深圳南山热电股份有限公司 2012 年半年度报告全文
Stock Code: 000037, 200037 Notice No.:2012-032
Short Form of the Stock: Shen Nan Dian A, Shen Nan Dian B
Semi-Annual Report 2012
I Important Notice
The Board of Directors and its directors, Supervisory Committee and its supervisors, senior
executives of Shenzhen Nanshan Power Co., Ltd. (hereinafter referred to as the Company) hereby
confirm that there are no false recordation, misleading statements or material omissions carried in
this report, and shall take all responsibilities, individually and/or jointly, for the reality, accuracy
and completeness of the whole contents.
Objection statements from the Directors, Supervisors and Senior executives
Reasons of guarantee no reality,
Name Title accuracy and complete-ness of the
Report
- - -
Statement:
Except for the follow directors, others are present the meeting of the Board for deliberating the
semi-annual report of the Company
Name of director not Title of director not
Reasons for absent Trustee
attended in person attended in person
Jiang Xiaojun Director Due to business Sun Yulin
Tips for audited opinion
Yang Haixian, person in charge of the Company, Fu Bo, person in charge of accounting works, CFO
Lu Xiaoping as well as person in charge of accounting institution (accounting officer) Huang Jian
hereby confirm the truthfulness and completeness of the Financial Report in the Semi-annual
Report 2012.
Paraphrase
Items Refers to Definition
Company, the Company, Shen Nan Shenzhen Nanshan Power Co., Ltd.
Refers to
Dian
Shen Nan Dian (Zhongshan) Electric Power Co.,
Shen Nan Dian Zhongshan Co Refers to
Ltd.
Shen Nan Dian (Dongguan) Weimei Electric Power
Shen Nan Dian Dongguan Co Refers to
Co., Ltd
Shenzhen Shennandian Turbine Engineering
Shen Nan Dian Engineering Co., Refers to
Technology Co., Ltd.
Shen Nan Dian Envionment Shenzhen Shen Nan Dian Envionment Protection
Refers to
Protection Co., Co., Ltd.
Server Co., Refers to Shenzhen Server Petrochemical Supplying Co., Ltd.
New Power, New Power Co., Refers to Shenzhen New Power Industrial Co., Ltd.
Singapore Company Refers to Shen Nan Energy (Singapore) Co., Ltd.
Nanshan Power Factory of Shenzhen Nanshan
Nanshan Power Factory Refers to
Power Co., Ltd.
Zhongshan Nam Long Power Plant of Shen Nan
Zhongshan Nam Long Power Plant Refers to
Dian (Zhongshan) Electric Power Co., Ltd
1
深圳南山热电股份有限公司 2012 年半年度报告全文
Dongguan Gaobu Plant of Shen Nan Dian
Dongguan Gaobu Power Plant Refers to
(Dongguan) Weimei Electric Power Co., Ltd.
Zhongshan Shenzhong Real Estate Investment
Shenzhong Properties Company Refers to
Properties Co., Ltd
Zhongshan Shenzhong Real Estate Development
Shenzhong Real Estate Company Refers to
Co., Ltd
Syndidome Co., Refers to Hong Kong Syndidome Co., Ltd.
Jiangxi Nuclear Power Refers to CPI Jiangxi Nuclear Power Co., Ltd.
II. Company Profile
(I) Company information
Code for A-share 000037 Code for B-share 200037
Short form for A-share Shen Nan Dian A Short form for B-share Shen Nan Dian B
Listing stock exchange Shenzhen Stock Exchange
Legal Chinese name of
深圳南山热电股份有限公司
the Company
Abbr. of legal Chinese
Shen Nan Dian
name of the Company
Legal English name of
SHENZHEN NANSHAN POWER.CO.,LTD.
the Company
Abbr. of legal English
NSRD
name of the Company
Legal Representative Yang Hai Xian
No.2097 Yueliangwan Avenue, Nanshan District, Shenzhen, Guangdong
Registered Add.
Province
Post Code of
518052
registered add.
16/F-17/F, Hantang Building, OCT, Nanshan District, Shenzhen,
Office Add.
Guangdong Province
Post Code of office
518053
add.
Internet website www.nsrd.com.cn
E-mail public@nspower.com.cn;
(II) Contact person and ways
Secretary of the Board Rep. of security affairs
Name Hu Qin -
16/F-17/F, Hantang Building, OCT,
Contact adds. Nanshan District, Shenzhen, -
Guangdong Province
Tel. 0755-26948888 -
Fax. 0755-26003684 -
E-mail investor@nspower.com.cn -
(III) Information disclosure and place for preparation
Newspapers Designated for China Securities Journal, Securities Times and Hong Kong
indormation disclosure Comercial Daily
2
深圳南山热电股份有限公司 2012 年半年度报告全文
Website desinated by CSRC for
http://www.cninfo.com.cn/
publishing semi-annual report
place for preparation of Secretariat of the Board
semi-annual report
III. Major accounting data and business abstract
(I) Major accounting data and financial indexes
Whether retroactive adjusted on previous financial report or not
□Yes √ No
Major accounting data
Increase/decrease in
Reporting period Same period of last
Major accounting data this report period
(Jan. to June) year
year-on-year (%)
Total business revenue(RMB) 705,842,198.56 1,143,413,610.78 -38.27%
Business profit(RMB) -596,675,942.29 -676,784,833.99 -11.84%
Total profit(RMB) -122,552,268.65 -87,767,475.29 39.63%
Net profit attributable to
shareholders of the listed -105,739,436.64 -84,855,867.31 24.61%
company (RMB)
Net profit attributable to
shareholders of the listed
company after deducting -128,966,580.86 -146,853,231.12 -12.18%
non-recurring gains and
losses(RMB)
Net cash flow arising from
121,728,257.73 38,488,966.75 216.27%
operating activities(RMB)
Increase/decrease in
this period-end over
End of this period End of last period
that of last
period-end (%)
Total assets(RMB) 5,420,788,209.16 5,452,746,682.91 -0.59%
Owners’ equity attributable to
shareholders of the listed 1,647,632,115.19 1,753,371,551.83 -6.03%
company(RMB)
Share capital(Share) 602,762,596 602,762,596 0%
Major financial indexes
Increase/decrease in
Reporting period Same period of last
Major financial indexes this report period
(Jan. to June) year
year-on-year (%)
Basic earnings per share
-0.18 -0.14 18%
(RMB/Share)
Diluted earnings per share
- -
(RMB/Share)
Basic EPS after deducting
non-recurring gains/losses -0.21 -0.24 -12.5%
(RMB/Share)
3
深圳南山热电股份有限公司 2012 年半年度报告全文
Fully diluted ROE (%) - - -
Weighted average ROE (%) -6.22% -5.01% -1.21%
Fully diluted ROE after
deducting non-recurring - - -
gains/losses (%)
Weighted average ROE after
deducting non-recurring -7.58% -8.67% 1.09%
gains/losses (%)
Net cash flow per share arising
from operating activities 0.20 0.06 233.33%
(RMB/Share)
Increase/decrease in
this period-end over
End of this period End of last period
same period of last
period-end (%)
Net assets per share attributable
to shareholder of listed company 2.73 2.91 -6.19%
(RMB/ Share)
Asset-liability ratio (%) 66.16% 65.38% 0.78%
Explanation on previous major accounting data and financial indexes at period-end (filling the
adjustment explanation if retroactive adjusted)
(II) Difference of accounting data under CAS and IAS
1. Difference of net profit and net assets disclosed in financial report based on IAS and CAS
□ Applicable √ Non-applicable
2. Difference of net profit and net assets disclosed in financial report based on foreign
accounting standards and CAS
□ Applicable √ Non-applicable
3. Detail items for major differences
Explanation on IAS
Items with major Amount involved and(or) foreign
Reasons for differences
differences (RMB) accounting standards
involved
- - - -
4. Explanation on accounting data difference under the foreign/domestic accounting
standards
Inapplicable
(III) Item and amount with non-recurring gains/losses deducted
√applicable □Non-applicable
Items Amount (RMB) Note
Gains and losses from disposal of
- -
non-current assets
Tax refund or exemption out of - -
4
深圳南山热电股份有限公司 2012 年半年度报告全文
authorization, with absence of official
approval document or accidentally
Governmental subsidy calculated into current
gains and losses(while closely related with
the normal business of the Company,
133,750.02 -
excluding the fixed-amount or
fixed-proportion governmental subsidy
according to the unified national standard)
Fund occupation expenses received from
non-financial enterprises that reckon into - -
current gains/losses
Income occurred when investment cost paid
by enterprise for obtaining subsidiaries,
associates and joint ventures are lower than - -
its share in fair value of net realizable assets
of invested units
Gains and losses from exchange of
- -
non-monetary assets
Gains and losses from entrusted investment
- -
or management assets
Various asset impairment reserve provided
- -
for force majeure, such as natural disaster;
Gains/losses from debt reorganization - -
Reorganization expenses, such as
expenditure for allocation of employees and - -
integration fee
Gains and losses from excess of transaction
which are conducted on a non-fair-valued - -
basis over its fair value
Current net gains and losses of subsidiaries
occurred from combination under the same
- -
control commencing from period-begin to
combination date
Gains and losses from contingent events
which has no relation with normal business - -
of the Company
Gains and losses from change of fair values
of held-for-transaction financial assets and
financial liabilities except for the effective
hedge business related to normal business of
- -
the Company, and investment income from
disposal of transactional financial assets and
liabilities and financial assets available for
sale
Reversal of impairment reserve for account
- -
receivable with separate impairment testing
gains/ losses from external entrustment loans - -
Gains and losses arising from change of fair
- -
value of investment properties whose
5
深圳南山热电股份有限公司 2012 年半年度报告全文
follow-up measurement are at fair value
Affect upon current gains/losses arising from
the one-off adjustment in subject to
- -
requirement of laws and rules in relation to
taxation and accounting
Income from entrusted custody operation - -
Other non-operating income and expenditure
260,474.5 -
except the abovementioned
Other item that satisfied the definition of
- -
non-recurring gains and losses
Influenced amount of minority shareholders’
-6,839,516.02 -
equity
Impact on income tax - -
Import VAT refunds for natural gas 29,672,435.72 -
Total 23,227,144.22 -
Explanation on “Other item that satisfied the definition of non-recurring gains and losses” and
defined non-recurring gains and losses as recurring gain/loss according to natures and characteristic
of self-operation status
Amount involved
Item Note
(RMB)
- - -
IV. Changes in Share Capital and Particular about Shareholders
(I) Changes in share capital
1. Statement of changes in shares
√applicable □Non-applicable
Before the
Increase/Decrease in the Change (+, -) After the Changes
Changes
Public
Newly-
Proporti Bonus reserve-c Proporti
Amount issued Others Subtotal Amount
on (%) shares onverted on (%)
shares
shares
I. Restricted shares 18,263 0.003% 18,263 0.003%
1. State-owned shares
2. State-owned legal
person’s shares
3. Other domestic
shares
Including: Domestic
legal person’s shares
Domestic natural
person’s shares
4. Foreign shares
Including: Foreign
legal person’s shares
Foreign natural
person’s shares
5. Senior executives’
18,263 0.003% 18,263 0.003%
shares
6
深圳南山热电股份有限公司 2012 年半年度报告全文
602,744, 602,744,
II. Unrestricted shares 99.997% 99.997%
333 333
1. RMB Ordinary 338,894, 338,894,
56.223% 56.223%
shares 012 012
2. Domestically listed 263,850, 263,850,
43.774% 43.774%
foreign shares 321 321
3. Overseas listed
foreign shares
4. Others
602,762, 602,762,
III. Total shares 100% 100%
596 596
Approval of changes in shares (if applicable)
Inapplicable
Ownership transfer of changed shares
Inapplicable
Influence on latest EPS, net assets per share and other financial index from changes in shares (if
applicable)
Inapplicable
Other information necessary to be disclosed by the Company or should be disclosed according to
requirement of securities regulators
Inapplicable
2. Changes in restricted shares
□applicable √Non-applicable
(II) Security offering and listing
1. Security offering in previous three years
□applicable √Non-applicable
2. Changes of total shares and structures as well as outcome of asset-liability structures
□applicable √Non-applicable
3. Current shares held by internal staffs
□applicable √Non-applicable
(III) Shareholders and actual controller
1. Total shareholders at period-end
Till end of reporting period, total shareholders of the Company amounting to 42,945 with 27,278 of
A-shareholders and 15,667 of B-shareholders.
2. Shares held by top ten shareholders
Particulars about the shares held by the top ten shareholders
Amount of Shares pledged or frozen
Proportion of
Shareholders (full Nature of Total amount the
shares held
name) shareholders of shares held restricted Share status Amount
(%)
shares held
Shenzhen Guangju State-owned
16.72% 100,769.712 0
Industrial Co., Ltd. shares
HONG KONG NAM Foreign-own 15.28% 92,123,248 0
7
深圳南山热电股份有限公司 2012 年半年度报告全文
HOI
(INTERNATIONAL) ed shares
LIMITED
SHENZHEN ENERGY State-owned
10.8% 65,106,130 0
(GROUP) CO., LTD. shares
BNP P P/PAND
Foreign-own
INVESTMENT CO., 8.2% 49,426,518 0
ed shares
LTD.
STATE GRID
SHENZHEN ENERGY State-owned
5.97% 35,999,805 0
DEVELOPMENT shares
(GROUP) CO., LTD.
Foreign-own
LI WEI PING 0.25% 1,509,281 0
ed shares
Jinbang Security Foreign-own
0.25% 1,500,000 0
Holding Co., Ltd ed shares
WU SHU HUA Others 0.22% 1,351,400 0
Foreign-own
Naito Securities Corp. 0.2% 1,212,586 0
ed shares
TOYO SECURITIES
Foreign-own
ASIA LIMITED-A/C 0.17% 1,053,043 0
ed shares
CLIENT.
1. Shenzhen Energy (Group) Co., Ltd. holds indirectly 100%
equities of Hong Kong Nam Hoi (International) Limited;
Explanation of shareholders 2. Among other social public shareholders, the Company did
not know whether there were associated relationships or
belonging to consistent actors.
Particulars about the shares held by the top ten unrestricted shareholders
√applicable □Non-applicable
Amount of Type/amount of shares
Shareholders unrestricted shares
Type Amount
held at period-end
Shenzhen Guangju Industrial Co., Ltd. 100,769.712 A-share 100,769.712
HONG KONG NAM HOI
92,123,248 B-share 92,123,248
(INTERNATIONAL) LIMITED
SHENZHEN ENERGY (GROUP) CO.,
65,106,130 A-share 65,106,130
LTD.
BNP P P/PAND INVESTMENT CO.,
49,426,518 B-share 49,426,518
LTD.
STATE GRID SHENZHEN ENERGY
35,999,805 A-share 35,999,805
DEVELOPMENT (GROUP) CO., LTD.
LI WEI PING 1,509,281 B-share 1,509,281
Jinbang Security Holding Co., Ltd 1,500,000 B-share 1,500,000
WU SHU HUA 1,351,400 A-share 1,351,400
1,212,586
Naito Securities Corp. 1,212,586
B-share
TOYO SECURITIES ASIA
1,053,043 B-share 1,053,043
LIMITED-A/C CLIENT.
Explanation on associated relationship among the top ten shareholders or (and) consistent action
1. Shenzhen Energy (Group) Co., Ltd. holds indirectly 100% equities of Hong Kong Nam Hoi
(International) Limited;
2. Among other social public shareholders, the Company did not know whether there were associated relationships or belonging to
consistent actors.
8
深圳南山热电股份有限公司 2012 年半年度报告全文
3. Controlling shareholders and actual controller
（1）The Company does not have the dominant shareholders and actual controllers and it is not changed in the reporting period.
（2）Chart of property right and control relationship between major stockholders and the Company:
Explanation of the names in the diagram below:
The Company: Shenzhen Nanshan Power Co., Ltd
Shenzhen Energy Group: Shenzhen Energy Corporation
Nanhai Foreign Firm: Hong Kong Nanhai Foreign Firm (International) Co., Ltd
Guangju Industry: Shenzhen Guangju Industry Co., Ltd.
Hong Kong Tengda: Tengda Property Co., Ltd
State Grid Energy: State Grid Shenzhen Energy Development Group Co., Ltd
Hong Kong Energy: Shenzhen Energy (Hong Kong) International Co., Ltd.
Guangju Energy: Shenzhen Guangju Energy Co., Ltd
Shennan Group: Shenzhen Shennan Petroleum (Group) Co., Ltd
Kehuitong: Shenzhen Kehuitong Investment Holding Co., Ltd Shenzhen Guangju Investment Holding Co., Ltd
State Grid International Development Limited：State Grid International Development Limited
Shenzhen Nanshan State-owned Assets Supervision and Administration Commission
100%
Kehuitong State Property Management
Commission of the State Counil
46.34% 100%
Shenzhen State-owned Assets
Supervision and Administration Commission Shennan Group Mr. Li Li State Grid
75% 57.61% 100%
100%
100%
Energy Group Hong Kong Energy Guangju Energy Peace Country International Limited State Grid International
Development Limited
100% 100% 100% 100%
Nanhai Foreign Firm Guangju Holding Hong Kong Tengda State Grid Energy
10.80% 15.28% 16.72% 8.20% 5.97%
The Company
(1) Changes of controlling shareholders and actual controller
□applicable √Non-applicable
(2) Introduction of controlling shareholders and actual controller
Whether has new actual controller or not
□Yes √No
9
深圳南山热电股份有限公司 2012 年半年度报告全文
Name of actual controller
Type of actual controller
Explanations
Inapplicable
(3) Block diagram of property rights and controlling relationship between the Company and
actual controller
Inapplicable
(4) Actual controller controlling the Company by means of entrust or other assets
management
□applicable √Non-applicable
4. Other legal person’s shareholders with over ten percent shares held
√applicable □Non-applicable
Date of Business scope or management Register capital
Legal person shares Legal rep.
foundation activities (RMB 10,000)
Shenzhen Guangju Industrial establishment, power
Du Wen Jun 1989-05-31 11,111
Industrial Co., Ltd. investment
HONG KONG NAM HOI
(INTERNATIONAL) Yu Chun Ling 1985-05-14 Investment 1,533
LIMITED
Development, production, purchase
and sales of various normal
energies (including power, heat,
coal, oil and gas) and new energies;
design, construction, management
and operation of various energy
engineering projects; operation of
equipments and the affiliated parts,
facilities, aluminium, wood,
cement and other raw materials
required for energy engineering
projects; conduct of import &
export businesses (based on the
document SMGSZZi No.147);
operation of personnel training,
SHENZHEN ENERGY consultation and other related
Gao Zi Min 1985-07-15 95,555.5556
(GROUP) CO., LTD. service businesses affiliated for
energy engineering (further
application will be made
particularly); development of
environmental friendly technology,
transfer of technology and
technology services; investment
and operation of transportation
business (road, costal and ocean) in
respect of fuels, raw materials and
equipments required by energy
projects; property management
(operate with qualified certificate
for property management) and
lease of self-owned property.
Explanation NAM HOI was registed with HKD
10
深圳南山热电股份有限公司 2012 年半年度报告全文
(IV) Convertible bonds
□applicable √Non-applicable
V. Directors, Supervisors and Senior Executives
11
深圳南山热电股份有限公司 2012 年半年度报告全文
(I) Changes of shares held by directors, supervisors and senior executive
Whether
received
Amount Amount of Amount of
Shares remunerati
of shares shares Shares held Including: stock
held at on from
Office dated Office dated increase in decreased at restricted option held Reasons
Name Title Sex Age period-be shareholder
from ended this in this period-end shares held at for changes
gin(Shar s’ unit or
period(Sha period (Share) (Share) period-end
e) other
re) (Share) (Share)
related unit
or not
Yang
Chairman M 56 2011-05-25 2014-05-25 0 0 No
Haixian
Li Deputy
M 49 2011-05-25 2014-05-25 0 0 Yes
Hongsheng chairman
Deputy
Sun Yuli M 61 2011-05-25 2014-05-25 0 0 Yes
chairman
GM;
Fu Bo M 50 2011-05-25 2014-05-25 0 0 No
Director
HuangfuH
Director M 58 2011-05-25 0 0 Yes
an
Yu
Director F 47 2011-05-25 2014-05-25 0 0 Yes
Chunling
Zhou Qun Director M 48 2011-05-25 2014-05-25 0 0 Yes
Chen
Director F 49 2011-05-25 2014-05-25 0 0 Yes
Lihong
Jiang
Director M 48 2011-05-25 2014-05-25 0 0 Yes
Xiaojun
Independent
Li Zheng M 55 2011-05-25 2014-05-25 0 0 No
Director
Wang Independent
M 52 2011-05-25 2014-05-25 0 0 No
Xiaodong Director
Wang Independent
M 52 2011-05-25 2014-05-25 0 0 No
Junsheng Director
Wu Xiaolei Independent F 48 2011-05-25 2014-05-25 0 0 No
12
深圳南山热电股份有限公司 2012 年半年度报告全文
Director
Tan Independent
M 52 2011-05-25 2014-05-25 0 0 No
Tianyun Director
Pan Independent
M 66 2011-05-25 2014-05-25 0 0 No
Chengwei Director
Zhao Chief
M 54 2011-05-25 2014-05-25 0 0 Yes
Xiangzhi Supervisor
Ma
Supervisor F 50 2011-05-25 2014-05-25 0 0 Yes
Fengming
Ji
Supervisor F 48 2011-05-25 2014-05-25 0 0 Yes
Yuanhong
Wang Difei Supervisor M 44 2011-05-25 2014-05-25 0 0 Yes
Zhen Dalei Supervisor M 48 2011-05-25 2014-05-25 0 0 No
Peng Bo Supervisor M 39 2011-05-25 2014-05-25 1,527 0 0 1,527 1,145 No
Li Huiwen
Supervisor F 50 2011-05-25 2014-05-25 5,500 0 0 5,500 4,125 No
Tao Lin Supervisor M 45 2011-05-25 2014-05-25 0 0 No
Lin Qing Deputy GM F 48 2011-05-25 2014-05-25 0 0 No
Ji Ming Deputy GM M 56 2011-05-25 2014-05-25 0 0 No
Zhang Jie Deputy GM F 44 2011-05-25 2014-05-25 17,325 0 0 17,325 12,993 No
Zhu Wei Deputy GM M 55 2011-05-25 2014-05-25 0 0 No
Wang
CE M 51 2011-05-25 2014-05-25 0 0 No
Rendong
Lu
CFO M 50 2011-05-25 2014-05-25 0 0 No
Xiaoping
Secretary of
Hu Qin F 45 2011-05-25 2014-05-25 0 0 No
the Board
Total -- -- -- -- -- 24,352 0 0 24,352 18,263 -- --
Directors, supervisor and senior executives who awarded equity incentive in report period
□applicable √Non-applicable
13
深圳南山热电股份有限公司 2012 年半年度报告全文
(II) Representation
Representation in shareholders’ unit
√applicable □Non-applicable
Whether received
remuneration
Service term Service term
Name Shareholders’ unit Post occupied from
from ended
shareholders’ unit
or not
Yang SHENZHEN ENERGY September of
Director No
Haixian (GROUP) CO., LTD. 2008
Li Shenzhen Guangju Energy October of
Director GM Yes
Hongsheng Co., Ltd. 2009
Bureau researcher
State Grid International
Sun Yulin of the shareholder of 2010 Yes
Development Limited
the company
Deputy director of
science &
SHENZHEN ENERGY
Huangfu han technology May of 2006 Yes
(GROUP) CO., LTD.
innovation
committee
Director GM of
SHENZHEN ENERGY Shenzhen Energy
Yu Chunling 2009 Yes
(GROUP) CO., LTD. (H.K) International
Co., Ltd.
Chairman of
controlling
SHENZHEN ENERGY
Zhou Qun subsidiary Shenzhen 2010 Yes
(GROUP) CO., LTD.
Energy Financial
Company
Shenzhen Guangju Energy
Chen Lihong Deputy GM 2005 Yes
Co., Ltd.
Jiang State Grid International Deputy GM of the
2009 Yes
Xiaojun Development Limited of the company
Zhao SHENZHEN ENERGY
Chief accountant 2012 Yes
Xiangzhi (GROUP) CO., LTD.
SHENZHEN ENERGY
Ma Fenming Staff supervisor 2011 Yes
(GROUP) CO., LTD.
Director Deputy
Shenzhen Guangju Energy
Ji Yuanhong GM; secretary of the 2008 Yes
Co., Ltd.
Board
STATE GRID SHENZHEN
Wang Difei ENERGY DEVELOPMENT GM 2005 Yes
(GROUP) CO., LTD.
Explanation
on job
occupation in
shareholders’
unit
Representation in other unit
√applicable □Non-applicable
Whether
received
Post Service Service term
Name other unit remuneration
occupied term from ended
from other unit
or not
Guangdong Shentiancheng Law August of
Li Zheng Attorney Yes
Firm 2010
14
深圳南山热电股份有限公司 2012 年半年度报告全文
Wang Grandall Legal Group Attorney January of
Yes
Xiaodong (Shenzhen) Office partner 2005
Wang China Economic Research
researcher Yes
Junsheng Advisory Co., Ltd.
Investment bank division of
Deputy
Wu Xiaolei headquarter of China Merchants 2005 Yes
GM
Bank
Director,
Tan Haier New York Life Insurance June of
deputy Yes
Tianyun Co., Ltd. 2009
chairmen
Explanatio
n on job
occupation
in other
unit
(III) Remuneration of directors, supervisors and senior executives
Procedure for
deciding
According to relevant provisions of the Articles of Association, remunerations
remunerations of
of directors and supervisors are subject to the decision of general meeting,
directors,
and those of senior management are subject to the Board.
supervisors and
senior management
Remunerations of directors, supervisors and senior management are on a year
Bases on which
basis, and decide by reference to the operating profit of that year and specific
remunerations of
positions they take based on the general remuneration level of the industry.
directors,
The Company conducts performance reviews on the performance of
supervisors and
responsibilities and annual actual performance of the directors and senior
senior management
management, and examines the annual performance-related remunerations as
are decided
per such review results.
Actual payment of
remunerations of The Company pays remunerations in strict compliance with the decision
directors, procedure and determination bases of remunerations of directors, supervisors
supervisors and and senior management.
senior management
(IV) Changes of directors, supervisors and senior executives
Dated of
Name Post occupied Changes Reasons of changes
changes
(V) Staff of the Company
Person on-jobs 327
Retirement person whose charges undertake by
0
the Company
Professional categories
Types of professional category Numbers of professional category
Production staff 147
Sales man 0
Technician 29
Financial staff 17
15
深圳南山热电股份有限公司 2012 年半年度报告全文
Administration staff 130
Education background
Type of education background Numbers (people)
Junior college 98
Undergraduate 107
Master 27
Explanation of staff
There are 327 contract workers in reporting period.
VI. Report of the Board
(I) Management discussion and analysis
1. Operation analysis of the major business of the Company during the reporting period
The major business of the Company is power production. The power generation enterprises
held or controlled by the Company are located at Shenzhen, Zhongshan and Dongguan, etc.
All burning machines are running with natural gas.
During the reporting period, economy condition in Guangdong province presented to fallback,
and growth of power demands begun to slowdown, but the factor of West-East power begun
to increasing transmission. Due to insufficient of subsidy for gas turbine in Guangdong
Province, power of 9E GT was restricted by bureau in charge of power in Shenzhen as well
as Guangdong Province. In the reporting period, the internal combustion engine power plants
within the Company generated power in aggregate of 1.119 billion Kwh, representing a
year-on-year decrease of 34.22% and representing 47.43% of the plan for the whole year.
Facing severe external environment and operating difficulties, the Company focused on
safety management to ensure general safety for production and operation. Meanwhile, the
Company strengthened economic operation, managing to cut down producing costs and
generating power on an economic basis, aiming to raise the profitability of its major power
business.
