GuangdongElectricPowerDevelopmentCo.,Ltd. 2019AnnualReport April2020 I.ImportantNotice,TableofContentsandDefinitions TheBoardofDirectors,SupervisoryCommittee,Directors,SupervisorsandSeniorExecutivesoftheCompanyherebyguaranteesthattherearenomisstatement,misleadingrepresentationorimportantomissionsinthisreportandshallassumejointandseveralliabilityfortheauthenticity,accuracyandcompletenessofthecontentshereof.Mr.WangJin,TheCompanyleader,Mr.LiuWei,ChieffinancialofficerandtheMr.MengFei,thepersoninchargeoftheaccountingdepartment(thepersoninchargeoftheaccounting)herebyconfirmtheauthenticityandcompletenessofthefinancialreportenclosedinthisAnnualreport.OtherdirectorsattendingtheMeetingforannualreportdeliberationexceptforthefollowed: Thenameofdirectorwhodidnotattendthemeetinginperson | Thenameofdirectorwhodidnotattendthemeetinginperson | Positions | Reason | Thenameofdirectorwhowasauthorized | | ChenZe | Director | Duetobusiness | WangJin |
Thisannualreportinvolvestheforecastingdescriptionsuchasthefutureplans,anddoesnotconstitutetheactualcommitmentsofthecompanytotheinvestors.Investorsandstakeholdersshouldallmaintainsufficientawarenessofrisksforthisandunderstandthedifferencesbetweenplans,forecastsandcommitments.TheCompanyismainlyengagedinthermalpowergeneration.Thebusinessofthermalpowergenerationisgreatlyaffectedbyfactorsincludingelectricpowerdemandandfuelprice.RefertoSectionIX(4)ofChapter4ofthisannualreport-situationfacedandcountermeasuresforrelevantinformation.ThepreplanprofitdistributionoftheCompanydeliberatedandapprovedbytheBoardis:Totalshareofof5,250,283,986forBaseontheCompany‘stotalsharecapital,theCompanywoulddistributecashdividendtoalltheshareholdersattherateofCNY1.2forevery10shares(withtaxinclusive)，with0bonusshares（includingtax）,andnotconvertingcapitalreserveintosharecapital. TableofContents I.ImportantNotice,TableofcontentsandDefinitionsII.BasicInformationoftheCompanyandFinancialindexIII.OutlineofCompanyBusinessIV.Management’sDiscussionandAnalysisV.ImportantEventsVI.ChangeofsharecapitalandshareholdingofPrincipalShareholdersVII.SituationofthePreferredSharesVIII.InformationaboutconvertiblecorporatebondsIX.InformationaboutDirectors,SupervisorsandSeniorExecutivesX.AdministrativestructureXI.CorporateBondXII.FinancialReportXIII.Documentsavailableforinspection I.ImportantNotice,TableofContentsandDefinitions............................................................................................................................. II.BasicInformationoftheCompany....................................................................................................................................................... IV.Management’sDiscussionandAnalysis............................................................................................................................................ VII.SituationofthePreferredShares...................................................................................................................................................... VIIIInformationaboutconvertiblecorporatebonds............................................................................................................................... IX.InformationaboutDirectors,SupervisorsandSeniorExecutives..................................................................................................... X.Administrativestructure...................................................................................................................................................................... XII..FinancialReport............................................................................................................................................................................ XIII.Documentsforreference............................................................................................................................................................... Termstobedefined | Termstobedefined | Refersto | Definition | | GuangdongEnergyGroup | Refersto | GuangdongEnergyGroupCo.,Ltd. | | GuangqianCompany | Refersto | ShenzhenGuangqianElectricPowerCo.,Ltd. | | BoheCompany | Refersto | GuangdongYudeanBoheCoal&ElectricityCo.,Ltd | | DapuCompany | Refersto | GuangdongDapuPowerGenerationCo.,Ltd. | | WindPowerCompany | Refersto | GuangdongWindPowerCo.,Ltd. | | LincangCompany | Refersto | LincangYudeanEnergyCo.,Ltd. | | QujieWindPowerCompany | Refersto | GuangdongYudeanQujieWindPowerGenerationCo.,Ltd. | | ElectricPowerSalesCompany | Refersto | GuangdongYudeanElectricPowerSalesCo.,Ltd. | | AnxinElectricInspection&InstallationCompany | Refersto | GuangdongYudeanAnxinElectricInspection&InstallationCo.,Ltd | | TongdaoWindPowerCompany | Refersto | TongdaoYuexinWindPowerGenerationCo.,Ltd. | | ZhongyueCompamy | Refersto | ZhanjiangZhongyueEnergyCo.,Ltd. | | YuejiangCompany | Refersto | GuangdongShaoguanYuejiangPowerGenerationCo.,Ltd. | | YonganNaturalGasCompany | Refersto | GuangdongYudeanYonganNaturalGasThermalPowerCo.,Ltd. | | LeizhouWindPowerCompany | Refersto | GuangdongYudeanLeizhouWindPowerGenerationCo.,Ltd. | | ZhanjiangCompany | Refersto | ZhanjiangElectricPowerCo.,Ltd. |
ZhanjiangWindPowerCompany | ZhanjiangWindPowerCompany | Refersto | GuangdongYudeanZhanjiangWindPowerCo.,Ltd. | | HuizhouNaturalGasCompany | Refersto | GuangdongHuizhouNaturalGasPowerCo.,Ltd. | | ZhennengCompany | Refersto | MaomingZhennengThermalPowerCo.,Ltd. | | JinghaiCompany | Refersto | GuangdongYudeanJinghaiPowerCo.,Ltd. | | RedBayCompany | Refersto | GuangdongRedBayPowerCo.,Ltd. | | HuaduNaturalGasCompany | Refersto | GuangdongHuaduNaturalGasTThermalPowerCo.,Ltd. | | HumenPowerCompany | Refersto | GuangdongYudeanHumenPowerCo.,Ltd. | | YuejiaCompany | Refersto | GuangdongYuejiaElectricPowerCo.,Ltd. | | PinghaiPowerPlant | Refersto | GuangdongHluizhouPinghaiPowerCo.,Ltd. | | PingdianIntegratedEnergyCompany | Refersto | HuizhouPingdianIntegratedEnergyCo.,Ltd. | | ZhenchengIntegratedEnergyCompany | Refersto | GuangdongYudeanZhenchengIntegratedEnergyCo.,Ltd. | | BinhaiwanEnergyCompany | Refersto | GuangdongYudeanBinhaiwanEnergyCo.,Ltd. | | DianbaiWindPowerCompany | Refersto | GuangdongYudeanDianbaiWindPowerCo.,Ltd. | | YangjiangWindPowerCompany | Refersto | GuangdongYudeanYangjiangOffshoreWindPowerCo.,Ltd. | | HepingWindPowerCompany | Refersto | GuangdongYudeanHepingWindPowerCo.,Ltd. | | PingyuanWindPowerCompany | Refersto | GuangdongYudeanPingyuanWindPowerCo.,Ltd. | | ZhuhaiWindPowerCompany | Refersto | GuangdongYudeanZhuhaiOffshoreWindPowerCo.,Ltd. | | WuxuanWindPowerCompany | Refersto | GuangxiWuxuanYudeanNewEnergyCo.,Ltd. | | XupuWindPowerCompany | Refersto | HunanXupuYuefengNewEnergyCo.,Ltd. | | ShibeishanWindPower | Refersto | GuangdongYudeanShibeishanWindEnergyDevelopmentCo.,Ltd. | | HuilaiWindPowerCompany | Refersto | HuilaiWindPowerGenerationCo.,Ltd. | | YudeanIndustryFuelCompany | Refersto | GuangdongPowerIndustryFuelCo.,Ltd. | | YudeanInsuranceCaptiveCompany | Refersto | GuangdongYudeanPropertyInsuranceCaptiveCo.,Ltd. | | ShanxiEnergyCompany | Refersto | ShanxiYudeanEnergyCo.,Ltd. |
YudeanShippingCompany | YudeanShippingCompany | Refersto | GuangdongYudeanShippingCo.,Ltd. | | YudeanWesternInvestmentCompany | Refersto | GuangdongYudeannHoldingsWesternInvestmentCo.,Ltd. | | GuangdongEnergyFinanceCompany | Refersto | GuangdongEnergyGroupFinanceCo.,Ltd.(formerly"GuangdongYudeanFinanceCo.,Ltd."renamedonMarch10,2020) | | GuohuaTaishanCompany | Refersto | GuangdongGuohuaYudeanTaishanPowerGenerationCo.,Ltd. | | WeixinEnergyCo.,Ltd. | Refersto | YunnanYuntouWeixinEnergyCo.,Ltd. | | Zhongxinkenghydropowerstation | Refersto | YangshanZhongxinkengPowerCo.,Ltd. | | Jiangkenghydropowerstation | Refersto | YangshanJiangkenghydropowerstation | | SouthernOffshorewindpower | Refersto | SouthernOffshorewindpowerUnionDevelopmentCo.,Ltd. | | SunshineInsurance | Refersto | SunshineInsuranceGroupCo.,Ltd. | | ShenzhenCapital | Refersto | ShenzhenCapitalGroupCo.,Ltd. | | GMG | Refersto | GMGInternationalTenderingCo.,Ltd. | | ShenzhenEnergy | Refersto | ShenzhenEnergyGroupCo.,Ltd. | | ShenergyCompany | Refersto | ShenergyCompanyLimited |
II.BasicInformationoftheCompany 1.Companyinformation Stockabbreviation | Stockabbreviation | YueDianLiA,YueDianLiB | Stockcode | 000539,200539 | | Stockexchangeforlisting | ShenzhenStockExchange | | NameinChinese | 广东电力发展股份有限公司 | | AbbreviationofRegisteredCompanyNameinChinese(Ifany) | 粤电力 | | Englishname(Ifany) | GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD | | Englishabbreviation(Ifany) | GED | | LegalRepresentative | WangJin | | Registeredaddress | 33-36/F,SouthTower,YudeanPlaza,No.2TianheRoadEast,Guangzhou,GuangdongProvince | | PostalcodeoftheRegisteredAddress | 510630 | | OfficeAddress | 33-36/F,SouthTower,YudeanPlaza,No.2TianheRoadEast,Guangzhou,GuangdongProvince | | Postalcodeoftheofficeaddress | 510630 | | InternetWebSite | http://www.ged.com.cn | | E-mail | ged@ged.com.cn |
Ⅱ.Contactpersonandcontactmanner | Boardsecretary | SecuritiesaffairsRepresentative | | Name | LiuWei | QinXiao | | Contactaddress | 35/F,SouthTower,YudeanPlaza,No.2TianheRoadEast,Guangzhou,GuangdongProvince | 36/F,SouthTower,YudeanPlaza,No.2TianheRoadEast,Guangzhou,GuangdongProvince | | Tel | (020)87570276 | (020)87570251 | | Fax | (020)85138084 | (020)85138084 | | E-mail | liuw@ged.com.cn | qinxiao@ged.com.cn |
Ⅲ.Informationdisclosureandplaced | NewspapersselectedbytheCompanyforinformationdisclosure | ChinaSecuritiesDaily,SecuritiesTimesandHongKongCommercialDaily(overseasnewspaperforEnglishversion) | | InternetwebsitedesignatedbyCSRCforpublishingtheAnnualreportoftheCompany | http://www.cninfo.com.cn | | TheplacewheretheAnnualreportispreparedandplaced | AffairDept.OftheBoardofdirectorsoftheCompany |
Ⅳ.ChangesinRegistration OrganizationCode | OrganizationCode | 91440000617419493W | | Changesinprincipalbusinessactivitiessincelisting(ifany) | Nochange | | Changesisthecontrollingshareholderinthepast(isany) | Nochange |
Ⅴ.OtherRelevantInformationCPAsengaged | NameoftheCPAs | PWCCertifiedPublicAccountants(specialgeneralpartnership) | | Officeaddress | 11/F,PricewaterhouseCoopersCenter,2CorporateAvenue202HuBinRoad,HuangpuDistrict,Shanghai | | NamesoftheCertifiedPublicAccountantsasthesignatories | WangBin,LiYanhua |
ThesponsorperformingpersistantsupervisiondutiesengagedbytheCompanyinthereportingperiod. □Applicable√NotApplicableTheFinancialadvisorperformingpersistantsupervisiondutiesengagedbytheCompanyinthereportingperiod □Applicable√NotApplicableⅥ.SummaryofAccountingdataandFinancialindexIndicatebytickmarkwhetherthereisanyretrospectivelyrestateddatuminthetablebelow. □Yes√No | 2019 | 2018 | Changedoverlastyear（％） | 2017 | | Operatingincome（RMB） | 29,360,155,150 | 27,408,514,178 | 7.12% | 26,643,792,057 | | Netprofitattributabletotheshareholdersofthelistedcompany（RMB） | 1,146,767,033 | 474,461,997 | 141.70% | 743,180,431 | | Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany（RMB） | 1,069,396,196 | 412,062,957 | 159.52% | 718,454,119 | | Cashflowgeneratedbybusinessoperation,net（RMB） | 8,272,683,112 | 5,999,936,356 | 37.88% | 3,676,034,503 | | Basicearningpershare(RMB/Share) | 0.22 | 0.09 | 144.44% | 0.14 | | Dilutedgainspershare(RMB/Share) | 0.22 | 0.09 | 144.44% | 0.14 | | Netassetearningratio（%） | 4.77% | 2.02% | 2.75% | 3.16% | | Endof2019 | Endof2018 | Changedoverlastyear（％） | Endof2017 | | Grossassets（RMB） | 75,472,027,123 | 73,329,662,306 | 2.92% | 71,007,415,323 | | Netassetsattributabletoshareholdersofthelistedcompany（RMB） | 26,178,241,077 | 24,227,302,288 | 8.05% | 23,695,190,653 |
Ⅶ.Thedifferencesbetweendomesticandinternationalaccountingstandards1．SimultaneouslypursuanttobothChineseaccountingstandardsandinternationalaccountingstandardsdisclosedinthefinancialreportsofdifferencesinnetincomeandnetassets. √Applicable□Notapplicable InRMB Netprofitattributabletotheshareholdersofthe listedcompany | Netprofitattributabletotheshareholdersofthelistedcompany | NetAssetsattributabletotheshareholdersofthelistedcompany | | Amountinthereportingperiod | Amountinthepreviousperiod | Endofthereportingperiod | Beginningofthereportingperiod | | AccordingtoCAS | 1,146,767,033 | 474,461,997 | 26,178,241,077 | 24,227,302,288 | | ItemsandamountadjustedaccordingtoIAS | | Thedifferencearisingfromrecognitionofgoodwillaftermergerofenterprisesunderthesamecontrol | -25,984,223 | 0 | 38,638,777 | 64,623,000 | | Differencearisingfromrecognitionoflandusevalueafterenterprisemerger | -630,000 | -630,000 | 16,970,000 | 17,600,000 | | Influenceonminorityinterests | 54,120 | 54,120 | 4,864,339 | 4,810,219 | | AccordingtoIAS | 1,120,206,930 | 473,886,117 | 26,238,714,193 | 24,314,335,507 |
2.DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasandChineseaccountingstandards. □Applicable√NotapplicableTheCompanyhadnodifferenceofthenetprofitornetassetsdisclosedinfinancialreport,undereitherforeignaccountingrulesorChineseGAAP(GenerallyAcceptedAccountingPrinciples)intheperiod. 3.NotetotheDifferenceintheAccountingDatabasedontheAccountingStandardsofCASandIAS. √Applicable□Notapplicable Ⅷ.MainFinancialIndexbyQuarters InRMB Firstquarter | Firstquarter | Secondquarter | Thirdquarter | Fourthquarter | | Operatingincome | 5,589,715,802 | 7,284,465,448 | 8,646,351,018 | 7,839,622,882 | | Netprofitattributabletotheshareholdersofthelistedcompany | 109,518,462 | 472,050,921 | 757,309,917 | -192,112,267 | | Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany | 109,805,200 | 478,783,717 | 719,277,830 | -238,470,551 | | NetCashflowgeneratedbybusinessoperation | 1,805,095,658 | 1,998,346,143 | 2,970,134,176 | 1,499,107,135 |
Whethersignificantvariancesexistbetweentheabovefinancialindexortheindexwithitssumandthefinancialindexofthequarterlyreportaswellassemi-annualreportindexdisclosedbytheCompany. □Yes√NoⅨ.Itemsandamountofnon-currentgainsandlosses √Applicable□Notapplicable InRMB | Items | Amount(2019) | Amount(2018) | Amount(2017) | Notes | | Non-currentassetdisposalgain/loss(includingthewrite-offpartforwhichassetsimpairmentprovisionismade) | 20,503,424 | 1,572,097 | -4,720,404 | ItwasmainlyYonganThermoelectricthatreceived20.51millionyuanincompensationforlanduserightrecovery. | | Governmentsubsidyrecognizedincurrentgainandloss(excludingthosecloselyrelatedtotheCompany’sbusinessandgrantedunderthestate’spolicies) | 33,284,069 | 43,530,965 | 41,344,595 | Variousgovernmentsubsidiesreceivedbybranchcompaniesandsubsidiaries. | | Switchbackofprovisionfordepreciationofaccountreceivablewhichwassinglytakendepreciationtest. | 48,647,647 | | | Thecreditor'srightsinvestmentof48.64millionyuanthathasbeenaccruedforimpairmentlossesforGuangdongInternationalTrustandInvestmentCompanywasrecovered. | | Accordingtotax,accountingandotherlaws,regulations,therequirementsofthecurrentGain/lossforaone-timeadjustmentoftheimpactofthecurrentGain/loss; | -4,449,214 | -12,679,505 | | | | Netamountofnon-operatingincomeandexpenseexcepttheaforesaiditems | 5,674,806 | 62,976,212 | 6,502,013 | | | Othernon-recurringGains/lossitems | | | -7,274,913 | |
Less:.Amountofinfluenceofincometax | Less:.Amountofinfluenceofincometax | 26,385,663 | 25,191,469 | 10,104,459 | | | Less:Amountofinfluenceofminorityinterests | -95,768 | 7,809,260 | 1,020,520 | | | Total | 77,370,837 | 62,399,040 | 24,726,312 | -- |
FortheCompany’snon-recurringgain/lossitemsasdefinedintheExplanatoryAnnouncementNo.1oninformationdisclosureforCompainesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationDisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason. □Applicable√NotapplicableNoneofNon-recurringgain/lossitemsrecorgnizedasrecurringgain/loss/itemsasdefinedbytheinformationdisclosureexplanatoryAnnouncementNo.1-Non–recurringgain/lossinthereportperiod. III.OutlineofCompanyBusiness Ⅰ.MainBusinesstheCompanyisEngagedinDuringtheReportPeriodTheCompanymainlyengagesintheinvestment,constructionandoperationmanagementofpowerprojects,andtheproductionandsalesofelectricpower.Itbelongstothepower,heatproductionandsupplyindustryclassifiedinthe“GuidelinesfortheIndustryClassificationofListedCompanies”bytheChinaSecuritiesRegulatoryCommission.Sinceitsfoundation,theCompanyhasalwaysadheredtothebusinesstenetof“Capitalfromthepeople,usingitforelectricity,andbenefitingthepublic”andadherestothebusinesspolicyof“Centeringonthemainbusinessofelectricity,withdiversifieddevelopment”,focusingonthemainbusinessofpowerandmakingthepowerstructuregodiversified.Inadditiontothedevelopment,constructionandoperationoflarge-scalecoal-firedpowerplants,italsohascleanenergyprojectssuchasLNGpowergeneration,windpowergenerationandhydropowergeneration,whichprovidesreliableandcleanenergytousersthroughthegridcompany.AsofDecember31,2019,thecontrollableinstalledcapacityis21.005millionkilowatts,wherethecontrollableinstalledcapacityofcoal-burningpowergeneration,LNGgenerationandrenewableenergygenerationlikewindpowerandhydropoweris16.716millionkilowatts,3.72millionkilowattsand569,000kilowattsrespectively.Inaddition,thecompanyisentrustedwithmanagingtheinstalledcapacityof10.223millionkilowatts.Incomesourceisprimarilycontributedbypowerproductionandsales,andmainbusinessincomeisderivedfromGuangdongProvince.ThecompanyelectricitysalespriceissubjecttothebenchmarkpriceverifiedbythepriceauthorityperrelevantpoliciesbasedonNationalDevelopmentandReformCommission(NDRC)andtheelectricitytransactionpricethroughthemarkettradeimplementationperGuangdongElectricityMarketTradeBasicRulesandsupportingfiles.Inthereportingperiod,theelectricitysoldis71.175billionkilowatt-hours,anincreaseof0.27%YOY;averagepricestatedintheconsolidatedstatementsis463.49Yuan/thousandskilowatt-hours(taxincluded,thesamebelow),YOYgrowthof20.52Yuan/thousandskilowatt-hours;thetotaloperatingincomewasRMB29,360.1552million,anincreaseofRMB1,951.641millionoranincreaseof7.12%YOY.Thecompany'sbusinessisdominatedbycoal-firedpowergeneration,andthefuelcostsaccountforalargeportionofoperatingcosts,thusthefluctuationsincoalpriceshaveasignificantimpactonthecompany'soperatingperformance.Duringthereportingperiod,affectedbytheincreaseinpowergenerationandthecontinuousincreaseincoalprices,thecompany’sfuelcostswere17,604.8222millionyuan,whichaccountedfor 71.91%ofthemainbusinesscosts;Affectedbythefallinelectricityandcoalprices,adecreaseof333.6828millionyuanoradecreaseof1.86%overthesameperiodoflastyear.Duringthereportingperiod,thecompany'sgrossprofitonpowergenerationandnetprofitattributabletoitsparentincreasedsignificantlyyearonyearduetothecombinedeffectsofincreasedpowerconsumptionongrid,thedeclineincoalprices,thenarrowingoftradingspreadsintheelectricitymarket,taxandfeereductionpolicydividends,andeffectivecostcontrol,theCompanyachievedanetprofitof1,146.767millionyuanattributabletotheparentcompanyforthewholeyear,aYOYincreaseof141.70%. Ⅱ.MajorChangesinMainAssets 1.MajorChangesinMainAssets 2.MainConditionsofOverseasAssets □Applicable√NotapplicableIII.AnalysisOncoreCompetitiveness 1.ThelargestlistedcompanyofpowerinGuangdongheCompany'smainpowergenerationassetsarelocatedinGuangdongProvince,withatotalassetsizeofmorethan75billion.ItisthelargestlistedcompanyofpowerinGuangdongProvince.Bytheendof2019,Thecompany'scontrollableinstalledcapacityandentrustedmanagedinstalledcapacitytotaled31.228millionkilowatts,accountingforabout25%ofthetotalinstalledcapacityofGuangdongProvince. 2.StrongbackgroundandresourceadvantagesAsaprovincialkeyenergyenterprise,GuangdongEnergyGroup,thecontrollingshareholderofthecompany,hasbeenactivelysupportingthedevelopmentandexpansionofthecompanybytakingadvantageofitsresources,technologyandassetscale.AsthemainforceofGuangdong'senergyresources,thecompanyhasalwaysbeensubordinatedtoservingtheoverallsituationofthereformanddevelopmentofGuangdongProvinceandGuangdongEnergyGroup.Ithasdeeplycultivatedthemainpowerindustry,fullyplayedthevaluediscoveryfunctionandresourceallocationfunctionofthecapitalmarket,andassistedthereformanddevelopmentofGuangdongProvince'senergyresources. 3.ComprehensiveadvantagesofmainbusinessThecompany's13thFive-YearPlanhasdeterminedtheoverallstrategyoftakingpowergenerationasitscorebusiness,optimizingthedevelopmentofcoalandelectricity,steadilydevelopinggasandelectricity,vigorouslydevelopingcleanenergysourcessuchaswindpowerandhydropower,continuouslyoptimizingthepowersupplystructure,andinsistingonhighefficiency,cleannessandlowcarbon.Thecompanyhasabundantprojectreservesandbroaddevelopmentprospects,withabout10,000,000kilowattsoftotalinstalledcapacityofthermalpowergeneration,onshorewindpower,offshorewindpowerandotherpowerprojectscurrentlyunderconstructionandintheearlystage,clearmainbusiness,reasonablestructure,prominentindustrialpositionandmarketshare,andstrongcomprehensivestrengthandbroaddevelopmentprospects. 4.CompetitiveadvantageinelectricitymarketThecompany'sgeneratorsethashighparameters,largecapacity,highoperationefficiency,lowcoalconsumption,stableoperation,superiorenvironmentalprotectionperformanceandstrongmarketcompetitiveadvantage.In2019,thecompanycompletedatotalof46.302billionkilowatt-hoursofelectricityinthemarket,andthescaleofelectricitysalescontinuedtorankfirstintheprovince,withelectricitysalespricessuperiortotheprovince'saverage.Thecompanygivesfullplaytoitsthreeadvantagesofscale,brandandservice.Withitsmarketing Mainassets | Mainassets | Majorchanges | | Equityassets | Nomajorchanges | | Fixedassets | Nomajorchanges | | Intangibleassets | Nomajorchanges | | Constructioninprocess | Nomajorchanges |
servicenetworkallovertheprovinceanditstechnicalaccumulationandcomprehensiveresourcesinthepowerindustry,thecompanyprovidesauxiliaryvalue-addedservicessuchaspeakregulation,frequencymodulationandbackupforthepowergrid,andprovideshigh-qualityvalue-addedservicessuchascomprehensiveenergysavingandpowerconsumptionconsultationforusers,thusrealizingthetransformationfromapowergenerationenterprisetoanenergycomprehensiveserviceenterprise. 5.AdvantageoffinancialresourcesBytheendof2019,thecompany'stotalassetswere75.472billionyuan,netassetswere34.19billionyuan,netassetsattributabletotheparentwere26.178billionyuan,andnetprofitsattributabletotheparentwere1.147billionyuan;Netcashinflowfromoperatingactivitieswas8.273billionyuan,netcashoutflowfrominvestmentactivitieswas4.786billionyuan,andnetcashoutflowfromfinancingactivitieswas3.977billionyuan.Thecompanyhaslargeassets,stableoperatingresults,abundantcashflowandstrongfinancialresources. 6.RegionaldevelopmentadvantagesAsthemainenergysourceinGuangdongProvince,thecompanyshoulderstheimportanttaskofhelpingGuangdongProvincetobuildaclean,low-carbon,safeandefficientmodernenergysystem.ThecompanywillactivelyintegrateintotheconstructionofGuangdong-HongKong-MacaoGreaterBayArea,Shenzhen'sadvanceddemonstrationzoneandthedevelopmentofGuangdong's"onecore,onebeltandonearea".Itwillsteadilypushforwardtheconstructionofkeyenergyprojectsandthedevelopmentofnewenergyresourcesintheprovinceandactivelyseektoexpandintoregionswithbetterresourceconditionsandhigherpowerdemand. IV.Management’sDiscussionandAnalysis Ⅰ.GeneralIn2019,theelectricityconsumptionofthewholesocietyinGuangdongProvincewas669.2billionkilowatt-hours,withayear-on-yearincreaseof5.8%,andagrowthratedroppedsomewhatyearonyear.InfluencedbysuchfactorsastheaboveplannedincreaseinWesternPower,theyear-on-yearincreaseinnuclearpowerinstallations,andtheincreaseinelectricityfromrenewableenergysourcessuchashydropowerintheprovince,theonlineelectricityconsumptionofGuangdong'sunifiedthermalpowerunitsdecreasedby2%yearonyear.In2019,Guangdongreceived202.1billionkilowatt-hoursofelectricityfromtheWest,withayear-on-yearincreaseof 5.1%andextradeliverythantheplanby31.6billionkilowatt-hours;Intermsofinstalledcapacity,atotalof5.824millionkilowattsofnuclearandthermalpowerunitswerenewlyputintooperationoutsidetheprovince'ssystem,withthenewlyaddedcapacityaccountingfor4.60%ofthetotal.Basedontheabovefactors,thecompany'scoal-firedpowergenerationutilizationhoursintheprovincewere4,030hours,andthecoal-firedpowerconsumptionwas58.679billionkilowatt-hours,withayear-on-yeardecreaseof5.71%,whilethegas-firedpowerconsumptionwas11.378billionkilowatt-hours,withayear-on-yearincreaseof48%,ofwhichHuizhouLNGPhaseIIunitscontributed4.466billionkilowatt-hours.In2019,thescaleofmarket-orientedtransactionsinGuangdongProvincecontinuedtoexpand,withatotalof 214.94billionkilowatt-hoursoftransactionsandamarketpowerof195.86billionkilowatt-hours,up26%yearonyear.Theprimarymarket(annualbilateralnegotiation,annualcentralizedcompetitionandmonthlycentralizedcompetition)hadatotaltransactionvolumeof195.03billionkilowatt-hours,withayear-on-yearof24.1%,andanaveragetransactionvolumedifferenceof-40.2%perkilowatthour;Inthesecondarymarket(transferofpowergenerationcontracts),thetotalamountofelectricitysoldwas19.91billionkilowatt-hours,withanaveragetransactionpriceof0.3255yuan/kilowatt-hours.Thetotalamountofelectricitytradedinthecompany'smarketwas46.302billionkilowatt-hours,accountingfor65.05%ofthecompany'sonlineelectricityconsumption,withayear-on-yearincreaseof10.922billionkilowatt-hours.In2019,thecompany'smarket-orientedtradingscaleexpandedandthetradingspreadnarrowedyearonyear.Theaveragepriceofelectricitysoldintheconsolidatedstatementwas463.49yuan/thousandskilowatt-hours(inclusiveoftax,thesamebelow),withayear-on-yearincreaseof20.82yuan/thousandskilowatt-hoursyearonyear,or 4.70%;Meanwhile,theprofitsofthecompany'spowergenerationbusinessincreasedsignificantlyyearonyearduetothecombinedeffectsofthefallinelectricityandcoalprices,thedividendfromtheimplementationofthetaxreductionandfeereductionpolicyandtheeffectivecontrolofvariouscostsandexpensesbythecompany.Underthesituationthattheelectricitybusinessofcoal-firedunitscontinuestobeunderpressure,thecompanycontinuouslystrengthenstheawarenessoffinancialcontrol,makesfulluseoffinancialmanagementmethods,improvesthelevelofcapitalmanagement,ensuresthecompany'scapitaldemandandreducesthecostofcapitaluse.Duringthereportingperiod,fourphasesofultra-shortfinancingweresuccessfullyissued,savingthefinancingcostby26.8422millionyuancomparedwiththebenchmarkloaninterestrateforthesameperiod.Bytheendof2019,thecompany'sconsolidatedstatementhadtotalassetsof75.472billionyuan,withayear-on-yearincreaseof2.92%;Theequityattributabletotheshareholdersoftheparentcompanywas26.178billionyuan,withayear-on-yearincreaseof8.05%.Thecompany'sconsolidatedoperatingincomereached29.36billionyuan,withayear-on-yearincreaseof7.12%;Netprofitattributabletoshareholdersoftheparentcompany was1.147billionyuan,withayear-on-yearincreaseof141.70%;Earningspersharewere0.22yuan(0.09yuaninthesameperiodlastyear).Accordingtotheconsolidatedstatement,thecompany'sliabilitiestotaled41.282billionyuan,withanasset-liabilityratioof54.70%.In2019,thecompanywillcontinuetooptimizeandadjustthepowersupplystructuretofurtherincreasetheproportionofcleanenergysuchaswindpowerandnaturalgaspowergeneration.Unit#6ofHuizhounaturalgaspowergenerationprojectunderconstructionisputintocommercialoperation,increasingthecontrollableinstalledcapacityby460,000kilowatts.Bytheendof2019,thecompanyhasacontrollableinstalledcapacityof21.005millionkilowatts,withayear-on-yearincreaseof0.4%,ofwhichcleanenergyaccountfor20.4%from18%attheendof2018.In2019,thecompanywillresolutelyimplementtherequirementsofstructuralreformonthesupplyofthepowerindustry,adheretoaclean,low-carbon,safeandefficientenergydevelopmentstrategy,firmlygraspthedevelopmentopportunitiesofGuangdong-HongKong-MacaoGreaterBayArea,theconstructionofShenzhen'sadvanceddemonstrationzoneandtheprovincialgovernment'sproposaltobuilda"onecore,onebeltandonearea"andcontinuouslyoptimizethepowersupplystructureandassetstructure.HuizhouNaturalGasPhaseIIUnit#6wasputintooperationforpowergeneration,ZhanjiangWailuooffshorewindturbineswereconnectedtothegridoneafteranother,majorbreakthroughsweremadeinBoheprojectconstructionandprojectapproval,DongguanNingzhougasandelectricityprojectwasaccelerated,andthepowersupplystructurewascontinuouslyoptimized.In2019,thecompanyimplementedtheGuidelinesfortheGovernanceofListedCompaniesandtherelatedrequirementoftheCSRConimprovingthequalityoflistedcompanies,earnestlyimplementedprudentmanagement,abodebylawsandregulations,emphasizeitscorebusiness,respectedinvestors,continuouslyimprovedthelevelofcorporategovernanceandenhancedthedevelopmentqualityoflistedcompanies.Theboardofdirectorsorganized3on-sitemeetingsand6communicationmeetings,andcompletedtheexaminationandapprovalof53proposalsbytheboardofdirectors.Thetopicscoveredincluderegularreports,internalcontrolevaluation,comprehensiveriskmanagement,profitdistributionplan,majorinvestmentandfinancing,majorrelatedtransactions,andimportantpersonnelappointmentandremoval.Allproposalswereadoptedandeffectivelyimplemented.Theboardofdirectorsalsoconvenedfiveshareholders'meetings,andall19proposalssubmittedtotheshareholders'meetingfordeliberationwereadoptedandeffectivelyimplemented.Thecompanysuccessfullycompletedthepreparationanddisclosureofperiodicreportsandtemporaryannouncements,andissued102announcementsthroughouttheyear.Theinformationdisclosurehasbeenevaluatedas"A"byShenzhenStockExchangeforsixconsecutiveyears.Ⅱ.Mainbusinessanalysis 1.GeneralRefertorelevantcontentsof“1.Summarization”in“DiscussionandAnalysisofManagement”. 2.Revenueandcost (1)ComponentofBusinessIncome InRMB 2019 | 2019 | 2018 | Increase/decrease |
Amount | Amount | Proportion | Amount | Proportion | | | Totaloperatingrevenue | 29,360,155,150 | 100% | 27,408,514,178 | 100% | 7.12% | | OnIndustry | | Electricpower,Steamsalesandlaborincome | 29,018,275,346 | 98.84% | 27,125,955,662 | 98.97% | 6.98% | | Other | 341,879,804 | 1.16% | 282,558,516 | 1.03% | 20.99% | | Onproducts | | SalesElectricPower | 28,811,365,634 | 98.13% | 26,949,774,763 | 98.33% | 6.91% | | Laborincome | 69,773,643 | 0.24% | 50,148,277 | 0.18% | 39.13% | | Steamincome | 137,136,069 | 0.47% | 126,032,622 | 0.46% | 8.81% | | Comprehensiveutilizationofflyash | 270,692,961 | 0.92% | 240,230,510 | 0.88% | 12.68% | | Salesmaterialincome | 2,246,472 | 0.01% | 1,324,637 | 0% | 69.59% | | Leaserevenue | 25,092,388 | 0.08% | 20,343,421 | 0.07% | 23.34% | | Other | 43,847,983 | 0.15% | 20,659,948 | 0.08% | 112.24% | | Area | | Guangdong | 29,299,674,022 | 99.79% | 27,333,587,477 | 99.73% | 7.19% | | Yunnan | 60,481,128 | 0.21% | 74,926,701 | 0.27% | -19.28% |
(2)SituationofIndustry,ProductandDistrictOccupyingtheCompany’sBusinessIncomeandOperatingProfitwithProfitover10% √Applicable□Notapplicable InRMB | Turnover | Operationcost | Grossprofitrate(%) | Increase/decreaseofrevenueinthesameperiodofthepreviousyear(%) | Increase/decreaseofbusinesscostoverthesameperiodofpreviousyear(%) | Increase/decreaseofgrossprofitrateoverthesameperiodofthepreviousyear(%) | | OnIndustry | | Electricpower,Steamsalesandlaborincome | 29,018,275,346 | 24,468,499,397 | 15.68% | 6.98% | 0.96% | 5.03% | | OnProducts | | SalesElectricPower | 28,811,365,634 | 24,303,147,059 | 15.65% | 6.91% | 0.85% | 5.75% | | Area | | Guangdong | 29,299,674,022 | 24,420,530,698 | 16.65% | 7.19% | 0.96% | 5.14% |
Undercircumstancesofadjustmentinreportingperiodforstatisticscopeofmainbusinessdata,adjustedmainbusinessbasedonlatestonyear’sscopeofperiod-end. □Applicable√Notapplicable (3)WhethertheCompany’sPhysicalSalesIncomeExceededServiceIncome √Yes□No Classification | Classification | Items | Unit | 2019 | 2018 | Changes | | Electricpower,thermalproductionandsupply | Salesvolume | Billionkwh | 71.175 | 70.984 | 0.27% | | Production | Billionkwh | 75.283 | 75.123 | 0.21% |
Explanationforayear-on–yearchangeofover30% □Applicable√Notapplicable (4)DegreeofPerformanceoftheSignificantSalesContractSigneduptothisReportPeriod √Applicable□NotapplicableInthereportingperiod,ChinaSouthernPowerGridwasourNo.1client,Itssalesof28.811billionyuantakingupapproximately98.13%ofannualsales.Companyandcompany’sholdingsubsidiarieshadsignedaPowerPurchaseAgreementwithChinaSouthernPowerGridanditsholdingsubsidiariesinaccordancetorelatedprovisions.Bytheendofthereportingperiod,theagreementhadbeenexecutedrightfully. (5)ComponentofbusinesscostIndustryclassification InRMB | Industry | Items | 2019 | 2018 | Increase/Decrease | | Amount | Proportionintheoperatingcosts(%) | Amount | Proportionintheoperatingcosts(%) | | Electricpower,thermalproductionandsupply | Fuelcost | 17,604,822,208 | 71.91% | 17,938,504,997 | 73.98% | -1.86% | | Electricpower,thermalproductionandsupply | Depreciationexpense | 3,676,925,686 | 15.02% | 3,336,322,747 | 13.76% | 10.21% | | Electricpower,thermalproductionandsupply | Laborcost | 1,445,633,763 | 5.91% | 1,386,084,497 | 5.72% | 4.30% | | Electricpower,thermalproductionandsupply | Other | 1,753,322,216 | 7.16% | 1,585,804,339 | 6.54% | 10.56% |
Note TheCompanyisinpowersectorandmainlyengagedinpowergenerationatpresent.Thecostiscomposedoffuelcost,depreciationexpenses,labourcostandotherexpenses.Fuelcostaccountsforabout71.91%oftotalcost.Mainlyaffectedbythefallofelectricityandcoalprices,thefuelcostdecreasedslightlyyearonyear.DuetoaccelerateddepreciationcausedbythedecommissioningofShaAunitandtheproductionofHuizhouNaturalGasPhaseII,QujieWindPowerandLeizhouWindPower,thedepreciationexpensesincreasedby10.21%yearonyear. (6)WhetherChangesOccurredinConsolidationScopeintheReportPeriod √Yes□NoNewSubsidiaryEstablishmentoftheYear Name | Name | Businessplace | Registeredaddress | Nature | Registeredcapital | Proportion(%) | Acquired | | GuangdongYudeanBinhaiwanEnergyCo.,Ltd. | Dongguan,Guangdong | HumenTown,DongguanCity,Guangdong | ElectricPower | 30,000,000 | 100% | Invested |
(7)RelevantSituationofSignificantChangesorAdjustmentoftheBusiness,ProductorServiceintheCompany’sReportPeriod □Applicable√Notapplicable (8)SituationofMainCustomersandMainSupplierInformationoftheCompany’stop5customers | Totalsalesamounttotop5customers(RMB) | 29,171,671,982 | | Proportionofsalestotop5customersintheannualsales(%) | 99.36% | | Proportionofthesalesvolumetothetopfivecustomersinthetotalsalestotherelatedpartiesintheyear | 0.86% |
InformationoftheCompany’stop5customers | No | Name | Amount（RMB） | Proportion | | 1 | GPGC | 28,811,365,634 | 98.13% | | 2 | GuangdongEnergyGroupCo.,Ltd. | 253,674,224 | 0.86% | | 3 | HuizhouHuilingChemicalCo.,Ltd. | 47,037,233 | 0.16% | | 4 | HuizhouYuxinChemicalCo.,Ltd. | 35,436,408 | 0.12% | | 5 | DongguanDejinEnergyTechnologyCo.,Ltd. | 24,158,483 | 0.08% | | Total | -- | 29,171,671,982 | 99.36% |
Otherexplanation: √Applicable□NotapplicableGuangdongEnergyGroupCo.,LtdisthecontrollingshareholderoftheCompany,whichisaconnectedrelationshipwiththeCompany.Principalsuppliers | Totalpurchaseoftop5Suppliers（RMB） | 22,150,698,0001 | | Percentageoftotalpurchaseoftop5suppliersIntotalannualpurchase(%) | 90.05% | | Proportionofpurchaseamountfromthetop5suppliersinthetotalpurchaseamountfromtherelatedpartiesintheyear | 62.69% |
Informationaboutthetop5suppliers | No | Name | Amount（RMB） | Proportion | | 1 | GuangdongEnergyGroupCo.,Ltd. | 15,419,926,669 | 62.69% |
| 2 | ChinaEnergyEngineeringGroupGuangdongElectricPowerDesignInstituteCo.,Ltd. | 5,054,052,559 | 20.55% | | 3 | GuangdongDapengINGCo.,Ltd | 806,602,480 | 3.28% | | 4 | GPEC | 648,040,965 | 2.63% | | 5 | HunanIndustrialEquipmentInstallationCo.,Ltd. | 222,075,328 | 0.90% | | Total | -- | 22,150,698,001 | 90.05% |
Otherexplanation: √Applicable□NotapplicableGuangdongEnergyGroupCo.,LtdisthecontrollingshareholderoftheCompany,whichisaconnectedrelationshipwiththeCompany. 3.Expenses InRMB | 2019 | 2018 | Increase/Decrease(%) | Notes | | Saleexpenses | 43,788,762 | 25,383,861 | 72.51% | Mainlyduetothecompany'saddedfull-timesalesstaffandincreasedbusinesscostscausedbythedeepeningofelectricitymarket. | | Administrationexpenses | 874,640,868 | 688,349,938 | 27.06% | Thisismainlyduetothetotalcostof151millionyuanfortheproductionpreparationofBohePowerPlantandtheincreaseinpersonnel. | | Financialexpenses | 1,230,315,841 | 1,350,485,251 | -8.90% | | | R&Developmentexpenses | 9,703,602 | 5,043,776 | 92.39% | ItismainlyduetotheincreaseinR&Dinvestmentofsubordinateunitsofthecompany. |
4.R&DExpenses √Applicable□Notapplicable | No | Projectcompanyname | Projectname | Purpose | Projectprogress | Targetandinfluence | | 1 | ZhanjiangZhongyueEnergyCo.,Ltd. | PlantAGCloadoptimizationcontrolsystem | Theplant-levelAGCsystemcanenhancetheautonomy,initiativeandcoordinationofthepowerplant,monitorthesafety,economicoperationandrestrictionconditionsofthepowerplantinrealtime,implementpreventionandcorrectioncontrol,andrealizemaximumpoweroutput. | Theprojecthasnotyetbeencompletedandisunderimplementation. | Aftertheoptimalloaddistributionisimplemented,thecoalconsumptioncanbereduced,withobviousadvantagesinenergyconservationandenvironmentalprotection,andoutstandingeconomicbenefits. | | 2 | ZhanjiangZhongyueEnergyCo.,Ltd. | #2boilerbasedonCOmonitoringtechnologyandapplicationsystem | Throughadjustmenttests,theinfluencesofairdistributionmode,oxygenamount,coalmilloperationmode,coalqualityandotherfactorsonthereductiveatmosphereinthewaterwallareaoftheboilerareexplored. | Ithasbeencompletedandwillbeconsolidatedbytheendofthisyear. | ThebalancepointbetweenboilerefficiencyandNOXunderdifferentoperatingconditionsisgrasped. |
| 3 | ZhanjiangZhongyueEnergyCo.,Ltd. | Upgradeandtransformationofdisasterpreparednesssystem | Thecapacityofthecompany'sexistingdisasterrecoverybackupsystemisexpanded. | Ithasbeencompletedandwillbeconsolidatedbytheendofthisyear. | Thedisasterrecoverybackuprequirementsaremetinthenext5years. | | 4 | ZhanjiangZhongyueEnergyCo.,Ltd. | Combustionoptimizationandadjustmenttestfor#1and#2Boilers | Aftertheburnerisreformed,combustionoptimizationadjustmentmustbecarriedouttodeterminetheprimaryandsecondaryairvolume,reasonableexcessaircoefficient,air-coalratio,pulverizedcoalfines,combustioninclinationangleandswirlintensity. | Completed,accountedforinR&Dcosts. | Aftermasteringtheoperationcharacteristicsofeachsystem,thewholesystemistestedunderoptimalconditionsaccordingtothesuggestedadjustmentmethodsineachsub-adjustmentprocesstofindtheoptimaladjustmentmethod. | | 5 | GuangdongYudeanJinghaiPowerGenerationCo.,Ltd. | ResearchandapplicationofkeycontroltechnologyforrapidloadchangeofgeneratorunitsinJinghaiPowerGenerationCompany'sFMmarket | ConventionalPIDcontrolstrategycannotmeetthedemandofthermalpowerunitFMauxiliaryservicemarket,andthepracticalapplicationeffectofvariousadvancedcontrolmethodsisnotobvious,whiletheeffectiveadvancedmachine-boilercoordinationcontroldevicehasmoreadvantagesinFMauxiliaryserviceeffectthantheenergystoragedevice.Themachine-boilercoordinationcontrolmethodcloselymatchedwiththeenergystoragedevice,fullyutilizedtheirrespectiveadvantages,withbettereffect,improvedtheresponsespeedoftheunittoload,andenabledtheunittohavefast,stableandreliableloadchangecapability. | Completed | Theprojectresearchesanddevelopsproductswithcompletelyindependentintellectualpropertyrights,adoptsplug-inadvancedcoordinationcontroldevices,developscoordinationcontrolalgorithmsoftwarematchedwithenergystoragedevices,andprimaryfrequencymodulationalgorithmsoftwarematchedwithenergystoragedevices.Themarketprospectishugeandthebenefitsofachievementtransformationareremarkable. | | 6 | GuangdongYudeanJinghaiPowerGenerationCo.,Ltd. | Researchandapplicationprojectofenergyconsumptionandenergysavingoptimizationforsupercriticalandabovegeneratorsbasedonbenchmarkingmanagement | Theoverallenergy-savingoperationof600NWand1000MWunitsisautomaticallyoptimizedtorealizeautomatictracking,adjustmentandoptimizationoftheunitsunderdifferentloadandfueladjustmentconditions,andtorealizeoptimaloperationoftheunitsundertheexistingequipmentconditions. | Completed50% | Theoverallenergyconsumptionoftheunitissaved,andthecoalconsumptionispreliminarilyestimatedtobemorethan1.5g/kWh,thusrealizingtheenergy-savingoperationoftheunit. | | 7 | GuangdongYudeanJinghaiPowerGenerationCo.,Ltd. | GuangdongEngineeringTechnologyResearchCenterDeclaredServiceProjectsin2019 | Appliedforbiotechnologyengineeringtechnologyresearchcentertoimprovethecompany'sengineeringtechnologyresearchanddevelopmentlevel. | Completed | ObtainedthetitleofGuangdongEngineeringTechnologyResearchCenter,greatlyimprovingthecompany'sscientificandtechnologicalR&Dlevelandinfluence. | | 8 | GuangzhouHuizhouNaturalGasPowerGenerationCo., | TechnicalResearchonMitsubishiM701F3GasTurbineofGuangdong | ThemaintenancetechnologyofMitsubishiM701F3gasturbineisstudied. | Completed | Realizedthelocalizationofrelevanttechnicaloverhaulandreducedoverhaulcost. |
Ltd. | Ltd. | HuizhouNaturalGasPowerGenerationCo.,Ltd.(2018continuedtocarryforwardto2019project) | | | | | 9 | GuangdongRedBayPowerGenerationCo.,Ltd. | Applicationandresearchofnewon-griddetectiontechnologybasedoninnerwalloxidescalestatusinresiduallifeassessmentofhightemperaturetubescreensofNo.3andNo.4boilers | Accordingtotheon-siteinspectionresultsandsamplingexperimentaldata,theinnerwalloxidescalestateevaluation,samplingtubematerialevaluationandcreepresiduallifeevaluationarerespectivelycarriedoutonthetransitionsectiontubesmadeofferriticsteelintheinletandoutletheaderofhightemperatureandhighpressuresuperheater,hightemperatureandhighpressurereheaterandplatensuperheaterintheladleofNo.3andNo.4boilers. | Theon-siteinspectionworkhasbeencompletedin2019,andthesamplingtubelaboratorytestanalysiswillbeconductedin2020. | TheoverheatingdamagestatusofthethreemaintubeplatensuperheatersintheladleofNo.3andNo.4boilersisevaluatedandthecreepresiduallifeisevaluated. | | 10 | GuangdongRedBayPowerGenerastionCo.,Ltd. | Researchandapplicationoneconomyandoperationoptimizationofblendedburningofimportedcoalafterultra-lowtransformation | Theeconomyofblendingfourboilersisdeeplyanalyzed,thecomprehensivecostofblendingimportedcoalisstudied,theprofitspaceiscalculated,andthecoordinatedoptimizationofthewholeblendingprocessisfurtherrealizedtomaximizethecomprehensivebenefits. | The2019projecthasbeencompletedandaccepted. | Realizethecoordinatedoptimizationofthewholeprocessofblendingandsintering,andrealizethemaximizationofcomprehensivebenefits. | | 11 | GuangdongRedBayPowerGenerationCo.,Ltd. | Applicationandresearchofmultidimensionallubricationfailureanalysismethodinfaultdiagnosisofimportantauxiliaryequipment | Themultidimensionallubricationfailureanalysismethodimplementedinthisprojectisbasedonlubricationfailureanalysisandcombinedwithanalysismethodssuchasvibrationanalysis,foreignbodyanalysisandfailurefeatureanalysis,etc.,toconductall-roundanalysisonimportantauxiliaryequipmentfailurescharacterizedbyequipmentlubricationfailure,findoutthecausesofthefailures,assistinprofessionalanalysis,treatmentandresolutionofthefailures,andformulatemaintenanceandresolutionschemesforsimilarfailures. | 50%ofdailyequipmentlubricationtesting,samplingandtestingwithinthebidsectionhavebeencompleted | Throughregularoilmonitoringandlubricationfailureanalysisofimportantauxiliaryequipment,theprojectcandiscoverhiddendangersofequipmentinadvance,analyzeanddealwiththembeforeequipmentfailureoccurs,andavoidoccurrenceorexpansionofdefects.Theimplementationoftheprojectaimstosolvethefaultsofoilstations(lubricatingoilstationsandhydraulicoilstations),gearboxesandimportantbearings,optimizethemaintenancestrategiesofthesethreetypesofequipment,andformulatemaintenanceplansforsimilarequipment,soastoreducetheoccurrenceofrepeateddefectsofequipmentandachievethepurposeofimprovingthereliabilityofequipment |
andreducingmaintenancecosts. | | | | | andreducingmaintenancecosts. | | 12 | GuangdongRedBayPowerGenerationCo.,Ltd. | R&DandapplicationofSCRdynamicpartitionintelligentammoniainjectionsystemforunit3 | DevelopmentandfieldapplicationofSCRdynamicpartitionintelligentammoniainjectionsystem. | Inprogress. | UndertheconditionthatNOxemissionstablyreachesthestandard,thetotalammoniainjectionamountisreducedby10%-15%,andtheammoniaescapeamountiscontrolledtobe≤2ppm | | 13 | GuangdongRedBayPowerGenerationCo.,Ltd. | Applicationandresearchofadvancedcontroltechnologybasedonpredictivecontroltheoryincoordinatedcontrolsystemoflargethermalpowergeneratingunits | ApplicationofadvancedcontrolsysteminUnit1toimproveperformanceindex. | Completed | Itsolvesthedifficultproblemsofpoorregulationperformanceofthecontrolsystemofunit3,pooroperationstabilityoftheunit,largefluctuationofmainsteamtemperatureundervariableloadconditions,largefluctuationofreheatsteamtemperature,mainsteampressuredeviationof1MPa-1.8MPa,etc. | | 14 | GuangdongRedBayPowerGenerationCo.,Ltd. | Adaptivecontrolofcoalmilloutlettemperatureforunits1and2(600MWsupercritical) | Inthisproject,throughoptimizingtheoperationcontrolofthepulverizingsystem,onthepremiseofensuringthesafeoperationoftheunit,theadaptivecontrolsystemautomaticallysetstheoutlettemperatureofthecoalmillaccordingtothedifferentcoaltypestoreducetheexhaustgastemperatureoftheboilerandimprovetheboilerefficiency. | Completed | Accordingtodifferentkindsofcoal,theadaptivecontrolsystemautomaticallysetstheoutlettemperatureofthecoalmilltoreducetheexhausttemperatureoftheboilerandimprove | | 15 | GuangdongRedBayPowerGenerationCo.,Ltd. | Whole-processmonitoringsystemapplicationofsiteequipmentbasedontheIndustrialInternetofThings | Real-timemonitoringdataof3shipunloadersand4stackersandreclaimersaretransmittedthroughwiredandwirelesssystems,collectedandconnectedtoSISsystem,andincorporatedintoearlywarningsystemmanagement. | Completed | Theinventionsolvestheproblemthatmanyimportantauxiliarymachinecontrolsystemssuchasshipunloader,stacker-reclaimer,andcondensatepumparenotprovidedwithstatemonitoringandmeasuringpointsforearlywarning. | | 16 | ShenzhenGuangqianElectricPowerCo.,Ltd. | Studyonmechanismandcontrolmeasuresoffoamgenerationatcirculatingwateroutlet | Professionalresearchandanalysisarecarriedoutonthemechanismofon-sitefoamgeneration,andthemosteffectivefoamcontrolmeasuresaredevelopedtoensuretheenvironmentalprotectionimageandreducethecostofdefoamingagents. | Completed100% | Formulatethemosteffectivefoamcontrolmeasures | | 17 | ShenzhenGuangqianElectricPowerCo.,Ltd. | Feasibilitystudyonupgradingandreformingdistributedcontrolsystem(DCS) | Thefeasibilitystudyontheupgradingandreconstructionofdistributedcontrolsystem(DCS)ofShenzhenQianwanGasTurbinePowerPlantPhaseIProjectiscarriedout,includingthescopeanddepthofupgradingandreconstruction,equipmentselection,etc. | Completed100% | Preparationofpreliminaryfeasibilitystudyandpreliminarydesignfortheproject |
SituationofResearchandDevelopmentInputbytheCompany 2019 | 2019 | 2018 | Increase/Decrease(%) | | NumberofResearchandDevelopmentpersons(persons) | 357 | 303 | 17.82% | | ProportionofResearchandDevelopmentpersons | 4.83% | 4.41% | 0.42% | | AmountofResearchandDevelopmentInvestment(Yuan) | 31,216,857 | 15,319,005 | 103.78% | | ProportionofResearchandDevelopmentInvestmentofOperationRevenue | 0.11% | 0.06% | 0.05% | | AmountofResearchandDevelopmentInvestmentCapitalization(Yuan) | 21,513,254 | 10,275,228 | 109.37% | | ProportionofCapitalizationResearchandDevelopmentInvestmentofResearchandDevelopmentInvestment | 68.92% | 67.08% | 1.84% |
TheReasonoftheProminentChangeinTotalAmountofResearchandDevelopmentInputOccupyingtheBusinessIncomeYearonYear □Applicable√NotapplicableExplanationoftheReasonforSubstantialChangesintheResearchandDevelopmentInput’sCapitalizationRateandItsReasonableness □Applicable√Notapplicable 5.CashFlow InRMB | Items | 2019 | 2018 | Increase/Decrease(%) | | Subtotalofcashinflowreceivedfromoperationactivities | 33,659,185,010 | 31,552,291,981 | 6.68% | | Subtotalofcashoutflowreceivedfromoperationactivities | 25,386,501,898 | 25,552,355,625 | -0.65% | | Netcashflowarisingfromoperatingactivities | 8,272,683,112 | 5,999,936,356 | 37.88% | | Subtotalofcashinflowreceivedfrominvestingactivities | 360,804,825 | 553,123,440 | -34.77% | | Subtotalofcashoutflowforinvestmentactivities | 5,146,772,301 | 3,863,003,329 | 33.23% | | Netcashflowarisingfrominvestmentactivities | -4,785,967,476 | -3,309,879,889 | 44.60% | | Subtotalcashinflowreceivedfromfinancingactivities | 15,153,940,487 | 18,696,353,753 | -18.95% | | Subtotalcashoutflowforfinancingactivities | 19,131,397,299 | 20,812,608,337 | -8.08% | | Netcashflowarisingfromfinancingactivities | -3,977,456,812 | -2,116,254,584 | 87.95% | | Netincreaseincashandcashequivalents | -490,740,923 | 573,802,402 | -185.52% |
Notestotheyear-on-yearchangeoftherelevantdata √Applicable□Notapplicable 1.Netcashflowfromoperatingactivitiesincreasedby37.88%,mainlyduetotheincreaseinoperatingcashinflowresultedfromtheincreaseinelectricitychargesandthedecreaseinfuelcoststhisyear. 2.Cashinflowfrominvestmentactivitiesdecreasedby34.77%,mainlyduetothehigheryear-on-yearbaseof162millionyuanin2018fromtheabsorptionandmergerofMaomingThermalPowerPlant. 3.Cashoutflowfrominvestmentactivitiesincreasedby33.23%,mainlyduetomoreinvestmentexpenditureoninfrastructureprojectsthisyear. 4.Netcashflowoutflowfrominvestmentactivitiesincreasedby44.60%,mainlyduetothedecreaseincashinflowfrominvestmentactivitiesandmoreinvestmentexpenditureoninfrastructureprojectsinthereportingperiod. 5.Netcashflowoutflowfromfund-raisingactivitiesincreasedby87.95%,mainlyduetomorecorporatebondsandotherlong-termandshort-termborrowingsandlessnewborrowingsthisyear. 6.Netincreaseincashandcashequivalentsdecreasedby185.52%yearonyear,mainlyduetotheincreaseincashoutflowcausedbythecompany'sactivedebtrepaymentduringthereportingperiod.Notestothebigdifferencebetweencashflowfromoperatingactivitiesandnetprofitinthereportingyear √Applicable□NotapplicableThemainimpactofnon-cashoutflowofassets,depreciationandamortization,interestexpenseofnon-businessactivities.Ⅲ.AnalysisofNon-coreBusiness □Applicable√NotapplicableⅣ.ConditionofAssetandLiabilities 1.ConditionofAssetCausingSignificantChange InRMB Endof2019 | Endof2019 | Endof2018 | Proportionincrease/decrease | Notestothesignificantchange | | Amount | Proportioninthetotalassets(%) | Amount | Proportioninthetotalassets(%) | | Monetaryfund | 5,081,641,969 | 6.73% | 5,574,382,892 | 7.60% | -0.87% | | | Accountsreceivable | 3,197,690,464 | 4.24% | 3,358,331,949 | 4.58% | -0.34% | | | Inventories | 1,817,059,269 | 2.41% | 1,481,817,270 | 2.02% | 0.39% | | | Investmentrealestate | 52,093,631 | 0.07% | 10,810,722 | 0.01% | 0.06% | | | Long-termequityinvestment | 6,455,784,562 | 8.55% | 6,395,134,754 | 8.72% | -0.17% | | | Fixedassets | 38,555,718,718 | 51.09% | 41,157,594,848 | 56.13% | -5.04% | | | Constructioninprocess | 10,882,003,846 | 14.42% | 7,740,754,343 | 10.56% | 3.86% | | | Short-termloans | 5,904,132,791 | 7.82% | 7,526,000,000 | 10.26% | -2.44% | | | Long-termloans | 16,587,103,380 | 21.98% | 18,802,292,664 | 25.64% | -3.66% | |
2.AssetandLiabilitiesMeasuredbyFairValue √Applicable□Notapplicable InRMB Items | Items | Amountatyearbeginning | Gain/lossonfairvaluechangeinthereportingperiod | Cumulativefairvaluechangerecordedintoequity | Impairmentprovisionsinthereportingperiod | Purchasedamountinthereportingperiod | Soldamountinthereportingperiod | Otherchanges | Amountatyearend | | Financialassets | | | | | | | | | | 4.OtherequityinstrumentInvestment | 0 | 1,498,402,802 | 2,202,745,317 | 0 | 78,162,240 | 0 | 1,565,806,331 | 3,142,371,373 | | Available-for-salefinancialassets | 1,139,806,331 | 0 | 0 | 0 | 0 | 0 | -1,139,806,331 | 0 | | Total | 1,139,806,331 | 1,498,402,802 | 2,202,745,317 | 0 | 78,162,240 | 0 | 426,000,000 | 3,142,371,373 | | FinancialLiability | 0 | | | | | | | 0 |
ContentofotherchangesAccordingtotherelevantprovisionsofthenewfinancialinstrumentstandard,thecompanyreclassifiedfinancialassetsandtransferredavailable-for-salefinancialassetstootherequityinstrumentinvestmentprojects.Didgreatchangetakeplaceinmeasurementoftheprincipalassetsinthereportingperiod? □Yes√No 3.RestrictedassetrightsasoftheendofthisReportingPeriod （1）PledgeofassetsAsofDecember31,2019,thepowerchargerightsofseveralpowergenerationsubsidiaries,werepledgedtothebanktoobtainlong-termloansof4,231,292,593yuan,ofwhich:thebalanceoflong-termloansduewithinoneyearwas240,907,909yuan(asofDecember31,2018:2,765,356,586yuan,werepledgedtothebanktoobtainlong-termloansof213,259,115yuan).Theborrowingsaredetailedasfollows: AsatDecember31,2019,thelong-termpledgeborrowingsofthefollowingsubsidiarieswerebasedontheirpowerfeechargingrightsandaccountsreceivableaspledges: InRMB | Name | December31,2019 | December31,2018 | | GuangdongShaoguanYuejiangPowerGenerationCo.,Ltd. | 1,976,685,804 | 2,151,963,439 | | GuangdongYudeanLeizhouPowerGenerationCo.,Ltd. | 232,038,267 | 236,829,612 | | GuangdongYudeanQujieWindPowerGenerationCo.,Ltd. | 1,155,920,000 | 162,820,000 | | GuangdongYudeanZhanjiangWindPowerGenerationCo.,Ltd. | 121,425,000 | 138,945,000 | | LincangYudeanEnergyCo.,Ltd. | 676,000,000 | - | | GuangdongYudeanXuwenWindPowerGenerationCo.,Ltd. | 69,223,522 | 74,798,535 |
