
(2021: 69,000,000), which was guaranteed by Energy Group Finance Company. The annual
interest rate of the loan is 3.26% (2021: 3.26%), and these borrowings will mature in installments
by 7 May 2025.
214
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(27) Long-term borrowings (Cont’d)
(b) Guaranteed loan (Cont'd)
As at 31 December 2022, the principal balance of the Group’s subsidiary Dun'An New Energy’s
long-term borrowings from Industrial Bank Co., Ltd. Hohhot Branch was RMB 529,386,987,
including current portion of long-term borrowings amounting to RMB 13,234,675, which was
secured by Beijing Guangdun New Energy Co. Ltd. (2021: Nil). The annual interest rate of the
loan is 4.40% (2021: Nil), and the remaining principal will mature in installments by 11 December
2037.
As at 31 December 2022, the principal balance of the Group’s subsidiary Guangdong Yudean
Xinhui Power Generation Co., Ltd. (“Xinhui Power”)’s long-term borrowings from China Clean
Development Mechanism Fund was RMB 69,000,000 (2021: 69,000,000), which was guaranteed
by Energy Group Finance Company. The annual interest rate of the loan is 3.21% (2021: 3.26%),
and these borrowings will mature in installments by 27 July 2025.
As at 31 December 2022, the principal balance of the Group's subsidiary Tumxuk Thermal
Power’s long-term borrowings from Shanghai Pudong Development Bank, China Guangfa Bank
and Urumqi was RMB 1,375,000,000, including current portion of long-term borrowings amounting
to RMB 130,000,000 (2021: RMB 1,500,000,000, including current portion of long-term
borrowings amounting to RMB 125,000,000), which was guaranteed by the Third Division of
Xinjiang Production and Construction Corps. The annual interest rate of the loan is 4.90% (2021:
4.90%) and the remaining principal will mature in installments by 27 June 2032.
As at 31 December 2022, the principal balance of the Group's subsidiary Tumxuk Thermal
Power’s long-term borrowings from Bank of China was RMB 32,649,966, including current portion
of long-term borrowings amounting to RMB 6,200,000 (2021: Nil), which was guaranteed by
Xinjiang Jintai Electric Power Co., Ltd. The annual interest rate of the loan is 4.30% (2021: Nil),
and the remaining principal will mature in installments by 15 December 2031.
(c) As at 31 December 2022, the annual interest rates of long-term borrowings ranged from 0.75% to
4.90% (31 December 2021: 0.80% to 4.90%).
215
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(28) Debentures payable
Transferred to
Amortisation of current portion of
31 December Issued in the current discounts or non-current 31 December
2021 year premium liabilities 2022
21 Pinghai Bond 01 (a) 199,921,484 - 60,679 (199,982,163) -
21 Pinghai Power MTN001 (b) 299,212,878 - 295,424 - 299,508,302
20 Yudean Bond 01 (c) 1,499,648,572 - 105,660 - 1,499,754,232
21 Yudean Bond 01 (d) 999,924,528 - 37,736 - 999,962,264
21 Yudean Bond 02 (e) 1,499,855,660 - 33,962 - 1,499,889,622
21 Yudean Bond 03 (f) 799,635,220 - 75,472 - 799,710,692
21 Yudean Faneng MTN001 (g) 1,198,296,858 - 1,075,472 - 1,199,372,330
21 Yudean Faneng MTN002 (g) 2,196,588,222 - 1,183,019 - 2,197,771,241
22 Yudean Faneng MTN001(g) - 600,000,000 (1,478,774) - 598,521,226
8,693,083,422 600,000,000 1,388,650 (199,982,163) 9,094,489,909
(a) As approved by CSRC Circular SFC License [2020] No. 1771, the Group’s subsidiary Pinghai Power issued 2-year book-entry corporate
debentures in real-name system with face value of RMB 200,000,000 (“21 Pinghai Bond 01”) to the public on 4 June 2021. The Group altogether
raised RMB 199,880,000 after deducting an issue expense of RMB 120,000. The debenture is subject to an annual interest rate of 3.57% starting
from 4 June 2021 and should be payable annually on simple interest. As at 31 December 2022, debentures payable were measured at amortised
cost using effective interest method, with the effective interest rate of 3.60% (31 December 2021: 3.60%).
216
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(28) Debentures payable (Cont’d)
(b) On 15 October 2021, Pinghai Power issued 3-year middle-term notes with face value of RMB
300,000,000 in the interbank market (“21 Pinghai Power MTN001”). The Group altogether raised
RMB 299,100,000 after deducting an issue expense of RMB 900,000. The debenture is subject to
an annual interest rate of 3.72% starting from 15 October 2021 and should be payable annually
on simple interest. As at 31 December 2022, debentures payable were measured at amortised
cost using effective interest method, with the effective interest rate of 3.83% (31 December 2021:
3.83%).
(c) As approved by CSRC Circular SFC License [2019] No. 2477, the Company issued 5-year book-
entry corporate debentures in real-name system with face value of RMB 1,500,000,000 (“20
Yudean Bond 01”) to the public on 29 April 2020. The Company altogether raised RMB
1,499,471,698 after deducting an issue expense of RMB 528,302. The debenture is subject to an
annual interest rate of 2.45% starting from 29 April 2020 and should be payable annually on
simple interest. As at 31 December 2022, debentures payable were measured at amortised cost
using effective interest method, with the effective interest rate of 2.46% (31 December 2021:
2.46%).
(d) As approved by CSRC Circular SFC License [2019] No. 2477, the Company issued 3-year book-
entry corporate debentures in real-name system with face value of RMB 1,000,000,000 (“21
Yudean Bond 01”) to the public on 27 January 2021. The Company altogether raised RMB
999,848,386 after deducting an issue expense of RMB 151,614. The debenture is subject to an
annual interest rate of 3.57% starting from 27 January 2021 and should be payable annually on
simple interest. As at 31 December 2022, debentures payable were measured at amortised cost
using effective interest method, with the effective interest rate of 3.58% (31 December 2021:
3.58%).
(e) As approved by CSRC Circular SFC License [2019] No. 2477, the Company issued 5-year book-
entry corporate debentures in real-name system with face value of RMB 1,500,000,000 (“21
Yudean Bond 02”) to the public on 28 April 2021. The Company altogether raised RMB
1,499,791,783 after deducting an issue expense of RMB 208,217. The debenture is subject to an
annual interest rate of 3.50% starting from 28 April 2021 and should be payable annually on
simple interest. As at 31 December 2022, debentures payable were measured at amortised cost
using effective interest method, with the effective interest rate of 3.50% (31 December 2021:
3.50%).
(f) As approved by CSRC Circular SFC License [2021] No. 3142, the Company issued 5-year book-
entry corporate debentures in real-name system with face value of RMB 800,000,000 (“21
Yudean Bond 03”) to the public on 24 November 2021. The Company altogether raised RMB
799,565,033 after deducting an issue expense of RMB 434,967. The debenture is subject to an
annual interest rate of 3.41% starting from 24 November 2021 and should be payable annually on
simple interest. As at 31 December 2022, debentures payable were measured at amortised cost
using effective interest method, with the effective interest rate of 3.42% (31 December 2021:
3.42%).
217
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(28) Debentures payable (Cont’d)
(g) The Company’s application for registration of middle-term notes has been accepted by the
National Association of Financial Market Institutional Investors at its 51st meeting in 2021. The
registered amount of RMB 4,000,000,000 would be valid for 2 years starting from 29 June 2021.
On 19 July 2021, the Company issued 3-year middle-term notes with face value of RMB
1,200,000,000 in the interbank market ("21 Yudean Faneng MTN001"). The Company altogether
raised RMB 1,197,948,000 after deducting an issue expense of RMB 2,052,000, which should be
paid in three years. In 2022, the issue expense of RMB 684,000 was paid. The debenture is
subject to an annual interest rate of 3.17% starting from 21 July 2021 and should be payable
annually on simple interest. As at 31 December 2022, debentures payable were measured at
amortised cost using effective interest method, with the effective interest rate of 3.23% (31
December 2021: 3.23%).
On 15 November 2021, the Company issued 3-year middle-term notes with face value of RMB
2,200,000,000 in the interbank market ("21 Yudean Faneng MTN002"). The Company altogether
raised RMB 2,196,238,000 after deducting an issue expense of RMB 3,762,000, which should be
paid in three years. In 2022, the issue expense of RMB 1,254,000 was paid. The debenture is
subject to an annual interest rate of 3.13% starting from 17 November 2021 and should be
payable annually on simple interest. As at 31 December 2022, debentures payable were
measured at amortised cost using effective interest method, with the effective interest rate of
3.19% (31 December 2021: 3.19%).
On 24 August 2022, the Company issued 5-year middle-term notes with face value of RMB
600,000,000 in the interbank market (“22 Yudean Faneng MTN001”). The Company altogether
raised RMB 598,290,000 after deducting an issue expense of RMB 1,710,000, which should be
paid in five years. In 2022, the issue expense of RMB 342,000 was paid. The debenture is
subject to an annual interest rate of 2.90% starting from 26 August 2022 and should be payable
annually on simple interest. As at 31 December 2022, debentures payable were measured at
amortised cost using effective interest method, with the effective interest rate of 2.96%.
218
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(29) Lease liabilities
31 December 2022 31 December 2021
Lease liabilities 7,807,964,055 5,599,031,209
Less: Current portion of non-current
liabilities (Note 4(25)) (937,144,038) (870,864,067)
6,870,820,017 4,728,167,142
(a) As at 31 December 2022, the future minimum lease payments of short-term leases and low value
asset leases adopting the practical expedient according to the new lease standard were RMB
5,449,828 and RMB 387,098 (31 December 2021: RMB 3,339,680 and RMB 102,983)
respectively, which should be paid within one year.
(30) Long-term payables
31 December 2022 31 December 2021
Sea area usage fee payable 389,004,362 -
Equipment and construction expenses
payable 270,841,119 96,819,223
Others 24,960,000 24,960,000
Less: Current portion of long-term payables (18,508,453) -
666,297,028 121,779,223
(31) Deferred income
31 December Increase in the Decrease in the 31 December
2021 current year current year 2022
Government grants (a) 163,611,515 7,156,948 (28,476,248) 142,292,215
219
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(31) Deferred income (Cont’d)
(a) Government grants
Recognised in
31 December Increase in the other income in 31 December Asset related/
Government grants 2021 current year the current year 2022 Income related
Special funds for 1-3# generators’ desulfurisation project 15,107,198 - (1,303,568) 13,803,630 Asset related
Special financial funds for energy conservation 12,407,220 - (1,383,567) 11,023,653 Asset related
Special treasury bond-based government grants for
desulfurisation projects 12,079,169 - (1,342,130) 10,737,039 Asset related
Compensation for relocation and renovation of Shajiao A
Zhenkou pump house 11,122,717 - (5,561,358) 5,561,359 Asset related
Tax refund for PRC-made equipment 8,036,728 - (2,296,208) 5,740,520 Asset related
Environmental grants for SCR denitration project 7,559,528 - (1,764,615) 5,794,913 Asset related
Provincial special funds for enterprises’ technology
improvement 7,707,105 - (2,997,831) 4,709,274 Asset related
Comprehensive technology upgrading for the energy saving of
1&2# generator units turbine by Zhongyue Energy 6,923,077 - (769,230) 6,153,847 Asset related
Second incentives for comprehensive and typical
demonstration projects under financial policies of energy
saving 6,300,000 - (450,000) 5,850,000 Asset related
Development and competitiveness funds from SASAC 6,000,000 - (666,666) 5,333,334 Asset related
Post rewarding subsidies for ultra-low emissions of 1&2#
generators 5,012,766 - (633,191) 4,379,575 Asset related
Grants for energy saving and consumption reduction of 6#
generator flow reconstruction 4,698,723 - (478,188) 4,220,535 Asset related
Grants for comprehensive technical transformation project for
generator transformation and upgrading 4,200,416 - (526,385) 3,674,031 Asset related
Incentives for energy efficiency of power plant by Dongguan 3,295,375 - (1,647,687) 1,647,688 Asset related
Special funds for technical transformation of ultra-low
emissions of 5&6# generators - 5,133,400 (311,115) 4,822,285 Asset related
Others 53,161,493 2,023,548 (6,344,509) 48,840,532 Asset related
163,611,515 7,156,948 (28,476,248) 142,292,215
220
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(32) Long-term employee benefits payable
31 December 2022 31 December 2021
Early retirement benefits payable (a) 366,776,366 343,077,437
Defined benefit plans payable (b) 91,612,969 100,097,967
Other long-term employee benefits payable
(c) 61,903,987 55,536,676
Less: Payable within one year (91,028,053) (83,231,818)
429,265,269 415,480,262
The employee benefits payable within one year are included in the employee benefits payable
(Note 4(22)).
(a) According to the Group’s regulations for early retirement of employees, the employees whose
early retirement requests are approved by the Group could have early retirement before statutory
retirement age. Employees can obtain salary on a monthly basis by a certain ratio of the original
salary until they reach the statutory retirement age. Management expects the termination benefits
to be paid in the future are determined by the present value of cash flow, when accrued the
above termination benefits. As at 31 December 2022, the Group calculated the expected expense
for each employee eligible for early retirement in each year before the statutory retirement age in
accordance with the related regulations for early retirement, taking into account local salary
growth rate, and estimated the present value of future termination benefits by treasury bond
interest rate of 3.22% (2021: 3.57%) of the same period. As at 31 December 2022, the Group
accrued termination benefits of RMB 366,776,366 (31 December 2021: RMB 343,077,437) and
recognised them in long-term employee benefits payable. The actual termination benefits due
within one year totalling RMB 67,170,982 (31 December 2021: RMB 62,450,865) were
recognised in employee benefits payable.
(b) In accordance with the FAQ on Social Management of Retired Employees in State-owned
Enterprises (Guo Zi Ting Fa Gai Ge [2020] No. 36) issued by the State-owned Assets
Supervision and Administration Commission of the State Council, the Group made a one-time
provision for the expected payments to retired employees eligible for the Group’s special
retirement pensions in 2020, and made the payment on a monthly basis. The expected present
values of cash flows of the Group’s special retirement pensions during the expected remaining
life of the retired employees are recognised as long-term employee benefits payable and
recorded in profit or loss for the current period. The Group’s special retirement pensions mainly
include retirement subsidies, military transfer subsidies and living allowances for retired primary
and secondary school teachers. As at 31 December 2022, the Group calculated the expected
special retirement pensions each year during retirees’ expected remaining life, and estimated the
present value of special retirement pensions in the future by treasury bond interest rate of 3.22%
(2021: 3.57%) of the same period. As at 31 December 2022, the Group accrued defined benefit
plans of RMB 91,612,969 and recognised them in long-term employee benefits payable (31
December 2021: RMB 100,097,967). The actual defined benefit plans due within one year
totalling RMB 8,241,541 are recognised in employee benefits payable (31 December 2021: RMB
8,400,995).
221
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(32) Long-term employee benefits payable (Cont’d)
(b) (Cont’d)
As at 31 December 2022 and 31 December 2021, significant actuarial assumptions for the
determination of the present value of the obligations of the defined benefit plan are as follows:
31 December 2022 31 December 2021
Discount rates 3.22% 3.57%
Growth rates on military transfer subsidies 2% to 12% 2% to 12%
Estimated average life 76 75
The sensitivity analysis below has been carried out based on reasonably possible changes of the
respective assumptions occurring at the end of the reporting period, while all other assumptions
are held constant:
If the discount rate decreases by 0.5%, the present value of the Group’s obligations of the defined
benefit plan would decrease by RMB 5,139,168.
The sensitivity analysis presented above may not reflect the actual changes in the obligations of
the defined benefit plan because it is unlikely that changes in one assumption would occur in
isolation of one another as some of the assumptions may be correlated.
222
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(32) Long-term employee benefits payable (Cont’d)
(c) According to relevant regulations on social medical insurance in places where the subsidiaries of
the Company and the Group locate, if individual employees participating basic medical insurance
for urban residents are under their statutory ages of retirement, but their estimated contribution
years fail to meet the local standards, the Group needs to make continuous contribution for the
employees per annum till the standards are met even after their retirement. The expected present
values of cash flows that shall be paid for medical insurance for the remaining contribution years
of retired employees are recognised as long-term employee benefits payable and recorded in
profit or loss for the current period. As at 31 December 2022, the balance of the Group’s other
long-term employee benefits payable was mainly the additional payment of medical insurance
made for retired employees. The Group calculated the expected expenses for each year from the
end of the current year to regulated contribution years based on the local monthly average salary
of the year, and estimated the present value of cash expenses made by retired employees for
medical insurance in the future, with a treasury bond interest rate of 3.22% (2021: 3.57%) as
discount rate. As at 31 December 2022, the Group accrued other long-term employee benefits
payable of RMB 61,903,987 (31 December 2021: RMB 55,536,676), with actual payment of other
long-term employee benefits payable due within one year of RMB 15,615,530 (31 December
2021: RMB 12,379,958) recognised in employee benefits payable.
