Guangdong Electric Power Development Co., Ltd. 2015 Annual Report
Stock Code: 000539、200539 Stock Abbreviation: Yue Dian Li A、Yue Dian Li B
Bond Code:112162.SZ Bond short name: 12 Yudean Bond
Guangdong Electric Power Development Co., Ltd.
2015 Annual Report
April 2016
Guangdong Electric Power Development Co., Ltd. 2015 Annual Report
I. Important Notice, Table of Contents and Definitions
The Board of Directors , Supervisory Committee ,Directors, Supervisors and Senior Executives of the Company
hereby guarantees that there are no misstatement, misleading representation or important omissions in this report
and shall assume joint and several liability for the authenticity, accuracy and completeness of the contents hereof.
Mr.Li Zhuoxian, The Company leader, Mr. Li Xiaoqing, Chief financial officer and the Mr.Qin Jingdong, the
person in charge of the accounting department (the person in charge of the accounting )hereby confirm the
authenticity and completeness of the financial report enclosed in this Annual report.
All the directors attended the board meeting for reviewing the Annual Report except the follows:
The name of director who did The name of director who was
Positions Reason
not attend the meeting in person authorized
Zhong Weimin director due to business Hong Rongkun
Yang Xinli director due to business Yao Jiheng
Zhang Xueqiu director due to business Liu Tao
This annual report involves the forecasting description such as the future plans, and does not constitute the actual
commitments of the company to the investors. The investors should pay attention to the investment risks.
The Company is mainly engaged in thermal power generation. The business of thermal power generation is
greatly affected by factors including electric power demand and fuel price. Refer to Section IX(4) of Chapter 4
of this annual report-situation faced and countermeasures for relevant information.
The preplan profit distribution of the Company deliberated and approved by the Board is: Total share of of
5,250,283,986 for Base on the Company‘s total share capital ,the Company would distribute cash dividend to all t
he shareholders at the rate of CNY 2.3for every 10 shares (with tax inclusive) ,with 0 bonus shares
（including tax）, and not converting capital reserve into share capital.
IF THERE IS ANY CONFLICT BETWEEN THE CHINESE VERSION AND ITS ENGLISH
TRANSLATION, THE CHINESE VERSION WILL PREVAIL.
Guangdong Electric Power Development Co., Ltd. 2015 Annual Report
Table of Contents
I.Important Notice, Table of contents and Definitions
II. Basic Information of the Company and Financial index
III. Outline of Company Business
IV. Management’s Discussion and Analysis
V. Important Events
VI. Change of share capital and shareholding of Principal Shareholders
VII. Situation of the Preferred Shares
VIII. Information about Directors, Supervisors and Senior Executives
IX. Administrative structure
X. Financial Report
XI. Documents available for inspection
Guangdong Electric Power Development Co., Ltd. 2015 Annual Report
Definition
Terms to be defined Refers to Definition
Yudean Group Refers to Guangdong Yudean Group Co., Ltd.
Zhanjiang Company Refers to Zhanjiang Electric Power Co., Ltd.
Yuejia Company Refers to Guangdong Yuejia Electric Power Co., Ltd.
Yuejiang Company Refers to Guangdong Shaoguan Yuejiang Power Generation Co., Ltd.
Zhenneng Company Refers to Maoming Zhenneng Thermal Power Co., Ltd.
Jinghai Company Refers to Guangdong Yudean Jinghai Power Co., Ltd.
Zhanjiang Wind Power Company Refers to Guangdong Yudean Zhanjiang Wind Power Co., Ltd.
Zhongyue Compamy Refers to Zhanjiang Zhongyue Energy Co., Ltd.
Bohe Company Refers to Guangdong Yudean Bohe Coal & Electricity Co., Ltd
Guangqian Company Refers to Shenzhen Guangqian Electric Power Co., Ltd.
Huihou Natural Gas Company Refers to Guangdong Huizhou Natural Gas Power Co., Ltd.
Shibeishan Wind Power Company Refers to Guangdong Shibeishan Wind Power Development Co., ltd.
Red Bay Company Refers to Guangdong Red Bay Power Co., Ltd.
Pinghai Power Plant Refers to Guangdong Hluizhou Pinghai Power Co., Ltd.
Humen Power Company Refers to Guangdong Yudean Humen Power Co., Ltd.
Anxin Electric Inspection & Installation Guangdong Yudean Anxin Electric Inspection & Installation
Refers to
Company Co., Ltd
Guangdong Guohua Yudean Taishan Power Generation Co.,
Guohua Taishan Refers to
Ltd.
Yudean Industry Fuel Company Refers to Guangdong Power Industry Fuel Co., Ltd.