Total | Total | 4,231,292,593 | 2,765,356,586 |
| Name | December31,2019 | December31,2018 | | GuangdongShaoguanYuejiangPowerGenerationCo.,Ltd. | 188,255,791 | 186,859,840 | | GuangdongYudeanZhanjiangWindPowerGenerationCo.,Ltd. | 22,860,000 | 18,274,167 | | LincangYudeanEnergyCo.,Ltd. | 15,000,000 | - | | GuangdongYudeanXuwenWindPowerGenerationCo.,Ltd. | 6,806,543 | 6,527,993 | | GuangdongYudeanLeizhouPowerGenerationCo.,Ltd. | 7,985,575 | 1,597,115 | | Total | 240,907,909 | 213,259,115 |
V.Investmentsituation 1.General √Applicable□Notapplicable | InvestmentAmountin2019(RMB) | InvestmentAmountin2018(RMB) | Changerate | | 2,084,276,740 | 1,179,713,500 | 76.68% |
2.ConditionofAcquiringSignificantShareRightInvestmentduringtheReportPeriod √Applicable□Notapplicable InRMB NameoftheCompanyInvested | NameoftheCompanyInvested | MainBusiness | InvestmentWay | InvestmentAmount | ShareProportion% | CapitalSource | Partner | InvestmentHorizon | ProductType | ProgressuptoBalanceSheetDate | Revenueprojection | GainorLessortheCurrentInvestment | WhethertoInvolveinLawsuit | DateofDisclosure(Ifany) | DisclosureIndex | | GuangdongWindGenerationCo.,Ltd. | WindGeneration | Capitalincrease | 339,000,000 | 100% | SelfFunds | No | Long-term | Electricpower | Duringthereportingperiod,thepreliminaryworkorprojectconstructionoftheHaiwanshiWindFarm,theGuangxiWuxuanWindFarmPhaseIProject,andZhuhaiJinwanOffshoreWindFarmProjectareprogressingnormally. | -- | -29,863,251 | No | August31,2018,January26,2019andNovember29,2019 | AnnouncementNo.:2018-46,2019-05and2019-58))PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn | | GuangdongYudeanBoheCoal&ElectricityCo.,Ltd. | Coal-firedpowergeneration | Capitalincrease | 938,000,000 | 67% | SelfFunds | GuangdongEnergyGroupCo.,Ltd.：33% | Long-term | Electricpower | Asoftheendofthereportingperiod,theoverallconstructionprogressofthepowerplantprojectwasabout95.69%,andthatofthewharfprojectwasabout78.65%. | -- | -85,636,995 | No | September20,2018 | AnnouncementNo.:2018-49)PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn | | GuangdongYudeanDapuPowerGenerationCo.,Ltd. | Coal-firedpowergeneration | Capitalincrease | 40,000,000 | 100% | SelfFunds | No | Long-term | Electricpower | Units#1and#2havebeenputintoproductioninDecember2015andJune2016respectively. | | 9,774,686 | No | October31,2012 | AnnouncementNo.:2012-45)PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn |
GuangdongYudeanQujieWindPowerGenerationCo.,Ltd. | GuangdongYudeanQujieWindPowerGenerationCo.,Ltd. | WindPowerGeneration | Capitalincrease | 140,000,000 | 100% | SelfFunds | No | Long-term | Electricpower | Duringthereportingperiod,theconstructionofZhanjiangWailuoOffshoreWindPowerProjectPhaseIIandZhanjiangXinliaoOffshoreWindPowerProjectwasprogressingnormally. | -- | 55,360,992 | No | October31,2018,August31,2019andNovember29,2019 | AnnouncementNo.:2018-54,2019-40and2019-59))PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn | | ShenzhenCapitalGroupCo.,Ltd. | Investment | Capitalincrease | 78,162,240 | 3.67% | SelfFunds | State-ownedassetsSupervisionandAdministrationCommissionofShenzhenMunicipalpeople'sGovernment（shareholdingratio：28.1952%） | Long-term | VentureCapital | Innormaloperation | -- | 18,483,929 | No | September20,2018 | AnnouncementNo.:2018-50)PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn | | GuangdongEnergyGroupFinanceCo.,Ltd. | financialservice | Capitalincrease | 250,000,000 | 25% | SelfFunds | GuangdongEnergyGroupCo.,Ltd.（Shareholdingratio：60%）；GuangdongShajia(C)PowergenerationCo.,Ltd.（Shareholdingratio：15%） | Long-term | financialservice | Innormaloperation | -- | 77,073,152 | No | August31,2019 | AnnouncementNo.:2019-39)PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn |
GuangdongHuizhouNaturalGasPowergenerationCo.,Ltd. | GuangdongHuizhouNaturalGasPowergenerationCo.,Ltd. | NaturalGasGeneration | Capitalincrease | 29,114,500 | 67% | SelfFunds | CNOOC(Shareholdingratio：33%） | Long-term | Electricpower | Duringthereportingperiod,Unit#6ofHuizhouLNGPowerPlantPhaseIIExtensionProjectwascompletedandputintooperation. | -- | 214,522,143 | No | April28,2013 | AnnouncementNo.:2013-36)PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn | | GuangdongYudeanBinhaiwanEnergyCo.,Ltd. | NaturalGasGeneration | Capitalincrease | 270,000,000 | 100% | SelfFunds | No | Long-term | Electricpower | Duringthereportingperiod,theconstructionofthereplacementpowersupplyprojectattheNingzhousiteinDongguanwasprogressingnormally. | -- | -2,205,468 | No | June13,2019andOctober31,2019 | AnnouncementNo.:2019-27and2019-53)PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn | | Total | -- | -- | 2,084,276,740 | -- | -- | -- | -- | -- | -- | 0 | 257,509,188 | -- | -- | -- |
3.SituationoftheSignificantNon-equityInvestmentUndergoingintheReportPeriod □Applicable√Notapplicable 4.InvestmentofFinancialAsset （1）Securitiesinvestment √Applicable□Notapplicable InRMB | Securitycategory | Securitycode | StockAbbreviation: | Initialinvestmentcost | Modeofaccountingmeasurement | Bookvaluebalanceatthebeginningofthereportingperiod | Changesinfairvalueofthethisperiod | Cumulativefairvaluechangesinequity | Purchaseamountinthethisperiod | Saleamountinthethisperiod | Gain/lossofthereportingperiod | Bookvaluebalanceattheendofthereportingperiod | Accountingitems | Sourceoftheshares |
Domesticandforeignstocks | Domesticandforeignstocks | 000027 | ShenzhenEnergy | 15,890,628 | FVM | 66,150,000 | 12,096,000 | 62,355,372 | 0 | 0 | 0 | 78,246,000 | OthereqiutyinstrumentInvestment | Selffunds | | Domesticandforeignstocks | 600642 | Shenergy | 235,837,988 | FVM | 270,997,380 | 51,644,993 | 86,804,385 | 0 | 0 | 0 | 322,642,373 | OthereqiutyinstrumentInvestment | Selffunds | | Domesticandforeignstocks | 831039 | NEEQ | 3,600,000 | FVM | 3,618,000 | 3,564,000 | 3,582,000 | 0 | 0 | 0 | 7,182,000 | OthereqiutyinstrumentInvestment | Selffunds | | Othersecuritiesinvestmentsheldattheendoftheperiod | 0 | -- | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -- | -- | | Total | 255,328,616 | -- | 340,765,380 | 67,304,993 | 152,741,757 | 0 | 0 | 0 | 408,070,373 | -- | -- | | DisclosuredateforthenoticeofapprovalbytheBoard(Ifany) | 2019-10-31 | | Disclosuredateforthenoticeofapprovalbyshareholders’Meeting(Ifany) | | | | | | | | | | | |
（2）InvestmentinDerivatives □Applicable√Notapplicable Nil 5.Applicationoftheraisedcapital □Applicable√NotapplicableNil Ⅵ.SignificantAssetandRightOffering 1.SituationofSignificantAssetSale □Applicable√NotapplicableNil 2.SituationofSubstantialStakeSale □Applicable√NotapplicableⅦ.AnalysisoftheMainShareHoldingCompaniesandShareParticipatingCompanies √Applicable□NotapplicableSituationofMainSubsidiariesandtheJoint-stockCompanywithover10%netprofitinfluencingtotheCompany InRMB CompanyName | CompanyName | Companytype | Sectorsengagedin | Registeredcapital | Totalassets | Netassets | Turnover | Operatingprofit | NetProfit | | GuangdongYudeanJinghaiPowerGenerationCo.,Ltd. | Subsidiary | Powergenerationandpowerstationconstruction. | 2,919,272,000 | 8,430,103,272 | 3,818,398,477 | 4,796,679,483 | 555,282,884 | 415,726,514 | | GuangdongHuizhouNaturalgasPowerGenerationCo.,Ltd. | Subsidiary | Powergenerationandpowerstationconstruction. | 1,499,347,500 | 3,977,990,814 | 2,107,867,563 | 4,234,691,640 | 427,067,136 | 320,182,303 | | ShenzhenGuangqianElectricPowerCo.,Ltd. | Subsidiary | Powergenerationandpowerstationconstruction. | 1,030,292,500 | 1,745,776,487 | 1,546,811,919 | 1,600,387,887 | 291,364,287 | 219,090,916 | | GuangdongHuizhouPinghaiPowerGenerationPlantCo.,Ltd. | Subsidiary | Powergenerationandpowerstationconstruction. | 1,370,000,000 | 5,164,751,985 | 1,936,411,231 | 3,029,136,753 | 526,619,479 | 210,705,126 |
GuangdongRedBayPowerGenerationCo.,Ltd | GuangdongRedBayPowerGenerationCo.,Ltd | Subsidiary | Powergenerationandpowerstationconstruction. | 2,749,750,000 | 6,127,224,932 | 3,569,826,532 | 3,841,846,212 | 576,512,325 | 434,731,209 | | ZhanjiangElectricPowerCo.,Ltd. | Subsidiary | Powergenerationandpowerstationconstruction. | 2,875,440,000 | 4,294,285,448 | 4,122,512,736 | 1,860,318,943 | 321,895,603 | 283,160,720 | | ShanxiYudeanEnergyCo.,Ltd. | SharingCompany | CoalInvestment | 1,000,000,000 | 4,512,343,997 | 4,116,846,803 | 7,251,090 | 609,916,284 | 610,019,213 | | GuangdongGuohuaTaishanPowerGenerationCo.,Ltd. | SharingCompany | Powergenerationandpowerstationconstruction. | 4,669,500,000 | 12,142,412,953 | 10,427,643,614 | 6,549,854,533 | 795,654,213 | 580,521,643 | | GuangdongEnergyGroupFinanceCo.,Ltd. | SharingCompany | financialservice | 3,000,000,000 | 20,442,893,535 | 3,914,229,597 | 713,981,963 | 390,423,697 | 308,292,609 | | GuangdongYudeanShippingCo.,Ltd. | SharingCompany | Freight | 2,465,800,000 | 2,978,756,939 | 1,282,484,551 | 1,525,757,019 | -1,407,330,569 | -1,360,556,144 |
AcquirementanddisposalofsubsidiariesintheReportingperiod √Applicable□Notapplicable Companyname | Companyname | Wayofacquiringanddisposingofsubsidiarycorporationswithinthereportingperiod | Impactonthewholeproducingoperationandperformance | | GuangdongYudeanBinhaiwanEnergyCo.,Ltd. | Invested | Duringthereportingperiod,DongguanNingzhouElectricity&Gasprojectwasinthepreliminarystageandwithconstructionnotcommencedyet. |
Note: 1.Duringthereportingperiod,duetothedeclineincoalprices,thelong-termcooperationandthenarrowingofbidpricedifference,theprofitsofmostcoal-firedpowerplantsincreasedsignificantlyyearonyear.Someloss-makingsubsidiariessuchasZhanjiangZhongyue,ZhennengandDaputurnedlossesintoprofitsyearonyear,whileYuejiangCompanyalsosignificantlyreducedlosses.GuangqianCompany,HuizhouLNGandothercompanieswithstrongprofitabilityfornaturalgaspowergenerationprojectshavemadeagreatercontributiontothecompany'snetprofittoitsparent. 2.DuetotheintensepowermarketcompetitionofYunnanProvince,LincangCompany,awholly-ownedsubsidiaryoftheCompany,sufferedfromoperatinglossesduringthereportingperiod. 3.Thecompany'sinvestmentincomeinaffiliatedcompanieshasdecreasedsignificantlyoverall.Where,TaishanCompany'sprofitdroppedsignificantlyyearonyearduetothedecreaseinelectricityconsumption.Affectedbythelong-termdownturnofshippingmarket,shippingcompanieshavemademoreprovisionforimpairment,resultinginalargeryear-on-yearincreaseinlosses.Ⅷ.SpecialpurposevehiclecontrolledbytheCompany □Applicable√NotapplicableⅨ.ProspectforfuturedevelopmentoftheCompany 1.TheDevelopmentTrendoftheIndustryCurrently,China'spowergenerationindustrycontinuestopresentadiversifiedcompetitivepattern.Thecompany'smainpowerassetsaremainlyinGuangdongProvince,whichiswithmanyotherpowerproducersandisgreatlyaffectedbythepowertransmissionfromwesttoeast.China'selectricityproductionhasalwaysbeendrivenbythermalpower.Althoughtheproportionofthermalpowerhasdecreasedwiththerapiddevelopmentofnuclearpower,hydropower,windpower,solarenergyandothernewandrenewableenergysourcesinthepastdecade,thermalpowerisstillthemainpowersourceinChina.Theproblemofexcesscoalpowerproductioncapacityandexcessiveincreaseininstalledcapacityacrossthecountryhasbeensignificantlycurbed.However,duetoChina'senergystructureof"richcoal,deficientoil,andleangas",thecurrentsituationthatChina'sbasicenergysupplyisdominatedbycoalcannotbechangedforaforeseeableperiodoftime.Moreover,abreak-throughhasbeenmadefortheultra-cleanemissionpowergenerationtechnologyforlargecoal-firedpowergenerationunitscurrently,andthereisstillroomfordevelopmentoflarge-capacityandhigh-parametercoal-firedpowergenerationunitsinthefuture.Inaddition,investmentinlarge-scalenaturalgaspowergenerationprojectsconformstothenationalpolicyguidance.Althoughthegaspriceofnaturalgasisrelativelyhighandtheeconomy ofinvestmentingasturbineprojectsisstillnotidealcurrently,withthedeepeningofpowersystemreform,thecompensationmechanismforsocialeffectsofgasturbineisexpectedtoachieveabreakthroughinthefutureandisexpectedtohaveabetterdevelopmentprospectinthefuture.Withthedeepeningofpowersystemreform,thetransactionscaleofpowermarkethasexpanded,andthelevelofpricedifferenceisuncertain.Therefore,inthisenvironment,thethermalpowerindustrywillmainlyrelyondevelopinglarge-capacityandhigh-parametercoalpowerandacceleratinggaspowertooptimizeitsstructure,upgradingitstechnicalstrengthtoreduceconsumptionandincreaseefficiency,marketingtoobtainelectricquantityandelectricityprices,andreducingcostsandincreasingefficiencytoreducemanagementcosts.(II)CorporatedevelopmentstrategyDuringthe13thFive-YearPlanperiod,thecompanyoptimizesthedevelopmentofcoalandelectricity,steadilydevelopsgasandelectricity,vigorouslydevelopscleanenergysourcessuchaswindpowerandhydropower,continuouslyoptimizesthepowersupplystructure,andselectsthepatternofhighefficiency,cleannessandlowcarbon.Forfuturedevelopment,thecompanywillactivelydistributecleanenergysourcessuchaswindpower,gaspowerandhydropower,andoptimizethepowergenerationstructure;Incombinationwithrelevantnationalpolicies,itwillactivelypromotelargeandreducesmallforupgradeandtransformationforthermalpowerprojects,toimprovethequalityofpowersupply;Itwillactivelyexpandtheelectricitysalesbusiness,conformtothesituationofpowersystemreform,andexplorenewbusinessfieldsanddevelopmentspace.(III)ProductionandoperationplansIn2020,thecompany'sconsolidatedstatementhasabudgettargetvalueof72.867billionkilowatthoursofon-gridelectricity,whichisbasicallythesameastheactualamountofon-gridelectricitycompletedin2019;ThebudgetarytargetvalueofthemainbusinessrevenueisRMB28.42billion,anddecreaseof598millionyuancomparedtotheactualamountofmainbusinessoperatingrevenueofRMB29.018billion;thebudgetaryvalueforthefull-yearplannedinvestmentisRMB1.617billion,adecreaseof467millionyuanovertheactualcompletedinvestmentofRMB2.084billionin2019.(Note:Theaboveoperatingplandoesnotrepresentthecompany'sprofitforecastfor2020,whetheritcanbeachieveddependingonvariousfactorssuchaschangesintheelectricitymarketandcoalmarketconditions,thusthereisconsiderableuncertainty,andinvestorsshouldpayspecialattentiontoit.)(VI)PossiblerisksCurrently,affectedbythecovid-19epidemic,thegrowthoftheworldeconomycontinuestoslowdown,andthesourcesofglobalturmoilandriskpointshaveincreasedsignificantly.Chinaisalsointheprocessoftransformingitsdevelopmentmode,optimizingitseconomicstructureandtransformingitsgrowthmomentum.Thedownwardpressureontheeconomyisincreasing.Thereformofstate-ownedassetsinstate-ownedenterprisesisadvancingindepth.Theenergypolicyandmarketenvironmenthavechangedprofoundly.Theproductionandoperationformsanddeepeningreformtasksofthecompanywillbeevenmorearduous.Firstly,externalpoliciesandthemarketsituationaregrim.Accordingtotherequirementsofthestateforoptimizingtheenergystructure,theinstalledcapacityofcoalandelectricityinthecountryiscontrolledwithin1.1billionKW,accountingfor55%,andthereislimitedroomfordevelopmentofcoalandelectricity.Bytheendof2019,thecompany'scoalandelectricityinstalledcapacityaccountedfor80%ofthetotalinstalledcapacity,withahighproportion.Ontheotherhand,affectedbythecovid-19epidemic,thegrowthrateofelectricitydemandinthewholesocietyisslowingdown,andthecompetitionamongunitsintheprovinceisintensifying.Theincreaseinnewnuclearpowerinstallationsandrenewableenergysourceswillfurtherreducetheon-gridelectricity consumptionofpowergenerationunitsunderunifiedregulation.Plusthecombinedeffectsofthegrowthof"WesttoEastPowerTransmission",theaccelerationandexpansionofelectricitymarketreform,carbonemissionsanduniteconomy,theprofitsofcoalandelectricityareobviouslyreduced.Secondly,theproductionsafetysituationiscomplicated.Somethermalpowerunitsofthecompanyhavebeeninoperationforalongtimeandaresubjecttodeeppeakregulation.Theagingproblemofunitequipmentisprominentandthereliabilityofequipmentisseriouslyreduced;Thefrequentoccurrenceofunplannedoutagesofnewlycommissionedgasturbineunitshasnotbeeneffectivelycontained;Duringtheinfrastructureconstruction,thereareproblemsoflaxcontrolindesignreview,equipmentinstallationandacceptance,commissioningsupervisionandsystemhandover;Themanagementrigidityofmajorhazardsourcessuchasammoniastationneedstobeimproved;Thecontractor'ssafetymanagementstillneedstobestrengthened.Thirdly,thereformofthepowersystemcontinuedtodeepen.In2020,thenewelectricitypricepolicyissurging.Chinahasmadeclearthetimetableforindependentoperationofelectricitytradinginstitutions,requiringthebasicestablishmentofaunifiednationwideelectricitytradingorganizationsystemwithinthe"14thFive-YearPlan"period.GuangdongProvinceplanstolaunchthefirstfull-monthsettlementtrialoperationofthespotelectricitymarketinthefirsthalfof2020.Thetrialoperationof"spreadmonthlytransaction+absolutepriceweeklytransaction+spot"settlementwillbeorganizedcontinuouslythroughoutthemonth.CompetitionintheGuangdongelectricitymarketwillbecomeincreasinglyfierce,andspotelectricitytradingwillbringnewchallenges.Meanwhile,Guangdong'selectricitymarketwillexpandto260billionKWHin2020,withayear-on-yearincreaseof60billionKWH,accountingforabout50%oftheprovince'selectricitygeneration,placinghigherdemandsonelectricitymarketing. (V)Countermeasures2020istheyearwhenawell-offsocietyiscompletedinanall-roundwayandthe13thFive-YearPlaniscompleted.Atthesametime,itisfacingagreaterimpactfromtheCOVID-19epidemic.Itisofvitalimportancetodoalltheworkwell.Firstly,adheretothe"twofocuses"ofepidemicpreventionandproductiontoensurestableandorderlyproductionandoperationofthecompany.Sincetheoutbreakoftheepidemic,thecompanyhasactivelypromotedtheimplementationoftheepidemicpreventionandcontrolmeasuresinaccordancewiththearrangementsmadebythePartyCentralCommitteeandthehigherauthorities.Themanagementteamhasadheredtoitspostsandconductedthefront-lineoperations,andhascoordinatedthepreventionandcontroloftheepidemicandtheresumptionofworkandproduction.Atpresent,througharduouseffortsfromalloverthecountry,thesituationofepidemicpreventionandcontrolhasinitiallyshownatrendofcontinuousimprovementandacceleratedrecoveryofproductionandlivingorder.Thecompanyshallstrengthenepidemicpreventionandcontrolinaprudentmannersoasnottoreduceitsvigilanceagainsttheepidemicandnottoreducethepreventionandcontrolrequirements.Itshallresolutelyimplementtherelevantrequirementsforstrengtheningsafeproductionduringtheepidemicpreventionandcontrolperiod,continuetoimplementstrictsafetyandpreventionmeasuresforkeyparts,keyareas,keyoperationsandkeypersonnel,furtherstrengthensupplychainmanagement,innovatepowermarketingandcustomerservicemethods,andensurestableandorderlyproductionandoperationmanagement.Secondly,adheretothenewdevelopmentconceptandcontinuouslypushforwardtheoptimizationandadjustmentofpowersupplystructure.Payspecialattentiontotheclosed-loopmanagementofthecompany's"13thFive-YearPlan"developmenttasksandscientificallycompilethe"14thFive-YearPlan"developmentplan.ActivelyintegrateintotheconstructionofGuangdong-HongKong-MacaoGreaterBayArea,Shenzhen'sadvanceddemonstrationzoneandthedevelopmentofGuangdong's"onecore,onebeltandonearea"andactivelyseektoexpandintoregionswithbetterresourceconditionsandhigherpowerdemand.Acceleratethepromotionof existingkeyprojectstoensurethefullproductionofBoheCoalandElectricityProjectandZhanjiangWailuoOffshoreWindPowerProject;SolidlypromotetheconstructionofoffshorewindpowerprojectssuchasZhuhaiJinwan,YangjiangSharpa,ZhanjiangWailuoPhaseII,ZhanjiangXinyuandothernaturalgascogenerationprojectssuchasDongguanNingzhouProjectandHuaduProjecttoensurethecompletionoftheannualprojectinvestmentandconstructionplanaccordingtoschedule;Increaseinvestmentincleanenergydevelopmentandprojectreserves,andacceleratetheadvanceofShenzhenGuangmingGasandElectricity,HuizhouMobilChemicalComplexsupportingthermalpowerprojects,ZhaoqingYonganNaturalGasThermalPowerProjectandYangjiangQingzhouOffshoreWindPowerProject.Resolutelyperformtheresponsibilitytopreventandcontrolpollution,vigorouslypromotethe"cleanwaterproject"andspeeduptheimplementationofthetransformationofzeroemissionofwastewaterfromthermalpowerplants.Thirdly,deepenthedriveofreformandinnovationtoimprovethedevelopmentqualityoflistedcompanies.Implementthedecision-makingarrangementsmadebythePartyCentralCommitteeandtheStateCounciltoactivelydevelopthemixedownershipeconomyandtherelevantarrangementsmadebytheprovincialSASACandGuangdongEnergyGrouptopromotethereformofmixedownership;Formulateandimplementaplantointegratethepropertyrightsofmanagedpowergenerationassetsandgraduallyresolvetheproblemofinconsistencybetweenthepropertyrightsrelationshipandthemanagementrelationship.Steadilypushforwardthereformandinnovationofthesystemandmechanism,improvethesystemandmechanismsuitableforthehigh-qualitydevelopmentoflistedcompanies,stimulatetheendogenouspowerandvitalityofenterprises,establishandimprovetheassessmentmethodsforsub-enterprises,andstudyandbuildanassessmentanddistributionincentivemechanismthatintegratesincrementalincentives,bottomlineconstraintsandfaulttolerancemechanisms.Fourthly,continuetostrengthentheabilitytoidentifyandcontrolrisksandstrivetopreventandresolvemajorrisks.AccordingtothenewlyrevisedandimplementedSecuritiesLaw,GuidelinesfortheStandardizedOperationofShenzhenStockExchangeandotherlawsandregulations,optimizethesystemandmanagementprocess,furtherimprovethecorporategovernancestructure,andcomprehensivelyenhancethecorporategovernancesystemandgovernancecapability.Establishandimprovethepreventionandcontrolmanagementsystem,andfullyutilizetheinternalauditandsubsidiarysupervisoryboard'ssupervisoryfunction.Continuetoimprovethelarge-scalesupervisionsystem,ensurefullcoverageofauditsupervision,expandthedailysupervisionandinspectionscopeofsubsidiarysupervisoryboards,andstrengthentheadmissibilityandapplicationofaudit,supervisionandinspectionresultsinassessmentandevaluation.Firmlyestablishcomplianceawareness,consolidateariskcontrolmanagementsystembasedoncompliancemanagement,withinternalcontrolasameansandcomprehensiveriskmanagementasaguide,andeffectivelypreventlistedcompaniesfromdecision-makingrisks,operationalrisksanddebtrisks.Ⅹ.Particularsaboutresearches,visitsandinterviewsreceivedinthisreportingperiod 1.Particularsaboutresearches,visitsandinterviewsreceivedinthisreportingperiod Receptiontime | Receptiontime | Wayofreception | Typesofvisitors | Basicindex | | February20,2019 | Onsiteinvestigation | Organization | DetailscanbefoundintheRecordChartoftheInvestorRelationActivitydisclosedonJuchaowebsite(www.cninfo.com.cn)on22February2019. |
√Applicable□Notapplicable June20,2019 | June20,2019 | Onsiteinvestigation | Organization | DetailscanbefoundintheRecordChartoftheInvestorRelationActivitydisclosedonJuchaowebsite(www.cninfo.com.cn)on25June2019. | | November14,2019 | Onsiteinvestigation | Organization | DetailscanbefoundintheRecordChartoftheInvestorRelationActivitydisclosedonJuchaowebsite(www.cninfo.com.cn)on19November2019. | | November22,2019 | Onsiteinvestigation | Organization | DetailscanbefoundintheRecordChartoftheInvestorRelationActivitydisclosedonJuchaowebsite(www.cninfo.com.cn)on26November2019. | | December20,2019 | Onsiteinvestigation | Organization | DetailscanbefoundintheRecordChartoftheInvestorRelationActivitydisclosedonJuchaowebsite(www.cninfo.com.cn)on25December2019. | | Receptiontimes | 6 | | Receptionagencyamount | 24 | | Receptionpersonalnumber | 33 | | Others | 0 | | Whethertodisclose,revealordisclosenon-publicmaterialinformation | No |
V.ImportantEvents ⅠSpecificationofprofitdistributionofcommonsharesandcapitalizingofcommonreservesFormulation,implementationandadjustmentofprofitdistributionpolicyofcommonsharesespeciallycashdividendpolicyduringthereportingperiod √Applicable□NotapplicableTheprofitdistributionpolicyintheArticlesofAssociationofthecompanyisasfollows: Article161Thecompanyhighlyvaluedtheinvestorsespeciallythereasonableinvestmentreturnsforthesmallandmediuminvestors,andthecompany’sdividendpolicyis: (1)Thecompany’sdividendshallbedistributedaccordingtotheshareproportionheldbytheshareholders. (2)Thecompanycanusecash,stock,cashandstockcombinationorothermeansforthedistributionofdividendsthatallowedbythelaws,butshallgivetheprioritytothecashdividendsdistributionforprofitsdistribution.Ifitmeetstheconditionsrequiredforcashdividendsdistribution,thenthecompanyshalladoptthecashdividendsfortheprofitsdistribution. (3)Ifthenetprofitsattributabletoshareholdersoftheparentcompanyrealizedbythecompanyintheyeararepositiveandthecumulativedistributableprofitsintheendoftheyeararepositive,thecompanyshalldistributedividends. (4)Theprofitsannuallydistributedbythecompanyincashdividendsshallbenotlessthan10%ofdistributableprofitsrealizedintheyear,andtheaccumulativeprofitsdistributedincashdividendsinthemostrecentthreeyearsshallbenotlessthan30%ofthemeandistributableprofitsrealizedinthemostrecentthreeyears.Whenthecompanycarriesouttheprofitdistribution,theproportionofthecashdividendsshallbenotlessthan20%intheprofitsdistribution. (5)Thecompanycancarryouttheinterimprofitdistribution.Duringthereportingperiod,theCompanystrictlyimplementedtheprofitdistributionpolicyinaccordancewiththerelevantprovisionsoftheArticlesofAssociation.From2017to2019,thecompany'scashdividendsaccountedfor56.52%,66.39%and54.94%ofnetprofitattributabletotheparentcompanyineachyearrespectively.Inthefuture,thecompanywillcontinuetomaintainthecontinuity,rationalityandstabilityofcashdividendsandactivelyrepayitsshareholders. Specialexplanationoncashdividendpolicy | Specialexplanationoncashdividendpolicy | | SatisfyregulationsofGeneralMeetingorrequirementofArticleofAssociation | Yes | | Well-definedandclearlydividendstandardsandproportion | Yes | | Completedrelevantdecision-makingprocessandmechanism | Yes | | Independentdirectorsperformdutiescompletelyandplayaproperrole | Yes | | Minorityshareholdershaveampleopportunitiesandtheirlegitimaterightsandinterestsareeffectivelyprotected | Yes |
Conditionandproceduresarecomplianceandtransparentwhilethecashbonuspolicyadjustedorchanged | Conditionandproceduresarecomplianceandtransparentwhilethecashbonuspolicyadjustedorchanged | Duringthereportingperiod,thecompany'scashdividendpolicywasnotadjustedorchanged. |
StatementonprofitdistributionplanandcapitalizationofcapitalreserveplanoftheCompanyinnearlythreeyears(includingthereportperiod)Thecompany’sdividenddistributionplanoftheyear2019was:Basedonthatthetotalsharecapitalofthecompanyis5,250,283,986shares,forA-share,thecompanywilldistributecashdividendsofRMB1.2(taxinclusiveper10shares;forB-share,thecompanywilldistributecashdividendsofRMB1.20(taxinclusive)per10shares.Thecompany’sdividenddistributionplanoftheyear2018was:Basedonthatthetotalsharecapitalofthecompanyis5,250,283,986shares,forA-share,thecompanywilldistributecashdividendsofRMB0.60(taxinclusiveper10shares;forB-share,thecompanywilldistributecashdividendsofRMB0.60(taxinclusive)per10shares.Thecompany’sdividenddistributionplanoftheyear2017was:Basedonthatthetotalsharecapitalofthecompanyis5,250,283,986shares,forA-share,thecompanywilldistributecashdividendsofRMB0.80(taxinclusiveper10shares;forB-share,thecompanywilldistributecashdividendsofRMB0.80(taxinclusive)per10shares.Cashdividendinlatestthreeyears InRMB | Year | Amountforcashbonus(taxincluded) | Netprofitattributabletotheoveroftheparentcompanyintheconsolidatedfinancialstatements | Ratioinnetprofitattributabletotheparentcompanyintheconsolidatedfinancialstatements | Amountofcashdividendsfromcashoffertorepurchasesharesofthefunds | Proportionofcashdividendsfromcashoffertorepurchasesharesofthefunds | Amountforcashbonus(Otherincluded) | Ratioofthetotalcashbonus(otherwaysincluded)innetprofitAttributabletocommonstockshareholdersoflistedCompanycontainedinconsolidationstatement | | 2019 | 630,034,078.32 | 1,146,767,033 | 54.94% | 0 | 0% | 630,034,078.32 | 54.94% | | 2018 | 315,017,039.16 | 474,461,997 | 66.39% | 0 | 0% | 315,017,039.16 | 66.39% | | 2017 | 420,022,718.88 | 743,180,431 | 56.52% | 0 | 0% | 420,022,718.88 | 56.52% |
Inthereportingperiod,boththeCompany’sprofitandtheparentcompany’sretainedearningswerepositivehowevernotcashdividenddistributionproposalhasbeenputforward. □Applicable√NotapplicableII.ProfitdistributionplanandcapitalizingofcommonreservesplanforthePeriod √Applicable□Notapplicable Bonussharesdistributedattherateof_(share)forevery10shares | Bonussharesdistributedattherateof_(share)forevery10shares | 0 | | DividenddistributedattherateofCNY___forevery10shares(withtaxinclusive) | 1.2 | | Numberofsharesconvertedforevery10shares(shares) | 0 | | Sharecapitalbaseforthedividenddistributionpreplan(shares) | 5,250,283,986 | | Totalcashdividenddistributed(withtaxinclusive) | 630,034,078.32 | | Amountofcashdividenddistributedinotherway(s)(suchassharesrepurchased) | 0 | | Totalamountofcashdividend(includingotherway(s) | 525,028,398.60 | | Profitavailablefordistribution(CNY) | 2,515,113,228 | | Proportionofthecashdividendinthetotalprofitavailablefordistribution(%) | 54.94% | | Particularaboutcashdividendintheperiod | | Ifthecompany’sdevelopmentisatthegrowthstagewitharrangementsofsignificantcapitalexpenditures,theminimumproportionofcashdividendintheprofitdistributionshouldreach20%. | | Detailsofproposalofprofitdistributionpreplanorshareconversionfromcapitalpublicreserve | | Thecompanydetermined770,265,843yuanasthenetprofitdistributionbaseforthecurrentyearaccordingtotheloweroftheparentcompany'sstatementandtheconsolidatedstatement，plusthenon-distributedprofitsofRMB1,744,847,385intheprioryear,thustheupperlimitofthedistributableprofitsisRMB2,515,113,228.AccordingtotheArticlesofAssociationofthecompany,drawRMB77,026,584forthestatutorysurplusreservetakingfor10%ofnetprofits,drawRMB192,566,461fortheothersurplusreservetaking25%ofthetotalnetprofits,thentheupperlimitofthedistributableprofitstotheshareholdersisRMB2,245,520,183.Thecompany's2019annualprofitsdistributionplanis:Basedonthatthenumberofthecompany’stotalsharecapitalattheendof2019is5,250,283,986shares,plannedthatthecompanywilldistributecashdividendsofRMB1.2(taxinclusive)toA-shareshareholdersandthecompanywilldistributecashdividendsofRMB1.2(taxinclusive)toB-shareshareholders. |
III.Commitmentstofulfillthesituation 1.Thefulfilledcommitmentsinthereportingperiodandunder-fulfillmentcommitmentsbytheendofthereportingperiodmadebythecompany,shareholder,actualcontroller,acquirer,director,supervisor,seniormanagementpersonnelandotherrelatedparities.Nil 2.Theexistenceofthecompany'sassetsorprojectsearningsforecastsandearningsreportingperiodisstillintheforecastperiod,thecompanyhasassetsorprojectsmeettheoriginalprofitforecastmadeandthereasonsexplained □Applicable√NotapplicableIV.Particularsaboutthenon-operatingoccupationoffundsbythecontrollingshareholder □Applicable√NotapplicableNonon-operatingoccupationfromcontrollingshareholdersanditsrelatedpartyintheperiod.V.ExplanationoftheSupervisoryCommitteeandIndependentDirectors(Ifapplicable)ontheQualifiedAuditor’sReportIssuedbytheCPAs. □Applicable√Notapplicable VI.Explainchangeoftheaccountingpolicy,accountingestimateandmeasurementmethodsascomparedwiththefinancialreportingoflastyear. √Applicable□Notapplicable （1）Importantaccountingpolicychanges： In2017,theMinistryofFinancepromulgatedrevisedAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments,AccountingStandardsforBusinessEnterprisesNo.23-TransferofFinancialAssetsandAccountingStandardsforBusinessEnterprisesNo.37-PresentationofFinancialInstruments(hereinaftercollectivelyreferredtoas"NewFinancialInstrumentStandards")andin2019,itpromulgatedtheNoticeonRevisingandIssuingtheFormatofGeneralFinancialStatementsforEnterprisesin2019(Caikuai[2019]No.6),whichhavebeenadoptedbytheCompanytopreparethefinancialstatementsfor2019. （2）Importantaccountingestimateschanges： AccordingtotheGroup’smanagementassessmenttheestimatedusefullifeofrelevantfixedassetswouldbesignificantlyshortenedaccordingtothecurrentshutdownrequestedbyGuangdongDevelopmentandReformCommission.On25January2019,theGroupheldtheNinthSessionoftheBoardduringits7thmeeting,whichapprovedtheProposalonAdjustmentfortheDepreciationPeriodsforFixedAssetsofShajiaoA.Accordingtotheproposal,ShajiaoAstartedtochangetheestimatedusefullifeofcertainfixedassetssince1January2019.Asaresult,fixedassetsdepreciationincreasedby174millionyuan,netprofitattributabletotheparentcompanydecreasedbyabout174millionyuanandtheowner'sequityattributabletotheparentcompanydecreasedbyabout174millionyuanin2019.VII.Explainretrospectiverestatementduetocorrectionofsignificantaccountingerrorsinthereportingperiod □Applicable√NotapplicableNomajoraccountingerrorswithinreportingperiodthatneedsretrospectiverestatementfortheCompanyintheperiod.VIII.Explainchangeoftheconsolidationscopeascomparedwiththefinancialreportingoflastyear. √Applicable□Notapplicable NewSubsidiaryEstablishmentoftheYear Name | Name | Businessplace | Registeredaddress | Nature | Registeredcapital | Proportion(%) | Acquired | | GuangdongYudeanBinhaiwanEnergyCo.,Ltd. | Dongguan,Guangdong | HumenTown,DongguanCity,Guangdong | ElectricPower | 30,000,000 | 100% | Invested |
IX.Engagement/DisengagementofCPAsCPAscurrentlyengaged | NameofthedomesticCPAs | PWCCertifiedPublicAccountants(specialgeneralpartnership) |
Remunerationfordomesticaccountingfirm(RMB10,000) | Remunerationfordomesticaccountingfirm(RMB10,000) | 332 | | Continuouslifeofauditingservicefordomesticaccountingfirm | 4 | | NameofdomesticCPA | WangBin,LiYanhua | | TheContinuousYearsofAuditServiceofCertifiedPublicAccountantsofChinaCertifiedPublicAccountants | WangBin(4years),LiYanhua(1year) |
HastheCPAsbeenchangedinthecurrentperiod □Yes√NoDescriptionoftheCPAs,financialadvisersorsponsorsengagedforinternalcontrolauditing □Yes√NoInthereportyear,theCompanyengagedPWCCertifiedPublicAccountants(specialgeneralpartnership)asthecertifiedpublicaccountantsandinternalcontrolauditbodyin2019.TheauditremunerationwasRMB3.32millionX.SituationofFacingListingSuspensionandListingTerminationaftertheDisclosureoftheYearlyReport □Applicable√NotapplicableXI.Bankruptcyreorganization □Applicable√NotapplicableNobankruptcyreorganizationfortheCompanyinreportingperiod.XII.SignificantlawsuitsandarbitrationsoftheCompany Basicsituationoflawsuit(arbitration) | Basicsituationoflawsuit(arbitration) | Lawsuitamount(RMB10,000) | Whetherformintoestimatedliabilities | Processoflawsuit(arbitration) | Trialresultsandinfluencesoflawsuit(arbitration) | Situationofexecutionofjudgmentoflawsuit(arbitration) | Disclosuredate | Disclosureindex | | OnApril1,2019,GuangdongHuizhouPinghaiPowerPlantCo.,Ltd.,aholdingsubsidiarytotheCompany,receivedasetoflegaldocumentsincludingthe“NoticeofRespondingtoaction”,“Subpoena”and“CivilIndictment”fromHuizhouIntermediatePeople'sCourtofGuangdongProvince,involvingthecaseofcontractdisputeofChinaEnergyConstructionGroupGuangdongThermalPowerEngineeringCo.,LtdsuingPinghaiPowerPlantonConstructionProject,withthecasenumberofNo.363-(2018)YueCivilAction.Thelawsuitclaimsinclude:1.ThePinghaiPowerPlantisorderedtopaytheprojectamountofRMB1,659,784.08million(principal)andinterestofRMB724,789.79million(temporarilycalculatedasfortheperiodfromMay1,2011toOctober31,2018,withthefinalinterestcalculatedasofthedateofactualpaymentshallbecalculatedinaccordancewiththebenchmarkinterestrateofsimilarloansofthepeople'sbankofChinainthesameperiod)toGuangdongThermalPower;theaboveprincipalandinterestamounttoRMB2,384,573.87million;2.ThePinghaiPowerPlantisorderedtobearallthelitigationcostsincludingtheacceptancefeeandtheappraisalfee. | 23,845.74 | No | Thetwopre-trialpreparationmeetingsforthecasewereheldintheIntermediatePeople'sCourtofHuizhouCityGuangdongProvincerespectivelyonMay14,2019andJuly18,2019,thecourtsessiontimeisyettobedetermined. | Thelawsuithasnotyetbeenheard.Thereareuncertaintiesinthefinaljudgmentandexecution,soitistemporarilyimpossibletojudgetheimpactonthecompany'sprofitsin2019andbeyond. | No | April4,2019 | AnnouncementNo.:2019-12)PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn |
√Applicable□Notapplicable OnJuly8,2019,GuangdongHuizhouPinghaiPowerPlantCo.,Ltd.,thecompany'scontrollingsubsidiary,receivedasetoflegaldocumentssuchasSummon,NoticeofProofandNoticeofRespondencetoActionfromtheIntermediatePeople'sCourtofHuizhouCity,GuangdongProvince,whichinvolvedthecaseofChinaEnergyConstructionGroupGuangdongElectricPowerEngineeringBureauCo.,Ltd.v.PinghaiPowerPlantConstructionContractDispute(caseNo.(2019)Y13MCNo.163).Thelawsuitclaimsinclude:1.PinghaiPowerPlantpaysGuangdongElectricPowerEngineeringBureau89.548053millionyuan(principal)andinterestof36.526452millionyuan,withtheaboveprincipalandinteresttotaling126.074505millionyuan;2.PinghaiPowerPlantbearsthelitigationexpensesinthiscase. | OnJuly8,2019,GuangdongHuizhouPinghaiPowerPlantCo.,Ltd.,thecompany'scontrollingsubsidiary,receivedasetoflegaldocumentssuchasSummon,NoticeofProofandNoticeofRespondencetoActionfromtheIntermediatePeople'sCourtofHuizhouCity,GuangdongProvince,whichinvolvedthecaseofChinaEnergyConstructionGroupGuangdongElectricPowerEngineeringBureauCo.,Ltd.v.PinghaiPowerPlantConstructionContractDispute(caseNo.(2019)Y13MCNo.163).Thelawsuitclaimsinclude:1.PinghaiPowerPlantpaysGuangdongElectricPowerEngineeringBureau89.548053millionyuan(principal)andinterestof36.526452millionyuan,withtheaboveprincipalandinteresttotaling126.074505millionyuan;2.PinghaiPowerPlantbearsthelitigationexpensesinthiscase. | 12,607.45 | No | ThecasewasoriginallyscheduledtobeheardinHuizhouIntermediatePeople'sCourtonAugust14,2019,andwaslaterrescheduledtoJanuary17,2020forthefirsthearingofthefirstinstance.Thetwopartiesexchangedevidenceandcross-examined,anddebatedthecontroversialissuesandthefocusissues.Accordingtothecontentofthetrial,continuetocollectrelevantinformationandwellensurethenextstepofrespondingtothelawsuit. | Duringthetrialofthecaseinthefirstinstance,thereareuncertainfactorsinthefinaljudgmentresultandexecution,soitistemporarilyimpossibletojudgetheimpactonthecompany'sprofitsin2019andbeyond. | No | July11,2019 | AnnouncementNo.:2019-29)PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn |
XIII.SituationofPunishmentandRectification □Applicable√NotapplicableNopenaltyandrectificationfortheCompanyinreportingperiod.XIV.CreditConditionoftheCompanyanditsControllingShareholdersandActualControllers □Applicable√NotapplicableXV.ImplementationSituationofStockIncentivePlanoftheCompany,EmployeeStockOwnershipPlanorOtherEmployeeIncentiveMeasures □Applicable√NotapplicableDuringthereportingperiod,thecompanyhasnostockincentiveplan,employeestockownershipplanorotheremployeeincentivesthathavenotbeenimplemented.XVI.Materialrelatedtransactions 1.Relatedtransactionsinconnectionwithdailyoperation □Applicable√Notapplicable Nil 2.Related-partytransactionsarisingfromassetacquisitionorsold □Applicable√NotapplicableNorelatedtransactionsbyassetsacquisitionandsoldfortheCompanyinreportingperiod. 3.Related-partytransitionswithjointinvestments □Applicable√NotapplicableNomainrelatedtransactionsofjointinvestmentoutsidefortheCompanyinreportingperiod. 4.Creditsandliabilitieswithrelatedparties □Applicable√Notapplicable Nil 5.Othersignificantrelated-partytransactions √Applicable□Notapplicable （1）2019dailyrelatedtransactionswerecarriedoutafterexaminationandapprovalby2019firstprovisionalshareholders'generalmeeting.Referto(5)RelatedtransactionsofXII.RelationshipbetweenrelatedpartiesandthetransactionsbetweenthemoftheFinancialReportofthisreportfordetails. (2)TheProposalontheFinancialServicessuchasMakingtheApplicationoftheTotalLoanLimitofRMB22BillionandHandlingtheDepositSettlementtotheRelatedParty-GuangdongEnergyGroupFinanceCo.,Ltd.(formerly"GuangdongYudeanFinanceCo.,Ltd.")bytheCompanyandSomeofitsSubsidiarieswasapprovedinthecompany’s2018annualgeneralshareholdermeetingforimplementation. （3）InordertomeetthebusinessdevelopmentneedsofGuangdongEnergyGroupFinanceCo.,Ltd.(formerly"GuangdongYudeanFinanceCo.,Ltd."),thecompany,itsrelatedparties,GuangdongEnergyGroupandGuangdongShajiao(FactoryC)PowerGenerationCo.,Ltd.jointlyincreasedcapitaltothefinancecompany,ofwhichthecompanyincreasedcapitalby250millionYuantothefinancecompanyaccordingtothe25%equityratio.TheabovemattershavebeenreviewedandapprovedbythesixthmeetingofthesixthBoardofDirectorsoftheCompany.Websitefortemporarydisclosureoftheconnectedtransaction Announcement | Announcement | Dateofdisclosure | Websitefordisclosure | | EstimatesannouncementoftheDailyRelatedPartyTransactionsof2019 | January26,2019 | http//www.cninfo.com.cn. | | AnnouncementontherelatedpartyTransactionsofGuangdongElectricPowerDevelopmentCo.,Ltd.withGuangdongYudeanFinanceCo.,Ltd. | April12,2019 | http//www.cninfo.com.cn. | | AnnouncementonRelatedPartyTransactionstoCapitalincreasetoGuangdongYudeanFinanceCo.,Ltd. | August31,2019 | http//www.cninfo.com.cn. |
XVII.Particularsaboutsignificantcontractsandtheirfulfillment 1.Particularsabouttrusteeship,contractandlease (1)Trusteeship √Applicable□NotapplicableNoteAccordingtotheinstructionsofEnergyGrouponundertakingtoperformrelatedmatters,inordertoavoidhorizontalcompetitionandfulfillthecommitmentsofrelatedhorizontalcompetition,theCompanyandEnergyGrouphavesignedtheEquityTrustAgreement,whichentruststherightsofshareholdersoftheCompanywithinthetrustscopeofEnergyGrouptotheCompanyexceptfortherightsofownership,incomeanddisposition.Theexpectedtrustfeeis2.45million/year.ThecompletereportisavailableasAnnouncementNo.2018-04withChinaSecuritiesJournal,SecuritiesTimeandatwww.cninfo.com.cndatedJanuary13,2018.Projectthatbringprofitandlossestothecompanyofmorethan10%ofthecompany'stotalprofitinthereportingperiod. √□Applicable√NotapplicableNogainsorlossestotheCompanyfromprojectsthatreachedover10%intotalprofitoftheCompanyinreportingperiod (2)Contract □Applicable√NotapplicableNoanycontractfortheCompanyinthereportingperiod. (3)Lease √Applicable□NotapplicableNote: Asalessee,TheCompanyrentedhousesandbillboardsfromYudeanRealEstateCompanyandYudeanPropertyCompany,therentalfeeincurredthisyearwasRMB11,422,326;Asalessor,theCompanyleasedthehousestoYudeanPropertyCompany,YudeanShippingCompanyandQujiangNewEnergyCompany,therentalincomeforthisyearwasconfirmedtobeRMB833,445;TheparentcompanyoftheCompany,asaleassor,leasesthehousesandparkingspacestounitsandindividualssuchasGuangdongElectricPowerCommunicationandInformationCompanyandGuangdongElectricPowerDispatchingCenter.TherentalincomeforthisyearwasconfirmedtobeRMB1,269,385.Projectthatbringprofitandlossestothecompanyofmorethan10%ofthecompany'stotalprofitinthereportingperiod. □Applicable√NotapplicableTherewerenoleaseswitha10%orgreaterimpactontheCompany’sgrossprofitintheReportingPeriod. 2.Guarantees √Applicable□Notapplicable （1）Guarantees InRMB10,000 GuaranteeoftheCompanyforthecontrollingsubsidiaries(Excludecontrolledsubsidiaries) | GuaranteeoftheCompanyforthecontrollingsubsidiaries(Excludecontrolledsubsidiaries) | | NameoftheCompany | Relevantdisclosuredate/No.oftheguaranteedamount | AmountofGuarantee | Dateofhappening(Dateofsigningagreement) | Actualmountofguarantee | Guaranteetype | Guaranteeterm | Completeimplementationornot | Guaranteeforassociatedparties(Yesorno) | | YunnanBaoshanBinlangjiangHydroelectricityDevelopmentCo.,Ltd. | December19,2007 | 4,350 | November30,2007 | 1,740 | Guaranteeingofjointliabilities. | 15years | No | No | | YunnanBaoshanBinlangjiangHydroelectricityDevelopmentCo.,Ltd. | November12,2008 | 7,250 | November14,2008 | 145 | Guaranteeingofjointliabilities. | 12years | No | No | | YunnanBaoshanBinlangjiangHydroelectricityDevelopmentCo.,Ltd. | May27,2009 | 9,367 | June22,2009 | 4,727 | Guaranteeingofjointliabilities. | 18years | No | No |
YunnanBaoshanBinlangjiangHydroelectricityDevelopmentCo.,Ltd. | YunnanBaoshanBinlangjiangHydroelectricityDevelopmentCo.,Ltd. | May27,2009 | 7,250 | May27,2009 | 1,450 | Guaranteeingofjointliabilities. | 15years | No | No | | Totalamountofapprovedexternalguaranteeinthereportperiod(A1) | 0 | Totalactuallyamountofexternalguaranteeinthereportperiod(A2) | -1,769 | | Totalamountofapprovedexternalguaranteeattheendofthereportperiod(A3) | 190,835 | Totalactuallyamountofexternalguaranteeattheendofthereportperiod(A4) | 8,062 | | Guaranteeofthecompanyforitssubsidiaries | | Nameofthecompanyguaranteed | Relatedannouncementdateandno. | Amountofguarantee | Dateofhappening(dateofsigningagreement) | Actuallyguaranteeamount | Guaranteetype | Guaranteeterm | Completeimplementationornot | Guaranteeforrelatedparty(yesorno) | | ZhanjiangWindPowerGenerationCo.,Ltd. | April29,2009 | 18,572 | October9,2010 | 6,922.35 | Guaranteeingofjointliabilities. | 18years | No | No | | GuangdongShaoguanYuejiangPowerGenerationCo.,Ltd. | November16,2013 | 9,000 | January28,2014 | | | Guaranteeingofjointliabilities. | 7years | No | No | | GuangdongShaoguanYuejiangPowerGenerationCo.,Ltd. | November16,2013 | 8,100 | January29,2014 | | | Guaranteeingofjointliabilities. | 7years | No | No | | Totalofguaranteeforsubsidiariesapprovedintheperiod(B1) | 0 | Totalofactualguaranteeforsubsidiariesintheperiod(B2) | -4,518 | | Totalofguaranteeforsubsidiariesapprovedatperiod-end(B3) | 141,536 | Totalofactualguaranteeforsubsidiariesatperiod-end(B4) | 6,922 | | Guaranteeofthesubsidiariesforthecontrollingsubsidiaries | | NameoftheCompanyguaranteed | Relevantdisclosuredate/No.oftheguaranteedamount | Amountofguarantee | Dateofhappening(Dateosigningagreement) | Actualmountofguarantee | Guaranteetype | Guaranteeterm | Completeimplementationornot | Guaranteeforassociatedparties(Yesorno) | | TheCompany’stotalguarantee(i.e.totalofthefirstthreemainitems) |
Totalguaranteequotaapprovedinthereportingperiod（A1+B1+C1） | Totalguaranteequotaapprovedinthereportingperiod（A1+B1+C1） | 0 | Totalamountofguaranteeactuallyincurredinthereportingperiod（A2+B2+C2） | -6,287 | | Totalguaranteequotaalreadyapprovedattheendofthereportingperiod（A3+B3+C3） | 332,371 | Totalbalanceoftheactualguaranteeattheendofthereportingperiod（A4+B4+C4） | 14,984 | | TheproportionofthetotalamountofactuallyguaranteeinthenetassetsoftheCompany(thatisA4+B4+C4）% | 0.57% | | Including： | | ThedebtsguaranteeamountprovidedfortheGuaranteedpartieswhoseassets-liabilityratioexceed70%directlyorindirectly（E） | 8,062 | | TotalguaranteeAmountoftheabovementionedguarantees（D+E+F） | 8,062 |