(d) Long-term employee benefits payable included in profit or loss for the current period in 2022 and
2021 are as follows:
2022 2021
General and administrative expenses 121,071,303 188,816,127
(33) Other non-current liabilities
31 December 2022 31 December 2021
Capital injection (a) 128,400,000 74,499,700
Housing working fund 1,028,167 970,029
129,428,167 75,469,729
(a) In 2018, the Group’s subsidiary Qujie Wind Power received a capital injection of RMB 50,000,000
from GEGC. The capital will be used for Qujie Wailuo offshore wind power plant project. As at 31
December 2022, as Qujie Wind Power’s registration for changes of business license had not
been completed, the capital increase was recognised in other non-current liabilities.
In 2022, the Group’s subsidiary Yuehua Power received a capital injection of RMB 78,400,000
from China Huaneng Group Co., Ltd. The capital will be used for construction of substitution of
natural gas for coal power project. The second project capital will be injected in the first quarter of
2023. As at 31 December 2022, as Yuehua Power’s registration for changes of business license
had not been completed, the capital increase was recognised in other non-current liabilities.
223
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(34) Share capital
Movements in the current year
Housing fund transferred
31 December 2021 Issuance of new shares Bonus shares to shares Others Sub-total 31 December 2022
Shares subject to trading restriction
- Shares held by domestic state-
owned legal person 1,893,342,621 - - - - - 1,893,342,621
- Other domestic shares
Including: Shares held by
domestic non-state-
owned legal person 4,620,666 - - - - - 4,620,666
Shares held by
domestic natural
person 5,659 - - - - - 5,659
Shares not subject to trading
restriction
- RMB-denominated ordinary
shares 2,553,907,040 - - - - - 2,553,907,040
- Domestically-listed foreign shares 798,408,000 - - - - - 798,408,000
5,250,283,986 - - - - - 5,250,283,986
Movements in the current year
Housing fund transferred
31 December 2020 Issuance of new shares Bonus shares to shares Others Sub-total 31 December 2021
Shares subject to trading restriction
- Shares held by domestic state-
owned legal person 1,893,342,621 - - - - - 1,893,342,621
- Other domestic shares
Including: Shares held by
domestic non-state-
owned legal person 4,620,666 - - - - - 4,620,666
Shares held by
domestic natural
person 5,659 - - - - - 5,659
Shares not subject to trading
restriction
- RMB-denominated ordinary
shares 2,553,907,040 - - - - - 2,553,907,040
- Domestically-listed foreign shares 798,408,000 - - - - - 798,408,000
5,250,283,986 - - - - - 5,250,283,986
224
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(35) Capital surplus
Increase in Decrease in
31 December the current the current 31 December
2021 year year 2022
(Restated)
Capital premium (a) 3,991,835,030 - (19,288,105) 3,972,546,925
Revaluation reserve 119,593,718 - - 119,593,718
Investment from GEGC 395,000,000 - - 395,000,000
Share of interests in the
investee in proportion to
the shareholding (b) (174,299,153) 636,197 - (173,662,956)
Transfer of capital surplus
recognised under the
previous accounting
system 20,474,592 - - 20,474,592
Others (75,652,004) - (1,253,770) (76,905,774)
4,276,952,183 636,197 (20,541,875) 4,257,046,505
Increase in
31 December the current Decrease in the 31 December
2020 year current year 2021
(Restated) (Restated)
Capital premium 7,734,477,748 958,923 (3,743,601,641) 3,991,835,030
Revaluation reserve 119,593,718 - - 119,593,718
Investment from GEGC 395,000,000 - - 395,000,000
Share of interests in the
investee in proportion to
the shareholding (b) (179,682,776) 5,383,623 - (174,299,153)
Transfer of capital surplus
recognised under the
previous accounting
system 20,474,592 - - 20,474,592
Others (75,652,004) - - (75,652,004)
8,014,211,278 6,342,546 (3,743,601,641) 4,276,952,183
(a) In 2022, the capital surplus of the Group decreased by RMB 19,288,105 due to the dilution of the
proportion of equity held by the Group arising from capital increase by minority shareholders of
certain subsidiaries of the Group.
(b) In 2022, capital surplus of associates calculated based on proportion of equity acquired increased
by RMB 636,197 (Note 4(7)(b)).
225
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(36) Other comprehensive income
Other comprehensive income in the income statement for the year ended 31
Other comprehensive income in the balance sheet December 2022
Transfer of other
comprehensive Attributable to the
31 December Attributable to the parent income to retained 31 December Amount incurred Less: Income parent company Attributable to minority
2021 company after tax earnings 2022 before tax tax expenses after tax shareholders after tax
Other comprehensive income that will not be
reclassified to profit or loss
Share of other comprehensive income of the
investee accounted for using equity method
that will not be reclassified to profit or loss 69,199,467 9,938,693 - 79,138,160 9,938,693 - 9,938,693 1,253,770
Changes in fair value of investments in other
equity instruments 1,718,622,133 (131,968,221) - 1,586,653,912 (175,957,628) 43,989,407 (131,968,221) -
Changes arising from remeasurement of
defined benefit plans (37,296,993) - - (37,296,993) - - - -
Other comprehensive income that will be
reclassified to profit or loss
Share of other comprehensive income of the
investee accounted for using equity method
that will be reclassified to profit or loss (513,036) 1,855,914 - 1,342,878 1,855,914 - 1,855,914 -
1,750,011,571 (120,173,614) - 1,629,837,957 (164,163,021) 43,989,407 (120,173,614) 1,253,770
Other comprehensive income in the income statement for the year ended 31
Other comprehensive income in the balance sheet December 2021
Transfer of other
comprehensive Attributable to the
31 December Attributable to the parent income to retained 31 December Amount incurred Less: Income parent company Attributable to minority
2020 company after tax earnings 2021 before tax tax expenses after tax shareholders after tax
Other comprehensive income that will not be
reclassified to profit or loss
Share of other comprehensive income of the
investee accounted for using equity method
that will not be reclassified to profit or loss 53,589,732 15,609,735 - 69,199,467 15,609,735 - 15,609,735 -
Changes in fair value of investments in other
equity instruments 1,903,766,633 (184,768,848) (375,652) 1,718,622,133 (246,358,463) 61,589,615 (184,768,848) -
Changes arising from remeasurement of defined
benefit plans - (37,296,993) - (37,296,993) (53,499,650) - (37,296,993) (16,202,657)
Other comprehensive income that will be
reclassified to profit or loss
Share of other comprehensive income of the
investee accounted for using equity method
that will be reclassified to profit or loss (180,884) (332,152) - (513,036) (332,152) - (332,152) -
1,957,175,481 (206,788,258) (375,652) 1,750,011,571 (284,580,530) 61,589,615 (206,788,258) (16,202,657)
226
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(37) Surplus reserve
31 December Increase in the Decrease in the 31 December
2021 current year current year 2022
Statutory surplus
reserve 3,016,893,870 - - 3,016,893,870
Discretionary surplus
reserve 5,886,621,265 - - 5,886,621,265
8,903,515,135 - - 8,903,515,135
31 December Increase in the Decrease in the 31 December
2020 current year current year 2021
Statutory surplus
reserve 2,905,992,585 110,901,285 - 3,016,893,870
Discretionary surplus
reserve 5,609,368,053 277,253,212 - 5,886,621,265
8,515,360,638 388,154,497 - 8,903,515,135
In accordance with the Company Law of the People's Republic of China and the Company’s
Articles of Association, the Company should appropriate 10% of net profit for the year to the
statutory surplus reserve, and the Company can cease appropriation when the statutory surplus
reserve accumulates to more than 50% of the registered capital. The Company appropriates for
the discretionary surplus reserve after the shareholders’ meeting approves the proposal from the
Board of Directors. The surplus reserve can be used to make up for the loss or increase the
share capital after approval from the appropriate authorities. As at 31 December 2022, the
accumulated statutory surplus reserve of the Company exceeded 50% of the registered capital.
According to the resolution at the shareholders’ meeting dated 20 May 2022, no appropriation of
statutory surplus reserve and discretionary surplus reserve is appropriated (2021: the Company
appropriated 10% of net profit for 2020, amounting to RMB 110,901,285, to the statutory surplus
reserve and 25% of net profit for 2020, amounting to RMB 277,253,212, to the discretionary
surplus reserve).
(38) Undistributed profits
2022 2021
(Restated)
Undistributed profits at the beginning of the year 3,205,422,561 8,083,048,238
Add: Net profit attributable to equity owners of
the Company (3,003,916,572) (2,928,171,731)
Less: Appropriation to statutory surplus reserve
(Note 4(37)) - (110,901,285)
Appropriation to discretionary surplus
reserve (Note 4(37)) - (277,253,212)
Dividends payable on ordinary shares (b) - (630,034,078)
Allocated to GEGC (c) - (930,283,398)
Others (837,472) (981,973)
Undistributed profits at the end of the year 200,668,517 3,205,422,561
227
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(38) Undistributed profits (Cont’d)
(a) As disclosed in Note 2(30), the amount of undistributed profits as at 31 December 2021 has been
restated as a result of application of the Interpretation No. 15 related to fixed assets – accounting
treatment of sale proceeds before intended use.
(b) In accordance with the resolution at the shareholders’ meeting dated 20 May 2022, the Company
did not distribute cash dividend to the shareholders.
(c) As the business combination under common control was completed in 2021, the dividends
allocated by the purchased subsidiary to GEGC in 2021 were deemed to have been distributed by
the Company to GEGC while preparing the consolidated financial statements.
(39) Revenue and cost of sale
2022 2021
(Restated)
Revenue from main operations 52,220,743,337 43,864,972,613
Revenue from other operations 440,345,099 592,893,929
52,661,088,436 44,457,866,542
2022 2021
(Restated)
Cost of sale from main operations 52,819,129,582 46,798,109,870
Cost of sale from other operations 33,180,599 29,395,603
52,852,310,181 46,827,505,473
228
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(39) Revenue and cost of sale (Cont’d)
(a) Revenue and cost of sale from main operations
2022 2021 (Restated)
Cost of sale Cost of sale
Revenue from from main Revenue from from main
main operations operations main operations operations
Revenue from sale of
electricity 51,889,521,596 52,503,713,101 43,568,666,575 46,554,479,693
Revenue from steam 202,658,611 202,979,909 167,971,843 137,147,673
Rendering of services 128,563,130 112,436,572 128,334,195 106,482,504
52,220,743,337 52,819,129,582 43,864,972,613 46,798,109,870
(b) Revenue and cost of sale from other operations
2022 2021 (Restated)
Cost of sale Cost of sale
Revenue from from other Revenue from from other
other operations operations other operations operations
Revenue from
integrated utilisation
of coal ash 365,533,200 4,741,667 495,095,811 7,603,191
Rental income 42,581,955 14,431,892 48,557,619 14,560,409
Others 32,229,944 14,007,040 49,240,499 7,232,003
440,345,099 33,180,599 592,893,929 29,395,603
229
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(39) Revenue and cost of sale (Cont’d)
(c) The Group's revenue is broken down as follows:
2022
Sale of electricity,
steam and coal
ash Services Rent Others Total
Revenue from main
operations
Including: Recognised at a
point in time 52,092,180,207 3,389,244 - - 52,095,569,451
Recognised
over a
period of
time - 125,173,886 - - 125,173,886
Revenue from other
operations
Including: Recognised at a
point in time 365,533,200 - - 31,527,646 397,060,846
Recognised
over a period
of time - - - 702,298 702,298
Rental income - - 42,581,955 - 42,581,955
52,457,713,407 128,563,130 42,581,955 32,229,944 52,661,088,436
2021 (Restated)
Sale of electricity,
steam and coal
ash Services Rent Others Total
Revenue from main
operations
Including: Recognised at a
point in time 43,736,638,418 3,099,971 - - 43,739,738,389
Recognised over
a period of
time - 125,234,224 - - 125,234,224
Revenue from other
operations
Including: Recognised at a
point in time 495,095,811 - - 46,929,178 542,024,989
Recognised
over a period
of time - - - 2,311,321 2,311,321
Rental income - - 48,557,619 - 48,557,619
44,231,734,229 128,334,195 48,557,619 49,240,499 44,457,866,542
As at 31 December 2022, the amount of revenue corresponding to the performance obligation of the
Group that has been contracted but not yet performed or not fulfilled was RMB 114,186,101, of
which RMB 23,537,608 was expected to be recognised in 2023.
(d) In 2022, the Group's revenue and cost of sale incurred from selling products produced while
preparing the production line for its intended use were RMB 458,713,027 and RMB 135,577,216
(2021: RMB 290,642,655 and RMB 12,704,791) respectively.
230
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(40) Taxes and surcharges
2022 2021 Tax base
Property tax 109,180,727 96,327,360 Note 3
Stamp tax 37,493,970 36,790,843
Land use tax 30,161,901 26,564,472
City maintenance and
construction tax 26,958,505 62,927,128 Note 3
Environmental protection tax 20,789,155 21,251,165 Note 3
Educational surcharge 20,352,881 49,811,245 Note 3
Others 325,138 307,863
245,262,277 293,980,076
(41) Selling expenses
2022 2021
Employee benefits 44,598,614 41,365,789
Labour insurance 10,044,506 8,106,497
Entertainment expenses 3,591,287 2,921,288
Depreciation expenses 3,268,794 3,484,959
Travelling expenses 1,315,065 1,431,025
Others 6,290,337 8,097,482
69,108,603 65,407,040
231
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(42) General and administrative expenses
2022 2021
Employee benefits 589,588,003 576,664,439
Labour insurance 123,747,304 93,526,218
Depreciation expenses 84,730,831 75,702,685
Amortisation of intangible assets 71,440,393 71,354,033
Fire safety expenses 47,415,882 43,910,145
Property management expenses 46,166,694 38,807,702
Agency fee 45,804,592 41,705,254
Office expenses 34,911,351 30,729,609
Rental expenses 16,814,722 9,419,598
Afforestation fee 11,755,686 11,640,359
Labour costs 11,402,499 10,690,272
Traffic expenses 11,050,160 9,687,185
Maintenance cost 9,723,877 7,593,392
Travelling expenses 8,796,255 7,928,361
Entertainment expenses 8,373,023 5,888,643
Insurance expenses 5,254,017 5,281,139
Others 65,531,642 60,594,253
1,192,506,931 1,101,123,287
(43) Research and development expenses
2022 2021
Material expenses 824,545,759 332,438,285
Employee benefits 210,632,851 176,230,301
Depreciation and amortisation expenses 147,665,819 37,360,302
Outsourced research and development
expenses 41,811,591 26,650,129
Others 4,655,552 12,035,962
1,229,311,572 584,714,979
232
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(44) Financial expenses
2022 2021
Interest costs 2,283,281,355 1,652,673,654
Add: Interest costs on lease liabilities 306,781,528 182,484,109
Less: Amounts capitalised on qualifying
assets (332,357,040) (335,159,980)
Subtotal of interest expenses 2,257,705,843 1,499,997,783
Amortisation of discounts or premium of
debentures payable 3,001,857 2,202,952
Less: Interest income (132,632,800) (133,800,923)
Exchange gains - net (971,955) (1,001,673)
Bank charges and others 8,797,067 3,967,806
2,135,900,012 1,371,365,945
233
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(45) Expenses by nature
The cost of sale, selling expenses, general and administrative expenses and research and
development expenses in the income statement are listed as follows by nature:
2022 2021
(Restated)
Consumed fuel, low value consumables,
etc. 44,076,541,204 39,046,440,428
Depreciation and amortisation expenses 4,741,747,341 4,120,630,665
Employee benefits 2,764,337,661 2,721,685,066
Maintenance, repair and operation
expenses 1,819,598,659 1,252,369,160
Depreciation of right-of-use assets 315,743,960 179,638,516
Transaction costs 315,386,943 165,684,575
Insurance expenses 208,434,264 147,982,370
Management fees for frequency
modulation and energy storage 94,379,327 82,235,157
Utility fees 85,575,194 88,367,556
Outsourcing fees for maintenance projects 74,999,608 51,215,122
Fire safety expenses 58,324,674 55,247,715
Property management expenses 53,252,538 38,807,702
Channel dredging and sanitary charges 50,670,983 44,062,837
Office expenses 41,905,156 35,559,262
Traffic expenses 37,545,497 33,409,825
Desulfurisation expenses 32,305,213 3,127,647
Leased labour expenses 28,198,187 23,705,386
Rental expenses 27,805,836 17,146,349
Tug service fees 25,313,710 35,804,563
Operation expenses of ultra-low emissions 19,013,423 761,947
Other expenses 472,157,909 434,868,931
55,343,237,287 48,578,750,779
(i) The Group directly recognises the daily maintenance and repair expenses of fixed assets that do
not meet the criteria of capitalisation as the cost of sale, and included the costs related to the
research and development department, the administrative department and the sale department in
research and development expenses, general and administrative expenses and selling expenses,
respectively.