During the reporting period, meanwhile, price of natural gas remained high.the accumulative
operating income of the Company was RMB705,842,200, representing a decrease of 38.27%
as compared to the same period of last year, among which, RMB 705,703,900 was
contributed by power, stream, engineering contract and sewage disposal business respectively,
representing a decrease of 31.43% as compared to the same period of last year, and RMB
1,750,900 was contributed by other businesses, representing a decrease of 99.89% as
compared to the same period of last year. It also recorded net profit attributable to owners of
the parent of RMB -105,739,400, among which, net profit attributable to the parent of RMB
-105,062,300 and RMB -3,365,700 were contributed by power enterprises and non-power
enterprises in the first half year respectively, representing a further loss of RMB 20,883,600.
Earnings per share were RMB -0.18 per share.
2. Main conditions faced by the Company in respect of its production and operation in the
latter half
Due to that system issues concerning power price of burning machines still exist, the
operation prospectus of the Company remain uncertain subject to high price for natural gas
and insufficient subsidy capital for power generation.
The difference between the actual operating results of the Company and the profit forecast or
operation plan in respect of this reporting period which have been disclosed publicly exceeds
20% (no matter lower or higher) or not:
□Yes √No
Operation and results analysis for the main subsidiaries and holding companies of the
16
深圳南山热电股份有限公司 2012 年半年度报告全文
Company
(Unit: RMB0’000)
No. Basic particulars about company Total assets Net assets Net profit
Shen Nan Dian Zhongshan Company
The controlling subsidiary of the Company.
Legal representative: Fu Bo; registered capital:
RMB746.80 million; the shareholding of the
Company:55% and 25% held by Syndisome;
operation scope: power generation by burning
1 109,566.33 11,944.75 -3,345.19
machines, power generation by remaining heat,
power supply and heat supply (excluding
pipeline network of heat supply), lease of dock
and oil storage (excluding oil products,
dangerous chemicals and inflammable and
explosive materials).
Shen Nan Dian Dongguan Company
The controlling subsidiary of the Company.
Legal representative: Fu Bo; registered capital:
USD 35.04 million; the shareholding of the
2 110,527.78 29,934.29 -2,380.55
Company: 40% and 30% held by Syndisome;
operation scope: construction and operation of
natural gas power plants.
New Power Company
The controlling subsidiary of the Company.
Legal representative: Fu Bo; registered capital:
RMB 113.85 million; the shareholding of the
Company: 75% and 25% held by Syndisome;
3 118,526.77 10,368.72 -8,164.31
operation scope: technology development
regarding to application of remaining heat
(excluding restricted items) and power generation
with remaining heat. Add: power generation
through burning machines.
All risk factors that may cause adverse affects on the realization of future development
strategy and operation target of the Company
1. Power demand declined which brought material influences upon those 9E burning machine
enterprises.
2. Increasing rise of price of natural gas, resulting in increase of power generation costs.
3. The major power business of the Company still depended on governmental subsidy in a
short term.
4. The PRC continued to implement strict control on banking credit scale, which made it
more difficult to get available financing and resulting in rising costs.
1. Main business and operations
(1)Statement of main business classified according to industries and products
Unit:
RMB
Increase or Increase or
Increase or
decrease of decrease of
Classified decrease of
operating gross profit
according to Operating Gross profit operating cost
Operating cost revenue over ratio over the
industries or revenue ratio (%) over the last
the last same last same
products same period of
period of last period of last
last year (%)
year (%) year (%)
According to industries
17
深圳南山热电股份有限公司 2012 年半年度报告全文
683,890,631.1 1,131,669,875.
Energy -39.57% -29.92% -22.98% -5.99%
9 59
Engineering
480,000 2,406,341.85 -80.05% -98.1% -89.34% -92.08%
labor
Sludge drying 19,582,305.83 8,988,799.34 117.85% 19,231.02% 2.63% 216.7%
Other revenue 1,750,935.04 3,582,751.24 -51.13% -93.71% -24.92% -18.51%
According to products
Power 680,603,743.3 1,124,608,977.
-65.14% -29.95% -23.16% -14.6%
marketing 1 96
Thermal
3,286,887.88 7,060,897.63 -114.59% -23.76% 6.5% -60.97%
marketing
Fuel marketing 0 0 0% -100% -100% -13.8%
Engineering
480,000 2,406,341.85 -401.32% -98.1% -89.34% -412.06%
labor
Sludge
19,582,305.83 8,988,799.34 54.23% 0% 0% 54.23%
treatment
Other revenue 1,750,935.04 3,582,751.24 -104.63% 55.13% -3.29% 808.66%
Explanation on main business classified according to industries and products
In reporting period, no major changes over last period in aspect of profit constitution, main
business and its structures.
Explanation on major changes of gross profit over same period of last year
In reporting period, major changes in gross profit over same period of last year mainly due to
the soaring fuel prices and sharply decrease of power generation.
(2) Main business classified according to areas
Unit: RMB
Increase/decrease in revenue
Areas Operating revenue from operations over the same
period of last year (%)
Domestic 705,703,872.06 -35.85%
Overseas
Explanation on main business according to areas
Nil
Explanation on main business institution
Nil
(3) Explanation on reasons of material changes in main operations and its structure
□Applicable √Non-applicable
(4) Explanation on reasons of material changes in profitability (gross profit ratio) of
main operations compared with that of last year
□Applicable √Non-applicable
(5) Analysis on reasons of material changes in profit structure compared with the
previous year
18
深圳南山热电股份有限公司 2012 年半年度报告全文
□Applicable √Non-applicable
2. Internal control mechanism related with fair-value measurement
□Applicable √Non-applicable
3. Foreign currency financial assets and financial liabilities held
□Applicable √Non-applicable
(II) Investment of the Company
1. General Application of the raised proceeds
□Applicable √Non-applicable
2. Commitments on projects of raised funds
□Applicable √Non-applicable
3. Changes of projects of raised funds
□Applicable √Non-applicable
4. Investment on major projects of non-raised funds
√Applicable □Non-applicable
Unit: RMB0’000
Initial date
Projects for Funds Progress Earnings
disclosure
Late of April 2012,
capital increment of
35 million yuan
was successfully to
Shen Nan Dian
Zhongshan After increment, capital
Company, register pressure of Shen Nan
Capital increment to Shen capital change Dian Zhongshan
Nan Dian Zhongshan 2003-10-09 19,250 increase from 396.8 Company was effectively
Company million yuan to relieved, and leaves a
746.8 million yuan. favorable condition for
The Company production operations.
invested 410.74
million yuan
accumulative till
end of reporting
period.
Another 8 million The plan of project trust
yuan was invested management was
in reporting period. perfected and initial
The Company negotiation of project
Capital increment to invested 45.315 trust management
Jiangxi Pengze Nuclear 2009-12-29 800 million yuan contract was completed.
Power project (including Currently, Jiangxi
pre-phase expenses Nuclear Power Company
0.945 million yuan) will continue to
accumulative till communicate with
end of reporting relevant State
19
深圳南山热电股份有限公司 2012 年半年度报告全文
period. governments and local
gov. for better
preparation of approval
of this project.
Total 20,050 -- --
Explanation on major projects of non-raised fund investment
(III) The modification of Board to the business plan for the second half of the year
□Applicable √Non-applicable
(IV) Prediction of business performance from January – September 2012
Estimation on accumulative net profit from the beginning of the year to the end of next report
period to be loss probably or the warning of its material change compared with the
corresponding period of the last year and explanation on reason
□Applicable √Non-applicable
(V) Explanation on “Qualified Opinion” from the Certified Public Accountants in the
report period by the Board of Directors
□Applicable √Non-applicable
(VI) Explanation of the Management on changes and disposal of the issues involved in
“Qualified Opinion” from the Certified Public Accountants in the last year by the Board
of Directors
√Applicable □Non-applicable
In year 2011, Deloitte Touche Tohmatsu CPAs Co., Ltd. issued qualified auditor’s report with
paragraph of emphasized matters for the Company. During the report period, the matter
involved in non-standard qualified opinion has no any progress. (More details found in notice
of No.: 2012-010 published on 24 April 2012)
(VII)Stating the discussion results issued by the Board on changes in the Company’s
accounting policies and accounting estimates or reasons for material accounting error
correction and influences thereof
□ Applicable √ Non-applicable
(VIII) Determination and implementation of cash dividend policies of the Company
1. In May 2010, the Company established its cash dividend policies as required by the
“Decision on Amendments to Certain Provisions Regarding to Cash Dividend of Listed
Company” issued by the CSRC, and amended its Articles of Association. The Profit
Distribution Plan for 2010 was approved at the 40th meeting of the 5th Board of the Company
and the 2010 Annual General Meeting, while that of 2011 was approved at the 7th meeting of
the 6th Board of the Company and the 2011 Annual General Meeting. Its cash dividend was in
compliance with the requirements of decision-making procedures and the Articles of
Association.
2. During the reporting period, according to the Notice issued by Shenzhen CSRC on
Implementation of Certain Requirements of the Notice Regarding to Further Practice of Cash
Dividend of Listed Company (SZJGSZi NO.43(2012)). Various approaches such phone, fax,
email and investors’ interaction platform were available for vast shareholders to issue
opinions and requests, and the Company established “Return Plan for Shareholders for the
Future Three Years (2012-2014)” based on its actual conditions, setting out adequate and
clear dividend standards, dividend proportions, relevant decision-making process and
improved system. Independent shareholders completed relevant responsibilities and functions,
20
深圳南山热电股份有限公司 2012 年半年度报告全文
to ensure legal interests of minor shareholders were adequately protected. Further
amendments were made to the Articles of Association as far as profit distribution policies
concerned. “Return Plan for Shareholders for the Future Three Years (2012-2014)” and the
Articles of Association were considered and approved at the 10th meeting of the 6th Board of
the Company, and their implementation are still subject to the submission to the 2nd
extraordinary general meeting for 2012 for consideration and approval.
(IX) Plan of profit distribution or capital reserve capitalizing
□Applicable √Non-applicable
(X) Positive retained profit accumulated at end of 2011 without cash distribution
carried out
√Applicable □Non-applicable
Retained profit accumulated at end of 2011 454,070,630.72
Relieve capital shortage pressure, higher ability
of short-term liabilities, guarantee security of
Use of related retained profit for the Company
capital chain and make sure normal production
operations.
Whether generated earnings or not □ yes √ no
Recover of government subsidy for generation is
far behind the schedule recently which resulted
in a sharply growth in account receivable;
furthermore, there are 1.1 billion yuan lands are
Reasons of unmatched between actual earnings ready for development in inventory, a 88.15% in
and predicted earnings inventory; part of the current capital was
occupied by the lands above and leaves a fund
shortage situation to the Company. Till end of
late June 2012, the un-develop lands generate no
cash flows, the Company still in short of funds
Current ratio and liquid ratio still in a low
standards due to the 65% asset-liability ratio of
Other explanation
the Company, general solvency in short-term is
low
(XI) Establishment and implementation of registration mechanism for insiders
On 16 October 2009, the “Registration Mechanism for Insiders of Shenzhen Nanshan Power
Co., Ltd.” was deliberated and approved by 26th Meeting of 5th Session of the Board. In
reporting period, the Company strictly executed management mechanism of insider
registration, no violation of above situation occurred from insiders.
Whether implemented self-examination and accountability on insiders who dealing with
stock of the Company as well as derivative products
□ Yes √ No
Whether custody measurement and administration punishment on listed company and related
staff from regulatory authorities in aspect of implementation of registration management
mechanism of insiders or inside trading involved or not
□Yes √No
21
深圳南山热电股份有限公司 2012 年半年度报告全文
(XII) Other events disclosed
(XIII) Liabilities, credit changes and cash arrangement for debt paying in later year
(Only applies to listed company with corporate convertible bonds offered)
□Applicable √Non-applicable
VII. Significant Event
(I)Corporate governance
The Company continued to standardize its operation in strict compliance with the Company
Law, Securities Law and relevant laws and regulations of the CSRC. Currently, the actual
corporate governance of the Company generally satisfies the requirements issued by the
CSRC on standardized governance for listed company.
1. Pursuant to the requirements of the Supervision Opinions on the Spot Inspection at
Shenzhen Nanshan Power Co., Ltd. (SZJGSZi No.21(2012)) issued by Shenzhen CSRC, the
Company conducted and implemented earnest reforms and amended the Articles of
Association and working procedures for three committees, thus to complete the Correction
Report on the Issues Found by Shenzhen CSRC at the Spot Inspection. The report has been
filed with Shenzhen CSRC upon consideration and approval at the 9th meeting of the 6th
Board of the Company.
2. During the reporting period, in order to further improve its corporate governance structure
and promote standardized operation, the Company, according to relevant laws and regulations
and taking into account its actual conditions, also amended Working Rules of General
Manager, Internal Control System, Provisional Rules for Internal Audit and Internal
Reporting System for Material Information in addition to the aforesaid amendments to the
Articles of Association and working procedures for three committees.
3. Aiming to enhance the scientific, constant and steady bonus decision and system,
according to the Notice issued by Shenzhen CSRC on Implementation of Certain
Requirements of the Notice Regarding to Further Practice of Cash Dividend of Listed
Company (SZJGSZi NO.43(2012)), the Company proposed Return Plan for Shareholders for
the Future Three Years (2012-2014) based on its actual conditions, and amended certain
terms of the Articles of Association concerning dividend policies. Such amendments were
considered and approved at the 10th meeting of the 6th Board of the Company, and their
implementation is still subject to the submission to the general meeting for consideration and
approval.
4. The unpublicized information reported to the biggest shareholder by the Company main
contains: daily power volume, power production impediment report and accident report,
monthly safety brief report as well. And the secretary of the Board collectively submit the
proposals as amended by the general manage office to the directors and supervisors appointed
by the shareholder before the conferences of the Board of directors and supervisors of the
Company. Meanwhile, the Company filed with the property law department and
administrative management department of the shareholder.
In order to strengthen management over the unpublicized information, the Company strictly
controlled the scope of insiders, standardized information transmission, implemented relevant
regulations of Registration System of Insiders for Unpublicized Information, and reported
information of insiders and their close family members to Shenzhen CSRC periodically.
5. In accordance with the “Basic Rules of Internal Control for Enterprises” and requirements
of relevant laws, regulations as well as evaluation guidelines, the Company conducted
22
深圳南山热电股份有限公司 2012 年半年度报告全文
self-evaluation on the effective-ness of design and execution for internal control dated 30
June 2012. In reporting period, internal control procedures are established by the Company
for business and events that in the evaluation range, and with an effectively performance
which achieve the target for internal control of the Company basically without major defects
been found.
(II) Implementation of profit distribution plan, capital reserve capitalizing or shares
offering that plan out previously and carry out in this reporting period
□Applicable √Non-applicable
(III) Material lawsuits and arbitrations
□Applicable √Non-applicable
No material lawsuits and arbitrations occurred in this period
(IV) Related event of bankruptcy reorganization
□Applicable √Non-applicable
(V) Equity of other listed company and stock jointly financial enterprise held by the
Company
1. Security investment
□Applicable √Non-applicable
Explanation on security investment
2. Equity of other listed company held by the Company
□Applicable √Non-applicable
Explanation on equity of other listed company held by the Company
3. Equity of non-listed financial enterprise held by the Company
□Applicable √Non-applicable
Explanation on equity of non-listed financial enterprise held by the Company
4. Buying and selling shares of other listed company
□Applicable √Non-applicable
Explanation on shares dealing of other listed company
(VI) Assets transaction
1. Assets purchased or acquired
□Applicable √Non-applicable
Explanation on assets purchased
2. Assets sold
□Applicable √Non-applicable
Explanation on assets sold
3. Assets replacement
□Applicable √Non-applicable
Explanation on assets replacement
4. Business combination
□Applicable √Non-applicable
5. Progress of the events and their influence on the Company’s operating results and
financial status in the report period after the Report on Assets Restructure or Public
23
深圳南山热电股份有限公司 2012 年半年度报告全文
Notice on Acquisition and Sales of Assets being published
□Applicable √Non-applicable
(VII) Explanation on shareholding increase proposed or implemented by largest
shareholder of the Company and its persons acting in concert in reporting period
□Applicable √Non-applicable
(VIII) Implementation and its influence of equity incentive
□Applicable √Non-applicable
(XI) Significant related transaction
1. Related transaction related to daily operation
□Applicable √Non-applicable
2. Related transaction incurred by purchase or sales of assets
□Applicable √Non-applicable
3. Significant related transaction from jointly investment outside
□Applicable √Non-applicable
24
深圳南山热电股份有限公司 2012 年半年度报告全文
4. Current related liabilities and debts
√Applicable □Non-applicable
Funds offer to listed company by related
Funds offered to related parties (RMB0’000)
parties(RMB0’000)
Balance Balance
Related parties Relationship Balance at Occurre Balance at Occurre
Amou at Interest Interest Amou at Interest Interes
period-beg d period-beg d
nt paid period-e earned cost nt paid period-e earned t cost
in amount in amount
nd nd
1,010.9
Server Company Subsidiary 627.94 0 0 627.94 2,636.44 492.42 3,154.97 105.11
5
31,574. 54,698.4 2,074.1
Shen Nan Dian Zhongshan Company Subsidiary 62,624.31 39,500 0
12 3 2
71,691.7
Shenzhong Real Estate Company Subsidiary 68,862.67 3,829.1 1,000 1,829.1 0
7
Shen Nan Dian Engineering 3,289.0
Subsidiary 0 8,091.25 3,660 7,720.26 288.99
Company 1
1,008. 2,382.0
Shen Nan Dian Dongguan Company Subsidiary 8,543.71 238.97 7,773.88 237.36 13,177.3 9,850 5,709.36 382.06
8 6
17,076. 34,984 59,733.2
New Power Company Subsidiary 0 77,641.39
77 .9 6
Shen Nan Dian Environment
Subsidiary 1,100.69 445.37 1,546.06
Protection Company
Shenzhen Energy Group Subsidiary 0
Syndidome Company Subsidiary 3.51 0.89 4.4
Singapore Company Subsidiary 13.87 0.57 14.44
36,089. 41,508 136,356. 4,140.5 101,546.3 23,758. 48,987 76,317.8
Total 141,776.7 0 0 776.16
02 .8 92 8 8 79 .32 5
Funds offered to controlling shareholders and its
36,089.02
subsidiary by the Company in report period (RMB0’000)
Balance of funds offered to controlling shareholders and
136,356.92
its subsidiary by the Company (RMB0’000)
Related debts in report period mainly comes from the bank entrust loans, due in last year, which were replaced by
Reasons of related liabilities and debts
subordinate Zhongshan Company.
Liquidation of related liabilities and debts Zhongshan Company pay off the previous financial subsidy to the Company
Commitments concerned with related liabilities and debts Assets of Zhongshan Company were pledged to the Company
Influence on business performance and financial status of No material influence in range of consolidated statement.
25
深圳南山热电股份有限公司 2012 年半年度报告全文
the Company from related liabilities and debts
Including: in reporting period, 360.8902 million yuan were offered to controlling shareholders and its subsidiary by listed company, balance amounting
to 1363.5692 million yuan
Fund occupation and progress of paying off
□Applicable √Non-applicable
Till end of reporting period, accountability plan proposed by the Board for completed no non-operational fund occupation from listed company
□Applicable √Non-applicable
26
深圳南山热电股份有限公司 2012 年半年度报告全文
5. Other significant related transaction
Non-applicable
(X) Significant contracts and its implementation
1. Profits earned from trusteeship, contract and lease reached over 10% (10% included) of
total profit in this period
(1) Trusteeship
√Applicable □Non-applicable
Influence
Amount Trust Confirma
on the Related
Assets of assets Trust date Trust earnings tion basis Relations
Clients Trustor Company transacti
trust trust(RM from date end (RMB0’ for trust hip
from trust on or not
B0’000) 000) earnings
earnings
Calculate
d base on
0.024
yuan
New The
Trust 2012-01-0 2012-06- /KWH 3,676,302.
Power Compan
earnings 1 30 accordin 50
Company y
g to
generatin
g
capacity
Calculate
d base on
0.025
yuan
New The
Trust 2011-01-0 2011-06- /KWH 8,670,931.
Power Compan
earnings 1 30 accordin 00
Company y
g to
generatin
g
capacity
Sharing
New The Cost
2012-01-0 2012-06- generatin 1,378,596.
Power Compan apportion
1 30 g 45
Company y ments
capacity
Sharing
New The Cost
2011-01-0 2011-06- generatin 2,014,943.
Power Compan apportion
1 30 g 14
Company y ments
capacity
Sharing
New The Expenses
2012-01-0 2012-06- generatin 5,781,962.
Power Compan allocatio
1 30 g 71
Company y n
capacity
Sharing
New The Expenses
2011-01-0 2011-06- generatin 9,541,067.
Power Compan allocatio
1 30 g 55
Company y n
capacity
Custody particulars
According to the Custody and Operation Contract Concerning the Power Generation Machine Sets
of Shenzhen New Power Industry Co., Ltd. entered into by the Company and New Power
Company dated 23 December 2003, the Company was entrusted to operate and manage the 2#,
10# and 11# machine sets assets owned by New Power Company. The scope of the entrustment
included: production plan, power scheduling, power measure and agent sales, collection of
27
深圳南山热电股份有限公司 2012 年半年度报告全文
electricity fees and safe operation and management of equipments, as well as purchase, stock and
management of consumed materials and facilities required for maintenance and repairmen, normal
maintenance of power generation equipments and facilities, organization and management of big-
and middle-sized repair projects, technological innovation and updates for power generation
equipments, etc.
As for the fuels required for power production, they were purchased by New Power Company and
then given to the Company for general use. Costs were charged according to the actual fuel
consumption of the machine sets owned by New Power Company.
As for substantial repair expenses and facilities, they were purchased collectively by the Company
as per the custody contract. When occurred, those cost attributable to the relevant machine sets
were charged as the machine sets costs of New Power Company.
As for those costs that cannot be directly attributable to machine sets of New Power Company
(such as utilities, depreciation of common assets and personnel salaries, etc), they should be shared
by New Power Company and the Company based on the proportion of power generated.
The Company and New Power Company declared taxes according to the above share method.
(2) Contract
□Applicable √Non-applicable
(3) Lease
□Applicable √Non-applicable
2. Guarantees
√Applicable □Non-applicable
Unit: RMB0’000
Particulars about the external guarantee of the Company (Barring the guarantee for the controlling subsidiaries)
Related Actual date Complet
Guarantee
Name of the Announce of happening Actual e
Guarantee Guarantee Guarantee for related
Company ment (Date of guarantee impleme
limit type term party (Yes
guaranteed disclosure signing limit ntation
or no)
date agreement) or not
Total actual occurred
Total approving external
external guarantee in
guarantee in report period (A1)
report period (A2)
Total actual balance of
Total approved external
external guarantee at the
guarantee at the end of report
end of report period
period ( A3)
(A4)
Guarantee of the Company for the subsidiaries
Complet
Actual date of Guarantee
Name of the Related Actual e
Guarante happening (Date Guarante Guarant for related
Company Announcement guarantee impleme
e limit of signing e type ee term party (Yes
guaranteed disclosure date limit ntation
agreement) or no)
or not
Shen Nan
Dian
2011-04-15 4,000 2012-01-05 4,000 guarantee 1year No Yes
Dongguan
Company
Shen Nan
2012-04-24 8,000 2012-06-19 8,000 guarantee 1year No Yes
Dian
28
深圳南山热电股份有限公司 2012 年半年度报告全文
Dongguan
Company
Shen Nan
Dian
2012-04-24 10,000 2012-06-07 10,000 guarantee 1year No Yes
Dongguan
Company
Shen Nan
Dian
2012-04-24 10,000 2012-06-05 10,000 guarantee 1year No Yes
Dongguan
Company
Shen Nan
Dian
2012-04-24 10,000 2012-06-13 10,000 guarantee 1year No Yes
Dongguan
Company
Shen Nan
Dian
2011-04-15 8,000 2011-06-20 8,000 guarantee 1year No Yes
Dongguan
Company
Shen Nan
Dian
2011-04-15 10,000 2011-12-29 10,000 guarantee 1year No Yes
Dongguan
Company
Shen Nan
Dian 6
2011-09-14 2,000 2012-01-05 2,000 guarantee No Yes
Dongguan months
Company
Shen Nan
Dian
2011-09-14 9,000 2012-01-13 9,000 guarantee 1year No Yes
Zhongshan
Company
Shen Nan
Dian
2011-04-15 1,000 2012-01-13 1,000 guarantee 1year No Yes
Zhongshan
Company
Shen Nan
Dian
2011-04-15 5,000 2011-09-09 5,000 guarantee 1year No Yes
Zhongshan
Company
Shen Nan
Dian
2011-04-15 3,568.4 2012-04-01 3,568.4 guarantee 1year No Yes
Zhongshan
Company
Shen Nan
Dian
2011-04-15 920 2012-04-19 920 guarantee 1year No Yes
Zhongshan
Company
Shen Nan
Dian
2011-04-15 3,500 2012-01-06 3,500 guarantee 1year No Yes
Zhongshan
Company
Shen Nan
Dian
2011-04-15 5,000 2012-02-10 5,000 guarantee 1year No Yes
Zhongshan
Company
Shen Nan
Dian
2011-04-15 1,000 2012-01-19 1,000 guarantee 1year No Yes
Zhongshan
Company
29
深圳南山热电股份有限公司 2012 年半年度报告全文
Shen Nan
Dian 3
2012-04-24 3,000 2012-06-01 3,000 guarantee No Yes
Zhongshan months
Company
Shen Nan
Dian
2011-04-15 1,000 2011-08-03 1,000 guarantee 1yera No Yes
Environment
Protection Co.
Shen Nan
Dian 6
2012-04-24 1,000 2012-06-12 1,000 guarantee No Yes
Environment months
Protection Co.
Shen Nan
Dian
2012-04-24 1,000 2012-06-20 1,000 guarantee 1yera No Yes
Environment
Protection Co.
Shen Nan
Dian
2011-04-15 2,600 2009-11-06 2,600 guarantee 3years No Yes
Environment
Protection Co.
New Power 6
2012-04-24 10,000 2012-06-29 10,000 guarantee No Yes
Company months
New Power
2011-04-15 15,500 2012-12-23 15,500 guarantee 1year No Yes
Company
New Power
2011-09-14 10,000 2011-12-22 10,000 guarantee 1year No Yes
Company
New Power
2011-09-14 10,000 2011-12-29 10,000 guarantee 1year No Yes
Company
New Power 6
2011-09-14 5,000 2012-04-28 5,000 guarantee No Yes
Company months
Total amount of actual
Total amount of approving
occurred guarantee for
guarantee for subsidiaries in 150,088.4 150,088.4
subsidiaries in report
report period (B1)
period (B2)
Total balance of actual
Total amount of approved
guarantee for
guarantee for subsidiaries at the 150,088.4 150,088.4
subsidiaries at the end of
end of reporting period (B3)
reporting period (B4)
Total amount of guarantee of the Company( total of two abovementioned guarantee)
Total amount of approving Total amount of actual
guarantee in report period 150,088.4 occurred guarantee in 150,088.4
(A1+B1) report period (A2+B2)
Total amount of approved Total balance of actual
guarantee at the end of report 150,088.4 guarantee at the end of 150,088.4
period (A3+B3) report period (A4+B4)
The proportion of the total amount of actually guarantee in
91.09%
the net assets of the Company(that is A4+ B4)
Including:
Amount of guarantee for shareholders, actual controller
0
and its related parties(C)
The debts guarantee amount provided for the guaranteed
parties whose assets-liability ratio exceed 70% directly or 144,488.4
indirectly(D)
Proportion of total amount of guarantee in net assets of the
67,706.79
Company exceed 50%(E)
Total amount of the aforesaid three guarantees(C+D+E) 212,195.19
Explanations on possibly bearing joint and several
liquidating responsibilities for undue guarantees
30
深圳南山热电股份有限公司 2012 年半年度报告全文
Explanations on external guarantee against regulated
procedures
Special explanation and independent opinions issued by independent directors in relation to capital
occupation by related parties and external guarantee
Pursuant to the provisions of the Notice on Standardizing Capital Activities between Listed
Company and Related Parties and Certain Issues on External Guarantee Provided by Listed
Company (ZJF No.56(2003)), the Notice on Strengthening Capital Occupation of Listed Company
and Information Disclosure Concerning Illegal Guarantee (SZJFZi No.338(2004)) and the Notice
on Standardizing External Guarantee of Listed Company (ZJF No.120(2005)), independent
directors issued the following special explanation and opinions in relation to capital occupation by
related parties and external guarantee of the Company for the first half of 2012, taking into account
their knowledge and information enquiries about the Company:
1. As of 30 June 2012, all the capital activities between the Company and its related parties belong
to normal non-operation capital activities, and no related party was found to occupy the
Company’s capital illegally.