Descriptionoftheguaranteewithcomplexmethod (2)Illegalexternalguarantee □Applicable√NotapplicableNoIllegalexternalguaranteeinthereportperiod. 3.SituationofEntrustingOthersforManagingSpotAsset (1)SituationofEntrustedFinance □Applicable√NotapplicableNoanyEntrustedFinancefortheCompanyinthereportingperiod.. （2）SituationofEntrustedLoans □Applicable√NotapplicableNoanyEntrustedloansfortheCompanyinthereportingperiod.. 4.Othersignificantcontract □Applicable√NotapplicableNoothersignificantcontractsfortheCompanyinreportingperiod.XVIII.Socialresponsibilities 1.InformationofperformanceofsocialresponsibilitiesFordetails,pleaseseetheSocialResponsibilityReportof2019disclosedbythecompanyonthesameday. http://www.cninfo.com.cn 2.Overviewoftheannualtargetedpovertyalleviation （1）PrecisepovertyplanTheCompanywillindepthimplementthespiritsoftheCentralworkConferenceonPovertyAlleviationandtheDevelopmentandGeneralSecretaryXiJinping'sseriesofimportantspeechesonpovertyalleviationandthedevelopment,WewillactivelyimplementtheoverallarrangementsandarrangementsofGuangdongprovincefor targetedpovertyalleviationandtargetedpovertyalleviation,byadheringtheconceptofinnovation,coordination,green,openandshareddevelopment,theCompanywillstrengthentheawarenessoftheoverallsituationandthesenseofresponsibilityof“TheRichfistleadslatter,andrealizethecommonprosperity”,fullyutilizetheadvantages,carryoutthemeasuresofprecisionpovertyalleviationtothevillage-under-aid,effectivelyenhancethelocal“vitality-making”function,focusonboostingthevillage’scollectiveeconomicstrength,developingtheenvironmentandsocietyandpeople’slivelihood,thustoincreasetheincomeofpoverty-alleviationobjects,soastoensuretheaccomplishmentofvariousprojectgoalsandtasks. 1.Soundlydotheworkofthepovertyalleviationbyindustrydevelopment.Formulatethecharacteristicindustrydevelopmentforthevillage-under-aid,implementthe“onevillage,oneproduct”industrypromotionaction,tapintotheresourcesadvantages,preciselyselectthedominantindustryandthedominantproducts,supporttheconstructionofcharacteristicagriculturalbaseswithhighparticipationofpovertyhouseholds,supportthelargeagriculturalhouseholdsandprofessionalcooperatives,smallandmicroenterprisesandsoforthagriculturaloperationbodiestospeedupthedevelopment.Explorethe“Internet+PrecisionPovertyAlleviation”model,strengthenthetrainingofruralE-commercemerchantsinpoorvillages,andencouragefarmerstoopenonlinestoresforself-development. 2.Explorethepovertyalleviationbyshares.Promotetheincome-increasemodeofpoorvillagecollectiveeconomy,allowthefinancialspecialpovertyalleviationfundsandotheragricultural-relatedfundstoinvestinfacilitiessuchasagriculture,farming,industrialparks,hydropower,ruraltourismandsoforthwithoutchangingtheirusepurposes,andtheresultingassetincomecanbeconvertedtosharesquantizationtopoorvillagesandpoorhouseholds.Cooperatewiththelocaltoexploreandpromotetherightsconfirmationoflandmanagementwithaccordinglyconvertingtoshares,guidepoverty-strickenhouseholds,especiallythosewhoareincapableofworking,tovoluntarilytransferthelandmanagementrightsaccordingtolaw,anduseassetssuchasland,agriculturalfacilities,andpovertyalleviationfundstopricetoconvertintoshares,gainingtheoperatingincomeaccordingtoshares. 3.Cooperationintrainingandemployment.Orientedtowardsenhancingtheabilityofthepoortogetemployment,assisttocarryouttheallkindsofpolicytraining,promotetherelevantvocationalandtechnicalcollegestorecruitchildrenfrompoorfamilies,thustoenablethemtoachieveskillstogetoutofpoverty. 4.Improvetheinfrastructure.Cooperatewiththelocaltoimprovethetrafficconditionsanddevelopmentenvironmentinthevillage-under-aid;supportandhelpkeyvillages-under-aidofthesafedrinkingwaterprojects;improvefarmlandwaterconservancyfacilities;improvesewagefacilities;improvethegarbagecollectionandtreatmentandthecleaningsystem;improvevillageculturalandleisureactivities,publictoilets,landscapingandgreeningandotherfacilities;ensurethattherelevantindicatorsmeettheprovincialstandards. 5.Boosttheeducationculture.Incoordinationwiththelocaleducationandculturaldepartments,theCompanywillvigorouslypromotethepovertyalleviationthrougheducationsothatallchildreninthevillages-under-aidcanreceiveagoodeducation,increasetheeducationsubsidiesforpoorfamilies,ensurethatchildrenfrompoorhouseholdsdonotdropoutofschoolduetopoverty,payattentiontoleft-behindchildren,andbuildleft-behindchildren'sservicecenters. 6.Helptoimprovetheenvironment.Cooperatewiththelocaltoraisefundsbymulti-channelstohelp impoverishedhouseholdscompletetherenovationofdilapidatedbuildingsandfullycompletethetaskofassistinglow-incomepeopleinhousingreconstruction,assistingintheimprovementofdomesticgarbagedisposal,sewagetreatment,publictoiletsandgreeningandbeautificationofvillages.Wewillusetheentirevillageasaplatformtoacceleratetheimprovementofproductionandlivingconditionsofpoorvillages,andsteadilypromotetheconstructionofbeautifullivablevillagestorealizethenewappearanceoftheoldvillages. 7.Consolidatethegrassrootsfoundation.CooperatewiththelocalpeopletoadheretothePartybuildingandpovertyalleviationbothatthesametime,withthepartybuildingtohelpthepoorandwiththepovertyalleviationtopromotethepartybuilding.Organizeandholdregularmeetingsofthe"twocommittees"meetingsofthevillagestostudytheworkofaidingthepoor;theassignedcadresshouldassistthe"twocommitteesofthevillage"todoagoodjobinorganizingthemasses,servingthemasses,unitingthemasses,andenhancingtheabilityofthecadresofthe"twocommittees"ofthepoorvillagestoleadthepeopleoutofpovertyandruntohealth;It’snecessarytoconstantlystrengthenthedevelopmentconsciousness,marketawareness,teachingideas,teachingmethodsandteachingexperienceofcadresatthegrass-rootlevel,mobilizingthegrass-rootlevelcadres,strengthenthegrass-rootorganizations,musterupthedrivetofightagainstpoverty,andbuildup“Thenever-leavingTaskForceonPovertyAlleviation”,thustolaythefoundationforthesustainableandhealthydevelopmentofpoorvillages. 8.Leadmultiplepartiestoparticipatein.Guideindustries,enterprises,socialorganizationsandindividualstoparticipateinpovertyalleviation,andencouragecompaniestoactivelyundertakesocialresponsibilities,fullystimulatethemarket'svitality,andhelpvillagestoinvestinindustries,developtrainingskills,absorbemployment,andhelpthepoorwithdonatedmoneythroughvariousformssuchasresourcedevelopmentandjointconstructionofvillagesandenterprises. 9.Strengthenthepublicityforpovertyalleviation.Adheretotheguidanceofpublicopinion,comprehensivelypublicizeandaccuratelyinterpretthedecision-makinganddeploymentof“PrecisionpovertyalleviationandPrecisionpovertyreduction”,strengthentheideologicaleducationandguidance,andstrengthenthecadresandthemasses'centripetalforceandcohesioninpovertyalleviationworkandthedevelopmentwork.Guidethevillagerstochangetheobsoletecustomsandhabits,stimulatetheimpoverishedpeopletoworkhardanddevelopgoodenthusiasm,andcreateapositiveatmosphereforself-reliance,hard-workingandgettingridofpovertyandbecomingbetteroff. （2）PrecisepovertyalleviationDuringthereportingperiod,thecompanyactivelyimplementedtheoveralldeploymentandarrangementofGuangdongprovince'sworkon"targetedpovertyreliefandtargetedpovertyalleviation",activelyinvesthuman,materialandfinancialresourcesinpovertyreliefwork,anditssixsubsidiaries,namelyYuejiangcompany,Redbaycompany,Zhennengcompany,Zhanjiangcompany,DabucompanyandZhanjiangwindpowercompany,activelycarriedouttargetedpovertyreliefassistancework. I.CounterpartassistanceofYuejiangCompanyonMiXiashuivillage,Quan’anTown,NanXiongCity2019isthekeyyearforwinningthefirst100-yeargoalofbuildingawell-offsocietyinanall-roundwayandwinningthebattleagainstpoverty.Accordingtothearrangementofrelevantdocumentsoftheprovincesandcities,YuejiangPowerGenerationCompanyselectedacadretoserveasthepartybuildinginstructorinthevillagesinthesecondphaseofprovincialpoverty-strickenvillagestoassistShaoguanMunicipalGovernmentOfficeincarryingouttargetedpovertyreliefandtargetedpovertyalleviationworkinMixiashuiVillage: 1.StrengthenPartybuilding.Centeringonthedeploymentrequirementsofthecentralgovernment,provinces, citiesandcountiesontheParty'sconstructiontopromotepovertyalleviation,andincombination withtheactualsituationinNanxiongCityandQuan'anTown,effortsarefocusedon"graspingpoints,expanding areas,improvingqualityandstrengtheningcapabilities"togivefullplaytotheexemplaryandleadingroleofPartymembers.OnJune27,ameetingofmembersofthegeneralpartybranchofMixiashuiVillagewasheldtoorganizepartylectures-InterpretationoftheRegulationsonEducationManagementofPartyMembersandInterpretationoftheRegulationsontheWorkofPartyBranch. 2.Wellensurethepeople'slivelihood.Fullyimplementthe"ThreeGuarantees"policyandcompletethereportingofinformationonthedilapidatedhousereconstructionprojectforpoorhouseholdYeChengxiang;Fullyimplementpovertyreliefeducationguaranteeforpoorhouseholdsinaccordancewiththepolicyrequirements;Promotefullcoverageofmedicalinsurance,fullyimplementthemedicalinsurancepolicy,andsubsidize41poorhouseholdstopurchaseurbanandruralmedicalinsurance;Sendwarmcondolencestopoorhouseholds,andsendwarmcondolencestoallpoorhouseholdsinJanuarybeforetheSpringFestival. 3.Accurateidentification:inearlyJune,theworkteamstationedinthevillage,togetherwithtowncadresandvillagecadres,conducton-doorvisittoacquirethepovertyinformationofYaoShihuiandYeChengming,andreportedtheinformationtoNanxiongPovertyReliefOfficeaftercomprehensiveanalysisandverification.YaoShihuiandYeChengmingaretobeincludedinthepoorhouseholds. 4.In2019,itwillcontinuetobuild4boutiquevillages,includingLiaowuVillage,YaowuVillage,LiuwuVillageandShigangVillage.Inthefirsthalfoftheyear,ithasbasicallycompletedthe"threeclean-upsandthreedismantlements"ofrelevantsections,activelywonthesupportofsuperiorpolicies,andmadesolidprogressintheconstructionofnewruraldemonstrationvillages. 5.AccordingtotherequirementsoftheImplementationPlanof"AwardInsteadofCompensation"forTargetedPovertyReliefandTargetedPovertyAlleviationinNanxiongCityin2019,the"AwardinsteadofCompensation"willbeimplementedforpigraisingandpeanutplantingbypoorhouseholdsinthefirsthalfoftheyear. 6.Workhardtopromotepovertyreliefthroughhigh-qualityriceandpassionfruitindustries.UrgeMixiahuiVillageZhongzhiCooperativetosignahigh-qualityricepurchaseagreementwithNanxiongJinyouCompany,tounifytheexternalsalesthroughthecooperative,openupthehigh-qualityricesalesmarket,andimprovethemarketbargainingpower;RelyingonMixiashuiVillagePassionFruitPlantingDemonstrationBase,activelyguideandhelp10poorhouseholdsinMixiashuiVillagetoparticipateinpassionfruitplanting,regularlyprovidetechnicalguidancetogrowers,andoperateitthroughthe"enterprise+cooperative+poorhouseholds"businessmodel,carryoutplantingandmanagementaccordingtounifiedstandards,andadoptreservepriceforpurchasetoensuretheincomeofpoorhouseholds. 7.Invest1.2millionyuan(including350,000yuanfromYuejiangPowerGenerationin2017)inSunshineRoseGrapeModernAgriculturalIndustrialParktoincreasethecollectiveincomeofthevillage. 8.Wellensurethewithdrawalofrelativelypoorhouseholdsandvillages.Bytheendof2019,94peoplefrom39poorhouseholdsinMixiashuiVillagehaveliftedoutofpovertyandcompletedthetaskofhelpingthepoorvillagesinMixiashuiVillageoutofpoverty.II.CounterpartassistanceofRedBayCompanyonYuexiVillage,HetianTown,LuheCountyUnderthecorrectleadershipofalllevelsofgovernmentandthecarefulguidanceofthecompany'spartycommittee,thecompanyhassuccessfullycompletedthedesignatedassistancetoYuexiVillagein2019.ThepoorvillageinYuexiVillageand289peoplefromall70poorhouseholdshaveallpassedtheacceptancecheckbyShanweiCity'sinspectionteam,realizingtwo100%dequeues,asfollows: (I)Workprogress 1.StrengthenpartybuildingguidancetohelppovertyalleviationUndertheleadershipandguidanceoflocalpartycommittees,thevillage-basedteamstrengthenstheconstructionofvillagepartyorganizations,givesfullplaytotheleadingcoreroleofpartyorganizationsingrass-rootswork, leadsthemembersofthe"twocommittees"ofthevillage,andfocusesonpartyconstruction,povertyalleviation,development,stabilityandbuildingvillagerulesandregulations.Firstly,leadtheteamwell.Strictlyimplementthe"threemeetingsandonelesson"system,adheretothedemocraticlifemeeting,organizationallifemeetingandtalksystem,strictimplementthevillage-levelrulesofprocedureof"fourdiscussionandtwoopennesses",andgraduallystandardizethevillagepartybranchorganizationlife;ComradeZhangChunsheng,firstsecretaryofthevillageandleaderofthetaskforce,tooktheleadinconductingpartylessons,organizedthemembersofthesub-branchtovisittheoldpartymembersandtheneedy,organizedthepartymemberstoadheretotheprincipleof"showingtheiridentity,makingpromisesandmakingactions",wenttotheRedEducationBaseandtheAnti-corruptionandLegalEducationBasetoreceiveeducation,andlaunchedthe"MyMotherlandandI"singingcampaigntofullydemonstratethespiritofthepartymembersofthevillagebranchonlovingthecountryandthefamily,isfullofvigorandvitalityforunityandInvigoration.Secondly,buildupthesystem.Thevillage-basedteamhasgiventopprioritytothepartybuildingwork,strengthenedtheleadershipofthepartybuilding,continuouslyimprovedthemanagementsystem,revisedandcompiledvillagerulesandregulationssuchasthevillagecollectiveassetmanagementmethod,thevillagefinancialrevenueandexpendituremanagementsystemandthefivegoodfamilyselectionmethodaccordingtotheactualconditions,andactivelyconstructedavillagegovernancesystemintegratingvillageautonomy,ruleoflaw,andruleofvirtue.Thirdly,completepracticalworkwell.Carryoutthethemeeducationactivitiesof"Remaintruetoouroriginalaspirationandkeepourmissionfirmlyinmind"solidly,payattentiontotheachievementofthemeeducationandensureaccomplishmentforthepeople;Thisyear,thevillage-basedteamhelpedsolvethedifficultproblemssuchastheblockingofthevillagetelegraphpoles,theaccumulationofwateronthevillageroads,andthepilesofgarbageinthepitandpondofXinwujiavillage.Inaddition,the"twocommittees"ofthevillagehavejointlybuiltthefirstcentralizedchargingstationforelectricvehiclesatthevillagelevelinLuhecounty.Thechargingstationcancharge30electricvehiclesatthesametime,andtheincomeisownedbythevillagecollective,whichcannotonlyincreasethecollectiveincomeofthevillage,butalsoeffectivelysolvethehiddentroubleofelectricvehiclechargingandfiresafetythathaslongtroubledthevillagers.ThisprojecthaswonhighpraisefromthecountypartycommitteeandcountygovernmentofLuhecounty.Thecolumnof"DirectStrikeontheSpot"ofLuhecountytelevisionstationalsomadeaspecialreportonit. 2.ImplementtargetedaidandconsolidatepovertyalleviationOnthebasisofrespectingthewishesofpoorhouseholds,thevillage-basedteamassistshouseholdsinaccordancewiththe"onelawforeachhousehold"requirement,andadoptsavarietyofmeanssuchasideologicalchangeguidance,technical"hematopoietic"support,andimplementationofpoliciesandmeasurestoimplementaccuratepoliciesandtoensurestablepovertyalleviationforrelativelypoorhouseholds.Accordingtothelocalgovernment'splanof"onepolicyforeachvillage"andincoordinationwiththeimplementationoftheoverallpromotionofpoverty-strickenvillages,povertyeradicationhasachievedremarkableresults.Firstly,implementthepolicyof"threeguarantees"andpovertyalleviationforpoorhouseholdswithoutlaborability.Implementtheruralmedicalinsurancefor289peoplefromthe70villagepoorhouseholdsandtheeducationsubsidyfundsfor59studentsfromvillagepoorhouseholds;Implementtheguaranteepoliciesforthevillage's14householdswithfiveguaranteesand12householdswithsubsistenceallowances,andachievepolicypovertyalleviationcoverage;Implementthepolicyofminimumlivingallowancesfor40peoplefrom25poorhouseholdshouseholdswithweaklaborcapacityinthevillage(non-whole-householdminimumlivingallowances)torealizepartialcoverage;Meanwhile,effortsshallbemadetoimprovetheteachingenvironmentofvillageprimaryschools,buildnewplasticplaygroundsandequipmultimediaclassroomstoensurethatpoorstudentscansuccessfullycompletetheirstudies.Second,promotepoorhouseholdswithlaborabilitytoshakeoffpovertyandbecomerichindependently.Thevillage-basedteamcontinuedtoimplementthebonusandsubsidysystemtoachievethegoalof"onemethod foreachfamily,andprojectsforeveryfamily"togetridofpovertyandbecomerich.54poorfamilieswithlaborabilityinthevillagehaveeachcarriedoutmorethan2povertyalleviationprojects.Thisyear,theCompanywonatotalof309,500yuaninbonusandsubsidyfunds;Atpresent,theaverageannualdisposableincomeofpoorfamilieswithlaborabilityinthevillageisabove13,000yuan,andtheaverageannualdisposableincomeofruralhouseholdsinthevillageis14,200yuan.Thevillage-basedteamcompletedthewithdrawaldeclarationforpoorfamiliesandpoorvillagesinYuexiVillageaccordingtotheprocedures,whichpassedtheinspectionandacceptanceofLuheCountysmoothlyonDecember5,andwasalsoinspectedandacceptedbytheinspectionteamofShanweiCityonDecember12.Thirdly,establishalong-termmechanismtoeradicatepoverty.Inordertoconsolidatetheeffectivenessofpovertyalleviation,cultivateeconomicentitiesthatdrivethevillagecollectivepovertyalleviation,stimulatethetransformationoftheaidworkfrom"bloodtransfusion"to"hematopoiesis",focusontheimplementationofincomeprojectsinpovertyalleviationindustries,soastoformalong-termincomemechanism,acontractwassignedfortherentalprojectofthepovertyalleviationindustrialcomplexbuildingthisyear.Therentalforthefirstyearis216,600yuan,andthesubsequentrentalincreasesyearbyyear.Inadditiontothe30kWsolarpowergenerationproject,theinvestmentinthecountyindustrialparkprojectandtheecologicalplantationproject,thecollectiveincomeofYuexiVillagehasnowreached350,000yuan/year;Inaddition,YuexivillagepovertyalleviationindustrycomprehensiveroofPVpowergenerationprojecthasbeenconnectedtothegridattheendoftheyear,whichisexpectedtoaddanother50,000yuan/yeartothevillagecollectiveincome.(II)Mainmethodsandhighlights 1.Theinformationforpoorhouseholdsisdetailedandaccurate.Thevillage-basedteamwillgotohouseholdseverymonthtofullygrasptheproductionandlivingconditionsofpoorhouseholds,andcomparetheinformationcollectedduringthevisitwiththeoriginaldatainGuangdongTargetedPovertyAlleviationSystemtoreviseandimprovethedatainrealtimetoensure"accuracy".Uptonow,theGuangdongPrecisionPovertyAlleviationInformationSystemhascompletedmorethan2,000informationrevisions,includingtheincreaseanddecreaseofpoorhouseholdmembers,laborforceadjustment,personalinformationrevision,aiddocking,povertyalleviationmeasuresandmonthlyreports. 2.Thevillagecollectiveeconomygrowssignificantly.Thevillage-basedteamscientificallyformulatedtheassistanceplan,continuouslystrengthenedYuexivillage'scollectiveeconomy,andimprovedthevillage'sown"blood-forming"ability.Atpresent,YuexiVillage'scollectiveincomehasachievedazerobreakthrough,reaching350,000yuan/year,ofwhich35,000yuan/yearisfromtheroofphotovoltaicpowergenerationprojectofYuexiVillagePrimarySchool;50,000yuan/yearisfromtheannualincomeofXiantangPlantationProject;70,000yuan/yearisfromtheinvestmentincomeinXinheIndustrialPark;And200,000yuan/yearisfromtherentalincomeofpoverty-reliefindustrialbuildings,whichincreasesyearbyyear.TheroofPVpowergenerationprojectofYuexiVillagePovertyAlleviationIndustrialBuildingisexpected50,000yuan/year. 3.Theaidworkisfeaturedbybothstrengthandwarmth.From2016to2019,theCompanyhasinvested11millionyuaninYuexiVillageandraised450,000yuaninindustryandsociety.Atthesametimeofstrengtheningtheassistance,wealsopayattentiontothewarmthoftheassistanceworkandinsistonvisitingpoorhouseholdseverymonthtohelpsolvepracticaldifficulties.Thevillage-basedteamarrangesspecialfundsforcondolencestopoorfamiliesduringtraditionalfestivalssuchasDragonBoatFestival,Mid-AutumnFestival,SpringFestival,etc.,organizescondolencestooldpartymembersandpoorpartymembersbeforeJuly1eachyear,andconductsawards,teachingandassistanceactivitiesinYuexiPrimarySchoolduringTeachers'Dayeachyear;Avillagers'congresswasheldinNovember2019toselectthe"FiveGoodFamilies","BeautifulCourtyard","ModelofPovertyAlleviation"and"ModelofSelf-improvement"awardsinYuexiVillage,andtoissueawards. 4.Explorenewwaysandmeanstobuildaruralgovernancesystemthatcombinesautonomy,ruleoflawandruleofvirtue.Undertheactiveexploration,supervisionandguidanceofthevillage-basedteam,YuexiVillagehas revisedandcompiledtheVillageRulesandRegulationsaccordingtotheactualsituation.Throughthe"FourDiscussionsandTwoOpenings"procedure,ithasformulatedsuchrulesandregulationsastheFundManagementMeasurestoHelpYuexiVillageinHetianTownfor"TargetedPovertyAssistanceandPovertyAlleviation",ManagementMeasuresforYuexiVillageCollectiveAssets,YuexiVillageFinancialRevenueandExpenditureManagementSystem,ManagementMeasuresforYuexiVillageSelf-builtHousingandDecorationandSelectionMeasuresforFiveGoodFamiliesinYuexiVillage.Throughcontinuousimprovementofthemanagementsystem,aruralgovernancesystemcombiningvillageautonomy,ruleoflawandruleofvirtueisestablished.III.CounterpartassistanceofZhennengCompanyonXinpoVillage,ShalangTown,DianbaiDistrict,MaomingCityAccordingtothedeploymentandrequirementsofMaomingmunicipalpartycommitteeandmunicipalgovernmentfortargetedpovertyalleviationinthenewperiod,theMaomingmunicipalpeople'scongressstandingcommitteeoffice,MaomingZhenengThermalPowerCo.,Ltd.andGuangdongDevelopmentBankMaomingBrancharelinkedtoassistXinbeiVillage,ShalangTown,DianbaiDistrict,andsentapovertyalleviationteamtothevillage.Withthejointeffortsofthethreehelpingunits,thevillage-basedteamandthetownandvillagecadreshavemadeconcertedeffortstopromotethedevelopmentofaccuratepovertyalleviationthroughtheestablishmentandimprovementoftheleadingagenciesforassistance,theformulationofasoundassistanceworkplan,accurateidentificationofvillagesandhouseholds,andthecustomizationofvariousassistancemeasures.Asaresult,thetargetedpovertyalleviationworkinXinbeiVillagehascotntinuouslymadenewprogressandachievednewresults.(I)Theleadersattachgreatimportanceto,carefullyguide,andworktogethertotackletargetedpovertyalleviationSince2019,leadersatalllevelshaveattachedgreatimportancetotheaccurateassistanceworkinXinbeiVillage.DengYongming,deputydirectoroftheStandingCommitteeoftheMunicipalPeople'sCongress,hasvisitedthevillagethreetimesforinvestigationandguidance,andLinZhenguang,deputydirectorincharge,hasledtheteammanytimestothevillageforinvestigationandguidancesoastopromotethetargetedpovertyalleviationwork.Themainleadersofthethreeaidunitsheldseveraljointmeetingstodiscussandsolvemajorproblemsanddecideonmajorissues.TheyalsoorganizedtheresponsiblepersonstovisitthelinkedhouseholdstofollowupandpromotetheaidprojectsduringtheSpringFestival,Mid-AutumnFestivalandotherholidays.Atthesametime,theprogressofpovertyalleviationwork,existingproblemsandthenextworkplanareregularlyreportedonamonthlybasis.(II)Steadyprogress,preciseimplementation,withfocusontheimplementationofincomeandpovertyalleviationmeasuresOverthepastfouryears,XinbeiVillagehasimplementedacombinationof"short-term,medium-termandlong-term"income-increasingprojects,namely,ashort-termhouseholdvegetablebasketproject,amedium-termagriculturalindustrialparkprojectandalong-termphotovoltaicpowergenerationproject.Firstly,implementthefamilyvegetablebasketproject.Themainpurposeistohelpunitssetupasubsidyfundtoprovideseedlingsandmeansofproductionandtoassisttheminsellingagriculturalproducts.In2017,supportunitssupportedmorethan60,000yuan,helped6householdstobuildstandardchickenhouses,anddistributed1,760XinyiHuaixiangchickenseedlingsandfeedto16poorhouseholds;In2018,thesupportunitsupported30,000yuan,providing1,000chickenseedlingsto12poorhouseholds,conductedtechnicaltraining,signedaguaranteedrecoveryagreement,andassistedpoorhouseholdsinsellingproductchickens;In2019,theaidunitsupportedanother35,000yuan,providing1,000chickenseedlingsto15poorhouseholds,andincreasingtheincomeofpoorhouseholdsby130,000yuanintotaloverthepastthreeyears.Inaddition,poorhouseholdshaveraisedcattle,pigs,vegetablesandriceaccordingtotheirownconditions,thusincreasingtheirincomethrough activeproductiondevelopment.Secondly,buildanagriculturalindustrialpark.Withtheadoptionofthe"cooperative+poorhouseholds"model,ledbyopensourcecooperative,the50muagriculturalplantingbasewithspecialfinancialfundsforpoorhouseholdsandsupportfundsfromsupportingunits,andthe50muredheartsguavaareexpectedtobepickedandsoldinFebruary2020,withanannualoutputofabout100,000kg,increasingtheincomeofpoorhouseholdsmembersbyabout200yuan/year/person.Thirdly,buildphotovoltaicpowerstationsforpovertyalleviation.Themodelof"company+cooperative+poorhouseholds"isadopted.Thephotovoltaiccompanyandopensourcecooperativecooperatetoinvestthefinancialco-ordinationfundsofpoorhouseholdsintoshares.A200KWphotovoltaicpowerstationforpovertyalleviationwillbebuiltinXinbeiVillage.Bothpartiesinvest1millionyuaneachandthecooperationperiodis20years.TheprojectwasconnectedtothegridfornormalpowergenerationbyJuly20,2018.In2018and2019,poorhouseholdswithlaborforcereceiveddividendsof600yuan/year/person.Itisestimatedthattheywillreceivedividendsof600yuan/year/personin2020.From2021,thevillagecommitteewillhandletheissuesaccordingtothetargetedpovertyalleviationpolicyatthattime.Inaddition,in2018,poorhouseholds'overallfinancialfundstotaled509.63millionyuantoinvestintheconstructionofdistributedPVpowergenerationprojectbyDianbaiWaterInvestmentGroup,withacooperationperiodof20years.Thefixedannualdividendmodelisadopted,with7%ofthetotalinvestment(35.6741millionyuan)tobedistributedtothevillagecommittee.In2019,poorhouseholdswithlaborabilityreceiveddividendsof100yuan/year/person.Itisestimatedthatthedividendwillbedistributedto300yuan/year/personin2020.From2021onwards,thevillagecommitteewillhandletheissueaccordingtothetargetedpovertyalleviationpolicyatthattime.(III)Ledbypartybuilding,withfoundationstrengthened,strivetoplaytheroleofafightingfortress Withtheconstructionofthevillagebranchasthecore,thefirstsecretarystationedinthevillageandthepovertyalleviationteamleadertooktheleadinearnestlystudyingthespiritofthe19thNationalCongressoftheCommunistPartyofChina,the19thSecond,ThirdandFourthMiddleSchools,carryingoutthethemeeducationactivitiesof"Remaintruetoouroriginalaspirationandkeepourmissionfirmlyinmind",fullymobilizingtheenthusiasmofPartymembers,andactivelysupportingthedailyworkofthe"twocommittees"inthevillage,thetargetedpovertyalleviationworkandthenewruralconstructionwork.Paycloseattentiontotheteamstyleconstruction,organizethevillagetwocommitteesteamtolearntoopposethe"fourconducts"requirementandthecentraleightregulations,andbuilda"people-oriented,pragmaticandhonest"village"two-committee"team.Strengthentheeducationofpurpose,temperthepartyspiritofthecadresofthe"twocommittees"inthevillage,andmakethecadresofthe"twocommittees"inthevillagehavehigherprestigeamongthemasses,whichisconducivetothesmoothimplementationofvarioustasks.IV.CounterpartassistanceofZhanjiangCompanyonWaiyuanVillage,NanxingTown,LeizhouCityIn2019,undertheunifiedarrangementandleadershipofthecompanyandthepovertyreliefofficesofZhanjiangandLeizhou,thecompanyearnestlyimplementedtherelevantregulationsoftheprovinces,cities,countiesandtowns.Thepovertyreliefstaffworkedhardandactivelyorganizedhuman,materialandfinancialresourcestoinvestinthepovertyreliefwork.Theresultsareasfollows: 1.Offercondolencestopoorfamilieswith14,770yuaninvestedbythecompanyintheSpringFestivalCompanyin2019. 2.In2019,thecompanyinvested25000yuantobuildChenpaismallsportssquare. 3.Helppoorhouseholdstobuychemicalfertilizers(81,448,000nationalfinancialfunds)foragricultural production,improvecropyieldsandincreaseeconomicincome. 4.Organizetoparticipateinthe"threeclean-ups,threedemolitions,threeremediations"activitiesofNanxingtownorganization. 5.Completethereportingofnewlyaddedpoorhouseholdsandterminatethereportingofpoorhouseholds. 6.OrganizepartymemberstolearnXiJinping'simportantspeech. 7.WelcometheinspectionofZhanjiangdisciplineinspectionteamofSASAC. 8.AssistZhanjiangMeteorologicalBureau's"July1"condolencestoPartymembers. 9.OrganizepoorhouseholdswithlaborabilitytoinvestinGuangdongYujieAgro-ecologicalDevelopmentCo.,Ltd(nationalfinancialfund400,000). 10.Completeinvestmentinphotovoltaicpowergenerationprojectsforpoorhouseholds(nationalfinancialfund 1.408million). 11.Assistthevillagecommitteeinrenovatingthedoorsandwindowsofthevillagecommitteeofficebuilding. 12.OrganizepoorhouseholdswithlaborabilitytoinvestinLeizhouAgriculturalDevelopmentCo.,Ltd(statefinancialfund300,000).V.CounterpartassistanceofDapuCompanyonXiamuVillage,FenglangTown,DapuCounty,MeizhouCityIn2019,DapuPowerGenerationCompanycontinuedtosendpartybuildinginstructorsandJianghaiSub-districtOfficeofHaizhuDistrictofGuangzhouCitytoassistXiamuVillage,FenglangTown,DapuCounty,MeizhouCity,andcarriedoutthefollowingaidwork: 1.Solidgrass-rootspartybuilding:invest29,500yuantobuildtheactivityroomfornewpartymembersofthevillagecommitteeandpurchaseanumberofofficedesksandchairs,andwellensurepartybuildingpublicitycolumnsandsystempublicity; 2.Carryoutactivitiestocelebratethe98thanniversaryofthefoundingoftheParty,offercondolencesto4oldpartymembersindifficulty,andorganizepartymemberstovisitandstudyinRuijin,Jiangxi,arededucationbase. 3.Invest5,400yuanfortheSpringFestivalcondolencesof18oldpartymembers; 4.AsofDecember31,2019,throughdynamicmanagement,142peoplefrom70poorhouseholdsinthevillagehavebeenliftedoutofpoverty.VI.CounterpartassistanceofZhanjiangWindPowerCo.,Ltd.onHouhaiVillage,XinliaoTown,XuwenCountyIn2019,ZhanjiangWindPowerCompanycontinuedtocarryouttargetedpovertyalleviationworkinHouhaiVillageofXinliaoTownandShuitouVillageofAnTowninXuwenCounty(servingaspartybuildinginstructorinthevillage).UnderthestrongleadershipofthePartycommitteeatthehigherlevel,thestrongcooperationofthecadresofthe"twocommittees"inthevillageandtheeffortsofthestationedteam,variouspovertyreliefprojectshavebeenactivelyimplementedforpoorhouseholds,andtheutilizationrateofspecialfundsforpovertyreliefinprovincesandcitieshasreached100%.Inaddition,theself-raisedfundsofaidunitsareusedtohelppoorhouseholdsandvillagecollectivestosolvepracticaldifficulties,andaidprojectssuchasassetaid,industrialaid(tohelpdevelopaquaculture),employmentaidandholidaycondolencesareactivelyimplemented.Throughinnovativemeasuressuchasestablishingfilesforeachhousehold,dynamiccontrolandonepolicyforeachhousehold,thetargetnessandcomprehensivenessofpovertyalleviationworkareeffectivelyimproved.ByDecember2019,363poorhouseholdsinHouhaiVillagehadbeenliftedoutofpoverty,allofthemhadachievedthe"eighthaves"andreachedthepovertyalleviationstandard.ThepovertyalleviationrateofpoorhouseholdsinHouhaiVillagereached100%. (3)TargetedPovertyAlleviationResult Index | Index | Measurementunit | Quantity/Status | | I.Generalsituation | —— | —— | | Thereinto：1.Capital | InRMB10,000 | 380.52 | | 2.Cashsupplies | InRMB10,000 | 0.47 | | 3.Ecologicalprotectiontopovertyalleviation | person | 1205 | | II.BreakdownInput | —— | —— | | 1.Povertyalleviationbyindustrialdevelopment | —— | —— | | Amongthem:1.1Projecttypeofpovertyalleviationbyindustrialdevelopment | —— | Agriculturalandforestryindustrypovertyalleviationa;assetsincomepovertyalleviation | | 1.2Numberofpovertyalleviationprojectsinindustrialdevelopment | a | 5 | | 1.3Investmentamountofindustrialdevelopmentpovertyalleviationproject | InRMB10,000 | 246.23 | | 1.4Thenumberofpovertypopulationwhohadbeenhelpedtocreateafile | person | 339 | | 2.Povertyalleviationbytransferemployment | —— | —— | | Amongthem:2.1Investmentamountofvocationalskilltraining | InRMB10,000 | 0.26 | | 2.2Numberofpeopleofvocationalskilltraining | person | 30 | | 2.3Quantityofemploymentofpovertypopulationwhohadbeenhelpedcreateafile | person | 48 | | 3.Povertyalleviationbyrelocation | —— | —— | | 4.Educationalpovertyalleviation | —— | —— | | Amongthem:4.1Investmentamountofsubsidizingpovertystudents | InRMB10,000 | 47.71 | | 4.2Numberofsubsidizedpovertystudents | person | 167 | | 5.Healthpovertyalleviation | —— | —— | | 6.Ecologicalprotectionpovertyalleviation | —— | —— | | 7.Guaranteeofallthedetails | —— | —— | | 8.Socialpovertyalleviation | —— | —— | | 9.Otherprojects | —— | —— | | Amongthem:9.1Numberofproject | a | 2 | | 9.2Investmentamount | InRMB10,000 | 16.84 | | 9.3Numberofpovertypopulationwhohadbeenhelpedtocreateafile | person | 818 | | III.Awards(Contentandlevel) | —— | —— |
（4）SubsequenttargetedpovertyalleviationprogramTheCompanywillcontinuetoimplementtherelevantprovincial,municipalandcountyregulationsontargetedpovertyalleviation,adjustmeasurestolocalconditions,andexploreanaccuratepathfortargetedpovertyalleviation.Firstly,itwillcontinuetostrengthentheParty'sstyleofwork,promotethe"twocommittees"inthevillagestostrengthenideologicalconstruction.Secondly,itwillimproveitsabilitybylearning,continuetolearnthespiritofComradeXiJinping'sseriesofimportantspeeches,thespiritoftargetedpovertyalleviationdocuments,therelevantbusinessknowledgeofpovertyalleviation,thewaysandmeansofdealingwiththemasses,andfurtherimproveitsabilitytosolveproblemsforthemasses.Thirdly,prioritizethetasksandpromote theirimplementation.Allpovertyalleviationworkinggroupswillcontinuetofocusonthecoreoftargetedpovertyalleviation,seizethecoreworkofpovertyalleviationandcarryoutandimplementrelevantworkinanall-roundandcoordinatedmanner.Forpovertyalleviationprojectsandvillagecollectiveprojectsthatareincludedintheestablishmentofcardsforarchives,thesupportofrelevantdepartmentsisactivelysoughtinaccordancewiththeestablishedobjectivesandtasks,toassistthevillagesandpoorhouseholdsinimplementingpovertyalleviationprojects,andensurethefullcompletionofpovertyalleviationobjectivesandtasksinapragmaticmanner. 3.InformationonenvironmentalprotectionListedcompanyanditssubsidiarybelongstothekeypollutionenterpriselistedbyDepartmentofEnvironmentalProtectionYes Companyorsubsidiaryname | Companyorsubsidiaryname | Mainpollutantandspecificpollutantname | Emissionway | Emissionportnumber | Emissionportdistributioncondition | Emissionconcentration | Implementedpollutantemissionstandards | Totalemission | Verifiedtotalemission | Excessiveemissioncondition | | ShajiaoApowerplant | Smoke | Concentratedemissionthroughchimney | 2 | Withinthefactory | 1.68 | EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)specialemissionlimit | 42.20 | Notapproved | No | | ShajiaoApowerplant | SO2 | Concentratedemissionthroughchimney | 2 | Withinthefactory | 17.05 | 428.04 | Notapproved | No | | ShajiaoApowerplant | NOX | Concentratedemissionthroughchimney | 2 | Withinthefactory | 25.28 | 634.81 | Notapproved | No | | GuangdongDapuPowerGenerationCo.,Ltd. | NOX | Concentratedemissionthroughchimney | 2 | Withinthefactory | 1.72 | EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)specialemissionlimit | 34.967 | 593 | No | | GuangdongDapuPowerGenerationCo.,Ltd. | Smoke | Concentratedemissionthroughchimney | 2 | Withinthefactory | 10.15 | 206.353 | 1447 | No | | GuangdongDapuPowerGenerationCo.,Ltd. | SO2 | Concentratedemissionthroughchimney | 2 | Withinthefactory | 27.85 | 566.277 | 1502 | No |
ZhanjiangZhongyueEnertyCo.,Ltd. | ZhanjiangZhongyueEnertyCo.,Ltd. | Smoke | Concentratedemissionthroughchimney | 2 | Withinthefactory | 1.41 | EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)specialemissionlimit | 29.20 | 480 | No | | ZhanjiangZhongyueEnertyCo.,Ltd. | SO2 | Concentratedemissionthroughchimney | 2 | Withinthefactory | 14.37 | 297.04 | 1200 | No | | ZhanjiangZhongyueEnertyCo.,Ltd. | NOX | Concentratedemissionthroughchimney | 2 | Withinthefactory | 26.36 | 544.70 | 1587 | No | | GuangdongShaoguanYujiangPowerGenerationCo.,Ltd. | Smoke | Concentratedemissionthroughchimney | 2 | Withinthefactory | 330MWunit：9.28；600MWunit：1.11 | EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)specialemissionlimit | 76.7 | 717.78 | No | | GuangdongShaoguanYujiangPowerGenerationCo.,Ltd. | SO2 | Concentratedemissionthroughchimney | 2 | Withinthefactory | 330MWunit：98.53；600MWunit：14.46 | 858.31 | 2303.55 | No | | GuangdongShaoguanYujiangPowerGenerationCo.,Ltd. | NOX | Concentratedemissionthroughchimney | 2 | Withinthefactory | 330MWunit：116.11；600MWunit：32.46 | 1263.06 | 2809.07 | No | | ZhanjiangElectricPowerCo.,Ltd. | Smoke | Concentratedemissionthroughchimney | 2 | Withinthefactory | 2 | EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)specialemissionlimit | 47.547 | 47.55 | No | | ZhanjiangElectricPowerCo.,Ltd. | SO2 | Concentratedemissionthroughchimney | 2 | Withinthefactory | 9 | 256.47 | 256.47 | No | | ZhanjiangElectricPowerCo.,Ltd. | NOX | Concentratedemissionthroughchimney | 2 | Withinthefactory | 27 | 757.11 | 757.11 | No | | GuangdongYudeanJinghaiPowerGeneralCo.,Ltd. | Smoke | Concentratedemissionthroughchimney | 2 | Withinthefactory | 2.30 | EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-20 | 120.32 | 1770 | No |
11)specialemissionlimit | GuangdongYudeanJinghaiPowerGeneralCo.,Ltd. | SO2 | Concentratedemissionthroughchimney | 2 | Withinthefactory | 19.87 | 11)specialemissionlimit | 1040.69 | 6502 | No | | GuangdongYudeanJinghaiPowerGeneralCo.,Ltd. | NOX | Concentratedemissionthroughchimney | 2 | Withinthefactory | 35.33 | 1850.54 | 4687 | No | | GuangdongRedBayPowerGeneralCo.,ltd. | Smoke | Concentratedemissionthroughchimney | 2 | Withinthefactory | 3.34 | EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)specialemissionlimit | 135.5 | Notapproved | No | | GuangdongRedBayPowerGeneralCo.,ltd. | SO2 | Concentratedemissionthroughchimney | 2 | Withinthefactory | 8.98 | 384.1 | Notapproved | No | | GuangdongRedBayPowerGeneralCo.,ltd. | NOX | Concentratedemissionthroughchimney | 2 | Withinthefactory | 32.83 | 1368.66 | Notapproved | No | | MaomingZhennengthermalpowerCo.,Ltd. | Smoke | Concentratedemissionthroughchimney | 2 | Withinthefactory | 1.92 | EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)specialemissionlimit | 32.13 | 168.12 | No | | MaomingZhennengthermalpowerCo.,Ltd. | SO2 | Concentratedemissionthroughchimney | 2 | Withinthefactory | 12.43 | 155.78 | 385.51 | No | | MaomingZhennengthermalpowerCo.,Ltd. | NOX | Concentratedemissionthroughchimney | 2 | Withinthefactory | 30.44 | 528.69 | 689.58 | No | | PinghaiPowerplant | Smoke | Concentratedemissionthroughchimney | 2 | Withinthefactory | 1.78 | EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)specialemissionlimit | 55.18 | 700 | No | | PinghaiPowerplant | SO2 | Concentratedemissionthroughchimney | 2 | Withinthefactory | 22.60 | 685.08 | 1750 | No |
PinghaiPowerplant | PinghaiPowerplant | NOX | Concentratedemissionthroughchimney | 2 | Withinthefactory | 43.52 | | 1118.05 | 3500 | No | | GuangdongGuohuaYudeanPowerGenerationCo.,Ltd. | Smoke | Concentratedemissionthroughchimney | 6 | Withinthefactory | 1.8 | EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)specialemissionlimit | 151 | No | No | | GuangdongGuohuaYudeanPowerGenerationCo.,Ltd. | SO2 | Concentratedemissionthroughchimney | 6 | Withinthefactory | 14.6 | 1230 | No | No | | GuangdongGuohuaYudeanPowerGenerationCo.,Ltd. | NOX | Concentratedemissionthroughchimney | 6 | Withinthefactory | 30 | 2524 | No | No | | QianwanLNGPowerPlant | NOX | Concentratedemissionthroughchimney | 3 | Withinthefactory | 31.65 | EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)specialemissionlimit | 491 | 1312.5 | No | | HuizhouLNGPowerPlant | NOX | Concentratedemissionthroughchimney | 5个 | Withinthefactory | 34.35 | EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)specialemissionlimit | 1008 | 2033 | No |
PreventionandcontrolofpollutionfacilitiesconstructionandoperationWithinthereportperiod,thecompanyrespondspositivelytorequirementsofthenewestenvironmentalprotectionpolicies,strengthenstheoperationadjustmentofthedesulfurizationanddenitrificationsystemandequipmentmaintenancemanagement,intensifiesthetransformationoftheenergy-savingtechnologiesanddust-cleaningequipment,improvestheequipmentoperationefficiency,decreasethesmokeanddustdischargingconcentrationandguaranteecomplianceofeachpollutantemissionwiththenationalandlocalenvironmentalprotectionrequirements.Inaccordancewiththenationalenvironmentalprotectionplan,eachpowerplantofthecompanyimplementspositivelyrequirementsofCoal-firedPowerEnergySavingandEmissionReductionUpgradingandTransformActionPlan(2014-2020)andNationalEnergyAdministrationComprehensiveDivisionNoticeaboutDecompositionandImplementationofCoal-firedPowerEnergySavingandEmissionReductionUpgradingandTransformTargetTasks,etc.andpromotestheultra-lowemissiontransformationproject.Atpresent,thecompany'ssubordinatecoal-firedunitshaveallcompletedultra-lowemissiontransformationwork,andthe emissionconcentrationofexportfluegaspollutantshasbeengreatlyreducedonthebasisoftheoriginalenvironmentalemissionstandards,reflectingthecompany'sdeterminationtofulfillitssocialresponsibilitiesandtheresponsibilitytoprotecttheenvironmentmission.ConditionsofenvironmentalimpactassessmentandotherenvironmentalprotectionadministrativelicensingofconstructionprojectsThecompany'sconstructionprojectsthathavebeenapprovedbygovernmentagencieshaveallundergoneenvironmentalimpactassessmentsandhaveobtainedothernecessaryenvironmentalprotectionadministrativelicenses.EmergencyplanforemergencyenvironmentalincidentsCombiningwiththeEnvironmentalProtectionLawofthePeople'sRepublicofChinaandtheOpinionsoftheMinistryofEnvironmentalProtectiononStrengtheningEnvironmentalEmergencyManagementWorkandotherlawsandregulationsonthemonitoringofenvironmentalrisks,thecompany’ssubordinatepowergenerationenterpriseshaveformulatedtheEmergencyPlanforEmergencyEnvironmentalIncidentsaccordingtotheiractualconditions,whichhasstandardizedandimprovedthehandlingofemergentenvironmentaleventsfromtheaspectsofenvironmentalaccidentriskanalysis,emergencycommandorganizationandresponsibilities,disposalprocedures,anddisposalmeasures,improvedtheabilitytorespondtounexpectedenvironmentalevents,andensuredthatafteranoutbreakofanenvironmentalincident,thecompanycanorganizeemergencyrescueworkinatimely,orderlyandefficientmannertopreventpollutionofthesurroundingenvironment,minimizethedamageandsocialharmcausedbytheincident,maintainsocialstability,andprotectpublichealthandpropertysafety.Environmentalself-monitoringprogramDuringthereportingperiod,thecompany’ssubordinatepowergenerationcompaniesorganizedannualenvironmentalself-monitoringprogramsinaccordancewiththenationalAdministrativeMeasuresonAutomaticMonitoringofPollutionSources(No.28orderofStateEnvironmentalProtectionAdministration)andotherlawsandregulations,andconductedself-monitoringoftheenvironmentinaccordancewiththemonitoringprogram,andannounceditsownmonitoringresultsinGuangdongProvince'skeypollutionsourceregulatoryinformationplatformandthenationalpollutionsourcemonitoringinformationandsharingplatform.Boththeannouncedrateandcompletionratehadreached100%.OtherenvironmentalinformationthatshouldbedisclosedNosuchcasesinthereportingperiod.OtherenvironmentalprotectionrelatedinformationNosuchcasesinthereportingperiod.XIX.Othermaterialevents □Applicable√NotapplicableNosuchcasesinthereportingperiod. XX.Materialeventsofsubsidiaries √Applicable□Notapplicable 1.Thecompany'sholdingsubsidiary,GuangdongYudeanPinghaiPowerPlantCo.,Ltd,receivedthe“AdministrativePunishmentDecision”issuedbytheGuangdongProvincialOcean&FisheriesBureauonNovember14,2016(No.019-2016YuehaiExecutivePunishment),andthepunishmentdecision“orderedPinghaitoreturntheillegallyoccupiedseaareasandrestoretheseaareastotheiroriginalstate,andsentenced10timesfinestotheusefeesofseaareasthatshallbeimposedwithintheperiodofthatillegallyoccupied16.3947hectares,amountedtoRMB172,144,350.00”forthatPinghaiPowerPlantcarriedoutthesitelevelingandbankprotectionworkofPinghaipowerplantwithoutapprovalanddidthereclamationof16.3947hectaresanditsbehaviorviolatedtheprovisionsofArticle3oftheLawofthePeople'sRepublicofChinaontheAdministrationoftheUseofSeaareas.BasedontheauditednetprofitofRMB3.238billionattributabletotheshareholdersoftheparentcompanyin2015,theamountinvolvedintheabove-mentionedadministrativepenaltyaffectsthenetprofitattributabletoshareholdersoftheparentcompanyofabout77.4million-whichaccountsfor2.39%ofthenetprofitofthemostrecentlyauditedperiod.PinghaiPowerPlantdisagreedwiththepunishmentmeasuresofthe“AdministrativePunishmentDecision"andappliedforadministrativereconsiderationtothePeople'sGovernmentofGuangdongProvinceonJanuary16,2017inaccordancewithArticle6ofthe"AdministrativeReconsiderationLawofthePeople'sRepublicofChina".OnJune16,2017,thePeople'sGovernmentofGuangdongProvinceissuedadecisionontheadministrativereconsideration,whichstated“AccordingtotheprovisionsofItem1ofParagraph1ofArticle28oftheAdministrativeReconsiderationLawofthePeople'sRepublicofChina,theAdministrativePunishmentDecision(No.019-2016YuehaiExecutivePunishment)madebytherespondent’sProvincialDepartmentofOceanandFisheriesismaintained.”PinghaiPowerPlantdisagreedwiththeaforementionedadministrativereconsiderationdecisionandfiledanadministrativelitigationtotheGuangzhouMaritimeCourtonJuly18,2017.OnDecember28,2017,theGuangzhouMaritimeCourtissuedanadministrativedecision,stated“InaccordancewiththeprovisionsofArticle69oftheAdministrativeProcedureLawofthePeople'sRepublicofChina,thedecisionisasfollows:theclaimoftheplaintiffGuangdongHuizhouPinghaiPowerPlantCo.,Ltdwasrejected”.PinghaiPowerPlantdisagreedwiththeverdict,andlodgedanappealtotheGuangdongProvincialHigherPeople'sCourtagainsttheverdict.OnAugust23,2019,thehigherpeople'scourtofGuangdongprovinceissuedtheAdministrativeJudgment(CaseNo.:(2018)YXZNo.409).Theprovincialhighcourtheldthattheoriginalcourt'sjudgementonthattheAdministrativePenaltyDecisionNo.019[2016]issuedbytheprovincialoceanandfisherydepartmentandtheAdministrativeReconsiderationDecisionNo.48[2017]issuedbytheprovincialgovernmentwerebothlegal,andthelawsuitrequestofPinghaiPowerPlantCo.,Ltd.wasrejectedweremadebasedonsufficientgroundsandwithoutanyimpropriety.Thecourtupheldthejudgment.AccordingtoArticle89,Paragraph1(a),oftheadministrativeprocedurelawofthePeople'sRepublicofChina,thejudgmentisasfollows:theappealisrejectedandtheoriginaljudgmentisupheld.Theacceptancefeeforthesecondtrialcase,100yuan,shallbebornebytheappellant,GuangdongHuizhouPinghaiPowerPlantCo.,Ltd.Thecaseisfinal."OnFebruary20,2020,PinghaiPowerPlantappliedtotheSupremePeople'sCourtforaretrialofthecase,whichwasacceptedbytheSupremePeople'sCourt.TheCompanyhasincludedtheabovepenaltyamountintothenon-recurringprofitandlossin2016accordingtotheDecisiononAdministrativePenalty(YHZCF[2016]No.019),whichaffectedthereductionofnetprofitattributabletoshareholdersoftheparentcompanybyabout77.4millionyuanin2016.PinghaiPowerPlanthaspaidthefineaccordingtothejudgment.AccordingtotheAgreementonIssuanceofSharesandPurchaseof AssetssignedbyGuangdongEnergyGroupandtheCompanyin2012,GuangdongEnergyGroupwillcompensatetheCompanyaccordingtotheresultsoftheaboveeventsandtheactuallossescausedbytheseevents. 2.GuangdongYudeanPinghaiPowerGeneralPlantCo.,Ltd.,acontrollingsubsidiaryoftheCompany,receivedtheDecisiononAdministrativePunishment(YHDCF[2019]No.042-1)issuedbyHuidongCountyOceanicandFisheryBureauonNovember13,2018.Theactofillegallyoccupying1.2813hectaresofseaareabyPinghaiPowerPlanttoconstructasandbarrierviolatedtheprovisionsofthesecondparagraphofArticle3oftheLawofthePeople'sRepublicofChinaontheUseofSeaAreasandthedecisionwasthat"Itisorderedtoreturntheillegallyoccupiedseaarea,restoretheseaareatoitsoriginalstate,andimposedanadministrativepenaltyofRMB11,531,700".PinghaiPowerPlantrefusestoacceptthepunishmentmeasuresintheDecisiononAdministrativePenaltyandfiledanapplicationforadministrativereconsiderationwithHuidongCountyPeople'sGovernment.OnApril23,2019,HuidongCountyPeople'sGovernmentmadetheDecisiononAdministrativeReconsiderationtomaintaintheadministrativepenaltydecisionmadebyHuidongCountyOceanicandFisheryBureau.OnApril24,2019,PinghaiPowerPlantfiledanadministrativelawsuitwithGuangzhouMaritimeCourt.TheGuangzhouMaritimeCourtheldahearingonJune12,2019andhasmadenojudgmentsofar.AccordingtotheCompany'sauditednetprofitattributabletotheshareholdersoftheparentcompanyof743millionyuanin2017,theamountoftheaboveadministrativepenaltyaffectsthenetprofitattributabletotheshareholdersoftheparentcompanyofabout5,189,300yuan,accountingforabout0.7%ofthelatestauditednetprofit.PinghaiPowerPlantrefusedtoacceptthepunishmentmeasuresintheDecisiononAdministrativePunishmentandfiledanapplicationforadministrativereconsideration. VI.ChangeofsharecapitalandshareholdingofPrincipal Shareholders (1)Changesinsharecapital 1.Changesinsharecapital InShares Beforethechange | Beforethechange | Increase/decrease（+，-） | AftertheChange | | Amount | Proportion | Shareallotment | Bonusshares | Capitalizationofcommonreservefund | Other | Subtotal | Quantity | Proportion | | I.Sharewithconditionalsubscription | 1,897,968,946 | 36.15% | | | | | | 1,897,968,946 | 36.15% | | 2.State-ownedlegalpersonshares | 1,893,342,621 | 36.06% | | | | | | 1,893,342,621 | 36.06% | | 3.Otherdomesticshares | 4,626,325 | 0.09% | | | | | | 4,626,325 | 0.09% | | Ofwhich：Domesticlegalpersonshares | 4,620,666 | 0.09% | | | | | | 4,620,666 | 0.09% | | Domesticnaturalpersonshares | 5,659 | 0% | | | | | | 5,659 | 0% | | II.Shareswithunconditionalsubscription | 3,352,315,040 | 63.85% | | | | | | 3,352,315,040 | 63.85% | | 1.CommonsharesinRMB | 2,553,907,040 | 48.64% | | | | | | 2,553,907,040 | 48.64% | | 2.Foreignsharesindomesticmarket | 798,408,000 | 15.21% | | | | | | 798,408,000 | 15.21% | | III.Totalofcapitalshares | 5,250,283,986 | 100% | | | | | | 5,250,283,986 | 100% |
Reasonsforsharechanged □Applicable√NotapplicableApprovalofChangeofShares □Applicable√NotapplicableOwnershiptransferofsharechanges □Applicable√NotapplicableInfluenceonthebasicEPSanddilutedEPSaswellasotherfinancialindexesofnetassetspershareattributableto commonshareholdersofCompanyinlatestyearandperiod □Applicable√NotapplicableOtherinformationnecessarytodiscloseforthecompanyorneedtodisclosedunderrequirementfromsecurityregulators □Applicable√NotapplicableProgressonanysharerepurchase: □Applicable√NotapplicableProgressonreducingtherepurchasedsharesbymeansofcentralizedbidding: □Applicable√NotapplicableInfluenceonthebasicEPSanddilutedEPSaswellasotherfinancialindexesofnetassetspershareattributabletocommonshareholdersofCompanyinlatestyearandperiod □Applicable√NotapplicableOtherinformationnecessarytodiscloseforthecompanyorneedtodisclosedunderrequirementfromsecurityregulators □Applicable√Notapplicable 2.Changeofshareswithlimitedsalescondition □Applicable√NotapplicableⅡ.Issuingandlisting 1.ExplanationoftheSituationoftheSecurityIssue(NoPreferredShares)intheReportPeriod □Applicable√Notapplicable 2.Changeofassetandliabilitystructurecausedbychangeoftotalcapitalsharesandstructure □Applicable√Notapplicable 3.Abouttheexistingemployees’shares □Applicable√NotapplicableⅢ.Shareholdersandactualcontrollingshareholder 1.Numberofshareholdersandshareholding InShares Totalnumberofcommonshareholdersattheendofthereportingperiod | Totalnumberofcommonshareholdersattheendofthereportingperiod | 94,372 | Totalshareholdersattheendofthemonthfromthedateofdisclosing | 94,679 | Thetotalnumberofpreferredshareholdersvotingrights(ifany)(SeeNotes8) | 0 | Totalpreferredshareholdersattheendofthemonthfromthedateofdisclosingtheannualreport(ifany)(SeeNotes8) | 0 | | Particularsaboutsharesheldabove5%byshareholdersortoptenshareholders | | Shareholders | Natureofshareholder | Proportionofsharesheld（%） | Numberofsharesheldatperiod-end | Changesinreportingperiod | Amountofrestrictedsharesheld | Amountofun-restrictedsharesheld | Numberofsharepledged/frozen | | Stateofshare | Amount | | GuangdongEnergyGroupCo.,Ltd. | State-ownedlegalperson | 67.39% | 3,538,005,285 | | 1,893,342,621 | 1,644,662,664 | | | | | ChinaSecuritiesFinanceCo.,Ltd. | State-ownedlegalperson | 2.84% | 148,862,420 | | | | | 148,862,420 | | | | | ShenzhenGuangfaElectricPowerInvestmentCo.,Ltd. | State-ownedlegalperson | 2.22% | 116,693,602 | | | | | 116,693,602 | | | | | GuangdongElectricPowerDevelopmentCorporation | State-ownedlegalperson | 1.80% | 94,367,341 | | | | | 94,367,341 | | | | | LiZhuo | DomesticNaturalperson | 0.60% | 31,623,523 | 81,200 | | | | 31,623,523 | | | | | ZhengJianxiang | DomesticNaturalperson | 0.44% | 23,234,898 | 667,200 | | | | 23,234,898 | | | | | HarbinHaliIndustryCo.,Ltd. | DomesticNon-Stateownedlegalperson | 0.40% | 21,226,814 | 284,169 | | | | 21,226,814 | | | | | CHINAINT'LCAPITALCORPHONGKONGSECURITIESLTD | OverseasLegalperson | 0.29% | 15,316,066 | | | | | 15,316,066 | | | | | HarbinDaoliDistrictCharityFoundation | DomesticNon-Stateownedlegalperson | 0.26% | 13,658,506 | -64,387 | | | | 13,658,506 | | | | | VANGUARDEMERGINGMARKETSSTOCKINDEXFUND | OverseasLegalperson | 0.25% | 13,088,628 | | | | | 13,088,628 | | | |
Explanationonassociatedrelationshipamongtheaforesaidshareholders | Explanationonassociatedrelationshipamongtheaforesaidshareholders | ThefourthlargestshareholderGuangdongElectricPowerDevelopmentCorporationisthewholly-ownedsubsidiariesofthelargestshareholderEnergyGroup.Thesetwocompanieshaverelationships;whethertheothershareholdershaverelationshipsorunanimousactingwasunknown | | Shareholdingoftop10shareholdersofunrestrictedshares | | Nameoftheshareholder | Quantityofunrestrictedsharesheldattheendofthereportingperiod | Sharetype | | Sharetype | Quantity | | GuangdongEnergyGroupCo.,Ltd. | 1,644,662,664 | RMBCommonshares | 1,644,662,664 | | ChinaSecuritiesFinanceCo.,Ltd. | 148,862,420 | RMBCommonshares | 148,862,420 | | ShenzhenGuangfaElectricPowerInvestmentCo.,Ltd. | 116,693,602 | RMBCommonshares | 116,693,602 | | GuangdongElectricPowerDevelopmentCorporation | 94,367,341 | RMBCommonshares | 94,367,341 | | LiZhuo | 31,623,523 | RMBCommonshares | 31,623,523 | | ZhengJianxiang | 23,234,898 | Foreignsharesplacedindomesticexchange | 23,234,898 | | HarbinHaliIndustryCo.,Ltd. | 21,226,814 | RMBCommonshares | 21,226,814 | | CHINAINT'LCAPITALCORPHONGKONGSECURITIESLTD | 15,316,066 | Foreignsharesplacedindomesticexchange | 15,316,066 | | HarbinDaoliDistrictCharityFoundation | 13,658,506 | RMBCommonshares | 13,658,506 | | VANGUARDEMERGINGMARKETSSTOCKINDEXFUND | 13,088,628 | Foreignsharesplacedindomesticexchange | 13,088,628 | | Explanationonassociatedrelationshiporconsistentactionamongthetop10shareholdersofnon-restrictednegotiablesharesandthatbetweenthetop10shareholdersofnon-restrictednegotiablesharesandtop10shareholders | ThefourthlargestshareholderGuangdongElectricPowerDevelopmentCorporationisthewholly-ownedsubsidiariesofthelargestshareholderEnergyGroup.Thesetwocompanieshaverelationships;whethertheothershareholdershaverelationshipsorunanimousactingwasunknown. | | Explanationonshareholdersparticipatinginthemargintradingbusiness(ifany)(SeeNotes4) | TheFifthlargestshareholderLiZhuoholds116,200AsharesoftheCompanythroughAsharesordinarystockaccount,andholds31,507,323AsharesoftheCompanythroughstockaccountwithcredittransactionandguarantee,holds31,623,523sharesoftheCompany'sstocktotally.TheseventhlargestshareholderHarbinHaliIndustryCo.,Ltd.holds284,169AsharesoftheCompanythroughAsharesordinarystockaccount,andholds20,942,645AsharesoftheCompanythroughstockaccountwithcredittransactionandguarantee,holds21,226,814sharesoftheCompany'sstocktotally.TheNinthlargestshareholderHarbinDaoliDistrictCharityFoundationholds7,900AsharesoftheCompanythroughAsharesordinarystockaccount,andholds13,650,606AsharesoftheCompanythroughstockaccountwithcredittransactionandguarantee,holds13,658,506sharesoftheCompany'sstocktotally. |
Whethertoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldhaveabuy-backagreementdealinginreportingperiod. □Yes√NoThetoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldoftheCompany havenobuy–backagreementdealinginreportingperiod. 2.ControllingshareholderNatureofControllingShareholders:LocalstateholdingTypeofControllingShareholders:Legalperson NameoftheControlling shareholder | NameoftheControllingshareholder | Legalrepresentative/Leader | Dateofincorporation | Organizationcode | Principalbusinessactivities | | GuangdongEnergyGroupCo.,Ltd. | LiZhuoxian | August3,2001 | 91440000730486022G | Managementandsalesoftheelectricityinvestmentconstructionoperationmanagement，electricitypower(ThermalPower)，Theindustryoftransportationresourcesenvironmentalprotection，newsourceofenergyelectricityinvestment;investmentplanningandconsulting;informationconsultingservice;salesofproductionmaterials. | | Theequityofthecontrollingshareholderinotherdomesticandforeignlistedcompaniesheldorpartlyheldbyitinthereportperiod | Unknown |
Changeoftheactualcontrollerinthereportingperiod □Applicable√NotapplicableNosuchcasesintheReportingPeriod.3．InformationaboutthecontrollingshareholderoftheCompanyActualcontrollernature：LocalstateownedassetsmanagementActualcontrollertype：Legalperson | Nameofthecontrollingshareholder | Legalrepresentative/personincharge | Dateofestablishment | Organizationcode | Principalbusinessactivities | | State-ownedAssetssupervisionandadministrationCommissionofGuangdongProvincialPeople’sGovernment | LiCheng | June26,2004 | 114400007583361658 | AsthespecialinstitutiondirectlysubordinatetoGuangdongProvincialPeople'sGovernment,performedtheobligationofprovincialstate-assetcontributorentrustedbytheprovincialgovernment. |
Equityofotherdomestic/foreignlistedcompanywithsharecontrollingandshareparticipationbycontrollingshareholderinreportingperiod | Equityofotherdomestic/foreignlistedcompanywithsharecontrollingandshareparticipationbycontrollingshareholderinreportingperiod | Unknown |