(ii) As disclosed in Note 2(25), the Group directly recognises the lease payments of short-term
leases and low value leases in profit or loss for the current period. In 2022, the amount was RMB
27,805,836 (2021: RMB 17,146,349).
234
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(46) Asset impairment losses
2022 2021
Impairment of fixed assets 158,542,249 29,321,084
Impairment of goodwill 11,885,484 -
Impairment of construction in progress 454,257 -
Other asset impairment losses 2,890,150 9,377
173,772,140 29,330,461
(47) (Reversal of)/Losses on credit impairment
2022 2021
(Reversal of)/Losses on bad debts of other
receivables (Note 4(4)(b)) (1,866,483) 21,796,665
Losses on/(Reversal of) bad debts of accounts
receivables (Note 4(2)(c)) 303,353 (28,808)
(1,563,130) 21,767,857
235
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(48) Other income
Asset related/
2022 2021 Income related
Income from VAT refund upon collection 28,893,040 28,991,960 Income related
Compensation for relocation and
renovation of Shajiao A Zhenkou pump
house 5,561,358 5,561,358 Asset related
Subsidies for employment stabilisation
provided by unemployment insurance 5,136,757 2,058,912 Income related
Provincial special funds for enterprises’
technology improvement 2,997,831 2,997,831 Asset related
Production incentives for production
expansion of industrial enterprises 2,680,000 - Income related
One-time subsidy for retained workers 2,638,271 - Income related
Incentives for production stabilisation,
increase and expansion of industrial
enterprises 2,520,000 - Income related
Tax refund for PRC-made equipment 2,296,208 2,296,208 Asset related
Environmental grants for SCR denitration
project 1,764,615 1,764,615 Asset related
Incentives for energy efficiency of power
plant by Dongguan 1,647,687 1,647,687 Asset related
Other government grants related to assets 14,208,549 13,626,883 Asset related
Other government grants related to
income 9,815,996 13,708,063 Income related
80,160,312 72,653,517
(49) Investment income
2022 2021
(Restated)
Investment income from long-term equity
investments under equity method (Note 4(7)) 960,006,337 743,767,471
Dividend income earned during the holding
period of investments in other equity
instruments (Note 4(8)) 101,262,589 87,731,408
Others 607,470 4,446,948
1,061,876,396 835,945,827
There was no significant restriction on remittance of investment income of the Group.
(50) Gains on disposals of assets
Amount recognised in non-
recurring profit or loss in
2022 2021 2022
Gains on disposals of fixed assets 30,527,957 90,856,371 30,527,957
Gains on disposals of intangible assets - 84,060,264 -
Others 274,880 9,672,390 274,880
30,802,837 184,589,025 30,802,837
236
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(51) Non-operating income
Amount recognised
in non-recurring profit
2022 2021 or loss in 2022
Gains on scrap of non-current
assets 47,885,412 95,182,637 47,885,412
Waived payables 20,398,518 3,896,128 20,398,518
Claims and compensation income 20,345,920 6,505,940 20,345,920
Tax reduction and exemption for
those having difficulty in paying
taxes 6,846,367 - 6,846,367
Compensation for electricity charges
during the demolition and
construction period 6,533,120 18,040,851 6,533,120
Income from penalties and fines 4,100,221 8,005,031 4,100,221
Income from sales of waste products 3,259,709 785,225 3,259,709
Others 16,121,020 6,677,063 16,121,020
125,490,287 139,092,875 125,490,287
(52) Non-operating expenses
Amount recognised
in non-recurring
2022 2021 profit or loss in 2022
Carbon emission allowances used to
fulfil the emission reduction
obligation (a) 306,786,693 135,013,051 -
Losses on scrap of non-current
assets 73,508,692 25,804,195 73,508,692
Penalties and overdue fines 59,233,310 5,859,197 59,233,310
Others 4,373,861 4,782,288 4,373,861
443,902,556 171,458,731 137,115,863
(a) 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), subsidiaries within the Group that were identified as
key emission units recognised the expected performance obligations of carbon emission in 2022
as non-operating expenses on an accrual basis, and included related provision for carbon
emission allowances payable in other payables.
237
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(53) Income tax expenses/(credits)
2022 2021
(Restated)
Current income tax calculated based on tax law
and related regulations 323,728,437 144,706,928
Deferred income tax (189,832,184) (670,149,842)
133,896,253 (525,442,914)
The reconciliation from income tax calculated based on the applicable tax rates and total profit
presented in the consolidated income statement to the income tax expenses is listed below:
2022 2021
(Restated)
Total loss (4,381,092,874) (4,776,506,063)
Income tax calculated at applicable tax rates (1,095,273,219) (1,194,126,516)
Effect of preferential tax rates of subsidiaries (50,514,396) (81,523,102)
Effect of change in the tax rates (155,561) 4,530,204
Income not subject to tax (270,470,833) (210,039,107)
Costs, expenses and losses not deductible for tax
purposes 92,867,591 53,267,075
Deductible losses for which no deferred tax asset
was recognised 1,233,642,457 892,481,832
Transfer-out of deductible losses for which
deferred tax asset was recognised 241,960,423 12,702,380
Deductible temporary differences for which no
deferred tax asset was recognised 65,687,623 34,804,647
Utilisation of previously unrecognised deductible
losses (4,499,885) (9,829,508)
Utilisation of previously unrecognised deductible
temporary differences (57,301,647) (12,792,715)
Others (22,046,300) (14,918,104)
Income tax expenses/(credits) 133,896,253 (525,442,914)
238
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(54) Earnings per share
(a) Basic earnings per share
Basic earnings per share are calculated by dividing consolidated net profit attributable to ordinary
shareholders of the parent company by the weighted average number of ordinary shares
outstanding:
2022 2021
(Restated)
Consolidated net loss attributable to ordinary
shareholders of the parent company (3,003,916,572) (2,928,171,731)
Weighted average number of outstanding ordinary
shares of the Company 5,250,283,986 5,250,283,986
Basic earnings per share (0.57) (0.56)
Including:
- Basic earnings per share from continuing operations: (0.57) (0.56)
- Basic earnings per share for discontinued
operations: - -
(b) Diluted earnings per share
Diluted earnings per share are calculated by dividing consolidated net profit attributable to
ordinary shareholders of the parent company adjusted based on the dilutive potential ordinary
shares by the adjusted weighted average number of ordinary shares outstanding. In 2022, there
were no dilutive potential ordinary shares (2021: Nil), and hence diluted earnings per share are
equal to basic earnings per share.
239
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(55) Notes to the cash flow statement
(a) Cash received relating to other operating activities
2022 2021
Interest income 131,645,194 139,255,889
Rental income 42,581,955 48,557,619
Government grants 29,947,972 23,486,977
Income from claims and fines 24,446,141 14,510,971
Others 34,111,315 46,880,126
262,732,577 272,691,582
(b) Cash paid relating to other operating activities
2022 2021
Insurance expenses 220,648,827 153,146,648
Utility fees 85,575,194 92,086,938
Administrative penalties and overdue fines 59,233,310 5,859,197
Fire safety expenses 58,324,674 55,247,715
Property management expenses 53,252,538 43,911,232
Carbon emission allowances 50,784,414 70,390,672
Sewage and sanitary charges 50,670,983 44,087,589
Outsourced research and development
expenses 46,467,143 38,686,091
Agency fee 45,804,592 41,705,254
Office expenses 41,905,156 35,524,383
Traffic expenses 37,545,497 34,651,955
Rental expenses 27,805,836 17,146,349
Travelling expenses 17,958,287 17,201,473
Others 220,224,296 261,168,637
1,016,200,747 910,814,133
240
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(55) Notes to the cash flow statement (Cont’d)
(c) Cash received relating to other investing activities
2022 2021
(Restated)
Recovery of advances for project payment 58,920,000 -
Others 7,872,867 -
66,792,867 -
(d) Cash paid relating to other investing activities
2022 2021
Deposits prepaid for equity acquisition 93,426,000 -
Advances for business units 122,438,319 188,784,979
Deposits for ecological protection - 30,583
215,864,319 188,815,562
(e) Cash paid relating to other financing activities
2022 2021
Consideration paid for business combinations
involving enterprises under common control (i) 2,501,436,910 1,242,164,731
Repayments of lease liabilities and long-term
payables 969,796,495 300,181,939
Agency fee for debenture issuance 2,280,001 150,906
3,473,513,406 1,542,497,576
In 2022, total cash outflows for leases paid by the Group amounted to RMB 971,977,756, except for
the repayments of lease liabilities classified as cash paid relating to financing activities, the
remaining was classified as cash paid relating to operating activities.
(i) In 2022, the Group paid consideration of RMB 2,501,436,910 for acquisition of the remaining equity
arising from the prior year’s business combinations involving enterprises under common control.
241
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(56) Supplementary information to the cash flow statement
(a) Supplementary information to the cash flow statement
Reconciliation from net profit to cash flows from operating activities
2022 2021
(Restated)
Net loss (4,514,989,127) (4,251,063,149)
Add: Losses on provision for asset
impairment 173,772,140 29,330,461
(Reversal of)/Provision for credit
impairment loss (1,563,130) 21,767,857
Depreciation of right-of-use assets 315,743,960 179,638,516
Depreciation of fixed assets 4,626,792,756 4,034,654,237
Depreciation of investment properties 9,286,596 9,980,869
Amortisation of intangible assets 87,590,600 75,995,559
Amortisation of long-term prepaid
expenses 18,077,389 4,716,826
Amortisation of deferred income (28,476,248) (27,894,582)
Gains on disposals of fixed assets,
intangible assets and other long-
term assets (30,802,837) (184,589,025)
Losses/(Gains) on scrapping of non-
current assets 25,623,280 (69,378,442)
Financial expenses 2,255,611,293 1,501,349,968
Investment income (1,061,876,396) (835,945,827)
Increase in deferred income taxes (189,832,184) (670,149,843)
Increase in inventories (377,923,028) (1,283,963,976)
Increase in operating receivables (1,246,175,995) (1,721,046,384)
Increase in operating payables 1,417,526,522 3,318,079,673
Decrease/(Increase) in restricted cash 1,479,183 (9,308,070)
Net cash flows from operating activities 1,479,864,774 122,174,668
242
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(56) Supplementary information to the cash flow statement (Cont’d)
(a) Supplementary information to the cash flow statement (Cont’d)
Significant operating, investing and financing activities that do not involve cash receipts and
payments
2022 2021
Right-of-use assets and sea use rights
increased in the current period 2,523,522,827 2,042,941,963
Long-term equity investments increased in
the current period - 245,776,161
2,523,522,827 2,288,718,124
Net increase/(decrease) in cash and cash equivalents
2022 2021
Cash at the end of the year 11,433,808,500 8,023,116,939
Less: Cash at the beginning of the year (8,023,116,939) (9,405,082,609)
Net increase/(decrease) in cash and cash
equivalents 3,410,691,561 (1,381,965,670)
(b) Cash and cash equivalents
31 December 2022 31 December 2021
Cash 11,503,523,618 8,105,320,953
Less: Restricted cash at bank (33,318,344) (42,670,394)
Less: Interest receivable (36,396,774) (39,533,620)
Cash and cash equivalents at the end of the
year (i) 11,433,808,500 8,023,116,939
(i) Cash and cash equivalents at the end of the year
31 December 2022 31 December 2021
Cash on hand 46,435 83,108
Cash at bank that can be readily drawn on
demand 11,433,762,065 8,023,033,831
11,433,808,500 8,023,116,939
243
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(56) Supplementary information to the cash flow statement (Cont’d)
(c) Acquisition of the subsidiaries
(i) Acquisition of the subsidiaries
2022
Cash and cash equivalents paid in the current year for business combinations
incurred in the current year
Including: Xiangtan XEMC Changshan Wind Power Co., Ltd. (“Changshan
Wind Power”) 89,524,002
Jiuzhou New Energy 29,819,878
Others 956,065
Less: Cash and cash equivalents held by subsidiaries at the acquisition date
Including: Changshan Wind Power (22,982,426)
Jiuzhou New Energy (976,937)
Others (2,439,134)
Net cash paid to acquire the subsidiaries 93,901,448
(57) Monetary items denominated in foreign currency
31 December 2022
Balance in foreign
currencies Exchange rate Balance in RMB
Long-term borrowings -
USD 6,020,090 6.9646 41,927,519
Current portion of non-current
liabilities -
USD 975,681 6.9646 6,795,228
244
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Changes of consolidation scope
(1) Subsidiaries established during the year:
Major business Place of Nature of Acquisition
Subsidiaries location registration business Registered capital Shareholding (%) method
Direct Indirect
Zhanjiang Shangyang
Energy Technology Co., Electricity Acquisition of
Ltd. (“Shangyang Energy”) Zhanjiang Zhanjiang generation RMB 1,000,000 - 100.00% assets
Zhanjiang Potou District
Guidian Energy
Technology Co., Ltd. Electricity Acquisition of
(“Guidian Energy”) Zhanjiang Zhanjiang generation RMB 1,000,000 - 100.00% assets
Xihua County Shunfeng
New Energy Co., Ltd. Electricity Acquisition of
(“Shunfeng New Energy”) Zhoukou Zhoukou generation RMB 22,293,880 - 100.00% assets
Wuzhi Jindian New Energy
Technology Co., Ltd. Electricity Acquisition of
(“Jindian New Energy”) Jiaozuo Jiaozuo generation RMB 31,350,000 - 100.00% assets
Lianjiang Yuefeng New
Energy Co., Ltd. Electricity
(“Lianjiang New Energy”) Zhanjiang Zhanjiang generation RMB 140,070,000 - 100.00% Investment
Yunfu Luoding Yuefeng
New Energy Co., Ltd. Electricity
(“Luoding Yuefeng”) Luoding Luoding generation RMB 100,000 - 100.00% Investment
Linfen Zhaocheng Yuefeng
New Energy Co., Ltd. Electricity
(“Zhaocheng Yuefeng”) Linfen Linfen generation RMB 100,000 - 100.00% Investment
Meizhou Wuhua Yuefeng
New Energy Co., Ltd. Electricity
(“Wuhua New Energy”) Meizhou Meizhou generation RMB 1,000,000 - 100.00% Investment
Laishui Yingyang New
Energy Technology Co.,
Ltd. (“Yingyang New Electricity Acquisition of
Energy”) Baoding Baoding generation RMB 77,050,000 - 100.00% assets
Laishui Lineng New Energy
Technology Co., Ltd. Electricity Acquisition of
(“Lineng New Energy”) Baoding Baoding generation RMB 77,050,000 - 100.00% assets
Huizhou Longmen Yuefeng
New Energy Co., Ltd. Electricity
(“Longmen New Energy”) Huizhou Huizhou generation RMB 100,000 - 100.00% Investment
Inner Mongolia Yuefeng
New Energy Co., Ltd.
(“Inner Mongolia New Electricity
Energy”) Hohhot Hohhot generation RMB 314,550,000 - 100.00% Investment
Zhuhai Yuefeng New
Energy Co., Ltd. (“Zhuhai Electricity
New Energy”) Zhuhai Zhuhai generation RMB 1,000,000 - 100.00% Investment
Electricity Acquisition of
Dun’An New Energy Langfang Langfang generation RMB 160,000,000 - 80.00% assets
Electricity Acquisition of
Gaotang New Energy Liaocheng Liaocheng generation RMB 36,096,000 - 100.00% assets
Guangdong Shaoguan
Guangdong Electric
Power New Energy Co.,
Ltd. (“Shaoguan New Electricity
Energy”) Shaoguan Shaoguan generation RMB 5,000,000 100.00% - Investment
Tumxuk Yudean Hanhai
New Energy Co., Ltd. Electricity
(“Hanhai New Energy”) Tumxuk Tumxuk generation RMB 5,000,000 100.00% - Investment
Yudean Jinxiu Integrated
Energy Co., Ltd. (“Jinxiu Electricity
Integrated Energy”) Laibin Laibin generation RMB 1,000,000 90.00% - Investment
Nanjing Senhong New
Energy Co., Ltd. Electricity Acquisition of
(“Senhong New Energy”) Nanjing Nanjing generation RMB 10,000,000 100.00% - assets
Jinchang Muhong New
Energy Co., Ltd. Electricity Acquisition of
(“Muhong New Energy”) Jinchang Jinchang generation RMB 1,000,000 - 100.00% assets
245
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Changes of consolidation scope
(1) Subsidiaries established during the year (Cont’d):
Major business Place of Nature of Acquisition
Subsidiaries location registration business Registered capital Shareholding (%) method
Direct Indirect
Nanjing Linyuan Senhai New
Energy Co., Ltd. (“Senhai Electricity Acquisition of
New Energy”) Nanjing Nanjing generation RMB 1,000,000 100.00% - assets
Jinchang Jieyuan Mujin New
Energy Co., Ltd. (“Mujin Electricity Acquisition of
New Energy”) Jinchang Jinchang generation RMB 1,000,000 - 100.00% assets
Guangdong Yudean Huibo
New Energy Co., Ltd. Electricity
(“Huibo New Energy”) Huizhou Huizhou generation RMB 5,000,000 100.00% - Investment
Taishan Dongrun Zhongneng
New Energy Co., Ltd.