2. As of 30 June 2012, the external guarantees of the Company were RMB1,500,884,000 in
aggregate. Such guarantees represented those for bank loans provided by the Company for its
holding subsidiaries and those provided by the holding subsidiaries for other holding subsidiaries.
No guarantee was provided by the Company and its holding subsidiaries for shareholders, other
related parties, any non-legal person entity or individual. The Company earnestly performed its
duty to disclose information of external guarantees.
3. Trust financing
□Applicable √Non-applicable
4. Implementation of material contracts entered into during the normal operation
1. As per the Assets Custody Operation Contract in Connection with Burning Machine-Stream
Joint Cycle Heat Power Generation Machine Sets entered into in February 2003, the Company was
entrusted to operate and manage the power generation machine sets owned by its wholly-owned
subsidiary New Power Company. During the reporting period, other than such custody for New
Power Company, the Company didn’t trust, contract and lease any asset of other company, nor
was any asset of listed company trusted, contracted and leased by other company.
2. As considered and approved in the 4th extraordinary general meeting for 2010 of the Company,
the Company and Dongguan branch of Shenzhen Nanshan Power Co., Ltd. Were enter into natural
gas purchase contracts with Guangdong Trade Branch of CNOOC Gas & Power Group
(Guangdong Branch of CNOOC) respectively. In particular, the term of the contract of the
Company (wholly-owned Nanshan Power Plant) was 2 years (January 2011 – December 2012),
and that of Dongguan branch of Shenzhen Nanshan Power Co., Ltd. was 3 years (January 2011 –
December 2013), details of which were disclosed in the announcements No. 2010-048,050 and
058. Such contracts are being implemented.
5. Other significant contract
□Applicable √Non-applicable
(XI) Explanation on corporate bonds offering
□Applicable √Non-applicable
31
深圳南山热电股份有限公司 2012 年半年度报告全文
(XII) Implementation of commitments
1. Commitments made by the Company or shareholders holding above 5% shares of the
Company in reporting period or extending to reporting period.
□Applicable √Non-applicable
2. Explanation on assets or projects that reached the original profit forecast as well as its
reasons while the reporting period still in forecast period, and there are profit forecast on
assets or projects of the Company
□Applicable √Non-applicable
(XIII) Items of other consolidated income
Unit: RMB
Items This period Last period
1. Gains(losses) from financial assets available for
sales
Less: Income tax influences from financial assets
available for sales
Net amount reckoned into other consolidated income
in previous period but transferred into gains/losses in
current period
Subtotal
2. Shares in the other consolidated income of the
investee calculated based on equity method
Less: Income tax influences of shares in the other
consolidated income of the investee calculated based
on equity method
Net amount reckoned into other consolidated income
in previous period but transferred into gains/losses in
current period
Subtotal
3. Gains(losses) from cash flow hedge instrument
Less: Income tax influences from cash flow hedge
Net amount reckoned into other consolidated income
in previous period but transferred into gains/losses in
current period
Adjusted amount transferred to initial confirmed
amount of the arbitraged items
Subtotal
4. Differences from translating foreign currency
financial statements
Less: Net amount of disposing overseas business
transferred to current gains/losses
Subtotal
5. Others
Less: Income tax influences by others reckoned into
other consolidated income
Net amount reckoned into other consolidated income
in previous period but transferred into gains/losses in
current period
32
深圳南山热电股份有限公司 2012 年半年度报告全文
Subtotal
Total 0
(XIV)Registration form of receiving research, communication and interview in the report
period
Content discussed
Date Place Way Type Object and documents
provided
Conference General operation
Security
2012-06-20 room of the Field research Individual of the Company; no
investor
Company files provided
(XV) Engagement and non-reappointment of CPA
Whether the semi-annual report was audited or not
□ Yes √ No
(XVI) Punishment and rectification for listed company and its directors, supervisor, senior
executives, shareholders of the Company, actual controller and purchasers
□Applicable √Non-applicable
(XVII) Explanation on other significant events
□Applicable √Non-applicable
(XVIII) Major changes of profitability of turn debt guarantor, assets status and credit
standings
(Only applies to listed company with corporate convertible bonds offered)
□Applicable √Non-applicable
(XIX) Index for information disclosure
Name and page of publishing Date of Internet website and
Event
press disclosed searching route
Securities Times -D020, China
Juchao Website
“Prediction of Securities Journal- B017 and
2012-01-17 http://www.cninfo.com.cn
performance for 2011” Hong Kong Commercial Daily -
/
A8
Securities Times -D76, China
”Resolution of 4th Juchao Website
Securities Journal-B008 and
extraordinary meeting of 2012-02-29 http://www.cninfo.com.cn
th Hong Kong Commercial Daily
6 session of the board” /
-A13
Securities Times -D36, China
“Prediction of Juchao Website
Securities Journal-B005 and
performance for 1st 2012-04-13 http://www.cninfo.com.cn
Hong Kong Commercial Daily
quarterly of 2012” /
-A20
“changes of
shareholders’
name”; ”resolution of 7th
Securities Times - D22, China Juchao Website
meeting of 6th session of
Securities Journal-B041 and 2012-04-24 http://www.cninfo.com.cn
the board”; ”resolution
Hong Kong Commercial Daily /
of 8th meeting of 6th
session of supervisory
committee”; ”bank
33
深圳南山热电股份有限公司 2012 年半年度报告全文
credit scale and external
guarantee limit for year
of 2012”;”financial
support offering within
the system for year of
2012”; and ‘abstract of
annual report 2012 and
full text of annual report
2012 (English/Chinese
version)”
”Notice of Convening
the Shareholders’
General Meeting of
Securities Times - D53, China
2011”; ”Text of 1st Juchao Website
Securities Journal-B049 and
quarterly report 2012 2012-04-26 http://www.cninfo.com.cn
Hong Kong Commercial Daily
and full text of 1st /
-B10
quarterly report 2012
(English/Chinese
version)”
”Notice of Convening Securities Times -D17, China
Juchao Website
the Annual Securities Journal-B009 and
2012-05-11 http://www.cninfo.com.cn
Shareholders’ General Hong Kong Commercial Daily
/
Meeting of 2011” -A14
”Resolution notice of Securities Times - D21, China
Juchao Website
annual shareholders’ Securities Journal-A28 and
2012-05-16 http://www.cninfo.com.cn
general meeting of Hong Kong Commercial Daily
/
2011” -A21
”resolution notice of 9th
meeting of 6th session of
the board”; ”resolution
notice of 10th meeting of
6th session of
Securities Times - B20, China
supervisory Juchao Website
Securities Journal-B009 and
committee”; ”specific 2012-06-02 http://www.cninfo.com.cn
Hong Kong Commercial Daily
notice of changes of /
-A15
accounting estimation”
and “notice of 1st
extraordinary
shareholders’ general
meeting of 2012”
“resolution notice of 1st Securities Times - D032, China
Juchao Website
extraordinary Securities Journal-B008 and
2012-06-21 http://www.cninfo.com.cn
shareholders’ general Hong Kong Commercial Daily
/
meeting of 2012” -A11
VIII. Financial Report (Un-audited)
The 2012 Semi-annual Financial Report is un-audited (attached).
IX. Documents Available for Reference
34
深圳南山热电股份有限公司 2012 年半年度报告全文
(I) Semi-annual Report of 2012 carried with the personnel signature of Legal Representative;
(II) Accounting Statements carried with the signature and seals of the Legal Representative,
General Manager and CFO;
(III) All the original Company’s documents and public notices disclosed in Securities Times,
China Securities Journal and Hong Kong Commercial Daily in the report period;
(IV) Place for inspection: Secretariat of the Board of Director of the Company.
Board of Directors of
Shenzhen Nanshan Power Co., Ltd.
7 August 2012
35
深圳南山热电股份有限公司 2012 年半年度报告全文
Accounting Statement & Annotations
January - June of 2012
36
深圳南山热电股份有限公司 2012 年半年度报告全文
Consolidated Balance Sheet
Unit: RMB
Liabilities and
Assets 2012-6-30 2011-12-31 2012-6-30 2011-12-31
owner’s equity
Current assets: Current liabilities:
Monetary fund 708,417,387.45 695,095,052.12 Short-term loan 3,208,884,008.18 3,265,824,953.89
Bill receivable - - Bill payable 30,000,000.00 43,820,200.00
Account receivable 1,017,077,822.79 934,640,019.03 Account payable 419,024,277.78 214,748,889.66
Account paid in Account received in
81,394,386.19 31,576,397.23 17,966,000.00 14,586,000.00
advance advance
Interest receivable - - Remuneration payable 33,773,316.00 32,691,674.04
Dividend receivable - - Tax payable -547,763,897.12 -521,900,793.90
Other accounts
21,921,948.69 124,599,842.72 Interest payable 79,858,446.84 75,462,594.51
receivable
Inventory 1,261,292,454.50 1,258,195,597.25 Dividend payable - -
Long-term stock
Other account
investment due - - 313,454,938.34 358,597,380.00
payables
within one year
Long-term liabilities
Other current assets - - - 50,000,000.00
due within one year
Other current
- -
liabilities
Total of current Total of current
3,090,103,999.62 3,044,106,908.35 3,555,197,090.02 3,533,830,898.20
assets liabilities
Non-current assets： - Non-current liabilities
Long-term stock
45,315,000.00 37,315,000.00 Long-term borrowing 26,000,000.00 26,000,000.00
investment
Investment real Other non-current
4,650,702.31 4,872,045.07 4,971,041.64 5,104,791.66
estate liabilities
Total of non-current
Fixed assets 2,138,937,835.63 2,227,103,579.26 30,971,041.64 31,104,791.66
liabilities
Project under
51,166,038.51 46,866,969.48 Total of liabilities 3,586,168,131.66 3,564,935,689.86
construction
Disposal of capital
- - Owners’ equity
assets
Intangible assets 64,016,826.54 63,807,538.62 Share capital 602,762,596.00 602,762,596.00
37
深圳南山热电股份有限公司 2012 年半年度报告全文
Long-term
unamortized 70,816.76 95,810.84 Capital reserve 363,629,927.51 363,629,927.51
expenses
Deferred income tax
3,714,114.31 3,714,114.31 Reserve surplus 332,908,397.60 332,908,397.60
assets
Other non-current
22,812,875.48 24,864,716.98 Undistributed profit 348,331,194.08 454,070,630.72
assets
Translation difference
Total of non-current
2,330,684,209.54 2,408,639,774.56 in foreign currency - -
assets
statement
Equity attributable to
owners of the parent 1,647,632,115.19 1,753,371,551.83
company
Minority
186,987,962.31 134,439,441.22
shareholders’ equity
Total of shareholders'
1,834,620,077.50 1,887,810,993.05
equity
Total of liabilities and
Total of assets 5,420,788,209.16 5,452,746,682.91 5,420,788,209.16 5,452,746,682.91
shareholders' equity
Person in charge of the Company:
CFO:
Person in charge of financial department:
Check:
Tabulator:
Balance Sheet of parent company
Unit: RMB
Liabilities and
Assets 2012-6-30 2011-12-31 2012-6-30 2011-12-31
owner’s equity
Current assets: Current liabilities:
Monetary fund 297,440,484.94 303,150,447.89 Short-term loan 1,764,000,000.00 1,880,824,953.89
Bill receivable - - Bill payable - -
Account receivable 669,196,028.23 646,023,065.42 Account payable 335,410,278.82 145,440,717.47
Account paid in Account received in
678,132.22 489,676.70 14,586,000.00 14,586,000.00
advance advance
Remuneration
Interest receivable - - 18,448,463.31 16,426,938.52
payable
Dividend receivable 654,140,866.58 654,140,866.58 Tax payable -414,918,391.88 -414,050,692.13
Other accounts 1,367,868,010.10 1,525,724,625.88 Interest payable 3,911,995.86 5,585,474.16
38
深圳南山热电股份有限公司 2012 年半年度报告全文
receivable
Inventory 94,445,235.78 112,185,828.84 Dividend payable - -
Long-term stock
Other account
investment due - - 782,527,252.78 1,064,365,847.79
payables
within one year
Long-term liabilities
Other current assets - 205,000,000.00 - -
due within one year
Other current
liabilities
Total of current Total of current
3,083,768,757.85 3,446,714,511.31 2,503,965,598.89 2,713,179,239.70
assets liabilities
Non-current
Non-current assets：
liabilities
Long-term stock
737,297,849.76 536,797,849.76 Long-term loan - -
investment
Investment real Other non-current
- - - -
estate liabilities
Total of non-current
Fixed assets 300,756,949.83 327,435,225.16 - -
liabilities
Construction in
36,831,445.68 36,184,921.10 Total of liabilities 2,503,965,598.89 2,713,179,239.70
process
Disposal of capital
- - Owners’ equity -
assets
Intangible assets 9,954,013.57 10,658,977.27 Share capital 602,762,596.00 602,762,596.00
Long-term
unamortized 70,816.76 95,810.84 Capital reserve 288,769,132.47 288,769,132.47
expenses
Deferred income tax
- - Reserve surplus 332,908,397.60 332,908,397.60
assets
Other non-current
- - Undistributed profit 440,274,108.49 420,267,929.67
assets
Converted difference
Total of non-current
1,084,911,075.60 911,172,784.13 in Foreign Currency - -
assets
Statements
Total of shareholders’
1,664,714,234.56 1,644,708,055.74
equity
Total of liabilities and
Total assets 4,168,679,833.45 4,357,887,295.44 4,168,679,833.45 4,357,887,295.44
shareholders’ equity
Person in charge of the Company:
CFO:
39
深圳南山热电股份有限公司 2012 年半年度报告全文
Person in charge of financial department:
Check:
Tabulator:
Consolidated Profit Statement
Unit: RMB
Items Jan.-Jun. of 2012 Jan.-Jun. of 2011
I. Operation income 705,842,198.56 1,143,413,610.78
Less: operation cost 1,146,829,174.36 1,635,583,031.68
Operation tax and surcharge 3,279,859.65 3,850,355.62
Sales expense 510,156.84 396,202.63
Management expense 50,598,310.93 50,599,499.76
Accounting expense 101,300,639.07 89,911,857.60
Loss of assets impairment - -
Plus: gain of fair value change - -
Investment gain (loss) - -39,857,497.48
Among: gain (loss) of investment into affiliated and
joint enterprises - -39,857,497.48
II. Operation profit (loss) -596,675,942.29 -676,784,833.99
Plus: Non-operation income 474,161,438.45 589,314,683.18
Less: Non-operation expense 37,764.81 297,324.48
Among: Loss from disposal of non-current assets 34,978.97 162,698.07
III. Total of profit -122,552,268.65 -87,767,475.29
Less: income tax expense 638,646.90 3,585,345.15
IV. Net profit -123,190,915.55 -91,352,820.44
Net profit attributable to shareholders of parent
company -105,739,436.64 -84,855,867.31
Minority shareholders’ equity -17,451,478.91 -6,496,953.13
V. Earnings per share - -
(I) Basic earnings per share -0.18 -0.14
(II) Diluted earnings per share Not applicable Not applicable
VI. Other consolidated incomes - -
VII. Total of consolidated incomes -123,190,915.55 -91,352,820.44
Total of consolidated incomes attributable to -105,739,436.64 -84,855,867.31
40
深圳南山热电股份有限公司 2012 年半年度报告全文
shareholders of the parent company
Total of consolidated incomes attributable to minority
shareholders -17,451,478.91 -6,496,953.13
Person in charge of the Company:
CFO:
Person in charge of financial department:
Check:
Tabulator:
Profit Statement of Parent Company
Unit: RMB
Items Jan.-Jun. of 2012 Jan.-Jun. of 2011
I. Operation income 344,470,185.31 442,608,095.42
Less: operation cost 533,917,664.37 694,282,683.32
Operation tax and surcharge 2,633,234.63 1,772,393.29
Sales expense - -
Management expense 23,592,854.98 19,283,461.96
Accounting expense 27,530,741.77 37,688,810.51
Loss of assets impairment - -
Plus: gain of fair value change - -
Investment gain (loss) - -39,857,497.48
Among: gain (loss) of investment into affiliated and
joint enterprises - -39,857,497.48
III. Operation profit (loss) -243,204,310.44 -350,276,751.14
Plus: Non-operation income 263,213,275.10 282,577,058.44
Less: Non-operation expense 2,785.84 3,846.41
Among: Loss from disposal of non-current assets - -
III. Total profit 20,006,178.82 -67,703,539.11
Less: Income tax expense - -
IV. Net profit 20,006,178.82 -67,703,539.11
V. Earnings per share -
(i) Basic earnings per share Not applicable Not applicable
(ii) Diluted earnings per share Not applicable Not applicable
VI. Other consolidated income - -
41
深圳南山热电股份有限公司 2012 年半年度报告全文
VII. Total of consolidated income 20,006,178.82 -67,703,539.11
Person in charge of the Company:
CFO:
Person in charge of financial department:
Check:
Tabulator:
Consolidated Cash Flow Statement
Unit: RMB
Jan.-Jun. of Jan.-Jun. of
Items
2012 2011
I. Net cash flow from operation activities
1,021,997,589.7 1,418,009,918.5
Cash received from sales of products and supply of labor
6 8
Tax expense returns received - -
Cash received and related to other operation activities 203,329,322.17 75,542,660.32
1,225,326,911.9 1,493,552,578.9
Subtotal of cash inflows from operation activities
3 0
1,002,227,845.1 1,321,170,701.3
Cash paid for purchase of goods and acceptance of labor
6 2
Cash paid to or for staff 52,746,098.27 56,866,969.06
Taxes paid 18,678,976.83 44,300,719.65
Cash paid and related to other operation activities 29,945,733.94 32,725,222.12
1,103,598,654.2 1,455,063,612.1
Subtotal of cash outflows from operation activities
0 5
Net cash flow from operation activities 121,728,257.73 38,488,966.75
II. Cash flow from investment activities
Cash received from divestment 106,342,100.00 -
Cash received from investment returns - -
Net cash drawback from disposal of capital assets, intangible assets and other long-term
- 4,344,000.00
assets
Net cash received from disposal of subsidiaries or other business units - -
42
深圳南山热电股份有限公司 2012 年半年度报告全文
Other investment-related cash received - -
Sub-total of cash inflows of investment activities 106,342,100.00 4,344,000.00
Cash paid for construction of fixed assets, intangible assets and other long-term assets 42,381,196.92 22,843,360.85
Cash paid for investment 8,000,000.00 47,881,000.00
Other investment-related cash payment - -
Sub-total of cash outflows from investment activities 50,381,196.92 70,724,360.85
Net cash flow from investment activities 55,960,903.08 -66,380,360.85
III. Cash flow from financing activities
Cash received from investment take-up 70,000,000.00 -
2,033,884,008.1 2,379,100,000.0
Cash received from obtaining borrowings
8 0
Cash received from other financing-related activities 62,536,060.00 -
2,166,420,068.1 2,379,100,000.0
Subtotal of cash inflow from financing activities
8 0
2,140,824,953.8 2,204,000,000.0
Cash paid for debts
9 0
Cash paid for dividend or profit distribution, or interest 124,133,714.29 109,011,750.54
Other funding-related cash payment 68,500,000.00 -
2,333,458,668.1 2,313,011,750.5
Subtotal of cash outflows from financing activities
8 4
Net cash flow from financing activities -167,038,600.00 66,088,249.46
IV. Influence of exchange rate fluctuation on cash and cash equivalents -52,165.48 -3,074.21
V. Net increase of cash and cash equivalents 10,598,395.33 38,193,781.15
Plus: Balance of cash and cash equivalents at Period-beginning 629,318,992.12 591,386,814.04
VI. Balance of cash and cash equivalents at Period-end 639,917,387.45 629,580,595.19
Person in charge of the Company:
CFO:
Person in charge of financial department:
Check:
Tabulator:
43
深圳南山热电股份有限公司 2012 年半年度报告全文
Cash Flow Statement of the Parent Company
Unit: RMB
Jan.-Jun. of Jan.-Jun. of
Items
2012 2011
I. Cash flow from operation activities
Cash received from sales of products and supply of labor 548,972,971.88 729,133,218.02
Tax expense returns received - -
Cash received and related to other operation activities 897,063,509.61 299,082,095.79
1,446,036,481. 1,028,215,313.
Subtotal of cash inflows from operation activities 49 81
Cash paid for purchase of goods and acceptance of labor 432,050,267.81 696,657,561.65
Cash paid to or for staff 29,498,600.19 32,276,567.86
Taxes paid 6,754,852.07 8,350,015.33
Cash paid and related to other operation activities 675,676,545.41 352,099,113.80
1,143,980,265. 1,089,383,258.
Subtotal of cash outflows from operation activities 48 64
Net cash flow from operation activities 302,056,216.01 -61,167,944.83
II. Cash flow from investment activities
Cash received from investment 106,342,100.00 -
Cash received from investment returns - -
Net cash drawback from disposal of capital assets, intangible assets and other
long-term assets - -
Cash received from relevant activities - -
Sub-total of cash inflows of investment activities 106,342,100.00 -
Cash paid for construction of fixed assets, intangible assets and other long-term assets 28,998,530.98 18,557,420.52
Cash paid for investment 200,500,000.00 56,841,000.00
Other investment-related cash payment - -
Sub-total of cash outflows from investment activities 229,498,530.98 75,398,420.52
-123,156,430.9
Net cash flow from investment activities 8 -75,398,420.52
III. Cash flow from financing activities
Cash received from investment take-up - -
1,024,000,000. 1,532,100,000.
Cash received from obtaining borrowings 00 00
Cash received from other financing-related activities - -
Subtotal of cash inflows from financing activities 1,024,000,000. 1,532,100,000.
44
深圳南山热电股份有限公司 2012 年半年度报告全文
00 00
1,140,824,953. 1,424,000,000.
Cash paid for debts 89 00
Cash paid for dividend or profit distribution, or interest 67,784,593.22 71,322,473.33
Other funding-related cash payment - -
1,208,609,547. 1,495,322,473.
Subtotal of cash outflows from financing activities 11 33
-184,609,547.1
Net cash flow from financing activities 1 36,777,526.67
IV. Influence of exchange rate fluctuation on cash and cash equivalents -200.87 -720.94
V. Net increase of cash and cash equivalents -5,709,962.95 -99,789,559.62
Plus: Balance of cash and cash equivalents at Period-beginning 303,150,447.89 269,369,131.18
VI. Balance of cash and cash equivalents at Period-end 297,440,484.94 169,579,571.56
Person in charge of the Company:
CFO:
Person in charge of financial department:
Check:
Tabulator:
45
深圳南山热电股份有限公司 2012 年半年度报告全文
Consolidated Statement of Changes in Owners’ Equity
Unit: RMB
Jan.-Jun. of 2012 Amount of 2011
Items Shareholders’ equity attributable to the parent company Minor Total of Shareholders’ equity attributable to the parent company Minor Total of
Share Capital Surplus Retained shareholder shareholders’ Share Capital Surplus Retained shareholder shareholders’
capital reserves reserves profit s’ equity equity capital reserves reserves profit s’ equity equity
I. Balance at
602,762,59 363,629,92 332,908,39 454,070,630 134,439,44 1,887,810,99 602,762,59 363,629,92 332,908,39 436,541,56 196,615,86 1,932,458,35
the end of
6.00 7.51 7.60 .72 1.22 3.05 6.00 7.51 7.60 7.35 2.35 0.81
last year
Plus: Change
of
- - - - - - - - - - - -
accounting
policy
II. Balance at
the 602,762,59 363,629,92 332,908,39 454,070,630 134,439,44 1,887,810,99 602,762,59 363,629,92 332,908,39 436,541,56 196,615,86 1,932,458,35
beginning of 6.00 7.51 7.60 .72 1.22 3.05 6.00 7.51 7.60 7.35 2.35 0.81
current year
III.
Increase/decr -105,739,43 52,548,521. -53,190,915. 17,529,063. -62,176,421 -44,647,357.
- - - - - -
ease changed 6.64 09 55 37 .13 76
in Year
-105,739,43 -17,451,478 -123,190,915 17,529,063. -8,497,451.
- - - - - - 9,031,612.15
(i) Net profit 6.64 .91 .55 37 22
(ii) Other
consolidated - - - - - - - - - - - -
income
Subtotal of
-105,739,43 -17,451,478 -123,190,915 17,529,063. -8,497,451.
the above (i) - - - - - - 9,031,612.15
6.64 .91 .55 37 22
and (ii)
(III) Capital
invested or 70,000,000. 70,000,000.0
- - - - - - - - - -
reduced by 00 0
shareholders
1. Capital
70,000,000. 70,000,000.0
invested by - - - - - - - - - -
00 0
shareholders
46
深圳南山热电股份有限公司 2012 年半年度报告全文
2. Others - - - - - - - - - - - -
(IV) Profit -53,678,969 -53,678,969.
- - - - - - - - - -
distribution .91 91
1. Dividend
distribution -53,678,969 -53,678,969.
- - - - - - - - - -
to .91 91
shareholders
2. Others - - - - - - - - - - - -
(V) Internal
settlement
and transfer
- - - - - - - - - - - -
of
shareholders’
equity
1. Capital
reserves
- - - - - - - - - - - -
transferred to
share capital
2. Surplus
reserves
- - - - - - - - - - - -
transferred to
share capital
IV. Balance
602,762,59 363,629,92 332,908,39 348,331,194 186,987,96 1,834,620,07 602,762,59 363,629,92 332,908,39 454,070,63 134,439,44 1,887,810,99
of end of this
6.00 7.51 7.60 .08 2.31 7.50 6.00 7.51 7.60 0.72 1.22 3.05
year
Person in charge of the Company: CFO: Person in charge of financial department: Check:
Tabulator:
47
深圳南山热电股份有限公司 2012 年半年度报告全文
Statement of Changes in Owners’ Equity (Parent Company)
Unit: RMB
Jan.-Jun. of 2012 Amount of 2011
Items Total of Total of
Capital Surplus Retained Capital Surplus Retained
Share capital shareholders’ Share capital shareholders’
reserves reserves profit reserves reserves profit
equity equity
I. Balance at the 602,762,596.0 288,769,132.4 332,908,397.6 420,267,929.6 1,644,708,055.7 602,762,596.0 288,769,132.4 332,908,397.6 234,504,714.5 1,458,944,840.6
end of last year 0 7 0 7 4 0 7 0 4 1
Plus: Change of
accounting
policy - - - - - - - - - -
II. Balance at
the beginning of 602,762,596.0 288,769,132.4 332,908,397.6 420,267,929.6 1,644,708,055.7 602,762,596.0 288,769,132.4 332,908,397.6 234,504,714.5 1,458,944,840.6
current year 0 7 0 7 4 0 7 0 4 1
III.