Huadu Natural Gas Company Refers to Guangdong Huadu Natural GasT Thermal Power Co., Ltd.
Dapu Company Refers to Guangdong Dapu Power Generation Co., Ltd.
Wind Power Company Refers to Guangdong Wind Power Co., Ltd.
Lincang Company Refers to Lincang Yudean Energy Co., Ltd.
Qujie Wind Power Company Refers to Guangdong Yudean Qujie Wind Power Generation Co., Ltd.
Electric Power Sales Company Refers to Guangdong Yudean Electric Power Sales Co., Ltd.
Weixin Yuntou Refers to Weixin Yuntou Yudean Zhaxi Energy Co., Ltd.
Binlangjiang Company Refers to Yunnan Baoshan Binlangjiang Hydroelectricity Development Co., Ltd.
Guangdong Electric Power Development Co., Ltd. 2015 Annual Report
II. Basic Information of the Company and Financial index
Ⅰ.Company Information
Stock abbreviation Yue Dian Li A, Yue Dian Li B Stock code： 000539、200539
Stock exchange for listing： Shenzhen Stock Exchange
Name in Chinese 广东电力发展股份有限公司
Abbreviation of Registered
Company Name in Chinese(If 粤电力
any)
English name (If any) GUANGDONG ELECTRIC POWER DEVELOPMENT CO.,LTD
English abbreviation (If any) GED
Legal Representative Li Zhuoxian
Registered address 23-26/F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou,Guangdong Province
Postal code of the Registered
Address
Office Address 23-26/F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou,Guangdong Province
Postal code of the office
address
Internet Web Site http://www.ged.com.cn
E-mail ged@ged.com.cn
Ⅱ.Contact person and contact manner
Board secretary Securities affairs Representative
Name Liu Wei Zhang Shaomin
26/F, South Tower, Yudean Plaza, No.2 26/F, South Tower, Yudean Plaza, No.2
Contact address Tianhe Road East, Guangzhou,Guangdong Tianhe Road East, Guangzhou,Guangdong
Province Province
Tel (020)87570276 (020)87570251
Fax (020)85138084 (020)85138084
E-mail liuw@ged.com.cn zhangsm@ged.com.cn
Guangdong Electric Power Development Co., Ltd. 2015 Annual Report
Ⅲ. Information disclosure and placed
Newspapers selected by the Company for information China Securities Daily, Securities Times and Hong Kong Commercial
disclosure Daily(overseas newspaper for English version)
Internet website designated by CSRC for publishing
http://www.cninfo.com.cn
the Annual report of the Company
The place where the Annual report is prepared and
Affair Dept. Of the Board of directors of the Company
placed
Ⅳ.Changes in Registration
Organization Code 61741949-3
Changes in principal business activities
No change
since listing (if any)
Changes is the controlling shareholder in
No change
the past (is any)
Ⅴ. Other Relevant Information
CPAs engaged
Name of the CPAs KPMG Huazhen(SGP)
Office address 8/F, Bimawei tower, Orientl Plaza 1 East Chang An Avenue Beijing
Names of the Certified Public
Peng Jing, Chen Lijia
Accountants as the signatories
The sponsor performing persist ant supervision duties engaged by the Company in the reporting period.
□Applicable √Not Applicable
The Financial advisor performing persist ant supervision duties engaged by the Company in the reporting period
□Applicable √Not Applicable
Ⅵ.Summary of Accounting data and Financial index
May the Company make retroactive adjustment or restatement of the accounting data of the previous years due to
change of the accounting policy and correction of accounting errors.
□ Yes √ No
Changed over last year
2015 2014
（％）
Operating Gross income（RMB） 25,723,810,816.00 29,046,568,685.00 -11.44% 30,830,757,337.00
Net profit attributable to the
shareholders of the listed company 3,237,733,312.00 3,003,977,134.00 7.78% 3,086,428,618.00
（RMB）
Guangdong Electric Power Development Co., Ltd. 2015 Annual Report
Net profit after deducting of
non-recurring gain/loss attributable
2,953,985,089.00 3,113,672,193.00 -5.13% 3,199,745,325.00
to the shareholders of listed
company（RMB）
Cash flow generated by business
10,442,437,145.00 8,392,794,644.00 24.42% 9,709,896,440.00
operation, net（RMB）
Basic earning per
0.62 0.57 8.77% 0.59
share(RMB/Share)
Diluted gains per
0.62 0.57 8.77% 0.59
share(RMB/Share)(RMB/Share)
Net asset earning ratio（%） 14.42% 14.94% -0.52% 17.49%
End of Changed over last year
End of 2015 End of 2013
2014 （％）
Gross assets（RMB） 71,919,934,143.00 69,084,825,852.00 4.10% 67,918,719,035.00
Net assets attributable to
shareholders of the listed company 23,754,596,981.00 21,310,054,597.00 11.47% 19,054,914,050.00
（RMB）
Ⅶ.The differences between domestic and international accounting standards
1．Simultaneously pursuant to both Chinese accounting standards and international accounting standards
disclosed in the financial reports of differences in net income and net assets.