(“Dongrun Zhongneng New Electricity Acquisition of
Energy”) Taishan Taishan generation RMB 1,000,000 100.00% - assets
Taishan Dongrun Qingneng
New Energy Co., Ltd.
(“Dongrun Qingneng New Electricity Acquisition of
Energy”) Taishan Taishan generation RMB 22,304,520 - 100.00% assets
Taishan Runze Jieyuan New
Energy Co., Ltd. (“Runze Electricity Acquisition of
Jieyuan New Energy”) Taishan Taishan generation RMB 22,758,500 - 100.00% assets
Guangdong Yudean
Maoming Natural Gas
Thermal Power Co., Ltd. Electricity
(“Maoming Natural Gas”) Maoming Maoming generation RMB 135,700,000 85.00% - Investment
Meizhou Xingyue New
Energy Co., Ltd. (“Xingyue Electricity
New Energy”) Meizhou Meizhou generation RMB 9,977,500 100.00% - Investment
Guangdong Yudean Huixin
Thermal Power Co., Ltd. Electricity
(“Huixin Thermal Power”) Huizhou Huizhou generation RMB 13,500,000 85.00% - Investment
Yudean Shache Integrated Kashi Kashi
Energy Co., Ltd. (“Shache Prefecture, Prefecture, Electricity
Integrated Energy”) Xinjiang Xinjiang generation RMB 1,206,110,470 100.00% - Investment
Laixi Xinguangyao New
Energy Technology Co.,
Ltd. (“Xinguangyao New Electricity Acquisition of
Energy”) Qingdao Qingdao generation RMB 1,000,000 99.00% - assets
Laixi Telian New Energy
Technology Co., Ltd. Electricity Acquisition of
(“Telian New Energy”) Qingdao Qingdao generation RMB 1,000,000 - 99.00% assets
Pingdu Lianyao New Energy
Technology Co., Ltd. Electricity Acquisition of
(“Lianyao New Energy”) Qingdao Qingdao generation RMB 1,000,000 - 99.00% assets
Electricity Acquisition of
Jiuzhou New Energy Zhaoqing Zhaoqing generation RMB 39,000,000 100.00% - assets
Electricity Acquisition of
Changshan Wind Power Xiangtan Xiangtan generation RMB 80,000,000 100.00% - assets
Yunfu Luoding Yudean New
Energy Co., Ltd. (“Luoding Electricity
New Energy”) Luoding Luoding generation RMB 500,000 100.00% - Investment
The above companies that were acquired by acquisition of assets are subsidiaries acquired by the
Company and its subsidiaries through acquisition of assets from related parties. As at the acquisition
date, the above companies had no other businesses or assets other than construction in progress, fixed
assets and right-of-use assets, and the acquisition did not involve employees. The acquisition of assets
did not constitute a business as there was not any output at the acquisition date.
(2) For the information of the Company’s disposals of subsidiaries in the current year, please refer to Note
6(1)(a).
246
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities
(1) Interests in subsidiaries
(a) Constitution of the Group
Major business
Subsidiaries location Place of registration Nature of business Shareholding (%) Acquisition method
Direct Indirect
Maoming Thermal (i) Maoming Maoming Electricity generation 46.54% - Investment
Jinghai Power Jieyang Jieyang Electricity generation 65.00% - Investment
Zhanjiang Wind Power Zhanjiang Zhanjiang Electricity generation - 70.00% Investment
Guangdong Yudean Technology Engineering Management Co., Ltd.
(“Technology Engineering Company”) Dongguan Dongguan Electricity generation 100.00% - Investment
Guangdong Yudean Humen Electric Co., Ltd. (“Humen Electric”) Dongguan Dongguan Electricity generation 60.00% - Investment
Bohe Energy Maoming Maoming Electricity generation 67.00% - Investment
Xuwen Wind Power Zhanjiang Zhanjiang Electricity generation - 70.00% Investment
Guangdong Yudean Huadu Natural Gas Thermal Power Co., Ltd.
(“Huadu Natural Gas”) Guangzhou Guangzhou Electricity generation 65.00% - Investment
Guangdong Yuedean Dabu Power Generation Co., Ltd. (“Dabu
Power Generation”) Meizhou Meizhou Electricity generation 100.00% - Investment
Guangdong Yudean Leizhou Wind Power Co., Ltd. (“Leizhou Wind
Power”) Leizhou Leizhou Electricity generation 94.00% Investment
Dianbai Wind Power Maoming Maoming Electricity generation - 100.00% Investment
Business combinations involving
Zhanjiang Electric Zhanjiang Zhanjiang Electricity generation - 76.00% enterprises under common control
Business combinations involving
Guangdong Yuejia Electric Co., Ltd. (“Yuejia Electric”) Meizhou Meizhou Electricity generation 58.00% - enterprises under common control
Business combinations involving
Shaoguan Power Plant Shaoguan Shaoguan Electricity generation 90.00% - enterprises under common control
Business combinations involving
Zhongyue Energy Zhanjiang Zhanjiang Electricity generation 90.00% - enterprises under common control
Power Sales Guangzhou Guangzhou Electricity generation 100.00% - Investment
Qujie Wind Power Zhanjiang Zhanjiang Electricity generation - 100.00% Investment
Yangjiang Wind Power Yangjiang Yangjiang Electricity generation - 91.41% Investment
Lincang, Yunnan Business combinations involving
Lincang Energy Province Lincang Electricity generation 100.00% - enterprises not under common control
Business combinations involving
Shenzhen Guangqian Electric Co., Ltd. (“Guangqian Electric”) Shenzhen Shenzhen Electricity generation 100.00% - enterprises under common control
Business combinations involving
Huizhou Natural Gas Huizhou Huizhou Electricity generation 67.00% - enterprises under common control
Business combinations involving
Pinghai Power (ii) Huizhou Huizhou Electricity generation 45.00% - enterprises under common control
247
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(1) Interests in subsidiaries (Cont’d)
(a) Constitution of the Group (Cont’d)
Subsidiaries Major business location Place of registration Nature of business Shareholding (%) Acquisition method
Direct Indirect
Business combinations involving
Shibeishan Wind Power Jieyang Jieyang Electricity generation - 70.00% enterprises under common control
Business combinations involving
Red Bay Power Shanwei Shanwei Electricity generation 65.00% - enterprises under common control
Business combinations involving
enterprises not under common
Guangdong Wind Power Guangzhou Guangzhou Electricity generation 100.00% - control
Tongdao Yuexin Wind Power Generation Co., Ltd. (“Tongdao
Company”) Huaihua, Hunan Province Huaihua Electricity generation - 100.00% Investment
Pingyuan Wind Power Meizhou Meizhou Electricity generation - 100.00% Investment
Guangdong Yudean Heping Wind Power Co., Ltd. (“Heping Wind
Power”) Heyuan Heyuan Electricity generation - 100.00% Investment
Business combinations involving
enterprises not under common
Huilai Wind Power Jieyang Jieyang Electricity generation - 89.83% control
Guangdong Yuejiang Hongrui Power Technology Development Co.,
Ltd. (“Hongrui Technology”) Shaoguan Shaoguan Electricity generation - 90.00% Investment
Guangdong Yudean Yongan Natural Gas Thermal Power Co., Ltd.
(“Yongan Natural Gas”) Zhaoqing Zhaoqing Electricity generation 90.00% - Investment
Xupu County, Huaihua,
Hunan Xupu Yuefeng New Energy Co., Ltd. (“Xupu Yuefeng”) Huaihua, Hunan Province Hunan Province Electricity generation - 100.00% Investment
Guangxi Wuxuan Yuefeng New Energy Co., Ltd.(“Wuxuan Guangxi Zhuang Autonomous Wuxuan, Guangxi Zhuang
Yuefeng”) Region Autonomous Region Electricity generation - 100.00% Investment
Huizhou Pingdian Comprehensive Energy Co., Ltd. (“Pingdian
Comprehensive”) Huizhou Huizhou Electricity generation - 45.00% Investment
Zhuhai Wind Power Zhuhai Zhuhai Electricity generation - 74.48% Investment
Guangdong Yudean Binhai Bay Energy Co., Ltd. (“Binhai Bay
Company”) Dongguan Dongguan Electricity generation 100.00% - Investment
Guangdong Yuedian Daya Bay Integrated Energy Co., Ltd. (“Daya
Bay Company”) Huizhou Huizhou Electricity generation 70.00% - Investment
Guangdong Yuedian Qiming Energy Co., Ltd. (“Qiming Company”) Shenzhen Shenzhen Electricity generation 100.00% - Investment
Business combinations involving
Shenzhen Huaguoquan Electric Power Service Co., Ltd. enterprises not under common
(“Huaguoquan Company”) Shenzhen Shenzhen Leases 100.00% - control
Shaoguan Nanxiong Yuefeng New Energy Co., Ltd. (“Nanxiong
New Energy”) Shaoguan Shaoguan Electricity generation - 100.00% Investment
Guangdong Yudean Dananhai Smart Energy Co., Ltd. ("Dananhai
Company") Jieyang Jieyang Electricity generation 100.00% - Investment
Guangdong Yudean Baihua Integrated Energy Co., Ltd. ("Baihua
Company") Huizhou Huizhou Electricity generation 100.00% - Investment
248
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Guangdong Energy Qingzhou Offshore Wind Power Co., Ltd.
(“Qingzhou Offshore Wind Power”) Yangjiang Yangjiang Electricity generation - 100.00% Investment
Zhanjiang Wanhaowei New Energy Co., Ltd. (“Wanhaowei New
Energy”) Zhanjiang Zhanjiang Electricity generation - 100.00% Investment
6 Interests in other entities (Cont’d)
(1) Interests in subsidiaries (Cont’d)
(a) Constitution of the Group (Cont’d)
Subsidiaries Major business location Place of registration Nature of business Shareholding (%) Acquisition method
Direct Indirect
Zhanjiang Wanchuang Hengwei New Energy Co., Ltd.
(“Wanchuang Hengwei New Energy”) Zhanjiang Zhanjiang Electricity generation - 100.00% Investment
Guangdong Guangye Nanhua New Energy Co., Ltd. (“Nanhua Business combinations involving enterprises
New Energy”) Zhanjiang Zhanjiang Electricity generation - 51.00% not under common control
Guangdong Yueneng Datang New Energy Co., Ltd. (“Datang Business combinations involving enterprises
New Energy”) Guangzhou Guangzhou Electricity generation - 51.00% not under common control
Business combinations involving enterprises
Yueneng Wind Power Zhanjiang Zhanjiang Electricity generation - 51.00% not under common control
Business combinations involving enterprises
Tumxuk Thermal Power Tumxuk Tumxuk Electricity generation 79.48% - not under common control
Guangdong Province Shajiao C Company Generation Business combinations involving enterprises
Corporation (“Sha C Company”) Guangzhou Guangzhou Electricity generation 51.00% - under common control
Business combinations involving enterprises
Guangdong Guanghe Power Co., Ltd. (“Guanghe Power”) Guangzhou Guangzhou Electricity generation - 51.00% under common control
Business combinations involving enterprises
Biomass Power Generation Zhanjiang Zhanjiang Electricity generation - 51.00% under common control
Business combinations involving enterprises
Xinhui Power Jiangmen Jiangmen Electricity generation - 45.90% under common control
Guangdong Yudean Huaqing Gas Joint Cycle Power Business combinations involving enterprises
Generation Co., Ltd. (“Huaqing Power”) Jiangmen Jiangmen Electricity generation - 33.15% under common control
Business combinations involving enterprises
Yunhe Power Yunfu Yunfu Electricity generation 90.00% - under common control
Business combinations involving enterprises
Yunfu Yundian Energy Co., Ltd. (“Yundian Energy”) Yunfu Yunfu Electricity generation - 56.25% under common control
Business combinations involving enterprises
Yuehua Power Guangzhou Guangzhou Electricity generation 51.00% - under common control
Guangdong Yudean Yuehua Integrated Energy Co., Ltd. Business combinations involving enterprises
(“Yuehua Integrated Energy”) Guangzhou Guangzhou Electricity generation - 51.00% under common control
Guangzhou Huangpu Guangdian Petroleum Store & Transport
Co., Ltd. (“Guangdian Petroleum Store & Transport”) Storage and Business combinations involving enterprises
(Deregistered) (iii) Guangzhou Guangzhou transportation - 51.00% under common control
Guangzhou Huangpu Power Engineering Co., Ltd. (“Huangpu Business combinations involving enterprises
Power Engineering”) Guangzhou Guangzhou Electricity generation - 51.00% under common control
Guangzhou Huangdian Training Centre Co., Ltd. (“Huangdian Business combinations involving enterprises
Training Centre”) (Deregistered) (iv) Guangzhou Guangzhou Training - 51.00% under common control
249
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Guangzhou Huangpu Suishen Power Technology Engineering Business combinations involving enterprises
Co., Ltd. (“Suishen Power Engineering”) (Disposed of) (v) Guangzhou Guangzhou Electricity generation - 35.70% under common control
Guangdong Yuedian Bijie New Energy Co. Ltd. (“Bijie New
Energy”) Bijie Bijie Electricity generation 100.00% - Investment
Shangyang Energy Zhanjiang Zhanjiang Electricity generation - 100.00% Acquisition of assets
6 Interests in other entities (Cont’d)
(1) Interests in subsidiaries (Cont’d)
(a) Constitution of the Group (Cont’d)
Subsidiaries Major business location Place of registration Nature of business Shareholding (%) Acquisition method
Direct Indirect
Guidian Energy Zhanjiang Zhanjiang Electricity generation - 100.00% Acquisition of assets
Shunfeng New Energy Zhoukou Zhoukou Electricity generation - 100.00% Acquisition of assets
Jindian New Energy Jiaozuo Jiaozuo Electricity generation - 100.00% Acquisition of assets
Lianjiang New Energy Zhanjiang Zhanjiang Electricity generation - 100.00% Investment
Luoding Yuefeng Luoding Luoding Electricity generation - 100.00% Investment
Zhaocheng Yuefeng Linfen Linfen Electricity generation - 100.00% Investment
Wuhua New Energy Meizhou Meizhou Electricity generation - 100.00% Investment
Yingyang New Energy Baoding Baoding Electricity generation - 100.00% Acquisition of assets
Lineng New Energy Baoding Baoding Electricity generation - 100.00% Acquisition of assets
Longmen New Energy Huizhou Huizhou Electricity generation - 100.00% Investment
Inner Mongolia New Energy Hohhot Hohhot Electricity generation - 100.00% Investment
Zhuhai New Energy Zhuhai Zhuhai Electricity generation - 100.00% Investment
Dun’An New Energy Langfang Langfang Electricity generation - 80.00% Acquisition of assets
Gaotang New Energy Liaocheng Liaocheng Electricity generation - 100.00% Acquisition of assets
Shaoguan New Energy Shaoguan Shaoguan Electricity generation 100.00% - Investment
Hanhai New Energy Tumxuk Tumxuk Electricity generation 100.00% - Investment
Jinxiu Integrated Energy Laibin Laibin Electricity generation 90.00% - Investment
Senhong New Energy Nanjing Nanjing Electricity generation 100.00% - Acquisition of assets
Muhong New Energy Jinchang Jinchang Electricity generation - 100.00% Acquisition of assets
Senhai New Energy Nanjing Nanjing Electricity generation 100.00% - Acquisition of assets
Mujin New Energy Jinchang Jinchang Electricity generation - 100.00% Acquisition of assets
Huibo New Energy Huizhou Huizhou Electricity generation 100.00% - Investment
250
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(1) Interests in subsidiaries (Cont’d)
(a) Constitution of the Group (Cont’d)
Subsidiaries Major business location Place of registration Nature of business Shareholding (%) Acquisition method
Direct Indirect
Dongrun Zhongneng New Energy Taishan Taishan Electricity generation 100.00% - Acquisition of assets
Dongrun Qingneng New Energy Taishan Taishan Electricity generation - 100.00% Acquisition of assets
Runze Jieyuan New Energy Taishan Taishan Electricity generation - 100.00% Acquisition of assets
Maoming Natural Gas Maoming Maoming Electricity generation 85.00% - Investment
Xingyue New Energy Meizhou Meizhou Electricity generation 100.00% - Investment
Huixin Thermal Power Huizhou Huizhou Electricity generation 85.00% - Investment
Kashi Prefecture, Kashi Prefecture,
Shache Integrated Energy Xinjiang Xinjiang Electricity generation 100.00% - Investment
Xinguangyao New Energy Qingdao Qingdao Electricity generation 99.00% - Acquisition of assets
Telian New Energy Qingdao Qingdao Electricity generation - 99.00% Acquisition of assets
Lianyao New Energy Qingdao Qingdao Electricity generation - 99.00% Acquisition of assets
Jiuzhou New Energy Zhaoqing Zhaoqing Electricity generation 100.00% - Acquisition of assets
Changshan Wind Power Xiangtan Xiangtan Electricity generation 100.00% - Acquisition of assets
Luoding New Energy Luoding Luoding Electricity generation 100.00% - Investment
251
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(1) Interests in subsidiaries (Cont’d)
(a) Constitution of the Group (Cont’d)
(i) On 30 November 2018, Maoming Thermal merged Guangdong Energy Maoming Thermal Power Station Co., Ltd., wholly-owned by GEGC. After the
merger, GEGC held 30.12% equity of Maoming Thermal. 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 Thermal. Therefore, the Company owns control power over Maoming Thermal.