Increase/decreas
e changed in 185,763,215.1
Year - - - 20,006,178.82 20,006,178.82 - - - 3 185,763,215.13
185,763,215.1
(i) Net profit - - - 20,006,178.82 20,006,178.82 - - - 3 185,763,215.13
(ii) Other
consolidated
income - - - - - - - - - -
Subtotal of
the above (i) 185,763,215.1
and (ii) - - - 20,006,178.82 20,006,178.82 - - - 3 185,763,215.13
(III) Capital
invested or
reduced by
shareholders - - - - - - - - - -
1. Capital
invested by
shareholders - - - - - - - - - -
2. Others - - - - - - - - - -
(IV) Profit - - - - - - - - - -
48
深圳南山热电股份有限公司 2012 年半年度报告全文
distribution
1.Withdrawl of
surplus reserves - - - - - - - - - -
2. Others - - - - - - - - - -
(V) Internal
settlement and
transfer of
shareholders’
equity - - - - - - - - - -
1. Capital
reserves
transferred to
share capital - - - - - - - - - -
2. Surplus
reserves
transferred to
share capital - - - - - - - - - -
IV. Balance of 602,762,596.0 288,769,132.4 332,908,397.6 440,274,108.4 1,664,714,234.5 602,762,596.0 288,769,132.4 332,908,397.6 420,267,929.6 1,644,708,055.7
end of this year 0 7 0 9 6 0 7 0 7 4
Person in charge of the Company: CFO: Person in charge of financial department: Check:
Tabulator:
49
II. Annotations of the financial statements
(I.) Company Profile
Shenzhen Nanshan Power Co., Ltd (hereinafter called as “Company”) was reorganized to be a
joint-stock enterprise from a foreign investment enterprise in 1993, upon the approval of General
Office of Shenzhen Municipal Government with Document Shen Fu Ban Fu No.897 in 1993.
When transformed, the Company’s total capital was 103,000,000 Yuan with paper value per share
1 Yuan.
After approved by Document Shen Zhu Ban Fu No. 179 in 1993 issued by Shenzhen Securities
Regulatory Office, the Company offered 40,000,000 RMB common shares and 37,000,000 foreign
exchange shares listed in China respectively to domestic and overseas investors, which were listed
in Shenzhen Securities Exchange respectively on Jul 1, 1994 and Nov 28, 1994. After the offering,
the Company’s total capital increased to 180,000,000 Yuan. After several later dividend
distributions and stock allotments, the Company’s capital increased to 602,762,596 Yuan on June
30, 2011.
Headquarter of the Company located in Shenzhen Guangdong Province.
The Company together with its subsidiaries (hereafter referred as the Company) is mainly engaged
in businesses as production of power and heat ， plant constructional, oil trader, property
developmental, construction technology consultation and sludge drying.
No controlling shareholder and actual controller exist in the Company, Shenzhen Energy
Corporation (hereafter referred as the Energy Group) is the first largest shareholder of the
Company.
(II) Preparation basis of Financial Statements
1．Preparation basis of Financial Statements
The Company executes the Accounting Standard for Business Enterprises issued by MOF on
February 15, 2006. Moreover, the Company disclosed relevant financial information complied
with the Preparation Rules on Information Revelation for the Company with Securities Public
Offering No. 15 – General Rules of Financial Report (Revised 2010)
Continued operation
As of 30 June 2012, the total current liabilities of the Company exceeded the total current assets
with RMB465, 093,090.4. meanwhile, as set out in note 7 Contingent events, as of the date for
approving issue of this financial statement, the Company hasn’t concluded unanimous agreements
with Jierun(Singapore) Private Ltd (hereinafter referred to as Jierun) in connection with the
liabilities and compensation upon the termination of option contract. There is possibility to solve
the dispute by both parties through justice channel. Since the unutilized banking facilities of the
Group amounted to RMB1, 070,322,657.14 which was available to satisfy the Group’s capital
requirements, and also since the Company believed that the matters set out in note 7 Contingent
events would not result in material cash outflow in the first half of 2012 for the Group, the
Company prepared this financial statement assuming a continued operation.
Book keeping basis and pricing principle
50
The Company takes the accrual system as the bookkeeping basis of accounting auditory. In
addition to some financial instruments of fair value measurement, the Financial Statements are
measured on the basis of historic cost. As for the assets impairment, available is the corresponding
impairment provision accrued in line with the relevant rules.
2．Declaration of obedience to corporate accounting principles
The Financial Statements are up to requirements of corporate accounting principles, and also a true
and thorough reflection to the Company together with its financial information as consolidated
financial position on 30th June 2012, and the Company together with its consolidated operation
results, and consolidated cash flow in the first half of 2012.
3．Accounting period
The Group’s accounting year is Gregorian calendar year, namely from 1st January to 31st
December.
4．Bookkeeping standard currency
RMB is the currency in the Group’s main business economic environment and the bookkeeping
standard one, which is adopted in preparation of the financial statements.
5．Accounting methods for consolidation of enterprises under the same control or otherwise
The combination was divided into enterprise consolidation under the same control and the one not
under the same control
5.1 Consolidation of enterprises under the same control
The enterprises involved in the consolidation are all under the final control of one party or parties
and the control is not temporary. That is the corporate consolidation under the common control.
The difference between the book value of the net assets and the consideration value with total
book value of stock is used for reserve adjustment while it is used for retained earnings adjustment
as not sufficient for eat up part of reserve.
Directly related expenses for corporate combination are reckoned into the current loss/gain
5.2 Consolidation of enterprises not under the same control and goodwill
The enterprises involved in the consolidation are ones not under the same final control of the
common party or parties before and after the consolidation. That is the corporate consolidation
under the different control.
The consolidation cost is assets paid for and the liabilities responsible for the obtaining of the
control right from the purchased party, together with the fair value of the equity instruments
offered. For merger under different control done through multiple trades by step, the merger cost is
the sum of consideration paid at purchased day and the fair value of equity of bought party before
purchasing on purchased date. For equity of bought party held before purchasing, re-measured by
fair value on purchased date, and the difference of fair value and its book value should reckoned
into current investment income; For equity of bought party held before purchasing but with other
consolidation income involved, the other consolidation income related to them should transferred
into current investment income at purchased date.
51
Measured on fair value on the purchase day are the recognizable assets, liabilities or the contingent
liabilities obtained in the consolidation and recognized as qualified. Measured by fair value is
consolidation cost and recognized assets of the purchaser. The plus difference between fair values
of the consolidation cost and the recognized net assets is recognized as business fame in form of an
item of assets and calculated initially by cost while as for the minus one, firstly the measurements
of consolidated cost and fair value of the recognizable assets, liabilities or contingent liabilities
was checked, and the consolidated cost which was checked and less than the fair value of the net
assets obtained from the purchased party is reckoned into current loss/gain.
Goodwill formed by enterprise consolidation will list independently in consolidation financial
statement and measure by the cost after accumulated impairment provision dectucted. Impairment
test on goodwill should verify at end of the every year at least.
The test is taken in accordance with the relevant assets group or portfolio of groups. Namely, the
book value of the fame is diluted reasonably into the relevant group from the purchase day; the
assets loss is recognized if the sum receivable of the assets group or the portfolio of the diluted
business fame is lower than the book value. The impairment loss abates the book value of the
business fame diluted into the group or the portfolio firstly and then abates book value of other
assets proportionally according to the proportion of the book value of other assets.
The recoverable sum is the higher one between the net of assets fair value less disposal expenses
and the current value of the future cash flow. The assets fair value is determined by the sales
agreement price in the fair trade. As for the assets not in the sales agreement but in the active
market, their fair value is determined by the offering price of the purchaser; as for the assets
neither in the agreement nor in the active market, their fair value is based on the best information
receivable. The disposal expenses are composed of the law expense, relevant tax, cartage, and the
actual direct expenses enable the assets to be available. The assets current value of future cash
flow is determined according to the future expected cash flow in the continual use and the final
disposal and the appropriate discount rate.
Goodwill impairment will be included in current loss and gains and not be written back in
subsequent fiscal periods as soon as it was recognized.
6． Preparation methods for corporate consolidated statements
The scope is determined on the basis of control. The control is right to decide another enterprise’s
accounting and operation policies and obtain the interest according to the latter enterprise’s
operation.
For subsidiaries being disposed, their business result and cash flow before the disposal day (losing
power of control day) have been appropriately demonstrated in the consolidated income statement
and cash flow statement.
Subsidiaries added as merger of enterprises under different control, their operation results and cash
flow from the beginning of purchasing day (gaining power of control day) have been appropriately
demonstrated in the consolidated income statement and consolidated cash flow statement. And the
comparison amount and period-begin amount in the consolidated financial statement shall not be
adjusted.
52
Subsidiaries added as merger of enterprises under common control, their operation results and cash
flow from the beginning of current term to the merger day have been appropriately demonstrated
in the consolidated profit statement and consolidated cash flow statement.
The subsidiaries’ main accounting policies and period are determined by the Company’s uniform
ones.
All substantive accounts o transactions between the Company and its subsidiaries or among the
subsidiaries are balanced out in consolidation.
The amount not attributable to the parent company is the minority shareholders’ equity and is
listed in the consolidated balance sheet as minority shareholders’ equity. The amount attributable
to minority shareholders’ equity of current net loss/gains of subsidiaries is listed in the net profit
item of consolidated profit as minority shareholders’ equity.
When the share of losses attributable to the minor shareholders has exceeded their shares in the
owners’ equity at the beginning of term attributable to minority shareholders in the subsidiary, the
balance shall offset the minor shareholders’ equity.
Concerning the purchasing of minority shareholders’ equity from subsidiary or the transaction of
partial equity investment disposal without control rights loss in the subsidiary, calculated them as
equity transaction. And reflect relevant equity changes in the subsidiary for adjusting the owners’
equity attributable to parent company and book value of minority shareholders’ equity. Difference
between the adjusted amount on minority equity and fair value of consideration received/paid will
adjust as capital reserve, adjusted as income retained while capital reserve fail for off-setting.
For control rights loss in original subsidiary for partial equity investment disposal or other reasons,
the remained equity should re-measured based on the fair value at date of control losses. The
difference between the net assets of original subsidiary share by proportion held that sustainable
calculated since purchased date and sum of consideration obtained by equity disposal and fair
value of remain equity, reckoned into the current investment income of control rights loss. The
other consolidation income related to original subsidiary’s equity investment will transfer to
current investment income while control rights loss.
7. Determination criteria of cash equivalent in cash flow statements
Cash is the corporate storage cash and deposits available for payment anytime. Cash equivalents
are investment of short-term, strong mobility and easy transfer to known sum cash, and slight risk
of value vibration.
8. Foreign currency exchange
The current rate of the trading day is adopted in the initial recognition of the foreign exchange.
Foreign monetary items are converted at the current rate on the assets/liabilities statements’ day,
for the exchange difference due to inconsistency of the current exchange rate on that day and in the
initial recognition or on the last balance sheet day, in addition to: (1) the foreign specific
borrowing difference up to the capitalization conditions reckoned into the relevant assets cost via
capitalization; (2) difference of the hedging instruments for avoidance of the foreign exchange risk
handled by the hedging accounting methods; (3) difference of the non-monetary items and from
the changes of the book value of financial assets in addition to the diluted cost all reckoned into
the current loss/gain.
53
Non-monetary items measured in historical cost are still measured by sum on the bookkeeping
standard currency at the current exchange rate. The items measured by the fair value are converted
at the current rate on the fair value recognition day. The difference is dealt as the fair value change
and reckoned into the current loss/gain or recognized as the other consolidated income and
reckoned into the reserve.
9. Financial instruments
Being party of the Contract of Financial Instruments, the Company recognized a financial assets or
financial liabilities. At initial recognition, financial assets and financial liabilities are measured by
fair value. Concerning the financial assets and financial liabilities that measured by fair value but
with variation reckoned into current gains/loss, relevant transaction expense counted into
gains/loss directly; for other category financial assets and financial liabilities, relevant transaction
expense counted into initial recognization amount.
9.1 Recognition of fair value
The fair value is sum for assets exchange or debts payment between the trading parties. As for
instrument in active market, the fair value is adopted according to the quotation in the active
market. As for the instruments not in the active market, the fair value is recognized by the
estimation technology. The technology is composed of the price in the latest fair trade, fair value
according to the fundamentally same instruments, cash flow discount and stock price-setting
model.
9.2 Actual interest rate
Actual interest rate is the method for calculation of amortized cost and interest income/expenditure
of every period by actual interest rate of financial assets or financial liabilities (a set of financial
assets or financial liabilities included). Discount the future cash flow of financial assets/liabilities
that in predicted continuance or applicable shorter terms to the rate used in current book value of
financial assets/liabilities consider as the actual interest rate.
While calculating actual interest rate, the Company will predict the future cash flow ( without
future credit loss consideration) on base of all contract clause of financial assets/liabilities
consideration, take the vary expenses, belong to actual interest rate that paid/received between
contract parties, transaction expenses& discount and premium as well as into consideration.
9.3 Classification, reorganization and measurement of financial assts
On initial confirmation, the financial assets are divided into: financial assets measured by fair
value and of which the changes are recognized to be current profit/loss, receivables, tradable
financial assets and held-to-maturity investments. The financial assets are bought or sold by the
regular way, and recognized or terminated to be recognized according to the trading day
accounting.
Financial assets of the Company refers to loans and account receivable
Loan and the account receivable
The assets are the un-derivative financial assets without quotation in the active market, steady or
recognizable recoverable sum. The assets are composed of bill receivable, account receivable,
receivable equity and other account receivable.
54
The actual interest rate and the diluted cost are adopted in the follow-up measurement of loan and
account receivable. Gain or loss is reckoned into the current gain/loss upon the recognition
termination, impairment or dilution.
9.4 Impairment of financial assets
Except for financial assets accounted at fair value and variation accounted into current gain/loss
account, the Company undertakes inspection on the book value of other financial assets at each
balance sheet day, whenever practical evidence showing that impairment occurred with them,
impairment provisions are provided. The practical evidence of impairment for financial assets
refers to the items that has influence on the predicted future cash flow of financial assts, and the
influences could measured reliable by the enterprise which were actually occurred after the initial
recognition of financial assets.
Objective evidence for impairment of financial assets is composed of the following events
observable:
(1) Sever financial difficulties of offering part or debtor;
(2) Breach of the contract, as in payment of interest or principal or payment overdue;
(3) Recession making for debtors by creditors inconsideration of economic or legal factors;
(4) Probable bankruptcy or other financial restructuring of debtors;
(5) Incapability of trading the financial assets in the market as the offering party’s substantive
financial difficulties;
(6) Incapability of recognize whether cash flow of certain assets decreases or not but the discovery
after the general evaluation that as can be measured, the expected future cash flow surely
decreases since the initial recognition, including:
--Gradual worsening of the debtor’s solvency for the group financial assets
--Incidences of the probable chance to cause the group financial assets unable to be paid in the
debtors’ country or district;
(7) Material unfavorable changes in the debtor’s operation environment of technology, market,
economy and law;
(8) Severe or permanent fall-down in fair value of equity instrument investment;
(9) Other objective evidence to prove the impairment of the financial assets.
- Loss of impairment of financial assets measured by diluted cost
Loss of impairment of financial assets measured by diluted cost is written down into the present
value of future expected cash flow (un-occurred future credit losses excluded) that converted by
original actual interest rate of the financial assets. The written-down sum is recognized as the
impairment loss and reckoned into the current loss/gain. After the recognition of impairment of the
above assets, if there is practical evidence to show that the asset has recovered, which is related to
events following up the loss, the previous impairment loss is taken back. The book value of the
assets transferred back into the impairment loss is not above the diluted cost supposedly
un-accrued on the transfer day.
The Company performs impairment test separately on individual financial assets with major
amounts; for financial assets without major amounts, the Company performs impairment test
separately or inclusively in a group of financial assets with similar characteristics of risks. Those
financial assets (individual financial assets with or without major amounts) tested separately with
no impairment found shall be tested again along with the group of financial assets with similar risk
55
characteristics. Financial assets confirmed for impairment individually shall not be tested along
with the group of financial assets with similar risk characteristics.
9.5 transfer of financial assets
As for the financial assets up to the following conditions, the recognition termination is available:
(1) Termination of the contract right to take the cash flow of the financial assets;(2) transferred to
the transferring-in part nearly all risk and compensation;(3) all risk and compensation neither
transferred nor retained, and with the give-up of the control over the financial assets.
As for financial assets of almost all risk and compensation neither transferred nor retained, and
without the give-up of the control over the financial assets, it was recognized according to the
extension of the continual entry into the transferred financial assets and relevant liabilities are
correspondingly recognized. The continual entry into the transferred financial assets is risk level
which the enterprise faces up to due to the assets changes.
As for the whole transfer of the financial assets up to the recognition termination conditions, the
book value of the transferred assets, together with the difference between the consideration value
and the accumulative total of the fair value change of the other consolidated income, is reckoned
into the current gain/loss.
As for the partial transfer of the financial assets up to the recognition termination conditions, the
book value of the transferred assets is diluted on the relative fair value between the terminated part
and the un-terminated part; and reckoned into the current loss/gain is the difference between the
sum of the consideration value and the accumulative sum of the valuation change ought to be
diluted into the recognition termination part but into the other consolidated income, and the above
diluted book value, is reckoned into the current loss/gain.
9.6 Categorizing, recognition and measuring of financial liabilities
Financial liabilities or equity instrument is recognized by the substance of financial instrument
listed in contract and the definition of financial liabilities and equity instrument for the financial
instruments issued by the Company.
At initial recognition, financial liabilities are classified into financial liabilities measured by fair
value with changes counted into current gains/losses and other financial liabilities.
Financial liabilities of the Company refer to other financial liabilities.
Other financial liabilities
The follow-up measurement by the cost is taken on the derivative financial liabilities which is
hooked with the stock instrument without the quotation in the active market and the reliable
measurement, and settled by handing over the stock instrument. The follow-up measurement at the
actuarial rate and by the diluted cost is taken on the other financial liabilities.
9.7 Termination recognition of financial liabilities
Only is released the whole or part of the current duties, the termination of the liabilities or part of it
is available. The Group (the creditor) signed the agreement with the debtor: the existing liabilities
are replaced by the bearing of the new liabilities; and the contract terms are fundamentally
56
different of the new liabilities and the existing ones; the termination of the recognition of the
existing ones is available; and the recognition of new ones is available.
As for the whole or partial termination of the recognition of the liabilities, the difference between
the book value of the part of recognition termination and the consideration value paid (including
the non-cash assets transferred out or the liabilities newly beard) is reckoned into the current
loss/gain.
9.8 Balance-out between the financial assets and liabilities
As the Company has the legal right to balance out the financial liabilities by the net or liquidation
of the financial assets, the balance-out sum between the financial assets and liabilities is listed in
the balance sheet. In addition, the financial assets and liabilities are listed in the balance sheet
without being balanced out.
9.9 Stock instrument
The stock instrument is the contract to prove the holding of the surplus stock of the assets with the
deduction of all liabilities in the Company. When issuing other stock instruments, the
consideration value received in offering with the deduction of trading expense is used for
increasing the shareholders’ equity.
The Company’s all distribution (shares dividend excluded) to the holders of the stock instrument
will decrease the shareholders’ equity. The Company does not recognize the fair value change sum
of the stock instrument.
10. Account receivable
10.1 Accounts receivable with significant amount and single provision for bad debt
Determination basis and The single account receivable above RMB 2 million is recognized
amount standard of items as single substantive account receivable
with single significant
amount
The Company takes the independent impairment test on the single
Accrual methods of bad substantive account. As for the account receivable without the
account preparation for impairment in the test, it is included in the account receivable
single substantive account portfolio of the similar credit risk characters for the impairment test.
receivable As for the account receivable with the recognition of impairment
loss, it is not included in the account receivable portfolio of the
similar credit risk characters for the impairment test
10.2 providing of bad debt provisions on account receivable by combination
Recognition basis of combination
account receivable with individual minor The Company believed that the account receivable with individual minor amount
amount and with individual major amount but and with individual major amount but without impairment found after separately
without impairment found after separately testing has a lower credit risk. The Company withdrawal no bad debt provision
testing unless evidence of major credit risk on certain account receivable been found.
10.3 account receivable with individual minor amount but withdrawal bed debt provision single
57
If there is evidence proving that the credit risk of certain
Reasons for bad debt provision single account receivable is big, the bad debt provision for account
receivable should be accrued individually.
Methods for bad debt provision Specific Identification Method
11. Inventory
11.1 Categories of inventory
The Company’s inventory mainly consists of fuels, raw materials and developing products in
process. The inventory is measured initially by cost. The cost for developing products consists of
the land transfer capital, supporting infrastructure expenditure, construction installation projects
expenditure, the loan expense before the completion of the development projects and the other
relevant expenses in the development. Other inventory cost consists of the purchase cost, process
cost, and other expenditure enables the inventory to arrive at the present place and the sate to
occur.
11.2 Valuation method of inventory delivered
The actual cost of the property development products delivered is recognized by the individual
valuation method. The actual cost of other inventories delivered is recognized by the weighted
average method.
11.3 Recognition basis of net realizable value of inventory, and accrual methods of preparation for
inventory depreciation
On the balance sheet day, the inventory is measured by the lower one between the cost and the net
realizable value. As the net realizable value is lower than the cost, the inventory depreciation
provision is accrued. The net realizable value is balance of the estimated sale price less the
estimated forthcoming cost upon the completion, the estimated sale expense, and the relevant tax
in the daily activities. Upon the recognition of net realizable value of the inventory, the concrete
evidence is based on and the purpose of holding the inventory and the influence of events after the
balance sheet day are considered.
As for the inventory of large sum and lower price, the inventory depreciation provision is accrued
by the inventory categories. As for the inventory related to the product series produced and sold in
the same district, of the same or similar final use or purpose and impossible to be separated from
the other items, the provision is consolidated and accrued. The provision for other inventory is
accrued by the difference between the cost and net realizable value.
Upon the accrual of the inventory depreciation provision, if the previous influence factors on the
inventory deduction disappeared, which resulted in the net realizable value being higher than its
book value; the accrual is transferred back within the previous accrual of the provision and
reckoned into the current gain/loss.
11.4 Inventory system
The inventory system is perpetual inventory system.
58
12. Long-term equity investment
12.1 Recognition of investment cost
For the long-term equity investment formed by corporate merger, if it is the long-term equity
investment obtained from the corporate merger under the same control, the share of book value of
owner's equity on the merger date shall be taken as the investment cost. The merger cost of
long-term equity investment obtained through the corporate merger under different control shall be
taken as the investment cost of long-term equity investment. Concerning the corporate merger
under different control with many transactions, the long-term equity investment cost refers to the
total amount of book value of equity investment on purchase held before the purchased day and
newly added investment cost in purchased day. The other equity investment besides the long-term
equity investment formed by corporate merger shall conduct initial measurement according to its
cost.
12.2 Follow-up measurement and gain/loss recognition
12.2.1. Long-term equity investment checked by the cost
As for the long-term equity investment without the common control over or significant influence
on the invested units, the quotation in the active market and a reliable measurement of the fair
value, it is measured by the cost. In addition, long-term equity investment to subsidiary of the
Company adopted the cost method for calculation in financial statement. Subsidiary refers to the
invested units that control by the Company.
Upon the cost check, the investment is valuated on the initial cost. In addition to the actual prices
or the announced but yet undistributed cash dividend or profit in consideration valuation, the
current investment return is recognized by the announced cash dividend or profit by the invested
units.
12.2.2. Long-term equity investment checked by the equity
Investment to associated enterprise and joint ventures by the Company adopted equity method for
calculation. Associated enterprise refers to the invested units that the Company has significant
influence on it while joint venture refers to the invested units that controlled by the Company and
other investors together.
When equity basis is adopted, if the initial cost of the long-term equity investment is greater than
the share of fair value of the receiver’s recognizable net asset, the initial investment cost of the
long-term equity investment will not be adjusted; if the initial cost of the long-term equity
investment is less than the share of fair value of the receiver’s recognizable net asset, the balance
shall be counted into current income account, and the cost of long-term equity investment shall be
adjusted.
When equity basis is adopted, investment gain/loss of the current term is the share of net gains or
losses of the investment receiver of the current year. Recognition of the share of net gains or losses
of the investment receiver shall be on the basis of fair value of recognizable asset of the receiver
when the investment was made, and recognized after adjustment on the net profit of the receiver in
accordance with the Company’s accounting policies and accounting period. For the gain/loss due
to unrealised internal trade between the Company and co-operations, the share of the Company in
this gain/loss shall be neutralized, and investment gains shall be recognized upon them. But the
59
losses from unrealised trade between the Company and investment receivers which are regarded as
losses from asset transferring shall not be neutralized. Change of equities of the investment
receiver other than net gains or losses shall be counted into shareholders’ equity, and the book
value of long-term equity investment shall be adjusted correspondingly and recognized as other
miscellaneous income and recorded in capital reserves.
Recognition of the share of net loss by the investment receiver shall be limited to when the book
value of long-term equity investment and other long-term equity forms substantial net investment
has been reduced to zero. Beside, if the Company is responsible for other losses of the investment
receiver, predicted liability shall be recognized upon the prediction of responsibilities and recorded
into current investment loss account. If the receiver realized net profit in the period thereafter, the
share of gains is recovered after making up of share of losses which has not been recognized.
12.2.3 Disposal of long-term equity investment
While disposal of long-term equity investment, the difference between the book value and actual
price received shall be accounted into current gains/losses. For long-term equity investment
accounted on equity basis, the part originally accounted into shareholders’ equity is carried over to
current gains/losses at corresponding rate when disposed.
12.3 Recognition standards the common control over and significant influence on the invested
units
Controlling power means the power over the firm’s financial and operational decision-making, and
can obtain profit from the operation of such firm. Mutual control means the controlling power on
particular activity hold together with others against particular contract, and shall only take effect
when all of the investment parties have collective affirmative opinions on the major financial or
operational issues. Significant influence means the power to participate in decision-making but
cannot control or collectively control the same. At considering of substantial control or significant
influence of a firm, the potential voting right factors such as current convertible bonds or
executable subscription options have been considered.
12.4 Impairment testing and basis of impairment provision
Impairment testing is performed on the long-term equity investment at each balance sheet date. In
case of there is evidence showing impairment has occurred, the recoverable amount shall be
assessed. If the recoverable amount is lower than the book value, the impairment provision shall be
provided at the difference and accounted into current income account.
Once the impairment loss of a long-term equity investment is recognized, it shall not be written
back in subsequent fiscal periods.
13. Investment real estate
Investment real estate is defined as the real estate with the purpose to earn rent or capital
appreciation or both, including the rented land use rights and the land use rights which are held
and prepared for transfer after appreciation, the rented buildings.
Investment real estate is measured according to the initial cost. The follow-up expenses that are
related to investment real estate, if the economic interests related to the assets are is likely to
inflow cost and its costs can be reliably measured, shall be included in the cost of investment real
estate. The other follow-up expense shall be included in the current gains/losses.
60
The Company adopts the cost model to have follow-up measurements of the investment real estate,
and to conduct depreciation or amortization according to the policies that are in consistent with the
land use rights.
Impairment testing is performed on investment real estate at each balance sheet day. When
evidence showing that impairment has occurred, the recoverable value shall be assessed.
Assessment of recoverable value is based on individual asset. If the recoverable value was hard to
evaluate separately, it shall be decided along with the group of assets it belongs to. If the
recoverable value of an asset is lower than its book value, the balance shall be provided for
impairment provision and accounted into current gains/losses.