Changesoftheactualcontrollerinthereportingperiod □Applicable√NotapplicableNoChangesoftheactualcontrollerinthereportingperiodBlockDiagramoftheownershipandcontrolrelationsbetweenthecompanyandtheactualcontroller Theactualcontrollercontrolsthecompanybymeansoftrustormanagingtheassetsinotherway □Applicable√Notapplicable 4.Particularsaboutotherlegalpersonshareholderswithover10%shareheld □Applicable√Notapplicable 5.SituationofShareLimitationReductionofControllingShareholders,ActualControllers,RestructuringPartyandOtherCommitmentSubjects □Applicable√Notapplicable VII.SituationofthePreferredShares □Applicable√Notapplicable TheCompanyhadnopreferredsharesinthereportingperiod. VIIIInformationaboutconvertiblecorporatebonds □Applicable√NotapplicableDuringthereportingperiod,thecompanydidnothaveconvertiblecorporatebonds. IX.InformationaboutDirectors,SupervisorsandSenior Executives I.Changeinsharesheldbydirectors,supervisorsandseniorexecutives Name | Name | Positions | Officestatus | Sex | Age | Startingdateoftenure | Expirydateoftenure | Sharesheldattheyear-begin(share) | Amountofsharesincreasedatthereportingperiod(share) | Amountofsharesdecreasedatthereportingperiod(share) | Otherchangesincrease/decrease | Sharesheldattheyear-end(share) | | WangJin | Boardchairman | Inoffice | Male | 56 | June11,2018 | September18,2020 | | | | | | | WangJin | Director | Inoffice | Male | 56 | September18,2017 | September18,2020 | | | | | | | RaoSubo | Director | Inoffice | Male | 55 | September18,2017 | September18,2020 | | | | | | | WenLianhe | Director | Inoffice | Male | 51 | September18,2017 | September18,2020 | 2,830 | | | | 2,830 | | ChenZe | Director | Inoffice | Male | 49 | September18,2017 | September18,2020 | | | | | | | LiFangji | Director | Inoffice | Male | 51 | June28,2018 | September18,2020 | | | | | | | ZhengYunpeng | Director | Inoffice | Male | 50 | June28,2018 | September18,2020 | | | | | | | ZhengYunpeng | GeneralManager | Inoffice | Male | 50 | June11,2018 | September18,2020 | | | | | | | YanMing | Director | Inoffice | Male | 48 | February21,2019 | September18,2020 | | | | | | | LiBaobing | Director | Inoffice | Male | 45 | November19,2019 | September18,2020 | | | | | | | LiangPeilu | Employeedirector | Inoffice | Male | 55 | August2,2019 | September18,2020 | | | | | | | MaoQinghan | Director | Inoffice | Male | 45 | August2,2019 | September18,2020 | | | | | | | ShaQilin | Independentdirector | Inoffice | Male | 59 | May20,2014 | September18,2020 | | | | | | | ShenHongtao | Independentdirector | Inoffice | Female | 52 | May20,2016 | September18,2020 | | | | | | | WangXi | Independentdirector | Inoffice | Male | 49 | May20,2016 | September18,2020 | | | | | | | MaXiaoqian | Independentdirector | Inoffice | Male | 55 | Septemer18,2017 | September18,2020 | | | | | |
YinZhongyu | YinZhongyu | Independentdirector | Inoffice | Male | 50 | September18,2017 | September18,2020 | | | | | | | ZhangDewei | ChairmanoftheSupervisoryCommittee | Inoffice | Male | 58 | August14,2012 | September18,2020 | | | | | | | ShiYan | Supervisor | Inoffice | Female | 42 | November19,2019 | September18,2020 | | | | | | | ZhuWeiping | IndependentSupervisor | Inoffice | Male | 62 | May20,2014 | September18,2020 | | | | | | | JiangJinsuo | IndependentSupervisor | Inoffice | Male | 51 | May20,2014 | September18,2020 | | | | | | | LinWeifeng | Employeesupervisor | Inoffice | Male | 51 | May15,2002 | September18,2020 | 4,716 | | | | 4,716 | | LiQing | Employeesupervisor | Inoffice | Male | 42 | May20,2014 | September18,2020 | | | | | | | TangYongguang | DeputyGM | Inoffice | Male | 57 | November28,2019 | September18,2020 | | | | | | | LiuHui | DeputyGM | Inoffice | Female | 54 | July28,2010 | September18,2020 | | | | | | | LiuWei | DeputyGM,Financemanager | Inoffice | Male | 40 | September18,2017 | September18,2020 | | | | | | | LiuWei | Boardsecretary | Inoffice | Male | 40 | October24,2006 | September18,2020 | | | | | | | WenShufei | Director | Dimission | Female | 55 | September18,2017 | September25,2019 | | | | | | | ZhouXian | Director | Dimission | Male | 46 | September18,2017 | February21,2019 | | | | | | | ChenChanglai | Director | Dimission | Male | 56 | September18,2017 | August2,2019 | | | | | | | ZhangXueqiu | Director | Dimission | Male | 53 | September18,2017 | August2,2019 | | | | | | | LiBaobing | Supervisor | Dimission | Male | 45 | June28,2018 | September25,2019 | | | | | | | YangXuanxing | DeputyGM | Dimission | Male | 54 | January16,2014 | October30,2019 | | | | | | | Total | -- | -- | -- | -- | -- | -- | 7,546 | 0 | 0 | 0 | 7,546 |
II.Changeinsharesheldbydirectors,supervisorsandseniorexecutives √Applicable□Notapplicable | Name | Positions | Types | Date | Reason |
ZhouXian | ZhouXian | Director | Dimission | February21,2019 | Jobchange | | ChenChanglai | Employeesupervisor | Dimission | August2,2019 | Jobchange | | ZhangXueqiu | Director | Dimission | August2,2019 | Jobchange | | WenShufei | Director | Dimission | September25,2019 | Jobchange | | LiBaobing | Supervisor | Dimission | September25,2019 | Jobchange | | YangXuanxing | DeputyGM | Dimission | October30,2019 | Passaway |
III.PostsholdingWorkExperienceinthepastfiveyearsofDirectors,supervisorsandseniorExecutivesinCurrentofficeMr.WangJin,borninMay1963.HeholdsaBachelorofEngineeringfromNanjingInstituteofTechnologyandaMasterofBusinessAdministrationfromJinanUniversity.Heisnowaseniorengineer,andcurrentlyservesaschairmanofGuangdongElectricPowerDevelopmentCo.,Ltd.,HeonceservedasdirectorofboilermaintenanceworkshopinShaoguanPowerPlant,directorofEngineeringTechnologyDepartmentofZhuhaiPowerPlant’sPlanningandConstructionDepartment,deputydirectorofZhuhaiPowerPlant,executivedeputygeneralmanagerofGuangzhuPowerGenerationCo.,Ltd.andgeneralmanagerofZhuhaiPowerPlantCo.,Ltd.,generalmanagerandsecretaryofthePartyCommitteeofGuangdongZhuhaiJinwanPowerGenerationCo.,Ltd.,generalmanagerofGuangzhuPowerGenerationCo.,Ltd.,thedeputychiefengineerandthemanageroftheDepartmentofManagementandthesecretaryofthePartyBranchofGuangdongEnergyGroupCo.,Ltd.,andconcurrentlyservedasdirectorofGuangdongElectricPowerDevelopmentCo.,Ltd.Mr.RaoSubo,borninMay1964,isbachelorofEngineeringofChongqingUniversityandgraduateoftheCentralPartySchoolandisaSeniorEngineer(ProfessorLevel).Heiscurrentlyamemberofthedisciplinarycommittee,deputychiefengineerandministerofsafetysupervisionandproductiontechnologydepartmentofGuangdongEnergyGroupCo.,Ltd.,andheadofpreparationteamofYudeanelectricpowerandinformationtechnologycenter.HeonceservedasdeputychiefengineerofShaoguanPowerPlant,deputydirectoroftheDepartmentofBiotechnologyofGuangdongElectricPowerGroupCorporation,directorofDepartmentofBiotechnologyandSafetySupervisionofGuangdongYudeanAssetsManagementCo.,Ltd.,directorofDepartmentofBiotechnologyandSafetySupervision,deputychiefengineerofGuangdongEnergyGroupCo.,Ltd.,anddirectoroftheShajiaoAPowerPlantandpartycommitteesecretary,Deputychiefengineer,SecretaryoftheSafetySupervisionandProducetechnologyDept,SecretaryofthePartyBranchandHeadoftheInformationTechnologyCentrePreparatoryteamofGuangdongEnergyGroup.Mr.WenLianhe,borninOctober1968andgraduatedfromHarbinInstituteofTechnology.Heisnowseniorengineer(professorlevel)andcurrentlydeputychiefengineeranddirectorofStrategicDevelopmentDepartmentofGuangdongEnergyGroupCo.,Ltd.HeonceservedasdeputyministerofBiotechnologyandSafetySupervisionDepartmentofGuangdongEnergyGroupCo.,Ltd.,generalmanagerandpartycommitteesecretaryofGuangdongRedBayPowerGenerationCo.,Ltd.,Deputychiefengineer,MinisterofstrategicDevelopmentandSecretaryofPartyBranchofEnergyGroup.Mr.ChenZe,borninJanuary1969.HeholdsabachelordegreefromChongqingUniversityandadoctoraldegreeinmanagementfromHuazhongUniversityofScienceandTechnology.Heissenioreconomist,corporatecounsel(practicingqualifications),andcurrentlyservesasthegeneralcounsel,secretaryoftheboardofdirectors,anddirectoroflegalaffairsandcapitaloperationdepartmentofGuangdongEnergyGroupCo.,Ltd.Heonceservedas deputydirectorofthegeneraldepartmentanddirectorofcapitaloperationandlegalaffairsdepartmentofGuangdongEnergyGroupCo.,Ltd.,generalmanagerandpartybranchsecretaryofGuangdongYudeanShippingCo.,Ltd.Mr.LiFangji,borninNovember1967,isaseniorengineer.HeholdsabachelordegreefromBeijingInstituteofWaterResourcesandElectricPowerEconomicsandManagementandamasterdegreeinengineeringfromTianjinUniversity.HecurrentlyservesasDeputyChiefEngineerofGuangdongEnergyGroupCo.,Ltd.andconcurrentlyservesasMinisterofStrategyDevelopmentDepartmentandSecretaryofPartyBranchofEnergyGroupCorporation.HehadservedasEngineerofShenzhenEnergyCorporation,AssistanttoGeneralManagerandDeputyGeneralManagerofShenzhenQianwanElectricPowerDevelopmentCo.,Ltd.,AssistanttoGeneralManager,ChairmanoftheLaborUnion,DeputyGeneralManager,GeneralManager,andSecretaryofthePartyCommitteeofShenzhenGuangqianElectricPowerCo.,Ltd.,SecretaryofPartyCommitteeandGeneralManagerofGuangdongYudeanJinghaiPowerGenerationCo.,Ltd.Mr.ZhengYunpeng,borninOctober1968,BachelorofSouthChinaUniversityofTechnologyandMBAofJinanUniversity,isaseniorengineer.Currently,heisthegeneralmanagerofGuangdongElectricPowerDevelopmentCo.,Ltd.HehadservedasDeputyMinisterofStrategyDevelopmentDepartmentofGuangdongYudeanAssetManagementCo.,Ltd.,DeputyMinisterofStrategyDevelopmentDepartmentofGuangdongEnergyGroupCo.,Ltd.,MinisterofStrategyDevelopmentDepartmentofGuangdongEnergyGroupCo.,Ltd.,SecretaryofthePartyBranchandGeneralManagerofBranchCompanyofGuangdongYudeanEnvironmentalProtectionEngineeringManagementCompany,FactoryDirectorandSecretaryofthePartyCommitteeofHuangpuPowerPlant,GeneralManagerofYuehuaPowerGenerationCompany,GeneralManagerandSecretaryofthePartyBranchofGuangdongYudeanNaturalGasCo.,Ltd.Mr.YanMing,borninOctober1971,withabachelordegreeofNortheasternElectricPowerUniversity,andisaseniorengineer.Currently,heistheMinisteroftheColligationandManagementDepartmentofGuangdongEnergyGroupCo.,Ltd.Heusedtobedeputyministeroftheoperationdepartment,deputyministerofthefueldepartment(presidedovertheoverallwork),ministeroftheproductionandoperationdepartment,anddeputygeneralmanagerofGuangdongHonghaiwanPowerGenerationCo.,Ltd.HehadservedasDeputyMinisteroftheoperationandmanagementdepartmentofGuangdongEnergyGroupCo.,LtdandGeneralManagerandSecretaryofthePartyBranchofGuangdongYudeanPowerSalesCo.,Ltd.Mr.LiBaobing,borninSeptember1974,graduatedfromXi'anJiaotongUniversitywithamasterdegree,isasenioreconomist.CurrentlyheistheMinisterofFinanceDepartmentandSecretaryofthePartyBranchofGuangdongEnergyGroupCo.,Ltd.,HeservedasAssistanttoGeneralManagerofBudgetandFinanceDepartmentandDirectorofAssetManagementDepartmentofGuangzhouLingnanInternationalEnterpriseGroupCo.,Ltd.,ManagerofInvestmentDepartmentandDeputyGeneralManagerofGuangdongYudeanFinanceCo.,Ltd.,andhadconcurrentlyservedasGeneralManagerofShenzhenTianxinInsuranceBrokersCo.,Ltd.andViceMinisterofFinanceDepartmentofGuangdongEnergyGroupCo.,Ltd.Mr.LiangPeilu,borninOctober1964.graduatedfromcorrespondencecourse,bachelorofengineering.Seniorengineer.HeiscurrentlythepartysecretaryanddirectorofShajiaoAPowerPlantofGuangdongElectricPowerDevelopmentCo.,Ltd.andthegeneralmanagerandpartybranchsecretaryofGuangdongYudeanBinhaiwanEnergyCo.,Ltd.FormerpositionsincludeturbinemaintenancedirectorofShajiaoGeneralPowerPlantA,directorofhealthandsafetyofShajiaoAPowerPlant,anddeputydirectorofShajiaoAPowerPlant.Mr.MaoQinghan,borninOctober1974,BachelorofHunanUniversityandMasterofEngineeringfromSouthChinaUniversityofTechnology.Engineer.HeiscurrentlytheExecutiveDirectorofGuangzhouDevelopmentGroupCo.,Ltd.HeonceservedasthesecretaryanddirectorofthepartybranchofXicunThermalPowerPlantin Guangzhoupowerplant,thedeputygeneralmanagerofGuangzhouPowerPlant,thesecretaryofthepartybranchofGuangzhouPowerPlantCo.,Ltd.,thesecretaryandgeneralmanagerofthepartybranchofGuangzhouWanglongThermalPowerCo.,Ltd.,thesafetydirectorandgeneralmanageroftheHealthandSafetyManagementDepartmentofGuangzhouDevelopmentGroupCo.,Ltd.,andthesecretaryandgeneralmanagerofthePartyCommitteeofGuangzhouDevelopmentPowerGroupCo.,Ltd.Mr.ShaQilin,borninOctober1960.MasterofWuhanInstituteofTechnology.AssociateProfessor,practicinglawyer.HeiscurrentlyalawyerofGuangdongNanguoDesaiLawFirm,memberoftheProfessionalCommitteeofFinancialandSecuritiesofGuangzhouLawyersAssociation,andconcurrentlyanindependentdirectorofGuangdongElectricPowerDevelopmentCo.,Ltd.HewasanassociateprofessorofWuhanInstituteofTechnology(nowWuhanUniversityofTechnology),headofinvestmentanddevelopmentdepartmentofChinaHuandaoGroupCompany,deputychiefengineerofgroupandchiefmanagerofoverseaslistedleadinggroup.Ms.ShenHongtao,borninAugust1967,PhDofmanagementofXiamenUniversity,professor,doctoralsupervisor.Currently,sheisaprofessorinaccountingdepartmentofJinanUniversity,andconcurrentlyservesasmemberofAccountingSocietyofChina,StandingmemberofAccountingAssociationofGuangdongProvince,editorialboardmemberofChinaJournalofAccountingStudies,editorialboardmemberofAccountingStudy,independentdirectorofGuangshengNonferrousMetalsCo.,Ltd.,GuangzhouGrandbuyCo.,Ltd.,GuangzhouYuexiuFinancialHoldingGroupCo.,Ltd.,RongjieCo.,Ltd.andGuangdongElectricPowerDevelopmentCo.,Ltd.ShehadservedasdeputysectionheadofGuangdongProvincialPeople'sGovernment,consultantofPwCInternationalandvicepresidentofInternationalCollegeofJinanUniversity.Mr.WangXi,borninApril1970,PhDofeconomicsofSunYat-senUniversity,professor,doctoralsupervisor,Specially-appointedProfessorofPearl-riverScholar.Currently,heservesasprofessorofLingnanCollegeofYat-senUniversityandDirectorofChinaInstituteofTransformativeandopenEconomyofYat-senUniversity,concurrentlyservesaseditorialboardmemberofTheWorldEconomyofChineseAcademyofSocialSciences,DeputySecretary-GeneralandStandingmemberofChinaInstituteofInternationalFinance,StandingmemberofChinaSocietyofWorldEconomics,Economistofthemonetarypolicycommitteeofthepeople'sbankofChinaandthenationalbureauofstatistics,andindependentdirectorofGuangdongElectricPowerDevelopmentCo.,Ltd.,GuangzhouYuexiuFinancialHoldingsGroupCo.,Ltd.andZhuhaiRuralCommercialBank,ExternaldirectorofGuangzhouBusGroupandVicePresidentofLingnanCollegeofYat-senUniversity.Mr.MaXiaoqian,borninMarch1964,isPh.D.ofengineeringthermophysicsfromSouthChinaUniversityofTechnology.HeisaprofessorandcurrentlyservingasthedirectoroftheKeyLaboratoryoftheElectricPowerSchoolofSouthChinaUniversityofTechnologyandconcurrentlyservingasthedeputydirectorofteachingguidingcommitteeofenergyandpowerprofessionalofhigheducationoftheMinistryofEducation,thechairmanoftheGuangzhouEnergyInstitute,theoutsidedirectorofGuangzhouEnvironmentalProtectionInvestmentGroupCo.,Ltd.,andtheindependentdirectorofGuangzhouDevelopmentGroupCo.,Ltd.HeusedtobethedeanandvicepresidentofElectricPowerCollegeoftheSouthChinaUniversityofTechnology.Mr.YinZhongyu,borninFebruary1969.HeisMasterofruralfinancefromNorthwestAgriculturalUniversity.HeiscurrentlyAssistantPresidentofLianChuSecurities.HepreviouslyservedasadirectoroftheGuotaiJunanM&Abusiness,anexecutivedirectorofShanghaiLongruiInvestmentConsultantsCompanyandthegeneralmanageroftheGreatWallSecuritiesM&ADepartment.Mr.ZhangDewei,borninJanuary1961.GuangzhouNormalUniversityBachelorofScience,JinanUniversity MasterofBusinessAdministration.Senioreconomist.HeiscurrentlytheMinisterofAuditandSupervisoryCommitteeofGuangdongEnergyGroupCo.,Ltd.HeservedasDirectoroftheGeneralManager'sOfficeofGuangdongElectricPowerDevelopmentCo.,Ltd.,SecretaryofBoardAffairsDepartmentandSecretaryoftheBoardofDirectors,DeputyDirectoroftheBoardofGuangdongYudeanAssetManagementCo.,Ltd.,DeputyDirectoroftheBoardofDirectorsofGuangdongEnergyGroupCo.,DeputyMinisterofLegalAffairs,DeputyMinisterofCapitalOperations.TheheadoftheworkdepartmentoftheauditandsupervisoryboardandthesecretaryofthePartybranch.Ms.ShiYan,borninDecember1977,MastergraduatefromSunYat-senUniversity,Senioraccountant.Currently,sheisthemanagerofthecomprehensivebranchoftheFinanceDepartmentofGuangdongEnergyGroupCo.,Ltd.Previously,shewasthespecialmanager,directorandgeneralmanageroftheCostAccountingDivisionoftheFinanceDepartmentofGuangdongEnergyGroupCo.,Ltd.Mr.ZhuWeiping,borninMay1957.DoctorofEconomics,JinanUniversity.HeiscurrentlyavicepresidentoftheChinaIndustrialEconomicsSociety,executivevicepresidentoftheGuangdongEconomicAssociation,GuangshengYouseIndependentDirector,IndependentSupervisorofGuangdongElectricPowerDevelopmentCo.,Ltd..Mr.JiangJinSuo,borninMarch1968.DoctorofManagement,JinanUniversity.Professor,CertifiedPublicAccountant.HeiscurrentlytheDeputyDirectorofAccountingDepartmentofGuangdongFinanceInstitute,MemberofGuangzhouInstituteofCertifiedPublicAccountants,IndependentSupervisorofGuangdongElectricPowerDevelopmentCo.,Ltd.Mr.LinWeifeng,borninFebruary1968.BachelorofManagement,JiangxiUniversityofScienceandTechnology.auditor.ThecurrentGuangdongElectricPowerDevelopmentCo.,Ltd.employeesupervisor,ShajiaoApowerplantfinanceminister.FormerShajiaopowerplantauditdirector,ShajiaoApowerplantdeputychiefeconomist.Mr.LiQing,borninMay1977.BachelorofEconomics,ShanghaiUniversityofFinanceandEconomics.senioraccountant.ThecurrentGuangdongElectricPowerDevelopmentCo.,Ltd.employeesupervisor,directoroftheauditroom.FormerYunfuPowerPlantFinanceDepartmentAccounting,GuangdongYuelongPowerCo.,Ltd.FinanceMinisterAssistant.Mr.TangYongguang,borninDecember1962.BachelorofEngineering,ChongqingUniversity.Seniorengineer.HeiscurrentlytheDeputyGeneralManagerofGuangdongElectricPowerDevelopmentCo.,Ltd.HeusedtobeaboilertechnicianinHuangpupowerplant,aseniorengineerinthebiotechnologydepartmentofGuangdongpowerindustrybureau,amanagerofthesafetysupervisiondivisionofthebiotechnologysafetysupervisiondepartmentofGuangdongEnergyGroupCo.,Ltd.,amemberofthepartycommitteeanddeputymanagerofShaoguanpowerplant,amemberofthepartycommitteeanddeputymanagerofShajiaoCpowerplant,adeputydirectorofthebiotechnologysafetysupervisiondepartmentofGuangdongEnergyGroupCo.,Ltd.,andadeputydirectorofthesafetysupervisionandProductionTechnologydepartmentofGuangdongEnergyGroupCo.,Ltd.Ms.LiuHui,borninOctober1965.BachelorofEngineering,JiangxiSouthMetallurgicalSchool.Seniorengineer.HeiscurrentlythedeputygeneralmanagerofGuangdongElectricPowerDevelopmentCo.,Ltd.FormerGuangdongThermalPowerEngineeringCorporationDeputyChiefEconomist,MinisterofBudget,GuangdongElectricPowerDevelopmentCo.,Ltd.projectmanagementmanager. Mr.LiuWei,borninApril1979,isBacheloroffinancefromZhongnanUniversityofEconomicsandLaw.HeisaneconomistandcurrentlyservesastheCompany’sdeputygeneralmanager,chieffinancialofficer,secretaryoftheboardofdirectors,andconcurrentlyasmanageroftheboardaffairsdepartment.HeusedtoberesponsibleforthefinancialdepartmentofGuangdongElectricPowerDevelopmentCo.,Ltd.,andberesponsibleandasthehostoftheBoardAffairsDepartment,andtherepresentativesofthecompany'ssecuritiesaffairs.Officetakinginshareholdercompanies √Applicable□Notapplicable Namesofthepersonsinoffice | Namesofthepersonsinoffice | Namesoftheshareholders | Titlesengagedintheshareholders | Sharingdateofofficeterm | Expirydateofofficeterm | Doeshe/shereceiveremunerationorallowancefromtheshareholder | | RaoSubo | GuangdongEnergyGroupCo.,Ltd. | Vicechiefengineer | October2005 | | Yes | | RaoSubo | GuangdongEnergyGroupCo.,Ltd. | Directorofsecurity | July2018 | | Yes | | WenLianhe | GuangdongEnergyGroupCo.,Ltd. | Vicechiefengineer | November11,2010 | | Yes | | WenLianhe | GuangdongEnergyGroupCo.,Ltd. | MinisterofManagementandSecretaryofthepartybranch | April2018 | | Yes | | ChenZe | GuangdongEnergyGroupCo.,Ltd. | GeneralCounsel,SecretaryoftheBoardofDirectors,MinisteroflegalAffairsandCapitalOperations | June2016 | | Yes | | LiFangji | GuangdongEnergyGroupCo.,Ltd. | ViceChiefEngineer,MinisterofStrategicDeptandSecretaryofPartyBranch | April2018 | | Yes | | YanMing | GuangdongEnergyGroupCo.,Ltd. | MinisteroftheGeneralDepartmentandsecretaryofPartyBranch | November2018 | | Yes | | LiBaobing | GuangdongEnergyGroupCo.,Ltd. | MinisterofFinanceandsecretaryofPartyBranch | September2019 | | Yes | | ZhangDewei | GuangdongEnergyGroupCo.,Ltd. | DirectoroftheAuditDeptandSecretaryofthePartyBranch | June2012 | | Yes | | ZhangDewei | GuangdongEnergyGroupCo.,Ltd. | SecretaryofthedisciplineInspectionCommission | September2017 | | Yes | | ZhangDewei | GuangdongEnergyGroupCo.,Ltd. | Chiefauditor | July2018 | | Yes | | ShiYan | GuangdongEnergyGroupCo.,Ltd. | ManagerofFinanceIntegrateddivision | January2011 | | Yes | | MaoQinghan | GuangzhouDevelopmentGroupCo.,Ltd. | ExecutiveDirector | December2017 | | Yes |
Notestopost-holdinginshareholder’sunit | Notestopost-holdinginshareholder’sunit | Wheretherearemorethanonepost,thestartingtimeofappointmentshallbethestartingtimeofthemainpost. |
Officestakeninotherorganizations √Applicable□Notapplicable | Name | Otherunit | Title | Startdateofofficeterm | Enddateofofficeterm | Drawingremunerationandallowancefromofotherunit(Y/N) | | WangJin | MaomingZhennengThermoelectricCo.,Ltd. | Boardchairman | March2019 | | No | | WangJin | GuangdongYuehuaPowerGenerationCo.,Ltd. | Boardchairman | April2019 | | No | | WangJin | GuangdongRedBayPowerGenerationCo.,Ltd. | Boardchairman | September | | No | | WangJin | GuangdongYudeanJinghaiPowerGenerationCo.,Ltd. | Director | June2018 | | No | | WangJin | GuangdongHuizhouNaturalGasPowerGenerationCo.,Ltd. | Boardchairman | June2018 | | No | | WangJin | GuizhouYueqianElectricPowerCo.,Ltd. | Boardchairman | May2019 | | No | | RaoSubo | GuangdongShaoguanYuejiangPowerGenerationCo.,Ltd. | Boardchairman | October2018 | | No | | RaoSubo | YudeanYunhePowerGenerationCo.,Ltd. | Boardchairman | June2018 | | No | | RaoSubo | NorthUnionElectricPowerCo.,Ltd. | Director | May2018 | | No | | RaoSubo | YudeanInvestmentCo.,Ltd. | Boardchairman | February2014 | | No | | RaoSubo | TianshengqiaoFirstClassHydropowerDevelopmentCo.,Ltd. | Boardchairman | June2017 | | No | | WenLianhe | GuangzhouElectricPowerTradingCenterCo.,Ltd. | Director | January2020 | | No | | WenLianhe | GuangzhouElectricPowerTradingCenterCo.,Ltd. | Director | April2019 | | No | | WenShufei | GuangdongZhuhaiJinwanPowerGenerationCo.,Ltd. | Boardchairman | July2018 | | No | | Wenlianhe | ZhuhaiSpecialEconomicZoneGuangzhuPowerGenerationCo.,Ltd. | Boardchairman | June2018 | | No | | WenLianhe | GuangdongZhuhaiPowerGenerationCo.,Ltd. | Boardchairman | July2018 | | No | | WenLianhe | YudeanInvestmentCo.,Ltd. | Director | September2018 | | No | | ChenZe | GuangdongYudeanShippingCo.,Ltd. | Boardchairman | August2016 | | No | | ChenZe | GuangdongYudeanJinghaiPowerGenerationCo.,Ltd. | Boardchairman | March2017 | | No |
ChenZe | ChenZe | GuangdongYudeanFanengInvestmentCo.,Ltd. | Executivedirector | April2017 | | No | | ChenZe | TianshengqiaoFirstClassHydropowerDevelopmentCo.,Ltd. | Director | October2016 | | No | | ChenZe | GuangdongYangjiangPortCo.,Ltd. | Boardchairman | November2019 | | No | | LiFangji | GuangdongYudeanXinhuiPowerGenerationCo.,Ltd. | Boardchairman | June2018 | | No | | LiFangji | GuangdongYudeanZhongshanThermalPowerCo.,Ltd. | Boardchairman | June2018 | | No | | LiFangji | GuangdongYudeanHuaqingCoalGasUnioncyclePowerGenerationCo.,Ltd. | Boardchairman | June2018 | | No | | LiFangji | YangjiangNuclearPowerCo.,Ltd. | Director | June2018 | | No | | LiFangji | TaishanNuclearPowerIndustryInvestmentCo.,Ltd.(TaishanNuclearPowerJointVentureCo.,Ltd.) | Director | June2018 | | No | | LiFangji | GuangdongYudeanHoldingsWesternInvestmentCo.,Ltd. | Boardchairman | July2018 | | No | | ZhengYunpeng | GuangdongYudeanHuaduNaturalGasThermalPowerCo.,Ltd. | Boardchairman | September2018 | | No | | ZhengYunpeng | GuangdongYudeanBoheCoalPowerCo.,Ltd. | Boardchairman | July2018 | | No | | ZhengYunpeng | ShenzhenGuangqianPowerCo.,Ltd. | Executivedirector | July2018 | | No | | ZhengYunpeng | GuangdongYudeanBinhaiwanEnergyCo.,Ltd. | Executivedirector | May2019 | | No | | ZhengYunpeng | GuangdongYudeanDayawanIntegratedEnergyCo.,Ltd（Tentatively） | Boardchairman | January2020 | | No | | YanMing | GuangdongYudeanPropertyInvestmentCo.,Ltd. | Executivedirector | December2018 | | No | | LiBaobing | GuangdongYudeanJinghaiPowerGenerationCo.,Ltd. | ChairmanoftheSupervisoryCommittee | June2018 | | No | | LiBaobing | GuangdongPowerDevelopmentCo.,Ltd. | ChairmanoftheSupervisoryCommittee | July2018 | | No | | LiBaobing | CSPGEnergyCo.,Ltd. | Supervisor | June2018 | | No | | LiBaobing | EnergyGroup.GuizhouCo.,Ltd. | Director | May2019 | | No | | LiBaobing | GuangdongYudeanFinanceLeaseCo.,Ltd. | Boardchairman | September2019 | | No | | LiangPeilu | GuangdongYudeanHumenPowerGenerationCo.,Ltd. | Boardchairman,GeneralManager | April2019 | | No | | LiangPeilu | GuangdongYudeanBinhaiwanEnergyCo.,ltd. | GeneralManager | May2019 | | No | | MaoQinghan | GuangzhouDevelopmentElectricPowerEnterpriseCo.,Ltd. | Executivedirector | April2018 | | No | | MaoQinghan | GuangzhouGuangnengInvestmentCo.,Ltd. | Executivedirector | April2018 | | No |
ShaQilin | ShaQilin | GuangdongNanguoDesaiLawfirm | Alawyer,Partner | March2007 | | Yes | | ShenHongtao | Accountingdept,JinanUniversity | Professor | April2012 | | Yes | | ShenHongtao | GuangshengNonferrousMetalCo.,Ltd. | IndependentDirector | April2015 | | Yes | | ShenHongtao | GuangzhouYuexiuFinanceHoldingGroupCo.,Ltd. | IndependentDirector | November2017 | | Yes | | ShenHongtao | GuangzhouGrandbuyCo.,Ltd. | IndependentDirector | September2016 | | Yes | | ShenHongtao | RongjieCo.,Ltd. | IndependentDirector | October2017 | | Yes | | WangXi | LingnanCollege,SunYat-senUniversity | Professor | July2006 | | Yes | | WangXi | PalmGradenCo.,Ltd. | IndependentDirector | May2014 | | Yes | | WangXi | GuangzhouSecuritiesCo.,Ltd. | IndependentDirector | December2012 | | Yes | | WangXi | ZhuhaiRuralCommercialBankCo.,Ltd. | IndependentDirector | July2014 | | Yes | | YinZhongyu | LianChuSecurities | AssistantPresident | September2019 | | Yes | | MaXiaoqian | ProvincialKeyLaboratory,SchoolofElectricPower,SouthChinaUniversityofTechnology | Director | July2014 | | Yes | | MaXiaoqian | GuangzhouEnvironmentalprotectionInvestmentGroupCo.,Ltd. | Externaldirector | September2016 | | Yes | | MaXiaoqian | GuangzhouDevelopmentGroupCo.,Ltd. | IndependentDirector | June2016 | | Yes | | ZhangDewei | GuangdongRedBayPowerGenerationCo.,Ltd. | Director | April2017 | | No | | ZhangDewei | YangjiangNuclearPowerCo.,ltd. | ChairmanoftheSupervisoryCommittee | December2017 | | No | | ZhangDewei | TaishanNuclearPowerIndustryInvestmentCo.,Ltd.（TaishanNuclearPowerJointVentureCo.,Ltd.） | Supervisor | June2016 | | No | | ShiYan | GuangdongYudeanHoldingsWesternInvestmentCo.,Ltd. | Supervisor | October2018 | | No | | ShiYan | GuangdongYudeanHuaduNaturalGasThermalPowerCo.,Ltd. | Supervisor | March2018 | | No | | ShiYan | ZhanjiangElectricPowerCo.,Ltd. | ConvenoroftheBoardofSupervisors | December2019 | | No | | ZhuWeiping | InstituteofindustrialEconomics,JinanUniversity | Professor,President | January2000 | | Yes | | ZhuWeiping | GuangshengNonferrousMetalCo.,ltd. | Independentdirector | November2016 | | Yes | | JiangJinsuo | GuangdongfinanceInstitute | Professor,HeadofDept | January2013 | | Yes |
LiQing | LiQing | GuangdongYudeanBoheCoalPowerCo.,Ltd. | ChairmanoftheSupervisoryCommittee | December2018 | | No | | LiQing | LincangYudeanEnergyCo.,Ltd. | Supervisor | January2015 | | No | | LiQing | SouthOffshorewindpowerUnionDevelopmentCo.,Ltd | Supervisor | November2015 | | No | | LiQing | GuangdongYudeanYonganNaturalGasthermalPowerCo.,Ltd. | ChairmanoftheSupervisoryCommittee | March2019 | | No | | LiQing | YunnanNengtouWeixinEnergyCo.,Ltd. | ConvenoroftheBoardofSupervisors | March2019 | | No | | TangYongguang | GuangdongElectricIndustryFuelCo.,Ltd. | Director | March2020 | | No | | TangYongguang | ZhanjiangElectricPowerCo.,Ltd. | Director | December2019 | | No | | TangYongguang | ZhanjiangZhongyueEnergyCo.,Ltd. | Boardchairman | December2019 | | No | | TangYongguang | GuangdongYudeanJinghaiPowerGenerationCo.,Ltd. | Director | April2017 | | No | | TangYongguang | GuangdongRedWayPowerGenerationCo.,Ltd. | ViceBoardchairman | December2019 | | No | | TangYongguang | GuangdongHuizhouPinghaiPowerGenerationCo.,Ltd. | ViceBoardchairman | December2019 | | No | | TangYongguang | GuangdongYudeanHoldingsWesternInvestmentCo.,Ltd. | Director | October2018 | | No | | TangYongguang | GuangdongShaoguanYuejiangPowerGenerationCo.,ltd. | ViceBoardchairman | October2018 | | No | | TangYongguang | GuangdongYudeanXinhuiPowerGenerationCo.,Ltd. | Director | December2014 | | No | | TangYongguang | GuangdongYudeanZhongshanThermalPowerPlantCo.,Ltd. | Director | December2017 | | No | | TangYongguang | GuangdongYudeanHuaqingCoalGasUnioncyclePowerGenerationCo.,Ltd. | Director | October2011 | | No | | LiuHui | GuangdongYudeanShippingCo.,Ltd. | Director | June2017 | | No | | LiuHui | GuangdongYudeanHumenPowerGenerationCo.,Ltd. | Director | October2017 | | No | | LiuHui | GuangdongYudeanHoldingsWesternInvestmentCo.,Ltd. | ViceBoardchairman | October2018 | | No | | LiuHui | GuangdongYudeanHuaduNaturalGasThermalPowerCo.,Ltd. | Director | March2018 | | No | | LiuHui | YunnanYuntouWeixinEnergyCo.,Ltd. | ViceBoardchairman | March2019 | | No | | LiuHui | GuangdongGuohuaYudeanTaishanPowerGenerationCo.,Ltd. | Supervisor | December2018 | | No | | LiuHui | YunnanYuntouWeixinCoalCo.,Ltd. | ViceBoardchairman | March2019 | | No |
LiuHui | LiuHui | ShenzhenGuangmingFactorySiteAlternativePowerProjectCompany | Executivedirector | January2020 | | No | | LiuHui | ShanxiYudeanEnergyCo.,Ltd. | ViceBoardchairman | December2018 | | No | | LiuHui | GuangdongYudeanYonganNaturalGasThermalPowerCo.,Ltd. | Boardchairman | March2019 | | No | | LiuWei | GuangdongWindPowerGenerationCo.,Ltd. | Director | December2017 | | No | | LiuWei | GuangdongEnergyGroupFinanceCo.,Ltd. | Director | March2019 | | No | | LiuWei | GuangdongHuizhouNaturalGasPowerGenerationCo.,Ltd. | Director | March2018 | | No | | LiuWei | GuangdongYudeanJinghaiPowerGenerationCo.,Ltd. | Director | June2017 | | No | | LiuWei | GuangdongRedBayPowerGenerationCo.,Ltd. | Director | December2017 | | No | | LiuWei | GuangdongYudeanElectricPowerSalesCo.,Ltd. | Director | December2017 | | No | | LiuWei | GuangdongYudeanpropertyInsuranceCo.,Ltd. | Director | April2017 | | No | | LiuWei | GuangdongYudeanShippingCo.,Ltd. | ConveneroftheBoardofSupervisors | May2007 | | No | | LiuWei | ShenzhenCapitalGroupCo.,Ltd. | Supervisor | October2019 | | No | | LiuWei | GuangdongYuejiaElectricPowerCo.,Ltd. | ViceBoardchairman | January2019 | | No |
Punishmentstothecurrentandleavingboarddirectors,supervisorsandseniormanagersduringthereportperiodbysecuritiesregulatorsintherecentthreeyears □Applicable√NotapplicableIV.Remunerationtodirectors,supervisorsandseniorexecutivesDecision-makingprocedures,basisfordeterminationandactualpaymentoftheremunerationtodirectors,supervisorsandseniorexecutivesDirectors,supervisorsandseniorexecutivesoftheCompanyshallobtainlaborremunerationandenjoycorrespondingemployeebenefitsaccordingtotheirpositionandtheCompany'swagesystem.Exceptsuchremunerationandbenefits,nootherremunerationandfringebenefitsshallbeadditionallyprovided；TheallowancefortheindependentdirectorsandindependentsupervisorsoftheCompanyshallbepaidaccordingtothestandardsapprovedbytheshareholders'generalmeeting.Attheendofthereportperiod,thedirectors,supervisorsandseniorexecutivesreceivedtheactualremunerationbeforetaxwastotalRMB5.9127million.Remunerationtodirectors,supervisorsandseniorexecutivesinthereportingperiod InRMB10,000 Name | Name | Positions | Sex | Age | Officestatus | Totalremunerationreceivedfromtheshareholder | Remunerationactuallyreceivesattheendofthereportingperiod | | WangJin | Boardchairman | Male | 56 | Inoffice | 70.17 | No | | RaoSubo | Director | Male | 55 | Inoffice | | Yes | | WenLianhe | Director | Male | 51 | Inoffice | | Yes | | ChenZe | Director | Male | 50 | Inoffice | | Yes | | LiFangji | Director | Male | 52 | Inoffice | | Yes | | ZhengYunpeng | Director,GeneralManager | Male | 51 | Inoffice | 71.17 | No | | YanMing | Director | Male | 48 | Inoffice | | Yes | | LiBobing | Director | Male | 45 | Inoffice | | Yes | | LiangPeilu | Director | Male | 55 | Inoffice | 98.09 | No | | MaoQinghan | Director | Male | 45 | Inoffice | | Yes | | ShaQilin | Independentdirector | Male | 59 | Inoffice | 6.39 | No | | ShenHongtao | Independentdirector | Female | 52 | Inoffice | 5.85 | No | | WangXi | Independentdirector | Male | 49 | Inoffice | 6.39 | No | | MaXiaoqian | Independentdirector | Male | 55 | Inoffice | 6.39 | No | | YinZhongyu | Independentdirector | Male | 50 | Inoffice | 3.71 | No | | ZhangDewei | ChairmanoftheSupervisoryCommittee | Male | 58 | Inoffice | | Yes | | ShiYan | Supervisor | Female | 42 | Inoffice | | Yes | | ZhuWeiping | IndependentSupervisor | Male | 62 | Inoffice | 3.21 | No | | JiangJinsuo | IndependentSupervisor | Male | 51 | Inoffice | 4.63 | No | | LinWeifeng | Employeesupervisor | Male | 51 | Inoffice | 28.07 | No | | LiQing | Employeesupervisor | Male | 42 | Inoffice | 35.26 | No | | TangYongguang | DeputyGM | Male | 54 | Inoffice | 4.97 | No | | LiuHui | DeputyGeneralmanager | Female | 54 | Inoffice | 70.61 | No |
LiuWei | LiuWei | DeputyGeneralmanager,FinanceManager,Boardsecretary | Male | 40 | Inoffice | 69.37 | No | | WenShufei | Director | Female | 55 | Dimission | | Yes | | ZhouXian | Director | Male | 46 | Dimission | | Yes | | ChenChanglai | Director | Male | 56 | Dimission | 43.08 | No | | ZhangXueqiu | Director | Male | 53 | Dimission | | Yes | | LiBobing | Supervisor | Male | 45 | Dimission | | Yes | | YangXuanxing | DeputyGM | Male | 54 | Dimission | 63.91 | No | | Total | -- | -- | -- | -- | 591.27 | -- |
Incentiveequitytodirectors,supervisorsor/andseniorexecutivesinthereportingperiod □Applicable√NotapplicableV.Particularsaboutemployees. 1.Staffjobs,education,jobtitlenumberandproportionrefertothefollowingpiechart: | Numberofin-servicestaffoftheparentcompany（person） | 1,092 | | Numberofin-servicestaffofthemainsubsidiaries（person） | 5,596 | | Totalnumberofthein-servicestaff（person） | 6,688 | | Totalnumberofstaffreceivingremunerationinthecurrentperiod（person） | 6,709 | | Thenumberoftheparentcompanyandthemainsubsidiary’sretiredstaffswhoneedtobearthecost（person） | 3,623 | | Professional | | ClassifiedaccordingbyProfessions | Numberofpersons（person） | | Production | 4,394 | | Sales | 103 | | Technical | 995 | | Financial | 167 | | Administrative | 1,029 | | Total | 6,688 | | Education | | Classifiedaccordingbyeducationbackground | Numberofpersons（person） | | Doctor | 0 | | Master | 201 | | Universities | 3,221 | | Colleges | 1,860 | | Technicalsecondaryschool | 251 | | HighschoolandBelow | 1,155 | | Total | 6,688 |
2.RemunerationpoliciesThecompany’sstaffreceivedthesalariesandenjoyedthebenefitsaccordingtotherelevantprovisionsstipulatedinthecompany’sSalaryManagementApproach.Thesalaryofthecompany’sstaff(Exceptthemanagementstaffwhocategorizedintheannualsalarysystem)basicallyconstitutedbythebasicsalary,postsalary,performancesalary,allowance,overtimewagesandspecialbountiesandsoon. 3.TrainingplanThecompanyformulatedtheTemporaryProvisionsfortheManagementofStaffEducationandTraining.Thestafftrainingwasadheredtotheprincipleoflearningintegratedwithapplication,learningbytheneedsandstressingofpracticaleffect,focusedonthemaincontentsofthepostandthepracticaloperationskills.Thetrainingcontentsincludedthenewstafforientationtraining,posttraining,continuingeducation,overseastrainingandothertrainings. 4.Outsourcingsituation □Applicable√Notapplicable X.Administrativestructure I.BasicstateofcorporategovernanceThecompanyisstrictlyinaccordancewith“CompanyLaw”,“SecuritiesLaw”,“GovernanceStandardsofListedCompany”,“ListingRulesofStocks”andotherlawsandregulationsrequirements,constantlyperfectsthecorporategovernancestructure,standardizescorporateoperationsandfurtherenhancesthelevelofcorporategovernance.Thecompanyhasestablishedthecorporate“ArticlesofAssociation”,therulesofprocedureofthreemeetings’operation,theworkingrulesoftheboardofdirectorsspecialcommittee,theworkingrulesofthegeneralmanagerofcompanyandworkingconditionsandinternalcontrolsystemwhichbasicallycoversallaspectsoftheoperationmanagementlikefinancialmanagement,investmentmanagement,informationdisclosure,associatedtrade,externalguaranteesandfund-raising.Thesesystemsareimplementedbetter.Duringthereportingperiod,thecompanyhasamendedpartoftheclausesin“InsideInformationManagementSystem”basedontheoriginalsystemsandtherequirementsoftheCSRC.Doesthereexistanydifferenceincompliancewiththecorporategovernance,thePRCCompanyLawandtherelevantprovisionsofCSRC, □Yes√NoThereexistnodifferenceincompliancewiththecorporategovernance,thePRCCompanyLawandtherelevantprovisionsofCSRC.II.IndependenceandCompletenessinbusiness,personnel,assets,organizationandfinanceThecompanyhasimplementedseparationofoperation,separationofhumanresource,separationofassets,separationoforganizationandfinancialindependencebetweencontrollingshareholder.Andithasacompletebusinessandoperationsmanagementability.1.Separationofoperation:theCompanyisprincipallyengagedintheelectricitygenerationandsalestoGuangdongElectricPowerHoldingCo.(“GPHC”)directly.TheCompanyhassubcontractedthesubsidiaryofYudean,theholdingcompany,topurchasethefuels,whichissolelyforthepurposeofbetterutilizationoflarge-scalepurchaseandcostcontrol.2.Separationofhumanresource:theGeneralManagerandallhissubordinates,SecretarytotheBoardofDirectors,FinancialManagerarepaidbytheCompanyandtakenopositionintheholdingcompany.3.Separationofassets:theCompanyhasindependentproductionsystem,supportingsystemandotherfacilities.TheCompanyownsitsintangibleassetssuchasintellectualpropertyrights,trademarksandnon-patenttechnology;4.Separationoforganization:theCompanyhasestablishedintegratedoperatinginstitutionofitsown.5..Financialindependence:theCompanyhasanindependentfinancialdepartmentandhasestablishedindependentaccountingsystemandfinancialmanagementsystem.Itopenedindependentbankaccountsforitsownoperation.III.Competitionsituationsoftheindustry √Applicable□NotApplicable Problem Types | ProblemTypes | NameoftheControllingShareholders | PropertyoftheControllingShareholders | ProblemsandCauses | Countermeasures | TimeScheduleofWorksandFollow-upProgram | | Horizontalcompetitions | GuangdongEnergyGroupCo.,Ltd. | LocalSASAC | EnergyGroupwasestablishedwhenGuangdongProvincialGovernmenttooktheleadintheimplementationofthe“plantandnetworkseparation”powersystemreforminChina,andwasseparatedand | OnJanuary3,2018,thecompanydisclosedAnnouncementonControllingShareholders'CommitmenttoPerformRelatedMatters(publicnoticeNo.:2018-01);onJanuary13,2018,thecompanydisclosed | Ourcompanywillactivelyfulfillthetrusteeshipandresponsibilitiesaccordingtothe“EquityCustodyAgreement”andparticipateinthemanagementanddecision-makingandinspectionandsupervisionofthecustodytarget.Thecompanywillcooperatewith |
formedfromGuangdongProvincialPowerGroupCorporation.ItisthelargestandmostpowerfulpowergenerationenterpriseinGuangdongProvince.YudeanPoweristheonlylistedcompanyundertheEnergyGroupandisengagedinpowerproductionbusiness.Atpresent,EnergyGroupstillhassomeremainingpowergenerationassetsthathavenotbeenincludedinYudeanPowertemporarily.Consideringthesituationofthesepowergenerationassets,itistemporarilynotinlinewiththelistingconditions,anditisdifficulttosolvetheseproblemsintheshortterm.Therefore,thereisacertaindegreeofhorizontalcompetition. | formedfromGuangdongProvincialPowerGroupCorporation.ItisthelargestandmostpowerfulpowergenerationenterpriseinGuangdongProvince.YudeanPoweristheonlylistedcompanyundertheEnergyGroupandisengagedinpowerproductionbusiness.Atpresent,EnergyGroupstillhassomeremainingpowergenerationassetsthathavenotbeenincludedinYudeanPowertemporarily.Consideringthesituationofthesepowergenerationassets,itistemporarilynotinlinewiththelistingconditions,anditisdifficulttosolvetheseproblemsintheshortterm.Therefore,thereisacertaindegreeofhorizontalcompetition. | AnnouncementofRelatedTransactionsonthe"EquityCustodyAgreement"signedwithGuangdongEnergyGroupCo.,Ltd.(publicnoticeNo.:2018-04).Inordertoavoidcompetitioninthesameindustryandtofulfilltherelevanthorizontalcompetitioncommitments,EnergyGrouphassignedtheEntrustedManagementAgreementwiththecompany,andalltheshareholders'rightsotherthantheownership,income,anddisposalrightsofthecompanythattemporarilyfailstomeetthelistingconditionsinthecompany'scustodyareaoftheEnergyGroupareescrowedtoourcompany. | EnergyGrouptopushforwardthedefectrectificationoftheunderlyingassets,studytherectificationandsolutiontothedefectsandobstaclesintherelevantassetsthatdonotmeetthelistingconditions,promoterelevantrectificationworkfromtheaspectsofimprovingprojectapprovalorapprovalprocedures,clarifyinglandandpropertyownership,enhancingassetprofitability,andimplementinglegalcompliance.Forcustodyassetsthatmeetthelistingconditionsinthefuture,EnergyGroupwill,inaccordancewiththeunifieddeploymentoftheGuangdongProvincialPartyCommitteeandtheprovincialgovernmentandtheoverallrequirementsforthereformofstate-ownedenterprises,activelycreateconditionsfortheinjectionintolistedcompaniesinaccordancewiththestatusoftheassetsundercustody,combinedwithenterpriserestructuring,structuraladjustmentarrangements,electricitymarketandcapitalmarketconditions. |
IV.AnnualGeneralMeetingandExtraordinaryShareholders’MeetingsintheReportingPeriod 1.AnnualGeneralMeeting | Sessions | Type | Investorparticipationratio | MeetingDate | Disclosuredate | Disclosureindex | | Thefirstprovisionalshareholders’Generalmeetingin2019 | Provisionalshareholders’GeneralMeeting | 72.69% | February21,2019 | February22,2019 | NameofAnnouncement:AnnouncementofResolutionofthefirstProvisionalshareholders’generalmeetingin2019，AnnouncementNo.:2019-10,PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn | | 2018Shareholders’generalmeeting | AnnualGeneralMeeting | 72.80% | May21,2019 | May22,2019 | NameofAnnouncement:AnnouncementofResolutionof2018shareholders’generalmeeting，AnnouncementNo.:2019-25.PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn |
TheSecondprovisionalshareholders’Generalmeetingin2019 | TheSecondprovisionalshareholders’Generalmeetingin2019 | Provisionalshareholders’GeneralMeeting | 72.63% | August2,2019 | August3,2019 | NameofAnnouncement:AnnouncementofResolutionoftheSecondProvisionalshareholders’generalmeetingin2019，AnnouncementNo.:2019-35,PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn | | TheThirdprovisionalshareholders’Generalmeetingin2019 | Provisionalshareholders’GeneralMeeting | 72.55% | September19,2019 | September20,2019 | NameofAnnouncement:AnnouncementofResolutionoftheThirdProvisionalshareholders’generalmeetingin2019，AnnouncementNo.:2019-47,PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn | | TheFourthprovisionalshareholders’Generalmeetingin2019 | Provisionalshareholders’GeneralMeeting | 72.71% | November19,2019 | November20,2019 | NameofAnnouncement:AnnouncementofResolutionoftheFourthProvisionalshareholders’generalmeetingin2019，AnnouncementNo.:2019-57,PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn |
2.Requestforextraordinarygeneralmeetingbypreferredstockholderswhosevotingrightsrestore □Applicable√NotapplicableV.Responsibilityperformanceofindependentdirectorsinreportperiod 1.Theattendingofindependentdirectorsatboardmeetingsandshareholders’generalmeeting | Theattendingofindependentdirectors | | IndependentDirectors | NumberofBoardmeetingsnecessarytobeattendedinthereportingperiod | Numberofspotattendances | NumberofmeetingsattendedbyCommunication | Numberofattendancesbyrepresentative | Numberofabsence | Failuretopersonallyattendboardmeetingssuccessivelytwice(Yes/No) | TimesforattendingtheAGM | | ShaQilin | 9 | 3 | 6 | 0 | 0 | No | 5 | | ShenHongtao | 9 | 3 | 6 | 0 | 0 | No | 4 | | WangXi | 9 | 3 | 6 | 0 | 0 | No | 5 | | MaXiaoqian | 9 | 2 | 6 | 1 | 0 | No | 5 | | YinZhongyu | 9 | 2 | 6 | 1 | 0 | No | 2 |
NotestofailuretopersonallyattendBoardMeetingsSuccessivelyTwice 2.ObjectionofindependentdirectorsonsomerelevantissuesObjectionofindependentdirectorsonsomerelevantissues □Yes√NoIndependentdirectorsproposednoobjectionagainsttherelevantmattersinthereportingperiod. 3.OthernotestodutyperformanceofindependentdirectorsHasanindependentdirector’sadvicetotheCompanybeenaccepted √Yes□NoExplanationonacceptanceoforfailuretoacceptanindependentdirector’sadvicetotheCompany.NilVI.DutyPerformanceofSpecialCommitteesundertheBoardofDirectorsintheReportingPeriodTheNinthboardofdirectorsofthecompanycomprisescommitteeofstrategy,audit,budget,nominationandremunerationandappraisal.Eachprofessionalcommitteehasestablishedtheircorrespondingworkingrulesandputforwardrelatedprofessionalopinionsandsuggestionsaccordingtotheirrespectivedutiestothecompanyoperatingdevelopment,whichpromotedthestandardizedoperationofthecompany.In2019,thedutyfulfillmentconditionsofeachspecialcommitteeofthecompany'sboardofdirectorsareasfollows: 1.AccordingtorelevantregulationsofChinaSecuritiesRegulatoryCommissionandShenzhenStockExchange,theAuditCommitteeoftheBoardofDirectorsoftheCompanyconscientiouslyhasperformeditsdutiesandparticipatedintheannualaudit,internalcontrolsupervision,riskmanagement,semi-annualreportreviewandmajoraccountingtreatmentreviewoftheCompany.Duringthereportingperiod,theAuditCommitteeoftheninthBoardofDirectorsheldatotalof2meetingstoreviewandformreviewopinionsontheCompany's2018AnnualReport,2018InternalControlEvaluationReport,2018ComprehensiveRiskManagementReport,2019AuditInstitutionHiring,ProvisionforImpairmentofAssets,2019Semi-AnnualReport,andotherproposals,whichplayedanimportantroleintheeffectivedecision-makingoftheBoardofDirectors. 2.TheBoardofDirectors'RemunerationandAppraisalCommitteereviewedtheremunerationofthedirectors,supervisorsandseniormanagementpersonneldisclosedinthisreport,andconsideredthatthedeterminationoftheremunerationstandardandthegrantingofannualremunerationcanbecombinedwiththeperformanceoftherespectivepositions,whichisconsistentwiththecompany’sremunerationmanagementregulations;theremunerationofdirectors,supervisorsandseniormanagementpersonneldisclosedintheannualreportistrue. 3.ThebudgetcommitteeoftheNinthboardhelditssecondmeetingonMarch20,2019,reviewedandadoptedthe“ProposalonIllustrationofBudgetImplementationin2018andBudgetPreparationin2019”. 4.TheNominationCommitteeoftheBoardofDirectorsheldatotalof4meetings.ItreviewedtheProposalonRecommendingYanMingasaCompanyDirectorCandidate,theProposalonRecommendingMaoQinghanasaCompanyDirectorCandidate,theProposalonRecommendingLiBaobingasaCompanyDirectorCandidate,andtheProposalonRecommendingTangYongguangasaCompanyDeputyGeneralManagerCandidatebymeansofcorrespondencevoting,andcarefullyexaminedthequalificationsofrelevantcandidates.VII.WorkofthesupervisoryCommitteeDidthesupervisoryCommitteefindanyriskexistinginperformingthesupervisionactivitiesinthereportingperiod □Yes√NoThesupervisoryCommitteehasnoobjectionagainstanymattersundersupervisioninthereportingperiodVIII.AssessmentandincentiveMechanismforSeniorexecutivesPerformanceevaluationandincentivesystemwillbeemployedbyseniormanagersonthebasisofenterprisesalarymanagementsystem. IX.Internalcontrolsituations 1.Specificsituationsonmajordefectsofinternalcontroldiscoveredduringreportperiod □Yes√No 2.Self-evaluationreportoninternalcontrol Disclosuredateofappraisalreportoninternalcontrol | Disclosuredateofappraisalreportoninternalcontrol | April18,2020 | | Disclosureindexofappraisalreportoninternalcontrol | JuchaoWebsite:（http://www.cninfo.com.cn）,Selfevaluationreportofinternalcontrolin2019 | | Proportionoftotalunitassetscoveredbyappraisalinthetotalassetsoftheconsolidatedfinancialstatementsofthecompany | 99% | | Proportionoftotalunitincomescoveredbyappraisalinthetotalbusinessincomesoftheconsolidatedfinancialstatementsofthecompany | 100% | | StandardsofDefectsEvaluation | | Category | FinancialReport | Non-financialReport | | Qualitativecriteria | Qualitativecriteriaofevaluationtowardsinnercontroldeficiencyoffinancialreportmadebycompanyareasfollows:Ⅰ,theinnercontroloffinancialreportshouldbeconsideredas“significantdeficiency”ifthefollowingcircumstances(includingbutnotlimitedto)occurred:①theineffectiveenvironmentalcontrol;②irregularitiesappearingbetweencompanydirectors,supervisorsandseniorexecutives;③seriousmistakesinthefinancialstatementsofthecurrentperiodfoundbyexternalauditbutnottheinnercontrolintheprocessofoperating;④ineffectivesupervisionofinnercontrolfromdirectorateandinnerauditinstitution.Ⅱ,theinnercontroloffinancialreportshouldbeconsideredas“seriousdeficiency”ifthefollowingcircumstancesoccurred:①accountingpolicychosenandappliedisnotbasedontheGAAP;②anti-irregularityprocedureandcontrolmeasuresarenotestablished;③veryfewrelativecontrolmeasuresareestablishedorimplementedintermsoftheaccountingtreatmentrelatedtounconventionalorspecialtransaction;④oneormoredeficienciesexistinthecontrolprocessoffinalfinancialreportandtheauthenticity,accuracyandintegrityofestablishmentcannotbeassuredreasonably.Ⅲcommondeficiencymeans,apartfromtheabove“significantdeficiency”and“seriousdeficiency”,otherdeficienciesexistintheinnercontrolprocess. | Qualitativecriteriaofevaluationtowardsinnercontroldeficiencyofnon-financialreportmadebycompanyareasfollows:①significantdeficiencymeansoneormorecombinationsofcontroldeficiencywhichmayresultinseriouslydeviatingfromcontrolgoals.②seriousdeficiencymeansoneormorecombinationsofcontroldeficiencywhoseseverityandfinancialresultarelessthanthoseofsignificantdeficiencywithpossibilityofdeviatingcompanyfromitscontrolgoals.③commondeficiencymeansothercontroldeficienciesapartfromsignificantandseriousdeficiencies. |
Quantitativestandard | Quantitativestandard | Aquantitativecriterionregardsoperatingreceiptandgrossvalueofassetsasitsyardstick.①innercontroldeficiencymayleadtolossrelatedtoprofitstatement,whichismeasuredbyoperatingreceipt.Theamountofmisstatementinfinancialreportresultedfromthecontroldeficiencyoritscombinationislessthan0.5percentoftheoperatingreceipt,whichcouldbeconsideredasthecommondeficiency.Thatwouldbeconsideredasseriousdeficiencyiftheamountofmisstatementinfinancialreportresultedfromthecontroldeficiencyoritscombinationismorethan0.5percentbutlessthan1percentoftheoperatingreceipt.Andthatwouldberegardedassignificantdeficiencyifthatismorethan1percentoftheoperatingreceipt.②innercontroldeficiencymayleadtolossrelatedtoassetsmanagement,whichismeasuredbytotalassets.Theamountofmisstatementinfinancialreportresultedfromthecontroldeficiencyoritscombinationislessthan0.5percentofthetotalassets,whichcouldbeconsideredasthecommondeficiency.Thatwouldbeconsideredasseriousdeficiencyiftheamountofmisstatementinfinancialreportresultedfromthecontroldeficiencyoritscombinationismorethan0.5percentbutlessthan1percentofthetotalassets.Andthatwouldberegardedassignificantdeficiencyifthatismorethan1percentofthetotalassets. | ①thesignificantdeficiencymeansthatthedirectpropertylossisbetween50millionyuan.(2)thesignificantdeficiencymeanshatthedirectpropertylossisbetween30millionyuan(including30millionyuan);theseriousdeficiencymeansthatthedirectpropertylossisbetween30million. | | Numberofmajordefectsinfinancialreporting（a） | 0 | | Numberofmajordefectsinnonfinancialreporting(a) | 0 | | Numberofimportantdefectsinfinancialreporting（a） | 0 | | Numberofimportantdefectsinnonfinancialreporting（a） | 0 |
X.InternalControlauditreport √Applicable□Notapplicable | Reviewopinionsintheinternalcontrolauditreport | | WebelievethatGuangdongElectricPowerDevelopmentCo.,Ltd.hasmaintainedeffectiveinternalcontroloverfinancialreportinginallmaterialrespectsasof31December2019aspertheBasicRulesforEnterpriseInternalControlandrelevantregulations. | | Disclosuredateofauditreportofinternalcontrol(full-text) | Disclosure | | Indexofauditreportofinternalcontrol(full-text) | April18,2020 | | Internalauditreport’sopinion | JuchaoWebsite:（http://www.cninfo.com.cn）2019Auditreportofinternalcontrol | | Typeofauditreportoninternalcontrol | Unqualifiedauditor’sreport |
Whetherthereissignificant defectinnon-financialreport | Whetherthereissignificantdefectinnon-financialreport | No |
HastheCPAsissuedaqualifiedauditor’sreportofinternalcontrol. □Yes√NoDoestheinternalcontrolauditreportissuedbytheCPAsagreewiththeself-assessmentreportoftheBoardofDirectors √Yes□No XI.CorporateBond Whetherthecompanyhascorporatebondsthathavebeenpubliclyissuedandlistedonthestockexchange,and notyetdueorduebutnotfollycashedontheapprovaldateofannualreportYes 1.Basicinformationofcorporatebonds Bondname | Bondname | Bondshortname | Bondcode | Issueday | Dueday | Bondbalance(RMB10,000) | Interestrate | Servicingway | | 2012CorporatebondsofGuangdongElectricPowerDevelopmentCo.,Ltd.. | 12YudeanBond | 112162.SZ | March18,2013 | March17,2020 | 4,030.65 | 4.95% | Usingsimpleinterestrateonayearlybasis,regardlessofcompoundinterest.Duepaymentsonceayear,maturingdebtatatime.Inthefinalphase,interestispaidtogetherwiththeprincipalredemption. | | Corporatebondslistedortradingplaces | ShenzhenStockExchange | | InvestorProperArrangement | Notapplicable | | Duringthereportingperiod,interestpaymentsituationofthecompanybonds | OnMarch18,2019,thecompanypaidthebondinterestforthecurrentyeartoallthecurrentbondholderswhohaveregisteredinChinaSecuritiesDepositoryandClearingCo.,Ltd.ShenzhenBranchbytheclosingofShenzhenStockExchangeontheafternoonofMarch15,2019. |