(ii) Pinghai Power was acquired from GEGC by the Group in 2012 through offering non-public shares. According to the agreement between GEGC and
Guangdong Huaxia Electric Power Development Co., Ltd. (“Huaxia Electric”), which holds 40% equity in Pinghai Power, the delegated shareholder and
director from Huaxia Electric maintain consensus with those of GEGC when exercising their voting rights during the shareholders’ meeting and Board of
Directors’ meeting at Pinghai Power; besides, after GEGC transfers its 45% equity in Pinghai Power to the Company, the delegated shareholder and
director from Huaxia Electric also reach consensus with those of the Company when exercising their voting rights during the shareholders’ meeting and
Board of Directors’ meeting at Pinghai Power. Therefore, the Company owns the control power over Pinghai Power.
(iii) Guangdian Petroleum Store & Transport, a subsidiary of the Company, held a shareholders' meeting on 24 November 2021, and decided to complete the
liquidation and cancellation of Guangdian Petroleum Store & Transport, a wholly-owned subsidiary of Yuehua Power, in 2022. The liquidation and
cancellation of Guangdian Petroleum Store & Transport will correspondingly change the scope of the Company's consolidated financial statements.
However, it will not have a significant impact on the Company's existing business and operating results, and will not harm the interests of the Company
and its shareholders. As at 28 February 2022, the liquidation and cancellation of Guangdian Petroleum Store & Transport had been completed.
252
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(1) Interests in subsidiaries (Cont’d)
(a) Constitution of the Group (Cont’d)
(iv) Huangdian Training Centre, a subsidiary of the Company, held a shareholders’ meeting on 23 November 2021 and decided to complete the merger of
Huangdian Training Centre by Yuehua Integrated Energy, a subsidiary of the Group, and to dissolve and cancel Huangdian Training Centre upon
completion of the merger in 2022. As at 12 January 2022, the merger, liquidation and cancellation of Huangdian Training Centre had been completed.
(v) On 8 October 2021, Suishen Power Engineering, a subsidiary of the Company and also a non-wholly-owned subsidiary of Yuehua Power, was approved
for disposals of its 70% of the equity to third parties. The disposals of Suishen Power Engineering will correspondingly change the scope of the Company's
consolidated financial statements. However, it will not have a significant impact on the Company's existing business and operating results, and will not
harm the interests of the Company and its shareholders. As at 28 April 2022, Suishen Power Engineering had completed the property rights exchange
procedures.
253
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(1) Interests in subsidiaries (Cont’d)
(b) Subsidiaries with significant minority interests
Shareholding of minority Gains or losses attributable to Dividends distributed to minority Minority interests as at 31
Subsidiaries shareholders (%) minority shareholders in 2022 shareholders in 2022 December 2022
Bohe Energy 33.00% 2,921,790 - 1,525,747,576
Zhanjiang Electric 24.00% (75,971,466) - 813,220,838
Jinghai Power 35.00% (122,955,569) - 921,075,752
Red Bay Power 35.00% (114,573,179) - 837,700,541
Huizhou Natural Gas 33.00% 68,186,725 25,174,599 694,934,683
Pinghai Power 55.00% 63,851,121 - 1,006,335,803
Sha C Company 49.00% (447,781,114) - 999,238,701
(i) Except for Zhuhai Wind Power, dividends distributed to minority shareholders in 2022 had all been paid off in the current year.
254
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(1) Interests in subsidiaries (Cont’d)
(b) Subsidiaries with significant minority interests (Cont'd)
Major financial information of material non-wholly-owned subsidiaries of the Group is listed below:
31 December 2022 31 December 2021
Non-current Current Non-current Non-current Current Non-current
Current assets assets Total assets liabilities liabilities Total liabilities Current assets assets Total assets liabilities liabilities Total liabilities
Bohe Energy 2,349,678,889 6,994,607,638 9,344,286,527 2,427,792,723 2,293,016,300 4,720,809,023 2,609,681,761 6,892,655,462 9,502,337,223 3,008,450,314 2,359,263,315 5,367,713,629
Zhanjiang Electric 2,470,759,774 1,240,611,761 3,711,371,535 295,849,495 27,101,881 322,951,376 2,650,321,842 1,266,988,373 3,917,310,215 183,009,639 29,332,641 212,342,280
Jinghai Power 1,385,798,584 6,990,898,911 8,376,697,495 4,133,096,606 1,611,955,884 5,745,052,490 1,526,571,272 6,829,232,837 8,355,804,109 4,033,650,563 1,339,227,380 5,372,877,943
Red Bay Power 1,335,712,024 4,929,899,200 6,265,611,224 3,471,806,657 400,374,451 3,872,181,108 1,409,063,788 5,053,935,838 6,462,999,626 3,167,753,333 574,464,236 3,742,217,569
Huizhou Natural Gas 517,592,961 2,729,895,338 3,247,488,299 854,386,780 287,238,842 1,141,625,622 339,090,166 2,930,623,382 3,269,713,548 726,965,377 567,225,268 1,294,190,645
Pinghai Power 1,698,935,258 2,801,846,254 4,500,781,512 1,222,698,173 1,448,381,879 2,671,080,052 1,588,057,850 3,411,190,163 4,999,248,013 1,230,761,702 1,877,492,900 3,108,254,602
Sha C Company 2,223,308,298 3,622,700,798 5,846,009,096 1,883,231,110 1,923,515,331 3,806,746,441 2,916,866,925 3,999,456,043 6,916,322,968 2,657,111,340 1,273,188,755 3,930,300,095
2022 2021
Total comprehensive Cash flows from Total comprehensive Cash flows from
Revenue Net (loss)/profit income operating activities Revenue Net (loss)/profit income operating activities
Bohe Energy 4,246,193,380 8,853,910 8,853,910 399,072,873 2,782,274,837 (20,922,634) (20,922,634) 437,918,482
Zhanjiang Electric 2,527,747,682 (316,547,774) (316,547,774) (234,066,362) 2,244,415,610 (304,090,266) (310,815,500) (404,758,842)
Jinghai Power 6,996,344,270 (351,301,626) (351,301,626) (197,695,023) 6,657,485,630 (509,356,177) (509,356,177) 334,454,084
Red Bay Power 5,565,503,172 (327,351,941) (327,351,941) 262,097,971 5,009,175,976 (488,495,726) (488,495,726) (442,766,950)
Huizhou Natural Gas 3,250,426,792 206,626,438 206,626,438 692,909,637 3,639,314,264 84,762,958 84,762,958 559,716,915
Pinghai Power 5,210,093,742 116,092,947 116,092,947 119,302,012 4,877,581,551 30,499,657 30,499,657 344,245,399
Sha C Company 5,330,603,384 (913,839,007) (932,845,576) (1,873,955,939) 1,999,829,883 (568,004,644) (407,654,995) 48,454,458
255
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(2) Interests in joint ventures and associates
(a) Basic information of significant joint ventures and associates
Major Whether strategic
business Place of Nature of to the Group's
location registration business activities Shareholding (%)
Direct Indirect
Joint ventures -
Guangzhou, Guangzhou,
Industry Fuel Guangdong Guangdong Fuel trading Yes 50.00% -
Associates -
Shanxi Yudean Taiyuan, Taiyuan, Mining, power
Energy Shanxi Shanxi generation Yes 40.00% -
Energy Group
Finance Guangzhou, Guangzhou,
Company Guangdong Guangdong Finance Yes 25.00% 15.00%
Taishan, Taishan, Power
Taishan Electric Guangdong Guangdong generation Yes 20.00% -
Energy Financial Guangzhou, Guangzhou,
Leasing Company Guangdong Guangdong Finance leases Yes 25.00% -
The equity investments are accounted for using the equity method by the Group.
(b) Summarised financial information of significant joint ventures
31 December 2022 31 December 2021
Industry Fuel Industry Fuel
Current assets 9,759,872,215 8,607,437,424
Non-current assets 6,787,019,420 3,981,342,190
Total assets 16,546,891,635 12,588,779,614
Current liabilities 10,717,387,818 9,741,803,372
Non-current liabilities 4,030,111,167 1,169,197,748
Total liabilities 14,747,498,985 10,911,001,120
Minority interests 67,010,551 67,010,551
Attributable to shareholders of the parent company 1,732,382,099 1,610,767,943
Share of net assets based on shareholding (i) 866,191,050 805,383,972
Adjustments - Unrealised profits from intra-group
transactions (155,792,047) (159,913,458)
Carrying amount of equity investment in joint
ventures 710,399,003 645,470,514
Revenue 41,154,918,017 40,287,196,338
Net profit 129,856,977 230,410,999
Including: Attributable to the parent company 129,856,977 230,410,999
Other comprehensive income - 15,800,500
Including: Attributable to the parent company - 15,800,500
Total comprehensive income 129,856,977 246,211,499
Dividends received from joint ventures by the
Group for the current year - 29,649,898
256
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(2) Interests in joint ventures and associates (Cont’d)
(b) Summarised financial information of significant joint ventures (Cont’d)
(i) Share of asset is calculated according to shareholding based on the amount attributable to the parent
company in the consolidated financial statements of joint ventures. The amount in the consolidated
financial statements of joint ventures considers the impacts of fair value of identifiable assets and liabilities
of joint ventures at the time of acquisition and the unification of accounting policies. The assets involved in
the transactions between the Group and joint ventures do not constitute a business.
(c) Summarised financial information of significant associates
31 December 2022 31 December 2021
Energy Financial
Shanxi Yudean Leasing Shanxi Yudean Energy Financial
Energy Company Energy Leasing Company
Current assets 1,782,312,074 1,012,915,138 1,074,073,055 632,968,295
Non-current assets 8,228,428,605 9,190,015,523 6,627,921,355 7,281,003,242
Total assets 10,010,740,679 10,202,930,661 7,701,994,410 7,913,971,537
Current liabilities 606,329,317 2,688,451,249 493,070,520 1,840,650,722
Non-current liabilities 1,697,937,309 5,365,450,397 1,230,741,592 3,944,093,673
Total liabilities 2,304,266,626 8,053,901,646 1,723,812,112 5,784,744,395
Minority interests 76,642,198 - 70,239,165 -
Attributable to shareholders of
the parent company 7,629,831,855 2,149,029,015 5,907,943,133 2,129,227,142
Share of net assets based on
shareholding (i) 3,051,932,742 537,257,254 2,363,177,253 532,306,787
Adjustments
- Others (ii) (32,579,800) - - -
Carrying amount of equity
investment in associates 3,019,352,942 537,257,254 2,363,177,253 532,306,787
Revenue 193,310,933 312,042,217 100,199,753 259,494,775
Investment income 1,317,744,134 1,003,115 1,229,294,936 1,540,565
Net profit 1,319,342,256 92,970,585 1,200,222,015 89,599,668
Including: Attributable to the
parent company 1,315,439,222 92,970,585 1,200,112,143 89,599,668
Other comprehensive income - - - -
Including: Attributable to the
parent company - - - -
Total comprehensive income 1,319,342,256 92,970,585 1,200,222,015 89,599,668
Dividends received from
associates by the Group for
the current year - (18,292,179) - 12,576,669
257
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(2) Interests in joint ventures and associates (Cont’d)
(c) Summarised financial information of significant associates (Cont’d)
31 December 2022 31 December 2021
Energy Group Energy Group
Finance Company Taishan Electric Finance Company Taishan Electric
Current assets 8,044,309,162 3,007,543,498 7,694,411,383 2,930,161,081
Non-current assets 18,171,209,855 8,964,593,732 17,101,010,480 9,406,287,125
Total assets 26,215,519,017 11,972,137,230 24,795,421,863 12,336,448,206
Current liabilities 21,896,121,072 2,465,364,570 20,630,423,850 3,414,107,776
Non-current liabilities 91,587,142 - 31,373,853 -
Total liabilities 21,987,708,214 2,465,364,570 20,661,797,703 3,414,107,776
Minority interests - - - -
Attributable to
shareholders of the
parent company 4,227,810,803 9,506,772,660 4,133,624,160 8,922,340,430
Share of net assets based
on shareholding (i) 1,691,124,321 1,901,354,532 1,653,449,664 1,784,468,086
Adjustments
- Goodwill 13,325,000 - 13,325,000 -
Carrying amount of equity
investment in
associates 1,704,449,321 1,901,354,532 1,666,774,664 1,784,468,086
Revenue 765,272,582 12,253,136,746 752,537,763 10,287,027,972
Net profit/(loss) 379,076,682 584,432,230 364,396,199 (17,047,790)
Including: Attributable to
the parent
company 379,076,682 584,432,230 364,396,199 (17,047,790)
Other comprehensive
income 24,846,733 - 19,273,714 -
Including: Attributable to
the parent
company 24,846,733 - 19,273,714 -
Total comprehensive
income/(loss) 403,923,415 584,432,230 383,669,913 (17,047,790)
Dividends received from
associates by the Group
for the current year 123,894,709 - 122,273,962 101,148,944
(i) Share of net 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.
The assets involved in the transactions between the Group and associates do not constitute a
business.
258
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(2) Interests in joint ventures and associates (Cont’d)
(c) Summarised financial information of significant associates (Cont’d)
(ii) As at 29 August 2022, Shanxi Yudean Energy applied to GEGC and the Group for a capital
increase of RMB 460,749,100. Among which the Group shall contribute RMB 184,299,600 at the
shareholding proportion of 40%. As at 31 December 2022, the Group actually contributed RMB
130,000,000 for capital increase. The Group has negotiated with Shanxi Yudean Energy that the
remaining capital of RMB 54,299,600 would be settled within one year.
(d) Summarised information of insignificant joint ventures and associates
2022 2021
Joint ventures:
Aggregated carrying amount of investments 181,171,920 9,350,000
Aggregate of the following items in proportion
Net loss (i) (2,506,598) -
Other comprehensive income (i) - -
Total comprehensive income (2,506,598) -
Associates:
Aggregated carrying amount of investments 1,144,068,211 1,070,661,046
Aggregate of the following items in proportion
Net profit/(loss) (i) 79,648,992 (18,173,212)
Other comprehensive income (i) 1,855,914 (332,152)
Total comprehensive income 81,504,906 (18,505,364)
(i) The net profit/(loss) and other comprehensive income have taken into account the impacts of both
the fair value of the identifiable assets and liabilities upon the acquisition of investment at the time
of acquisition and the unification of accounting policies.
259
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
7 Segment information
As the Group's revenue and expenses, assets and liabilities are primarily associated with sale of
electric power and other related products, the Group's management, taking the sale of electric
power as a whole business, periodically obtains accounting information relating to financial status,
operating results and cash flow for assessment. Therefore, there is only the electric power
segment in the Group.
The Group’s revenue from main operations derives from the development and operation of
electric plants in China and all assets are within China.