Once impairment of investment real estate was recognized, it will not be written back in the
subsequent fiscal periods.
The difference of the income from the sale, transfer, dispose of the investment real estate
deducting the book value and relevant taxes shall be included in the gains and losses of the current
period.
14. Fixed assets
14.1 Recognition conditions for the fixed assets
Fixed assets is defined as the tangible assets which are held for the purpose of producing goods,
providing services, lease or for operation & management, and have more than one fiscal year of
service life. The fixed assets recognized on the condition of economy benefit probably in-flow into
the Company and the cost should measured reliably only. Initial measurement shall be conducted
on fixed assets according to the actual cost when obtain them and also considering the expected
costs for disposal.
Concerning the follow-up expenses related to fixed assets, if the relevant economy benefit of fixed
assets probably in-flow into the Company and can be measured reliably, reckoned into cost of
fixed assets and terminated the recognition of the book value of the parts that been replaced.
Others follow-up expenses should reckoned into current gains/losses while occurred.
14.2 Depreciation of various fixed assets
From the next month since reaching the intended use state, depreciations on fixed assets shall be
accounted by using the method of average life length except the steam turbine generating unit that
accounted by withdrawal the working volume method.
Life expectancy, expected net impairment value and annual depreciation rate of all assets are as
follows:
Life Salvage value Annual depreciation
Item
expectancy rate rate
Houses and buildings 20-40 years 10% 2.25%-4.50%
Equipment (fuel machinery group
10-20 years 5%-10% 4.5%-9%
excluded)
Equipment--fuel machinery group The work quantity
10%
(note) method
61
Transportation tools 5-12 years 10% 7.5%-18%
Other equipment 5-8 years 10% 11.25%-18%
Estimated salvage value refers to the amount of value retrieved after deducting of predicted
disposal expense when the expected using life of a fixed asset has expired and in the expected state
of termination.
14.3 Impairment test on fixed asset and providing of impairment provision
Impairment testing is performed on fixed asset at each balance sheet day. When evidence showing
that impairment has occurred, the recoverable value shall be assessed. Assessment of recoverable
value is based on individual asset. If the recoverable value was hard to evaluate separately, it shall
be decided along with the group of assets it belongs to. If the recoverable value of an asset is lower
than its book value, the balance shall be provided for impairment provision and accounted into
current gains/losses.
Once fixed asset impairment is recognized, it shall not be written back in subsequent fiscal
periods.
14.4 Other remarks
The Company rechecks, at least at the end of each year, the useful life, estimated net residual value,
and total hours of power generation of gas turbine generator units and depreciation method of
fixed assets. In case of any change to the above said items, it will be treated as change of
accounting estimate
Terminated the recognition of fixed assts that in the status of disposal or pass through the predicted
usage or without any economy benefits arising from disposal. Income from treatment of fixed asset
disposing, transferring, discarding or damage, the balance after deducting of book value and
relative taxes is recorded into current income account.
15. Construction-in-progress
Cost of construction in process is determined at practical construction expenditures, including all
expenses during the construction, capitalized loan expenses before the construction reaches useful
status, and other relative expenses. No depreciation accrued on construction in progress. It is
transferred to fixed asset as soon as the construction reaches the useful status.
Impairment testing is performed on construction in process at each balance sheet day by the
Company.
When evidence showing that impairment has occurred, the recoverable value shall be assessed.
Assessment of recoverable value is based on individual asset. If the recoverable value was hard to
evaluate separately, it shall be decided along with the group of assets it belongs to. If the
recoverable value of an asset is lower than its book value, the balance shall be provided for
impairment provision and accounted into current gains/losses.
Once impairment of construction in progress impairment is recognized, it shall not be written back
in subsequent fiscal periods.
16. Borrowing expenses
62
Borrowing expenses that can be directly attributed for purchasing or construction of assets that are
complying with capitalizing conditions start to be capitalized when the payment of asset and
borrowing expenses have already occurred, and the purchasing or production activities in purpose
of make the asset usable have started; Capitalizing will be terminated as soon as the asset that
complying with capitalizing conditions has reached its usable or saleable status. The other
borrowing expenses are recognized as expenses when occurred.
Interest expenses practically occurred at the current term of a special borrowing are capitalized
after deducting of the bank saving interest of unused borrowed fund or provisional investment
gains; Capitalization amounts of common borrowings are decided by the weighted average of
exceeding part of accumulated asset expenses over the special borrowing assets multiply the
capitalizing rate of common borrowings adopted. Capitalization rates are decided by the weighted
average of common borrowings.
17. Intangible assets
17.1 Intangible assets
Intangible assets including land-use right and software etc
The intangible assets are subject to initial measurement at cost. Those intangible assets with
limited useful life are evenly amortized on straight basis from the date when they become useable
to the end of expected useful life. The intangible assets with un-certain service life should not be
amortized.
The useful life and amortization method of intangible asset with limited useful life is rechecked at
the end of the period.
17.2 Impairment test method of intangible assets & calculation method of depreciation reserve
The Company checks, on every balance sheet date, whether the intangible asset with certain useful
life shows evidence of possible depreciation. If any, its recoverable amount will be estimated. The
recoverable amount of assets is estimated on the basis of individual asset. If it is difficult to
estimate the recoverable amount of individual asset, the recoverable amount of asset group will be
determined on the basis of the belonging asset group of the assets. If the recoverable amount of the
assets is less than its book value, the assets depreciation reserve will be accrued according to their
balance and counted in the current gains/losses.
The intangible assets with uncertain service life and those not yet up to the serviceable condition
are subject to impairment test annually whether there is evidence of depreciation.
Once intangible asset impairment loss was recognized, shall not be written back in subsequent
fiscal periods.
18. Long-term expenses to be amortized
Long-term amortizable expenses are those already occurred and amortizable to the current term
and successive terms for over one year. Long-term amortizable expenses are evenly amortized to
the benefit period.
63
19. Predicted liabilities
Responsibilities connected to contingent issues are the current liability undertaken by the
Company and the liability has the probability of result in financial benefit outflow and the
responsibility can be measured reliably for its value.
At balance sheet day, with reference to the risks, uncertainty and periodic value of currency that
connected to the contingent issues, the predicted liabilities are measured according to the best
estimation on the payment to fulfill the current responsibility. If the monetary value has significant
influence, than recognized the best estimation amount based on discount of predicted future cash
flow.
If the expenses for clearing of predictive liability is fully or partially compensated by a third party,
and the compensated amount can be definitely received, it is recognized separated as asset. The
compensated amount shall not be greater than the book value of the predictive liability.
20. Recognition of income
20.1 Goods sales revenue
When significant risks and rewards of ownership of goods have been transferred to buyer, no
continuous management right regularly related to ownership is retained, no effective control is
conducted on goods sold, moreover, amount of income may be measured in a reliable way,
relevant economic profit may have flown into enterprise and relevant incurred cost or to be
incurred may be measured in a reliable way, implementation of goods sales revenue will be
confirmed.
As for the income arising from sales of real estate development products, sales contract shall be
signed by vendor and purchaser and filed with the relevant state land authorities; if real estate
development products are completed and reach the condition for its intended use, then products
shall be examined and qualified by relevant competent authorities and filing process shall be
completed also; sales income is recognized when purchaser pays the agreed purchase amount
according to the payment terms of sales contract and obtains the occupation qualification as agreed
in sales contract, namely vendor receives all the purchase amount or the right to receive all the
purchase amount, which means the relevant economic benefit is able to flow into the Company in
full.
20.2 Revenue from Providing Labor Service
Under the condition of service providing business can be estimated in a reliable way, relevant
economic benefit is likely to flow into enterprise, completion degree of business may be estimated
in a reliable way and relevant incurred cost and to be incurred may be measured in a reliable way,
the revenue from labor service providing recognized. Relevant service revenue may be confirmed
by the Company as percentage-of-completion method on balance sheet date. Completion degree of
service business will be determined as share of incurred service cost in estimated general cost.
If result of service providing business can’t be estimated in a reliable way, service revenue should
be confirmed as amount of incurred service cost expected to be compensated, where incurred
service cost is taken as period charge. If no compensation is expected for incurred service cost,
income won’t be confirmed.
64
21. Government grant
Government subsidies are those monetary and/or non-monetary assets obtained from the
government by free. Government subsidies are recognized when satisfied the attached
qualification of government grant and receivable on hand.
Those government grants of monetary assets are measured at the amount received or receivable.
Non-monetary government grants are measured at fair value. If no fair value is available, nominal
amount will be adopted. Government subsidies measured at nominal amount are accounted into
current gains/losses directly.
Asset-related government grants are recognized as deferred income and accounted into current
gains/losses evenly upon their service life.
Those income-related government grants used to neutralize relative expenses and losses of
successive periods are recognized as deferred income and accounted into current income at the
period when the expenses are recognized; those used to neutralize relative expenses and losses
which have already occurred are accounted into current gains/losses directly.
If confirmed government grant needs to be surrendered，for government grant with relevant
balance of deferred income，book balance of relevant deferred income will be offset while remnant
will be included in current profit and loss. On the contrary, for government grant without relevant
deferred income, it will be directly in current gain and loss.
22 Deferred income tax asset/ deferred income tax liability
Income tax expense includes current income tax and deferred income tax.
22.1 Current income tax
On balance sheet date, current income tax liability (or asset) formed during and before current
period will be measured as amount of income tax payable (or repayable) as specified by tax law.
22.2 Deferred income tax asset & deferred income tax liability
For balance of book value of some asset/liability item and its tax base, or temporary difference
derived from balance of book value and tax base of the item, which is not confirmed as asset or
liability but tax base can be fixed as specified by tax law, deferred income tax asset & deferred
income tax liability will be confirmed in balance sheet liability approach.
Generally, all temporary difference shall be recognized as relevant deferred income tax. But
concerning the deductable temporary difference, relevant deferred income tax asset may be
confirmed subject to amount of taxable income which is likely to be acquired to deduct deductible
loss and taxation decrease in the future. Furthermore, for taxable temporary difference, which is
related to initial recognition for goodwill and asset or liability produced by transaction which
neither is business combination nor affects accounting profit and taxable income (or deductible
loss), relevant deferred income tax liability won’t be confirmed.
For deductible loss and taxation decrease which can be carried over to following fiscal year,
65
relevant deferred income tax asset may be confirmed subject to amount of taxable income which is
likely to be acquired to deduct deductible loss and taxation decrease in the future.
The Company recognized deferred income tax liabilities arising from taxable temporary
differences of investment related between the subsidiaries, associated enterprise and joint ventures,
unless the Company control time of switch-back on temporary differences and the difference will
not be switch-back probably in predicted future. For those deductible temporary differences related
to investment with subsidiaries, associated enterprise and joint ventures, the Company have
deferred income tax assets recognized on the condition of temporary differences might probably
carry-back in predicted future and in the future, have the portability obtained taxable amount that
should be deducted the deductible temporary differences.
At the balance sheet day, those deferred income tax assets and income tax liabilities, according to
the tax law, calculation will be on tax rate applicable to retrieving period of assets or clearing of
liabilities.
Other current income tax and deferred income tax or income reckoned into current gains/loss
except the followed: the current income tax and deferred income tax related to the transition and
event of other consolidation income or shareholders’ equity reckoned, counted into other
consolidation income or shareholders’ equity together with the book value of goodwill adjusted of
deferred income tax arising from enterprise merger.
At the balance sheet day, verification will be performed on the book value of differed income tax
assets. If it is not possible to obtain enough taxable income to neutralize the benefit of differed
income tax assets, then the book value of the differed income tax assets shall be reduced.
Whenever obtaining of taxable income became possible, the reduced amount shall be restored.
When accounting with net amount is a stipulated rights, and tending to account with net amount or
acquire of asset and clearing of debts are performed simultaneously, the income tax asset and
liabilities of the current term are accounted at net amount after neutralization.
When accounting of income tax asset and liabilities of current term with net amount is the
stipulated rights, and the income tax asset and liabilities are related to the same subject recognized
by the same taxation authority, or to the different subjects but within each period of writing back
the differed income tax asset and liabilities with great importance, and tending to account with net
amount or acquire of asset and clearing of debts are performed simultaneously, the income tax
asset and liabilities of the current term are accounted at net amount after neutralization.
23. Operational leasing and financial leasing
Finance lease is to virtually transfer all risks and rewards related to ownership of asset. Leases
other than finance lease are operating leases.
23.1 Lease business with the Company as the rentee
The rental is reckoned into the relevant assets cost or the current loss/gain in the linear way. The
initial direct expenses are reckoned into the current gain/loss, or the actual rental into the current
loss/gain.
66
23.2 Lease business with the Company as the rentor
The rental is reckoned into the relevant assets cost or the current loss/gain in the linear way. The
initial direct substantive expenses are capitalized and reckoned into the current gain/loss, or the
actual rental into the current loss/gain. The initial direct small expenses are reckoned into the
current actual gain/loss, or the actual rental into the current loss/gain.
24. Other Main Accounting Policies, Estimations and Preparation Method
24.1 Employee wages
Except for the compensation for labor contract termination, the payable employee wages in the
accounting period of service provided by employee of the Company were recognized as liabilities.
The Company participates in social security system for employee set up by government
department as specified, including basic pension insurance, medical insurance, and housing fund
and other systems. Expenses involved will be included in relevant cost of asset and current profit
and loss when actually incurred.
The Company will sever labor relation with employee prior to expiration of labor contract, or
encourage employee to voluntarily accept layoff and put forward suggestion on compensation. If
we have formulated formal plan for severing labor relation or put forward voluntary layoff
suggestion and plan to put into effect meanwhile the plan and suggestion can’t be withdrawn
unilaterally, estimated liability produced by compensation for severing labor relation with
employee will be confirmed and included in current profit and loss.
24.2 Debt restructures
24.2.1. Obligation of recording debt restructuring as debtor
For debt liquidated with cash, balance between book value of debt to be restructured and amount
of actual payment will be included in current gain and loss. On the contrary, for debt liquidated
with non-cash asset, balance between book value of debt to be restructured and fair value of
non-cash asset transferred will be included in current gain and loss. Balance between fair value of
non-cash asset transferred and book value of debt to be restructured will be included in current
gains and loss.
When debt is transferred to capital, balance between book value of debt to be restructured and fair
value of loaner’s share derived from disclaim will be included in current gains and loss.
When other terms of debt are modified, fair value of debt after modification will be taken as entry
value of restructured debt. Balance between book value of debt prior to restructuring and debt
restructured will be included in current gain and loss.
When combination of multiple modes is applied, book value of debt to be restructured will be
offset by cash for payment, fair value of non-cash asset transferred and fair value of loaner’s share
successively, then applicable method under modification mentioned above will be applied.
24.2.2. Obligation of recording debt restructuring as loaner
67
For debt liquidated with cash, balance between book balance of credit to be restructured and cash
received will be included in current gain and loss. On the contrary, for debt liquidated with
non-cash asset, balance between book balance of credit to be restructured and fair value of
non-cash asset received will be included in current gain and loss.
When debt is transferred to capital, balance between fair value of loaner’s share and book balance
of credit to be restructured will be included in current gain and loss.
When other terms of debt are modified, fair value of credit after modification will be taken as book
value of credit to be restructured. Balance between book balance of debt prior to restructuring and
book value of credit restructured will be included in current gain and loss.
When combination of multiple modes is applied, book balance of credit to be restructured will be
offset by cash received, fair value of] non-cash asset received and fair value of loaner’s share
successively, applicable method under modification mentioned above will be applied.
When depreciation reserve has been accrued in credit to be restructured, accrual depreciation
reserve will be offset by balances above. Remnant after offset will be included in current gain and
loss.
25. Major judgment made in adopting accounting policies and key assumption and
Uncertainties adopted in accounting estimation
When using the accounting policies discussed in note 2, the Group needs to made judgment,
estimation and assumption for carrying value of certain items which cannot be measured
adequately due to inherent uncertainty of economic activities. Such judgment, estimation and
assumption are based on historical experiences of the Group’s management, together with
consideration of other relevant factors. The actual results may be different from the Group’s
estimation. The Group conducts regular re-review on the aforesaid judgment, estimation and
assumption on a continued operation basis. If the change of accounting estimation only affect
current period, the affected amount is recognized in the period when change occurs. If the change
affects current and future periods both, the affected amount is recognized in the period when
change occurs and future periods.
- Key assumption and uncertainties adopted in accounting estimation
As of the balance sheet date, the key assumptions and uncertainties that may result in material
adjustments to carrying values of assets and liabilities of future periods mainly include:
Fixed assets are provided for depreciation by output method
The Group recognizes depreciation for unit electricity based on values of power generation
machine sets, projected power sales volume and projected net remaining value, and provides for
depreciation according to depreciation of unit electricity and actual power sales volume. Taking
into account the prevailing industry policies, technologies, consumption, allocation method of
power management authorities and past experiences, and the Group management believes that it is
adequate for utilization life of such power generation machine sets, projected power sales volume,
projected net remaining value and provision method for depreciation. If the future actual power
sales volume differs substantially from the projected one, the Group would make adjustment to
unit electricity depreciation, which would bring affects to the depreciation expenses included in
profit and loss for the current and future periods.
68
The provisional estimated value of fixed assets
As for the power generation machine sets and related buildings reaching the condition for intended
use, due to the long construction period of power plant projects, high prices and long completion
settlement time, they are accounted provisional based on project budget, project pricing or project
actual costs before process of project completion settlement. And upon such settlement, the
Company adjusts the original provisional value according to the actual costs. If provisional
estimated values of power generation machine sets and related buildings differ materially from the
actual costs, the Company may have to make corresponding adjustments to the values of fixed
assets.
（III) Taxes
1. Main taxation items and its tax rate
Taxation items Calculation bases Tax rate
Output tax calculated based on the 13% or 17% of
VAT Balance of current output tax deducting current input tax
the sales volume regulated by Tax Law
Business tax Income of business 3% or 5%
City
VAT and business tax actually paid 5% or 7%
maintenance tax
Education
VAT and business tax actually paid 3%
surtax
Local education
VAT and business tax actually paid 2%
surtax
Enterprise
income tax Taxable income 16.5% to 25%
(Note)
Value-added amount from transferring state-owned land
Land VAT Four level progressive rates
use right , landing construction and its affiliates
Calculated by the original value of real estate deducting 1.2% for the remaining sum of real estate; 12% for
Real estate tax
30%; rent income of the real estate the rent income of the real estate
Land-use tax of
Land occupation actually area RMB 4.00 per Square meter
town
Note1: Tax rate of the enterprise income tax for the Company and its subsidiaries are shown as
follows:
Tax rate of enterprise
Name of the Company and its subsidiaries income tax
2012 2011
The Company 25% 24%
New Power Company 25% 24%
Shennan Power Gas Turbine Engineering Technique Co., Ltd. (“Engineering Co.,) 25% 24%
Shenzhen Server Petrochemical Supplying Co., Ltd. (“Server Petrochemical Supplying”) 25% 24%
Shennandian Environment Protection (“Environment Co.,”) 25% 25%
Zhongshan Power Company 25% 24%
Weimei Power Company 25% 24%
SHENNAN ENERGY (SINGAPORE) PTE LTD (“Shennan Singapore”) 20% 20%
Zhongshan Shenzhong Real Estate Development Co., Ltd. (“Shenzhong Development Co.,”) 25% 25%
69
Zhongshan Shenzhong Real Estate Investment Property Co., Ltd. (“Shenzhong Property Investment”) 25% 25%
Huidong Xiefu Harbor Comprehensive Development Co., Ltd. (“Huidong Xiefu Co.,”) 25% 25%
Huidong Harbor Development Co., Ltd. (“Huidong Harbor Co.,) 25% 25%
HONG KONG SYNDISOME CO., LIMITED (“Syndisome Co., ) 16.5% 16.5%
2. Taxes preferential and approvals
Name of the Relevant regulation and Approval Approval Exemption Period of
Tax company policies basis institution documents range validity
Enterprise Weimei Power Enterprise Income Tax Two years
income tax Company Law of People’s Republic free-tax and
of China and Notice of three years
Transition Preferential half-taxes 2008.1.1~201
Inapplicable Inapplicable
Policy on Enterprise on 2.12.31
Income Tax from State enterprise
Council. (State income tax
IssueNo.39 [2007]) since 2008.
Enterprise Zhongshan Enterprise Income Tax Two years
income tax Power Law of People’s Republic free-tax and
Company of China and Notice of three years
Transition Preferential half-taxes 2008.1.1~201
Inapplicable Inapplicable
Policy on Enterprise on 2.12.31
Income Tax from State enterprise
Council. (State income tax
IssueNo.39 [2007]) since 2008.
” Notice of adjustment
Environment and perfection on VAT free
VAT protection resources comprehensive Inapplicable Inapplicable for sludge Inapplicable
Company usage and labor VAT treatment
policy”(CS No.115[2011])
” Arrangement of
avoidance of
double-taxation and Levy
prevention of tax free in income tax
Enterprise Syndidome
mainland China and Hong Inapplicable Inapplicable by 10% of Inapplicable
income tax Company
Kong Special total share
Administrative interests
Region”(GSH No.
884[2006])
70
(IV) Enterprise merger and Consolidated Financial Statement
Particular about subsidiaries
1. Subsidiaries obtained through establishment or investment
Unit: RMB
Conso
Other item Proporti
lidated
Full name of Regist Busine balance of net Proportio on of
Type of statem
the er ss Register capital Business scope investment n shares voting
subsidiaries Actual ent
subsidiaries place nature towards held (%) right
investment at Yes/N
subsidiaries (%)
period-end o
Server Self-business of fuel and agent for N/A Yes
Petrochemical Limited Shenz import-export
Trading 53,300,000.00 26,650,000.00 50 50
Supplying Co., Liability hen
(note)
Jointed Power Technical development on N/A Yes
New Power Shenz
enterprise(H. generati 113,850,000.00 wasted-heat usage, power generation 113,850,000.00 100 100
Co., hen
K-capital) on by wasted-heat and fuel power
Zhongshan Jointed Power Fuel power and power generation by N/A Yes
Zhong
Power enterprise(H. generati 746,800,000.00 wasted-heat 597,440,000.00 80 80
shan
Company K-capital) on
technical consultation and relevant N/A Yes
Enginee
Jointed maintenance and inspection on
Engineering Shenz ring
enterprise(H. 10,000,000.00 running equipments for the union 13,520,000.00 100 100
Co., hen consult
K-capital) cycle power station by fuel gas and
ation
steam
Jointed Power Establishment and operation of N/A Yes
Weimei Power Dongg
enterprise(H. generati 35,040,000.00 美元 natural gas power station 208,102,049.76 70 70
Grid uan
K-capital) on
Jointed Sludge drying N/A Yes
Environment Shenz Enginee
enterprise(H. 79,000,000.00 79,000,000.00 100 100
Co., hen ring
K-capital)
Pier Establishment and operation of N/A Yes
Huidong Xiefu Limited
Huizhou operatio 8,620,000.00 comprehensive pier and its affiliated 6,465,001.00 84 84
Co., Liability
n facilities
Pier Establishment and operation of N/A Yes
Huidong Limited Huizhou operatio 10,000,000.00 general cargo pier, oil product pier, oil 5,500,000.00 55 55
Harbor Co., Liability
n depot and affiliated facilities
71
(2) Subsidiaries obtained through merger under no common control
单位：人民币元
Other item
Type
Full name of Regist Actually invested balance of net Proportion Proportion Consolidated
of Business
the er Register capital Business scope capital at investment shares held of voting statement
subsid nature
subsidiaries place year-end towards (%) right (%) Yes/No
iaries
subsidiaries
Limite gas turbine and its Yes
Shennan d Singap SGD 1,500,000.00 spares and fuel
Trading 6,703,800.00 - 100 100
Singapore Co., Liabili ore agents
ty
real estate Yes
Limite Real investment, property
Shenzhong
d Zhong estate management, sales of
Development 177,800,000.00 - - 75 75
Liabili shan developm self-owned
Co.,
ty ent commercial houses,
rental and investment
real estate Yes
Limite Real investment, property
Shenzhong
d Zhong estate management, sales of
Property 60,000,000.00 - - 75 75
Liabili shan developm self-owned
Investment”
ty ent commercial houses,
rental and investment
Limite import-export trading Yes
Import-ex
Syndisome Co., d Hong
port HKD 200,000.00 217,807.27 - 100 100
(note ) Liabili Kong
trading
ty
Note: On December 5, 2008, Shennan Singapore Company and ShenYe Investment and Management Co., Ltd signed the Share Transfer Agreement
on the Purchase and Selling 2000 Shares of the Common Stock of HONGKONGSYNDISOMECO., LIMITED, (Hein after referred to as ShenYe
Investment Company), Shennan Singapore Company is to transfer 100% stock right which it has of Syndisome Company to ShenYe Investment
Company at the consideration of 393,885,100.00 Hong Kong dollar. According to this Transfer Agreement, ShenYe Investment Company should
pay 1,000,000.00 Hong Kong dollars on the date of transfer agreement, and pay the remaining transfer money within the six months after the date.
Up to the approval day of this financial statements, ShenYe Investment Company hasn’t yet paid 392,885,100.00 Hong Kong dollar of the
remaining transfer money, so the Company still possess the actual control right over Syndisome Company, therefore will include it into the
Consolidation scope of the Consolidation financial statements.
72
(V) Notes to Consolidated Financial Statement
1. Monetary capital
Unit: RMB
2012-6-30 2011-12-31
Items Amount of foreign Exchange Amount of Amount of foreign Exchange Amount of
currency Rate RMB currency Rate RMB
Cash:
RMB 152,821.47 1.0000 152,821.47 175,127.11 1.0000 175,127.11
HKD 82,656.91 0.8152 67,381.91 82,656.91 0.8107 67,009.95
USD 995.22 6.3249 6,294.67 995.22 6.3009 6,270.78
EUO 1,017.87 7.8710 8,011.65 1,017.87 8.1625 8,308.37
Bank savings:
630,665,828 618,132,096
RMB 630,665,828.57 1.0000
.57 618,132,096.26 1.0000 .26
HKD 825,453.22 0.8152 672,902.58 826,105.97 0.8107 669,724.11
7,249,492.5 12,406,234.
USD 1,146,221.27 6.3249
8 1,968,962.94 6.3009 51
SGD 80,879.81 4.9690 401,891.78 98,879.81 4.8679 481,337.03
Other monetary capital
(Note):
69,188,100. 63,144,299.
RMB 69,188,100.53 1.0000
53 63,144,299.99 1.0000 99
USD 737.04 6.3249 4,661.70 737.04 6.3009 4,644.01
708,417,387 695,095,052
Total
.45 .12
Note: among the above other monetary capital, there are totally 68,500,000 yuan
guarantee margin and draft margin included (on 31 December 2011: RMB
62,536,060.00)
2. Account receivable
(1) Account receivable classified according to types:
Unit: RMB
2012-6-30 2011-12-31
Bad debt
Book Balance provision Book Balance Bad debt provision
Type
Prop Prop Prop
Amou ortio Amo ortio Amo ortio Amo Proportion
nt n (%) unt n (%) unt n (%) unt (%)
3,474, 3,47 3,474 3,47
Account receivable with individual major amount 0.34 100.0 0.37
613.0 4,61 ,613. 4,61 100.00%
and withdrawal bad debt provision independently % 0% %
6 3.06 06 3.06
Accounts receivable with minor amount and 1,017, 934,6
99.57 99.53
accounts receivable with major amount found no 077,8 - - 40,01 -
% % -
devaluation after individual devaluation test 22.79 9.03
946, 946,
Account receivable with individual minor amount 946,9 0.09 100.0 946,9 0.10
915. 915. 100.00%
but withdrawal bad debt provision independently 15.10 % 0% 15.10 %
10 10
1,021, 4,42 939,0 4,42
100.0 0.43 100.0
Total 499,3 1,52 61,54 1,52 0.47%
0% % 0%
50.95 8.16 7.19 8.16
- 73 -
The Group recognized account receivable with over RMB 2 million (RMB 2 million included) as
significant single amounts.