Ifthecorporatebondsattachedtospecialclausestotheissuerortheinvestorssuchasoptionclauseandexchangeableclause,pleasespecifytheimplementationstatusofthecorrespondingclauses.(Whenapplicable) | Ifthecorporatebondsattachedtospecialclausestotheissuerortheinvestorssuchasoptionclauseandexchangeableclause,pleasespecifytheimplementationstatusofthecorrespondingclauses.(Whenapplicable) | Thetermofthecurrentbondsis7years,attachingtheoptionthattheissuerwillredeemattheendofthefifthyear,theoptionthattheissuerraisesthecouponrateandtheoptionthattheinvestorswillputback.Duringthereportingperiod,theconditionsfortheimplementationoftherelevantprovisionsdidnotapply.1.OnJanuary29,2018,theCompanydisclosedtheAnnouncementofGuangdongElectricPowerDevelopmentCo.,Ltd.onWaivingtheExerciseofthe"12YudeanBond"Issuer'sRedemptionOption(AnnouncementNo.:2018-06),anddecidedtowaivetheexerciseofthe"12YudeanBond"issuer'sredemptionoption,i.e.,the"12YudeanBond"willcontinuetoexistintheduration.2.OnJanuary29,2018,January30,2018andJanuary31,2018,thecompanyrespectivelyissuedtheFirstPromptAnnouncementofGuangdongElectricPowerDevelopmentCo.,Ltd.ontheMeasuresfortheImplementationof"12YudeanBonds"withNoIncreaseinFaceInterestRateandBondHoldersSellingBackandMeasuresforBondHolderstoSellBack(AnnouncementNo.:2018-07),theSecondPromptNoticeofGuangdongElectricPowerDevelopmentCo.,Ltd.ontheImplementationMeasuresforNoIncreaseintheFaceRateof"12YudeanBonds"andforBondHolderstoSellBack(AnnouncementNo.:2018-08)andtheThirdPromptNoticeofGuangdongElectricPowerDevelopmentCo.,Ltd.ontheImplementationMeasuresforNoIncreaseintheFaceRateof"12YudeanBonds"andforBondHolderstoSellBack(AnnouncementNo.:2018-10),andhaschosennottoincreasethefacerate,i.e.thefaceratewillremainunchangedat4.95%for2yearsafterthedurationofthecurrentbonds.3.OnMarch17,2018,theCompanydisclosedtheAnnouncementofGuangdongElectricPowerDevelopmentCo.,Ltd.ontheSaleResultsofCorporateBonds"12YudeanBonds"(AnnouncementNo.:2018-14).AccordingtothebondresaledeclarationdataprovidedbyShenzhenBranchofChinaSecuritiesDepositoryandClearingCo.,Ltd.,thenumberof"12YudeanBonds"resoldwas11,596,935,theamountofresalewas1,217,087,933.25yuan(includinginterest),andtheremainingnumberforcustodywas403,065.OnMarch16,2018,thecompanypaidtheprincipalandinterestofsomebondssoldbackbythe"12YudeanBonds"infulltothebankaccountdesignatedbyShenzhenBranchofChinaSecuritiesDepositoryandClearingCo.,Ltd.andtransferredtotheinvestor'scapitalaccountonMarch19,2018. |
II.Bondtrusteeandthecreditratingagencyinformation | Bondtrustee： | | Name | CITICSecuritiesCo.,Ltd. | Office | 22/F,CITICSecuritiesBuilding,No.48.LiangmaqiaoRoad,ChaoyangDistrict,Beijing | Contact | SongYPilan,KouZhibo | Tel | 010-60838888 | | Thecreditratingagencieswhichfollowandratethecorporatebondduringthereportingperiod | | Name | CCXR | Officeaddress | 8/F,AnjiBuilding,No.760,TibetSouthRoad,HuangpuDistrict,Shanghai. | | Duringthereportperiod,thebondtrustee,creditratingagencyemployedbythecompanythathavechanged,reasonsforthechange,performingprocedures,relevantinfluenceoninvestors,etc(Ifapplicable). | Notapplicable |
III.Theusageofcorporatebondstoraisemoney TheusageandperformanceofraisedfundsfromCorporatebonds | TheusageandperformanceofraisedfundsfromCorporatebonds | AccordingtotherelevantcontentsintheProspectusoftheIssuanceofBondsannouncedonMarch14,2013,thecompanyplannedtouseRMB820millionoftheraisedfundstorepaytheloans,thustoadjustthedebtstructure;theremainingRMB380millionoftheraisedfundsplannedforsupplementingthecompany’sliquidity,soastoimprovethecompany’sfundsstatus. | | Attheendofbalance(RMB10,000) | 0 | | Specialfundraisingaccountoperation | Thenetamountofthefundsraisedbythebondshadbeenremittedtothecompany’sdesignatedbankaccountonMarch20,2013,ofwhichtheamountofRMB820millionoftheraisedfundshadbeenusedforrepayingtheloans,soastoadjustthedebtstructure;theremainingRMB380millionoftheraisedfundsusedforsupplementingthecompany’sliquidity,soastoimprovethecompany’sfundsstatus. | | Whethertheusageoftheraisedmoneycorrespondingtothepurposesofpromise,useplans,andotheragreement | Yes |
IV.CorporatebondratinginformationOnMay14,2019,CCXRtracedandanalyzedthecreditstatusofthecompanyandthecompany’sbondsof“12-YudeanBonds”,maintainedthecreditratingofAAAforthemainbodyofthecompany,withastableoutlook;maintainedthecreditratingofAAAforthecorporatebonds.(Theratingresultsweredisclosedonthewebsite: http://www.ccxr.com.cn/,withthetitleofTrackingandRatingReportforthe2012-CorpoprateBondsofGuangdongElectricPowerDevelopmentCo.,Ltd(2019).V.Corporatebondcreditmechanism,thedebtrepaymentplansandothersecuritymeasures (1)Thecredit-raisingmechanism:Noguaranteeofthecompany’sbonds.AfterthecomprehensiveassessmentbyCCXR,thecreditratingofthemainbodyofthecompanyisAAAwithastableoutlook,andthecreditratingofthecorporatebondsisAAA. (2)Therepaymentplan:TheinterestofthebondscommencedfromthedateofMarch18,2013,andtheinterestofthebondsshallbepaidonceeachyearwithinthedurationofthebondsafterthecommencementdateoftheinterest.ThedateofMarch18ofeachyearintheperiodfrom2014to2020shallbetheinterestpayingdayforpayingtherecentfullyear’sbondinterests(Ifitisnotaworkingday,thepaymentdaywillbepostponedtothefirstworkingdayaftertheday).OnMarch16,2018,thecompanypaidtheprincipalandinterestofsomeofthebondsofthis“12YuedianDebt”backtothedesignatedbankaccountofChinaSecuritiesDepositoryandClearingCo.,Ltd.ShenzhenBranchinfullamount,andpaidtotheinvestor’sfundaccountonMarch16,2018.Thequantityofremainingbondsis403,065sheets,andthematuritydateisMarch18,2020.Theprincipalandthefinalinterestwillbepaidattheexpiredate.andthecorrespondingprincipalandthelastfullyear’sinterestwillberepaid. (3)Safeguardmeasuresfortherepayment:inordertofullyandeffectivelysafeguardtheinterestsofthebondholders,thecompanyhadmadeaseriesofworkplansforthefullrepaymentofthebondsthatcanbeimplementedontime,includingthedesignateddepartmentandpersonnel,arrangementofrepayingthebonds,establishmentofthemanagementmeasures,doinggoodorganizationandcoordination,strengtheningtheinformationdisclosureandsoon,strivedtoformasetofsafeguardmeasuresforensuingtherepaymentofthebonds. VI.DuringthereportingperiodthebondholdermeetingDuringthereportingperiod,thecompanydidnotholdbondholdersmeeting.VII.DuringthereportingperiodthebondtrusteeperformhisdutiesThecompany’sbondtrustee-CITICSecuritiesCo.,LtdsafeguardedthelegalrightsofthebondholderswithinaccordancewiththelawandperformedtheobligationsstipulatedintheProspectusoftheIssuanceofBondsandotherpubliclydiscloseddocuments,hencecontinuouslyfollowedupandacquaintedtherelevantinformationofthecompanyduringtheentrustingperiod,issuedandprovidedtheregularreportofthebondtrustee,withinaccordancewiththecompany’sinformationbeingfollowedupandacquainted.Duringthereportingperiod,CITICSecuritiesCo.,LtdissuedtheReportofthe2012CorporateBondsTrusteeforGuangdongElectricPowerDevelopmentCo.,Ltd(yearof2018)onMay9,2019,andthereportwasdisclosedonthecninfowebsiteonMay10,2019bythecompany.VIII.Duringthereportingperiod,thecompany'smajoraccountingdataandfinancialindicatorsforlast2years InRMB10,000 Items | Items | 2019 | 2018 | Atthesametimerateofchange | | Earningsbeforeinterest,tax,depreciationandamortization | 755,964.55 | 599,620.49 | 26.07% | | Currentratio | 57.45% | 62.89% | -5.44% | | Debtratio | 54.70% | 57.02% | -2.32% | | Quickratio | 43.44% | 47.35% | -3.91% | | EBITDA/Totaldebts | 18.30% | 14.34% | 3.96% | | Interestcoverageratio | 2.76 | 1.86 | 48.39% | | Cashinterestcoverageratio | 6.91 | 5.31 | 30.13% | | EBITDAinterestcoverageratio | 5.24 | 4.13 | 26.88% | | Loansrepaymentrate | 100% | 100% | 0% | | Interestpaymentrate | 100% | 100% | 0% |
Thematerialreasonsforthechangedratiooftheaccountingdataorfinancialindicatorsexceeds30%overthelastyear √Applicable□Notapplicable 1.Interestprotectionmultiple:Thisyear'sincreaseinincome,decreaseincost,decreaseinthescaleofinterest-bearingliabilitiesanddecreaseinfinancingcostshaveledtoalargeyear-on-yearincrease. 2.Cashinterestprotectionmultiple:Thisyear'sincreaseinelectricitytariffs,decreaseinfuelcosts,decreaseininterest-bearingliabilitiesanddecreaseinfinancingcostshaveledtoalargeryear-on-yearincrease.IX.InformationaboutfulfillmentofthestipulationsorcommitmentsspecifiedintheProspectusoftheissuanceofthebondsduringthereportingperiod 1.OnAugust24,2018,thecompanyissued600,000,000yuanofphaseIIultrashort-termfinancingbonds,withatermof180days.Duringthereportingperiod,thepaymentoftheprincipalandinterestwas610,652,055yuan; 2.OnDecember27,2018,thecompanyissued500,000,000yuanofphaseIVultrashort-termfinancingbonds,withatermof152days.Duringthereportingperiod,thepaymentoftheprincipalandinterestwas506,413,151yuan; 3.OnFebruary18,2019,thecompanyissued600,000,000yuanofphaseIultrashort-termfinancingbonds,withatermof180days.Duringthereportingperiod,thepaymentoftheprincipalandinterestwas608,225,753yuan; 4.OnMay24,2019,thecompanyissued900,000,000yuanofphaseIIultrashort-termfinancingbonds,withatermof180days.Duringthereportingperiod,thepaymentoftheprincipalandinterestwas608,085,246yuan; 5.OnAugust14,2019,thecompanyissued600,000,000yuanofphaseIIIultrashort-termfinancingbonds,withatermof180days.Duringthereportingperiod,thepaymentoftheprincipalandinterestwas0yuan; 6.OnNovember15,2019,thecompanyissued1,000,000,000yuanofphaseIVultrashort-termfinancingbonds,withatermof180days.Duringthereportingperiod,thepaymentoftheprincipalandinterestwas0yuan; 7.OnMarch18,2013,theCompanypubliclyissued12YudeanbondstothepublicwithanominalamountofRMB1,200,000,000andatermof5+2years.Itisakindofreal-namebook-entrycorporatebonds.TheinterestpaidbackduringthereportingperiodwasRMB1,995,171.75. 8.OnAugust27,2018,theCompanyissuedthefirstissueof2018medium-termnotesintheinter-bankmarket,withafacevalueofRMB800,000,000andatermof3years.Theinteresttoberepaidduringthereportingperiodis:33,520,000yuan. 9.ThecontrollingsubsidiaryoftheCompany,GuangdongHuizhouPinghaiPowerPlantCo.,Ltd.,publiclyissued“16Pinghai01”tothepubliconSeptember26,2016.Itwasareal-namebook-entrycorporatebond(“16Pinghai01”)withanominalamountofRMB700,000,000andatermof5years.TheinterestpaidbackduringthereportingperiodwasRMB24,718,273.71.X.Informationaboutthebankcreditobtaininganduse,aswellasrepaymentofthebankloansduringthereportingperiodInthereportperiod,thecompanysignedanunconditionalavailablebankamountlimitofaboutRMB48.044billion,ofwhichtheusedamountlimitwasRMB16.141billion,thustheremainingavailablebankamountlimitwasaboutRMB31.903billion.Inthisyear,thecompanyrepaidbankloansofaboutRMB13.968billion,andthebalanceofbankloanswasRMB22.491billion.XI.InformationaboutfulfillmentofthestipulationsorcommitmentsspecifiedintheProspectusoftheissuanceofthebondsduringthereportingperiodThecompanyhadcommittedtopaytheprincipalandintereststothebondholdersaccordingtothestipulationsoftheprospectusof“12YudeanBonds”issuance.Duringthereportingperiod,thecompanystrictlyfulfilledtheabovecommitments.OnMarch18,2019,andpaidthebondinteresttoallthecurrentbondholderswhohaveregisteredinChinaSecuritiesDepositoryandClearingCo.,Ltd.ShenzhenBranchbytheclosingofShenzhenStockExchangeontheafternoonofMarch15,2019.XI.MajoreventsoccurringintheperiodofreportNil XII.Whetherthereisaguarantorcorporatebonds □Yes√No XII..FinancialReport I.Auditreport Typeofauditopinion | Typeofauditopinion | Unqualifiedauditopinion | | Dateforsigningtheauditor’sreport | April17,2020 | | Typeofauditopinion | PWCCertifiedPublicAccountants(specialgeneralpartnership) | | Dateforsigningtheauditor’sreport | PWCZTSZDNo.(2020)10033 | | Typeofauditopinion | WangBin,LiYanhua |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.FINANCIALSTATEMENTSANDAUDITOR'SREPORTFORTHEYEARENDED31DECEMBER2019 [Englishtranslationforreferenceonly.ShouldtherebeanyinconsistencybetweentheChineseandEnglishversions,theChineseversionshallprevail.] GuangdongElectricPowerDevelopmentCo.,Ltd.FinancialStatementsandAuditor'sReportFortheYearEnded31December2019[Englishtranslationforreferenceonly] GuangdongElectricPowerDevelopmentCo.,Ltd.FinancialStatementsandAuditor'sReportFortheYearEnded31December2019[Englishtranslationforreferenceonly]Content Financialstatementsfortheyearended31December2019Consolidatedandcompanybalancesheets | Consolidatedandcompanybalancesheets | 113-116 |
| Consolidatedandcompanyincomestatements | 117-118 |
| Consolidatedandcompanycashflowstatements | 119-121 |
| Consolidatedstatementofchangesinowners’equity | 122-123 |
| Companystatementofchangesinowners’equity | 124-125 |
| Notestothefinancialstatements | 126-268 |
| SupplementaryInformationoffinancialstatements | 269-272 |
[EnglishTranslationforReferenceOnly] Auditor’sReport PwCZTShenZi(2020)No.10033 (Page1of8)TotheshareholdersofGuangdongElectricPowerDevelopmentCo.,Ltd.,OpinionWhatwehaveauditedWehaveauditedtheaccompanyingfinancialstatementsofGuangdongElectricPowerDevelopmentCo.,Ltd.(hereinafter“GuangdongElectricPower”),whichcomprise: ?theconsolidatedandcompanybalancesheetsasat31December2019;?theconsolidatedandcompanyincomestatementsfortheyearthenended;?theconsolidatedandcompanycashflowstatementsfortheyearthenended;?theconsolidatedandcompanystatementsofchangesinowners’equityfortheyearthen ended;and?notestothefinancialstatements.OuropinionInouropinion,theaccompanyingfinancialstatementspresentfairly,inallmaterialrespects,theconsolidatedandcompany’sfinancialpositionofGuangdongElectricPowerasat31December2019,andtheirfinancialperformanceandcashflowsfortheyearthenendedinaccordancewiththerequirementsoftheAccountingStandardsforBusinessEnterprises(“CASs”).BasisforOpinionWeconductedourauditinaccordancewithChinaStandardsonAuditing(“CSAs”).OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditor’sResponsibilitiesfortheAuditoftheFinancialStatementssectionofourreport.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.WeareindependentofGuangdongElectricPowerinaccordancewiththeCodeofEthicsforProfessionalAccountantsoftheChineseInstituteofCertifiedPublicAccountants(“CICPACode”),andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeCICPACode. KeyAuditMatter Keyauditmattersarethosemattersthat,inourprofessionaljudgement,wereofmostsignificanceinourauditofthefinancialstatementsofthecurrentperiod.Thesematterswereaddressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopiniononthesematters.Keyauditmattersidentifiedinourauditaresummarisedasfollows: ?Impairmentofpowerrelatedfixedassetsandlong-termequityinvestments?Recognitionoflossforinvestmentinanassociateduetoprovisionforimpairmentof long-termassets?Recognitionofdeferredtaxassetsrelatedtodeductiblelosses PwCZTShenZi(2020)No.10033 (Page2of8)KeyAuditMatters(Cont’d) KeyAuditMatter | KeyAuditMatter | HowourauditaddressedtheKeyAuditMatter | | (1)Impairmentofpowerrelatedfixedassetsandlong-termequityinvestmentsRefertoNote2(27)(b)(i),Note4(11)(b)(iii)andNote4(13)(a)(iii)tothefinancialstatements(Note7).Certainsubsidiariesandanassociate,WeixinYuntouYudeanZhaxiEnergyCo.,Ltd.(hereinafterreferredtoas“WeixinYuntou”)ofGuangdongElectricPowerhavebeenexperiencingcontinuousoperatinglossesinrecentyears.Takingintoaccountpossiblefuturerisks,suchastheinstabilityofelectricitydemand,theunstablepriceofcoalusedinpowergeneration,themacro-economyandotherriskfactors,managementcontinuouslyobservedtheimpairmentoftheaforesaidsubsidiaries'assetgroupsofgeneratorunits(mainlyincludingfixedassets)andthelong-termequityinvestmentsoftheaforesaidassociate.Asat31December2019,managementconductedimpairmenttestsfortheaforesaidsubsidiariesandassociate,andmadeaprovisionforimpairmentattheexcessofthecarryingamountofassetgroupsofgeneratorunitsandlong-termequityinvestmentsovertheirrecoverableamount.Therecoverableamountoftheassetgroupswasthehigherofthefairvalueoftheassetgroupsandthelong-termequityinvestments,lessdisposalcosts,andthepresentvalueoftheestimatedfuturecashflows.Thecalculationsofthefairvaluelessdisposalcostsandthepresentvalueoftheestimatedfuturecashflowsinvolvemanagement’ssignificantjudgements,includingthediscountrate,theestimatedon-gridelectricitypriceanditsgrowthrate,theestimatedelectricitysalesanditsgrowthrate,theestimatedpriceofcoalusedinpowergeneration,theestimatedassetdisposalpriceandtheestimateddisposalcosts. | Ourauditproceduresfortheimpairmentofpowerrelatedfixedassetsandlong-termequityinvestmentsmainlyinclude:?Weunderstoodandevaluatedtheinternalcontrolrelevanttotesttheimpairmentoffixedassetsandlong-termequityinvestmentsandtestedtheoperatingeffectivenessofkeycontrol;?Weinvolvedinternalvaluerstoreviewandanalysetheappropriatenessofthemethodappliedbymanagementfortheimpairmenttest;?Basedonourunderstandingofthebusinessesofthesubsidiariesandassociateaswellastheindustryinwhichtheyoperate,wecomparedwithandanalysedtheassumptionsadoptedbymanagement,includingthediscountrate,theestimatedon-gridpriceanditsgrowthrate,theestimatedelectricitysalesanditsgrowthrate,theestimatedpriceofcoalusedinpowergeneration,theestimatedassetdisposalpriceandtheestimateddisposalcosts;weevaluatedthereasonablenessoftheassumptionsonfairvaluelessdisposalcostsandthepresentvalueoftheestimatedfuturecashflows:-Forthediscountrate,weinvolvedinternalvaluerstoevaluatetheappropriatenessincombinationwithindustrysituation;-Fortheestimatedon-gridelectricitypriceanditsgrowthrate,wecomparedhistoricalgrowthratesandindustrydata,andconsideredmarkettrend;-Fortheestimatedelectricitysales,itsgrowthrate,andtheestimatedpriceofcoalusedinpowergeneration,wehavecomparedhistoricaldata,approvedbudgetsandbusinessplans,andcheckedthecorrespondingsupportingdocuments; |
PwCZTShenZi(2020)No.10033 (Page3of8)KeyAuditMatters(Cont’d) KeyAuditMatters(Cont’d) | KeyAuditMatters(Cont’d) | HowourauditaddressedtheKeyAuditMatter(Cont’d) | | (i)Impairmentofpowerrelatedfixedassetsandlong-termequityinvestments(Cont’d)Asthecarryingamountsoffixedassetsandlong-termequityinvestmentswithindicationofimpairmentaresignificanttotheconsolidatedfinancialstatementsofGuangdongElectricPower,andtheimpairmenttestofassetgroupsofgeneratorunitsandlong-termequityinvestmentsinvolvesmanagement’ssignificantestimatesandjudgements,impairmentofpowerrelatedfixedassetsandlong-termequityinvestmentsisidentifiedasakeyauditmatter. | Ourauditproceduresfortheimpairmentofpowerrelatedfixedassetsandlong-termequityinvestmentsmainlyinclude(Cont’d):?Wecheckedtheinputdataandformulasusedinthecalculationofthepresentvalueofestimatedfuturecashflows,andevaluatedthemathematicaccuracy;?Weconductedsensitivityanalysisonthediscountrateandotherkeyassumptionsappliedbymanagement,andevaluatedhowthechangesinkeyassumptions(individuallyorinaggregate)willgiverisetodifferentresultstofurtherevaluateifthere’sanyindicationofmanagementbiasinselectingparametersofkeyassumptions.Basedontheresultsoftheaforesaidwork,wefoundthatmanagement'sjudgementsandestimatesontheimpairmentoffixedassetsandlong-termequityinvestmentsaresupportedbyappropriateevidence. | | (ii)Recognitionoflossforinvestmentinanassociateduetoprovisionforimpairmentoflong-termassetsRefertoNote2(27)(b)(i),Note4(11)(b)(iii)tothefinancialstatements.In2019,GuangdongYudeanShippingCo.,Ltd.(hereinafterreferredtoas“YudeanShipping”),associateofGuangdongElectricPower,hasdeliveredaweekerperformancethanexpectedduetothesluggishinternationalshippingmarket,decreasingshippingprices,andrisingoperatingcosts.YudeanShippingresultedinalossofRMB1,360,556,144withtheprovisionforassetimpairment.Therefore,GuangdongElectricPowerrecognisedthelossforinvestmentinYudeanShipping,amountingtoRMB476,194,650underequitymethod.Asat31December2019,thecarryingamountofthelong-termequityinvestmentheldbyGuangdongElectricPowerinYudeanShippingamountedtoRMB448,869,593. | Ourauditproceduresfortherecognitionoflossforinvestmentinanassociateduetoprovisionforimpairmentoflong-termassetsmainlyinclude:?WeinterviewedthemanagementofYudeanShippingtounderstandthecurrentyear'soperatingresultsandthereasonsforthelossrelatedtoimpairmentprovision;?WeobtainedthereportofYudeanShippingontheevaluationofimpairmentofitsmainassetgroups,andinvolvedaninternalvaluertoreviewandanalysethereasonablenessofitstestingmethod; |
PwCZTShenZi(2020)No.10033 (Page4of8)KeyAuditMatters(Cont’d) KeyAuditMatters(Cont’d) | KeyAuditMatters(Cont’d) | HowourauditaddressedtheKeyAuditMatter(Cont’d) | | (ii)Recognitionoflossforinvestmentinanassociateduetoprovisionforimpairmentoflong-termassets(Cont’d)GiventherecognitionoflossforinvestmentinYudeanShippingunderequitymethodin2019andtheimportanceofthecarryingamountofthislong-termequityinvestmenttotheconsolidatedfinancialstatementsofGuangdongElectricPower,therecognitionoflossforinvestmentinanassociateduetoprovisionforimpairmentoflong-termassetsisidentifiedasakeyauditmatter. | Ourauditproceduresfortherecognitionoflossforinvestmentinanassociateduetoprovisionforimpairmentoflong-termassetsmainlyinclude(Cont’d):?BasedonourunderstandingofthebusinessesofYudeanShippingandtheindustryinwhichitoperates,wecomparedwithandanalysedtheassumptionsadoptedbymanagement,includingthediscountrate,theestimatedshippingpriceanditsgrowthrate,theestimatedshippingcapacityanditsgrowthrate,andtheestimatedoperatingcosts;weevaluatedthereasonablenessoftheassumptionsadoptedbymanagementinthecalculationsofthefairvalue,lessdisposalcosts,andthepresentvalueoftheestimatedfuturecashflows:-Forthediscountrate,weinvolvedinternalvaluerstoevaluateitsappropriatenessincombinationwithindustrysituation;-Forfutureshippingpriceanditsgrowthrate,wecomparedittohistoricalgrowthratesandtookthecurrentmarkettrendintoconsideration;-Fortheestimatedshippingcapacityanditsgrowthrate,theestimatedoperatingcosts,etc.,wecomparedthemtothehistoricaldata,theapprovedbudgetanditsbusinessplanandcheckedthecorrespondingsupportingdocuments;?WerecalculatedtheinvestmentlossinYudeanShippingasrecognisedbymanagementunderequitymethod,andevaluatedtheaccuracyofthecalculationresults;?Wecheckedmanagement'spresentationanddisclosureoflong-termequityinvestmentsandinvestmentlossesinthefinancialstatements;Basedontheresultsoftheabovework,wefoundthatthemanagement'sjudgementontherecognitionoflossforinvestmentinanassociateduetoprovisionforimpairmentoflong-termassetsissupportedbyappropriateevidence. |
PwCZTShenZi(2020)No.10033 (Page5of8)KeyAuditMatters(Cont’d) KeyAuditMatters(Cont’d) | KeyAuditMatters(Cont’d) | HowourauditaddressedtheKeyAuditMatter(Cont’d) | | (iii)RecognitionofdeferredtaxassetsrelatedtodeductiblelossesRefertoNote2(27)(b)(v)andNote4(18)tothefinancialstatements.Asat31December2019,GuangdongElectricPowerrecognisedthecorrespondingdeferredtaxassetsforthedeductiblelossesincurredbyindividualsubsidiariesatatotalofRMB171,727,895.Accordingtothefinancialforecastoftheaforesaidsubsidiariesinfutureperiods,managementrecognisesdeferredtaxassetstotheextentthattheaforesaidsubsidiariesarelikelytoobtainfuturetaxableincometooffsetthedeductiblelosses.Thefinancialforecastoftheaforesaidsubsidiariesinfutureperiodsinvolvessignificantmanagementjudgements,includingestimatedelectricitysales,estimatedon-gridelectricityprice,estimatedpriceofcoalusedinpowergenerationandotheroperatingexpenses.AsthedeferredtaxassetsrelatedtodeductiblelossesaresignificanttotheconsolidatedfinancialstatementsofGuangdongElectricPower,andthefinancialforecastforfutureperiodsinvolvesmanagement’ssignificantestimatesandjudgements,therecognitionofthedeferredtaxassetsrelatedtotaxlossesisidentifiedasakeyauditmatter. | Ourauditproceduresfortherecognitionofdeferredtaxassetsrelatedtodeductiblelossesmainlyinclude:?Weobtainedmanagement'scalculationsheetforthefinancialforecastinfutureperiods,checkedtheinputdataandformulasusedinthecalculation,andevaluatedthemathematicaccuracy;?Weobtainedsupportingdocumentssuchastheincometaxsettlementreport,taxreturnsandaccountingrecordsoftheaforesaidsubsidiaries,andreviewedfortheexistenceofdeductiblelossesandtheaccuracyoftheamountandperiod;?Basedonourunderstandingofthebusinessesoftheaforesaidsubsidiariesandtheindustryinwhichtheyoperate,weevaluatedthekeyassumptionsusedbymanagementtocalculatetheexpectedtaxableincomeforfutureperiods,includingthereasonablenessofassumptionsonestimatedelectricitysales,estimatedon-gridelectricityprice,estimatedfuelprice,andotheroperatingexpenses;?Wecomparedthetaxableincomeestimatedbymanagementlastyearwiththeactualtaxableincomeforthecurrentyeartoaccessthehistoricalaccuracyofmanagement’sforecast;?Wereviewedwhetherthedeferredtaxassetswererecognisedtotheextentthatthetaxableincomewaslikelytobeobtainedinthefuturetooffsetdeductiblelossesanddeductibletemporarydifferences.Basedontheresultsoftheabovework,wefoundthatmanagement'sestimatesregardingtherecognitionofdeferredtaxassetsrelatedtodeductiblelossesweresupportedbyappropriateevidence. |
PwCZTShenZi(2020)No.10033 (Page6of8) OtherInformationManagementofGuangdongElectricPowerisresponsiblefortheotherinformation.Theotherinformationcomprisesalloftheinformationincludedin2019annualreportofGuangdongElectricPowerotherthanthefinancialstatementsandourauditor’sreportthereon.Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard. ResponsibilitiesofManagementandtheAuditCommitteefortheFinancialStatementsManagementofGuangdongElectricPowerisresponsibleforthepreparationandfairpresentationofthesefinancialstatementsinaccordancewiththeCASs,andforsuchinternalcontrolasmanagementdeterminesisnecessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.Inpreparingthesefinancialstatements,managementisresponsibleforassessingGuangdongElectricPower’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessmanagementeitherintendstoliquidateGuangdongElectricPowerortoceaseoperations,orhasnorealisticalternativebuttodoso.TheAuditCommitteeisresponsibleforoverseeingGuangdongElectricPower’sfinancialreportingprocess. PwCZTShenZi(2020)No.10033 (Page7of8)Auditor’sResponsibilitiesfortheAuditoftheFinancialStatementsOurobjectivesaretoobtainreasonableassuranceaboutwhetherthesefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithCSAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.AspartofanauditinaccordancewithCSAs,weexerciseprofessionaljudgementandmaintainprofessionalscepticismthroughouttheaudit.Wealso: ?Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherdue tofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.?Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances.?Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessof accountingestimatesandrelateddisclosuresmadebymanagement.?Concludeontheappropriatenessofmanagement’suseofthegoingconcernbasisof accountingand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexists relatedtoeventsorconditionsthatmaycastsignificantdoubtonGuangdongElectricPower’s abilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,weare requiredtodrawattentioninourauditor’sreporttotherelateddisclosuresinthesefinancial statementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsare basedontheauditevidenceobtaineduptothedateofourauditor’sreport.However,future eventsorconditionsmaycauseGuangdongElectricPowertoceasetocontinueasagoing concern.?Evaluatetheoverallpresentation(includingthedisclosures),structureandcontentofthe financialstatements,andwhetherthefinancialstatementsrepresenttheunderlying transactionsandeventsinamannerthatachievesfairpresentation.?Obtainsufficientappropriateauditevidenceregardingthefinancialinformationoftheentities orbusinessactivitieswithinGuangdongElectricPowertoexpressanopiniononthe consolidatedfinancialstatements.Weareresponsibleforthedirection,supervisionand performanceofthegroupaudit.Weremainsolelyresponsibleforourauditopinion.WecommunicatewiththeAuditCommitteeregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditfindings,includinganysignificantdeficienciesininternalcontrolthatweidentifyduringouraudit. PwCZTShenZi(2020)No.10033 (Page8of8)Auditor’sResponsibilitiesfortheAuditoftheFinancialStatements(Cont’d)WealsoprovidetheAuditCommitteewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.FromthematterscommunicatedwiththeAuditCommittee,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor’sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication. PricewaterhouseCoopersZhongTianLLPShanghai,thePeople’sRepublicofChina17April2020 | PricewaterhouseCoopersZhongTianLLPShanghai,thePeople’sRepublicofChina17April2020 | SigningCPASigningCPA | ________________________WangBin(EngagementPartner)________________________LiYanhua |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.CONSOLIDATEDBALANCESHEETASAT31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] ASSETS | ASSETS | Note | 31December2019 | | 31December2018 | | | | | (Restated) |
| Currentassets | | | | | | Cashatbankandonhand | 4(1) | 5,081,641,969 | | 5,574,382,892 | | Accountsreceivable | 4(2) | 3,197,690,464 | | 3,358,331,949 | | Advancestosuppliers | 4(3) | 605,314,333 | | 906,261,046 | | Otherreceivables | 4(4) | 272,801,588 | | 222,976,826 | | Inventories | 4(5) | 1,817,059,269 | | 1,481,817,270 | | Currentportionofnon-currentassets | 4(6) | 28,865,131 | | - | | Othercurrentassets | 4(7) | 305,595,567 | | 617,853,476 | | Totalcurrentassets | | 11,308,968,321 | | 12,161,623,459 |
| Non-currentassets | | | | | | Available-for-salefinancialassets | 4(8) | - | | 1,565,806,331 | | Long-termreceivables | 4(10) | 65,856,346 | | 89,762,071 | | Long-termequityinvestments | 4(11) | 6,455,784,562 | | 6,395,134,754 | | Investmentsinotherequityinstruments | 4(9) | 3,142,371,373 | | - | | Investmentproperties | 4(12) | 52,093,631 | | 10,810,722 | | Fixedassets | 4(13) | 38,555,718,718 | | 41,157,594,848 | | Constructioninprogress | 4(14) | 10,882,003,846 | | 7,740,754,343 | | Intangibleassets | 4(15) | 1,787,738,640 | | 1,863,588,771 | | Goodwill | 4(16) | 2,449,886 | | 2,449,886 | | Long-termprepaidexpenses | 4(17) | 19,473,586 | | 22,089,179 | | Deferredtaxassets | 4(18) | 445,709,226 | | 448,431,684 | | Othernon-currentassets | 4(19) | 2,753,858,988 | | 1,871,616,258 | | Totalnon-currentassets | | 64,163,058,802 | | 61,168,038,847 |
| TOTALASSETS | | 75,472,027,123 | | 73,329,662,306 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.CONSOLIDATEDBALANCESHEET(CONT’D)ASAT31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] LIABILITIESANDOWNERS'EQUITY | LIABILITIESANDOWNERS'EQUITY | Note | 31December2019 | | 31December2018 | | | | | (Restated) |
| Currentliabilities | | | | | | Short-termborrowings | 4(21) | 5,904,132,791 | | 7,526,000,000 | | Notespayable | 4(22) | 1,364,236,650 | | 941,161,107 | | Accountspayable | 4(23) | 2,465,154,162 | | 2,196,600,415 | | Advancesfromcustomers | | 432,714 | | 343,894 | | Employeebenefitspayable | 4(24) | 242,510,538 | | 235,741,179 | | Taxespayable | 4(25) | 571,377,151 | | 397,001,706 | | Otherpayables | 4(26) | 4,042,117,097 | | 4,152,518,495 | | Currentportionofnon-currentliabilities | 4(27) | 3,182,980,482 | | 2,779,347,654 | | Othercurrentliabilities | 4(28) | 1,912,282,192 | | 1,107,904,110 | | Totalcurrentliabilities | | 19,685,223,777 | | 19,336,618,560 |
| Non-currentliabilities | | | | | | Long-termborrowings | 4(29) | 16,587,103,380 | | 18,802,292,664 | | Debenturespayable | 4(30) | 1,496,631,799 | | 838,326,742 | | Long-termpayables | 4(31) | 2,485,346,245 | | 2,311,513,249 | | Deferredincome | 4(32) | 139,256,513 | | 133,043,646 | | Long-termemployeebenefitspayable | 4(33) | 134,988,860 | | 122,913,388 | | Deferredtaxliabilities | 4(18) | 537,385,614 | | 100,726,841 | | Othernon-currentliabilities | 4(34) | 216,405,569 | | 166,405,569 | | Totalnon-currentliabilities | | 21,597,117,980 | | 22,475,222,099 |
| Totalliabilities | | 41,282,341,757 | | 41,811,840,659 |
| Owners'equity | | | | | | Sharecapital | 4(35) | 5,250,283,986 | | 5,250,283,986 | | Capitalsurplus | 4(36) | 5,096,918,174 | | 5,102,846,886 | | Othercomprehensiveincome | 4(37) | 1,676,143,044 | | 550,010,133 | | Surplusreserve | 4(38) | 8,245,767,593 | | 7,834,155,143 | | Undistributedprofits | 4(39) | 5,909,128,280 | | 5,490,006,140 | | TotalequityattributabletoshareholdersoftheCompany | | 26,178,241,077 | | 24,227,302,288 | | Minorityinterests | | 8,011,444,289 | | 7,290,519,359 |
| Totalowners'equity | | 34,189,685,366 | | 31,517,821,647 |
| TOTALLIABILITIESANDOWNERS'EQUITY | | 75,472,027,123 | | 73,329,662,306 |
Theaccompanyingnotesformanintegralpartofthesefinancialstatements. | Legalrepresentative | Principalinchargeofaccounting | Headofaccountingdepartment | | WangJin | LiuWei | MengFei |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.COMPANYBALANCESHEETASAT31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] ASSETS | ASSETS | Note | 31December2019 | | 31December2018 | | | | | (Restated) |
| Currentassets | | | | | | Cashatbankandonhand | | 224,504,289 | | 385,577,463 | | Accountsreceivable | 15(1) | 209,249,102 | | 264,537,475 | | Advancestosuppliers | | 43,002,000 | | 44,826,500 | | Otherreceivables | 15(2) | 108,149,278 | | 375,296,228 | | Inventories | | 151,518,056 | | 187,058,140 | | Othercurrentassets | | 1,228,009 | | 199,679 | | Totalcurrentassets | | 737,650,734 | | 1,257,495,485 |
| Non-currentassets | | | | | | Available-for-salefinancialassets | | - | | 1,565,806,331 | | Long-termreceivables | | 340,000,000 | | 306,460,000 | | Long-termequityinvestments | 15(3) | 26,514,106,513 | | 24,699,820,321 | | Investmentsinotherequityinstruments | | 3,142,371,373 | | - | | Investmentproperties | | 7,025,443 | | 7,661,041 | | Fixedassets | | 706,435,221 | | 978,022,437 | | Constructioninprogress | | 14,945,019 | | 9,394,075 | | Intangibleassets | | 85,839,959 | | 86,681,362 | | Othernon-currentassets | | 356,004,000 | | 356,004,000 | | Totalnon-currentassets | | 31,166,727,528 | | 28,009,849,567 |
| TOTALASSETS | | 31,904,378,262 | | 29,267,345,052 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.COMPANYBALANCESHEET(CONT’D)ASAT31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] LIABILITIESANDOWNERS’ EQUITY | LIABILITIESANDOWNERS’EQUITY | Note | 31December2019 | | 31December2018 | | | | | (Restated) |
| Currentliabilities | | | | | | Short-termborrowings | | 1,401,641,708 | | 1,500,000,000 | | Accountspayable | | 156,122,676 | | 223,827,319 | | Employeebenefitspayable | | 63,480,425 | | 53,346,100 | | Taxespayable | | 44,298,675 | | 48,590,195 | | Otherpayables | | 71,126,853 | | 98,528,954 | | Currentportionofnon-currentliabilities | | 1,554,314,700 | | - | | Othercurrentliabilities | | 1,912,282,192 | | 1,107,904,110 | | Totalcurrentliabilities | | 5,203,267,229 | | 3,032,196,678 |
| Non-currentliabilities | | | | | | Long-termborrowings | | - | | 1,500,000,000 | | Debenturespayable | | 798,857,333 | | 838,326,742 | | Long-termpayables | | 3,466,237 | | 4,340,898 | | Deferredincome | | 39,984,807 | | 48,362,943 | | Long-termemployeebenefitspayable | | 36,570,958 | | 32,170,769 | | Deferredtaxliabilities | | 535,193,684 | | 99,461,621 | | Totalnon-currentliabilities | | 1,414,073,019 | | 2,522,662,973 |
| Totalliabilities | | 6,617,340,248 | | 5,554,859,651 |
| Owners'equity | | | | | | Sharecapital | | 5,250,283,986 | | 5,250,283,986 | | Capitalsurplus | | 5,599,980,903 | | 5,605,794,601 | | Othercomprehensiveincome | | 1,676,143,044 | | 550,010,133 | | Surplusreserve | | 8,245,767,593 | | 7,834,155,143 | | Undistributedprofits | | 4,514,862,488 | | 4,472,241,538 |
| Totalowners'equity | | 25,287,038,014 | | 23,712,485,401 |
| TOTALLIABILITIESANDOWNERS'EQUITY | | 31,904,378,262 | | 29,267,345,052 |
Theaccompanyingnotesformanintegralpartofthesefinancialstatements. | Legalrepresentative | Principalinchargeofaccounting | Headofaccountingdepartment | | WangJin | LiuWei | MengFei |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.CONSOLIDATEDINCOMESTATEMENTFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] Item | Revenue | 4(40) | 29,360,155,150 | | 27,408,514,178 | | Less: | Costofsales | 4(40) | (24,480,703,872) | | (24,246,716,580) | | Taxesandsurcharges | 4(41) | (249,721,761) | | (237,969,926) | | Sellinganddistributionexpenses | 4(42) | (43,788,762) | | (25,383,861) | | Generalandadministrativeexpenses | 4(43) | (874,640,868) | | (688,349,938) | | Researchanddevelopmentexpenses | 4(44) | (9,703,602) | | (5,043,776) | | Financialexpenses | 4(45) | (1,230,315,841) | | (1,350,485,251) | | Including:Interestexpenses | | 1,230,637,704 | | 1,310,505,491 | | Interestincome | | 66,836,652 | | 63,471,806 | | Add: | Otherincome | 4(46) | 42,071,653 | | 52,750,847 | | Investmentincome | 4(47) | 125,541,240 | | 537,702,970 | | Including:Shareofprofitofassociatesandjointventures | | 64,909,255 | | 488,203,462 | | Reversalofcreditimpairmentlosses | 4(48) | 46,348,884 | | —— | | Less: | Assetimpairmentlosses | 4(49) | (161,731,338) | | (251,689,797) | | Add: | Gainsondisposalofassets | 4(50) | 20,503,424 | | 1,572,097 |
| Operatingprofit | | 2,544,014,307 | | 1,194,900,963 | | Add: | Non-operatingincome | 4(51) | 33,236,719 | | 89,456,237 | | Less: | Non-operatingexpenses | 4(52) | (32,011,127) | | (39,159,530) |
| Totalprofit | | 2,545,239,899 | | 1,245,197,670 | | Less: | Incometaxexpenses | 4(53) | (738,065,009) | | (335,100,233) |
| Netprofit | | 1,807,174,890 | | 910,097,437 |
| Classifiedbycontinuityofoperations | | | | | | Netprofitfromcontinuingoperations | | 1,807,174,890 | | 910,097,437 | | Netprofitfromdiscontinuedoperations | | - | | - |
| Classifiedbyownershipoftheequity | | | | | | AttributabletoequityownersoftheCompany | | 1,146,767,033 | | 474,461,997 | | Minorityinterests | | 660,407,857 | | 435,635,440 |
| Othercomprehensiveincome,netoftax | | | | | | AttributabletoequityownersoftheCompany | 4(37) | 1,126,132,911 | | 413,008,610 | | Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorloss | | | | | | Changesinfairvalueofinvestmentsinotherequityinstruments | | 1,123,802,101 | | - | | Othercomprehensiveincomethatcannotbesubsequentlytransferredtoprofitorlossundertheequitymethod | | 2,110,342 | | - | | Othercomprehensiveincomeitemswhichcanbereclassifiedsubsequentlytoprofitorloss | | | | | | Gainsorlossesarisingfromchangesinfairvalueofavailable-for-salefinancialassets | | - | | 413,008,610 | | Othercomprehensiveincomethatcanbesubsequentlytransferredtoprofitorlossundertheequitymethod | | 220,468 | | - |
| Totalcomprehensiveincome | | 2,933,307,801 | | 1,323,106,047 |
| AttributabletoshareholdersoftheCompany | | 2,272,899,944 | | 887,470,607 | | Attributabletominorityinterests | | 660,407,857 | | 435,635,440 |
| Earningspershare | | | | | | Basicearningspershare(RMBYuan) | 4(54) | 0.22 | | 0.09 | | Dilutedearningspershare(RMBYuan) | 4(54) | 0.22 | | 0.09 |
Theaccompanyingnotesformanintegralpartofthesefinancialstatements. | Legalrepresentative | Principalinchargeofaccounting | Headofaccountingdepartment | | WangJin | LiuWei | MengFei |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.COMPANYINCOMESTATEMENTFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] Item | Revenue | 15(4) | 2,209,770,578 | | 2,287,899,600 | | Less: | Costofsales | 15(4) | (2,092,814,820) | | (2,133,932,886) | | Taxesandsurcharges | | (18,252,419) | | (17,209,260) | | Sellinganddistributionexpenses | | (2,072,707) | | (1,589,819) | | Generalandadministrativeexpenses | | (124,632,105) | | (117,909,783) | | Researchanddevelopmentexpenses | | (961,443) | | (2,624,097) | | Financialexpenses | | (206,287,649) | | (205,073,468) | | Including:Interestexpenses | | 207,829,042 | | 206,465,168 | | Interestincome | | 5,256,138 | | 6,208,285 | | Add: | Otherincome | | 13,186,290 | | 6,712,095 | | Investmentincome | 15(5) | 1,074,476,943 | | 1,517,144,869 | | Including:Shareofprofitofassociatesandjointventures | | 58,731,138 | | 484,016,449 | | Reversalofcreditimpairmentlosses | 15(6) | 48,617,737 | | - | | Less: | Assetimpairmentlosses | 15(7) | (71,317,168) | | (154,226,974) | | Add: | Gainsondisposalofassets | | - | | 442,300 |
| Operatingprofit | | 829,713,237 | | 1,179,632,577 | | Add: | Non-operatingincome | | 4,222,347 | | 4,624,375 | | Less: | Non-operatingexpenses | | (2,538,378) | | (2,837,734) |
| Totalprofit | | 831,397,206 | | 1,181,419,218 | | Less: | Incometaxexpenses | | (61,131,363) | | (5,383,646) |
| Netprofit | | 770,265,843 | | 1,176,035,572 |
| Classifiedbycontinuityofoperations | | | | | | Netprofitfromcontinuingoperations | | 770,265,843 | | 1,176,035,572 | | Netprofitfromdiscontinuedoperations | | - | | - |
| Othercomprehensiveincome,netoftax | | 1,126,132,911 | | 413,008,610 | | Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorloss | | | | | | Changesinfairvalueofinvestmentsinotherequityinstruments | | 1,123,802,101 | | - | | Othercomprehensiveincomethatcannotbesubsequentlytransferredtoprofitorlossunderequitymethod | | 2,110,342 | | - | | Othercomprehensiveincomeitemswhichwillbereclassifiedsubsequentlytoprofitorloss | | | | | | Gainsorlossesarisingfromchangesinfairvalueofavailable-for-salefinancialassets | | - | | 413,008,610 | | Othercomprehensiveincomethatcanbesubsequentlytransferredtoprofitorlossundertheequitymethod | | 220,468 | | - |
| Totalcomprehensiveincome | | 1,896,398,754 | | 1,589,044,182 |
Theaccompanyingnotesformanintegralpartofthesefinancialstatements. | Legalrepresentative | Principalinchargeofaccounting | Headofaccountingdepartment | | WangJin | LiuWei | MengFei |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.CONSOLIDATEDCASHFLOWSTATEMENTFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] Item | Cashflowsfromoperatingactivities | | | | | | Cashreceivedfromsalesofgoodsorrenderingofservices | | 33,450,306,969 | | 31,403,772,367 | | Refundoftaxesandsurcharges | | 13,549,274 | | 10,386,840 | | Cashreceivedrelatingtootheroperatingactivities | 4(56)(a) | 195,328,767 | | 138,132,774 | | Sub-totalofcashinflows | | 33,659,185,010 | | 31,552,291,981 |
| Cashpaidforgoodsandservices | | (20,616,807,058) | | (21,570,119,475) | | Cashpaidtoandonbehalfofemployees | | (1,880,454,324) | | (1,758,740,745) | | Paymentsoftaxesandsurcharges | | (2,097,461,395) | | (1,640,280,936) | | Cashpaidrelatingtootheroperatingactivities | 4(56)(b) | (791,779,121) | | (583,214,469) | | Sub-totalofcashoutflows | | (25,386,501,898) | | (25,552,355,625) | | Netcashflowsfromoperatingactivities | 4(57)(a) | 8,272,683,112 | | 5,999,936,356 |
| Cashflowsfrominvestingactivities | | | | | | Cashreceivedfromdisposalofinvestments | | 48,647,647 | | - | | Cashreceivedfromreturnsoninvestments | | 239,149,433 | | 335,215,628 | | Netcashreceivedfromdisposaloffixedassets,intangibleassetsandotherlong-termassets | | 73,007,745 | | 56,236,928 | | Cashreceivedrelatingtootherinvestingactivities | 4(56)(c) | - | | 161,670,884 | | Sub-totalofcashinflows | | 360,804,825 | | 553,123,440 |
Cashpaidtoacquirefixedassets,intangible assetsandotherlong-termassets(4,818,610,061) | | (4,818,610,061) | | (3,699,868,129) | | Cashpaidtoacquireinvestments | | (328,162,240) | | (163,135,200) | | Sub-totalofcashoutflows | | (5,146,772,301) | | (3,863,003,329) | | Netcashflowsusedininvestingactivities | | (4,785,967,476) | | (3,309,879,889) |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.CONSOLIDATEDCASHFLOWSTATEMENT(CONT'D)FORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] Item | Cashflowsfromfinancingactivities | | | | | | Cashreceivedfromcapitalcontributions | | 526,340,000 | | 1,305,125,363 | | Including:Cashreceivedfromcapitalcontributionsbyminorityinterestsofsubsidiaries | | 526,340,000 | | 1,155,125,363 | | Cashreceivedfromborrowings | | 14,527,600,487 | | 16,491,228,390 | | Cashreceivedrelatingtootherfinancingactivities | 4(56)(d) | 100,000,000 | | 900,000,000 | | Sub-totalofcashinflows | | 15,153,940,487 | | 18,696,353,753 |
| Cashrepaymentsofborrowings | | (16,563,416,551) | | (17,858,853,666) | | Cashpaymentsforinterestexpensesanddistributionofdividendsorprofits | | (2,273,764,488) | | (2,390,857,657) | | Including:Cashpaymentsforinterestexpensesanddistributionofdividendsorprofitsbyminorityinterestsofsubsidiaries | | (415,937,941) | | (486,302,545) | | Cashpaymentsrelatingtootherfinancingactivities | 4(56)(e) | (294,216,260) | | (562,897,014) | | Sub-totalofcashoutflows | | (19,131,397,299) | | (20,812,608,337) | | Netcashflowsusedinfinancingactivities | | (3,977,456,812) | | (2,116,254,584) |
| Effectofforeignexchangeratechangesoncashandcashequivalents | | 253 | | 519 |
| Net(decrease)/increaseincashandcashequivalents | 4(57)(a) | (490,740,923) | | 573,802,402 | | Add:Cashandcashequivalentsatthebeginningoftheyear | | 5,570,382,892 | | 4,996,580,490 |
| Cashandcashequivalentsattheendoftheyear | 4(57)(b) | 5,079,641,969 | | 5,570,382,892 |
Theaccompanyingnotesformanintegralpartofthesefinancialstatements. | Legalrepresentative | Principalinchargeofaccounting | Headofaccountingdepartment | | WangJin | LiuWei | MengFei |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.COMPANYCASHFLOWSTATEMENTFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] Item | Cashflowsfromoperatingactivities | | | | | Cashreceivedfromsalesofgoodsorrenderingofservices | 2,565,249,720 | | 2,585,719,149 | | Cashreceivedrelatingtootheroperatingactivities | 13,481,620 | | 20,154,657 | | Sub-totalofcashinflows | 2,578,731,340 | | 2,605,873,806 |
| Cashpaidforgoodsandservices | (1,804,883,929) | | (2,032,356,406) | | Cashpaidtoandonbehalfofemployees | (321,850,372) | | (349,508,525) | | Paymentsoftaxesandsurcharges | (105,174,506) | | (82,796,385) | | Cashpaidrelatingtootheroperatingactivities | (48,028,306) | | (61,092,274) | | Sub-totalofcashoutflows | (2,279,937,113) | | (2,525,753,590) | | Netcashflowsfromoperatingactivities | 298,794,227 | | 80,120,216 |
| Cashflowsfrominvestingactivities | | | | | Cashreceivedfromdisposalofinvestments | 383,647,647 | | 187,920,000 | | Cashreceivedfromreturnsoninvestments | 1,188,744,289 | | 1,313,192,983 | | Netcashreceivedfromdisposaloffixedassets,intangibleassetsandotherlong-termassets | 3,081,801 | | 1,016,545 | | Sub-totalofcashinflows | 1,575,473,737 | | 1,502,129,528 |
| Cashpaidtoacquireinvestments | (2,184,276,740) | | (1,419,713,500) | | Cashpaidtoacquirefixedassets,intangibleassetsandotherlong-termassets | (31,307,163) | | (92,602,608) | | Sub-totalofcashoutflows | (2,215,583,903) | | (1,512,316,108) | | Netcashflowsusedininvestingactivities | (640,110,166) | | (10,186,580) |
| Cashflowsfromfinancingactivities | | | | | Cashreceivedfromborrowings | 4,500,000,000 | | 6,729,200,000 | | Sub-totalofcashinflows | 4,500,000,000 | | 6,729,200,000 |
| Cashrepaymentsofborrowings | (3,800,000,000) | | (6,189,693,500) | | Cashpaymentsforinterestexpensesanddistributionofdividendsorprofits | (518,785,791) | | (653,587,730) | | Cashpaymentsrelatingtootherfinancingactivities | (971,697) | | - | | Sub-totalofcashoutflows | (4,319,757,488) | | (6,843,281,230) | | Netcashflowsfrom/(usedin)financingactivities | 180,242,512 | | (114,081,230) |
| Effectofforeignexchangeratechangesoncashandcashequivalents | 253 | | 519 |
| Netdecreaseincashandcashequivalents | (161,073,174) | | (44,147,075) | | Add:Cashandcashequivalentsatthebeginningoftheyear | 385,577,463 | | 429,724,538 |
| Cashandcashequivalentsattheendoftheyear | 224,504,289 | | 385,577,463 |
Theaccompanyingnotesformanintegralpartofthesefinancialstatements. | Legalrepresentative | Principalinchargeofaccounting | Headofaccountingdepartment | | WangJin | LiuWei | MengFei |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.CONSOLIDATEDSTATEMENTOFCHANGESINOWNERS’EQUITYFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] AttributabletoequityownersoftheCompany | AttributabletoequityownersoftheCompany | | | | Note | Sharecapital | Capitalsurplus | Othercomprehensiveincome | Surplusreserve | Undistributedprofits | Minorityinterests | Totalowners'equity |
| Balanceat1January2019 | | 5,250,283,986 | 5,102,846,886 | | 550,010,133 | 7,834,155,143 | 5,490,006,140 | 7,290,519,359 | | 31,517,821,647 |
| Movementsfortheyearended31December2019 | | | | | | | | | | | | Totalcomprehensiveincome | | | | | | | | | | | | Netprofit | | - | - | | - | - | 1,146,767,033 | 660,407,857 | | 1,807,174,890 | | Othercomprehensiveincome | 4(37) | - | - | | 1,126,132,911 | - | - | - | | 1,126,132,911 | | Capitalinvestedandreducedbyshareholders | | | | | | | | | | | | Other | | - | - | | - | - | - | 476,340,000 | | 476,340,000 | | Profitdistribution | | | | | | | | | | | | Appropriationtosurplusreserve | 4(38) | - | - | | - | 411,612,450 | (411,612,450) | - | | - | | Distributiontoequityowners | 4(39)(a) | - | - | | - | - | (315,017,039) | (415,937,941) | | (730,954,980) | | Shareofinterestsinassociatesinproportiontotheshareholding | 4(36),4(39)(b) | | (5,813,698) | | - | - | (1,015,404) | - | | (6,829,102) | | Transactionswithminorityshareholders | 4(36) | - | (115,014) | | - | - | - | 115,014 | | - |
| Balanceat31December2019 | | 5,250,283,986 | 5,096,918,174 | | 1,676,143,044 | 8,245,767,593 | 5,909,128,280 | 8,011,444,289 | | 34,189,685,366 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.CONSOLIDATEDSTATEMENTOFCHANGESINOWNERS’EQUITY(CONT’D)FORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] AttributabletoequityownersoftheCompany | AttributabletoequityownersoftheCompany | | | | Note | Sharecapital | Capitalsurplus | Othercomprehensiveincome | Surplusreserve | Undistributedprofits | Minorityinterests | Totalowners'equity |
| Balanceat1January2018 | | 5,250,283,986 | 5,004,250,685 | | 137,001,523 | | 7,590,363,724 | | 5,713,290,735 | | 6,007,669,360 | | 29,702,860,013 |
| Movementsfortheyearended31December2018 | | | | | | | | | | | | | | | Totalcomprehensiveincome | | | | | | | | | | | | | | | Netprofit | | - | - | | - | | - | | 474,461,997 | | 435,635,440 | | 910,097,437 | | Othercomprehensiveincome | 4(37) | - | - | | 413,008,610 | | - | | - | | - | | 413,008,610 | | Capitalinvestedandreducedbyshareholders | | | | | | | | | | | | | | | Other | | - | - | | - | | - | | - | | 1,448,059,396 | | 1,448,059,396 | | Profitdistribution | | | | | | | | | | | | | | | Appropriationtosurplusreserve | 4(38) | - | - | | - | | 243,791,419 | | (243,791,419) | | - | | - | | Distributiontoequityowners | 4(39)(a) | - | - | | - | | - | | (420,022,719) | | (486,302,545) | | (906,325,264) | | Transactionswithminorityshareholders | 4(36) | - | 98,596,201 | | - | | - | | - | | (98,596,201) | | - | | Others | | - | - | | - | | - | | (33,932,454) | | (15,946,091) | | (49,878,545) |
| Balanceat31December2018 | | 5,250,283,986 | 5,102,846,886 | | 550,010,133 | | 7,834,155,143 | | 5,490,006,140 | | 7,290,519,359 | | 31,517,821,647 |
Theaccompanyingnotesformanintegralpartofthesefinancialstatements. | Legalrepresentative | Principalinchargeofaccounting | Headofaccountingdepartment | | WangJin | LiuWei | MengFei |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.COMPANYSTATEMENTOFCHANGESINOWNERS’EQUITYFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] Note | Note | Sharecapital | Capitalsurplus | Othercomprehensiveincome | | Surplusreserve | | Undistributedprofits | | Totalowners'equity |
| Balanceat1January2019 | | 5,250,283,986 | 5,605,794,601 | 550,010,133 | | 7,834,155,143 | | 4,472,241,538 | | 23,712,485,401 |
| Movementsfortheyearended31December2019 | | | | | | | | | | | | Totalcomprehensiveincome | | | | | | | | | | | | Netprofit | | - | - | - | | - | | 770,265,843 | | 770,265,843 | | Othercomprehensiveincome | 4(37) | - | - | 1,126,132,911 | | - | | - | | 1,126,132,911 | | Profitdistribution | | | | | | | | | | | | Appropriationtosurplusreserve | 4(38) | - | - | - | | 411,612,450 | | (411,612,450) | | - | | Distributiontoequityowners | 4(39)(a) | - | - | - | | - | | (315,017,039) | | (315,017,039) | | Shareofinterestsinassociatesinproportiontotheshareholding | 4(36),4(39)(b) | - | (5,813,698) | - | | - | | (1,015,404) | | (6,829,102) |
| Balanceat31December2019 | | 5,250,283,986 | 5,599,980,903 | 1,676,143,044 | | 8,245,767,593 | | 4,514,862,488 | | 25,287,038,014 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.COMPANYSTATEMENTOFCHANGESINOWNERS’EQUITY(CONT'D)FORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] Note | Note | Sharecapital | | Capitalsurplus | Othercomprehensiveincome | Surplusreserve | | Undistributedprofits | | Totalowners'equity |
| Balanceat1January2018 | | 5,250,283,986 | | 5,605,794,601 | 137,001,523 | 7,590,363,724 | | 3,960,056,960 | | 22,543,500,794 |
| Movementsfortheyearended31December2018 | | | | | | | | | | | | Totalcomprehensiveincome | | | | | | | | | | | | Netprofit | | - | | - | - | - | | 1,176,035,572 | | 1,176,035,572 | | Othercomprehensiveincome | | - | | - | 413,008,610 | - | | - | | 413,008,610 | | Profitdistribution | | | | | | | | | | | | Appropriationtosurplusreserve | 4(38) | - | | - | - | 243,791,419 | | (243,791,419) | | - | | Distributiontoequityowners | 4(39)(a) | - | | - | - | - | | (420,022,719) | | (420,022,719) | | Others | | - | | - | - | - | | (36,856) | | (36,856) |