In 2022, the revenue earned by the Group’s power plants from Southern Power Grid Company
and State Grid Corporation of China amounted to RMB 51,889,521,596 (2021: RMB
43,278,023,920), which took up 98.53% of the Group’s revenue (2021: 97.99%).
8 Related parties and related party transactions
(1) General information of the parent company
(a) General information of the parent company
Place of
registration Nature of business
Operation and management of power generation enterprises,
capital management of electricity assets, construction of power
GEGC Guangzhou plant and sale of electricity
The ultimate holding party of the Company is State-owned Assets Supervision And Administration
Commission of the People's Government of Guangdong Province.
(b) Registered capital and changes in registered capital of the parent company
31 December Increase in the Decrease in the 31 December
2021 current year current year 2022
GEGC 23,000,000,000 - - 23,000,000,000
(c) The percentages of shareholding and voting rights in the Company held by the parent company
31 December 2022 31 December 2021
Shareholding (%) Voting rights (%) Shareholding (%) Voting rights (%)
GEGC 67.39% 67.39% 67.39% 67.39%
260
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(2) Information of subsidiaries
The general information and other related information of the subsidiaries are set out in Note
6(1)(a).
(3) Information of joint ventures and associates
Apart from significant joint ventures and associates disclosed in Note 6, other joint ventures and
associates that involved in related party transactions with the Group are listed as follows:
Name of entity Relationship with the Group
GEG Property Insurance Associate
Yudean Shipping Associate
Yunfu B Associate
(4) Information of other related parties
Relationship with the Group
Guangdong Zhuhai Jinwan Power Co., Ltd. (“Zhuhai Jinwan
Electric”) Controlled by GEGC
Guangdong Yudean Property Management Co., Ltd. (“Yudean PM”) Controlled by GEGC
Guangdong Yudean Information Technology Co., Ltd. (“Yudean
Technology”) Controlled by GEGC
Yudean Environmental Controlled by GEGC
Guangdong Yudean Environmental Protection Materials Co., Ltd.
(“Environmental Protection Materials”) Controlled by GEGC
Guangdong Yuelong Power Generation Co., Ltd. (“Yuelong Power”) Controlled by GEGC
Guangdong Yudean Zhongshan Thermal Power Plant (“Zhongshan
Thermal”) Controlled by GEGC
Guangdong Port of Yangjiang Harbour Service Co., Ltd. (“Port of
Yangjiang”) Controlled by GEGC
Guangzhou Development District Yudean New Energy Co., Ltd.
(“Yudean New Energy”) Controlled by GEGC
Guangdong Energy Group Natural Gas Co., Ltd. (“Guangdong
Energy Natural Gas”) Controlled by GEGC
Zhuhai Special Economic Zone Guangzhu Power Generation Co.,
Ltd. (“Guangzhu Power”) Controlled by GEGC
Guangdong Energy Group Co., Ltd., Zhuhai Power Plant (“Zhuhai
Power”) Controlled by GEGC
Inner Mongolia Yudean Menghua New Energy Co., Ltd. (“Menghua
New Energy”) Controlled by GEGC
261
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(5) Related party transactions
(a) Purchase and sale of goods, and rendering and receiving of services
Purchase of goods and receiving of services:
Pricing policies
Type of related party of related party
Related parties transaction transactions 2022 2021
Industry Fuel Purchase of fuel Agreement price 33,544,407,573 29,734,481,375
Guangdong Energy
Natural Gas Purchase of fuel Agreement price 4,528,970,844 3,732,802,782
Receipt of operational
GEGC services Agreement price 537,273,916 -
Yudean
Environmental Purchase of materials Agreement price 164,508,018 156,679,116
Environmental
Protection Materials Purchase of materials Agreement price 98,555,303 64,389,931
GEG Property Receipt of insurance
Insurance services Agreement price 69,048,661 59,136,449
Receipt of property
Yudean PM services Agreement price 35,945,216 23,959,792
Yudean Shipping Receipt of tug services Agreement price 24,891,509 24,226,415
Port of Yangjiang Receipt of tug services Agreement price - 16,431,191
Others Receipt of services Agreement price 19,764,515 19,876,271
39,023,365,555 33,831,983,322
Sale of goods and rendering of services:
Pricing policies of
Type of related party related party
Related parties transaction transactions 2022 2021
Yudean Revenue from sale of by-
Environmental products Agreement price 266,854,916 340,736,159
Provision of maintenance
GEGC and repair services Agreement price 45,731,154 39,394,206
Provision of maintenance
Zhongshan Thermal and repair services Agreement price 17,397,443 14,057,773
Provision of maintenance
Zhuhai Power and repair services Agreement price 10,034,988 10,799,140
Others Provision of services Agreement price 24,170,522 24,419,684
364,189,023 429,406,962
262
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(5) Related party transactions (Cont’d)
(b) Purchase of electric power
Related parties 2022 2021
Guangzhu Power 164,850,645 130,127,530
Zhuhai Jinwan Electric 96,288,825 121,954,252
Yunfu B 50,925,616 16,203,000
Yuelong Power 29,489,945 31,152,000
Zhongshan Thermal 9,101,731 96,302,800
350,656,762 395,739,582
The amount for purchase of electric power is determined by the difference of decrease in current
feed-in tariff and purchased quantity of electricity agreed by companies selling electric power and
power plants from related parties.
(c) Leases
Right-of-use assets increased in the current year with the Group as the lessee:
Name of the lessor Type of the leased asset 2022 2021
Energy Financial Leasing Lease of machinery and 1,765,522,63
Company equipment 5 4,496,403,656
Others Housing rental 3,595,926 3,673,203
1,769,118,56
1 4,500,076,859
Interest costs on lease liabilities in the current year with the Group as the lessee:
2022 2021
Energy Financial Leasing Company 269,949,925 152,418,557
Others 1,039,339 383,203
270,989,264 152,801,760
263
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(5) Related party transactions (Cont’d)
(d) Guarantees
The Group as the guarantor
Whether the
Guaranteed Guaranteed Maturity guarantee has
Guaranteed party amount interest Starting date date been fulfilled or not
GEGC (i) 2,000,000,000 10,734,003 03/12/2019 15/09/2043 No
(i) In order to perform the Loan Agreement for the Guangdong Yudean Yangjiang Shapa offshore
wind power project signed between the People's Republic of China (“PRC”) and New
Development Bank (“NDB”) (“Loan Agreement with NDB”) on 3 December 2019, Project
Agreement signed between NDB and the People’s Government of Guangdong Province
(“provincial government”) (“Project Agreement with NDB”), Loan Transfer Agreement signed
between the Ministry of Finance and the provincial government (“Loan Transfer Agreement with
the Ministry of Finance”) and Loan Transfer Agreement signed between the Department of
Finance of Guangdong Province and GEGC (“Loan Transfer Agreement with the Department of
Finance of Guangdong Province”), Yangjiang Wind Power signed Loan Transfer Agreement with
GEGC (Loan Transfer Agreement with GEGC) in 2020, specifying that GEGC shall transfer loans
of RMB 2,000,000,000 (“Project Loan”) to Yangjiang Wind Power; meanwhile, the Company
signed a joint liability guarantee contract with GEGC, specifying that the Company provides joint
liability guarantee for all liabilities of Yangjiang Wind Power under the Loan Transfer Agreement
with GEGC on behalf of GEGC to the Department of Finance of Guangdong Province from 3
December 2019 to 15 September 2043, and the guarantee scope includes but not limited to
principal and interest. As at 31 December 2022, Yangjiang Wind Power borrowed pledged loan of
RMB 2,000,000,000 from NDB, and the interest payable was RMB 10,734,003.
The above Project Loan was transferred to the provincial government by the Ministry of Finance
under the country’s authorisation according to the same loan conditions, then transferred to
GEGC by the Department of Finance of Guangdong Province under the provincial government’s
authorisation, and finally transferred to Yangjiang Wind Power by GEGC. The above Project Loan
was actually provided in entrusted payment. The cash would not flow through the bank accounts
of the Ministry of Finance, Department of Finance of Guangdong Province and GEGC, and
Yangjiang Wind Power, the actual debtor of the Project Loan, directly withdrew and repaid the
loan through its account of NDB. The Project Loan was guaranteed by the Company for GEGC,
and actually the Company provided guarantee for the Project Loan obtained by Yangjiang Wind
Power from NDB. Therefore, after consulting the Company’s legal adviser, management
considered that joint liability guarantee provided by the Group for GEGC would not constitute
GEGC’s occupation of the Group’s funds.
264
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(5) Related party transactions (Cont’d)
(e) Lending among related parties
(i) According to the 2022 Framework Agreement on Financial Services between the Company and
Energy Group Finance Company, Energy Group Finance Company is committed to offering the
Group a credit line of no more than RMB 35,000 million in 2022. In 2022 the Group borrowed a
total of RMB 13,699,996,952 (2021: RMB 11,491,375,497) from Energy Group Finance Company
based on actual capital requirement. The Group paid an interest of RMB 340,462,529 (2021: RMB
343,902,443) for such borrowings (Note 8(5)(h) for details).
(ii) In 2022, the net increase of the Group’s deposits in Energy Group Finance Company was RMB
2,259,804,496 (2021: a net decrease of RMB 1,918,648,394), and the net increase of the Group’s
other cash balances deposited in Energy Group Finance Company was RMB 6,000,000 (2021: a
net decrease of RMB 592,681). Interest due from Energy Group Finance Company amounted to
RMB 112,312,499 (2021: RMB 126,350,608) (Note 8(5)(g)). In light of the frequent deposits and
withdrawals, the Group only disclosed the amount of net change in deposits.
(iii) According to the three-party agreement signed among the Group, Energy Group Finance
Company and Industry Fuel, the amount of the notes issued to Industry Fuel by the Group and
discounted with Energy Group Finance Company represents the amount payable to Energy Group
Finance Company. Given the frequent transactions, only the net change of the balance of
commercial acceptance notes discounted with Energy Group Finance Company as at 31
December is disclosed. As at 31 December 2022, the net amount of Energy Group Finance
Company’s discounting of acceptance notes issued by the Group to Industry Fuel decreased by
RMB 680,000,000. In 2022, the discounting interest charged by Energy Group Finance Company
and borne by the Group which was included in the discounting interest expenses in the current
year amounted to RMB 19,284,125 (2021: RMB 20,074,125) (Note 8(5)(h) for details).
(iv) Based on the Framework Agreement on Financial Lease between the Company and Energy
Finance Leasing Company in 2022, Energy Finance Leasing Company is committed to offering
the Group a credit line of no more than RMB 15,000 million, which is reusable during the one-year
agreement period. In 2022, the new lease liabilities incurred in the transaction between the Group
and Energy Finance Leasing Company were RMB 1,765,522,635 (2021: RMB 1,271,198,318),
and the finance lease payment was RMB 658,995,715 (2021: RMB 175,247,298).
265
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(5) Related party transactions (Cont’d)
(f) Allocation of common expenses
The Company’s branches Shajiao A Power Plant and GEGC agreed to share common expenses
based on their agreed allocation percentage. In 2022, the common expenses received by the
Group from GEGC were RMB 5,496,475 (2021: RMB 5,580,411).
(g) Interest income
Related parties Type of related party transaction 2022 2021
Energy Group Finance Company Interest on deposits 112,312,499 126,350,608
(h) Interest costs
Related parties Type of related party transaction 2022 2021
Energy Group Finance Company Interest on borrowings 340,462,529 343,902,443
Energy Group Finance Company Notes discount charges 19,284,125 20,074,125
359,746,654 363,976,568
In 2022, the loans provided by Energy Group Finance Company to the Group carried an annual
interest rate from 2.75% to 4.26% (2021: from 2.70% to 4.90%).
(i) In 2021, in order to optimise the Company's asset structure and promote high-quality
development, Bohe Energy, a subsidiary of the Group, disposed of the terminal assets to
Industry Fuel at a transaction price of RMB 2,800,327,000 (excluding tax). As at 31 December
2022, all amounts were recovered.
266
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(5) Related party transactions (Cont’d)
(j) Joint investment
As at 31 December 2022, subsidiaries, joint ventures and associates jointly invested by the Group
and GEGC are listed below:
Percentage of equity attributable to GEGC
Maoming Thermal 30.12%
Bohe Energy 33.00%
Sha C Company 49.00%
Guanghe Power 49.00%
Biomass Power Generation 49.00%
Xinhui Power 44.10%
Huaqing Power 31.85%
Energy Group Finance Company 60.00%
Industry Fuel 50.00%
Shanxi Yudean Energy 60.00%
GEG Property Insurance 51.00%
Energy Financial Leasing Company 50.00%
Yudean Shipping 65.00%
Yueqian Power 17.48%
Yangjiang Wind Power 10.96%
Zhuhai Wind Power 5.72%
(k) Remuneration of key management
2022 2021
Remuneration of key management 6,557,221 5,677,057
267
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(6) Receivables from and payables to related parties
Receivables from related parties:
31 December 2022 31 December 2021
Cash at bank and on
hand Energy Group Finance Company
- Cash at bank 8,728,625,253 6,468,820,757
- Other cash
balances 12,000,000 6,000,000
- Interest receivable 36,396,774 39,533,620
8,777,022,027 6,514,354,377
Accounts receivables GEGC 18,753,148 8,500,800
Zhuhai Power 5,115,602 6,820,689
Yudean New Energy 4,192,479 5,272,364
Others 11,485,458 11,643,227
39,546,687 32,237,080
Contract assets Zhuhai Power 2,029,830 -
GEGC - 3,132,201
Others 74,139 56,083
2,103,969 3,188,284
31 December 2022 31 December 2021
Other receivables Energy Financial Leasing Company 240,453,119 129,864,979
Yudean Environmental 131,141,189 76,772,719
Industry Fuel 1,700,776 1,602,258,185
Others 16,292,201 8,113,032
389,587,285 1,817,008,915
Advances to
suppliers Industry Fuel 1,107,710,903 481,701,342
Others 1,905,036 3,707,618
1,109,615,939 485,408,960
Other non-current
assets Yudean Technology 250,000 250,000
As at 31 December 2022 and 31 December 2021, the Group made no provision for bad debts of
receivables from related parties.
268
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(6) Receivables from and payables to related parties (Cont’d)
Payables to related parties:
31 December 2022 31 December 2021
Notes payables Energy Group Finance Company 597,272,076 866,000,000
Accounts payables Industry Fuel 4,566,760,528 4,251,347,098
GEGC 262,414,344 1,101,296,490
Guangdong Energy Natural Gas 180,748,337 390,755,352
Yudean Environmental 40,995,467 35,115,820
Environmental Protection Materials 21,639,938 24,316,381
Others 4,661,297 3,511,517
5,077,219,911 5,806,342,658
Contract liabilities GEGC - 2,606,132
Other payables Menghua New Energy 10,240,523 5,276,682
GEGC - 2,501,436,910
Energy Financial Leasing Company - 42,722,792
Others 6,601,259 6,780,239
16,841,782 2,556,216,623
Lease liabilities Energy Financial Leasing Company 6,697,106,654 3,801,408,039
269
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(6) Receivables from and payables to related parties (Cont’d)
Payables to related parties (Cont'd):
31 December 2022 31 December 2021
Short-term borrowings
Energy Group Finance Company
- Principal 5,723,903,012 4,977,136,729
- Interest 5,323,466 3,142,408
5,729,226,478 4,980,279,137
Current portion of non-current liabilities
Energy Group Finance Company
- Principal 222,079,444 191,911,238
- Interest 5,112,690 6,612,663
GEGC
- Principal - 82,000,000
- Interest 527,083 368,958
227,719,217 280,892,859
Energy Financial Leasing Company 769,850,008 33,630,163
Long-term borrowings
Energy Group Finance Company
- Principal 3,962,102,717 4,175,122,351
GEGC
- Principal 500,000,000 268,000,000
4,462,102,717 4,443,122,351
270
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
9 Commitments
(1) Capital commitments
Capital expenditures contracted for by the Group but are not yet necessary to be recognised on
the balance sheet as at the balance sheet date are as follows:
31 December 2022 31 December 2021
Buildings and power generation equipment 27,198,894,118 23,518,696,981
The above capital commitments will be primarily used for the construction of new electric plants
and the purchase of new generator units.
(2) Investment commitments
(a) In September 2022, Guangdong Wind Power, a subsidiary of the Group, signed the framework
agreement with Shandong Fengxu for the acquisition of its 100% equity in Gaotang Fengxu New
Energy Co., Ltd. As at 31 December 2022, Guangdong Wind Power paid a deposit of RMB
41,226,000 to Shandong Fengxu (Note 4(17)), but the consideration for the equity transaction has
not yet been determined.