Age analysis of account receivable:
Unit: RMB
2012-6-30 2011-12-31
Age Proportion Bad debt Proportion Bad debt
Amount (%) provision Book value Amount (%) provision Book value
Within 1,016,941,9 1,016,941,9 934,298,76 934,298,76
99.55% - 99.49% -
1year 96.41 96.41 7.65 7.65
1 to
37,938.62 0.00% - 37,938.62 243,363.62 0.03% - 243,363.62
2years
2 to
- 0.00% - - - - - -
3years
Over 3 4,519,415.9 4,519,415.
0.44% 4,421,528.16 97,887.76 0.48% 4,421,528.16 97,887.76
years 2 92
1,021,499,3 1,017,077,8 939,061,54 934,640,01
100.00% 4,421,528.16 100.00% 4,421,528.16
Total 50.95 22.79 7.19 9.03
(2) Account receivable with individual minor amount but withdrawal bad debt provision
independently at period-end:
Unit: RMB
Content of account Withdrawal amount of bad Withdrawal proportion
receivable Balance of Book debt provision (%) Reasons
Account of engineering Un-recover for
800,000.00 800,000.00 100%
receivable overdue
Amount of oil sales Un-recover for
146,915.10 146,915.10 100%
receivable overdue
Total 946,915.10 946,915.10 100%
(3) There are no account receivable of the shareholders who hold over 5 %( 5% included) voting
rights in report period.
(4)Top 5 companies in account receivables
Unit: RMB
Relationship between the Proportion in total account
Name of the company Company Amount Age receivable (%)
Bureau of Finance of Shenzhen 639,518,407. Within 1
Government institution 62.61%
Municipality 62 year
149,264,024. Within 1
Bureau of Finance of Zhongshan Government institution 14.61%
44 year
147,770,603. Within 1
Finance Bureau of Dongguan Government institution 14.47%
20 year
Guangdong Power Grid 72,168,383.3 Within 1
Non-related client 7.06%
Corporation 5 year
Within 1
Shenzhen Water Bureau Government institution 6,455,727.60 0.63%
year
1,015,177,14
Total 99.38%
6.21
3. Account paid in advance
(1) Account paid in advance classified according to age:
Unit: RMB
- 74 -
2012-6-30 2011-12-31
Age
Amount Proportion (%) Amount Proportion (%)
Within 1year 81,176,671.50 99.73% 31,358,682.53 99.31%
1to 2years 0.00 0.00% 280.00 0.00%
2to 3years 74,311.98 0.09% 84,031.98 0.27%
Over 3 years 143,402.71 0.18% 133,402.72 0.42%
Total 81,394,386.19 100.00% 31,576,397.23 100.00%
(2) Top 5 companies in account paid in advance:
Unit: RMB
Relationship between the
Name of the company Amount Duration Reasons for unsettlement
Company
53,554,839 Within Purchase amount paid in
Shenzhen Dapeng LNG Sales Co., Ltd
Non-related supplier .35 1year advance
Ningbo Lvyuan LNG Development 13,671,454 Within Purchase amount paid in
Co., Ltd. Non-related supplier .85 1year advance
11,271,529 Within Purchase amount paid in
CNOOC Gas & Power Group
Non-related supplier .40 1year advance
Dongguan Huahui Fire Engineering Within Purchase amount paid in
543,600.00
Co., Ltd. Non-related supplier 1year advance
Jiangxi Zhongdian Power Engineering Within Purchase amount paid in
355,200.00
Co., Ltd. Non-related supplier 1year advance
79,396,623
Total
.60
(3)There are no account paid in advance of the shareholders who hold over 5 %( 5% included)
voting rights in report period.
(4) Account paid in advance classified according to clients:
Unit: RMB
Type 2012- 6-30 2011-12-31
Account paid in advance with individual major
78,497,823.60 25,710,536.31
amount
Account paid in advance with minor individual
amount but has major risks after combination of 56,008.00 133,402.72
risk profile
Other minor account paid in advance 2,840,554.59 5,732,458.20
Total 81,394,386.19 31,576,397.23
The Group recognized account paid in advance with over RMB 2 million (RMB 2 million included)
as significant single amounts.
Account paid in advance with minor individual amount but has major risks after combination of
risk profile refers to account paid in advance with single minor amount but has over 3 years in
book age
4. Other account receivable
- 75 -
(1) Other account receivable classified according to type:
Unit: RMB
2012-6-30 2011-12-31
Bad debt Bad debt
Book amount provision Book amount provision
Type
Propo Propo Propo Propo
Amo rtion Amo rtion Amou rtion Amo rtion
unt (%) unt (%) nt (%) unt (%)
26,23 26,23 26,23 26,23
Account receivable with individual major amount and 48.98 100.0 100.0
7,404 7,404 7,404. 17% 7,404
withdrawal bad debt provision independently % 0% 0%
.46 .46 46 .46
Accounts receivable with minor amount and accounts 19,43 122,1
36.27
receivable with major amount found no devaluation after 0,302 - - 08,19 78% - -
%
individual devaluation test .70 6.73
7,904 5,412 7,904, 5,412
Account receivable with individual minor amount but 14.75 68.48 68.48
,555. ,909. 555.6 5% ,909.
withdrawal bad debt provision independently % % %
63 64 3 64
53,57 31,65 156,2 31,65
100.0 59.08 20.26
Total 2,262 0,314 50,15 100% 0,314
0% % %
.79 .10 6.82 .10
The Group recognized other account receivable with over RMB 2 million (RMB 2 million
included) as significant single amounts.
Other account receivable classified according to age:
Unit: RMB
2012-6-30 2011-12-31
Age Proportion Bad debt Book Proportion Bad debt
Amount (%) provision value Amount (%) provision Book value
Within 8,895,078. 8,895,078. 111,572,97 111,572,97
16.60% - 71.41% -
1year 03 03 2.06 2.06
1to 2 11,164,37 11,154,37 11,164,372. 11,154,372.
20.84% 10,000.00 7.15% 10,000.00
years 2.30 2.30 30 30
2to 3 1,672,519. 1,498,995. 1,672,519.6 1,498,995.5
3.12% 173,524.12 1.07% 173,524.12
years 64 52 4 2
Over 31,840,29 373,502.8 31,840,292.
59.43% 31,466,789.98 20.38% 31,466,789.98 373,502.84
3years 2.82 4 82
53,572,26 21,921,94 156,250,15 124,599,84
100.00% 31,650,314.10 100.00% 31,650,314.10
Total 2.79 8.69 6.82 2.72
(2) Period-end account receivable with individual minor amount but withdrawal bad debt
provision independently:
Unit: RMB
Content of other Withdrawal amount of bad Withdrawal
account receivable Book balance debt provision proportion (%) Reasons
Unrecover for those which
Deposit receivable 3,278,632.28 1,404,953.09 42.85%
was overdue
Dormitory amount Unrecover for those which
2,083,698.16 1,736,004.16 83.31%
receivable was overdue
Goods trust for sales 1,496,448.19 1,496,448.19 100.00% Unrecover for overdue
Unrecover for those which
Other 1,045,777.00 775,504.20 74.16%
was overdue
Total 7,904,555.63 5,412,909.64 68.48%
- 76 -
(3) There are no other account receivable of the shareholders who hold over 5 %( 5% included)
voting rights in report period.
(4) Top 5 companies in other account receivable
Unit: RMB
Relationship between the Proportion in total other account
Name of the company Amount Duration
Company receivable (%)
14,311,62 Over 3
Project cooperation party 26.71%
Huiyang Kangtai Industrial Co., 6.70 years
10,032,00
Shenzhen Dapeng LNG Sales Co., Ltd Non-related supplier 1-2yeras 18.73%
0.00
Shenzhen Nanshan Investment 5,895,738 Over 3
Note 2 11.01%
Management Company .00 years
JINAN POWER EQUIPMENT 3,560,000 Over 3
Non-related clients 6.65%
FACTORY .00 years
2,470,039 Over 3
Income tax advance for another Inapplicable 4.61%
.76 years
36,269,40
Total 67.70%
4.46
Note 1: Represented the project development amounts paid by the Company for the joint
development of Dashihu project, south river, Huizhou with Huiyang Kangtai Industry
Company in 1993.
Note 2: Pursuant to the Notice on Adjusting the State-owned Equity Ownership of Shenzhen
Nanshan Power Co., Ltd. (SFB No.32 (1994)), Nanshan Electrical Industry
Development Company transferred 23.47% shares in the Company held by it to
Shenzhen Nanshan Investment Management Company in 1994. Pursuant to the Notice
on Adjusting the State-owned Equity Ownership of Shenzhen Nanshan Power Co., Ltd.
(SNT No.19 (1995)), Shenzhen Nanshan Investment Management Company transferred
the aforesaid shares to Nanshan Electrical Industry Development Company again.
Considering the account was not projected to recover, the Company provided for bad
debt reserve in full in previous year.
5. Inventory
Classification of inventory
Unit: RMB
2012-6-30 2011-12-31
Projects Depreciation Depreciation
Book balance provision Book value Book balance provision Book value
Fuels 26,705,540.37 9,299,403.20 17,406,137.17 33,903,196.77 9,299,403.20 24,603,793.57
Raw materials 133,348,583.86 23,275,444.95 110,073,138.91 147,714,930.63 23,275,444.95 124,439,485.68
Land Space
Needed to 1,179,416,810.27 45,603,631.85 1,133,813,178.42 1,154,755,949.85 45,603,631.85 1,109,152,318.00
Development
Total 1,339,470,934.50 78,178,480.00 1,261,292,454.50 1,336,374,077.25 78,178,480.00 1,258,195,597.25
In the balance of inventory at period-end, amount for loan pledge totally to RMB 255,316,179.93
(as at 31 December 2011: RMB 252,782,341.45). More details found in Note (V)-22
- 77 -
In the balance of inventory at period-end, the capitalizing loan expenses amounting to RMB
193,026,066.06 (as at 31 December 2011: RMB 168,902,319.91). The capitalizing loan expense of
this year was RMB 24,123,746.15 and the capitalizing rate was 6.63%.
- 78 -
6. Long-term equity investment
Details of long-term equity investment:
Unit: RMB
Explanation
on the
Proportion Proportion incongruity
of share of voting in share Impairment Cash
Initial Balance dated
Invested Calculation Balance dated holding in rights in holding Impairment provision bonus
investment 31 December Increase/decrease(+,-)
company method 2011
30 June 2012 invested invested proportion provision of accruing this
cost
company company and voting this year year
(%) (%) proportion
in invested
company
Petrol-Chemical Cost
2,500,000.00 2,500,000.00 - 2,500,000.00 4% 4% Inapplicable 2,500,000.00 - -
Tax Free Co., method
CPI Jiangxi
Nuclear Power
Co., Ltd. Cost
45,315,000.00 37,315,000.00 8,000,000.00 45,315,000.00 5% 5% Inapplicable - - -
(“Jiangxi method
Nuclear Power
Co”)
Total 47,815,000.00 39,815,000.00 8,000,000.00 47,815,000.00 2,500,000.00 - -
Less:
devaluation 2,500,000.00 - 2,500,000.00
provision
Net amount of
long-term
37,315,000.00 - 45,315,000.00
equity
investment
- 79 -
7. Investment real estate
Unit: RMB
Increased this Decreased this Book balance dated 30
Item 2011-12-31
year year June 2012
I. Total original book value 9,708,014.96 - - 9,708,014.96
1. House, buildings 9,708,014.96 9,708,014.96
2. Land-use right - -
II. Total accumulated depreciation 4,835,969.89
221,342.76 5,057,312.65
and accumulated amortization
1. House, buildings 4,835,969.89 221,342.76 5,057,312.65
2. Land-use right - -
III. Total net book value of
4,650,702.31
investment real estate 4,872,045.07
1. House, buildings 4,872,045.07 4,650,702.31
2. Land-use right - -
IV. Total depreciation provision of
-
investment real estate -
1. House, buildings -
2. Land-use right - -
V. Total book value of investment
- 4,650,702.31
real estate 4,872,045.07
1. House, buildings 4,872,045.07 - 4,650,702.31
2. Land-use right - - - -
8. Fixed assets
(1) Change of fixed assets
Unit: RMB
Decreased this Book balance dated 30 June
Items 2011-12-31
Increased this year year 2012
I. Total original book value: 4,460,621,647.91 5,636,542.75 560,882.22 4,465,697,308.44
Including: House and
293,100.00 - 484,707,318.30
buildings 484,414,218.30
Machinery equipment 3,895,568,517.51 3,681,760.33 - 3,899,250,277.84
Transportation means 32,237,034.62 717,866.00 558,660.00 32,396,240.62
Other equipment 48,401,877.48 943,816.42 2,222.22 49,343,471.68
II. Total accumulated
93,744,764.83 503,360.67 2,290,166,796.81
depreciation: 2,196,925,392.65
Including: House and
9,668,514.38 - 204,499,611.18
buildings 194,831,096.80
Machinery equipment 1,936,192,055.82 82,383,925.38 - 2,018,575,981.20
Transportation means 27,154,973.22 1,053,880.60 502,794.00 27,706,059.82
Other equipment 38,747,266.81 638,444.47 566.67 39,385,144.61
III. Total net book value of
2,263,696,255.26 2,175,530,511.63
fixed assts
Including: House and
280,207,707.12
buildings 289,583,121.50
Machinery equipment 1,959,376,461.69 1,880,674,296.64
Transportation means 5,082,061.40 4,690,180.80
Other equipment 9,654,610.67 9,958,327.07
- 80 -
IV. Total impairment
- 36,592,676.00
provision 36,592,676.00
Including: House and
23,291,844.37
buildings 23,291,844.37
Machinery equipment 13,077,735.62 13,077,735.62
Transportation means 81,846.84 81,846.84
Other equipment 141,249.17 141,249.17
V. Total book value of fixed
2,138,937,835.63
assts 2,227,103,579.26
Including: House and
256,915,862.75
buildings 266,291,277.13
Machinery equipment 1,946,298,726.07 1,867,596,561.02
Transportation means 5,000,214.56 4,608,333.96
Other equipment 9,513,361.50 9,817,077.90
- 81 -
9. Project in construction
(1)Particulars about projects in construction:
Unit: RMB
2012-6-30 2011-12-31
Book Provision for Book net Book Provision for Book net
Items balance devaluation amount balance devaluation amount
39,549,11 24,758,419 39,549,1 24,758,419
Oil to Gas Works 5.52 14,790,696.15 .37 15.52 14,790,696.15 .37
Comprehensive building projects of
recycling economy 0.00 - - -
Heat and power projects of recycling 9,626,286. 9,626,286. 9,622,57 9,622,579.
economy 05 05 9.25 - 25
Equipment Improvement Project 3,058,442. 3,058,442. 545,548.
48 48 53 - 545,548.53
Cogeneration of heat and electricity 9,894,9 9,894,925. 9,894,92 9,894,925.
Project 25.01 01 5.01 - 01
Technical transformation projects 0.00 - - -
Sludge drying project 0.00 - - -
Others 4,054,365. 3,827,965. 2,271,89 2,045,497.
60 226,400.00 60 7.32 226,400.00 32
Total 66,183,13 51,166,038 61,884,0 46,866,969
4.66 15,017,096.15 .51 65.63 15,017,096.15 .48
(2) Changes of significant projects in construction
Unit: RMB
Proport
ion of
Transfe Proje
Increase Other project
2011-12- rred ct 2012-6-3
Projects Budget of this decre invest
31 fixed progr 0
year ase ment in
assets ess
budget
(%)
74,400,00 39,549,11 53.16 39,549,11
- - - 53.16%
Oil to Gas Works 0.00 5.52 % 5.52
Comprehensive building projects of 30,000,00 9,622,579 32.09 9,626,286
3,706.80 - - 32.09%
recycling economy 0.00 .25 % .05
545,548.5 2,985,50 472,615 3,058,442
-
Equipment Improvement Project 3 9.35 .40 .48
Cogeneration of heat and electricity 9,894,925 9,894,925
- - -
Project .01 .01
Others 2,271,897 1,782,46 4,054,365
- -
.32 8.28 .60
Total 61,884,06 4,771,68 472,615 66,183,13
-
5.63 4.43 .40 4.66
- 82 -
10. Intangible assets
Unit: RMB
Decrease of this
Items 2011-12-31 2012-6-30
Increase of this year year
I. Total book original value 98,707,995.21 1,881,433.50 100,589,428.71
Including: land use right 95,732,047.88 1,881,433.50 97,613,481.38
Software 2,975,947.33 2,975,947.33
II. Total accumulated
29,785,392.88 1,672,145.58 31,457,538.46
amortization
Including: land use right 29,225,253.44 1,491,959.70 30,717,213.14
Software 560,139.44 180,185.88 740,325.32
III. Total net value of Intangible
68,922,602.33 69,131,890.25
assets
Including: land use right (Note 5) 66,506,794.44 66,896,268.24
Software 2,415,807.89 2,235,622.01
IV. Total provision for
5,115,063.71 5,115,063.71
devaluation
Including: land use right 5,115,063.71 5,115,063.71
Software - -
V. Total book value of
63,807,538.62 64,016,826.54
intangible assets
Including: land use right 61,391,730.73 61,781,204.53
Software 2,415,807.89 2,235,622.01
Note1: acquisition in this year increase totally RMB 1,881,433.5
Note2: intangible assets amortized totally RMB1, 672,145.58 in this year
11. Long-term expense to be amortized
Unit: RMB
Increase
Amortization amount Amount dated 30
Item Amount dated 31 December 2011 amount of this
of this year June 2012
year
Improvements expenses of
fixed assets from operating 95,810.84 - 24,994.08 70,816.76
lease
12. Deferred income tax assets
Unit: RMB
Items 2012-6-30 2011-12-31
Deferred income tax assets:
Provision for bad debts of accounts receivable 1,105,382.04 1,105,382.04
Other provision for bad debts of accounts receivable 1,010,200.86 1,010,200.86
Provision for inventory devaluation 100,171.61 100,171.61
Staff salary payable 627,581.00 627,581.00
Provision for devaluation of long-term equity investment 625,000.00 625,000.00
Other 245,778.80 245,778.80
Total 3,714,114.31 3,714,114.31
- 83 -
13. Other non-current assets
Unit: RMB
Item Amount dated 30 June Amount dated 31 December 2011
LNG projects 22,309,256.78 22,298,256.78
Land account paid in advance - 1,730,000.00
Construction account paid in advance e 503,618.70 836,460.20
Total 22,812,875.48 24,864,716.98
14. Particulars about provision for assets devaluation
Unit: RMB
Increase of Decrease of this year
Items 2011-12-31 2012-6-30
this year Rewind Resellers
I. Provision for bad
36,071,842.26 - - - 36,071,842.26
debts
II. Provision for
78,178,480.00 - - - 78,178,480.00
inventory devaluation
III. Provision for
devaluation of long-term 2,500,000.00 - - - 2,500,000.00
equity investment
IV. Provision for fixed
36,592,676.00 - - 36,592,676.00
assets devaluation
V. Provision for projects
15,017,096.15 - - - 15,017,096.15
in construction
VI. Provision for
intangible assets 5,115,063.71 - - - 5,115,063.71
devaluation
Total 173,475,158.12 173,475,158.12
15. Short-term loan
Unit: RMB
Items 2012-6-30 2011-12-31
Pledge loan(Note) 839,884,008.18 1,110,000,000.00
Credit loan 2,369,000,000.00 2,155,824,953.89
Total 3,208,884,008.18 3,265,824,953.89
Note: borrowing guarantee offered to vary subsidiaries amounting to RMB 839,884,008.18
16. Notes payable
Unit: RMB
Category 2012-6-30 2011-12-31
Bank acceptance bill 30,000,000.00 43,820,200.00
17. Accounts payable
(1) Particulars about accounts payable is as follow:
Unit: RMB
Items Amount dated 30 June 2012 Amount dated 31 December 2011
Guangdong Trading Branch of CNOOC Gas & Power Group
399,615,132.38 181,779,179.15
Co., Ltd.
Shenzhen Nangang Power Project Co., Ltd 6,026,952.00 3,779,052.00
Guangdong Guoyu Energy Co., Ltd. 3,163,340.27 -
Xin’ao Energy Trading Co., ltd. 1,478,230.97 -
Zhanjiang Hengyuan Transport Co., Ltd 1,233,592.78 5,646,006.85
- 84 -
Shenyang Electric Power Design Institution 1,000,000.00 7,315,553.15
Nanjing Nangang Power Equipment Installment Co., Ltd. 748,000.00 748,000.00
Fushun Huyou Energy Equipment Factory 268,500.00 1,253,000.00
Other 5,490,529.38 5,231,004.90
Guangzhou Dongli Gas Co., Ltd - 3,125,154.90
Shenzhen Xishun Transport Industrial Co., Ltd - 2,559,469.44
Xin’ao Energy Logistic Co., ltd. - 1,041,630.24
Shanshan Transport Branch of Xinjiang Guanghui LNG Co.,
- 1,000,000.00
Ltd.
Wuxi ShijiaThermal Equipment Co., Ltd. - 662,469.80
Huasheng Filters (Shenzhen) Co., Ltd. - 608,369.23
Total 419,024,277.78 214,748,889.66
(2) Accounts received in advance in this reporting period exclude payments from shareholders whose 5% (including 5%) voting
right equity was held by the Company.
18. Accounts received in advance
(1) Particulars about accounts received in advance
Unit: RMB
Item 2012-6-30 2011-12-31
Transfer amount for unit capacity received in advance 14,586,000.00 14,586,000.00
Project accounts received in advance 3,380,000.00 -
Total 17,966,000.00 14,586,000.00
(2) Accounts received in advance in this reporting period exclude payments from shareholders
whose 5% (including 5%) voting right equity was held by the Company.
(3)The age of balance of RMB14, 586,000.00 received in advance from Shenzhen Energy
Corporation Co., Ltd. (Energy Corporation) exceeded 1 year. Since the relevant project had not
obtained approval from the NDRC, no income was carried forward at the end of the period. As of
the date for approving issue of the financial statements, such amount has not been carried forward
yet.
19. Staff salary payable
Unit: RMB
Items 2011-12-31 Increase of this year Decrease of this year 2012-6-30
I. Salary, bonus, grants and subsidies 26,976,044.97 47,461,706.17 46,536,988.94 27,900,762.20
II. Welfare fees for staffs - - - -
III. Social insurance premium 865,434.98 7,903,955.04 7,797,250.44 972,139.58
Including: medical insurance 114,569.85 2,313,966.61 2,291,916.60 136,619.86
Old-age insurance 649,218.01 5,239,887.79 5,159,416.30 729,689.50
Unemployment insurance 38,621.28 88,170.64 86,913.59 39,878.33
Work injury insurance 61,567.18 243,004.84 243,792.41 60,779.61
Maternity insurance 1,458.66 18,925.17 15,211.54 5,172.28
IV. Housing fund 629,823.99 980,245.65 966,933.25 643,136.39
V. Union funds and employee
1,693,620.72 923,900.79 891,713.50 1,725,808.01
education expenses
VI. Non-monetary welfare - 133,583.25 133,583.25 -
VII. Compensation for labor - - - -
- 85 -
relationship dismissed
VIII. Annuity 2,510,324.00 - - 2,510,324.00
IX. Others 16,425.38 4,720.44 - 21,145.82
Total 32,691,674.04 57,408,111.34 56,326,469.38 33,773,316.00
No arrears amount in salary payables.
20. Tax payable
Unit: RMB
Items 2012-6-30 2011-12-31
Value-added tax -546,816,136.79 -529,083,686.53
Operating tax 1,550,931.77 2,835,558.63
Corporate Income Tax -6,596,377.58 -2,823,965.65
Personal Income Tax 1,997,860.93 3,411,627.24
Land use right in town/city 350,268.25 1,128,579.70
Land VAT -
Real Estate Tax 1,037,818.91 2,084,520.46
Others 711,737.39 546,572.25
Total -547,763,897.12 -521,900,793.90
21. Interest payable
Unit: RMB
Item 2012-6-30 2011-12-31
Long-term loan interest with principal of installed interest
45,825.00 45,825.00
payment and due repayment of seed capital
Interest payable of short-term loan 79,812,621.84 75,416,769.51
Total 79,858,446.84 75,462,594.51
22 Other accounts payable
(1). Particulars about other accounts payable:
Unit: RMB
Item 2012-6-30 2011-12-31
Zhongshan Xingzhong Group Co., Ltd.(“Xingzhong Group’)(Note1) 182,152,108.65 182,152,108.65
Dongguan Weimei Ceramics Industry Park Co., Ltd. (“Weimei
35,785,979.94 36,385,912.01
Ceramics Company”)
Zhongshan Finance Bureau (Note2) 24,321,200.00 24,321,200.00
Temporary option contract amount 13,322,237.13 13,248,696.81
Project expense 11,817,021.35 17,267,313.76
Insurance premium 7,483,133.76 10,554,569.41
Shenzhen South Harbor Power Engineering Co., Ltd. 6,417,095.00 32,426,503.00
Gas Technology Branch of Xindi Energy Engineering Technology
5,949,059.79 11,411,059.79
Co., Ltd.
Shenzhen Eastern Engineering Co., Ltd. 5,771,332.22 5,771,332.22
Guangdong Trading Branch of CNOOC Gas & Power Group Co.,
2,065,697.58 1,420,854.92
Ltd.
Guangdong Industrial Equipment Installment Co., Ltd. 1,416,349.41 1,416,349.41
- 86 -
Wuxi ShijiaThermal Equipment Co., Ltd. 1,088,000.00 1,088,000.00
Shenzhen Hengfulin Construction Decoration Design Engineering
800,643.46 1,402,704.46
Co., Ltd.
Nanjing Nangang Power Equipment Installation Co., Ltd. 239,064.10 3,412,800.00
Other 14,826,015.95 11,341,990.48
Grants for Board of Directors - 1,947,795.34
Sinopec Construction Co., Ltd. - 1,688,000.00
Hangzhou Boiler Plant Engineering Materials Co., Ltd. - 1,340,189.74
Total 313,454,938.34 358,597,380.00
Note 1: represented the amounts borrowed by Shenzhong Development Company from Xingzhong
Group with the land use right and fixed assets owned by it as the pledge.
Note 2: represented the amounts borrowed by Shenzhong Development Company from the
Treasury bureau of Zhongshan city.
23. Non-current liabilities due within one year
Particulars about non-current liabilities due within one year:
Unit: RMB
Items 2012-6-30 2011-12-31
Guarantee loans 50,000,000.00
-
24. Long-term loan
(1) Category of long-term loan
Unit: RMB
Items 2012-6-30 2011-12-31
Guarantee loans (note ) 26,000,000.00 26,000,000.00
Note: refers to the guarantee of 26,000,000.00 yuan for loans offered to Environment Protection
Company.