| Balanceat31December2018 | | 5,250,283,986 | | 5,605,794,601 | 550,010,133 | 7,834,155,143 | | 4,472,241,538 | | 23,712,485,401 |
Theaccompanyingnotesformanintegralpartofthesefinancialstatements. | Legalrepresentative | Principalinchargeofaccounting | Headofaccountingdepartment | | WangJin | LiuWei | MengFei |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] GuangdongElectricPowerDevelopmentCo.,Ltd.(“theCompany”)isalimitedliabilitycompanyjointlyestablishedbyGuangdongElectricPowerHoldingCompany,ChinaConstructionBank,GuangdongProvinceTrustInvestmentCompany,GuangdongPowerDevelopmentCo.,Ltd.,GuangdongInternationalTrustandChinaGuangfaBank(currentlynamedasGuangdongGuangkongGroupCo.,Ltd.).TheaddressoftheCompany’sregisteredofficeandheadofficeisF33~F36SouthTowerBuildingofYudeanSquareon2ndTianheEastRoad,Guangzhou,GuangdongProvince,thePeople’sRepublicofChina(“thePRC”).TheCompany’sparentcompanyisGuangdongEnergyGroupCo.,Ltd.(“GEGC”,previouslyGuangdongProvinceYudeanGroupCo.,Ltd.)anditsultimatecontrollingshareholderistheState-ownedAssetsSupervisionandAdministrationCommissionofthePeople’sGovernmentofGuangdongProvince.TheCompany’sRMBordinaryshares(“A-share”)anddomesticlistedforeignshares(“B-share”)issuedwerelistedfortransactionsinShenzhenStockExchangerespectivelyon26November1993and28June1995.Asat31December2019,thetotalsharecapitaloftheCompanywasRMB5,250,283,986withparvalueofRMB1pershare. TheCompany’sRMBordinaryshares(“A-share”)anddomesticlistedforeignshares(“B-share”)issuedwerelistedfortransactionsinShenzhenStockExchangerespectivelyon26November1993and28June1995.Asat31December2019,thetotalsharecapitaloftheCompanywasRMB5,250,283,986withparvalueofRMB1pershare.TheCompanyanditssubsidiaries(collectivelyreferredtoas“theGroup”)areprincipallyengagedinthebusinessesofdevelopingandoperatingelectricpowerplantsinGuangdongProvince,thePRC.FortheinformationoftheCompany’smajorsubsidiariesincludedintheconsolidationscopeinthecurrentyear,pleaserefertoNote6(1). TheCompanyanditssubsidiaries(collectivelyreferredtoas“theGroup”)areprincipallyengagedinthebusinessesofdevelopingandoperatingelectricpowerplantsinGuangdongProvince,thePRC.FortheinformationoftheCompany’smajorsubsidiariesincludedintheconsolidationscopeinthecurrentyear,pleaserefertoNote6(1).ThefinancialstatementhavebeenauthorisedforissuebytheBoardofDirectorsoftheCompanyon17April2020. ThefinancialstatementhavebeenauthorisedforissuebytheBoardofDirectorsoftheCompanyon17April2020. | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates |
TheGroupdeterminesspecificaccountingpoliciesandaccountingestimatesbasedonthecharacteristicsofproductionandoperation,whicharemainlyreflectedinthemeasurementofexpectedcreditlossesofreceivables(Note2(9)),costingofinventory(Note2(10)),fixedassetdepreciationandintangibleassetamortisation(Notes2(13),2(16)),impairmentoflong-termassets(Note2(18)),timingofrevenuerecognition(Note2(22)),deferredtaxassetsanddeferredtaxliabilities(Note2(24)),etc.DetailsoftheGroup'scriticaljudgementsusedindeterminingsignificantaccountingpoliciesaresetforthinNote2(27).(1) ThefinancialstatementsarepreparedinaccordancewiththeAccountingStandardsforBusinessEnterprises-BasicStandard,andthespecificaccountingstandardsandotherrelevantregulationsissuedbytheMinistryofFinanceon15February2006andinsubsequentperiods(hereaftercollectivelyreferredtoas“theAccountingStandardsforBusinessEnterprises”or“CASs”)andthedisclosurerequirementsinthePreparationConventionofInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.15-GeneralRulesonFinancialReportingissuedbytheChinaSecuritiesRegulatoryCommission. Asat31December2019,theGroup’snetcurrentliabilitiesamountedtoRMB8,376million.CapitalcommitmentscontractedforbytheGroupamountedtoRMB[13,735million],amongwhichthecapitalexpenditureduewithinoneyearamountedtoRMB[4,544million].Therefore,theGroupistosomeextentexposedtoliquidityrisk.ThereasonfornetcurrentliabilitiesisthataportionoftheGroup’scapitalexpenditureisbackedbyshort-termborrowingsandfundsinhand.ManagementoftheCompanyplanstotakethefollowingmeasurestoensurethattheGroupcancontinuouslyobtainsufficientworkingcapitaltoliquidatedebtsduewithin12monthsstartingfrom31December2019,therefore,thefinancialstatementsarepreparedonagoingconcernbasis. (a)TheGroupcontinuouslygeneratesprofitafteritsgeneratorsetshavesuccessivelybeenputinto productioninrecentyears.Managementexpectsstablecashinflowsfromoperatingactivitiesinthefuture;and GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Con’d) |
| (1) | Basisofpreparation(Con’d) |
(b)TheGroupmaintainsgoodrelationsoflong-termcooperationwithfinancialinstitutions(includingthe Company’sassociateGuangdongEnergyGroupFinanceCo.,Ltd.(“EnergyGroupFinanceCompany”),formerlyknownasGuangdongYudeanFinanceCo.,Ltd.)inordertoobtainsufficientfinancingcreditlines.Asat31December2019,theGroup’savailablecreditlinefromfinancialinstitutionsamountedtoapproximatelyRMB31,903million,withRMB9,616millionfromEnergyGroupFinanceCompany,RMB18,287millionfromothercommercialbanksandfinancialinstitutions,andRMB4,000millionfromissuanceofcorporatebondsapprovedbytheChinaSecuritiesRegulatoryCommission.AmongtheGroup’savailablecreditlinefromfinancialinstitutions,approximatelyRMB8,512millionisduebefore31December2020.Managementhascommunicatedwiththefinancialinstitutionsandhenceexpectedthecreditlineduebefore31December2020torenewthetermforanother12months.(2) | (2) | StatementofcompliancewiththeAccountingStandardsforBusinessEnterprises |
ThefinancialstatementsoftheGroupandtheCompanyfortheyearended31December2019areincompliancewiththeAccountingStandardsforBusinessEnterprises,andtrulyandcompletelypresenttheconsolidatedandcompanyfinancialpositionoftheGroupandtheCompanyasat31December2019andtheirfinancialperformance,cashflowsandotherinformationfortheyearthenended.(3) TheCompany’saccountingyearstartson1Januaryandendson31December.(4) TherecordingcurrencyisRenminbi(RMB).(5) | (5) | Businesscombinations | | (a) | | | Businesscombinationsinvolvingenterprisesundercommoncontrol |
Theconsiderationpaidandnetassetsobtainedbytheabsorbingpartyinabusinesscombinationaremeasuredatthecarryingamount.Thedifferencebetweenthecarryingamountofthenetassetsobtainedfromthecombinationandthecarryingamountoftheconsiderationpaidforthecombinationistreatedasanadjustmenttocapitalsurplus(sharepremium).Ifthecapitalsurplus(sharepremium)isnotsufficienttoabsorbthedifference,theremainingbalanceisadjustedagainstretainedearnings.Costsdirectlyattributabletothecombinationareincludedinprofitorlossintheperiodinwhichtheyareincurred.Transactioncostsassociatedwiththeissueofequityordebtsecuritiesforthebusinesscombinationareincludedintheinitiallyrecognisedamountsoftheequityordebtsecurities.(b) | (b) | Businesscombinationsinvolvingenterprisesnotundercommoncontrol |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Con’d) |
| (6) | Preparationofconsolidatedfinancialstatements |
TheconsolidatedfinancialstatementscomprisethefinancialstatementsoftheCompanyandallofitssubsidiaries. SubsidiariesareconsolidatedfromthedateonwhichtheGroupobtainscontrolandarede-consolidatedfromthedateonwhichsuchcontrolceases.Forasubsidiarythatisacquiredinabusinesscombinationinvolvingenterprisesundercommoncontrol,itisincludedintheconsolidatedfinancialstatementsfromthedatewhenit,togetherwiththeCompany,comesundercommoncontroloftheultimatecontrollingparty.Theportionofthenetprofitsrealisedbeforethecombinationdateispresentedseparatelyintheconsolidatedincomestatement. SubsidiariesareconsolidatedfromthedateonwhichtheGroupobtainscontrolandarede-consolidatedfromthedateonwhichsuchcontrolceases.Forasubsidiarythatisacquiredinabusinesscombinationinvolvingenterprisesundercommoncontrol,itisincludedintheconsolidatedfinancialstatementsfromthedatewhenit,togetherwiththeCompany,comesundercommoncontroloftheultimatecontrollingparty.Theportionofthenetprofitsrealisedbeforethecombinationdateispresentedseparatelyintheconsolidatedincomestatement. Inpreparingtheconsolidatedfinancialstatements,wheretheaccountingpoliciesandtheaccountingperiodsoftheCompanyandsubsidiariesareinconsistent,thefinancialstatementsofthesubsidiariesareadjustedinaccordancewiththeaccountingpoliciesandtheaccountingperiodoftheCompany.Forsubsidiariesacquiredfrombusinesscombinationsinvolvingenterprisesnotundercommoncontrol,theindividualfinancialstatementsofthesubsidiariesareadjustedbasedonthefairvalueoftheidentifiablenetassetsattheacquisitiondate. Inpreparingtheconsolidatedfinancialstatements,wheretheaccountingpoliciesandtheaccountingperiodsoftheCompanyandsubsidiariesareinconsistent,thefinancialstatementsofthesubsidiariesareadjustedinaccordancewiththeaccountingpoliciesandtheaccountingperiodoftheCompany.Forsubsidiariesacquiredfrombusinesscombinationsinvolvingenterprisesnotundercommoncontrol,theindividualfinancialstatementsofthesubsidiariesareadjustedbasedonthefairvalueoftheidentifiablenetassetsattheacquisitiondate. Allsignificantintra-groupbalances,transactionsandunrealisedprofitsareeliminatedintheconsolidatedfinancialstatements.Theportionofsubsidiaries’shareholders'equityandtheportionofsubsidiaries’netprofitsandlossesandcomprehensiveincomesfortheperiodnotattributabletotheCompanyarerecognisedasminorityinterests,netprofitattributedtominorityinterestsandtotalcomprehensiveincomesattributedtonon-controllinginterestsandpresentedseparatelyintheconsolidatedfinancialstatementsundershareholders'equity,netprofitsandtotalcomprehensiveincomerespectively.UnrealisedprofitsandlossesresultingfromthesaleofassetsbytheCompanytoitssubsidiariesarefullyeliminatedagainstnetprofitattributabletoownersoftheparent.UnrealisedprofitsandlossesresultingfromthesaleofassetsbyasubsidiarytotheCompanyareeliminatedandallocatedbetweennetprofitattributabletoownersoftheparentandminorityinterestincomeinaccordancewiththeallocationproportionoftheparentinthesubsidiary.Unrealisedprofitsandlossesresultingfromthesaleofassetsbyonesubsidiarytoanotherareeliminatedandallocatedbetweennetprofitattributabletoownersoftheparentandminorityinterestincomeinaccordancewiththeallocationproportionoftheparentinthesellingsubsidiary.IftheaccountingtreatmentofatransactionisinconsistentinthefinancialstatementsattheGrouplevelandattheCompanyoritssubsidiarylevel,adjustmentwillbemadefromtheperspectiveoftheGroup. Allsignificantintra-groupbalances,transactionsandunrealisedprofitsareeliminatedintheconsolidatedfinancialstatements.Theportionofsubsidiaries’shareholders'equityandtheportionofsubsidiaries’netprofitsandlossesandcomprehensiveincomesfortheperiodnotattributabletotheCompanyarerecognisedasminorityinterests,netprofitattributedtominorityinterestsandtotalcomprehensiveincomesattributedtonon-controllinginterestsandpresentedseparatelyintheconsolidatedfinancialstatementsundershareholders'equity,netprofitsandtotalcomprehensiveincomerespectively.UnrealisedprofitsandlossesresultingfromthesaleofassetsbytheCompanytoitssubsidiariesarefullyeliminatedagainstnetprofitattributabletoownersoftheparent.UnrealisedprofitsandlossesresultingfromthesaleofassetsbyasubsidiarytotheCompanyareeliminatedandallocatedbetweennetprofitattributabletoownersoftheparentandminorityinterestincomeinaccordancewiththeallocationproportionoftheparentinthesubsidiary.Unrealisedprofitsandlossesresultingfromthesaleofassetsbyonesubsidiarytoanotherareeliminatedandallocatedbetweennetprofitattributabletoownersoftheparentandminorityinterestincomeinaccordancewiththeallocationproportionoftheparentinthesellingsubsidiary.IftheaccountingtreatmentofatransactionisinconsistentinthefinancialstatementsattheGrouplevelandattheCompanyoritssubsidiarylevel,adjustmentwillbemadefromtheperspectiveoftheGroup.(7) | (7) | Cashandcashequivalents |
Cashandcashequivalentscomprisecashonhand,depositsthatcanbereadilydrawnondemand,andshort-termandhighlyliquidinvestmentsthatarereadilyconvertibletoknownamountsofcashandwhicharesubjecttoaninsignificantriskofchangesinvalue.(8) | (8) | Foreigncurrencytranslation |
ForeigncurrencytransactionsaretranslatedintoRMBusingtheexchangeratesprevailingatthedatesofthetransactions. Atthebalancesheetdate,monetaryitemsdenominatedinforeigncurrenciesaretranslatedintoRMBusingthespotexchangeratesonthebalancesheetdate.Exchangedifferencesarisingfromthesetranslationsarerecognisedinprofitorlossforthecurrentperiod,exceptforthoseattributabletoforeigncurrencyborrowingsthathavebeentakenoutspecificallyforacquisitionorconstructionofqualifyingassets,whicharecapitalisedaspartofthecostofthoseassets.Non-monetaryitemsdenominatedinforeigncurrenciesthataremeasuredathistoricalcostsaretranslatedatthebalancesheetdateusingthespotexchangeratesatthedateofthetransactions.Theeffectofexchangerate GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] changesoncashispresentedseparatelyinthecashflowstatement. GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
Afinancialinstrumentisanycontractthatgivesrisetoafinancialassetofoneentityandafinancialliabilityorequityinstrumentofanotherentity.AfinancialassetorafinancialliabilityisrecognisedwhentheGroupbecomesapartytothecontractualprovisionsoftheinstrument.(a) | (i) | Classificationandmeasurement |
Basedonthebusinessmodelforfinancialassetmanagementandthecontractualcashflowcharacteristicsoffinancialassets,theGroupclassifiesthefinancialassetsas:a)financialassetsmeasuredatamortisedcost;b)financialassetsatfairvaluethroughothercomprehensiveincome;c)financialassetsatfairvaluethroughprofitorloss. Thefinancialassetsaremeasuredatfairvalueatinitialrecognition.Relatedtransactioncoststhatareattributabletotheacquisitionofthefinancialassetsareincludedintheinitiallyrecognisedamounts,exceptforthefinancialassetsatfairvaluethroughprofitorloss,therelatedtransactioncostsofwhicharerecogniseddirectlyinprofitorlossforthecurrentperiod.Accountsreceivableornotesreceivablearisingfromsalesofproductsorrenderingofservices(excludingorwithoutregardtosignificantfinancingcomponents)areinitiallyrecognisedattheconsiderationthatisentitledtobechargedbytheGroupasexpected. Thefinancialassetsaremeasuredatfairvalueatinitialrecognition.Relatedtransactioncoststhatareattributabletotheacquisitionofthefinancialassetsareincludedintheinitiallyrecognisedamounts,exceptforthefinancialassetsatfairvaluethroughprofitorloss,therelatedtransactioncostsofwhicharerecogniseddirectlyinprofitorlossforthecurrentperiod.Accountsreceivableornotesreceivablearisingfromsalesofproductsorrenderingofservices(excludingorwithoutregardtosignificantfinancingcomponents)areinitiallyrecognisedattheconsiderationthatisentitledtobechargedbytheGroupasexpected.Debtinstruments DebtinstrumentsThedebtinstrumentsheldbytheGrouprefertotheinstrumentsthatmeetthedefinitionoffinancialliabilitiesfromtheperspectiveoftheissuer,andaremeasuredinthefollowingways: ThedebtinstrumentsheldbytheGrouprefertotheinstrumentsthatmeetthedefinitionoffinancialliabilitiesfromtheperspectiveoftheissuer,andaremeasuredinthefollowingways: Measuredatamortisedcost: Measuredatamortisedcost: TheGroup’sbusinessmodelforfinancialassetmanagementaimstoreceivecontractualcashflows.Thecontractualcashflowcharacteristicsofsuchfinancialassetsareconsistentwithbasicloanarrangement,whichmeansthecashflowgeneratedatcertaindateisonlythepaymentfortheprincipalandthecorrespondinginterestbasedonunpaidprincipal.Theinterestincomeofsuchfinancialassetsisrecognisedusingtheeffectiveinterestmethod.Suchfinancialassetsaremainlyincludingcashatbankandonhand,accountsreceivable,otherreceivables,long-termreceivables,etc.Long-termreceivablesthatareduewithinoneyear(inclusive)asfromthebalancesheetdateareincludedinthecurrentportionofnon-currentassets. TheGroup’sbusinessmodelforfinancialassetmanagementaimstoreceivecontractualcashflows.Thecontractualcashflowcharacteristicsofsuchfinancialassetsareconsistentwithbasicloanarrangement,whichmeansthecashflowgeneratedatcertaindateisonlythepaymentfortheprincipalandthecorrespondinginterestbasedonunpaidprincipal.Theinterestincomeofsuchfinancialassetsisrecognisedusingtheeffectiveinterestmethod.Suchfinancialassetsaremainlyincludingcashatbankandonhand,accountsreceivable,otherreceivables,long-termreceivables,etc.Long-termreceivablesthatareduewithinoneyear(inclusive)asfromthebalancesheetdateareincludedinthecurrentportionofnon-currentassets.Equityinstruments Equityinstruments Investmentsinequityinstruments,overwhichtheGrouphasnocontrol,jointcontrolorsignificantinfluence,aremeasuredatfairvaluethroughprofitorlossunderfinancialassetsheldfortrading.Inaddition,theGroupclassifiescertaininvestmentsinequityinstrumentsnotheldfortradingasfinancialassetsmeasuredatfairvaluethroughothercomprehensiveincomewhicharepresentedasinvestmentsinotherequityinstruments.Therelevantdividendincomeofsuchfinancialassetsisincludedinthecurrentprofitorloss.Therelevantdividendincomeofsuchfinancialassetsisincludedinthecurrentprofitorloss. GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
| (9) | Financialinstrument(Cont'd) |
| (a) | Financialassets(Cont’d) |
TheGrouprecognisesthelossprovisionbasedonexpectedcreditlosses(“ECL”)forfinancialassetsmeasuredatamortisedcost.Givingconsiderationtoreasonableandsupportableinformationonpastevents,currentconditionsandforecastsoffutureeconomicconditions,aswellasthedefaultriskweight,theGrouprecognisestheECLastheprobability-weightedamountofthepresentvalueofthedifferencebetweenthecashflowsreceivablefromthecontractandthecashflowsexpectedtocollect. Givingconsiderationtoreasonableandsupportableinformationonpastevents,currentconditionsandforecastsoffutureeconomicconditions,aswellasthedefaultriskweight,theGrouprecognisestheECLastheprobability-weightedamountofthepresentvalueofthedifferencebetweenthecashflowsreceivablefromthecontractandthecashflowsexpectedtocollect. Asateachbalancesheetdate,theECLoffinancialinstrumentsatdifferentstagesismeasuredrespectively.12-monthECLprovisionisrecognisedforfinancialinstrumentsinStage1thathavenothadasignificantincreaseincreditrisksinceinitialrecognition;lifetimeECLprovisionisrecognisedforfinancialinstrumentsinStage2thathavehadasignificantincreaseincreditriskyetwithoutcreditimpairmentsinceinitialrecognition;andlifetimeECLprovisionisrecognisedforfinancialinstrumentsinStage3thathavehadcreditimpairmentsinceinitialrecognition. Asateachbalancesheetdate,theECLoffinancialinstrumentsatdifferentstagesismeasuredrespectively.12-monthECLprovisionisrecognisedforfinancialinstrumentsinStage1thathavenothadasignificantincreaseincreditrisksinceinitialrecognition;lifetimeECLprovisionisrecognisedforfinancialinstrumentsinStage2thathavehadasignificantincreaseincreditriskyetwithoutcreditimpairmentsinceinitialrecognition;andlifetimeECLprovisionisrecognisedforfinancialinstrumentsinStage3thathavehadcreditimpairmentsinceinitialrecognition.Forthefinancialinstrumentswithlowercreditriskonthebalancesheetdate,theGroupassumesthereisnosignificantincreaseincreditrisksinceinitialrecognitionandrecognisesthe12-monthECLprovision. Forthefinancialinstrumentswithlowercreditriskonthebalancesheetdate,theGroupassumesthereisnosignificantincreaseincreditrisksinceinitialrecognitionandrecognisesthe12-monthECLprovision.ForthefinancialinstrumentsinStage1,Stage2andwithlowercreditrisk,theGroupcalculatestheinterestincomebyapplyingtheeffectiveinterestratetothegrosscarryingamount(beforedeductionoftheimpairmentprovision).ForthefinancialinstrumentinStage3,theinterestincomeiscalculatedbyapplyingtheeffectiveinterestratetotheamortisedcost(afterdeductionoftheimpairmentprovisionfromthegrosscarryingamount). ForthefinancialinstrumentsinStage1,Stage2andwithlowercreditrisk,theGroupcalculatestheinterestincomebyapplyingtheeffectiveinterestratetothegrosscarryingamount(beforedeductionoftheimpairmentprovision).ForthefinancialinstrumentinStage3,theinterestincomeiscalculatedbyapplyingtheeffectiveinterestratetotheamortisedcost(afterdeductionoftheimpairmentprovisionfromthegrosscarryingamount).Foraccountsreceivablefromoperatingactivitiessuchassalesofgoodsandrenderingofservice,regardlessofwhetherthereisasignificantfinancingcomponent,theGroupmeasuresthelossprovisionusinglifetimeECL. Foraccountsreceivablefromoperatingactivitiessuchassalesofgoodsandrenderingofservice,regardlessofwhetherthereisasignificantfinancingcomponent,theGroupmeasuresthelossprovisionusinglifetimeECL.IncasetheECLofanindividuallyassessedfinancialassetcannotbeevaluatedwithreasonablecost,theGroupdividesthereceivablesintocertaingroupingsbasedoncreditriskcharacteristics,andcalculatestheECLforthegroupings.Basisfordetermininggroupingsandprovisionsisasfollows: IncasetheECLofanindividuallyassessedfinancialassetcannotbeevaluatedwithreasonablecost,theGroupdividesthereceivablesintocertaingroupingsbasedoncreditriskcharacteristics,andcalculatestheECLforthegroupings.Basisfordetermininggroupingsandprovisionsisasfollows: Accountsreceivablegrouping1 | Accountsreceivablegrouping1 | Receivablesfromsalesofelectricity | | Accountsreceivablegrouping2 | Receivablesfromrelatedparties | | Accountsreceivablegrouping3 | Otheraccountsreceivable |
| Otherreceivablesgrouping1 | Projectexpensespaidonbehalf,reservesreceivableandotherreceivables |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
| (9) | Financialinstrument(Cont'd) |
| (a) | Financialassets(Cont’d) |
TheGrouppreparesthecross-referencebetweenoverduedaysofaccountsreceivableandlifetimeECLrate,andcalculatestheECLonthebasisofhistoricalcreditlossesexperience,thecurrentconditionsandforecastsoffutureeconomicconditionsfortheaccountsreceivablethatareclassifiedasgroupings.TheGroup,onthebasisoftheexposureatdefaultandthe12-month/lifetimeECLrate,calculatestheECLofotherreceivablesthatareclassifiedintogroupingswithconsiderationtohistoricalcreditlossesexperience,thecurrentconditionsandforecastsoffutureeconomicconditions.TheGrouprecognisesthelossprovisionmadeorreversedintoprofitorlossforthecurrentperiod.Fordebtinstrumentsheldatfairvaluethroughothercomprehensiveincome,theGroupadjustsothercomprehensiveincomewhiletheimpairmentlossorgainisrecognisedinprofitorlossforthecurrentperiod. TheGrouprecognisesthelossprovisionmadeorreversedintoprofitorlossforthecurrentperiod.Fordebtinstrumentsheldatfairvaluethroughothercomprehensiveincome,theGroupadjustsothercomprehensiveincomewhiletheimpairmentlossorgainisrecognisedinprofitorlossforthecurrentperiod.(iii) Afinancialassetisderecognisedwhenanyofthebelowcriteriaismet:(1)thecontractualrightstoreceivethecashflowsfromthefinancialassetexpire;(2)thefinancialassethasbeentransferredandtheGrouptransferssubstantiallyalltherisksandrewardsofownershipofthefinancialassettothetransferee;(3)thefinancialassethasbeentransferredandtheGrouphasnotretainedcontrolofthefinancialasset,althoughtheGroupneithertransfersnorretainssubstantiallyalltherisksandrewardsofownershipofthefinancialasset.Onderecognitionoftheotherequityinstrumentinvestments,thedifferencebetweenthecarryingamountandthesumoftheconsiderationreceivedandthecumulativechangesinfairvaluethathadbeenrecogniseddirectlyinothercomprehensiveincomeisrecognisedinretainedearnings;onderecognitionofotherfinancialassets,thedifferencebetweenthecarryingamountandthesumoftheconsiderationreceivedandthecumulativechangesinfairvaluethathadbeenrecogniseddirectlyinothercomprehensiveincome,isrecognisedinprofitorloss.(b) GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
| (9) | Financialinstrument(Cont'd) |
| (b) | Financialliabilities(Cont’d) |
Afinancialliabilityisderecognisedorpartlyderecognisedwhenthecurrentobligationisdischargedorpartlydischarged.Thedifferencebetweenthecarryingamountofthederecognisedpartofthefinancialliabilityandtheconsiderationpaidisrecognisedinprofitorlossforthecurrentperiod.(c) | (c) | Determinationoffairvalueoffinancialinstruments |
Thefairvalueofafinancialinstrumentthatistradedinanactivemarketisdeterminedatthequotedpriceintheactivemarket.Thefairvalueofafinancialinstrumentthatisnottradedinanactivemarketisdeterminedbyusingavaluationtechnique.Duringvaluation,theGroupadoptsthevaluationtechniquethatisapplicableinthecurrentcircumstancesandcontainssufficientavailabledataandotherinformationsupports,choosinginputswithfeaturesofassetsorliabilitiesthatareconsistentwiththosemarketparticipantsconsiderinrelatedtransactionsofassetsorliabilities,andgivingprioritytorelevantobservableinputs.Whenrelevantobservableinputsarenotavailableorfeasible,unobservableinputsareadopted.(10) Inventoriesmainlycomprisefuelandspareparts,andaremeasuredatthelowerofcostandnetrealisablevalue.(b) Costoffueliscalculatedusingtheweightedaveragemethod.Sparepartsareamortisedinfullamountwhenissuedforuse.(c) | (c) | Basisfordeterminingnetrealisablevaluesofinventoriesandmethodformakingprovisionfordeclineinthevalueofinventories |
Provisionfordeclineinthevalueofinventoriesisdeterminedattheexcessamountofthecarryingamountsoftheinventoriesovertheirnetrealisablevalue.Netrealisablevalueisdeterminedbasedontheestimatedsellingpriceintheordinarycourseofbusiness,lesstheestimatedcostsnecessarytomakethesaleandrelatedtaxes.(d) | (d) | TheGroupadoptstheperpetualinventorysystem. |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
| (11) | Long-termequityinvestments |
Long-termequityinvestmentscomprisetheCompany’slong-termequityinvestmentsinitssubsidiaries,andtheGroup’slong-termequityinvestmentsinitsjointventuresandassociates. AsubsidiaryisaninvesteeoverwhichtheCompanyisabletoexercisecontrol.AjointventureisajointarrangementwhichisstructuredthroughaseparatevehicleoverwhichtheGrouphasjointcontroltogetherwithotherpartiesandonlyhasrightstothenetassetsofthearrangementbasedonlegalforms,contractualtermsandotherfactsandcircumstances.AnassociateistheinvesteeoverwhichtheGrouphassignificantinfluencebyparticipatinginthefinancialandoperatingpolicydecisions. AsubsidiaryisaninvesteeoverwhichtheCompanyisabletoexercisecontrol.AjointventureisajointarrangementwhichisstructuredthroughaseparatevehicleoverwhichtheGrouphasjointcontroltogetherwithotherpartiesandonlyhasrightstothenetassetsofthearrangementbasedonlegalforms,contractualtermsandotherfactsandcircumstances.AnassociateistheinvesteeoverwhichtheGrouphassignificantinfluencebyparticipatinginthefinancialandoperatingpolicydecisions.InvestmentsinsubsidiariesarepresentedintheCompany’sfinancialstatementsunderequitymethod,andareadjustedusingtheequitymethodwhenpreparingtheconsolidatedfinancialstatements;investmentsinassociatesandjointventuresareaccountedforusingtheequitymethod. InvestmentsinsubsidiariesarepresentedintheCompany’sfinancialstatementsunderequitymethod,andareadjustedusingtheequitymethodwhenpreparingtheconsolidatedfinancialstatements;investmentsinassociatesandjointventuresareaccountedforusingtheequitymethod.(a) | (a) | Determinationofinvestmentcost |
Forlong-termequityinvestmentsacquiredthroughabusinesscombination:forlong-termequityinvestmentsacquiredthroughabusinesscombinationinvolvingenterprisesundercommoncontrol,theinvestmentcostistheabsorbingparty’sshareofthecarryingamountofowners’equityofthepartybeingabsorbedatthecombinationdate;forlong-termequityinvestmentacquiredthroughabusinesscombinationinvolvingenterprisesnotundercommoncontrol,theinvestmentcostisthecombinationcost. Forlong-termequityinvestmentsacquirednotthroughabusinesscombination:forlong-termequityinvestmentacquiredbypaymentincash,theinitialinvestmentcostisthepurchasepriceactuallypaid;forlong-termequityinvestmentacquiredbyissuingequitysecurities,theinitialinvestmentcostisthefairvalueoftheequitysecuritiesissued.(b) | (b) | Subsequentmeasurementandrecognitionofprofitorloss |
Long-termequityinvestmentsaccountedforusingthecostmethodaremeasuredattheinitialinvestmentcost.Cashdividendorprofitdistributiondeclaredbyaninvesteeisrecognisedasinvestmentincomeinprofitorlossforthecurrentperiod. Forlong-termequityinvestmentsthatareaccountedforusingtheequitymethod,wheretheinitialinvestmentcostexceedstheCompany’sshareofthefairvalueoftheinvestee’sidentifiablenetassetsatthetimeofacquisition,theinvestmentisinitiallymeasuredatcost.WheretheinitialinvestmentcostislessthantheCompany’sshareofthefairvalueoftheinvestee’sidentifiablenetassetsatthetimeofacquisition,thedifferenceisincludedinprofitorlossforthecurrentperiodandthecostofthelong-termequityinvestmentisadjustedupwardsaccordingly. GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
| (11) | Long-termequityinvestments(Cont’d) |
Undertheequitymethod,theGrouprecognisestheinvestmentincomeaccordingtoitsshareofnetprofitorlossoftheinvestee.TheGroupdiscontinuesrecognisingitsshareofthenetlossesofaninvesteeafterthecarryingamountsofthelong-termequityinvestmenttogetherwithanylong-termintereststhatinsubstanceformpartoftheinvestor’snetinvestmentintheinvesteearereducedtozero.However,iftheGrouphasobligationsforadditionallossesandthecriteriawithrespecttorecognitionofprovisionsaresatisfied,theGroupcontinuesrecognisingtheestimatedlossesthatitneedstobear.TheGroup’sshareofthechangesininvestee’sowner'sequityotherthanthosearisingfromthenetprofitorloss,othercomprehensiveincomeandprofitdistributionisrecognisedincapitalsurpluswithacorrespondingadjustmenttothecarryingamountsofthelong-termequityinvestment.ThecarryingamountoftheinvestmentisreducedbytheGroup’sshareoftheprofitdistributionorcashdividendsdeclaredbytheinvestees.TheunrealisedprofitsorlossesarisingfromthetransactionsbetweentheGroupanditsinvesteesareeliminatedinproportiontotheGroup’sequityinterestintheinvestees,basedonwhichtheinvestmentgainorlossesarerecognised.Forthelossontheintra-grouptransactionamongsttheGroupanditsinvesteesattributabletoassetimpairmentlosses,anyunrealisedlossisnoteliminated.(c) | (c) | Basisfordeterminingexistenceofcontrol,jointlycontrolorsignificantinfluenceoverinvestees |
Controlisthepowertogovernaninvestee,soastoobtainvariablereturnsfromitsinvolvementwiththeinvestee,andhastheabilitytouseitspowerovertheinvesteetoaffecttheamountoftheinvestor'sreturns.Jointcontrolisthecontractuallyagreedsharingofcontroloveranarrangement,andthedecisionofactivitiesrelatingtosucharrangementrequirestheunanimousconsentoftheGroupandotherpartiessharingcontrol. Jointcontrolisthecontractuallyagreedsharingofcontroloveranarrangement,andthedecisionofactivitiesrelatingtosucharrangementrequirestheunanimousconsentoftheGroupandotherpartiessharingcontrol.Significantinfluenceisthepowertoparticipateinmakingthedecisionsonfinancialandoperatingpoliciesoftheinvestee,butisnotcontrolorjointcontrolovermakingthosepolicies. Significantinfluenceisthepowertoparticipateinmakingthedecisionsonfinancialandoperatingpoliciesoftheinvestee,butisnotcontrolorjointcontrolovermakingthosepolicies.(d) | (d) | Impairmentoflong-termequityinvestments |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
Investmentproperties,includinglanduserightsthathavealreadybeenleasedoutandbuildingsthatareheldforthepurposeofleasing,aremeasuredinitiallyatcost.SubsequentexpendituresincurredinrelationtoaninvestmentpropertyareincludedinthecostoftheinvestmentpropertywhenitisprobablethattheassociatedeconomicbenefitswillflowtotheGroupandtheircostscanbereliablymeasured;otherwise,theexpendituresarerecognisedinprofitorlossfortheperiodinwhichtheyareincurred.TheGroupadoptsthecostmodelforsubsequentmeasurementofinvestmentproperties.Buildingsandlanduserightsaredepreciatedoramortisedtotheirestimatednetresidualvaluesovertheirestimatedusefullives.Theestimatedusefullives,theestimatednetresidualvaluesthatareexpressedasapercentageofcostandtheannualdepreciation(amortisation)ratesofinvestmentpropertiesareasfollows: TheGroupadoptsthecostmodelforsubsequentmeasurementofinvestmentproperties.Buildingsandlanduserightsaredepreciatedoramortisedtotheirestimatednetresidualvaluesovertheirestimatedusefullives.Theestimatedusefullives,theestimatednetresidualvaluesthatareexpressedasapercentageofcostandtheannualdepreciation(amortisation)ratesofinvestmentpropertiesareasfollows: Estimatedusefullives | Estimatedusefullives | Estimatednetresidualvalues | Annualdepreciation(amortisation)rates |
| Buildings | 22to40years | 0%to5% | 2.38%to4.55% |
Whenaninvestmentpropertyistransferredtoowner-occupiedproperty,itisreclassifiedtofixedassetwiththecarryingamountdeterminedatthecarryingamountoftheinvestmentpropertyatthedateofthetransfer.Theestimatedusefullifeandtheestimatednetresidualvalueofaninvestmentpropertyandthedepreciation(amortisation)methodappliedtothepropertyarereviewed,andadjustedasappropriateateachyear-end. Theestimatedusefullifeandtheestimatednetresidualvalueofaninvestmentpropertyandthedepreciation(amortisation)methodappliedtothepropertyarereviewed,andadjustedasappropriateateachyear-end.Aninvestmentpropertyisderecognisedondisposalorwhentheinvestmentpropertyispermanentlywithdrawnfromuseandnofutureeconomicbenefitsareexpectedfromitsdisposal.Thenetamountofproceedsfromsales,transfer,retirementordamageofaninvestmentpropertyafteritscarryingamountandrelatedtaxesandexpensesisrecognisedinprofitorlossforthecurrentperiod. Aninvestmentpropertyisderecognisedondisposalorwhentheinvestmentpropertyispermanentlywithdrawnfromuseandnofutureeconomicbenefitsareexpectedfromitsdisposal.Thenetamountofproceedsfromsales,transfer,retirementordamageofaninvestmentpropertyafteritscarryingamountandrelatedtaxesandexpensesisrecognisedinprofitorlossforthecurrentperiod.(13) | (a) | Recognitionandinitialmeasurementoffixedassets |
Fixedassetscomprisebuildings,powergenerationequipment,motorvehicles,andotherequipment.FixedassetsarerecognisedwhenitisprobablethattherelatedeconomicbenefitswillflowtotheGroupandthecostscanbereliablymeasured.Fixedassetspurchasedorconstructedareinitiallymeasuredatcostatthetimeofacquisition.ThefixedassetscontributedbytheStateshareholdersatthereorganisationoftheCompanyintoacorporationarerecognisedbasedontheevaluatedamountsasapprovedbythestate-ownedassetsadministrationdepartment. FixedassetsarerecognisedwhenitisprobablethattherelatedeconomicbenefitswillflowtotheGroupandthecostscanbereliablymeasured.Fixedassetspurchasedorconstructedareinitiallymeasuredatcostatthetimeofacquisition.ThefixedassetscontributedbytheStateshareholdersatthereorganisationoftheCompanyintoacorporationarerecognisedbasedontheevaluatedamountsasapprovedbythestate-ownedassetsadministrationdepartment.SubsequentexpendituresincurredforafixedassetareincludedinthecostofthefixedassetwhenitisprobablethattheassociatedeconomicbenefitswillflowtotheGroupandtherelatedcostcanbereliablymeasured.Thecarryingamountofthereplacedpartisderecognised.Alltheothersubsequentexpendituresarerecognisedinprofitorlossfortheperiodinwhichtheyareincurred. GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
| (b) | Depreciationmethodsoffixedassets |
Fixedassetsaredepreciatedusingthestraight-linemethodtoallocatethecostoftheassetstotheirestimatedresidualvaluesovertheirestimatedusefullives.Forthefixedassetsthathavebeenprovidedforimpairmentloss,therelateddepreciationchargeisprospectivelydeterminedbasedupontheadjustedcarryingamountsovertheirremainingusefullives.Theestimatedusefullivesandtheestimatednetresidualvaluesexpressedasapercentageofcostandtheannualdepreciationratesoffixedassetsareasfollows: Theestimatedusefullivesandtheestimatednetresidualvaluesexpressedasapercentageofcostandtheannualdepreciationratesoffixedassetsareasfollows: Estimatedusefullives | Estimatedusefullives | Estimatednetresidualvalues | Annualdepreciationrates |
| Buildings | 10to50years | 5% | 1.90%to9.50% | | Powergenerationequipment | 5to25years | 0%to5% | 3.80%to20.00% | | Motorvehicles | 5to15years | 0%to5% | 6.33%to20.00% | | Otherequipment | 5to22years | 0%to5% | 4.32%to20.00% |
Theestimatedusefullifeandtheestimatednetresidualvalueofafixedassetandthedepreciationmethodappliedtotheassetarereviewed,andadjustedasappropriateateachyear-end.(c) | (c) | Thecarryingamountofafixedassetisreducedtotherecoverableamountwhentherecoverableamountisbelowthecarryingamount(Note2(18)). |
| (d) | Basisforidentificationoffixedassetsheldunderfinanceleasesandrelatedmeasurement |
Afinanceleaseisaleasethattransferssubstantiallyalltherisksandrewardsincidentaltoownershipofanasset.Theleasedassetisrecognisedatthelowerofthefairvalueoftheleasedassetandthepresentvalueoftheminimumleasepayments.Thedifferencebetweentherecordedamountoftheleasedassetandtheminimumleasepaymentsisaccountedforasunrecognisedfinancecharge(Note2(25)(b)).Fixedassetsheldunderafinanceleaseisdepreciatedonabasisconsistentwiththedepreciationpolicyadoptedforfixedassetsthatareself-owned.Whenaleasedassetcanbereasonablydeterminedthatitsownershipwillbetransferredattheendoftheleaseterm,itisdepreciatedoveritsestimatedusefullife;otherwise,theleasedassetisdepreciatedovertheshorteroftheleasetermanditsestimatedusefullife. Fixedassetsheldunderafinanceleaseisdepreciatedonabasisconsistentwiththedepreciationpolicyadoptedforfixedassetsthatareself-owned.Whenaleasedassetcanbereasonablydeterminedthatitsownershipwillbetransferredattheendoftheleaseterm,itisdepreciatedoveritsestimatedusefullife;otherwise,theleasedassetisdepreciatedovertheshorteroftheleasetermanditsestimatedusefullife.(e) GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
| (14) | Constructioninprogress |
Constructioninprogressismeasuredatactualcost.Actualcostcomprisesconstructioncosts,installationcosts,borrowingcoststhatareeligibleforcapitalisationandothercostsnecessarytobringthefixedassetsreadyfortheirintendeduse.Constructioninprogressistransferredtofixedassetswhentheassetsarereadyfortheirintendeduse,anddepreciationbeginsfromthefollowingmonth.Thecarryingamountofconstructioninprogressisreducedtotherecoverableamountwhentherecoverableamountisbelowitscarryingamount(Note2(18)).(15) Theborrowingcoststhataredirectlyattributabletoacquisitionandconstructionofanassetthatneedsasubstantiallylongperiodoftimeforitsintendedusecommencetobecapitalisedandrecordedaspartofthecostoftheassetwhenexpendituresfortheassetandborrowingcostshavebeenincurred,andtheactivitiesrelatingtotheacquisitionandconstructionthatarenecessarytopreparetheassetforitsintendedusehavecommenced.Thecapitalisationofborrowingcostsceaseswhentheassetunderacquisitionorconstructionbecomesreadyforitsintendeduseandtheborrowingcostsincurredthereafterarerecognisedinprofitorlossforthecurrentperiod.Capitalisationofborrowingcostsissuspendedduringperiodsinwhichtheacquisitionorconstructionofafixedassetisinterruptedabnormallyandtheinterruptionlastsformorethan3months,untiltheacquisitionorconstructionisresumed.Forthespecificborrowingsobtainedfortheacquisitionorconstructionofanassetqualifyingforcapitalisation,theamountofborrowingcostseligibleforcapitalisationisdeterminedbydeductinganyinterestincomeearnedfromdepositingtheunusedspecificborrowingsinthebanksoranyinvestmentincomearisingonthetemporaryinvestmentofthoseborrowingsduringthecapitalisationperiod. Forthespecificborrowingsobtainedfortheacquisitionorconstructionofanassetqualifyingforcapitalisation,theamountofborrowingcostseligibleforcapitalisationisdeterminedbydeductinganyinterestincomeearnedfromdepositingtheunusedspecificborrowingsinthebanksoranyinvestmentincomearisingonthetemporaryinvestmentofthoseborrowingsduringthecapitalisationperiod. Forgeneralborrowingsutilisedfortheacquisitionandconstructionofanassetqualifyingforcapitalisation,thecapitalisedamountofthegeneralborrowingsisdeterminedbytheweightedaverageoftheexcessofaccumulatedcapitalexpenditureovercapitalexpenditureofthespecialborrowingsmultipliedbytheweightedaverageeffectiveinterestrateoftheutilisedgeneralborrowings.Theeffectiveinterestrateistheinterestrateatwhichthefuturecashflowsoftheborrowingsovertheestimatedlifeorashorterapplicableperiodarediscountedintotheinitialrecognisedamountoftheborrowings. Forgeneralborrowingsutilisedfortheacquisitionandconstructionofanassetqualifyingforcapitalisation,thecapitalisedamountofthegeneralborrowingsisdeterminedbytheweightedaverageoftheexcessofaccumulatedcapitalexpenditureovercapitalexpenditureofthespecialborrowingsmultipliedbytheweightedaverageeffectiveinterestrateoftheutilisedgeneralborrowings.Theeffectiveinterestrateistheinterestrateatwhichthefuturecashflowsoftheborrowingsovertheestimatedlifeorashorterapplicableperiodarediscountedintotheinitialrecognisedamountoftheborrowings.(16) Intangibleassetsincludelanduserights,seauserightsandsoftware,andaremeasuredatcost.Theintangibleassetscontributedbythestate-ownedshareholdersuponthereorganisationoftheGroupintoacorporationarerecognisedbasedontheevaluatedamountsasapprovedbythestate-ownedassetsadministrationdepartment.(a) | (a) | Landuserightsandseauserights |
Landuserightsareamortisedonthestraight-linebasisovertheirapproveduseperiodof20to70years.Iftheacquisitioncostsofthelanduserightsandthebuildingslocatedthereoncannotbereasonablyallocatedbetweenthelanduserightsandthebuildings,alloftheacquisitioncostsarerecognisedasfixedassets.Seauserightsareamortisedonthestraight-linebasisovertheirapproveduseperiodof50years. GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
| (16) | Intangibleassets(Cont’d) |
Fixedassetsotherthanlanduserightsandseauserightsareamortisedonastraight-line-basisovertheexpectedusefullivesof2to25years.(c) | (c) | Periodicalreviewofusefullifeandamortisationmethod |
| (d) | Researchanddevelopment |
Theexpenditureonaninternalresearchanddevelopmentprojectisclassifiedintoexpenditureontheresearchphaseandexpenditureonthedevelopmentphasebasedonitsnatureandwhetherthereismaterialuncertaintythattheresearchanddevelopmentactivitiescanformanintangibleassetattheendoftheproject.Expenditureontheresearchphaseisrecognisedinprofitorlossintheperiodinwhichitisincurred.Expenditureonthedevelopmentphaseiscapitalisedonlyifallofthefollowingconditionsaresatisfied: Expenditureontheresearchphaseisrecognisedinprofitorlossintheperiodinwhichitisincurred.Expenditureonthedevelopmentphaseiscapitalisedonlyifallofthefollowingconditionsaresatisfied: ?managementintendstocompletetheintangibleasset,anduseorsellit;?itcanbedemonstratedhowtheintangibleassetwillgenerateeconomicbenefits:productswiththeapplicationofintangibleassetsortheintangibleassetsthemselvescanprovetohavemarketvalue,intangibleassetsforinternaluseapplicationcanprovetobeofusefulness;?thereareadequatetechnical,financialandotherresourcestocompletethedevelopmentandtheabilitytouseorselltheintangibleasset;?itistechnicallyfeasibletocompletetheintangibleassetsothatitwillbeavailableforuseorsale;and?theexpenditureattributabletotheintangibleassetduringitsdevelopmentphasecanbereliably measured. ?managementintendstocompletetheintangibleasset,anduseorsellit;?itcanbedemonstratedhowtheintangibleassetwillgenerateeconomicbenefits:productswiththeapplicationofintangibleassetsortheintangibleassetsthemselvescanprovetohavemarketvalue,intangibleassetsforinternaluseapplicationcanprovetobeofusefulness;?thereareadequatetechnical,financialandotherresourcestocompletethedevelopmentandtheabilitytouseorselltheintangibleasset;?itistechnicallyfeasibletocompletetheintangibleassetsothatitwillbeavailableforuseorsale;and?theexpenditureattributabletotheintangibleassetduringitsdevelopmentphasecanbereliably measured.Otherdevelopmentexpendituresthatdonotmeettheconditionsabovearerecognisedinprofitorlossintheperiodinwhichtheyareincurred.Developmentcostspreviouslyrecognisedasexpensesarenotrecognisedasanassetinasubsequentperiod.Capitalisedexpenditureonthedevelopmentphaseispresentedasdevelopmentcostsinthebalancesheetandtransferredtointangibleassetsatthedatethattheassetisreadyforitsintendeduse. Otherdevelopmentexpendituresthatdonotmeettheconditionsabovearerecognisedinprofitorlossintheperiodinwhichtheyareincurred.Developmentcostspreviouslyrecognisedasexpensesarenotrecognisedasanassetinasubsequentperiod.Capitalisedexpenditureonthedevelopmentphaseispresentedasdevelopmentcostsinthebalancesheetandtransferredtointangibleassetsatthedatethattheassetisreadyforitsintendeduse.(e) | (e) | Impairmentofintangibleassets |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
| (17) | Long-termprepaidexpenses |
Long-termprepaidexpensesincludetheexpenditureforimprovementstofixedassetsheldunderoperatingleases,andotherexpendituresthathavebeenincurredbutshouldberecognisedasexpensesovermorethanoneyearinthecurrentandsubsequentyears.Long-termprepaidexpensesareamortisedonthestraight-linebasisovertheexpectedbeneficialperiodandarepresentedatactualexpenditurenetofaccumulatedamortisation.(18) | (18) | Impairmentoflong-termassets |
Fixedassets,constructioninprogress,intangibleassetswithfiniteusefullives,investmentpropertiesthataremeasuredatcostandlong-termequityinvestmentsinsubsidiaries,jointventuresandassociatesaretestedforimpairmentifthereisanyindicationthatanassetmaybeimpairedatthebalancesheetdate.Iftheresultoftheimpairmenttestindicatesthattherecoverableamountofanassetislessthanitscarryingamount,aprovisionforimpairmentandanimpairmentlossarerecognisedfortheamountbywhichtheasset’scarryingamountexceedsitsrecoverableamount.Therecoverableamountisthehigherofanasset’sfairvaluelesscoststosellandthepresentvalueofthefuturecashflowsexpectedtobederivedfromtheasset.Provisionforassetimpairmentisdeterminedandrecognisedonindividualassetbasis.Ifitisnotpossibletoestimatetherecoverableamountofanindividualasset,therecoverableamountofagroupofassetstowhichtheassetbelongsisdetermined.Agroupofassetsisthesmallestgroupofassetsthatisabletogenerateindependentcashinflows.Goodwillthatisseparatelypresentedinthefinancialstatementsistestedatleastannuallyforimpairment,irrespectiveofwhetherthereisanyindicationthatitmaybeimpaired.Inconductingthetest,thecarryingamountofgoodwillisallocatedtotherelatedassetgroupsorgroupsofassetgroupswhichareexpectedtobenefitfromthesynergiesofthebusinesscombination.Iftheresultofthetestindicatesthattherecoverableamountofanassetgrouporagroupofassetgroups,includingtheallocatedgoodwill,islowerthanitscarryingamount,thecorrespondingimpairmentlossisrecognised.Theimpairmentlossisfirstdeductedfromthecarryingamountofgoodwillthatisallocatedtotheassetgrouporgroupofassetgroups,andthendeductedfromthecarryingamountsofotherassetswithintheassetgrouporgroupofassetgroupsinproportiontothecarryingamountsofassetsotherthangoodwill.Oncetheaboveassetimpairmentlossisrecognised,itwillnotbereversedforthevaluerecoveredinthesubsequentperiods. GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
EmployeebenefitsrefertoallformsofconsiderationorcompensationgivenbytheGroupinexchangeforservicerenderedbyemployeesorforterminationofemploymentrelationship,whichincludeshort-termemployeebenefits,post-employmentbenefits,terminationbenefitsandotherlong-termemployeebenefits.(a) | (a) | Short-termemployeebenefits |
Short-termemployeebenefitsincludewagesorsalaries,bonus,allowancesandsubsidies,staffwelfare,premiumsorcontributionsonmedicalinsurance,workinjuryinsuranceandmaternityinsurance,housingfunds,unionrunningcostsandemployeeeducationcosts,short-termpaidabsences,etc.Theshort-termemployeebenefitsactuallyoccurredarerecognisedasaliabilityintheaccountingperiodinwhichtheserviceisrenderedbytheemployees,withacorrespondingchargetotheprofitorlossforthecurrentperiodorthecostofrelevantassets.Non-monetarybenefitsaremeasuredatfairvalue.(b) | (b) | Post-employmentbenefits |
TheGroupclassifiespost-employmentbenefitplansintodefinedcontributionplansanddefinedbenefitplans.Definedcontributionplansarepost-employmentbenefitplansunderwhichtheGrouppaysfixedcontributionsintoaseparatefundandwillhavenoobligationtopayfurthercontributions;anddefinedbenefitplansarepost-employmentbenefitplansotherthandefinedcontributionplans.Duringthereportingperiod,theGroup'spost-employmentbenefitsmainlyincludebasicpensions,unemploymentinsuranceandsupplementarypensions,andallofthembelongtothedefinedcontributionplans.Basicpensions BasicpensionsTheGroup’semployeesparticipateinthebasicpensionplansetupandadministeredbylocalauthoritiesofMinistryofHumanResourceandSocialSecurity.Monthlypaymentsofpremiumsonthebasicpensionsarecalculatedaccordingtothebasesandpercentageprescribedbytherelevantlocalauthorities.Whenemployeesretire,thelocallabourandsocialsecurityauthoritiesareobligedtopaythebasicpensionstothem. TheGroup’semployeesparticipateinthebasicpensionplansetupandadministeredbylocalauthoritiesofMinistryofHumanResourceandSocialSecurity.Monthlypaymentsofpremiumsonthebasicpensionsarecalculatedaccordingtothebasesandpercentageprescribedbytherelevantlocalauthorities.Whenemployeesretire,thelocallabourandsocialsecurityauthoritiesareobligedtopaythebasicpensionstothem.Supplementarypensions SupplementarypensionsTheGrouppurchasessupplementarypensionsforemployees,andpaysinsurancepremiumaccordingtothepoliciesofGEGC. TheGrouppurchasessupplementarypensionsforemployees,andpaysinsurancepremiumaccordingtothepoliciesofGEGC.Theamountsbasedontheabovecalculationsarerecognisedasliabilitiesintheaccountingperiodinwhichtheservicehasbeenrenderedbytheemployees,withacorrespondingchargetotheprofitorlossforthecurrentperiodorthecostofrelevantassets. Theamountsbasedontheabovecalculationsarerecognisedasliabilitiesintheaccountingperiodinwhichtheservicehasbeenrenderedbytheemployees,withacorrespondingchargetotheprofitorlossforthecurrentperiodorthecostofrelevantassets.(c) GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] dates:1)whentheGroupcannotunilaterallywithdrawanemploymentterminationplanoracurtailmentproposal;2)whentheGrouprecognisescostsorexpensesforarestructuringthatinvolvesthepaymentofterminationbenefits. GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
| (19) | Employeebenefits(Cont'd) |
| (c) | Terminationbenefits(Cont’d) |
Earlyretirementbenefits TheGroupoffersearlyretirementbenefitstothoseemployeeswhoacceptearlyretirementarrangements.TheearlyretirementbenefitsrefertothesalariesandsocialsecuritycontributionstobepaidtoandfortheemployeeswhoacceptvoluntaryretirementbeforethenormalretirementdateprescribedbytheState,asapprovedbythemanagement.TheGrouppaysearlyretirementbenefitstothoseearlyretiredemployeesfromtheearlyretirementdateuntilthenormalretirementdate.TheGroupaccountsfortheearlyretirementbenefitsinaccordancewiththetreatmentforterminationbenefits,inwhichthesalariesandsocialsecuritycontributionstobepaidtoandfortheearlyretiredemployeesfromtheoff-dutydatetothenormalretirementdatearerecognisedasliabilitieswithacorrespondingchargetotheprofitorlossforthecurrentperiod.Thedifferencesarisingfromthechangesintherespectiveactuarialassumptionsoftheearlyretirementbenefitsandtheadjustmentsofbenefitstandardsarerecognisedinprofitorlossintheperiodinwhichtheyoccur. TheGroupoffersearlyretirementbenefitstothoseemployeeswhoacceptearlyretirementarrangements.TheearlyretirementbenefitsrefertothesalariesandsocialsecuritycontributionstobepaidtoandfortheemployeeswhoacceptvoluntaryretirementbeforethenormalretirementdateprescribedbytheState,asapprovedbythemanagement.TheGrouppaysearlyretirementbenefitstothoseearlyretiredemployeesfromtheearlyretirementdateuntilthenormalretirementdate.TheGroupaccountsfortheearlyretirementbenefitsinaccordancewiththetreatmentforterminationbenefits,inwhichthesalariesandsocialsecuritycontributionstobepaidtoandfortheearlyretiredemployeesfromtheoff-dutydatetothenormalretirementdatearerecognisedasliabilitieswithacorrespondingchargetotheprofitorlossforthecurrentperiod.Thedifferencesarisingfromthechangesintherespectiveactuarialassumptionsoftheearlyretirementbenefitsandtheadjustmentsofbenefitstandardsarerecognisedinprofitorlossintheperiodinwhichtheyoccur.Theterminationbenefitsexpectedtobesettledwithinoneyearsincethebalancesheetdateareclassifiedascurrentliabilities. Theterminationbenefitsexpectedtobesettledwithinoneyearsincethebalancesheetdateareclassifiedascurrentliabilities.(20) Cashdividendsarerecognisedasliabilitiesintheperiodinwhichthedividendsareapprovedbytheshareholders’meeting.(21) Provisionsforproductwarranties,onerouscontracts,etc.arerecognisedwhentheGrouphasapresentobligation,itisprobablethatanoutflowofeconomicbenefitswillberequiredtosettletheobligation,andtheamountoftheobligationcanbemeasuredreliably. Aprovisionisinitiallymeasuredatthebestestimateoftheexpenditurerequiredtosettletherelatedpresentobligation.Factorssurroundingacontingency,suchastherisks,uncertaintiesandthetimevalueofmoney,aretakenintoaccountasawholeinreachingthebestestimateofaprovision.Wheretheeffectofthetimevalueofmoneyismaterial,thebestestimateisdeterminedbydiscountingtherelatedfuturecashoutflows.Theincreaseinthediscountedamountoftheprovisionarisingfrompassageoftimeisrecognisedasinterestexpense. Aprovisionisinitiallymeasuredatthebestestimateoftheexpenditurerequiredtosettletherelatedpresentobligation.Factorssurroundingacontingency,suchastherisks,uncertaintiesandthetimevalueofmoney,aretakenintoaccountasawholeinreachingthebestestimateofaprovision.Wheretheeffectofthetimevalueofmoneyismaterial,thebestestimateisdeterminedbydiscountingtherelatedfuturecashoutflows.Theincreaseinthediscountedamountoftheprovisionarisingfrompassageoftimeisrecognisedasinterestexpense.Thecarryingamountofprovisionsisreviewedateachbalancesheetdateandadjustedtoreflectthecurrentbestestimate. Thecarryingamountofprovisionsisreviewedateachbalancesheetdateandadjustedtoreflectthecurrentbestestimate.TheGrouprecognisesthelossprovisionoffinancialguaranteecontractswhichprovisionisbasedonECL. TheGrouprecognisesthelossprovisionoffinancialguaranteecontractswhichprovisionisbasedonECL.Theprovisionsexpectedtobesettledwithinoneyearsincethebalancesheetdateareclassifiedascurrentliabilities. GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
TheamountofrevenueisdeterminedinaccordancewiththefairvalueoftheconsiderationreceivedorreceivableforthesaleofgoodsandservicesintheordinarycourseoftheGroup’sactivities.Revenueisshownnetofdiscounts,rebatesandreturns.Revenueisrecognisedwhenit’sprobablethattheeconomicbenefitsassociatedwiththetransactionwillflowtotheGroup,therelatedrevenuecanbereliablymeasured,andthespecificcriteriaofrevenuerecognitionhavebeenmetforeachtypeoftheGroup’sactivitiesasdescribedbelow: Revenueisrecognisedwhenit’sprobablethattheeconomicbenefitsassociatedwiththetransactionwillflowtotheGroup,therelatedrevenuecanbereliablymeasured,andthespecificcriteriaofrevenuerecognitionhavebeenmetforeachtypeoftheGroup’sactivitiesasdescribedbelow: (a) | (a) | Revenuefromsalesofelectricityandheatenergy |
Revenueisrecognisedwhenelectricityandheatenergyaresuppliedtogridcompaniesorcustomers.(b) | (b) | Revenuefromsalesofby-products |
RevenuefromthesalesofgoodsisrecognisedwhentheGrouptransfersby-products(suchascoalash)producedbyelectricitygenerationstothedesignateddeliveryplacepursuanttothecontractoragreementandtherecipientresourceutilisationconfirmsreceipt.(c) Theamountofrevenueisdeterminedinaccordancewiththefairvalueoftheconsiderationreceivedorreceivableforrenderingofservices.TheGroupprovideselectricpowertransactionsserviceandmaintenanceservicetoexternalparties. TheGroupprovideselectricpowertransactionsserviceandmaintenanceservicetoexternalparties.FortheelectricpowertransactionsserviceprovidedbytheGrouptoexternalparties,uponthereceivingoftheservice,revenueisrecognisedbasedonthedifferencebetweenthepurchasepriceandthesellingpriceofelectricity. FortheelectricpowertransactionsserviceprovidedbytheGrouptoexternalparties,uponthereceivingoftheservice,revenueisrecognisedbasedonthedifferencebetweenthepurchasepriceandthesellingpriceofelectricity.TheGroupprovidesmaintenanceservicetoexternalparties.Therelatedrevenueisrecognisedusingthepercentageofcompletionmethod,withthestageofcompletionbeingdeterminedbasedonproportionofcostsincurredtodatetotheestimatedtotalcosts. GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
Governmentgrantsrefertothemonetaryornon-monetaryassetsobtainedbytheGroupfromthegovernment,includingtaxreturn,financialsubsidy,etc.GovernmentgrantsarerecognisedwhenthegrantscanbereceivedandtheGroupcancomplywithallattachedconditions.Ifagovernmentgrantisamonetaryasset,itwillbemeasuredattheamountreceivedorreceivable.Ifagovernmentgrantisanon-monetaryasset,itwillbemeasuredatitsfairvalue.Ifitisunabletoobtainitsfairvaluereliably,itwillbemeasuredatitsnominalamount. GovernmentgrantsarerecognisedwhenthegrantscanbereceivedandtheGroupcancomplywithallattachedconditions.Ifagovernmentgrantisamonetaryasset,itwillbemeasuredattheamountreceivedorreceivable.Ifagovernmentgrantisanon-monetaryasset,itwillbemeasuredatitsfairvalue.Ifitisunabletoobtainitsfairvaluereliably,itwillbemeasuredatitsnominalamount.GovernmentgrantsrelatedtoassetsrefertogovernmentgrantswhichareobtainedbytheGroupforthepurposesofpurchase,constructionoracquisitionofthelong-termassets.Governmentgrantsrelatedtoincomerefertothegovernmentgrantsotherthanthoserelatedtoassets. GovernmentgrantsrelatedtoassetsrefertogovernmentgrantswhichareobtainedbytheGroupforthepurposesofpurchase,constructionoracquisitionofthelong-termassets.Governmentgrantsrelatedtoincomerefertothegovernmentgrantsotherthanthoserelatedtoassets.Governmentgrantsrelatedtoassetsarerecordedasdeferredincomeandrecognisedinprofitorlossonasystemicbasisovertheusefullivesoftheassets. Governmentgrantsrelatedtoassetsarerecordedasdeferredincomeandrecognisedinprofitorlossonasystemicbasisovertheusefullivesoftheassets. Governmentgrantsrelatedtodailyoperationthatcompensatefuturecosts,expensesorlossesarerecordedasdeferredincomeandrecognisedinprofitorlossinreportingtherelatedcosts,expensesorlosses;governmentgrantsrelatedtoincomethatcompensateincurredcosts,expensesorlossesarerecognisedinprofitorlossdirectlyinthecurrentperiod.Othergovernmentgrantsrelatedtoincomethatcompensatefuturecosts,expensesorlossesarerecordedasdeferredincomeanddeductagainsttherelatedcosts,expensesorlosses;governmentgrantsrelatedtoincomethatcompensateincurredcosts,expensesorlossesdeductagainstTheGroupappliesthepresentationmethodconsistentlytothesimilargovernmentgrantsinthefinancialstatements. Governmentgrantsrelatedtodailyoperationthatcompensatefuturecosts,expensesorlossesarerecordedasdeferredincomeandrecognisedinprofitorlossinreportingtherelatedcosts,expensesorlosses;governmentgrantsrelatedtoincomethatcompensateincurredcosts,expensesorlossesarerecognisedinprofitorlossdirectlyinthecurrentperiod.Othergovernmentgrantsrelatedtoincomethatcompensatefuturecosts,expensesorlossesarerecordedasdeferredincomeanddeductagainsttherelatedcosts,expensesorlosses;governmentgrantsrelatedtoincomethatcompensateincurredcosts,expensesorlossesdeductagainstTheGroupappliesthepresentationmethodconsistentlytothesimilargovernmentgrantsinthefinancialstatements.Governmentgrantsthatarerelatedtoordinaryactivitiesareincludedinoperatingprofit,otherwise,theyarerecordedinnon-operatingincomeorexpenses. Governmentgrantsthatarerelatedtoordinaryactivitiesareincludedinoperatingprofit,otherwise,theyarerecordedinnon-operatingincomeorexpenses.Forthepolicyloanswithfavourableinterestrates,theGrouprecordstheloansattheactualamountsandcalculatestheinterestsbyloanprincipalsandthefavourableinterestrates. Forthepolicyloanswithfavourableinterestrates,theGrouprecordstheloansattheactualamountsandcalculatestheinterestsbyloanprincipalsandthefavourableinterestrates.(24) | (24) | Deferredtaxassetsanddeferredtaxliabilities |
Deferredtaxassetsanddeferredtaxliabilitiesarecalculatedandrecognisedbasedonthedifferencesarisingbetweenthetaxbasesofassetsandliabilitiesandtheircarryingamounts(temporarydifferences).Deferredtaxassetisrecognisedforthedeductiblelossesthatcanbecarriedforwardtosubsequentyearsfordeductionofthetaxableprofitinaccordancewiththetaxlaws.Nodeferredtaxliabilityisrecognisedforatemporarydifferencearisingfromtheinitialrecognitionofgoodwill.Nodeferredtaxassetordeferredtaxliabilityisrecognisedforthetemporarydifferencesresultingfromtheinitialrecognitionofassetsorliabilitiesduetoatransactionotherthanabusinesscombination,whichaffectsneitheraccountingprofitnortaxableprofit(ordeductiblelosses).Atthebalancesheetdate,deferredtaxassetsanddeferredtaxliabilitiesaremeasuredatthetaxratesthatareexpectedtoapplytotheperiodwhentheassetisrealisedortheliabilityissettled.Deferredtaxassetsareonlyrecognisedfordeductibletemporarydifferences,deductiblelossesandtaxcreditstotheextentthatitisprobablethattaxableprofitwillbeavailableinthefutureagainstwhichthedeductibletemporarydifferences,deductiblelossesandtaxcreditscanbeutilised. GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
| (24) | Deferredtaxassetsanddeferredtaxliabilities(Cont’d) |
Deferredtaxliabilitiesarerecognisedfortemporarydifferencesarisingfrominvestmentsinsubsidiaries,associatesandjointventures,exceptwheretheGroupisabletocontrolthetimingofreversalofthetemporarydifference,anditisprobablethatthetemporarydifferencewillnotreverseintheforeseeablefuture.Whenitisprobablethatthetemporarydifferencesarisingfrominvestmentsinsubsidiaries,associatesandjointventureswillbereversedintheforeseeablefutureandthatthetaxableprofitwillbeavailableinthefutureagainstwhichthetemporarydifferencescanbeutilised,thecorrespondingdeferredtaxassetsarerecognised.Deferredtaxassetsandliabilitiesareoffsetwhen: Deferredtaxassetsandliabilitiesareoffsetwhen: ?thedeferredtaxassetsandliabilitiesarerelatedtothesametaxpayerwithintheGroupand thesametaxationauthority;and,?thattaxpayerwithintheGrouphasalegallyenforceablerighttooffsetcurrenttaxassetsagainstcurrenttaxliabilities. ?thedeferredtaxassetsandliabilitiesarerelatedtothesametaxpayerwithintheGroupand thesametaxationauthority;and,?thattaxpayerwithintheGrouphasalegallyenforceablerighttooffsetcurrenttaxassets againstcurrenttaxliabilities.(25) Aleasethattransferssubstantiallyalltherisksandrewardsincidentaltoownershipofanassetisafinancelease.Anoperatingleaseisaleaseotherthanafinancelease.(a) Leasepaymentsunderanoperatingleasearerecognisedonastraight-linebasisovertheperiodofthelease,andareeithercapitalisedaspartofthecostofrelatedassets,orchargedasanexpenseforthecurrentperiod.Rentalincomefromanoperatingleaseisrecognisedonastraight-linebasisovertheperiodofthelease.(b) Theleasedassetisrecognisedatthelowerofthefairvalueoftheleasedassetandthepresentvalueoftheminimumleasepayments.Thedifferencebetweentherecordedamountoftheleasedassetandtheminimumleasepaymentsisaccountedforasunrecognisedfinancechargeandisamortisedusingtheeffectiveinterestmethodovertheperiodofthelease.Along-termpayableisrecordedattheamountequaltotheminimumleasepaymentslesstheunrecognisedfinancecharge.(26) TheGroupidentifiesoperatingsegmentsbasedontheinternalorganisationstructure,managementrequirementsandinternalreportingsystem,anddisclosessegmentinformationofreportablesegmentswhicharedeterminedonthebasisofoperatingsegments. AnoperatingsegmentisacomponentoftheGroupthatsatisfiesallofthefollowingconditions:(1)thecomponentisabletoearnrevenuesandincurexpensesfromitsordinaryactivities;(2)whoseoperatingresultsareregularlyreviewedbytheGroup’smanagementtomakedecisionsaboutresourcestobeallocatedtothesegmentandtoassessitsperformance,and(3)forwhichtheinformationonfinancialposition,operatingresultsandcashflowsisavailabletotheGroup.Iftwoormoreoperatingsegmentshavesimilareconomiccharacteristicsandsatisfycertainconditions,theyareaggregatedintoonesingleoperatingsegment. GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
| (27) | Criticalaccountingestimatesandjudgements |
TheGroupcontinuallyevaluatesthecriticalaccountingestimatesandkeyjudgementsappliedbasedonhistoricalexperienceandotherfactors,includingexpectationsoffutureeventsthatarebelievedtobereasonableunderthecircumstances.(a) | (a) | Keyjudgementincriticalaccountingpolicy |
Criticalaccountingestimatesandkeyassumptionslistedbeblowcontainsignificantriskstomajorchangesonthecarryingamountofassestsandliabilitiesinthefollowingaccoutingyear: (i) | (i) | Classficationoffinancialassets |
TheGroupdeterminestheclassificationoffinancialassetsbasedonthesignificantjudgementofanalysisofbusinessmodelandcashflowcharacteristics.TheGroupdeterminesthebusinessmodelofmanagingfinancialassetsbasedontheleveloffinancialassets’group.Theconsiderationfactorsincludethemeansofassessingandreportingtothekeymanagementtheperformanceofthefinancialassets,therisksthathinderstheperformanceassetsandthemanagingstyle,andthemeansofpaymenttoitsownmanagementpersonnel. TheGroupdeterminesthebusinessmodelofmanagingfinancialassetsbasedontheleveloffinancialassets’group.Theconsiderationfactorsincludethemeansofassessingandreportingtothekeymanagementtheperformanceofthefinancialassets,therisksthathinderstheperformanceassetsandthemanagingstyle,andthemeansofpaymenttoitsownmanagementpersonnel. Themajorjudgmentindeterminingwhetherthecontractualcashflowcharacteristicsofthefinancialassetsisinconsistencyoftheborrowingarrangementincludes:whetherthereisachangeintheamountofprincipalorthetimingofthedurationwhenrepaymentinadvanceandetc.occurs;whetherthemereconsiderationsofinterestaretimevalueofthemoney,creditrisk,otherbasicrisksofdebtandconsiderationforcostandprofit.Forexample,thejudgmentontheamountofrepaymentinadvanceshouldbewhetherornottheamountonlyreflectstheunpaidprinciple,theinterestthatiscalculatedbasedontheunpaidprincipleandthereasonablecompensationforterminatingthecontractinadvance. Themajorjudgmentindeterminingwhetherthecontractualcashflowcharacteristicsofthefinancialassetsisinconsistencyoftheborrowingarrangementincludes:whetherthereisachangeintheamountofprincipalorthetimingofthedurationwhenrepaymentinadvanceandetc.occurs;whetherthemereconsiderationsofinterestaretimevalueofthemoney,creditrisk,otherbasicrisksofdebtandconsiderationforcostandprofit.Forexample,thejudgmentontheamountofrepaymentinadvanceshouldbewhetherornottheamountonlyreflectstheunpaidprinciple,theinterestthatiscalculatedbasedontheunpaidprincipleandthereasonablecompensationforterminatingthecontractinadvance.(ii) | (ii) | Assessmentofsignificantincreaseincreditrisk |
TheassessmentoftheGrouponwhethertheincreaseofcreditriskissignificantincludeschangesinoneormorethanoneindicators:theconditionsofthedebtor’sbusiness,theinternalandexternalcreditrating,thesignificantchangeintheactualorexpectedoperationresult,thevalueofcollateralassetorthesignificantdecreaseinthecreditratingoftheguarantor.TheassessmentoftheGrouponwhetheracreditlossoccursincludesthedebtorsareinfinancialdifficulties,intherestructureofdebtsorpossiblysubjecttobankruptcy. GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
| (27) | Criticalaccountingestimatesandjudgements(Cont’d) |
| (b) | Criticalaccountingestimatesandkeyassumptions |
| (i) | Estimatesonimpairmentoflong-termassets |
AsdescribedinNote2(18),fixedassets,constructioninprogress,intangibleassetswithfiniteusefullives,investmentpropertiesthataremeasuredatcostandlong-termequityinvestmentsinsubsidiaries,jointventuresandassociatesaretestedforimpairmentifthereareindicationsthattheassetsmaybeimpairedatthebalancesheetdate.Whenassessingwhethertheaboveassetsareimpaired,managementmainlyevaluatesandanalyses:(i)whethereventsaffectingassetimpairmentoccurred;(ii)whetherthepresentvalueofexpectedcashflowsarisingfromthecontinuinguseordisposaloftheassetislowerthanitscarryingamount;and(iii)whetherthesignificantassumptionsusedinthecalculationofthepresentvalueoftheestimatedcashflowsareappropriate. Whenassessingwhethertheaboveassetsareimpaired,managementmainlyevaluatesandanalyses:(i)whethereventsaffectingassetimpairmentoccurred;(ii)whetherthepresentvalueofexpectedcashflowsarisingfromthecontinuinguseordisposaloftheassetislowerthanitscarryingamount;and(iii)whetherthesignificantassumptionsusedinthecalculationofthepresentvalueoftheestimatedcashflowsareappropriate.RelevantassumptionsadoptedbytheGrouptodetermineimpairment,e.g.changesinassumptionsondiscountrateandgrowthrateusedtocalculatethepresentvalueoffuturecashflows,mayhavematerialimpactonthepresentvalueusedintheimpairmenttest,andcauseimpairmentintheabove-mentionedlong-termassetsoftheGroup. RelevantassumptionsadoptedbytheGrouptodetermineimpairment,e.g.changesinassumptionsondiscountrateandgrowthrateusedtocalculatethepresentvalueoffuturecashflows,mayhavematerialimpactonthepresentvalueusedintheimpairmenttest,andcauseimpairmentintheabove-mentionedlong-termassetsoftheGroup.(ii) | (ii) | Measurementofexpectedcreditlosses |
TheGroupcalculatesexpectedcreditlossesthroughdefaultriskexposureandexpectedcreditlossrate,anddeterminestheexpectedcreditlossratebasedondefaultprobabilityanddefaultlossrate.Indeterminingtheexpectedcreditlossrate,theGroupusesdatasuchasinternalhistoricalcreditlossexperience,etc.,andadjustshistoricaldatabasedoncurrentconditionsandforward-lookinginformation.Whenconsideringforward-lookinginformation,theindicatorsusedbytheGroupincludetheriskofeconomicdownturn,theexternalmarketenvironment,thetechnologicalenvironmentandchangesincustomerconditions.TheGroupregularlymonitorsandreviewsassumptionsrelatedtothecalculationofexpectedcreditlosses.In2019,therewasnosignificantchangeintheaboveestimationtechniquesandkeyassumptions.(iii) | (iii) | Usefullivesandresidualvaluesoffixedassets |
Theusefullivesandresidualvaluesoffixedassetsaredeterminedbymanagementaftertakingintoaccounttheirdurabilityandpastmaintenancerecordsbasedontheindustrypractice.Theusefullivesandresidualvaluesoftheassetsarereviewedateachyear-endwithappropriateadjustmentsmadeaccordingly.On25January2019,theGrouprevisedtheestimatedusefullifeofrelevantfixedassetsofShajiaoAPowerPlant(Note2(29)). On25January2019,theGrouprevisedtheestimatedusefullifeofrelevantfixedassetsofShajiaoAPowerPlant(Note2(29)).AnychangesintheusefullivesandresidualvaluesoffixedassetsmayhavesignificantimpactontheGroup’snetprofit. GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
| (27) | Criticalaccountingestimatesandjudgements(Cont’d) |
| (b) | Criticalaccountingestimatesandkeyassumptions(Cont’d) |
TheGroupissubjecttoenterpriseincometaxesinnumerousjurisdictions.Therearesometransactionsandeventsforwhichtheultimatetaxdeterminationisuncertainduringtheordinarycourseofbusiness.SignificantjudgementisrequiredfromtheGroupindeterminingtheprovisionforincometaxesineachofthesejurisdictions.Wherethefinaltaxoutcomeofthesemattersisdifferentfromtheamountsthatwereinitiallyrecorded,suchdifferenceswillimpacttheincometaxanddeferredtaxprovisionsintheperiodinwhichsuchdeterminationismade.(v) Whethertorecognisethedeferredtaxassetsarisingfromdeductiblelossesanddeductibletemporarydifferenceslargelydependsonthejudgementofmanagementonwhethersufficientfuturetaxableincomethatcanbeusedtodeductdeductiblelossesanddeductibletemporarydifferencescanbeobtainedinthefutureperiods.Alotofjudgementsandestimatesarerequiredtocalculatethefuturetaxableincome,andtaxplanningstrategiesandtheinfluenceofoveralleconomicenvironmentshallbeconsideredatthesametime.Differentjudgementsandestimateswillimpactontherecognitionandamountofdeferredtaxassets. Whenitisestimatedthatsufficientfuturetaxableincome,againstwhichdeductiblelossesandtemporarydifferencescanbeutilised,canbeobtainedinthefutureperiods,deferredtaxassetsarerecognisedtotheextentthatitisprobablethattaxableincomewillbeavailableinthefutureagainstwhichdeductiblelossesandtemporarydifferencescanbeutilised,usingtaxratesapplicableintheperiodwhentheassetwouldberecovered.Indeterminingtheamountofdeferredtaxassets,theGroupexercisesjudgementsabouttheestimatedtimingandamountoffuturetaxableincome,andaboutthetaxratesapplicableinthefutureaccordingtotheexistingtaxpoliciesandotherrelevantregulations.Differencesbetweensuchestimatesandtheactualtimingandamountoffutureprofitswillaffecttheamountofdeferredtaxassets. GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
| (28) | Significantchangesinaccountingpolicies |
In2017,theMinistryofFinanceissuedtherevisedCAS22-RecognitionandMeasurementofFinancialInstruments,CAS23-TransferofFinancialAssetsandCAS37-PresentationofFinancialInstruments(hereinaftercollectivelyreferredtoas“newfinancialinstrumentsstandards”),andtheCircularonRevisingandIssuingtheFormatsofCorporateFinancialStatementsfortheYearof2019(CaiKuai[2019]No.6)in2019.TheGroup’sfinancialstatementsfortheyearended2019arepreparedinaccordancewiththeabovestandardsandcircular.ImpactsoftherevisionsonthefinancialstatementsoftheGroupandtheCompanyareasfollows: (a) | (a) | Revisionsontheformatsofcorporatefinancialstatements |
| (i) | Impactsontheconsolidatedbalancesheetareasfollows: |
| Thenatureandthereasonsofthechangesinaccountingpolicies | Thelineitemsaffected | Theamountsaffected |
| 31December2018 | 1January2018 |
| TheGroupsplitnotesandaccountsreceivablesintoaccountsreceivableandnotesreceivable. | Accountsreceivable | 3,358,331,949 | 2,826,237,259 | | Notesandaccountsreceivables | (3,358,331,949) | (2,826,237,259) |
| TheGroupsplitnotesandaccountspayablesintoaccountspayableandnotespayable. | Accountspayable | 2,196,600,415 | 2,219,027,261 | | Notespayable | 941,161,107 | 297,611,800 | | Notesandaccountspayables | (3,137,761,522) | (2,516,639,061) |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
| (28) | Significantchangesinaccountingpolicies(Cont’d) |
| (a) | Revisionsontheformatsofcorporatefinancialstatements |
| (ii) | ImpactsontheCompany’sbalancesheetareasfollows: |
| Thenatureandthereasonsofthechangesinaccountingpolicies | Thelineitemsaffected | Theamountsaffected |
| 31December2018 | 1January2018 |
| TheCompanysplitnotesandaccountsreceivablesintoaccountsreceivableandnotesreceivable. | Accountsreceivable | 264,537,475 | 195,462,150 | | Notesandaccountsreceivables | (264,537,475) | (195,462,150) | | | |
| TheCompanysplitnotesandaccountspayablesintoaccountspayableandnotespayable. | Accountspayable | 223,827,319 | 221,325,935 | | Notesandaccountspayables | (223,827,319) | (221,325,935) |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
| (28) | Significantchangesinaccountingpolicies(Cont’d) |
Inaccordancewithrelevantprovisionsofthenewfinancialinstrumentsstandards,theGroupandtheCompanyrecognisedthecumulativeeffectofinitiallyapplyingthestandardsasanadjustmenttotheopeningbalanceofretainedearningsin2019andotherrelevantlineitemsinthefinancialstatements.Thecomparativeswerenotrestated.Asat31December2018and1January2019,theGroupandtheCompanyhadnofinancialassetsdesignatedasatfairvaluethroughprofitorloss.(i) | (i) | Asat1January2019,thefinancialassetspresentedintheGroup’sconsolidatedfinancialstatementswereclassifiedandmeasuredinaccordancewiththeold/newfinancialinstrumentsstandardsasfollows: |
| Oldfinancialinstrumentsstandards | Newfinancialinstrumentsstandards | | Lineitem | Measurement | Carryingamount | Lineitem | Measurement | Carryingamount | | Cashatbankandonhand | Amortisedcost | 5,574,382,892 | Cashatbankandonhand | Amortisedcost | 5,574,382,892 | | Accountsreceivable | Amortisedcost | 3,358,331,949 | Accountsreceivable | Amortisedcost | 3,358,331,949 | | Otherreceivables | Amortisedcost | 222,976,826 | Otherreceivables | Amortisedcost | 222,976,826 | | Available-for-salefinancialassets | Fairvaluethroughothercomprehensiveincome(equityinstruments) | 1,139,806,331 | Investmentsinotherequityinstruments | Fairvaluethroughothercomprehensiveincome | 1,565,806,331 | | Cost(equityinstruments) | 426,000,000 | | Long-termreceivables | Amortisedcost | 89,762,071 | Long-termreceivables | Amortisedcost | 89,762,071 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
| (28) | Significantchangesinaccountingpolicies(Cont’d) |
| (b) | Financialinstruments(Cont'd) |
| (i) | Asat1January2019,thefinancialassetspresentedintheCompany’sfinancialstatementswereclassifiedandmeasuredinaccordancewiththeold/newfinancialinstrumentsstandardsasfollows: |
| Oldfinancialinstrumentsstandards | Newfinancialinstrumentsstandards | | Lineitem | Measurement | Carryingamount | Lineitem | Measurement | Carryingamount | | Cashatbankandonhand | Amortisedcost | 385,577,463 | Cashatbankandonhand | Amortisedcost | 385,577,463 | | Accountsreceivable | Amortisedcost | 264,537,475 | Accountsreceivable | Amortisedcost | 264,537,475 | | Otherreceivables | Amortisedcost | 375,296,228 | Otherreceivables | Amortisedcost | 375,296,228 | | Available-for-salefinancialassets | Fairvaluethroughothercomprehensiveincome(equityinstruments) | 1,139,806,331 | Investmentsinotherequityinstruments | Fairvaluethroughothercomprehensiveincome | 1,565,806,331 | | Cost(equityinstruments) | 426,000,000 | | Long-termreceivables | Amortisedcost | 306,460,000 | Long-termreceivables | Amortisedcost | 306,460,000 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
| (28) | Significantchangesinaccountingpolicies(Cont’d) |
| (b) | Financialinstruments(Cont'd) |
| (ii) | Asat1January2019,thecarryingamountoffinancialassetsisreconciledfromtheoldfinancialinstrumentsstandardstothenewfinancialinstrumentsstandardsbasedonthenewmeasurement: |
| Measurementunderthenewfinancialinstrumentsstandards | Note | | Financialassetsatamortisedcost | Table1 | | Financialassetsatfairvaluethroughothercomprehensiveincome | Table2 |
Table1:FinancialassetsatamortisedcostunderthenewfinancialinstrumentsstandardsNote | Note | Carryingamount | | Consolidated | Company |
| Receivables(Note1) | | | | | 31December2018 | | 3,671,070,846 | 946,293,703 | | Remeasurement:Totalexpectedcreditlosses | | - | - | | 1January2019 | | 3,671,070,846 | 946,293,703 |
Table2:FinancialassetsatfairvaluethroughothercomprehensiveincomeunderthenewfinancialinstrumentsstandardsNote | Note | Carryingamount | | Consolidated | Company |
| Investmentsinotherequityinstruments | | | | | 31December2018 | | - | - | | Add:Transferfromavailable-for-salefinancialassets(undertheoldfinancialinstrumentsstandards) | i) | 1,565,806,331 | 1,565,806,331 | | 1January2019 | | 1,565,806,331 | 1,565,806,331 |
| Note | Carryingamount | | Consolidated | Company |
| Available-for-salefinancialassets | | | | | 31December2018 | | 1,565,806,331 | 1,565,806,331 | | Less:Transfertofinancialassetsatfairvaluethroughothercomprehensiveincome(underthenewfinancialinstrumentsstandards) | i) | (1,565,806,331) | (1,565,806,331) | | 1January2019 | | - | - |
| Totalfinancialassetsatfairvaluethroughothercomprehensiveincome(underthenewfinancialinstrumentsstandards) | | 1,565,806,331 | 1,565,806,331 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 2 | Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d) |
| (28) | Significantchangesinaccountingpolicies(Cont’d) |
| (b) | Financialinstruments(Cont'd) |
| (ii) | Asat1January2019,thecarryingamountoffinancialassetsisreconciledfromtheoldfinancialinstrumentsstandardstothenewfinancialinstrumentsstandardsbasedonthenewmeasurement(Cont'd): |
| i) | Asat31December2018,thecarryingamountofunlistedequityinvestmentsmeasuredatcostheldbytheGroupandtheCompanywasRMB426,000,000,andtherewasnoaccumulatedimpairmentprovision.ThecarryingamountoflistedequityinvestmentsmeasuredatfairvalueheldbytheGroupandtheCompanywasRMB1,139,806,331.Asat1January2019,theGroupandtheCompany,outofstrategicinvestmentconcern,electedtodesignateinvestmentsinequityinstrumentsasfinancialassetsatfairvaluethroughothercomprehensiveincomewhichwerepresentedasinvestmentsinotherequityinstruments.TherestatementhadnoimpactsontheGroup’sopeningbalanceofothercomprehensiveincomeandretainedearnings. |
| (iii) | Asat1January2019,theGroup'sandtheCompany’sprovisionforimpairmentofreceivables,otherreceivablesandlong-termreceivablesmeasuredatamortisedcostwasadjustedtoECLlossprovisioninaccordancewiththenewfinancialinstrumentsstandardswithoutsignificantimpactsfromremeasurement.Asat1January2019,theGroup’sandtheCompany’sprovisionforavailable-for-salefinancialassetsmeasuredatamortisedcostwasadjustedtofinancialassetsatfairvaluethroughothercomprehensiveincomeunderthenewfinancialinstrumentsstandardswithnoimpactsontheGroup’sandtheCompany’sopeningbalanceofothercomprehensiveincomeandretainedearnings. |
| (29) | Significantchangesinaccountingestimates |
AccordingtotheGroup’smanagementassessmenttheestimatedusefullifeofrelevantfixedassetswouldbesignificantlyshortenedaccordingtothecurrentshutdownrequestedbyGuangdongDevelopmentandReformCommission.On25January2019,theGroupheldtheNinthSessionoftheBoardduringits7thmeeting,whichapprovedtheProposalonAdjustmentfortheDepreciationPeriodsforFixedAssetsofShajiaoA.Accordingtotheproposal,ShajiaoAstartedtochangetheestimatedusefullifeofcertainfixedassetssince1January2019.Thechangesinestimatedusefullifeoffixedassetsareasfollows: Thechangesinestimatedusefullifeoffixedassetsareasfollows: Estimatedusefullifebeforethechanges | Estimatedusefullifebeforethechanges | | Estimatedusefullifeafterthechanges |
| Buildings | 5to40years | | 5years | | Powergenerationequipment | 2to18years | | 1to5years | | Otherequipment | 2to15years | | 1to5years |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | (1) | ThemaincategoriesandratesoftaxesapplicabletotheGrouparesetoutbelow: |
| Category | Taxbase | | Taxrate/Levyingrate |
| Value-addedtax(“VAT”)(a) | Taxablevalue-addedamount(TaxpayableiscalculatedusingthetaxablesalesamountmultipliedbytheapplicabletaxratelessdeductibleVATinputofthecurrentperiod) | | 6%,9%,10%,13%and16% | | Revenuefromhydropowersales | | 3% | | Citymaintenanceandconstructiontax | AmountofVATpaid | | 5%to7% | | Educationalsurcharge | AmountofVATpaid | | 3% | | Localeducationalsurcharge | AmountofVATpaid | | 2% | | Enterpriseincometax(b) | Taxableincome | | 15%,20%and25% | | Housepropertytax | Property’srentalincomeortheresidualvaluefromoriginalvaluelessthedeductingproportion | | 12%and1.2% | | Environmentalprotectiontax(c) | Calculatedandpaidbasedonthepollutionequivalentvaluesorthedischargeoftaxablepollutantsmultipliedbytheapplicabletaxamounts | | Calculatedandpaidbasedontheapplicabletaxamountsofdifferentpollutants |
| (a) | PursuanttotheAnnouncementonRelevantPoliciesforDeepeningValue-addedTaxReform([2019]No.39)issuedbytheMinistryofFinance,theStateAdministrationofTaxationandtheGeneralAdministrationofCustomsandrelevantregulations,theapplicabletaxratesofrevenuearisingfromsalesofelectricity,salesofby-productsandmaintenanceandrepairservicesandrevenuearisingfromsalesofheatenergyoftheGroup,are13%and9%respectivelyfrom1April2019,whiletheVATrateswere16%and10%respectivelybeforethen.TheGroup’srevenuefromentrustedloansbetweencompaniesandtrainingserviceissubjecttoVATattherateof6%. |
PursuanttoNoticeonthePolicyofStreamliningandCombinationofValue-addedTaxLevyRatesjointlyissuedbytheMinistryofFinanceandtheStateAdministrationofTaxation,revenuefromsalesofelectricitygeneratedfromsmallhydropowerunitsatthecountylevelorbelowissubjecttoVATattherateof3%.ThreesmallhydropowerplantsofLincangYudeanEnergyCo.,Ltd.(“LincangEnergy”),asubsidiaryoftheCompany,aresubjecttoVATattherateof3%.(b) | (b) | ExceptforthesubsidiariesincludingGuangdongYudeanDianbaiWindPowerCo.,Ltd.(“DianbaiWindPower”),GuangdongYudeanQujieWindPowerCo.,Ltd.(“QujieWindPower”),GuangdongYudeanLeizhouWindPowerCo.,Ltd.(“LeizhouWindPower”),ZhanjiangElectricCo.,Ltd.(“ZhanjiangElectric”)andZhanjiangYuhengPowerMaintenanceInstallationCo.,Ltd.(“YuhengElectric”)(Note3(2)),theapplicabletaxratefortheCompanyanditssubsidiariesis25%. |
| (c) | AccordingtotheEnvironmentalProtectionTaxLawofthePeople'sRepublicofChina,theGrouphasappliedtheenvironmentalprotectiontaxsince1January2018.Thetaxationobjectsincludeairpollutants,waterpollutants,solidwasteandnoise.Taxationisbasedontheamountofpollutants’emissions. |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | (a) | Pursuanttotheapprovaldocuments(CaiShui[2008]No.46andGuoShuiFa[2009]No.80),DianbaiWindPower,QujieWindPowerandLeizhouWindPowerareexemptedfromenterpriseincometaxinthefirstthreeyearscountingfromtheyearwhenrevenuefromproductionandoperationsisrecordedforthefirsttime,andcanenjoyhalfratereductioninthefollowingthreeyears.AsthelocaltaxationbureauconsideredthatDianbaiWindPowerandQujieWindPowerpostedprofitsforthefirsttimein2016andLeizhouWindPowerpostedprofitsforthefirsttimein2017,theapplicableenterpriseincometaxratesforDianbaiWindPower,QujieWindPowerandLeizhouWindPowerwere12.5%,12.5%and0%in2019(2018:0%,0%and0%)respectively.Inaddition,50%ofVATleviedonthesalesofelectricitygeneratedbyGuangdongYudeanShibeishanWindPowerCo.,Ltd.(“ShibeishanWindPower”),GuangdongYudeanZhanjiangWindPowerGenerationCo.,Ltd.(“ZhanjiangWindPower”),GuangdongYudeanXuwenWindPowerElectricityCo.,Ltd.(“XuwenWindPower”),DianbaiWindPower,QujieWindPower,LeizhouWindPowerandHuilaiWindPowerCo.,Ltd.(“HuilaiWindPower”)willberefundedimmediatelyinaccordancewiththeNoticeConcerningValue-addedTaxPoliciesonWindPowerGeneration(CaiShui[2015]No.74). |
| (b) | In2008,ZhanjiangElectric,asubsidiaryoftheCompany,wasgrantedaHigh-techEnterpriseCertificate(CertificateNo.:GR201744007248)bytheDepartmentofScience&TechnologyofGuangdongProvince,DepartmentofFinanceofGuangdongProvince,theStateTaxationBureauofGuangdongProvinceandtheLocalTaxationBureauofGuangdongProvinceon11December2017.Thecertificateisvalidforthreeyears.UnderArticle28oftheEnterpriseIncomeTaxLawofthePeople’sRepublicofChinaandthecircular([2017]No.24)issuedbytheStateAdministrationofTaxation,thetaxpreferencecanberequestedasoftheyearoftheissueofthehigh-techenterprisecertificate,andtheincometaxrateapplicabletoZhanjiangElectricfor2019was15%(2018:15%). |
| (c) | InaccordancewithregulationsoftheNoticeonImplementingtheInclusiveTaxDeductionandExemptionPoliciesforMicroandSmallEnterprises(CaiShui[2019]No.13),forasmallenterprisewithlowprofits,forthepartoftheannualtaxableincomenotexceedingRMB1million,theamountoftaxableincomeisreducedto25%ofincomeandissubjecttotheenterpriseincomeatthetaxrateof20%;forthepartbetweenRMB1millionandRMB3million,theamountoftaxableincomeisreducedto50%ofincomeandissubjecttotheenterpriseincomeatthetaxrateof20%.Theabovesmallenterpriseswithlowprofitsrefertoenterprisesthatareengagedinnon-restrictedandprohibitedindustriesofthecountry,whichmeetthreeconditionsofannualtaxableincomenotexceedingRMB3million,thenumberofemployeesnotexceeding300,andtheamountoftotalassetsnotexceedingRMB50million.YuhengElectricmettheconditionsforsmalllow-profitenterprisesin2019,anditsamountoftaxableincomewasreducedto25%ofincomeandwassubjecttotheenterpriseincometaxatthetaxrateof20%.Therefore,theapplicableenterpriseincometaxrateforYuhengElectricwas20%(2018:20%). |
| (d) | PursuanttoNoticeonIssuesConcerningtheImplementationofthePreferentialCatalogueofEnterpriseIncomeTaxforIntegratedUtilisationofResources(CaiShui[2008]No.47),since1January2008,enterprisesusetheresourceslistedinthePreferentialCatalogueofEnterpriseIncomeTaxforIntegratedUtilisationofResources(2008Edition)asthemainrawmaterialstoproduceproductsintheabovecataloguethatmeetnationalorindustryrelatedstandards,andtheincomefromaboveproductsisreducedto90%ofthetotalincomeoftheenterprisesfortheyear.TheGroup’ssubsidiariesZhanjiangElectricandGuangdongHuizhouPinghaiPowerPlantCo.,Ltd.(“PinghaiPowerPlant”)usecoalashtoproducecommercialcoalash,whichmeetstheabove-mentionedpreferentialtaxconditionsforintegratedutilisationofresources.Therefore,in2019,revenuefromsalesofcoalashfromZhanjiangElectricandPinghaiPowerPlantwasreducedto90%ofthetotalincomefortheyear. |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements |
| 31December2019 | | 31December2018 |
| Cashonhand | 25,114 | | 31,413 | | Cashatbank | 611,602,016 | | 592,232,767 | | DepositswithEnergyGroupFinanceCompany(b) | 4,468,014,839 | | 4,978,118,712 | | Othercashbalances(c) | 2,000,000 | | 4,000,000 | | 5,081,641,969 | | 5,574,382,892 |
| (a) | Asat31December2019,theGrouphadnooffshoredeposit(31December2018:Nil). |
| (b) | DepositswithEnergyGroupFinanceCompanyrefertothedepositsplacedinEnergyGroupFinanceCompany(Note8(6)).EnergyGroupFinanceCompanyisafinancialinstitutionestablishedwiththeapprovalofthePeople’sBankofChina.BoththeCompanyandEnergyGroupFinanceCompanyarecontrolledbyGEGC. |
| (c) | Asat31December2019,othercashbalancesamountedtoRMB2,000,000(31December2018:RMB4,000,000)andrepresenteddepositsofHuizhouPingdianComprehensiveEnergyCo.,Ltd.(“PingdianComprehensive”),asubsidiaryoftheGroup,forthepurposeofapplyingforperformanceguaranteesforadmissiontosalesofelectricityatGuangdongPowerExchangeCentre. |
| 31December2019 | | 31December2018 |
| Accountsreceivable | 3,197,845,885 | | 3,358,489,658 | | Less:Provisionforbaddebts | (155,421) | | (157,709) | | 3,197,690,464 | | 3,358,331,949 |
| (a) | Theageingofaccountsreceivableisanalysedasfollows: |
| 31December2019 | | 31December2018 |
| Within1year | 3,181,230,519 | | 3,358,257,370 | | 1to2years | 16,615,366 | | 144,000 | | 2to3years | - | | 88,288 | | 3,197,845,885 | | 3,358,489,658 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (2) | Accountsreceivable(Cont’d) |
| (b) | Asat31December2019,thefivelargestamountsofaccountsreceivableaggregatedbydebtorswereanalysedasfollows: |
| Balance | | Amountofprovisionforbaddebts | | Percentageintotalbalanceofaccountsreceivable |
| Totalamountoffivelargestaccountsreceivable | 3,118,521,413 | | - | | 97.52% |
Foraccountsreceivable,irrespectiveofwhetherasignificantfinancingcomponentexists,theGroupmeasuresthelossprovisionaccordingtothelifetimeexpectedcreditlosses.From31December2019,theGroup’srecognitionstandardsandaccrualmethodsforprovisionforbaddebtsofaccountsreceivablearedetailedinNote2(9).Asat31December2019,accountsreceivableforwhichtherelatedprovisionforbaddebtswasprovidedonthegroupingbasiswereanalysedasfollows: Asat31December2019,accountsreceivableforwhichtherelatedprovisionforbaddebtswasprovidedonthegroupingbasiswereanalysedasfollows: Grouping1: Grouping1: Asat31December2019,theamountofreceivablesfromsalesofelectricityoftheGroupwasRMB3,172,505,993,whichwasmainlyfromChinaSouthernPowerGridCo.,Ltd.anditssubsidiaries(collectivelyreferredtoas“ChinaSouthernPowerGrid”).Takingintoconsiderationitsgoodcredit,theGroupbelievesthatthereisnosignificantcreditriskinthereceivablesfromsalesproceedsofelectricity,andthepossibilityofsignificantlossesduetoChinaSouthernPowerGrid'sdefaultisextremelylow.TheGroup'sexpectedcreditlossrateforsalesproceedsofelectricityis0%. Asat31December2019,theamountofreceivablesfromsalesofelectricityoftheGroupwasRMB3,172,505,993,whichwasmainlyfromChinaSouthernPowerGridCo.,Ltd.anditssubsidiaries(collectivelyreferredtoas“ChinaSouthernPowerGrid”).Takingintoconsiderationitsgoodcredit,theGroupbelievesthatthereisnosignificantcreditriskinthereceivablesfromsalesproceedsofelectricity,andthepossibilityofsignificantlossesduetoChinaSouthernPowerGrid'sdefaultisextremelylow.TheGroup'sexpectedcreditlossrateforsalesproceedsofelectricityis0%.Grouping2: Grouping2: Asat31December2019,theamountofreceivablesfromrelatedpartiesoftheGroupwasRMB9,797,752,andthehistoricallossratewasextremelylow.Therefore,TheGroupbelievesthatthereisnosignificantcreditriskinthereceivablesfromrelatedparties,andthepossibilityofsignificantlossesduetotheirdefaultisextremelylow.TheGroup'sexpectedcreditlossrateforreceivablesfromrelatedpartiesis0%. GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (2) | Accountsreceivable(Cont’d) |
| (c) | Provisionforbaddebts(Cont’d) |
Asat31December2019,accountsreceivableforwhichtherelatedprovisionforbaddebtswasprovidedonthegroupingbasiswereanalysedasfollows(Cont’d): Grouping3: Grouping3: 31December2019 | 31December2019 | | Endingbalance | | Provisionforbaddebts | | Amount | | Lifetimeexpectedcreditlossrate | | Amount |
| Within1year | | 15,542,140 | | 1.00% | | (155,421) |
| (d) | In2019,theamountofprovisionforbaddebtsofaccountsreceivablewasRMB155,421,andtheamountofreversedprovisionforbaddebtsofaccountsreceivableinthecurrentyearwasRMB157,709,withcorrespondingendingbalanceofRMB13,210,607.Therewasnoprovisionforbaddebtsofaccountsreceivablewrittenoff. |
| (e) | Asat31December2019,therighttocollectelectricchargesofseveralelectricsubsidiaries,werepledgedtobankstoobtainlong-termborrowingsofRMB4,231,292,593,includingRMB240,907,909duewithinoneyear(31December2018:RMB2,765,356,586,includingRMB213,259,115duewithinoneyear)(Note4(27)(a)and(29)(a)). |
| 31December2019 | | 31December2018 |
| Advancestosuppliers | 605,429,334 | | 906,566,047 | | Less:Provisionforbaddebts | (115,001) | | (305,001) | | 605,314,333 | | 906,261,046 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (3) | Advancestosuppliers(Cont’d) |
| (a) | Theageingofadvancestosuppliersisanalysedbelow: |
| 31December2019 | | 31December2018 | | Amount | | %oftotalbalance | | Amount | | %oftotalbalance |
| Within1year | 604,059,281 | | 99.77% | | 898,864,235 | | 99.16% | | 1to2years | 886,809 | | 0.15% | | 6,388,849 | | 0.70% | | 2to3years | 115,026 | | 0.02% | | 756,896 | | 0.08% | | Over3years | 368,218 | | 0.06% | | 556,067 | | 0.06% | | 605,429,334 | | 100.00% | | 906,566,047 | | 100.00% |
Asat31December2019,advancestosupplierswithageingoveroneyearamountedtoRMB1,370,503(31December2018:RMB7,701,812),mainlyincludingprepaymentsforsparepartsandmaterials.(b) | (b) | Provisionforbaddebtsinthecurrentyear |
| Openingbalance | (305,001) | | - | | Increaseinthecurrentyear | - | | (305,001) | | Reversalinthecurrentyear | 190,000 | | - | | Endingbalance | (115,001) | | (305,001) |
| (c) | Asat31December2019,thefivelargestadvancestosuppliersaggregatedbydebtorswereanalysedasfollows: |
| Amount | | %oftotaladvancestosuppliers |
| Totalofthefivelargestadvancestosuppliers | 561,925,680 | | 92.81% |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| 31December2019 | | 31December2018 |
| Receivablesfromsalesofby-products | 76,167,059 | | 61,562,471 | | Supplementarymedicalinsurancefundreceivable | 68,705,226 | | 74,967,255 | | Landwithdrawalreceivable(a) | 46,536,090 | | - | | Landdepositsreceivable | 23,446,000 | | 23,446,000 | | Interestreceivable | 20,866,069 | | 18,856,569 | | Projectexpensespaidonbehalf | 8,101,462 | | 5,423,464 | | Reservesreceivable | 5,004,220 | | 8,207,879 | | Governmentgrantsreceivable | 447,197 | | 5,208,887 | | Others | 35,274,171 | | 34,749,156 | | 284,547,494 | | 232,421,681 |
| Less:Provisionforbaddebts | (11,745,906) | | (9,444,855) | | 272,801,588 | | 222,976,826 |
| (a) | In2019,duetotheadjustmentofZhaoqingNewArea'slandplan,theZhaoqingNewAreaLandReserveCenterrecoveredthelandplotheldbytheCompany'ssubsidiaryGuangdongYudeanYonganNaturalGasThermalPowerCo.,Ltd.(“YonganNaturalGas”)ataconsiderationofRMB93,072,180.Asat31December2019,YonganNaturalGasreceivedRMB46,536,090,andtheremainingamountofRMB46,536,090hadnotyetbeenrecovered.WhenYonganNaturalGasdisposedtheland,thedifferenceofRMB29,476,253betweentheconsiderationofthelandofRMB93,072,180andthecarryingamountoftheintangibleassetsofRMB63,595,927wasincludedinthegainsondisposalofintangibleassets(Note4(50)). |
| (b) | Theageingofotherreceivablesisanalysedasfollows: |
| 31December2019 | | 31December2018 |
| Within1year | 191,812,809 | | 188,702,751 | | 1to2years | 58,978,320 | | 33,895,584 | | 2to3years | 24,490,685 | | 2,033,130 | | Over3years | 9,265,680 | | 7,790,216 | | 284,547,494 | | 232,421,681 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (4) | Otherreceivables(Cont'd) |
| (c) | Provisionforlossesandchangesinendingbalancestatements |
| Stage1 | | Stage3 | | | | 12-monthexpectedcreditlossrate(grouping) | | 12-monthexpectedcreditlossrate(individual) | | Sub-total | | Lifetimeexpectedcreditlosses(creditimpaired) | | Total | | Endingbalance | Provisionforbaddebts | | Endingbalance | Provisionforbaddebts | | Provisionforbaddebts | | Endingbalance | Provisionforbaddebts | | Provisionforbaddebts |
| 31December2018 | | 42,334,934 | (2,437,143) | | 183,079,035 | - | | (2,437,143) | | 7,007,712 | (7,007,712) | | (9,444,855) | | Changesinaccountingpolicies | | - | - | | - | - | | - | | - | - | | - | | 1January2019 | | 42,334,934 | (2,437,143) | | 183,079,035 | - | | (2,437,143) | | 7,007,712 | (7,007,712) | | (9,444,855) | | Increaseinthecurrentyear | | 34,018,630 | (2,328,374) | | 53,082,239 | - | | (2,328,374) | | - | - | | (2,328,374) | | Reversalinthecurrentyear | | (34,975,056) | 1,457,324 | | - | - | | 1,457,324 | | - | - | | 1,457,324 | | TransfertoStage3 | | (1,430,001) | - | | - | - | | - | | 1,430,001 | (1,430,001) | | (1,430,001) | | 31December2019 | | 39,948,507 | (3,308,193) | | 236,161,274 | - | | (3,308,193) | | 8,437,713 | (8,437,713) | | (11,745,906) |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (4) | Otherreceivables(Cont'd) |
| (c) | Provisionforlossesandchangesinendingbalancestatements(Cont’d): |
Asat31December2019,theGroupdidnothaveanyotherreceivablesatStage2.OtherreceivablesatStage1andStage3wereanalysedbelow: (i) | (i) | Asat31December2019,otherreceivablesatStage1withprovisionforbaddebtsonindividualbasiswereanalysedasfollows: |
| Endingbalance | | 12-monthexpectedcreditlossrate | | Provisionforbaddebts | Reason |
| Receivablesfromrelatedparties | 97,026,761 | | 0.00% | | - | Thecounterpartyisarelatedparty,withahistoricallossrateof0%,andtheriskofexpectedcreditlossesisextremelylow. | | Supplementarymedicalinsurancefundreceivable | 68,705,226 | | 0.00% | | - | ThecounterpartyisTaikangPensionCompanyLimitedGuangdongBranch(“TaikangPension”),whichmainlyprovidescustodyservicesfortheGroup'ssupplementarymedicalinsurancefund.Thehistoricallossrateis0%,andtheriskofexpectedcreditlossesisextremelylow. | | Landwithdrawalreceivable | 46,536,090 | | 0.00% | | - | Thecounterpartyisagovernmentunitandtheriskofexpectedcreditlossesisextremelylow. | | Landdepositsreceivable | 23,446,000 | | 0.00% | | - | Thecounterpartyisagovernmentunitandtheriskofexpectedcreditlossesisextremelylow. | | Governmentgrantsreceivable | 447,197 | | 0.00% | | - | Thecounterpartyisagovernmentunitandtheriskofexpectedcreditlossesisextremelylow. | | 236,161,274 | | | | - | |
| (ii) | Asat31December2019,otherreceivablesatStage1withprovisionforbaddebtsongroupingbasiswereanalysedasfollows: |
| 31December2019 | | Endingbalance | | Provisionforlosses | | Amount | | Amount | | %ofprovision |
| Grouping1 | | | | | | | Within1year | 32,588,629 | | (331,096) | | 1.00% | | 1to2years | 4,057,224 | | (405,722) | | 10.00% | | 2to3years | 1,044,685 | | (313,406) | | 30.00% | | Over3years | 2,257,969 | | (2,257,969) | | 100.00% | | 39,948,507 | | (3,308,193) | | 8.28% |
| (iii) | Asat31December2019,provisionforbaddebtsofotherreceivablesatStage3wasanalysedbelow: |
| Endingbalance | | Lifetimeexpectedcreditlossrate | | Provisionforbaddebts | Reason |
| Projectexpensespaidonbehalf | 2,356,339 | | 100.00% | | (2,356,339) | Duetofinancialdifficultiesofthecounterparties,itisnotexpectedtoberecovered. | | Reservesreceivable | 34,676 | | 100.00% | | (34,676) | Duetotheemployee'sdeparture,itisnotexpectedtoberecovered. | | Others | 6,046,698 | | 100.00% | | (6,046,698) | Duetofinancialdifficultiesofthecounterparties,itisnotexpectedtoberecovered. | | 8,437,713 | | | | (8,437,713) | |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (4) | Otherreceivables(Cont'd) |
| (d) | In2019,theamountofprovisionforbaddebtswasRMB3,758,375,andtheamountofreversedprovisionforbaddebtsinthecurrentyearwasRMB1,457,324,withcorrespondingendingbalanceofRMB34,975,056.Therewasnoprovisionforbaddebtswrittenoff. |
| (e) | Asat31December2019,thefivelargestotherreceivablesaggregatedbydebtorswereanalysedasfollows: |
| Nature | | Balance | | Ageing | | %oftotalbalanceofotherreceivables | | Provisionforbaddebts |
| GuangdongYudeanEnvironmentalProtectionCo.,Ltd.(“YudeanEnvironmental”) | Receivablesfromsalesofby-products | | 69,568,758 | | Within1year | | 24.45% | | - | | TaikangPension | Supplementarymedicalinsurancefundreceivable | | 68,705,226 | | Within2years | | 24.15% | | - | | ZhaoqingNewAreaLandReserveCenter | Landwithdrawalreceivable | | 46,536,090 | | Within1year | | 16.35% | | - | | MaomingPortBoheNewPortConstructionHeadquartersOffice | Landdepositsreceivable | | 23,446,000 | | 2to3years | | 8.24% | | - | | ChinaEnergyEngineeringGroupGuangdongPowerEngineeringCo.,Ltd. | Projectexpensespaidonbehalf | | 3,270,049 | | Within2years | | 1.15% | | (63,133) | | | | 211,526,123 | | | | 74.34% | | (63,133) |
| (f) | Asat31December2019,theGroup'sgovernmentgrantsrecognisedatamountsreceivablewereanalysedasfollows: |
| Governmentgrants | Balance | Ageing | Estimatedtime,amountandbasisofcollection |
| XuwenTaxationBureau | ImmediaterefundofVAT | 244,947 | Within1year | ExpectedtobefullyrecoveredbyJune2020 | | ZhanjiangTaxationBureau | ImmediaterefundofVAT | 146,714 | Within1year | ExpectedtobefullyrecoveredbyJune2020 | | HuilaiTaxationBureau | ImmediaterefundofVAT | 55,536 | Within1year | ExpectedtobefullyrecoveredbyJune2020 | | | 447,197 | | |
| (a) | Inventoriesaresummarisedbycategoriesasfollows: |
| 31December2019 | | 31December2018 | | Endingbalance | Provisionfordeclineinthevalueofinventories | | Carryingamount | | Endingbalance | | Provisionfordeclineinthevalueofinventories | | Carryingamount |
| Fuel | 1,090,379,874 | (219,427) | | 1,090,160,447 | | 780,978,630 | | (1,429,525) | | 779,549,105 | | Spareparts | 718,858,215 | (14,790,029) | | 704,068,186 | | 697,094,406 | | (18,128,209) | | 678,966,197 | | Others | 22,830,636 | - | | 22,830,636 | | 23,301,968 | | - | | 23,301,968 | | 1,832,068,725 | (15,009,456) | | 1,817,059,269 | | 1,501,375,004 | | (19,557,734) | | 1,481,817,270 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (b) | Provisionfordeclineinthevalueofinventoriesisanalysedasfollows: |
| 31December2018 | | Increaseinthecurrentyear | | Writtenoffinthecurrentyear | | 31December2019 |
| Spareparts | (18,128,209) | | (310,725) | | 3,648,905 | | (14,790,029) | | Fuel | (1,429,525) | | (219,427) | | 1,429,525 | | (219,427) | | (19,557,734) | | (530,152) | | 5,078,430 | | (15,009,456) |
Asat31December2019,theGroupmadeprovisionfordeclineinthevalueofsparepartsbecausesomesparepartswererendereduselessandimpairedasaresultoftechnologyupgrade,anditmadeprovisionfordeclineinthevalueoffuelbecausetheheavyoilcouldnotbeusedasfuelasbeforeandwasimpairedduetoupgradingofZhanjiangElectric’sunits,asubsidiaryoftheCompany.(c) | (c) | Provisionfordeclineinthevalueofinventoriesisasfollows: |
| Specificbasisfordeterminingnetrealisablevalue | | Reasonforwrite-offofprovisionfordeclineinthevalueofinventories |
| Sparepartsandfuel | Marketprice | | Disposedsparepartsandfuel |
| (6) | Currentportionofnon-currentassets |
| 31December2019 | | 31December2018 |
| Currentportionoffinanceleasedeposits | 28,865,131 | | - |
Asat31December2019,currentportionofnon-currentassetsmainlyrepresentedthepresentvalueofRMB30,000,000ofdepositspaidforfixedassetsheldundersalesandleasebackarrangement(31December2018:Nil).(7) | 31December2019 | | 31December2018 |
| VATtobededucted | 296,729,796 | | 613,635,937 | | Prepaidincometax | 7,893,174 | | 4,181,711 | | Others | 972,597 | | 35,828 | | 305,595,567 | | 617,853,476 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (8) | Available-for-salefinancialassets |
| 31December2019 | | 31December2018 |
| Measuredatfairvalue | | | | | -Available-for-saleequityinstruments | - | | 1,139,806,331 |
| Measuredatcost | | | | | -Available-for-saleequityinstruments | - | | 426,000,000 | | - | | 1,565,806,331 |
| Less:Provisionforimpairment | - | | - |
| (a) | Available-for-salefinancialassetssummarisedbyrelevantinformation: |
Available-for-salefinancialassetsmeasuredatfairvalue: 31December2019 | 31December2019 | | 31December2018 |
| Available-for-saleequityinstruments | | | | | -Fairvalue | - | | 1,139,806,331 | | -Cost | - | | 435,463,816 | | -Accumulatedamountincludedinothercomprehensiveincome | - | | 704,342,515 | | -Accumulatedprovisionforimpairment | - | | - |
Available-for-salefinancialassetsmeasuredatcost: 31December2019 | 31December2019 | | 31December2018 |
| Available-for-saleequityinstruments | | | | | -Cost | - | | 426,000,000 |
| (9) | Investmentsinotherequityinstruments |
| 31December2019 | | 31December2018 | | Cashdividendsinthecurrentyear |
| Investmentsinotherequityinstruments | | 3,142,371,373 | | - | | 58,580,379 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (9) | Investmentsinotherequityinstruments(Cont’d) |
Including: 31December 2018 | 31December2018 | | Transferfromavailable-for-salefinancialassets(undertheoldfinancialinstrumentsstandards) | | Movementsinthecurrentyear | | 31December2019 | | Shareholding(%)intheinvestee | | Cashdividendsinthecurrentyear |
| Investmentsinotherequityinstruments-cost | | | | | | | | | | | | | -ShenzhenEnergyCorporation(“ShenzhenEnergy”)(a) | - | | 15,890,628 | | - | | 15,890,628 | | 0.32% | | 630,000 | | -ShanghaiShenergyCo.,Ltd.(“ShanghaiShenergy”)(b) | - | | 235,837,988 | | - | | 235,837,988 | | 1.92% | | 11,106,450 | | -GMGInternationalTenderingCo.,Ltd.(“GMGTendering”)(c) | - | | 3,600,000 | | - | | 3,600,000 | | 1.29% | | 360,000 | | -ShenzhenCapitalGroupCo.,Ltd.(“SCG”)(d) | - | | 180,135,200 | | 78,162,240 | | 258,297,440 | | 3.67% | | 18,483,929 | | -SunshineInsuranceGroupCorporation(“SunshineInsurance”)(e) | - | | 356,000,000 | | - | | 356,000,000 | | 3.38% | | 28,000,000 | | -SouthSeaWindElectricityDevelopmentCo.,Ltd.(“SouthSeaWindElectricity”)(f) | - | | 70,000,000 | | - | | 70,000,000 | | 10.00% | | - | | - | | 861,463,816 | | 78,162,240 | | 939,626,056 | | | | 58,580,379 |