(b) In August 2022, Guangdong Wind Power, a subsidiary of the Group, signed the framework
agreement with Hengyang New Energy for the acquisition of its no less than 65% equity in
Wuxiang Lvheng Photovoltaic Power Generation Co., Ltd. As at 31 December 2022, Guangdong
Wind Power paid a deposit of RMB 52,200,000 to Hengyang New Energy (Note 4(17)), but the
consideration for the equity transaction has not yet been determined.
(c) In February 2022, Guangdong Wind Power, a subsidiary of the Group, signed the framework
agreement with Nanchang Hangneng New Energy Centre (Limited Partnership) (“Nanchang
Hangneng”) for the acquisition of its 100% equity in Lianjiang Hangneng New Energy Co., Ltd.
The consideration for the equity transaction has not yet been determined.
(d) In September 2022, Guangdong Wind Power, a subsidiary of the Group, signed the framework
agreement with Qinhuangdao Wohua Highway Engineering Co., Ltd. (“Wohua Engineering”) and
Qinhuangdao Angqian Trading Co., Ltd. (“Angqian Trading”) for the acquisition of their 100%
equity (51% of equity from Wohua Engineering and 49% of equity from Angqian Trading) in
Qinglong Manchu Autonomous County Jianhao Photovoltaic Technology Co., Ltd. (“Jianhao PV”).
The consideration for the equity transaction has not yet been determined.
271
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
10 Operating lease proceeds after the balance sheet date
As the lessor, the Group’s undiscounted lease proceeds receivable after the balance sheet date
are as follows:
31 December 2022
Within 1 year 35,164,085
1 to 2 years 24,668,139
2 to 3 years 12,110,192
3 to 4 years 8,301,891
4 to 5 years 2,442,113
Over 5 years 2,644,731
85,331,151
11 Financial instruments and risks
The Group's activities expose it to a variety of financial risks: market risk (primarily including foreign
exchange risk and interest rate risk), credit risk and liquidity risk. The Group's overall risk
management programme focuses on the unpredictability of financial markets and seeks to
minimise potential adverse effects on the Group's financial performance.
(1) Market risk
(a) Foreign exchange risk
The Group’s major operational activities are carried out in the Chinese mainland and a majority of
the transactions are denominated in RMB. The Group is exposed to foreign exchange risk arising
from the recognised assets and liabilities, and future transactions denominated in foreign
currencies, primarily with respect to USD. The Group’s finance department at its headquarters is
responsible for monitoring the amount of assets and liabilities, and transactions denominated in
foreign currencies to minimise the foreign exchange risk. Therefore, the Group may consider taking
proper measures to mitigate the foreign exchange risk as appropriate. During 2022 and 2021, the
Group did not enter into any forward exchange contracts or currency swap contracts.
272
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
11 Financial instruments and risks (Cont’d)
(1) Market risk (Cont’d)
(a) Foreign exchange risk (Cont’d)
As at 31 December 2022 and 31 December 2021, the carrying amounts in RMB equivalent of the
Group’s financial liabilities denominated in foreign currencies are summarised below:
31 December 2022
USD
Financial liabilities denominated in foreign currency -
Long-term borrowings 41,927,519
Current portion of non-current liabilities 6,795,228
48,722,747
31 December 2021
USD
Financial liabilities denominated in foreign currency -
Long-term borrowings 44,506,676
Current portion of non-current liabilities 6,542,011
51,048,687
273
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
11 Financial instruments and risks (Cont’d)
(1) Market risk (Cont’d)
(a) Foreign exchange risk (Cont’d)
As at 31 December 2022, if the RMB had strengthened/weakened by 10% against the USD while
all other variables had been held constant, the Group’s net profit would have been approximately
RMB 3,618,743 (31 December 2021: approximately RMB 3,812,098) higher/lower for various
financial liabilities denominated in USD of subsidiaries, whose recording currency was RMB.
As at 31 December 2022, as the Group’s financial assets and liabilities denominated in other
foreign currencies were not significant, the changes in exchange rate of other foreign currencies
had no significant influence on the Group.
(b) Interest rate risk
The Group’s interest rate risk mainly arises from interest bearing borrowings including bank
borrowings, debentures payable, lease liabilities and long-term payables. Financial liabilities issued
at floating rates expose the Group to cash flow interest rate risk. Financial liabilities issued at fixed
rates expose the Group to fair value interest rate risk. The Group determines the relative
proportions of its fixed rate and floating rate contracts depending on the prevailing market
conditions.
The Group continuously monitors its interest rate position. Increases in interest rates will increase
the cost of new borrowing and the interest expenses with respect to the Group’s outstanding
floating rate borrowings, and therefore could have a material adverse effect on the Group’s
financial performance. The Group makes adjustments timely with reference to the latest market
conditions and may enter into interest rate swap agreements to mitigate its exposure to interest
rate risk. During 2022 and 2021, the Group did not enter into any interest rate swap agreements.
The Group’s interest bearing borrowings were mainly bank borrowings, debentures payable, lease
liabilities and long-term payables with fixed and floating interest rates, and the amounts of
respective interest are as follows:
274
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
11 Financial instruments and risks (Cont’d)
(1) Market risk (Cont’d)
(b) Interest rate risk (Cont’d)
31 December 2022 31 December 2021
Short-term borrowings
- Fixed interest rate 8,558,171,817 9,242,146,729
- Floating interest rate 7,685,222,429 3,107,000,000
16,243,394,246 12,349,146,729
31 December 2022 31 December 2021
Long-term borrowings and current portion of
long-term borrowings
- Fixed interest rate 3,032,550,500 -
- Floating interest rate 42,450,700,741 31,587,611,645
45,483,251,241 31,587,611,645
31 December 2022 31 December 2021
Debentures payable and current portion of
debentures payable
- Fixed interest rate 9,294,472,072 8,693,083,422
31 December 2022 31 December 2021
Long-term payables and current portion of
long-term payables
- Fixed interest rate 413,964,363 24,960,000
- Floating interest rate 270,841,118 96,819,223
684,805,481 121,779,223
31 December 2022 31 December 2021
Lease liabilities and current portion of lease
liabilities
- Fixed interest rate 344,260,300 52,036,473
- Floating interest rate 7,463,703,755 5,546,994,736
7,807,964,055 5,599,031,209
As at 31 December 2022, the Group’s fixed interest bearing borrowings amounted to RMB
21,777,493,496 and floating interest bearing borrowings amounted to RMB 57,870,468,043 (31
December 2021: fixed interest bearing borrowings of RMB 18,012,226,624, and floating interest
bearing borrowings of RMB 40,338,425,604).
As at 31 December 2022, if interest rates on the floating rate borrowings had risen/fallen by 10
basis points while all other variables had been held constant, the Group’s interest costs would
have increased/decreased by approximately RMB 57,870,468 (31 December 2021: approximately
RMB 40,345,191).
275
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
11 Financial instruments and risks (Cont’d)
(2) Credit risk
Credit risk of the Group mainly arises from cash at bank and on hand, notes receivables,
accounts receivables, contract assets, other receivables and long-term receivables. The carrying
amount of the Group’s financial assets reflects its maximum credit exposure on the balance sheet
date.
The Group expects that there is no significant credit risk associated with cash at bank and on
hand since they are deposited at Energy Group Finance Company, state-owned banks and other
medium or large size listed banks with good reputation and high credit rating. The Group does not
expect that there will be significant losses from non-performance by the counterparty.
In addition, the Group has policies to limit the credit exposure on notes receivables, accounts
receivables, contract assets, other receivables and long-term receivables. The Group assesses
the credit quality of and sets credit limits on its customers by taking into account their financial
position, the availability of guarantee from third parties, their credit history and other factors such
as current market conditions. The credit history of the customers is regularly monitored by the
Group. In respect of customers with a poor credit history, the Group will use written payment
reminders, or shorten or cancel credit periods, to ensure the overall credit risk of the Group is
limited to a controllable extent.
As at 31 December 2022, the Group had no significant collateral or other credit enhancements
held as a result of the debtor's mortgage (31 December 2021: Nil).
276
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
11 Financial instruments and risks (Cont’d)
(3) Liquidity risk
Cash flow forecasting is performed by each subsidiary of the Group. The Group is exposed to a certain degree of liquidity risk as it has net current
liabilities. In view of the above-mentioned facts, the Group has formulated certain plans and measures to alleviate the pressure on working capital and
improve its financial position, as detailed in Note 2(1).
The financial liabilities of the Group at the balance sheet date are analysed by their maturity date below at their undiscounted contractual cash flows:
31 December 2022
Carrying amount
Within 1 year 1 to 2 years 2 to 5 years Over 5 years Total on balance sheet
Short-term borrowings 16,553,465,153 - - - 16,553,465,153 16,261,444,860
Notes payables 1,495,778,076 - - - 1,495,778,076 1,495,778,076
Accounts payables 5,938,254,013 - - - 5,938,254,013 5,938,254,013
Other payables 9,403,658,031 - - - 9,403,658,031 9,403,658,031
Other current liabilities 4,203,765,374 - - - 4,203,765,374 4,174,850,374
Current portion of non-current liabilities 4,321,223,232 - - - 4,321,223,232 3,975,249,970
Long-term borrowings 1,500,338,841 6,278,047,921 17,262,962,985 28,480,679,593 53,522,029,340 42,860,932,628
Debentures payable 494,830,000 4,987,690,000 4,648,510,000 - 10,131,030,000 9,094,489,909
Lease liabilities - 624,509,123 1,900,722,122 5,890,036,507 8,415,267,752 6,870,820,017
Long-term payables - 47,109,237 224,035,543 690,202,587 961,347,367 641,337,028
43,911,312,720 11,937,356,281 24,036,230,650 35,060,918,687 114,945,818,338 100,716,814,906
277
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
11 Financial instruments and risks (Cont’d)
(3) Liquidity risk (Cont’d)
31 December 2021
Carrying amount
Within 1 year 1 to 2 years 2 to 5 years Over 5 years Total on balance sheet
Short-term borrowings 12,562,159,932 - - - 12,562,159,932 12,360,296,429
Notes payables 1,908,780,000 - - - 1,908,780,000 1,908,780,000
Accounts payables 6,626,567,064 - - - 6,626,567,064 6,626,567,064
Other payables 10,569,763,778 - - - 10,569,763,778 10,569,763,778
Other current liabilities 1,981,058,957 - - - 1,981,058,957 1,658,449,006
Current portion of non-current liabilities 4,045,277,512 - - - 4,045,277,512 3,697,619,753
Long-term borrowings 1,255,490,613 2,864,007,167 9,130,610,877 24,125,559,315 37,375,667,972 28,940,577,856
Debentures payable 259,130,000 459,051,484 8,954,652,878 - 9,672,834,362 8,693,083,422
Lease liabilities - 581,556,623 1,310,762,376 3,969,525,034 5,861,844,033 4,728,167,142
Long-term payables - - - 96,819,223 96,819,223 96,819,223
39,208,227,856 3,904,615,274 19,396,026,131 28,191,903,572 90,700,772,833 79,280,123,673
The Group’s available financing credit lines under agreement with the financial institutions as at balance sheet date are as follows:
31 December 2022 31 December 2021
Available financing credit lines under agreement with the financing institutions 76,698,774,410 36,078,452,111
278
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
12 Fair value estimates
The level in which fair value measurement is categorised is determined by the level of the fair value
hierarchy of the lowest level input that is significant to the entire fair value measurement:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly or indirectly.
Level 3: Unobservable inputs for the asset or liability.
(1) Assets measured at fair value on a non-recurring basis
As at 31 December 2022, the assets measured at fair value on a recurring basis by the above three
levels are analysed below:
Level 1 Level 2 Level 3 Total
Investments in other equity
instruments -
Other equity instruments 2,105,271,054 - 952,800,000 3,058,071,054
As at 31 December 2021, the assets measured at fair value on a recurring basis by the above three
levels are analysed below:
Level 1 Level 2 Level 3 Total
Investments in other equity
instruments -
Other equity instruments 547,728,682 - 2,684,300,000 3,232,028,682
279
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
12 Fair value estimates (Cont’d)
(1) Assets measured at fair value on a recurring basis (Cont’d)
The Group takes the date on which events causing the transfers between the levels take place as the
timing specific for recognising the transfers. Sunshine Insurance was listed on the Hong Kong Stock
Exchange on 9 December 2022, therefore, there is a transfer between Level 3 and Level 1 for the
current year.
The fair value of financial instruments traded in an active market is determined at the quoted market
price; and the fair value of those not traded in an active market is determined by the Group using
valuation techniques. The Group adopt such valuation models as cash flow discounting model and
comparable company in the market to evaluate the fair value of the other equity instrument of Level 3
financial assets. The Group adopts average price to book value ratio (PB) and discounts for lack of
marketability (DLOM) as major unobservable inputs for SCG.
The changes in Level 3 financial assets are analysed below:
Gains recognised
in other
31 December Transfer out of comprehensive 31 December
2021 Purchase Level 3 income 2022
Investments in other
equity instruments -
Other equity
instruments 2,684,300,000 2,000,000 (1,653,500,000) (80,000,000) 952,800,000
(2) Assets and liabilities not measured at fair value but for which the fair value is disclosed
Financial assets and liabilities measured at amortised cost mainly include notes receivables, accounts
receivables, other receivables, long-term receivables, short-term borrowings, payables, lease liabilities,
long-term borrowings, debentures payable and long-term payables.
The carrying amount of the financial assets and liabilities not measured at fair value is a reasonable
approximation of their fair value.
13 Capital management
The Group’s capital management policies aim to safeguard the Group’s ability to continue as a going
concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain
an optimal capital structure to reduce the cost of capital.
The Group's total capital is calculated as ‘shareholders’ equity’ as shown in the consolidated balance
sheet. The Group is not subject to external mandatory capital requirements, and monitors capital on the
basis of gearing ratio.
As at 31 December 2022 and 31 December 2021, the Group's gearing ratio is as follows:
31 December 2022 31 December 2021
(Restated)
Gearing ratio 78.16% 71.21%
280
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements
(1) Accounts receivables
31 December 2022 31 December 2021
Accounts receivables 191,716,383 192,707,778
Less: Provision for bad debts - -
191,716,383 192,707,778
(a) The ageing of accounts receivables is analysed as follows:
31 December 2022 31 December 2021
Within 1 year 191,716,383 192,707,778
(b) As at 31 December 2022, the five largest amounts of accounts receivables aggregated by debtors
are summarised and analysed as follows:
Balance Provision for bad debts % of total balance
Total balance of the five largest
accounts receivables 191,716,383 - 100.00%
(c) Provision for bad debts
For accounts receivables, the Company recognises the lifetime ECL regardless of whether there
exists a significant financing component.
(i) As at 31 December 2022, provision for bad debts made on a collective basis for accounts
receivables is analysed as follows:
Group 1
As at 31 December 2022, the Company’s receivables from sale of electricity amounted to RMB
191,716,383, which mainly comprised receivables from Southern Power Grid Company.
Considering the favourable credit history of Southern Power Grid Company, the Company held that
there was no significant credit risk arising from receivables from sale of electricity. Since the
possibility of material losses due to the default by Southern Power Grid Company was extremely
low, the Company made no provision for the ECL of the receivables from sale of electricity.
As at 31 December 2022, there were no accounts receivables categorised in Group 2 and 3.
281
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(1) Accounts receivables (Cont’d)
(c) Provision for bad debts (Cont'd)
(ii) In 2022, the Company did not make any provision for bad debts of accounts receivables (2021:
Nil), and there was no provision for bad debts of accounts receivables written off in the current year
(2021: Nil).
(2) Other receivables
31 December 2022 31 December 2021
Entrusted loans receivable 487,000,000 100,000,000
Supplementary medical insurance fund
receivable 44,006,139 39,346,861
Receivables from sale of by-products 22,733,484 13,723,340
Advances receivable 4,115,142 2,250,884
Interest receivable 1,569,590 887,856
Capacity receivable - 252,000,000
Others 8,894,452 7,933,062
568,318,807 416,142,003
Less: Provision for bad debts (219,042) (151,437)
568,099,765 415,990,566
(a) The ageing of other receivables is analysed as follows:
31 December 2022 31 December 2021
Within 1 year 528,305,879 412,826,194
1 to 2 years 38,707,456 1,889,053
2 to 3 years 984,907 229,312
Over 3 years 320,565 1,197,444
568,318,807 416,142,003
282
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(2) Other receivables (Cont’d)
(b) Loss provision and changes in book balance
Stage 1 Stage 3
Lifetime ECL (credit
12-month ECL (group) 12-month ECL (individual) Sub-total impaired) Total
Provision Provision Provision Provision Provision
Book for bad for bad for bad Book for bad for bad
balance debts Book balance debts debts balance debts debts
31 December 2021 2,558,592 (151,437) 413,583,411 - (151,437) - - (151,437)
Increase in the
current year 6,752,837 (100,849) 146,877,178 - (100,849) - - (100,849)
Reversal in the
current year (1,453,211) 33,244 - - 33,244 - - 33,244
31 December 2022 7,858,218 (219,042) 560,460,589 - (219,042) - - (219,042)
283
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(2) Other receivables (Cont’d)
(b) Loss provision and changes in book balance (Cont’d)
As at 31 December 2022 and 31 December 2021, the Company did not have other receivables at
Stage 2 or Stage 3. Other receivables at Stage 1 are analysed below:
(i) As at 31 December 2022, other receivables at Stage 1 for which the related provision for bad debts
was provided on the individual basis are analysed as follows:
Provision
12-month for bad
Book balance ECL rates debts Reason
The counterparty is the Company’s
subsidiary with a historical loss rate
Entrusted loans of 0%; therefore, the risk of ECL is
receivable 487,000,000 - - extremely low.