(2) Details of long-term loans
Unit: RMB
Amount dated 31
Amount dated 30 June 2012 December 2011
Credit Commencement Ending date Rate
Currency Foreign Foreign
units date of loan of loan (%)
currency currency
amount RMB amount amount RMB amount
Shenzhen
Jingtian
Sub-branch
of China
Merchants
Bank 2009.11.06 2017.09.20 RMB 6.35 26,000,000.00 26,000,000.00
- 87 -
25. Other non-current liabilities
Unit: RMB
Items 2012-6-30 2011-12-31
Treasury subsidies for sludge drying 4,738,750.00 4,866,250.00
Support fund of recycling economy for sludge drying 232,291.64 238,541.66
Total 4,971,041.64 5,104,791.66
26. Share capital
Unit: RMB
Amount at Change of this year
Items
year-begin Bonus issue Others Subtotal 2012-6-30
Jan.-June of 2012:
I. Shares with selling
restriction
1. Holding shares of State 1 - - - - -
2. Holding shares of
State-owned legal person - - - - -
3. Other domestic shares 18,263.00 - 18,263.00
4. Shares with foreign
ownership - - - - -
Total shares with selling
restriction 18,263.00 - - - 18,263.00
II. Shares without selling
restriction
1. RMB ordinary shares 338,894,012.00 - - - 338,894,012.00
2. Domestically listed
foreign shares 263,850,321.00 - - - 263,850,321.00
3. Overseas listed foreign
shares - - - - -
4. Others - - - - -
Total shares without selling
restriction 602,744,333.00 - 602,744,333.00
III. Total shares 602,762,596.00 - - - 602,762,596.00
2011：
I. Shares with selling
restriction
1. Holding shares of State 1 - - - - -
2. Holding shares of
State-owned legal person - - - - -
3. Other domestic shares 12,993.00 - 5,270.00 5,270.00 18,263.00
4. Shares with foreign
ownership - - - - -
Total shares with selling
restriction 12,993.00 - 5,270.00 5,270.00 18,263.00
II. Shares without selling
restriction
1.RMB ordinary shares 338,895,157.00 - -1,145.00 -1,145.00 338,894,012.00
2. Domestically listed
foreign shares 263,854,446.00 - -4,125.00 -4,125.00 263,850,321.00
3. Overseas listed foreign
shares - - - - -
- 88 -
4. Others - - - - -
Total shares without selling
restriction 602,749,603.00 - -5,270.00 -5,270.00 602,744,333.00
III. Total shares 602,762,596.00 - - - 602,762,596.00
27. Capital Surplus
Unit: RMB
Increase of this Decrease of this
Items Amount of year-begin 2012-6-30
year year
Jan.-June of 2012:
Capital premium 233,998,444.00 - - 233,998,444.00
Including: invested capital by investors 215,487,650.42 - - 215,487,650.42
Difference arising from purchasing equity
18,510,793.58 - - 18,510,793.58
of minority shareholders
Other capital surplus 129,631,483.51 - - 129,631,483.51
Including: transferring from capital
129,631,483.51 - - 129,631,483.51
surplus in original system
Total 363,629,927.51 - - 363,629,927.51
2011:
Capital premium 233,998,444.00 - - 233,998,444.00
Including: invested capital by investors 215,487,650.42 - - 215,487,650.42
Difference arising from purchasing equity
18,510,793.58 - - 18,510,793.58
of minority shareholders
Other capital surplus 129,631,483.51 - - 129,631,483.51
Including: transferring from capital
129,631,483.51 - - 129,631,483.51
surplus in original system
Total 363,629,927.51 - - 363,629,927.51
28. Surplus reserves
Unit: RMB
Items Amount of year-begin Increase of this year Decrease of this year 2012-6-30
Jan.-June of 2012:
Legal surplus reserve 310,158,957.87 - - 310,158,957.87
Discretionary surplus reserve 22,749,439.73 - - 22,749,439.73
Total 332,908,397.60 - - 332,908,397.60
2011:
Legal surplus reserve 310,158,957.87 - - 310,158,957.87
Discretionary surplus reserve 22,749,439.73 - - 22,749,439.73
Total 332,908,397.60 - - 332,908,397.60
29. Retained profit
Unit: RMB
Items Amount
Jan.-June of 2012:
Undistributed profit at year-begin 454,070,630.72
Add: net profit attributable to shareholders of parent company -105,739,436.64
- 89 -
Less: withdrawal of statutory surplus reserve -
Common Stock dividend payable -
Retained profit at period-end 348,331,194.08
2011:
Retained profit at year-begin 436,541,567.35
Add: net profit attributable to shareholders of parent company 17,529,063.37
Less: withdrawal of statutory surplus reserve -
Common Stock dividend payable -
Retained profit at year-end 454,070,630.72
30. Operating income, operating cost
(1) Operating income
Unit: RMB
Items Jan-Jun of 2012 Jan-Jun of 2011
Main business income 705,703,872.06 1,029,131,736.95
Other business income 138,326.50 114,281,873.83
Operating cost 1,146,829,174.36 1,635,583,031.68
(2) Main business (by industries)
Unit: RMB
Jan-Jun of 2012 Jan-Jun of 2011
Industry
Operating income Operating cost Operating income Operating cost
Energy Industry 683,890,631.19 1,131,669,875.59 975,927,223.18 1,469,258,727.45
Engineering labors and
480,000.00 2,406,341.85 25,285,653.00 22,570,289.17
services
Sludge drying 19,582,305.83 8,988,799.34 101,299.90 8,758,539.50
Other income 1,750,935.04 3,582,751.24 27,817,560.87 26,710,339.99
Total 705,703,872.06 1,146,647,768.02 1,029,131,736.95 1,527,297,896.11
(3) Main business (by products)
Unit: RMB
Jan-Jun of 2012 Jan-Jun of 2011
Industry
Operating income Operating cost Operating income Operating cost
Electricity sales 680,603,743.31 1,124,608,977.96 971,615,982.72 1,462,635,685.41
Heat sales 3,286,887.88 7,060,897.63 4,311,240.46 6,623,042.04
Sale of fuel oil - - 26,688,890.47 23,005,762.19
Engineering labors and
480,000.00 2,406,341.85 25,285,653.00 22,570,289.17
services
Sludge drying 19,582,305.83 8,988,799.34 101,299.90 8,758,539.50
Income from rent 1,750,935.04 3,582,751.24 1,128,670.40 3,704,577.80
Total 705,703,872.06 1,146,647,768.02 1,029,131,736.95 1,527,297,896.11
(4) Main business (by areas)
Unit: RMB
Jan-Jun of 2012 Jan-Jun of 2011
Areas
Operating income Operating cost Operating income Operating cost
- 90 -
Domestic 705,703,872.06 1,146,647,768.02 1,029,131,736.95 1,527,297,896.11
Overseas - - - -
Total 705,703,872.06 1,146,647,768.02 1,029,131,736.95 1,527,297,896.11
(5) Condition of operating income of top 5 clients
Unit: RMB
Proportion in total operating
Clients Operating income
income (%)
Guangdong Power Grid Corporation 96.44%
680,686,258.97
Shenzhen Water Bureau 2.77%
19,582,305.83
CCCC Fourth Harbor Co., ltd. 0.11%
783,000.00
Huidong Jiahua Materials Co., Ltd. 0.09%
666,666.64
Shenzhen University 0.09%
649,918.50
Total 99.51%
702,368,149.94
31. Operating tax and addition
Unit: RMB
Items Jan-Jun of 2012 Jan-Jun of 2011
Operating tax 2,894,025.69 2,093,553.47
Urban maintenance and construction tax 201,427.05 1,204,934.89
Others 184,406.91
551,867.26
total 3,279,859.65 3,850,355.62
32. Management expenses
Unit: RMB
Items Jan-Jun of 2012 Jan-Jun of 2011
Salary 19,824,999.03 18,689,743.50
Taxes 2,826,001.66 4,535,903.08
Leasing expenses 2,944,419.08 3,361,253.08
Entertainment expense 2,711,787.14 2,441,391.68
Expenses for agency appointment 3,038,572.30 2,395,745.99
Vehicles expenses 2,258,626.27 1,931,408.77
Expenses from the Board 1,330,808.14 3,969,555.99
Housing accumulation fund 737,263.63 513,495.80
Depreciation expense 1,709,271.98 1,141,879.78
Amortization of intangible assets 1,317,771.72 1,137,209.46
Verification expense for projects 160,942.60 56,749.00
Enterprise annuity 0.00 103,020.48
Environmental expense 1,041,730.15 948,713.70
Sundry expenses 1,284,449.24 814,932.34
Expenses for enterprise culture 814,907.37 858,945.87
Property expense 527,452.04 790,048.00
- 91 -
Office expenses 294,928.94 193,231.74
Charge of endowment insurance 1,450,113.30 841,411.77
Communication charge 828,359.05 375,862.55
Business traveling charge 271,201.52 443,283.72
Stock charge 356,465.00 308,687.40
Medical insurance 773,565.97 317,577.98
Labor union expense 366,562.98 357,837.30
Educational charge for employee 126,079.96 172,643.60
Long-term expense for amortized 24,994.08 100,089.54
Inventory loss 0.00 -90,552.07
Other 3,577,037.78 3,889,429.71
Total 50,598,310.93 50,599,499.76
33. Financial expenses
Unit: RMB
Items Jan-Jun of 2012 Jan-Jun of 2011
Interest expenditure 121,414,814.44 107,372,239.27
Minus: capitalized interest expenses 24,123,746.15 21,255,074.08
Minus: interest income 2,619,399.23 1,622,061.46
Exchange differential 1,832,003.54 -49,893.26
Other 4,796,966.47 5,466,647.13
Total 101,300,639.07 89,911,857.60
34. Investment income
(1) Particulars about investment income
Unit: RMB
Items Jan-Jun of 2012 Jan-Jun of 2011
Long-term equity investment income calculated by equity method -39,857,497.48
-
35. Non-operating income
(1) Particulars about non-operating income
Unit: RMB
Items Jan-Jun of 2012 Jan-Jun of 2011 Amount reckoned into non-recurring gains/losses
Governmental subsidies 444,190,763.42 516,078,289.40 133,750.02
Refund on value added tax of natural
29,672,435.72 70,689,758.96 29,672,435.72
gas import (Note1)
Refund on customs fines - 2,200,000.00 -
Disposal of waste and old materials 227,693.16 314,687.82 227,693.16
Other 70,546.15 31,947.00 70,546.15
Total 474,161,438.45 589,314,683.18 30,104,425.05
Note 1: represented the added value tax returns of RMB22, 585,975.1 and RMB7, 086,460.62 for
the natural gas obtained respectively by the Company and Weimei Power Company from
Guangdong Trade Branch of CNOOC Gas & Power Group.
- 92 -
(2) Particulars about governmental subsidies
Unit: RMB
Items Jan-Jun of 2012 Jan-Jun of 2011 Note
Income from fuel subsidies 240,627,300.00 Note 1
236,819,900.00
Subsidies income of fuel processing fee 203,429,713.40 279,258,389.40 Note 2
Government bond subsidy for sludge drying 133,750.02
Total 444,190,763.42 516,078,289.40
Note 1: Pursuant to the calculation method required by the Notice on Issuance of Provisional
Collection of Gas and Fuel Processing Subsidy to Support the Peak Power Scheme of Local
Burning Machine Power Plants (SFB No.74(2010)) issued by people municipality of Shenzhen,
the Reply for Confirming the Power Generation Subsidy Scheme for Shenzhen Burning Machine
Power Plants for 2011 (SZSITIC No.207(2010)), the Notice on Continuous Collection of Gas and
Fuel Processing Subsidy to Support the Peak Power Generation Losses of Local Burning Machine
Power Plants (SZSITIC No.2062011)) and the Notice on Issuance of Provisional Rules for
Management over Power Subsidy of Shenzhen Local Fuel (Gas) Machine sets (SFB No.54(2009))
issued by people municipality of Shenzhen, the Company recognized fuel subsidy income of
RMB240,627,300 for the period from January to June of 2012.
Note 2: Pursuant to the Notice on Provisional Collection of Gas and Fuel processing fees (YFH
No.31 (2008)) issued by people municipality of Guangdong and the calculation method for
subsidy
For fuel processing fees in 2011, Zhongshan Power Company and Weimei Power Company were
projected to receive fuel processing subsidy of RMB203, 429,713.4 for the period from January to
June of 2012.
38. Non-operating expense
Unit: RMB
Jan-Jun of
Items Jan-Jun of 2011 Amount reckoned into non-recurring gains/losses
2012
Gains and loss of disposal of fixed assets 34,978.97 162,698.07 34,978.97
Donation from the day of Helping the
- 100,000.00 -
poor and caring for the needy
Others 2,785.84 34,626.41 2,785.84
Total 37,764.81 297,324.48 37,764.81
37. Income tax expenses
Unit: RMB
Items Jan-Jun of 2012 Jan-Jun of 2011
Current income tax calculated based on tax laws and relevant regulations 638,646.90 3,585,345.15
38． Calculation process of basic income per share and diluted income per share
Calculating basic income per share, the profit attributable to shareholders of parent company:
Unit: RMB
Items Jan-Jun of 2012 Jan-Jun of 2011
- 93 -
Current net profit attributable to shareholders of
parent company -105,739,436.64 -84,855,867.31
Including: net profit attributable to constant
operation -105,739,436.64 -84,855,867.31
Net profit attributable to ending operation - -
Calculating basic income per share, denominator is weighted average number of general shares
externally issued. The calculation process is as follow:
Unit: share
Item Amount in this year Amount in last year
Share amounts of externally issued general shares
at year-begin 602,762,596 602,762,596
Add: weight amounts of general shares issued in
this year - -
Less: weight amount of general shares repurchased - -
Weight amount of general shares externally issued
at period-end 602,762,596 602,762,596
Earnings per share
Unit: RMB
Item Amount in this year Amount in last year
Calculating according to net profit attributable to shareholders of parent
company:
Basic EPS -0.18 -0.14
Diluted EPS Not applicable Not applicable
Calculating according to net profit of constant operation attributable to
shareholders of parent company:
Basic EPS -0.18 -0.14
Diluted EPS Not applicable Not applicable
Calculating according to net profit of ending operation attributable to
shareholders of parent company:
Basic EPS - -
Diluted EPS Not applicable Not applicable
The Company has no diluted EPS for having no potential dilution common shares.
39. Statement on items of cash flow sheet
(1) Other received cash related to operating activities
Unit: RMB
Items Jan-Jun of 2012 Jan-Jun of 2011
Received import tax refund of natural gas 29,672,475.10 70,689,758.96
Fuel subsidy income 164,829,383.00 -
Government grant and bonus 610,000.00 -
The due fixed deposit received 3,240,000.00 -
Others 4,977,464.07 4,852,901.36
Total 203,329,322.17 75,542,660.32
(2) Other cash paid related to operating activities
- 94 -
Items Jan-Jun of 2012 Jan-Jun of 2011
Expense for engaging intermediaries 4,733,572.30 1,918,079.19
Expense for Board of Directors 1,408,978.54 3,945,555.99
Lease fees 4,762,060.60 4,054,517.70
Communication fees 2,981,036.09 2,525,925.68
Fleet costs 2,596,721.18 2,143,162.13
Corporation culture costs 814,907.37 845,956.87
Telecommunication costs 948,917.97 451,665.16
Environment costs 1,221,389.60 159,143.92
Early expense of recycle economy - 772,800.67
Supplementary pension - 3,308,907.73
Others 10,478,150.29 12,599,507.08
Total 29,945,733.94 32,725,222.12
(3) Cash received related to other financing activities
Unit: RMB
Items Jan-Jun of 2012 Jan-Jun of 2011
Margin received 62,536,060.00 -
(4) Cash paid for other financing activities
Unit: RMB
Items Jan-Jun of 2012 Jan-Jun of 2011
Margin paid 68,500,000.00
40. Supplementary information of cash flow sheet
(1) Supplementary information of cash flow sheet
Unit: RMB
Supplementary information Jan-Jun of 2012 Jan-Jun of 2011
1.Operating activities cash flow transferred from net profit:
Net profit -123,190,915.55 -91,352,820.44
Add: provision for assets devaluation -
Fixed assets depreciation 93,966,107.59 103,867,776.77
Intangible assets amortization 1,672,145.58 1,493,104.50
Amortization of long-term prepaid accounts 24,994.08 113,057.34
Loss (gains) of disposal of fixed assets, intangible assets and other
346,634.82
long-term assets
Loss from scrap of fixed assets 34,978.97 -
Finance expense (income)) 100,745,117.85 89,065,557.60
Investment loss (income) 39,857,497.48
Decrease of deferred income tax assets (increase) -
Decrease of inventory (increase) 21,127,319.80 100,082,240.91
Decrease of operating accounts receivable (increase) -133,665,409.80 -420,110,752.49
Decrease of operating accounts payable (increase) 161,013,919.21 215,126,670.26
Others -
- 95 -
Net amount of cash flow arising from operating activities 121,728,257.73 38,488,966.75
2.Significant investment and financing activities un-related to income
and expense of cash:
Debts transferring to assets - -
Convertible bonds due within 1 year - -
Fixed assets financed by leasing - -
3. Net change of cash and cash equivalent:
Period-end balance of cash and cash equivalent 639,917,387.45 629,580,595.19
Less: year-begin balance of cash and cash equivalent 629,318,992.12 591,386,814.04
Net increase amount of cash and cash equivalent 10,598,395.33 38,193,781.15
(2) Constitution of cash and cash equivalent
Unit: RMB
Items 2012-6-30 2011-6-30
I. Cash 639,917,387.45 629,580,595.19
Including: inventory cash 234,509.70 301,367.43
Bank deposit which can be used for payment at any time 638,990,115.51 510,588,045.13
Other currency capital which can be used for payment at any time 692,762.23 118,691,182.63
II. Year-end balance of cash and cash equivalent 639,917,387.45 629,580,595.19
- 96 -
(VI)Related party and related transaction
1. Parent company of the Company
Share holding proportion of any shareholder of the Company didn't reach 50%, and couldn't form a
holding relationship of the Company through any methods. The Company has no parent company.
2. Subsidiaries of the Company
Detail of subsidiaries sees in Note (IV).
3. Other related parties of the Company
Other related parties name Relationship between the Company Organization code
Shareholders have major influence on
Energy Group 19218918-5
the Company
Minority shareholders of the
Weimei Ceramics Company 72919361X
subsidiaries
Minority shareholders of the
Xingzhong Group 733112675
subsidiaries
Energy Holding Subsidiary of energy group 19224115-8
Directors of the Company and other senior executives Key management staff Inapplicable
4. Related Transactions
(1) Lending money of related party
This year:
Unit: RMB
Amount of Commencement Balance dated 30
Related parties Maturity Date Note
lending money date June 2012
Borrowing
Xingzhong
125,316,816.85 2008.11.19 2011.12.31 125,316,816.85
Group
Xingzhong
23,750,000.00 2009.10.15 2011.12.31 23,750,000.00
Group
Borrowings of debt
Xingzhong
16,250,000.00 2009.03.27 2011.12.31 16,250,000.00 reorganization (in the
Group
process of renewal)
Xingzhong
14,335,291.80 2008.12.29 2011.12.31 14,335,291.80
Group
Xingzhong
2,500,000.00 2009.03.27 2011.12.31 2,500,000.00
Group
Weimei
Ceramics
Company 35,785,979.94 2011.07.16 2012.07.16 35,785,979.94
Last year:
Unit: RMB
Amount of Commencement Balance at end of
Related parties Maturity Date
lending money date 2011 Note
Borrowing
Xingzhong
Group 125,316,816.85 2011.01.01 2011.12.31 125,316,816.85 Renewal
Xingzhong Renewal
Group 23,750,000.00 2011.01.01 2011.12.31 23,750,000.00
- 97 -
Xingzhong Renewal
Group 16,250,000.00 2011.01.01 2011.12.31 16,250,000.00
Xingzhong Renewal
Group 14,335,291.80 2011.01.01 2011.12.31 14,335,291.80
Xingzhong Renewal
Group 2,500,000.00 2011.01.01 2011.12.31 2,500,000.00
Weimei
Ceramics
Company 35,785,979.94 2011.07.16 2012.07.16 35,785,979.94
(2) Fund occupation expenses
Unit: RMB
Jan-June 2012 Jan-June 2011
Price Proportion Proportion
Related Transaction Transaction in amount in amount
setting
parties type content Amount of similar Amount of similar
principal
transaction transaction
(%) (%)
Fund Note
Xingzhong Group occupation Interest
expenses expenses 6,040,973.48 83.58% 5,320,916.08 100%
Weimei Ceramics Fund Note
Company occupation Interest
expenses expenses 1,186,822.14 16.42% - -
Note: payment for the use of state funds is calculated according to loan rate of current capital of
peer banks.
(3) Account payable/receivable from related parties
Account payable to related parties
Unit: RMB
Item Related parties Balance dated 31 December
Balance dated 30 June 2012
2011
Other account
Xingzhong Group 182,152,108.65 182,152,108.65
payable
Weimei Ceramics Company 35,785,979.94 36,385,912.01
Account received
Energy Holding 14,586,000.00 14,586,000.00
in advance
Interest payable Xingzhong Group 49,340,349.41 43,299,375.93
(VII) Contingency
In March 2008, the Company and Just-run Company entered into a Contract Confirmation
(hereafter referred to as “the Confirmation”) with contract numbers of 165723967102.11 and
165723968102.11.
The first confirmation is valid from March 3rd, 2008 to December 31st, 2008, constituted by three
options contracts. When the floating price (that is, the arithmetic average of the closing settlement
prices of light crude future contracts of New York Mercantile Exchange at that month within every
decision validity) is higher than 63.50 U.S. dollars / barrel, the Company will receive 300,000 U.S.
- 98 -
dollars of income per month (200,000 barrels × 1.50 U.S. dollars / barrel); When the floating price
is 62.00-63.50 U.S. dollars / barrel, the Company will obtain the income of (the floating price
-62.00 USD / barrel) × 200,000 barrels per month; when the floating price is less than 62.00 U.S.
dollars / barrel, the company will pay Just-run Company an amount equivalent to (62.00 U.S.
dollars / barrel - the floating price) × 400,000 barrels per month.
The second confirmation is valid from January 1st, 2009 to October 31st, 2010, constituted by three
options contracts, Just-run Company has a right to choose whether to implement before 18:00 on
December 30th, 2009. When the floating price is higher than 66.50 U.S. dollars / barrel, the
Company will receive 340,000 U.S. dollars of income per month (200,000 barrels × 1.70 U.S.
dollars / barrel); when the floating price is 64.80-66.50 U.S. dollars / barrel, the Company will
receive a monthly income of (the floating price -64.80 U.S. dollars / barrel) × 200,000 barrels;
when the floating price is lower than 64.50 U.S. dollars / barrel, the Company will pay Just-run
Company an amount equivalent to (64.50 U.S. dollars / barrel – the floating price) × 400,000
barrels.
From Apr.2008 to Oct.2008, based on the above confirmations, Just-run Company pays to the
Company with US$ 2.10 million (equivalent to RMB 14,352,083.46), the Company includes it
into "other payables" item after receives this payment.
On November 6th, 2008, Just-run Company writes to the Company. They deems that the Company
intends to not perform transaction in the notice issued by the Company on October 21st ,2008 and
the statement of the meeting held by the Company on October 29th ,2008, which has constituted a
breach of contract, and Just-run Company announces the termination of the transaction. The
Company replies Just-run Company that the company has never made any statement not intend to
continue to perform transactions, and deems that Jierun Company's unilateral termination of the
contract and refuse of paying the A/C payable under the first confirmation as of October, 2008 has
constituted a breach of contract, so the Company announces the termination of the transaction.
Although both sides terminate the transaction confirmation for different reasons, there are no
differences about the termination reality of confirmation and transactions. After the transaction
terminated, Just-run Company sends a letter to request the Company to compensate for the
transaction termination loss, while sends another letter to express the hope to resolve the disputes
by the commercial way. The company replies Just-run Company that the Company does not accept
claims for loss compensations, while sends a separate letter to agree to peace talks. Then both
sides do several rounds of consultations and negotiations, but no agreement has reached. On
November 27th, 2009, the Company receives a letter of Allen & Overy LLP, which describes above
matters and requires the Company to compensate Just-run with a total of US$79,962,943.00 and
the interests of US$3,736,958.66 as of November 27th, 2009. The Company replies on January 25th,
2010, which shows that the Company did not accept claims for loss compensation.
On Mar. 31 of 2011, Just-run Company sent another letter to the Company which claimed that they
are willing to coordinate with the Company continuously as for USD 79,962,943.00 we owed
them and interests from the day of Nov. 6 of 2008, and invited the Company to raise up suggestion
on this matter, meanwhile Just-run Company stressed to remain all the rights on this matter. The
Company replied them with a letter on Apr. 6 of 2011 which showed we didn’t accept
requirements from Just-run Company about compensation for loss, and agreed to answer their
invitation and negotiate based on equality without influence on rights of both parties.
On 6 February 2012, Jierun sent letter to the Company again, requiring the Company to pay the
arrears of USD83, 699,901.66 and the related interests. The Company replied on 10 February 2012
- 99 -
to deny the loss compensation requirements of Jierun and require Jierun to pay the Company the
amount payables of USD300, 000.00 under the confirmation latter No. 165723967102.11 arising
in October 2008 and the interests accrued since 7 November 2008. And the Company agreed to be
invited by Jierun for further negotiation in connection with this dispute provided that interests of
both parties were not influenced. If the negotiation doesn’t succeed, in the judgment of the
management of the Company, it is possible to solve this dispute through justice channel.
Based on the legal opinions issued by independent qualified lawyers in connection with the
aforesaid event, the board of directors of the Company believes that:
(1)Two confirmation letters and transaction have been terminated by both parties;
(2)Various uncertainties still exist during the process of this issue, so it is not possible to make
estimation for the potential solution approaches and results;
(3)Since the final results cannot be estimated reasonably and reliably currently, projected liabilities
shall not be recognized in the financial statements for the first half of 2012.
The Board of Directors of the Company will promptly review the relevant accounting operation
according to the progress of the above matters.
(VIII) Commitment
1. Capitalization commitment
Unit: RMB
Item 2012-6-30 2011-12-31
Signed capital expenditure commitment which was still not recognized
in financial statements
-Construction commitment of long-term assets 11,865,534.73 17,900,039.34
-External investment commitment 12,000,000.00 -
Total 23,865,534.73 17,900,039.34
2. Commitment on operating lease
Till the balance sheet day, the condition of irrevocable operating lease contract the Group
externally signed is as follow:
Unit: RMB
Item 2012-6-30 2011-12-31
Minimum lease payments of irrevocable operating lease:
The first year after balance sheet day 6,173,109.33 3,378,118.33
The second year after balance sheet day 1,389,536.63 6,133,712.63
The third year after balance sheet day 1,427,596.50 1,427,596.50
Subsequent years 65,009,429.93 65,009,429.93
Total 73,999,672.39 75,948,857.39
- 100 -
(IX) Segment report
According to the internal organization structural, management requirements and internal reporting systems of the Company, the operation business
of the group is classified into 5 reporting segments, i.e. power and heat supply, fuel trade, sludge drying, real estate development and other relevant
business. Management of the Company regularly evaluates the operation results of the reporting segments, so as to decide to distribute resources to
them and evaluate their achievements.
The segment report information is disclosed according to the accounting policies and measuring standards adopted by all segments when reporting
to the management and such measuring bases are kept consistent with the accounting and measuring bases upon preparation of the financial
statements.