√ Applicable □Not applicable
In RMB
Net profit attributable to the shareholders Net Assets attributable to the
of the listed company shareholders of the listed company
Amount in the Amount in the End of the reporting Beginning of the
reporting period previous period period reporting period
According to CAS 3,237,733,312.00 3,003,977,134.00 23,754,596,981.00 21,310,054,597.00
Items and amount adjusted according to IAS
The difference arising from
recognition of goodwill after
0 0 64,623,000.00 64,623,000.00
merger of enterprises under
the same control
Difference arising from
recognition of land use value -630,000.00 -630,000.00 19,490,000.00 20,120,000.00
after enterprise merger
Influence on minority interests 54,120.00 54,120.00 4,647,859.00 4,593,739.00
Guangdong Electric Power Development Co., Ltd. 2015 Annual Report
According to IAS 3,237,157,432.00 3,003,401,254.00 23,843,357,840.00 21,399,391,340.00
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and
Chinese accounting standards.
□ Applicable √Not applicable
The Company had no difference of the net profit or net assets disclosed in financial report, under either foreign
accounting rules or Chinese GAAP(Generally Accepted Accounting Principles) in the period.
3.Note to the Difference in the Accounting Data based on the Accounting Standards of CAS and IAS.
√ Applicable □ Not applicable
(1).The difference arising from recognition of goodwill after merger of enterprises under the same control and
recognition of land value after enterprise merger.
As required by new Chinese accounting standards, the goodwill formed by the merger of enterprises under the
same control shall not be recognized and capital surplus shall be adjusted. Under IFRS, the golldwill formed by
the merger of enterprises under the same control shall be recognized and equal to the difference between merger
cost and share of fair value of recognizable net assets of the purchased party obtained in merger. Meanwhile, all
assets of the purchased party obtained in merger shall be accounted for according to their fair value while such
assets shall be accounted for according to their book value according to original Chinese accounting standards for
business enterprises. Therefore, this difference will continue to exist.
(2). Influence on minority interests
Housing reform loss occurred to the Company and some holding subsidiaries. Therefore, there’s some influence
on minority interests.
Ⅷ.Main Financial Index by Quarters
In RMB
First quarter Second quarter Third quarter Fourth quarter
Operating income 6,068,031,708.00 6,843,521,524.00 6,776,239,369.00 6,036,018,215.00
Net profit attributable to the
758,001,796.00 962,993,219.00 919,135,346.00 597,602,951.00
shareholders of the listed company
Net profit after deducting of
non-recurring gain/loss attributable
627,568,982.00 888,807,540.00 908,409,117.00 529,199,450.00
to the shareholders of listed
company
Net Cash flow generated by
2,652,328,931.00 3,049,851,503.00 2,887,723,950.00 1,852,532,761.00
business operation
Whether significant variances exist between the above financial index or the index with its sum and the financial
index of the quarterly report as well as semi-annual report index disclosed by the Company.
□ Yes √No
Guangdong Electric Power Development Co., Ltd. 2015 Annual Report
Ⅸ.Items and amount of non-current gains and losses
√Applicable □Not applicable
In RMB
Items Amount (2015) Amount (2014) Amount (2013) Notes
Mainly for oil shale
Non-current asset disposal Company and
gain/loss(including the write-off part for 238,178,694.00 -57,685,202.00 -27,133,645.00 Binliangjiang
which assets impairment provision is made) Company equity
disposal profits
Govemment subsidy recognized in current
gain and loss(excluding those closely related
16,112,458.00 20,895,756.00 17,577,691.00
to the Company’s business and granted
under the state’s policies)
Gains and losses from exchange of
21,977,012.00
non-monetary assets
Asset impairment provisions due to acts of
-101,877,473.00
God such as natural disasters
Gain/loss from change of fair value of
transactional financial asset and liabilities,
and investment gains from disposal of
transactional financial assets and liabilities 808,317.00
and sellable financial assets other than valid
period value instruments related to the
Company’s common businesses.
Switch back of provision for depreciation of
account receivable which was singly taken 20,790.00 1,623,216.00 4,737,368.00
depreciation test.
Gain/loss on loans obtained by entrust