Supplementary The counterparty is Taikang Pension,
medical which provides custody services to
insurance the Company’s supplementary
fund medical insurance fund; therefore,
receivable 44,006,139 - - the risk of ECL is extremely low.
The counterparty is a related party,
Receivables with a historical loss rate of 0% ;
from related therefore, the risk of ECL is
parties 29,454,450 - - extremely low.
560,460,589 -
As at 31 December 2021, other receivables at Stage 1 for which the related provision for bad debts
was provided on the individual basis are analysed as follows:
Provision
12-month for bad
Book balance ECL rates debts Reason
The counterparty is the Company’s
subsidiary with a historical loss rate
Entrusted loans of 0%; therefore, the risk of ECL is
receivable 100,000,000 - - extremely low.
Supplementary The counterparty is Taikang Pension,
medical which provides custody services to
insurance the Company’s supplementary
fund medical insurance fund; therefore,
receivable 39,346,861 - - the risk of ECL is extremely low.
The counterparty is a related party,
Receivables with a historical loss rate of 0%;
from related therefore, the risk of ECL is
parties 274,236,550 - - extremely low.
413,583,411 -
284
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(2) Other receivables (Cont’d)
(b) Loss provision and changes in book balance (Cont’d)
(ii) As at 31 December 2022, other receivables at Stage 1 for which the related provision for bad debts
was provided on the collective basis are analysed as follows:
31 December 2022
Book balance Loss provision
Amount Amount Provision ratio
Group 1
Within 1 year 6,752,837 (19,060) 0.28%
1 to 2 years 784,602 (39,871) 5.08%
2 to 3 years 229,526 (68,858) 30.00%
Over 3 years 91,253 (91,253) 100.00%
7,858,218 (219,042) 2.79%
As at 31 December 2021, other receivables at Stage 1 for which the related provision for bad debts
was provided on the collective basis are analysed as follows:
31 December 2021
Book balance Loss provision
Amount Amount Provision ratio
Group 1
Within 1 year 2,029,378 (16,388) 0.81%
1 to 2 years 437,961 (43,796) 10.00%
Over 3 years 91,253 (91,253) 100.00%
2,558,592 (151,437) 5.92%
285
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(2) Other receivables (Cont’d)
(c) As at 31 December 2022, the five largest amounts of other receivables aggregated by debtors are
analysed as follows:
% of total Provision for
Nature Balance Ageing balance bad debts
Shaoguan Power
Plant Entrusted loans 337,215,234 Within 1 year 59.34% -
Lincang Energy Entrusted loans 81,280,564 Within 1 year 14.30% -
Jiuzhou New Energy Entrusted loans 70,073,792 Within 1 year 12.33% -
Supplementary
medical insurance
Taikang Pension fund receivable 44,006,139 Within 2 years 7.74% -
Yudean Receivables from sale
Environmental of by-products 22,721,897 Within 1 year 4.00% -
555,297,626 97.71% -
(3) Long-term equity investments
31 December 2022 31 December 2021
Subsidiaries (a) 35,870,036,063 30,519,715,049
Joint ventures (b) 865,576,323 804,769,245
Associates (c) 7,519,839,714 6,659,945,716
Less: Long-term equity investments - provision for
impairment of subsidiaries (a) (2,449,328,079) (1,348,124,079)
Long-term equity investments - provision for
impairment of associates (c) (96,327,854) (96,327,854)
41,709,796,167 36,539,978,077
286
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(3) Long-term equity investments (Cont’d)
(a) Subsidiaries
Ending balance of Declared cash
31 December Increase in Decrease in Provision for 31 December provision for dividends during
2021 investments investments impairment 2022 impairment loss the year
Zhanjiang Electric 2,185,334,400 - - - 2,185,334,400 - -
Yuejia Electric - - - - - (455,584,267) -
Maoming Thermal 687,458,978 - - - 687,458,978 - -
Jinghai Power 1,930,395,668 520,000,000 - - 2,450,395,668 - -
Zhongyue Energy 963,000,000 - - - 963,000,000 (187,248,115) -
Humen Electric 3,192,416 - - - 3,192,416 (86,807,584) -
Technology
Engineering
Company 20,000,000 - - - 20,000,000 - 5,155,800
Bohe Energy 3,167,000,000 321,600,000 - - 3,488,600,000 - -
Pinghai Power 720,311,347 - - - 720,311,347 - -
Red Bay Power 2,220,023,386 - - - 2,220,023,386 - -
Huizhou Natural
Gas 1,205,199,446 - - - 1,205,199,446 - 51,112,064
Guangqian Electric 1,353,153,223 - - - 1,353,153,223 - -
Shaoguan Power
Plant 1,101,203,999 - - (1,101,203,999) - (1,509,698,674) -
Huadu Natural Gas 186,550,000 - - - 186,550,000 - -
Dabu Electric 1,040,000,000 867,100,000 - - 1,907,100,000 - -
Sub-total for next
page 16,782,822,863 1,708,700,000 - (1,101,203,999) 17,390,318,864 (2,239,338,640) 56,267,864
287
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(3) Long-term equity investments (Cont’d)
(a) Subsidiaries (Cont’d)
Ending balance Declared cash
31 December Increase in Decrease in Provision for 31 December of provision for dividends during
2021 investments investments impairment 2022 impairment loss the year
Subtotal brought
forward 16,782,822,863 1,708,700,000 - (1,101,203,999) 17,390,318,864 (2,239,338,640) 56,267,864
Guangdong Wind
Power 6,872,556,260 832,000,000 - - 7,704,556,260 - -
Power Sales 230,000,000 - - - 230,000,000 - 47,181,475
Lincang Energy 281,000,000 - - - 281,000,000 (209,989,439) -
Yongan Natural Gas 180,000,000 180,000,000 - - 360,000,000 - -
Binhai Bay Company 620,000,000 100,000,000 - - 720,000,000 - -
Daya Bay Company 145,600,000 84,729,500 - - 230,329,500 - -
Qiming 20,000,000 18,000,000 - - 38,000,000 - -
Huaguoquan Company 49,680,900 - - - 49,680,900 - 2,833,534
Dananhai Company 15,000,000 156,000,000 - - 171,000,000 - -
Baihua Company 3,000,000 - - - 3,000,000 - -
Sha C Company 1,559,120,782 - - - 1,559,120,782 - -
Yunhe Power 1,066,562,327 - - - 1,066,562,327 - -
Yuehua Power 541,247,838 - - - 541,247,838 - -
Bijie New Energy 5,000,000 9,500,000 - - 14,500,000 - -
Tumxuk Thermal Power 800,000,000 - - - 800,000,000 - -
Shaoguan New Energy - 33,473,000 - - 33,473,000 - -
Tumxuk Hanhai - 324,050,000 - - 324,050,000 - -
Jinxiu Integrated Energy - 2,621,800 - - 2,621,800 - -
Sub-total for next page 29,171,590,970 3,449,074,300 - (1,101,203,999) 31,519,461,271 (2,449,328,079) 106,282,873
288
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(3) Long-term equity investments (Cont’d)
(a) Subsidiaries (Cont’d)
Ending balance Declared cash
31 December Increase in Decrease in Provision for 31 December of provision for dividends
2021 investments investments impairment 2022 impairment loss during the year
Subtotal brought
forward 29,171,590,970 3,449,074,300 - (1,101,203,999) 31,519,461,271 (2,449,328,079) 106,282,873
Jinchang Mujin - 120,495,920 - - 120,495,920 - -
Jinchang Muhong - 120,495,920 - - 120,495,920 - -
Huibo New Energy - 15,492,360 - - 15,492,360 - -
Xingyue New Energy - 9,977,500 - - 9,977,500 - -
Maoming Natural Gas - 115,345,000 - - 115,345,000 - -
Huixin Thermal Power - 104,975,000 - - 104,975,000 - -
Dongrun Zhongneng - 45,063,020 - - 45,063,020 - -
Shache Integrated
Energy - 1,206,110,470 - - 1,206,110,470 - -
Xinguangyao New
Energy - 32,923,000 - - 32,923,000 - -
Luoding New Energy - 1,844,520 - - 1,844,520 - -
Jiuzhou New Energy - 39,000,000 - - 39,000,000 - -
Changshan Wind
Power - 89,524,003 - - 89,524,003 - -
Total 29,171,590,970 5,350,321,013 - (1,101,203,999) 33,420,707,984 (2,449,328,079) 106,282,873
Relevant information of the Company’s subsidiaries is set out in Note 6(1)(a).
(i) As at 31 December 2022, the accumulated losses of Shaoguan Power Plant amounted to RMB 2,917,780,188. The Company tested the recoverable
amounts of the long-term equity investments in Shaoguan Power Plant and made a provision for impairment of RMB 1,101,203,999 accordingly.
289
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(3) Long-term equity investments (Cont’d)
(b) Joint ventures
Movements for the current year
Share of net Share of other Ending balance of
Increase in profit/(loss) under comprehensive Cash dividends provision for
31 December 2021 investments equity method income declared 31 December 2022 impairment loss
Industry Fuel 804,769,245 - 60,807,078 - - 865,576,323 -
(c) Associates
Movements for the current year
Ending
Share of net Share of balance of
profit/(loss) Share of other other provision for
31 December Increase in Decrease in under equity comprehensive changes in Cash dividends 31 December impairment
2021 investments investments method income equity declared 2022 loss
Taishan Electric 1,784,468,086 - - 116,886,446 - - - 1,901,354,532 -
Shanxi Yudean Energy 2,363,177,253 130,000,000 - 526,175,689 - - - 3,019,352,942 -
Energy Group Finance
Company 1,046,702,914 - - 94,769,170 6,211,682 - (77,434,193) 1,070,249,573 -
Yudean Shipping 247,954,895 - - 26,726,321 1,855,914 636,197 - 277,173,327 -
GEG Property Insurance 276,532,777 - - 11,597,609 - - (2,426,770) 285,703,616 -
Weixin Yuntou 138,810,051 - - (52,510,020) - - - 86,300,031 (96,327,854)
Energy Financial Leasing
Company 532,306,787 - - 23,242,646 - - (18,292,179) 537,257,254 -
Yueqian Power 161,325,870 - - 70,648,616 - - - 231,974,486 -
Others 12,339,229 - - 2,389,184 - - (582,314) 14,146,099 -
6,563,617,862 130,000,000 - 819,925,661 8,067,596 636,197 (98,735,456) 7,423,511,860 (96,327,854)
290
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(4) Revenue and cost of sale
2022 2021
Revenue from main operations 1,483,048,324 1,522,773,313
Revenue from other operations 50,218,658 71,049,232
1,533,266,982 1,593,822,545
2022 2021
Cost of sale from main operations 1,848,107,659 1,910,172,008
Cost of sale from other operations 1,667,069 1,779,127
1,849,774,728 1,911,951,135
(a) Revenue and cost of sale from main operations
2022 2021
Cost of sale Cost of sale
Revenue from from main Revenue from from main
main operations operations main operations operations
Revenue from sale of
electricity 1,483,048,324 1,848,107,659 1,522,773,313 1,910,172,008
(b) Revenue and cost of sale from other operations
2022 2021
Cost of sale Cost of sale
Revenue from from other Revenue from from other
other operations operations other operations operations
Revenue from integrated
utilisation of coal ash 30,835,280 - 31,187,580 -
Rental income 11,653,863 1,037,124 13,524,618 1,010,171
Others 7,729,515 629,945 26,337,034 768,956
50,218,658 1,667,069 71,049,232 1,779,127
291
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(4) Revenue and cost of sale (Cont’d)
(c) The Company's revenue is disaggregated as follows:
2022
Sale of electricity
and coal ash Rental Others Total
Revenue from main operations
Including: Recognition at a
point in time 1,483,048,324 1,483,048,324
Revenue from other operations
Including: Recognition at a
point in time 30,835,280 - 6,031,402 36,866,682
Recognised over a
period of time - - 1,698,113 1,698,113
Rental income - 11,653,863 - 11,653,863
1,513,883,604 11,653,863 7,729,515 1,533,266,982
2021
Sale of electricity
and coal ash Rental Others Total
Revenue from main operations
Including: Recognition at a point
in time 1,522,773,313 - - 1,522,773,313
Revenue from other operations
Including: Recognition at a point
in time 31,187,580 - 19,526,298 50,713,878
Recognised over a
period of time - - 6,810,736 6,810,736
Rental income - 13,524,618 - 13,524,618
1,553,960,893 13,524,618 26,337,034 1,593,822,545
As at 31 December 2022, the Company had no performance obligation that had been contracted
but not yet fulfilled.
292
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(5) Investment income
2022 2021
Investment income from long-term equity
investments under equity method 880,732,739 697,838,523
Income from long-term equity investments
under cost method 106,282,873 1,632,390,475
Dividend income earned during the holding
period of investments in other equity
instruments 101,262,589 87,731,408
Interest income from entrusted loans 26,780,747 27,667,677
Recognised investment income from equity
replacement - 973,426,650
1,115,058,948 3,419,054,733
There was no significant restriction on remittance of investment income of the Company.
(6) Asset impairment losses
2022 2021
Impairment of long-term equity investments 1,101,203,999 -
Impairment of fixed assets - 29,321,084
1,101,203,999 29,321,084
293
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
1 Statement of non-recurring profit or loss
2022 2021
Net profit or loss of the subsidiaries acquired in
business combinations involving enterprises under
common control for the period from the beginning of
the period to the combination date - (658,714,842)
Government grants recognised in profit or loss for the
current period 51,267,272 37,606,578
Gains on scrapping of non-current assets 47,885,412 95,182,637
Gains on disposals of non-current assets 30,802,837 82,842,178
Waived payables 20,398,517 3,896,128
Compensation for electricity charges during the
demolition and construction period 6,533,120 18,040,851
Provision for asset impairment losses due to natural
disasters (83,358,694) -
Losses on scrapping of non-current assets (73,508,692) (24,792,577)
Penalties and overdue fines (59,233,310) (5,756,168)
Other non-operating income and expenses other than
aforesaid items 46,299,376 13,083,044
(12,914,162) (438,612,171)
Effect of income tax (38,582,624) (55,885,342)
Impact on minority interests (after tax) (15,662,748) 252,056,993
(67,159,534) (242,440,520)
Basis for preparation of statement of non-recurring profit or loss
Pursuant to the Explanatory Announcement for Information Disclosure of Companies Offering
Securities to the Public No. 1 - Non-recurring Profit or Loss (2008) issued by the China Securities
Regulatory Commission, non-recurring profit or loss refers to profit or loss arising from
transactions and events those are not directly related to the Company’s normal course of
business, also from transactions and events those even are related to the Company’s normal
course of business, but will interfere with the right judgement of users of the financial statements
on the Company’s operation performance and profitability due to their special nature and
occasional occurrence.
Non-recurring profit or loss items defined according to the definition of non-recurring profit or loss
and non-recurring profit or loss items listed which are defined as recurring profit and loss items
are as follows:
Reasons for regarding as recurring
Amount of 2022 profit or loss
Constant occurrence, conforming to
VAT refund upon collection 28,893,040 national policies and regulations
Carbon emission allowances used
to fulfil the emission reduction Constant occurrence, conforming to
obligation (306,786,693) national policies and regulations
294
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Return on net assets and earnings per share
Earnings per share
Rate of return on weighted Basic earnings per Diluted earnings per
average net assets (%) share share
2022 2021 2022 2021 2022 2021
(Restated) (Restated) (Restated)
Net profit attributable to
ordinary shareholders
of the Company (13.77)% (9.94)% (0.57) (0.56) (0.57) (0.56)
Net profit attributable to
ordinary shareholders
of the Company after
deduction of non-
recurring profit or loss (13.46)% (10.41)% (0.56) (0.51) (0.56) (0.51)
295