Unit: RMB
Real estate
Power and heat supply Fuel trade Sludge drying Construction labor Inter-segment offset Total
development
Items
Jan.-June Jan.-June Jan.-June Jan.-June Jan.-June Jan.-June Jan.-June Jan.-June Jan.-June Jan.-June Jan.-June Jan.-June Jan.-June Jan.-June
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Business
income
Foreign
683,303,92 1,085,765,3 2,475,96 32,261,3 19,582,3 101,299.9 480,000. 25,285,6 705,842,19 1,143,413,6
trade - -
9.65 05.72 3.08 52.16 05.83 0 00 53.00 8.56 10.78
income
Inter-seg
ment 8,717,583.5 14,744,742. -8,717,58 -14,744,7
- - - - - - - - -
trade 7 05 3.57 42.05
income
Total
segment 692,021,51 1,100,510,0 2,475,96 32,261,3 19,582,3 101,299.9 480,000. 25,285,6 -8,717,58 -14,744,7 705,842,19 1,143,413,6
- -
business 3.22 47.77 3.08 52.16 05.83 0 00 53.00 3.57 42.05 8.56 10.78
income
Segment
1,141,130,6 1,597,325,8 4,868,61 28,479,8 13,406,9 8,762,247 2,667,33 22,699,4 -11,454,3 -17,438,7 1,150,619,1 1,639,829,5
managem - 890.40
21.07 72.81 3.25 87.66 92.63 .50 5.56 71.71 71.66 80.15 90.85 89.93
ent
Manage
38,800,099. 37,769,656. 4,180,15 4,507,86 3,244,84 5,088,98 2,401,26 879,317.7 1,971,93 2,353,67 50,598,310. 50,599,499.
ment - -
17 67 7.09 4.19 6.29 6.62 9.26 8 9.12 4.50 93 76
expenses
Financial 48,182.61
104,270,48 88,927,448. -1,060,0 -42,719.6 802,852. 2,013,15 1,531,68 1,749,983 -4,292,4 -2,529,35 -206,649. 101,300,63 89,911,857.
expense
- 101 -
s 2.65 15 78.78 2 95 2.73 4.43 .60 84.79 7.38 88 9.07 60
Investme
-39,857,49 -39,857,49
nt - - - - - - - - - - - -
7.48 7.48
income
Operatin
-592,179,6 -663,370,4 -5,512,7 -683,680. -4,047,6 -7,103,0 2,242,35 -11,290,2 133,210. 2,761,86 2,688,605 2,900,687 -596,675,9 -676,784,8
g
89.67 27.34 28.48 07 99.24 29.75 9.51 48.98 11 4.17 .48 .98 42.29 33.99
profit
Non-oper
473,729,44 586,768,34 13,300.0 2,129,62 284,939. 416,709. 133,750. 474,161,43 589,314,68
ating - - - - -
9.12 8.36 0 5.00 31 82 02 8.45 3.18
income
Non-oper
19,166.0
ating 18,598.81 297,324.48 - - - - - - - - - 37,764.81 297,324.48
0
expenses
Total -118,468,8 -76,899,40 -5,518,5 1,445,94 -3,762,7 -6,686,3 2,376,10 -11,290,2 133,210. 2,761,86 2,688,605 2,900,687 -122,552,2 -87,767,47
profit 39.36 3.46 94.48 4.93 59.93 19.93 9.53 48.98 11 4.17 .48 .98 68.65 5.29
Income 2,480,334.3 246,885. 44,939.4 858,125. 3,585,345.1
593,707.44 - - - - - - - 638,646.90
tax 8 42 6 35 5
Net -119,062,5 -79,379,73 -5,518,5 1,199,05 -3,762,7 -6,686,3 2,376,10 -11,290,2 88,270.6 1,903,73 2,688,605 2,900,687 -123,190,9 -91,352,82
profit 46.80 7.84 94.48 9.51 59.93 19.93 9.53 48.98 5 8.82 .48 .98 15.55 0.44
- 102 -
(X). Note to items of parent company’s financial statements
1. Accounts receivable
(1) Accounts receivable classifying according to the category:
Unit: RMB
2012-6-30 2011-12-31
Category Book balance Provision for bad debts Book balance Provision for bad debts
Amount Proportion (%) Amount Proportion (%) Amount Proportion (%) Amount Proportion (%)
Account
receivable
with
individual
major amount
- - - - - - - -
and
withdrawal
bad debt
provision
independently
Accounts
receivable
with minor
amount and
accounts
receivable
with major
669,196,028.23 100% - - 646,023,065.42 100% - -
amount found
no
devaluation
after
individual
devaluation
test
Account
receivable
with
individual
minor amount
- - - - - - - -
but
withdrawal
bad debt
provision
independently
Total 669,196,028.23 100% - - 646,023,065.42 100% - -
Accounts receivable classifying according to the account age:
Unit:
RMB
2012-6-30 2011-12-31
Account
age Proportio Provision for Book Proportio Provision for Book
Amount n (%) bad debts value Amount n (%) bad debts value
Within 1 669,155,2 669,155,2 645,982,2 645,982,2
99.99% - 99.99% -
year 00.61 00.61 37.80 37.80
1-2years 37,938.62 0.01% - 37,938.62 37,938.62 0.01% - 37,938.62
2-3years - 0.00% - - - - - -
Above 3
2,889.00 0.00% - 2,889.00 2,889.00 0.00% - 2,889.00
years
103 - -
669,196,0 669,196,0 646,023,0 646,023,0
Total 100.00% - 100.00% -
28.23 28.23 65.42 65.42
(2) No account receivable with minor individual amount but withdrawal bad debt provision
independently at year-end.
(3）Balance of account receivables excludes the debts of the shareholders who hold over 5%
(including 5%) of voting share of our company in this reporting period.
(4) Particulars about top 5 units owing accounts receivable
Unit: RMB
Proportion in total account
Company name Relationship Amount Terms
receivable (%)
Government 639,518,407 Within 1
Shenzhen Financial Bureau 95.57%
division .62 year
Non-related 29,279,736. Within 1
Guangdong Power Grid Company 4.38%
clients 71 year
Shenzhen Nanshan Meat Processing Within 1
Non-related clients 194,419.20 0.03%
Factory year
Non-related Within 1
Shenzhen University 97,212.50 0.01%
clients year
Zhongcai Energy Management Service Non-related Within 1
52,523.80 0.01%
Co., Ltd. clients year
669,142,299
Total 99.99%
.83
2. Other accounts receivable
(1) Other accounts receivable classifying according to the category:
Unit: RMB
2012-6-30 2011-12-31
Book balance Provision for bad debts Book balance Provision for bad debts
Category
Proportion Proportion Proportion Proportion
Amount (%) Amount (%) Amount (%) Amount (%)
Account
receivable
with
individual
major
amount 22,677,404.4 22,677,404 22,677,404.4 22,677,404
1.63% 87.83% 1.46% 100
and 6 .46 6 .46
withdrawa
l bad debt
provision
independe
ntly
Accounts
receivable
with minor
amount
and 1,365,646,63 1,523,503,25
97.99% - - 98.19% - -
accounts 6.91 2.69
receivable
with major
amount
found no
104 - -
devaluatio
n after
individual
devaluatio
n test
Account
receivable
with
individual
minor
amount 3,140,957. 3,140,957.
5,362,330.44 0.38% 12.17% 5,362,330.44 0.35% 58.57
but 25 25
withdrawa
l bad debt
provision
independe
ntly
1,393,686,37 25,818,361 1,551,542,98 25,818,361
Total 100.00% 100.00% 100.00% 1.66
1.81 .71 7.59 .71
Other accounts receivable classifying according to the account age:
Unit: RMB
2012-6-30 2011-12-31
Account
age Proportio Provision for Proportio Provision for
Book value Book value
Amount n (%) bad debts Amount n (%) bad debts
Within 525,921,13 525,921,13 683,777,74 683,777,74
37.74% - 44.07% -
1 year 1.64 1.64 7.42 7.42
46,951,064 46,951,064 46,951,064 46,951,064
1-2years 3.37% - 3.03% -
.34 .34 .34 .34
242,850,05 242,676,52 242,850,05 242,676,52
2-3years 17.43% 173,524.12 15.65% 173,524.12
1.86 7.74 1.86 7.74
Above 3 577,964,12 552,319,28 577,964,12 552,319,28
41.47% 25,644,837.59 37.25% 25,644,837.59
years 3.97 6.38 3.97 6.38
1,393,686, 1,367,868, 1,551,542, 1,525,724,
Total 100.00% 25,818,361.71 100.00% 25,818,361.71
371.81 010.10 987.59 625.88
(2) Other account receivable with individual minor amount but withdrawal bad debt provision
independently:
Unit: RMB
Amount of
Accruing
Other accounts receivable Book balance accruing provision Reason
proportion
for bad debts
Deposit receivable 3,278,632.28 1,404,953.09 45% Unrecover for overdue
Dormitory amount receivable 2,083,698.16 1,736,004.16 55% Unrecover for overdue
Total 5,362,330.44 3,140,957.25 59%
(3) Balance of other account receivables excludes the debts of the shareholders who hold over 5%
(including 5%) of voting share of our company in this reporting period.
(4) Particulars about top 5 units owing other accounts receivable
Unit: RMB
Relationship with the Total proportion in accounts
Units Amount Age limit
Company receivable (%)
Shenzhong Development Subsidiary of the 716,917,76 Within 1 year and
51.44%
Company Company 6.35 over 3 years
105 - -
Subsidiary of the 546,984,29 Within 1 year and
Zhongshan Power Company 39.25%
Company 5.50 over 3 years
Subsidiary of the 77,738,750.
Dongguan Weimei Company Within 1 year 5.58%
Company 11
Shen Nan Dian Environment Subsidiary of the 15,460,686.
Within 1 year 1.11%
Protection Co., Company 91
Huiyang County Kangtai 14,311,626.
Project partners over 3 years 1.03%
Industrial company 70
1,371,413,1
Total 98.40%
25.57
106 - -
3. Long-term equity investment
Details of long-term equity investment:
Unit: RMB
Reason for
difference
Equity Voting Accrued
between
holding right Provision provision Cash
Amount dated equity
Calculatio Investment Increase and Balance dated proportio proportio for for dividen
Invested units 31 December holding
n method cost decrease 30 June 2012 n in n in devaluatio devaluatio d of this
2011 proportion
invested invested n n of this year
and voting
units units (%) year
right
proportion
Server
Petrochemica Inapplicabl
26,650,000.00 26,650,000.00 - 26,650,000.00 50 50 - - -
l Supplying Cost e
Co., method
New Power Cost Inapplicabl
71,270,000.00 71,270,000.00 - 71,270,000.00 75 75 - - -
Company method e
Zhongshan
Electricity 410,740,000.0 218,240,000.0 192,500,000.0 410,740,000.0 Inapplicabl
55 55 - - -
Power Cost 0 0 0 0 e
Company method
Engineering Cost Inapplicabl
6,000,000.00 6,000,000.00 - 6,000,000.00 60 60 - -
Company method e -
Weimei
115,319,049.7 115,319,049.7 115,319,049.7 Inapplicabl
Electricity Cost - 40 40 - -
6 6 6 e -
Company method
Shennan
Inapplicabl
Singapore Cost 6,703,800.00 6,703,800.00 - 6,703,800.00 100 100 - - -
e
Company method
Environment Cost Inapplicabl
55,300,000.00 55,300,000.00 - 55,300,000.00 70 70 - - -
Company method e
Shenzhong
Inapplicabl
Development Cost - - - 0.00 75 75 - - -
e
Company method
Shenzhong
Inapplicabl
Property Cost - - - 0.00 75 75 - - -
e
Company method
107 - -
Jiangxi
Inapplicabl
Nuclear Cost 45,315,000.00 37,315,000.00 8,000,000.00 45,315,000.00 5 5 - - -
e
Power Co., method
737,297,849.7 536,797,849.7 200,500,000.0 737,297,849.7
Total - -
6 6 0 6 -
Less:
devaluation - -
provision
Net amount
of long-term 536,797,849.7 737,297,849.7
equity 6 6
investment
108 - -
4. Operating income and operating cost
(1) Operating income
Unit: RMB
Items Jan-Jun of 2012 Jan-Jun of 2011
Main business income 336,421,818.94 389,625,979.86
Other business income 8,048,366.37 52,982,115.56
Operating cost 533,917,664.37 694,282,683.32
(2) Main business (by industry)
Unit: RMB
Jan-Jun of 2012 Jan-Jun of 2011
Industry
Operating income Operating cost Operating income Operating cost
Energy Industry 336,421,818.94 529,483,326.41 389,625,979.86 654,210,959.97
(3) Main business (by products)
Unit: RMB
Jan-Jun of 2012 Jan-Jun of 2011
Industry
Operating income Operating cost Operating income Operating cost
Electricity sales 333,283,480.20 525,796,231.87 387,043,743.56 650,250,151.84
Heat sales 3,138,338.74 3,687,094.54 2,582,236.30 3,960,808.13
Total 336,421,818.94 529,483,326.41 389,625,979.86 654,210,959.97
(4) Main business (by areas)
Unit: RMB
Jan-Jun of 2012 Jan-Jun of 2011
Areas
Operating income Operating cost Operating income Operating cost
Domestic 336,421,818.94 529,483,326.41 389,625,979.86 654,210,959.97
(5) Operating income of top 5 clients
Unit: RMB
Proportion in total operating
Clients Operating income
income (%)
Guangdong Power Grid Company 333,283,480.20 96.75%
Environment protection Co., 4,252,931.62 1.23%
109 - -
New Power Company 3,723,595.56 1.08%
Shenzhen University 649,918.50 0.19%
Zhongcai Energy Management Service Co., Ltd. 266,030.08 0.08%
Total 342,175,955.96 99.33%
5. Investment income
(1) Particulars about investment income
Unit: RMB
Items Jan-Jun of 2012 Jan-Jun of 2011
Long-term equity investment income calculated by equity
-39,857,497.48
method -
(2) Long-term equity investment income calculated by equity method
Unit: RMB
Invested units Jan-Jun of 2012 Jan-Jun of 2011 Reasons of changes
Jiangxi Xinchang Company -39,857,497.48
-
6. Supplementary information of cash flow sheet
Unit: RMB
Supplementary information Jan-Jun of 2012 Jan-Jun of 2011
1. Net profit transferred to cash flow of operating activities:
Net profit 20,006,178.82 -67,703,539.11
Add: provision for assets devaluation - -
Fixed assets depreciation 30,158,307.74 33,240,256.10
Intangible assets amortization 704,963.70 468,527.22
Long-term accounts prepaid amortization 24,994.08 50,789.52
Loss of disposal of fixed assets, intangible assets and other long-term
-
assets(gains) -
Scrap loss of fixed assets -
Financial expense (income) 25,245,086.79 66,915,573.91
Investment loss (income) - 39,857,497.48
Decrease of deferred income taxes assets (Increase) - -
Decrease of inventory (Increase) 17,740,593.06 37,737,263.40
Decrease of operating accounts receivable(Increase) 305,525,100.14 -315,449,413.54
Increase of operating accounts payable (Decrease) -97,349,008.32 143,715,100.19
110 - -
Other - -
Net amount of cash flow arising from operating activities 302,056,216.01 -61,167,944.83
2. Significant investment and financing activities unrelated to cash income
and expense:
Debts transferred to assets - -
Convertible Bonds due within 1 year - -
Fixed assets financed by leasing - -
3. Net changes in cash and cash equivalents:
Period-end balance of cash and cash equivalents 297,440,484.94 169,579,571.56
Less: period-begin balance of cash and cash equivalent 303,150,447.89 269,369,131.18
Amount of increase of cash and cash equivalent -5,709,962.95 -99,789,559.62
7. Related Transactions
(1) Related transaction of commodities purchase, labor service received/provided
Statement of commodity purchased/labor service received
Unit: RMB
Jan-Jun of 2012 Jan-Jun of 2011
Price
Proporti Proporti
setting
on in on in
principal
Related Transactio amount amount
and
parties n content Amount of Amount of
strategy
similar similar
procedur
transacti transacti
es
on (%) on (%)
Referenc
e to the
market
Server Warehouse price or
Petrochemi and based on
cal transporta the price 100.00% 100.00%
725,028.04 3,658,557.18
Supplying tion from
Co., charge executiv
es
departme
nt
Referenc
e to the
New Power Fuel
market 13.77% 36.90%
Company purchasing 78,984,589.65 55,592,816.04
price or
based on
111 - -
the price
from
executiv
es
departme
nt
Commodity sold/labor service provided
Unit: RMB
Price Jan-Jun of 2012 Jan-Jun of 2011
setting Proportion Proportion
Related principal in amount in amount
Transaction content
parties and Amount of similar Amount of similar
strategy transaction transaction
procedures (%) (%)
Reference
to the
market
price or
New Power
Charge of flue gas used based on 47,293.06 100% 1,270,272.00 100%
Company
the price
from
executives
department
Reference
to the
market
price or
New Power
Managed labor change of unit operations based on 3,676,302.50 100% 8,670,931.00 100%
Company
the price
from
executives
department
Reference
to the
market
Dongguan
price or
Weimei
Materials lease based on 16,028.35 100% 289,524.05 100%
Power
the price
Company
from
executives
department
112 - -
Reference
to the
market
Environment price or
Protection Sales of cooling/heat water based on 3,291,236.79 100% - -
Company the price
from
executives
department
Reference
to the
market
Environment price or
Protection Land lease based on 906,000.00 100% - -
Company the price
from
executives
department
Reference
to the
market
Environment price or
Protection Sales of tap water based on 55,694.83 100% - -
Company the price
from
executives
department
113 - -
(2) Related entrusted
Statement of entrusted:
Unit: RMB
Name of Name of Date of Due date recognized
Trust income
consigner entrusted beginning basis of
Transaction type Asset trust confirmed at the
entrusted
period
income
Calculated
Power
based on the
New generation
The RMB
Power Trusteeship income unit of 2012.01.01 2012.6.30 3,676,302.50
Company 0.024/kwh of
Company 2#,10# and
the generation
11#
volume
Calculated
Power
based on the
New generation
The RMB
Power Trusteeship income unit of 2011.01.01 2011.6.30 8,670,931.00
Company 0.025/kwh of
Company 2#,10# and
the generation
11#
volume
Allocated
Power
based on
New generation
The electrical
Power Cost-allocation unit of 2012.01.01 2012.6.30 1,378,596.45
Company energy of new
Company 2#,10# and
power machine
11#
set
Allocated
Power
based on
New generation
The electrical
Power Cost-allocation unit of 2011.01.01 2011.6.30 2,014,943.14
Company energy of new
Company 2#,10# and
power machine
11#
set
Allocated
Power
based on
New generation
The electrical
Power Expenses-allocation unit of 2012.01.01 2012.6.30 5,781,962.71
Company energy of new
Company 2#,10# and
power machine
11#
set
Power Allocated
New
The generation based on
Power Expenses-allocation 2011.01.01 2011.6.30 9,541,067.55
Company unit of electrical
Company
2#,10# and energy of new
114 - -
11# power machine
set
Notes: according to the Custody and Operation Contract Concerning the Power Generation Machine
Sets of Shenzhen New Power Industry Co., Ltd. entered into by the Company and New Power
Company dated 23 December 2003, the Company was entrusted to operate and manage the 2#, 10#
and 11# machine sets assets owned by New Power Company. The scope of the entrustment included:
production plan, power scheduling, power measure and agent sales, collection of electricity fees and
safe operation and management of equipments, as well as purchase, stock and management of
consumed materials and facilities required for maintenance and repairmen, normal maintenance of
power generation equipments and facilities, organization and management of big- and middle-sized
repair projects, technological innovation and updates for power generation equipments, etc.
As for the fuels required for power production, they were purchased by New Power Company and
then given to the Company for general use. Costs were charged according to the actual fuel
consumption of the machine sets owned by New Power Company.
As for substantial repair expenses and facilities, they were purchased collectively by the Company
as per the custody contract. When occurred, those cost attributable to the relevant machine sets were
charged as the machine sets costs of New Power Company.
As for those costs that cannot be directly attributable to machine sets of New Power Company (such
as utilities, depreciation of common assets and personnel salaries, etc), they should be shared by
New Power Company and the Company based on the proportion of power generated.
The Company and New Power Company declared taxes according to the above share method.
115 - -
(3) Related guarantee
Guarantee provided
Unit: RMB
Assurance Guarantee Guarantee Guarantee Guarantee due Impletion of
Provider received amount beginning date date guarantee or not
The Weimei Power
No
Company Co., Ltd 40,000,000.00 2012.01.05 2012.12.28
The Weimei Power No
Company Co., Ltd 80,000,000.00 2012.06.19 2013.06.19
The Weimei Power
No
Company Co., Ltd 100,000,000.00 2012.06.07 2013.06.07
The Weimei Power No
Company Co., Ltd 100,000,000.00 2012.06.05 2013.06.05
The Weimei Power
No
Company Co., Ltd 100,000,000.00 2012.06.13 2013.06.13
The Weimei Power No
Company Co., Ltd 80,000,000.00 2011.06.20 2013.06.20
The Weimei Power
No
Company Co., Ltd 100,000,000.00 2011.12.29 2012.12.29
The Weimei Power No
Company Co., Ltd 20,000,000.00 2012.01.05 2012.07.20
The Zhongshan Power
No
Company Co., Ltd 90,000,000.00 2012.01.13 2013.01.13
The Zhongshan Power No
Company Co., Ltd 10,000,000.00 2012.01.13 2013.01.13
The Zhongshan Power
No
Company Co., Ltd 50,000,000.00 2011.09.09 2012.09.09
The Zhongshan Power No
Company Co., Ltd 35,684,000.00 2012.04.01 2013.04.01
The Zhongshan Power
No
Company Co., Ltd 9,200,000.00 2012.04.19 2013.04.19
The Zhongshan Power No
Company Co., Ltd 35,000,000.00 2012.01.06 2013.01.06
The Zhongshan Power
No
Company Co., Ltd 50,000,000.00 2012.02.10 2013.02.10
The Zhongshan Power No
Company Co., Ltd 10,000,000.00 2012.01.19 2013.01.19
The Zhongshan Power 30,000,000.00 2012.06.01 2012.09.01 No
116 - -
Company Co., Ltd
The Environmental No
Company Protection Co.,
Ltd 10,000,000.00 2011.08.03 2012.08.03
The Environmental
Company Protection Co., No
Ltd 10,000,000.00 2012.06.12 2013.01.29
The Environmental No
Company Protection Co.,
Ltd 10,000,000.00 2012.06.20 2013.06.20
The Environmental
Company Protection Co., No
Ltd 26,000,000.00 2009.11.06 2017.09.20
The New Power No
Company Company 100,000,000.00 2012.06.29 2012.12.29
The New Power
No
Company Company 155,000,000.00 2011.12.23 2012.12.20
The New Power No
Company Company 100,000,000.00 2011.12.22 2012.12.22
The New Power
No
Company Company 100,000,000.00 2011.12.29 2012.12.29
The New Power No
Company Company 50,000,000.00 2012.04.28 2012.10.28
(4) Lending money of related party
Unit: RMB
Amount of Commencement Maturity Balance dated
Related parties
lending money date Date 30 June 2012 Note
Borrowing
Engineering
Company 60,000,000.00 2011.11.21 2012.11.21 60,000,000.00
Engineering
Company 30,000,000.00 2012.02.09 2013.02.09 13,400,000.00
Server
Petrochemical
Supplying
Company 15,000,000.00 2011.08.30 2012.08.29 15,000,000.00
Server
Petrochemical
Supplying 10,000,000.00 2011.07.18 2012.07.17 10,000,000.00
117 - -
Company
Server
Petrochemical
Supplying
Company 5,000,000.00 2012.02.10 2013.02.09 5,000,000.00
Weimei Power
Company 30,000,000.00 2011.11.01 2012.11.01 30,000,000.00
Weimei Power
Company 21,500,000.00 2011.10.14 2012.10.14 21,500,000.00
New Power
Company 130,000,000.00 2011.12.07 2012.12.07 130,000,000.00
Shenzhong
Development
Company 30,000,000.00 2011.09.16 2012.09.16 30,000,000.00
Offering
Shenzhong
Development
Company 545,245,758.05 2010.04.01 2011.12.31 545,245,758.05
Weimei Power
Company 77,738,750.11 2011.07.15 2013.07.15 77,738,750.11
Zhongshan
Power
Company 8,060,000.00 2011.09.01 2012.09.01 8,060,000.00
Zhongshan
Power
Company 15,000,000.00 2011.09.06 2012.09.01 15,000,000.00
Zhongshan
Power
Company 40,000,000.00 2011.09.06 2012.09.06 40,000,000.00
Zhongshan
Power
Company 35,000,000.00 2011.09.08 2012.09.08 35,000,000.00
Zhongshan
Power
Company 100,000,000.00 2011.12.20 2012.12.20 100,000,000.00
Zhongshan
Power
Company 100,000,000.00 2012.01.11 2013.01.11 100,000,000.00
Zhongshan
Power 55,000,000.00 2012-03.26 2013.03.26 55,000,000.00
118 - -
Company
Zhongshan
Power
Company 55,000,000.00 2012.03.28 2013.03.28 55,000,000.00
Zhongshan
Power
Company 55,000,000.00 2012.03.30 2013.03.30 55,000,000.00
(5) Fund occupation expenses
Unit: RMB
Price
Related Transaction Transaction
setting Jan-June 2012 Jan-June 2011
parties type content
principal
Fund
Engineering
occupation Interest expenses Note 2,889,935.12 1,180,500.00
Company
expenses
Server
Fund
Petrochemical
occupation Interest expenses Note 1,051,057.77 -
Supplying
expenses
Company
Weimei Fund
Power occupation Interest expenses Note 3,820,562.22 -
Company expenses
Zhongshan Fund
Power occupation Interest income Note 23,818,124.00 14,573,326.22
Company expenses
Weimei Fund
Power occupation Interest income Note 2,373,644.30 1,032,217.76
Company expenses
Shenzhong Fund
Development occupation Interest income Note 18,291,045.37 17,279,288.97
Company expenses
Note: payment for the use of state funds is calculated according to loan rate of current
capital of peer banks.
(6) Account receivable/payable of related parties
Account receivable from related parties
Unit: RMB
Items Related parties 2012-6-31 2011-12-31
119 - -
Other account Shenzhong Development
716,917,766.35 688,629,880.98
receivable Company
Zhongshan Power Company 546,984,295.50 626,243,082.60
Weimei Power Company 77,738,750.11 85,437,069.99
Environment Protection
15,460,686.91 11,017,120.27
Company
Server Petrochemical
6,279,375.00 6,279,745.17
Supplying Company
Shennan Singapore Company 144,340.87 138,660.87
Syndisome Company 43,775.67 35,127.06
Dividend receivable New Power Company 597,875,904.41 597,875,904.41
Engineering Company 56,264,962.17 56,264,962.17
Other current assets Zhongshan Power Company - 205,000,000.00
Account payable to related parties
Unit: RMB
Item Related parties 2012-6-31 2011-12-31
Account received in
Energy Holding 14,586,000.00 14,586,000.00
advance
Server Petrochemical
Account payable - 332,376.11
Supplying Company
Other account payable New Power Company 597,332,718.07 776,413,945.94
Weimei Power Company 57,093,584.45 131,773,022.23
Engineering Company 77,202,614.06 81,036,534.88
Server Petrochemical
32,059,821.20 26,364,386.39
Supplying Company
Syndisome Company 1,687,955.52 1,682,266.99
(XI) Supplementary information
1. Particulars about current non-recurring gains and loss
Unit: RMB
Amount of this Amount of last
Item year year
120 - -
Loss and gains of disposal of non-current assets -1,840.00
Government subsidies included in current gains and loss (excluding
those closely in accordance with corporation business and enjoyed
according to fixed amount under national united standard) 133,750.02 -
Gains and loss from debts restructure - -
Impairment reversal of accounts receivable with single devaluation
test - -
Import VAT refund for natural gas 29,672,435.72
Other non-operating income/expenses beside the above said items 260,474.50 250,055.79
Influence amount of income taxes - -
Influence amounts of minority shareholders (after tax) -6,839,516.02 -59,553.95
Total 23,227,144.22 188,661.84
2. Return on equity and earnings per share
Earnings per share
Weighted average
Basic earning s per Diluted earnings per
Unit: RMB Profit in reporting period return on equity (%)
share share
Net profit attributable to ordinary
-6.22% -0.18 Inapplicable
shareholders of the Company
Net profit attributable to ordinary
shareholders of the Company
-7.58% -0.21 Inapplicable
deducting non-recurring gains and
loss
121 - -