| Investmentsinotherequityinstruments-accumulatedchangesinfairvalue | | | | | | | | | -ShenzhenEnergy(a) | - | | 50,259,372 | | 12,096,000 | | 62,355,372 | | -ShanghaiShenergy(b) | - | | 35,159,392 | | 51,644,993 | | 86,804,385 | | -GMGTendering(c) | - | | 18,000 | | 3,564,000 | | 3,582,000 | | -SCG(d) | - | | 618,905,751 | | 18,796,809 | | 637,702,560 | | -SunshineInsurance(e) | - | | - | | 1,412,000,000 | | 1,412,000,000 | | -SouthSeaWindElectricity(f) | - | | - | | 301,000 | | 301,000 | | - | | 704,342,515 | | 1,498,402,802 | | 2,202,745,317 |
| Total | - | | 1,565,806,331 | | 1,576,565,042 | | 3,142,371,373 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (9) | Investmentsinotherequityinstruments(Cont’d) |
| (a) | Asat31December2019,theCompanyheld12,600,000tradableAsharesinShenzhenEnergywithfairvalueofRMB78,246,000,andtheinvestmentcostwasRMB15,890,628.Theinvestmentwasstatedatfairvaluewithreferencetothemarketprice.Duringtheyear,gainsatfairvalueamountedtoRMB12,096,000(2018:lossesofRMB10,206,000),andothercomprehensiveincomewasadjustedupwardsaccordingly. |
| (b) | Asat31December2019,theCompanyheld55,532,250tradableAsharesinShanghaiShenergywithfairvalueofRMB322,642,373,andtheinvestmentcostwasRMB235,837,988.Theinvestmentwasstatedatfairvaluewithreferencetothemarketprice.Duringtheyear,gainsatfairvalueamountedtoRMB51,644,993(2018:lossesofRMB54,421,605),andothercomprehensiveincomewasadjustedupwardsaccordingly. |
| (c) | Asat31December2019,theCompanyheld1,800,000sharesofGMGInternationalTenderingCo.,Ltd.tradedattheNationalEquitiesExchangeandQuotationssystemwithfairvalueofRMB7,182,000,andtheinvestmentcostwasRMB3,600,000.Theinvestmentwasstatedatfairvaluewithreferencetothemarketprice.Duringtheyear,gainsatfairvalueamountedtoRMB3,564,000(2018:lossesofRMB3,600,000),andothercomprehensiveincomewasadjustedupwardsaccordingly. |
| (d) | PursuanttotheProposalonInvolvementinCapitalandShareIncreaseofShenzhenCapitalGroupCo.,Ltd.approvedbytheBoardofDirectorsinSeptember2018,theCompanywaspermittedtomakeacapitalinjectionofRMB213,034,000toShenzhenCapitalGroupCo.,Ltd.(“SCG”)atitsoriginalproportionofshareholding.AcapitalinjectionofRMB65,135,200wasmadein2018,andacapitalinjectionofRMB78,162,240wasmadein2019.TheremainingcapitalinjectionofRMB69,736,560wouldbemadein2020.Asat31December2019,thefairvalueoftheequitythattheCompanyheldinSCGamountedtoRMB896,000,000,andtheinvestmentcostwasRMB258,297,440.Duringtheyear,gainsatfairvalueamountedtoRMB18,796,809(2018:gainsofRMB618,905,751),andothercomprehensiveincomewasadjustedupwardsaccordingly. |
| (e) | Asat31December2019,thefairvalueoftheequitythattheCompanyheldinSunshineInsuranceamountedtoRMB1,768,000,000,andtheinvestmentcostwasRMB356,000,000.Duringtheyear,gainsatfairvalueamountedtoRMB1,412,000,000(2018:Nil),andothercomprehensiveincomewasadjustedupwardsaccordingly. |
| (f) | Asat31December2019,thefairvalueoftheequitythattheCompanyheldinSouthSeaWindElectricityamountedtoRMB70,301,000,andtheinvestmentcostwasRMB70,000,000.Duringtheyear,gainsatfairvalueamountedtoRMB301,000(2018:Nil),andothercomprehensiveincomewasadjustedupwardsaccordingly. |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| 31December2019 | | 31December2018 |
| Salesandleasebackdeposits | 94,721,477 | | 89,762,071 |
| Less:Currentportionofsalesandleasebackdeposits(Note4(6)) | (28,865,131) | | - | | 65,856,346 | | 89,762,071 |
In2019,thediscountrateofthelong-termreceivablesrangedfrom5.97%to6.68%(2018:5.40%to7.30%). Asat31December2019,thelong-termreceivablesmainlyrepresentedthepresentvalueofRMB70,000,000ofdepositspaidforfixedassetsheldundersalesandleasebackarrangement(31December2018:RMB100,000,000). Asat31December2019,thelong-termreceivablesmainlyrepresentedthepresentvalueofRMB70,000,000ofdepositspaidforfixedassetsheldundersalesandleasebackarrangement(31December2018:RMB100,000,000).(11) | (11) | Long-termequityinvestments |
| 31December2019 | | 31December2018 |
| Jointventures(a) | 615,218,300 | | 602,584,896 | | Associates(b) | 5,936,894,116 | | 5,817,560,544 | | 6,552,112,416 | | 6,420,145,440 |
| Less:Provisionforimpairmentoflong-termequityinvestments | (96,327,854) | | (25,010,686) | | 6,455,784,562 | | 6,395,134,754 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (11) | Long-termequityinvestments(Cont’d) |
| 31December2018 | | Shareofnetprofit/(loss)underequitymethod | | Cashdividendsdeclared | | 31December2019 | | Provisionforimpairmentattheendoftheyear |
| GuangdongElectricPowerIndustryFuelCo.,Ltd.(“IndustryFuel”) | 602,584,896 | | 80,686,526 | | (68,053,122) | | 615,218,300 | | - |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (11) | Long-termequityinvestments(Cont’d) |
| | Movementsforthecurrentyear | | | | | | 31December2018 | | Increaseininvestment | | Shareofnetprofit/(loss)underequitymethod | | Shareofothercomprehensiveincome(Note4(37)) | Shareofotherchangesinequity(iv) | | Cashdividendsorprofitsdeclared | | Provisionforimpairment | | 31December2019 | | Provisionforimpairmentattheendoftheyear |
| GuangdongGuohuaYudeanTaishanElectricCo.,Ltd.(“TaishanElectric”) | 1,969,208,996 | | - | | 116,141,826 | | 5,117 | - | | - | | - | | 2,085,355,939 | | - | | ShanxiYudeanEnergyCo.,Ltd.(“ShanxiYudeanEnergy”) | 1,440,189,806 | | - | | 244,013,740 | | - | - | | (40,000,000) | | - | | 1,644,203,546 | | - | | EnergyGroupFinanceCompany(i) | 728,955,751 | | 250,000,000 | | 77,073,152 | | - | (39,794) | | (64,106,710) | | - | | 991,882,399 | | - | | YudeanShipping(ii) | 935,111,350 | | - | | (476,194,650) | | 215,351 | (10,262,458) | | - | | - | | 448,869,593 | | - | | GuangdongYudeanPropertySelf-InsuranceCo.,Ltd.(“YudeanPropertySelf-Insurance”) | 258,026,177 | | - | | 4,147,759 | | - | 3,907 | | (773,832) | | - | | 261,404,011 | | - | | GuangdongYudeanWesternInvestmentCo.,Ltd.(“WesternInvestment”) | 135,652,349 | | - | | 1,211,348 | | 2,110,342 | 3,469,243 | | - | | - | | 142,443,282 | | - | | HuanengShantouWindPowerCo.,Ltd.(“HuanengShantouWindPower”) | 54,265,187 | | - | | 6,178,117 | | - | - | | (3,700,001) | | - | | 56,743,303 | | - | | YangshanZhongxinkengElectricCo.,Ltd.(“YangshanZhongxinkeng”) | 7,808,826 | | - | | 1,235,845 | | - | - | | (1,001,005) | | - | | 8,043,666 | | - | | YangshanJiangkengHydropowerCo.,Ltd.(“YangshanJiangkeng”) | 5,694,710 | | - | | 512,330 | | - | - | | (809,317) | | - | | 5,397,723 | | - | | WeixinYuntou(iii) | 257,636,706 | | - | | 9,903,262 | | - | - | | - | | (71,317,168) | | 196,222,800 | | (96,327,854) | | 5,792,549,858 | | 250,000,000 | | (15,777,271) | | 2,330,810 | (6,829,102) | | (110,390,865) | | l(71,317,168) | | 5,840,566,262 | | (96,327,854) |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (11) | Long-termequityinvestments(Cont’d) |
| (i) | InDecember2019,theCompanymadeanadditionalinvestmentofRMB250,000,000toEnergyGroupFinanceCompany,keepinganinvestmentproportionof25%intotalinvestment(31December2018:25%). |
| (ii) | In2019,YudeanShipping,anassociateoftheCompany,wasaffectedbytheglobaleconomicdownturnandfiercecompetitionintheshippingindustry,resultinginadeclineinshippingprices;inaddition,duetothereductionofoutputfromtheOrganisationofthePetroleumExportingCountries,tightgeopoliticalrelationsandimplementationofnewenvironmentalprotectionpolicies,theoperatingcostshadshownavolatileupwardtrend,whichhadreducedtheprofitsofYudeanShippingandtherewereindicationsofimpairmentastheeconomicperformanceoftherelevantlong-termassetswasweakerthanexpectedin2019.Asat31December2019,YudeanShippingconductedanimpairmenttestonitsrelevantlong-termassetsandtheCompanyreviewedtheimpairmentassessmentreportandassessedthattherewasnofurtherimpairmentriskinlong-termequityinvestmentsinYudeanShipping.Basedontheaboveassessmentresults,YudeanShippingrecognisedtheimpairmentoflong-termassets;in2019,YudeanShippingresultedinanetlossofRMB1,360,556,144,theCompanyrecognisedtheinvestmentlossofYudeanShippingofRMB476,194,650undertheequitymethod.Asat31December2019,thecarryingamountoftheCompany'slong-termequityinvestmentsinYudeanShippingwasRMB448,869,593. |
| (iii) | In2019,theCompany'sassociate,WeixinYuntou,wasaffectedbythefiercecompetitionofrichandcheaphydropowerinYunnanProvince.WeixinYuntouonlyreceivedasmallamountofthermalpowergenerationquotas,andtherewascontinuousoperatinglossafterdeductinggainsondisposalofnon-recurringassetsin2019.Asat31December2019,theCompanyconductedanimpairmenttestonthelong-termequityinvestmentsinWeixinYuntou.Asthecarryingamountofthelong-termequityinvestmentswaslowerthantherecoverableamount,theprovisionforimpairmentoflong-termequityinvestmentswasRMB71,317,168.Asat31December2019,thecarryingamountoftheCompany'slong-termequityinvestmentsinWeixinYuntouwasRMB196,222,800,andtheaccumulatedprovisionforimpairmentoflong-termequityinvestmentswasRMB96,327,854. |
| (iv) | In2019,otherchangesinequityfromlong-termequityinvestmentsinassociatesmainlyincludedchangesincapitalsurplusofRMB5,813,698(Note4(36)(b))andchangesinundistributedprofitsofRMB1,015,404(Note4(39)(b)). |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| Buildings | | Cost | | | -Openingbalance | 23,350,683 | | -Transferfromfixedassetsinthecurrentyear(Note(13)(a)) | 45,225,231 | | -Endingbalance | 68,575,914 |
| Accumulateddepreciation | | | -Openingbalance | (12,539,961) | | -Transferfromfixedassetsinthecurrentyear(Note(13)(a)) | (1,857,161) | | -Increaseinthecurrentyear(a) | (2,085,161) | | -Endingbalance | (16,482,283) |
| Carryingamount | | | -Endingbalance | 52,093,631 | | -Openingbalance | 10,810,722 |
| (a) | In2019,depreciationchargedtoinvestmentpropertieswasRMB2,085,161(2018:RMB701,435)amongwhichdepreciationexpenseschargedtocostofsales,andgeneralandadministrativeexpenseswereRMB1,449,563andRMB635,598(2018:RMB65,837andRMB635,598)respectively. |
| 31December2019 | | 31December2018 |
| Fixedassets(a) | 38,530,031,244 | | 41,146,148,282 | | Disposaloffixedassets(b) | 25,687,474 | | 11,446,566 | | 38,555,718,718 | | 41,157,594,848 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| Buildings | | Powergenerationequipment | | Motorvehicles | | Otherequipment | | Total | | Cost | | | | | | | | | | | 31December2018 | 18,598,681,407 | | 58,157,094,942 | | 601,983,027 | | 1,313,127,190 | | 78,670,886,566 | | Increaseinthecurrentyear | | | | | | | | | | | Purchase | 3,083,076 | | 10,615,041 | | 13,393,907 | | 27,759,185 | | 54,851,209 | | Transferfromconstructioninprogress(ii) | 90,033,203 | | 1,075,024,184 | | - | | 25,636,438 | | 1,190,693,825 | | Decreaseinthecurrentyear | | | | | | | | | | | Disposalandscrap | (38,068,065) | | (317,038,599) | | (19,889,632) | | (10,145,098) | | (385,141,394) | | Transfertoinvestmentpropertiesinthecurrentyear(ii) | (45,225,231) | | - | | - | | - | | (45,225,231) | | 31December2019 | 18,608,504,390 | | 58,925,695,568 | | 595,487,302 | | 1,356,377,715 | | 79,486,064,975 |
| Accumulateddepreciation | | | | | | | | | | | 31December2018 | (6,520,345,627) | | (28,700,016,782) | | (445,707,863) | | (881,635,550) | | (36,547,705,822) | | Increaseinthecurrentyear | | | | | | | | | | | Provision(i) | (442,142,211) | | (3,199,308,912) | | (15,692,678) | | (58,742,539) | | (3,715,886,340) | | Decreaseinthecurrentyear | | | | | | | | | | | Disposalandscrap | 18,902,496 | | 142,266,424 | | 18,793,045 | | 9,616,199 | | 189,578,164 | | Transfertoinvestmentpropertiesinthecurrentyear(ii) | 1,857,161 | | - | | - | | - | | 1,857,161 | | 31December2019 | (6,941,728,181) | | (31,757,059,270) | | (442,607,496) | | (930,761,890) | | (40,072,156,837) |
| Provisionforimpairment | | | | | | | | | | | 31December2018 | (137,793,202) | | (833,579,211) | | (1,656,135) | | (4,003,914) | | (977,032,462) | | Increaseinthecurrentyear | | | | | | | | | | | Provision(iii) | (9,097,784) | | (45,035,393) | | - | | - | | (54,133,177) | | Decreaseinthecurrentyear | | | | | | | | | | | Disposalandscrap | - | | 147,288,745 | | - | | - | | 147,288,745 | | 31December2019 | (146,890,986) | | (731,325,859) | | (1,656,135) | | (4,003,914) | | (883,876,894) |
| Carryingamount | | | | | | | | | | | 31December2019 | 11,519,885,223 | | 26,437,310,439 | | 151,223,671 | | 421,611,911 | | 38,530,031,244 | | 31December2018 | 11,940,542,578 | | 28,623,498,949 | | 154,619,029 | | 427,487,726 | | 41,146,148,282 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (i) | Depreciationoffixedassetschargedintocostofsales,generalandadministrativeexpenses,constructioninprogressandsellinganddistributionexpensesaresetoutasfollows: |
| Costofsales | 3,658,711,930 | | 3,317,059,002 | | Generalandadministrativeexpenses | 50,165,964 | | 45,160,260 | | Constructioninprogress | 6,574,021 | | 5,625,856 | | Sellinganddistributionexpenses | 434,425 | | 168,621 | | 3,715,886,340 | | 3,368,013,739 |
| (ii) | ThecostoffixedassetstransferredfromconstructioninprogressinthecurrentyearamountedtoRMB1,190,693,825(2018:RMB3,621,286,114)(Note4(14)(a)(i)). |
ThecosttransferredfromfixedassetstoinvestmentpropertiesamountedtoRMB45,225,231withaccumulateddepreciationofRMB1,857,161(2018:Nil)(Note4(12)).(iii) | (iii) | Impairmentoffixedassets |
In2019,movementsofprovisionforimpairmentoffixedassetswereasfollows: 31December 2018 | 31December2018 | | Increaseinthecurrentyear | | Decreaseinthecurrentyear | | 31December2019 |
| GuangdongYuejiaElectricCo.,Ltd.(“YuejiaElectric”)(Note1) | 480,449,596 | | - | | - | | 480,449,596 | | GuangdongElectricPowerDevelopmentCo.,Ltd.ShajiaoAPowerPlant(“ShajiaoAPowerPlant”)(Note3,6) | 76,354,667 | | - | | - | | 76,354,667 | | XuwenWindPower(Note2) | 126,877,473 | | - | | (126,877,473) | | - | | ZhanjiangZhongyueEnergyCo.,Ltd.(“ZhongyueEnergy”)(Note3) | 12,662,964 | | - | | - | | 12,662,964 | | GuangdongRedBayPowerGenerationCo.,Ltd.(“RedBayPower”)(Note3) | 48,597,529 | | - | | - | | 48,597,529 | | ZhanjiangElectric(Note3,5) | 25,901,275 | | 13,250,756 | | (20,329,156) | | 18,822,875 | | GuangdongYudeanJinghaiPowerCo.,Ltd.(“JinghaiPower”)(Note3,5) | 13,455,717 | | 21,496,541 | | - | | 34,952,258 | | GuangdongShaoguanYuejiangElectricPowerCo.,Ltd.(“YuejiangPower”)(Note3,5) | 54,091,864 | | 19,385,880 | | (82,116) | | 73,395,628 | | MaomingZhennengThermalPowerCo.,Ltd.(“MaomingZhenneng”)(Note3) | 29,751,684 | | - | | - | | 29,751,684 | | GuangdongHuizhouNaturalGasPowerCo.,Ltd.(“HuizhouNaturalGas”)(Note4) | 23,895,462 | | - | | - | | 23,895,462 | | LincangEnergy(Note7) | 82,261,857 | | - | | - | | 82,261,857 | | GuangdongProvinceWindPowerGenerationCo.,Ltd.(“GuangdongWindPower”) | 2,732,374 | | - | | - | | 2,732,374 | | 977,032,462 | | 54,133,177 | | (147,288,745) | | 883,876,894 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (iii) | Impairmentoffixedassets(Cont’d) |
| Note1 | ImpairmentoftheassetgroupsrelatedtogeneratorunitsofYuejiaElectric |
ThefourgeneratorunitsofYuejiaElectricwereshutdowninAugust2016.Asat31December2019,thedisposalofsuchfixedassetswasnotcompleted.Asat31December2018and31December2019,thebalanceofprovisionforimpairmentattheexcessofthecarryingamountofassetgroupsandthefairvalueoftheassetgroupslessdisposalcostofYuejiaElectricwasRMB480,449,596.Note2 | Note2 | ImpairmentofgeneratorunitsofXuwenWindPower |
InJuly2014,supertyphoonRammasunslammedtheYongshiWindPowerPlantownedbyXuwenWindPower.Eighteengeneratorunitsweredestroyed(CostofthegeneratorunitswasRMB138,358,965,withaccumulateddepreciationofRMB11,481,492).Astheunitswerecompletelydestroyed,managementrecordedprovisionofRMB126,877,473forimpairmentoftheseunitsagainsttheirfullcarryingamounts.In2019,managementdisposedtheabovefixedassetswithcorrespondingprovisionforimpairmentattheexcessofthefixedassets’carryingamountandthefairvalueofthefixedassetslessdisposalcostoffixedassetsofRMB126,877,473transferredout.Note3 | Note3 | Impairmentofultra-lowemissions,energy-saving,andcatalystofdenitrificationprojects |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (iv) | Impairmentoffixedassets(Cont’d) |
| Note4 | PursuanttotheCircularonShutdownofHeatingBoilersuponOperationofHuizhouLNGProjectPhaseIIissuedbyHuizhoumunicipalgovernmentandtheReplytotheEnvironmentalAssessmentonCogenerationExpansionProjectofHuizhouLNGPowerPlant(YueHuanShen[2012]No.291)issuedbytheDepartmentofEnvironmentalProtectionofGuangdongProvince,itisrequiredtoshutdownthedual-fuelheatingboilersbeforetheenvironmentalacceptancecheckoftheprojectcompletioninpreventionofpollutionandecologicaldamages.Assuchheatingboilerswereshutdownin2018,managementmadeprovisionforimpairmentattheexcessofthecarryingamountofassetgroupsandthefairvalueoftheassetgroupslessdisposalcostoftheseassetsamountingtoRMB23,895,462.Asat31December2019,theabovefixedassetswerenotdisposed. |
| Note5 | In2019,theGroupevaluatedtheassetsofthesubsidiariesthathadnosustainablevalueinuse.ProvisionforimpairmentattheexcessofthecarryingamountofassetgroupsandthefairvalueoftheassetgroupslessdisposalcostofthefollowingassetstotaledRMB54,133,177,whichmainlyincludedprovisionforimpairmentofinduceddraftfansofRMB10,354,839accruedbyZhanjiangElectric,provisionforimpairmentofthesteelstructuregridofNo.1roundcoalyardofRMB9,097,784andprovisionforimpairmentofairpreheaterheatstoragecomponentsofRMB12,398,757accruedbyJinghaiPower,andprovisionforimpairmentofinducedfanaccruedbyYuejiangPowerofRMB10,961,796.Asat31December2019,theabovefixedassetshadnotyetbeendisposed. |
| Note6 | ImpairmentoftheassetgroupsrelatedtogeneratorunitsofShajiaoAPowerPlant |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (iv) | Impairmentoffixedassets(Cont’d) |
| Note7 | Impairmentofrelatedassetgroupsofcertainsubsidiariesthathavesufferedcontinuousoperatinglossinrecentyears |
In2019andpreviousyears,certainsubsidiariesoftheGroupwereaffectedbysharpfluctuationsinthepriceofcoalusedinpowergeneration,themarketizationoftheelectricityindustryandotherfactors,therewascontinuousoperatinglossandindicationsofimpairment,andtheaccumulatedprovisionforimpairmentattheexcessofthecarryingamountandthepresentvalueoftheestimatedfuturecashflowsoffixedassetsinpreviousyearswasRMB82,261,857.Takingintoconsiderationrisksthatmayexistinthefuture,suchastheinstabilityofelectricitydemandandthepriceofcoalusedinpowergeneration,macro-economyandotherfactors,theGroupcontinuouslymonitoredtheimpairmentoftheabove-mentionedsubsidiaries'powergenerationassetgroups(mainlyincludingfixedassets)in2019.TheGroupconductedimpairmenttestsontherelevantassetgroupsoftheabove-mentionedsubsidiariesin2019.Asthecarryingamountoftherelevantassetgroupswashigherthantherecoverableamountstested,therewasnofurtherimpairmentriskfortheyear.Theaboverecoverableamountwasdeterminedbasedonthepresentvalueoftheestimatedfuturecashflowsoftheassetgroups,andthevalueevaluationmodeladoptedthediscountratesof9.00%to11.18%.(v) | (v) | Fixedassetsheldunderfinanceleases |
| Cost | | Accumulateddepreciation | | Carryingamount | | 31December2019 | | | | | | | Powergenerationequipment | 2,962,401,108 | | (1,468,140,485) | | 1,494,260,623 |
| 31December2018 | | | | | | | Powergenerationequipment | 2,962,401,108 | | (1,303,446,281) | | 1,658,954,827 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (vi) | Fixedassetswithpendingcertificatesofownership |
| Carryingamount | | Reasonsfornotobtainingcertificatesofownership |
| Buildings | | 162,049,729 | | Awaitinggovernmentapproval |
Asat31December2019,afterconsultingtheGroup’slegalconsultant,managementbelievedthattherewerenosubstantiallegalobstaclesinobtainingthecertificatesandnomaterialadverseimpactonnormaloperationoftheGroupwouldoccur.(b) | 31December2019 | | 31December2018 |
| Scrapedpartsofpowergenerationequipment | 24,842,897 | | 11,136,365 | | Otherequipment | 844,577 | | 310,201 | | 25,687,474 | | 11,446,566 |
| (14) | Constructioninprogress |
| 31December2019 | | 31December2018 |
| Constructioninprogress(a) | 10,881,106,316 | | 7,739,308,786 | | Constructionmaterials(b) | 897,530 | | 1,445,557 | | 10,882,003,846 | | 7,740,754,343 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (14) | Constructioninprogress(Cont’d) |
| (a) | Constructioninprogress |
| 31December2019 | | 31December2018 | | Endingbalance | | Provisionforimpairment | | Carryingamount | | Endingbalance | | Provisionforimpairment | | Carryingamount |
| BoheCoalintegrationproject | 6,608,072,801 | | - | | 6,608,072,801 | | 5,412,887,911 | | - | | 5,412,887,911 | | QujieWailuooffshorewindpowerproject(PhaseI) | 2,306,302,480 | | - | | 2,306,302,480 | | 514,683,670 | | - | | 514,683,670 | | ZhuhaiJinwanElectricoffshorewindpowerproject | 398,849,306 | | - | | 398,849,306 | | 43,915,032 | | - | | 43,915,032 | | YangjiangShapaoffshorewindpowerproject | 390,159,975 | | - | | 390,159,975 | | 232,363,528 | | - | | 232,363,528 | | Huaduthermalandpowercogenerationproject | 136,704,136 | | - | | 136,704,136 | | 89,786,127 | | - | | 89,786,127 | | QujieWailuooffshorewindpowerproject(PhaseII) | 57,038,810 | | - | | 57,038,810 | | 29,033,181 | | - | | 29,033,181 | | LincangDayakouHydropowerStation | 41,383,032 | | - | | 41,383,032 | | 37,296,440 | | - | | 37,296,440 | | ShajiaoNingzhougaspowerproject | 5,821,536 | | - | | 5,821,536 | | - | | - | | - | | XuwenShibanLingwindpowerproject | 3,871,208 | | - | | 3,871,208 | | 3,741,000 | | - | | 3,741,000 | | HuizhouNaturalGasthermalandpowercogenerationexpansionproject | - | | - | | - | | 554,922,342 | | - | | 554,922,342 | | Jinghai1-4#generatorsultra-lowemissionreductionalterationproject | - | | - | | - | | 2,580,251 | | - | | 2,580,251 | | Othertechnologyimprovementprojects | 576,180,865 | | - | | 576,180,865 | | 437,488,696 | | - | | 437,488,696 | | Otherinfrastructureconstructionprojects | 558,029,098 | | (201,306,931) | | 356,722,167 | | 546,706,301 | | (166,095,693) | | 380,610,608 | | 11,082,413,247 | | (201,306,931) | | 10,881,106,316 | | 7,905,404,479 | | (166,095,693) | | 7,739,308,786 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (14) | Constructioninprogress(Cont’d) |
| (a) | Constructioninprogress(Cont’d) |
| (i) | Movementsofmajorconstructioninprogress |
| Projectname | Budget | | 31December2018 | | Increaseinthecurrentyear | | Transfertofixedassets(Note4(13)(a)(ii)) | | Impairment | | Otherdecreases | | 31December2019 | | Proportionofinvestmenttothebudget(%) | | Projectprogress | | Accumulatedcapitalisedborrowingcosts | | Including:Capitalisedborrowingcostsfortheyear | | Capitalisationrate | Sourceoffund |
| BoheCoalintegrationproject | 11,037,075,900 | | 5,412,887,911 | | 1,289,691,652 | | - | | - | | (94,506,762) | | 6,608,072,801 | | 63.46% | | 88.45% | | 362,809,479 | | 125,970,313 | | 5.05% | Borrowingsandownfunds | | QujieWailuooffshorewindpowerproject(PhaseI) | 3,739,450,000 | | 514,683,670 | | 1,838,988,533 | | - | | - | | (47,369,723) | | 2,306,302,480 | | 68.60% | | 99.84% | | 44,239,897 | | 41,637,241 | | 4.68% | Borrowingsandownfunds | | ZhuhaiJinwanElectricoffshorewindpowerproject | 5,659,710,000 | | 43,915,032 | | 354,934,274 | | - | | - | | - | | 398,849,306 | | 7.39% | | 7.39% | | 5,823,780 | | 5,823,780 | | 3.91% | Borrowingsandownfunds | | YangjiangShapaoffshorewindpowerproject | 5,999,710,000 | | 232,363,528 | | 157,796,447 | | - | | - | | - | | 390,159,975 | | 7.00% | | 7.00% | | 1,480,591 | | 1,480,591 | | 4.41% | Borrowingsandownfunds | | Huaduthermalandpowercogenerationproject | 3,536,710,000 | | 89,786,127 | | 46,918,009 | | - | | - | | - | | 136,704,136 | | 4.01% | | 4.01% | | 1,128,963 | | 1,128,963 | | 3.92% | Borrowingsandownfunds | | QujieWailuooffshorewindpowerproject(PhaseII) | 3,789,120,000 | | 29,033,181 | | 28,005,629 | | - | | - | | - | | 57,038,810 | | 1.72% | | 6.06% | | 86,889 | | 86,889 | | 3.91% | Borrowingsandownfunds | | LincangDayakouHydropowerStation | 1,209,578,400 | | 37,296,440 | | 4,086,592 | | - | | - | | - | | 41,383,032 | | 93.88% | | 98.00% | | 142,886,856 | | - | | - | Borrowingsandownfunds | | XuwenShibanLingwindpowerproject | 460,639,300 | | 3,741,000 | | 23,510,366 | | (22,317,232) | | - | | (1,062,926) | | 3,871,208 | | 75.96% | | 88.00% | | 13,812,869 | | 1,188,811 | | 4.41% | Borrowingsandownfunds | | HuizhouNaturalGasthermalandpowercogenerationexpansionproject | 3,326,370,000 | | 554,922,342 | | 123,845,879 | | (668,577,854) | | - | | (10,190,367) | | - | | 80.64% | | 100.00% | | 64,496,444 | | 946,438 | | 4.41% | Borrowingsandownfunds | | Jinghai1-4#generatorsultra-lowemissionreductionalterationproject | 528,142,600 | | 2,580,251 | | 24,709,145 | | (27,289,396) | | - | | - | | - | | 100.00% | | 100.00% | | - | | - | | - | Ownfunds | | ShajiaoNingzhougaspowerproject | 5,927,600,000 | | - | | 5,821,536 | | - | | - | | - | | 5,821,536 | | 0.10% | | 0.10% | | - | | - | | - | Ownfunds | | Othertechnologyimprovementprojects | Notapplicable | | 437,488,696 | | 622,212,119 | | (471,524,684) | | - | | (11,995,266) | | 576,180,865 | | Notapplicable | | Notapplicable | | 2,045,104 | | 1,512,345 | | 4.53% | Borrowingsandownfunds | | Otherinfrastructureconstructionprojects | Notapplicable | | 380,610,608 | | 22,110,587 | | (984,659) | | (35,211,238) | | (9,803,131) | | 356,722,167 | | Notapplicable | | Notapplicable | | 44,576 | | 44,576 | | 4.42% | Borrowingsandownfunds | | | | 7,739,308,786 | | 4,542,630,768 | | (1,190,693,825) | | (35,211,238) | | (174,928,175) | | 10,881,106,316 | | | | | | 638,855,448 | | 179,819,947 | | | |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] ofterminatedprojectstransferredoutofRMB9,803,131,etc. GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (14) | Constructioninprogress(Cont’d) |
| (a) | Constructioninprogress(Cont’d) |
| (ii) | Provisionforimpairmentofconstructioninprogress |
| Item | 31December2018 | | Increaseinthecurrentyear | | Decreaseinthecurrentyear | | 31December2019 | Reasonforprovision |
| HumenElectric2*1000MWproject(Note1) | (137,373,040) | | - | | - | | (137,373,040) | Stoppageofconstruction | | ShajiaoA4#coalyardsea-fillyardcapacityincreaseproject | (5,802,000) | | - | | - | | (5,802,000) | Impairmentofupfrontexpensesforconstructioninprogress | | ImpairmentofupfrontexpensesforGuangdongWindPowerproject | (15,022,987) | | (35,143,224) | | - | | (50,166,211) | Impairmentofupfrontexpensesforconstructioninprogress | | ImpairmentofupfrontexpensesforLincangHydropowerproject | (3,354,129) | | - | | - | | (3,354,129) | Impairmentofupfrontexpensesforconstructioninprogress | | ImpairmentofupfrontexpensesforGuangqianElectricProjectPhaseII | (4,543,537) | | (68,014) | | - | | (4,611,551) | Impairmentofupfrontexpensesforconstructioninprogress | | (166,095,693) | | (35,211,238) | | - | | (201,306,931) | |
| Note1 | Preparationworkincludingpreliminaryfeasibilitystudies,designandthreesuppliesandonelevellinghaveproceededfortheproject.However,influencedbynationalpoliciesupontheindustry,theprojecthasstagnatedforyearsandsignsofentireassetsimpairmenthaveoccurred.Afterimpairmenttest,managementhasrecordedprovisionforimpairmentoftheprojectagainstitsfullcarryingamountin2017. |
| (iii) | Asat31December2019,someprojectsunderconstructionwerewaitingfortheapprovaldocuments.Managementexpectedtoobtaintherelevantapprovaldocumentsasscheduled.Inaddition,managementexpectedstablecashinflowsfromoperatingactivitiesoncethenewprojectswereputintoproduction.Therefore,theriskofimpairmentofsuchprojectswaslow. |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (14) | Constructioninprogress(Cont’d) |
| (a) | Constructioninprogress(Cont’d) |
| (iv) | In2018,GuangdongYudeanBoheCoalPowerCo.,Ltd.(“BoheCoal”)solditsconstructioninprogressofpowerplantstoGuangdongYudeanFinanceLeasingCo.,Ltd.(“YudeanFinanceLeasing”)atRMB1,000,000,000intotalthroughfinanceleasesarisingfromsalesandleaseback,withthesalesproceedsofRMB900,000,000andRMB100,000,000respectivelyreceivedin2018and2019.Asat31December2019,theendingbalanceofconstructioninprogressarisingfromfinanceleaseswasRMB1,000,000,000(31December2018:RMB900,000,000).In2018,theGroupacquiredWailuooffshorewindpowerprojectofQujieWindPowerunderfinanceleases.Asat31December2019,theendingbalanceofconstructioninprogressarisingfromfinanceleaseswasRMB496,524,360(31December2018:RMB217,415,616).In2019,theGroupacquiredYangjiangShapaoffshorewindpowerprojectofGuangdongYudeanYangjiangOffshoreWindPowerCo.,Ltd.("YangjiangWindPower")underfinanceleases.Asat31December2019,theendingbalanceofconstructioninprogressarisingfromfinanceleaseswasRMB98,973,445(31December2018:Nil).In2019,theGroupacquiredZhuhaiJinwanElectricoffshorewindpowerprojectofGuangdongYudeanZhuhaiOffshoreWindPowerCo.,Ltd.("ZhuhaiWindPower")underfinanceleases.Asat31December2019,theendingbalanceofconstructioninprogressarisingfromfinanceleaseswasRMB100,962,931(31December2018:Nil). |
| 31December2019 | | 31December2018 |
| Materialsforspecificuse | 962,696 | | 1,445,557 | | Equipmentforspecificuse | 664,437 | | - | | 1,627,133 | | 1,445,557 |
| Less:Provisionforimpairmentofconstructionmaterials | | | | | -Materialsforspecificuse | (729,603) | | - | | 897,530 | | 1,445,557 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| Associatedprojectsforelectricitytransmissionandtransformationandmicrowaveengineering | | Landuserights | | Seauserights | | Transportationproject | | Franchiseright | | Software | | Non-patenttechnologyandothers | | Total |
| Cost | | | | | | | | | | | | | | | | | 31December2018 | 442,517,684 | | 2,111,186,109 | | 129,906,544 | | 22,468,672 | | 13,720,736 | | 116,800,217 | | 3,029,420 | | 2,839,629,382 | | Increaseinthecurrentyear | | | | | | | | | | | | | | | | | Purchase | - | | 25,430,496 | | - | | - | | - | | 9,344,163 | | 1,530,920 | | 36,305,579 | | Transferfromconstructioninprogress(Note4(14)(a)(i)) | - | | - | | - | | - | | 1,074,616 | | 6,910,178 | | 2,935,053 | | 10,919,847 | | Disposal | - | | (68,138,080) | | - | | - | | - | | (540,902) | | (138,450) | | (68,817,432) | | 31December2019 | 442,517,684 | | 2,068,478,525 | | 129,906,544 | | 22,468,672 | | 14,795,352 | | 132,513,656 | | 7,356,943 | | 2,818,037,376 |
| Accumulatedamortisation | | | | | | | | | | | | | | | | | 31December2018 | (409,328,310) | | (336,059,121) | | (23,103,892) | | (21,447,068) | | (10,192,847) | | (84,731,838) | | (464,184) | | (885,327,260) | | Increaseinthecurrentyear | | | | | | | | | | | | | | | | | Provision | - | | (45,587,872) | | (2,605,433) | | - | | (398,559) | | (10,204,414) | | (459,347) | | (59,255,625) | | Disposal | - | | 4,542,153 | | - | | - | | - | | 455,347 | | - | | 4,997,500 | | 31December2019 | (409,328,310) | | (377,104,840) | | (25,709,325) | | (21,447,068) | | (10,591,406) | | (94,480,905) | | (923,531) | | (939,585,385) |
| Provisionforimpairment | | | | | | | | | | | | | | | | | 31December2018 | (33,189,374) | | (56,502,373) | | - | | (1,021,604) | | - | | - | | - | | (90,713,351) | | Increaseinthecurrentyear | | | | | | | | | | | | | | | | | Provision | - | | - | | - | | - | | - | | - | | - | | - | | 31December2019 | (33,189,374) | | (56,502,373) | | - | | (1,021,604) | | - | | - | | - | | (90,713,351) |
| Carryingamount | | | | | | | | | | | | | | | | | 31December2019 | - | | 1,634,871,312 | | 104,197,219 | | - | | 4,203,946 | | 38,032,751 | | 6,433,412 | | 1,787,738,640 | | 31December2018 | - | | 1,718,624,615 | | 106,802,652 | | - | | 3,527,889 | | 32,068,379 | | 2,565,236 | | 1,863,588,771 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (15) | Intangibleassets(Cont’d) |
| (a) | In2019,theamortisedamountofintangibleassetswasRMB59,255,625,withgeneralandadministrativeexpensesofRMB52,313,721andconstructioninprogressofRMB6,941,904respectively(In2018,theamortisedamountofintangibleassetswasRMB54,559,956,withgeneralandadministrativeexpensesofRMB53,189,360andconstructioninprogressofRMB1,370,596respectively). |
| (b) | Asat31December2019and31December2018,provisionsforimpairmentoftheuserightsofassociatedprojectsforelectricitytransmissionandtransformationandmicrowaveengineeringandtransportationengineeringofYuejiaElectricweremadeatamountofRMB34,210,978,andtheprovisionforimpairmentofthelanduserightsofLincangEnergyamountedtoRMB56,502,373. |
| (c) | Asat31December2019,theGrouphadobtainedlanduserightcertificatesforallofitslands,exceptforlandswithcarryingamountofRMB33,348,275(31December2018:RMB34,063,121)thatwereunderapprovalproceduresforlanduse.AfterconsultingtheGroup’slegalconsultant,managementbelievedthattherewerenosubstantiallegalobstaclesinobtainingthecertificatesandnomaterialadverseimpactonthenormaloperationoftheGroupwouldincur. |
| 31December2019 | | 31December2018 |
| Goodwill- | | | | | | GuangdongWindPower(a) | | 2,449,886 | | 2,449,886 | | LincangEnergy(b) | | 25,036,894 | | 25,036,894 | | | 27,486,780 | | 27,486,780 | | Less:Provisionforimpairment- | | | | | | LincangEnergy(b) | | (25,036,894) | | (25,036,894) |
| (a) | In2013,theGroupacquired55%sharesinGuangdongWindPowerwithacombinationcostofRMB5,994,670.TheexcessofthecombinationcostoverthefairvalueoftheGroup’sshareofGuangdongWindPower’sidentifiablenetassetsamountedtoRMB2,449,886andwasrecognisedasgoodwill. |
| (b) | On5January2015,theGroupexchangedfor51.00%oftheequityinLincangEnergyheldbythirdpartieswith14.34%ofequityinWeixinYuntou.TheexcessofthecombinationcostoverthefairvalueoftheGroup’sshareofLincangEnergy’sidentifiableassetsandliabilitiesamountedtoRMB25,036,894andwasrecognisedasgoodwillrelatedtoLincangEnergy.Inthetestofgoodwillimpairmentin2018,theGroupcomparedthecarryingamountofrelatedassetgroups(includinggoodwill)ofLincangEnergywithitsrecoverableamount,andrecordedaprovisionofRMB25,036,894forimpairmentofthegoodwill. |
| (17) | Long-termprepaidexpenses |
| 31December2018 | | Increaseinthecurrentyear | | Amortisationchargedinthecurrentyear | | 31December2019 |
| Long-termleasecharges | 17,315,628 | | - | | (2,028,166) | | 15,287,462 | | Improvementstofixedassetsheldunderoperatingleases | 4,773,551 | | 1,622,144 | | (2,279,906) | | 4,115,789 | | Others | - | | 235,528 | | (165,193) | | 70,335 | | 22,089,179 | | 1,857,672 | | (4,473,265) | | 19,473,586 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (18) | Deferredtaxassetsanddeferredtaxliabilities |
| (a) | Deferredtaxassetsbeforeoffsetting |
| 31December2019 | | 31December2018 | | Deductibletemporarydifferencesanddeductiblelosses | | Deferredtaxassets | | Deductibletemporarydifferencesanddeductiblelosses | | Deferredtaxassets |
| Deductiblelosses | 686,911,585 | | 171,727,895 | | 1,023,611,123 | | 254,800,254 | | Provisionforassetimpairments | 408,154,790 | | 101,889,644 | | 592,790,665 | | 138,530,294 | | Netincomefromtestrunincludedinconstructioninprogress | 209,580,236 | | 49,967,756 | | 169,034,589 | | 39,513,222 | | Unrealisedprofitsfromintra-grouptransactions | 166,852,624 | | 41,713,156 | | 184,890,744 | | 46,222,686 | | Amortisationofpre-operatingcosts | 165,954,215 | | 41,488,554 | | - | | - | | Employeebenefitspayable | 103,644,393 | | 25,911,098 | | 98,124,525 | | 22,227,221 | | Governmentgrants | 86,420,159 | | 21,605,041 | | 78,570,400 | | 19,642,600 | | Depreciationoffixedassets | 75,431,480 | | 18,857,870 | | 77,115,313 | | 19,278,829 | | Amortisationofintangibleassets | 4,490,857 | | 1,122,714 | | 3,313,344 | | 828,336 | | 1,907,440,339 | | 474,283,728 | | 2,227,450,703 | | 541,043,442 |
| Including: | | | | | | Expectedtoberecoveredwithinoneyear(inclusive) | | 44,262,666 | | 60,853,542 | | Expectedtoberecoveredafteroneyear | | 430,021,062 | | 480,189,900 | | | 474,283,728 | | 541,043,442 |
| (b) | Deferredtaxliabilitiesbeforeoffsetting |
| 31December2019 | | 31December2018 | | Taxabletemporarydifferences | | Deferredtaxliabilities | | Taxabletemporarydifferences | | Deferredtaxliabilities |
| Changesinfairvalueofotherequityinstrumentsincludedinothercomprehensiveincome | (2,202,745,317) | | (550,686,330) | | - | | - | | Changesinfairvalueofavailable-for-salefinancialassetsincludedinothercomprehensiveincome | - | | - | | (704,342,515) | | (176,085,629) | | Netexpensesintestrunincludedinconstructioninprogress | (38,741,129) | | (9,685,282) | | (52,176,856) | | (13,044,215) | | Amortisationoflanduserights | (16,451,826) | | (4,112,957) | | (16,835,020) | | (4,208,755) | | Interestreceivable | (3,341,332) | | (835,333) | | - | | - | | Depreciationoffixedassets | (2,560,854) | | (640,214) | | - | | - | | (2,263,840,458) | | (565,960,116) | | (773,354,391) | | (193,338,599) |
| Including: | | | | | | Expectedtoberecoveredwithinoneyear(inclusive) | | (1,863,587) | | (1,077,794) | | Expectedtoberecoveredafteroneyear | | (564,096,529) | | (192,260,805) | | | (565,960,116) | | (193,338,599) |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (18) | Deferredtaxassetsanddeferredtaxliabilities(Cont’d) |
| (c) | Deductibletemporarydifferencesanddeductiblelossesthatarenotrecognisedasdeferredtaxassetsareanalysedasfollows: |
| 31December2019 | | 31December2018 |
| Deductibletemporarydifferences | 1,435,936,580 | | 1,101,102,084 | | Deductiblelosses | 1,467,976,248 | | 1,124,573,498 | | 2,903,912,828 | | 2,225,675,582 |
| (d) | Deductiblelossesthatarenotrecognisedasdeferredtaxassetswillexpireinfollowingyears: |
| 31December2019 | | 31December2018 |
| 2019 | - | | 3,341,528 | | 2020 | 172,104 | | 172,104 | | 2021 | 141,098,222 | | 141,098,222 | | 2022 | 603,896,902 | | 412,387,834 | | 2023 | 567,573,810 | | 567,573,810 | | 2024 | 155,235,210 | | - | | 1,467,976,248 | | 1,124,573,498 |
Managementbelievedthatasatthematuritydatefortheabovedeductiblelosses,therelevantsubjectoftaxpaymentdoesnothavesufficienttaxableincometodeducttheabovedeductiblelosses,thereforenorelateddeferredtaxassetwasrecognised.(e) | (e) | Thenetbalancesofdeferredtaxassetsandliabilitiesafteroffsettingareasfollows: |
| 31December2019 | | 31December2018 | | Offsettingamount | Balanceafteroffsetting | | Offsettingamount | Balanceafteroffsetting |
| Deferredtaxassets | (28,574,502) | 445,709,226 | | (92,611,758) | 448,431,684 | | Deferredtaxliabilities | 28,574,502 | (537,385,614) | | 92,611,758 | (100,726,841) |
| (19) | Othernon-currentassets |
| 31December2019 | | 31December2018 |
| Prepaidequipmentpayments | 971,323,399 | | 482,385,711 | | InputVATtobededucted | 881,814,121 | | 581,667,123 | | Prepaymentforprojects | 488,163,133 | | 462,720,385 | | Unrealisedlossesonsalesandleaseback(a) | 346,314,528 | | 340,505,389 | | Prepaymentforlanduserights | 64,424,212 | | 3,732,680 | | Others | 1,819,595 | | 604,970 | | 2,753,858,988 | | 1,871,616,258 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (19) | Othernon-currentassets(Cont’d) |
| (a) | Unrealisedlossesonsalesandleasebackarethedifferencebetweenthesellingpriceofthepowergenerationequipmentanditscarryingamount,anditsremainingbalanceafterdepreciationwasbasedonthedepreciationprogressoftheleasebackpowergenerationequipment.In2019,theunrealisedlossesonsalesandleaseback,whichwereamortisedindepreciationexpensesincostofsalesfrommainoperations,amountedtoRMB16,764,193(2018:RMB:19,197,908). |
| (20) | Provisionforassetimpairments |
| 31December2018 | | Changesinaccountingpolicies | | 1January2019 | | Increaseinthecurrentyear | | Reversalinthecurrentyear | | Write-offinthecurrentyear | | 31December2019 |
| Provisionforbaddebtsofaccountsreceivable | (157,709) | | - | | (157,709) | | (155,421) | | 157,709 | | - | | (155,421) | | Including:Provisionforbaddebtsongroupingbasis | (157,709) | | - | | (157,709) | | (155,421) | | 157,709 | | - | | (155,421) | | Provisionforbaddebtsofotherreceivables | (9,444,855) | | - | | (9,444,855) | | (3,758,375) | | 1,457,324 | | - | | (11,745,906) | | Sub-total | (9,602,564) | | - | | (9,602,564) | | (3,913,796) | | 1,615,033 | | - | | (11,901,327) |
| Provisionforimpairmentofadvancestosuppliers | (305,001) | | - | | (305,001) | | - | | 190,000 | | - | | (115,001) | | Provisionfordeclineinthevalueofinventories | (19,557,734) | | - | | (19,557,734) | | (530,152) | | - | | 5,078,430 | | (15,009,456) | | Provisionforimpairmentoflong-termequityinvestments | (25,010,686) | | - | | (25,010,686) | | (71,317,168) | | - | | - | | (96,327,854) | | Provisionforimpairmentoflong-termequityinvestments | (977,032,462) | | - | | (977,032,462) | | (54,133,177) | | - | | 147,288,745 | | (883,876,894) | | Provisionforimpairmentofconstructionmaterials | - | | - | | - | | (729,603) | | - | | - | | (729,603) | | Provisionforimpairmentofconstructioninprogress | (166,095,693) | | - | | (166,095,693) | | (35,211,238) | | - | | - | | (201,306,931) | | Provisionforimpairmentofintangibleassets | (90,713,351) | | - | | (90,713,351) | | - | | - | | - | | (90,713,351) | | Provisionforimpairmentofgoodwill | (25,036,894) | | - | | (25,036,894) | | - | | - | | - | | (25,036,894) | | Sub-total | (1,303,751,821) | | - | | (1,303,751,821) | | (161,921,338) | | 190,000 | | 152,367,175 | | (1,313,115,984) |
| (1,313,354,385) | | - | | (1,313,354,385) | | (165,835,134) | | 1,805,033 | | 152,367,175 | | (1,325,017,311) |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| 31December2019 | | 31December2018 |
| Principal | | | | | Creditloan | 5,894,026,790 | | 7,526,000,000 |
| Interest | | | | | Creditloan | 10,106,001 | | - | | 5,904,132,791 | | 7,526,000,000 |
| (a) | Asat31December2019,theannualinterestratesoftheshort-termborrowingsrangedfrom3.84%to4.35%(31December2018:from3.92%to4.70%). |
| (b) | Asat31December2019,theprincipalofshort-termcreditloanprovidedbyrelatedpartyEnergyGroupFinanceCompanyamountedtoRMB4,115,000,000(31December2018:RMB5,042,000,000)(Note8(6)).Interestpayableofshort-termborrowingstoEnergyGroupFinanceCompanyamountedtoRMB4,893,053(31December2018:RMB6,796,062). |
| 31December2019 | | 31December2018 |
| Bankacceptancenotes | 794,236,650 | | 555,000,000 | | Tradeacceptancenotes | 570,000,000 | | 386,161,107 | | 1,364,236,650 | | 941,161,107 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
In2019,thediscountinginterestchargedbyEnergyGroupFinanceCompanyandbornebytheGroupwhichwasincludedinthediscountinginterestexpensesintheyearamountedtoRMB28,961,757(2018:RMB13,243,370)(Note8(5)(h)).TheGrouppresentedtheprocurementoffirecoalwiththeacceptancenoteinthecashflowsfromoperatingactivitiesandthediscountinginterestbornebytheGroupinthecashflowsfromfinancingactivities. TheGrouppresentedtheprocurementoffirecoalwiththeacceptancenoteinthecashflowsfromoperatingactivitiesandthediscountinginterestbornebytheGroupinthecashflowsfromfinancingactivities.(23) | 31December2019 | | 31December2018 |
| Fuelpayable | 2,042,046,703 | | 1,671,130,460 | | Materialsandsparepartspayable | 372,739,371 | | 473,108,337 | | Others | 50,368,088 | | 52,361,618 | | 2,465,154,162 | | 2,196,600,415 |
Asat31December2019,accountspayablewithageingoveroneyearamountedRMB37,429,105(31December2018:RMB175,747,169),mainlyunsettledfuelpayableandmaterialspayable.(24) | (24) | Employeebenefitspayable |
| 31December2019 | | 31December2018 |
| Short-termemployeebenefitspayable(a) | 210,052,524 | | 179,432,031 | | Definedcontributionplanspayable(b) | 3,386,520 | | 29,372,990 | | Terminationbenefitspayable(c) | 29,071,494 | | 26,936,158 | | 242,510,538 | | 235,741,179 |
| (a) | Short-termemployeebenefitspayable |
| 31December2019 | | Increaseinthecurrentyear | | Decreaseinthecurrentyear | | 31December2019 |
| Wagesandsalaries,bonus,allowancesandsubsidies | - | | 1,211,930,585 | | (1,211,930,585) | | - | | Staffwelfare | 1,859,343 | | 114,542,723 | | (113,312,318) | | 3,089,748 | | Socialsecuritycontributions | 85,197,432 | | 119,905,777 | | (96,365,978) | | 108,737,231 | | Including:Medicalinsurance | 85,197,432 | | 112,686,811 | | (89,147,012) | | 108,737,231 | | Workinjuryinsurance | - | | 1,278,245 | | (1,278,245) | | - | | Maternityinsurance | - | | 5,940,721 | | (5,940,721) | | - | | Housingfunds | - | | 130,099,055 | | (130,099,055) | | - | | Labourunionfundsandemployeeeducationfunds | 87,233,778 | | 48,735,445 | | (43,678,950) | | 92,290,273 | | Othershort-termemployeebenefits | 5,141,478 | | 80,205,754 | | (79,411,960) | | 5,935,272 | | 179,432,031 | | 1,705,419,339 | | (1,674,798,846) | | 210,052,524 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (24) | Employeebenefitspayable(Cont'd) |
| (b) | Definedcontributionplans |
| 31December2018 | | Increaseinthecurrentyear | | Decreaseinthecurrentyear | | 31December2019 |
| Basicpensions | - | | 147,214,973 | | (147,214,973) | | - | | Unemploymentinsurance | - | | 4,446,135 | | (4,446,135) | | - | | Annuity | 29,372,990 | | 93,853,466 | | (119,839,936) | | 3,386,520 | | 29,372,990 | | 245,514,574 | | (271,501,044) | | 3,386,520 |
| (c) | TerminationbenefitspayablerefertoearlyretirementbenefitspayableduebytheGroupwithinoneyear(Note4(33)(a)). |
| 31December2019 | | 31December2018 |
| UnpaidVAT | 330,790,264 | | 242,647,263 | | Enterpriseincometaxpayable | 186,789,728 | | 115,757,551 | | Individualincometaxpayable | 14,877,406 | | 12,437,608 | | Citymaintenanceandconstructiontaxpayable | 13,996,062 | | 4,418,167 | | Educationalsurchargeandlocaleducationalsurchargepayable | 12,344,489 | | 3,469,767 | | Waterresourcefeepayable | 8,392,765 | | 6,706,870 | | Pollutiondischargefeepayableandenvironmentalprotectiontaxpayable | 2,764,462 | | 3,389,557 | | Propertytaxpayable | 18,564 | | 3,347,609 | | Landusetaxpayable | - | | 2,122,128 | | Others | 1,403,411 | | 2,705,186 | | 571,377,151 | | 397,001,706 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| 31December2019 | | 31December2018 |
| Constructionandequipmentexpensespayable | 3,754,518,279 | | 3,622,672,965 | | Projectwarrantypayable | 109,048,438 | | 118,821,787 | | Interestpayable | - | | 59,316,077 | | -Interestpayableforlong-termborrowingswithinterestpaidininstalmentsandprincipalrepaidonmaturity | - | | 29,830,979 | | -Interestpayablefordebentures | - | | 17,070,842 | | -Interestpayableforshort-termborrowings | - | | 10,103,964 | | -Otherinterestpayable | - | | 2,310,292 | | StateOceanicandFisheriesAdministrationpenaltypayable(b) | 11,531,700 | | 183,676,050 | | Dividendspayabletonon-tradableownersoftheCompany(c) | 9,771,322 | | 9,703,930 | | Others | 157,247,358 | | 158,327,686 | | 4,042,117,097 | | 4,152,518,495 |
| (a) | Asat31December2019,otherpayablesofRMB1,860,509,505(31December2018:RMB2,002,311,622)agedoveroneyearmainlyrepresented(i)constructionandequipmentexpensespayableandprojectwarrantypayablenotbeingsettledbecausethecomprehensiveacceptanceandsettlementofrelevantprojectswereyettobecompletedorprojectswerestillwithintheirwarrantyperiods;and(ii)StateOceanicAdministrationpenaltypayablenotbeingpaidbecausejudicialproceedingsrelatedtothepenaltyhadnotbeencompleted. |
| (b) | StateOceanicAdministrationpenaltypayablereferstothepenaltiesamountingtoRMB172,144,350andRMB11,531,700respectivelyimposedbytheAdministrationofOceanandFisheriesofGuangdongProvinceandtheAdministrationofOceanandFisheriesofHuidongCountywithpenaltynoticein2016and2018againstPinghaiPowerPlant(“PinghaiPower”)duetoitsunapprovedexecutionofengineeringandbankrevetmentprojectfromAugust2007toJune2016.Thepenaltieshadbeenrecordedasnon-operatingexpensesin2016and2018respectively.PinghaiPowerhadappealedfortheaforesaidmatter,andasat23August2019,GuangdongHighPeople’sCourtoverruledsuchappealandupheldtheoriginaljudgementasthefinaljudgement.Asat16December2019,PinghaiPowerhaspaiduppenaltyofRMB172,144,350totheAdministrationofOceanandFisheriesofGuangdongProvince,withoutstandingpenaltyofRMB11,531,700payabletotheAdministrationofOceanandFisheriesofHuidongCounty.Asat20February2020,PinghaiPowerfiledforaretrialtoSupremePeople’sCourtandithasnotyetbeenheardasattheissuancedateofthereport.AccordingtotheAgreementonShareIssuanceandAssetProcuremententeredintobyGEGCandtheCompanyin2012,GEGCmakescommitmentsthat,ifthetargetcompany’sactivitiesbeforetheclosingdatecauseitselfpotentialsignificantlitigation,arbitration,administrativepunishmentand/orothereventsthatgoagainstrelevantlawsandregulationsandfailtopresentinthetargetassetpricesaswellasinthenetassetvalueofthetargetcompanydeterminedinthespecialauditontheclosingdate,anydamagecausedbysuchactivitiestotheCompanywouldbecompensatedbyGEGCtimelyandsufficientlyincashbasedontheequityoftargetcompanytransferredtotheCompanyinthetransactionwithin30daysafterGEGClegallydeterminestheactuallossescausedbysuchactivities.Asattheissuancedateofthereport,withconsultationandcommunicationbetweentheCompanyandGEGCstillunderway,nospecificcompensationsolutionwasreachedandthusnoincomerelatedtosuchcompensationmatterswasrecognisedinthefinancialstatementsfortheyearended31December2019. |
| (c) | Theabovedividendpayablereferstodividendpayablefornon-tradablesharesreformthatisintheprocessofcompletingnecessaryformalities.Thepaymentwillbearrangedaftertheformalitiesarecompleted. |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (27) | Currentportionofnon-currentliabilities |
| 31December2019 | | 31December2018 |
| Principal | | | | | Long-termborrowingsduewithinoneyear(a)(Note4(29)) | 2,758,340,013 | | 1,745,797,372 | | Long-termpayablesduewithinoneyear(b)(Note4(31)) | 333,082,890 | | 334,882,726 | | Debenturespayableduewithinoneyear(c)(Note4(30)) | 40,299,969 | | 698,667,556 | | Sub-total | 3,131,722,872 | | 2,779,347,654 |
| Interest | | | | | Long-termborrowingsduewithinoneyear | 29,822,181 | | - | | Long-termpayablesduewithinoneyear | 354,166 | | - | | Debenturespayableduewithinoneyear | 21,081,263 | | - | | Sub-total | 51,257,610 | | - |
| 3,182,980,482 | | 2,779,347,654 |
| (a) | Long-termborrowingsduewithinoneyear |
| 31December2019 | | 31December2018 |
| Principal | | | | | Pledgedloan(i) | 240,907,909 | | 213,259,115 | | Guaranteedloan(ii) | 1,511,827,500 | | 55,827,500 | | Creditloan | 1,005,604,604 | | 1,476,710,757 | | Sub-total | 2,758,340,013 | | 1,745,797,372 |
| Interest | | | | | Pledgedloan | 6,096,475 | | - | | Guaranteedloan | 3,740,900 | | - | | Creditloan | 19,984,806 | | - | | Sub-total | 29,822,181 | | - |
| 2,788,162,194 | | 1,745,797,372 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (27) | Currentportionofnon-currentliabilities(Cont'd) |
| (a) | Long-termborrowingsduewithinoneyear(Cont’d) |
| (i) | Asat31December2019,thechargerightforelectricityandaccountsreceivableweretreatedaspledgeforlong-termpledgedloanduewithinoneyearforthefollowingsubsidiaries: |
| 31December2019 | | 31December2018 |
| YuejiangPower | 188,255,791 | | 186,859,840 | | ZhanjiangWindPower | 22,860,000 | | 18,274,167 | | LincangEnergy | 15,000,000 | | - | | LeizhouWindPower | 7,985,575 | | 1,597,115 | | XuwenWindPower | 6,806,543 | | 6,527,993 | | 240,907,909 | | 213,259,115 |
| (ii) | Asat31December2019,ZhanjiangWindPowerprovidedmaximumamountguaranteeforXuwenWindPower’slong-termborrowingsofRMB11,827,500(31December2018:RMB11,827,500)duewithinoneyear.GEGCprovidedguaranteesfortheCompany’scurrentportionoflong-termborrowingsofRMB1,500,000,000borrowedfromPacificInvestmentManagement(31December2018:Nil). |
| (iii) | Asat31December2019,theannualinterestrateoflong-termborrowingsduewithinoneyearrangedfrom1.30%to5.00%(31December2018:from1.30%to4.94%).Theborrowingswillbeduewithin12months. |
| (b) | Long-termpayablesduewithinoneyear |
Asat31December2019,long-termpayablesduewithinoneyearwerethenetfinancingleasepayableofRMB333,082,890(namely,theremainingnetamountofthetotalamountofRMB373,512,869afterdeductingtheunrecognisedfinancechargeofRMB40,429,979).Asat31December2018,long-termpayablesduewithinoneyearwerethenetfinancingleasepayableofRMB334,882,726(namely,theremainingnetamountofthetotalamountofRMB356,362,496afterdeductingtheunrecognisedfinancechargeofRMB21,479,770).Asat31December2019,detailsoflong-termpayablesduewithinoneyearhavebeendisclosedinNote4(31).(c) | (c) | SeedetailsofdebenturespayableduewithinoneyearinNote4(30). |
| (28) | Othercurrentliabilities |
| 31December2019 | | 31December2018 |
| Short-termdebenturespayable | 1,912,282,192 | | 1,107,904,110 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (28) | Othercurrentliabilities(Cont’d) |
Relatedinformationofshort-termdebenturespayableisasfollows: Facevalue | Facevalue | | Issuancedate | Maturityperiod | Issuanceamount | | 31December2018 | | Issuedinthecurrentyear | | Interestatfacevalue | | Amortisationofdiscountsorpremium | | Repaymentsfortheyear | | 31December2019 |
| Secondbatchofshort-termfinancingnotesissuedbyGuangdongElectricPowerDevelopmentCo.,Ltd.,2018 | 600,000,000 | | 24/08/2018 | 180days | 600,000,000 | | 607,740,000 | | - | | 2,912,055 | | - | | (610,652,055) | | - | | Fourthbatchofshort-termfinancingnotesissuedbyGuangdongElectricPowerDevelopmentCo.,Ltd.,2018 | 500,000,000 | | 27/12/2018 | 152days | 500,000,000 | | 500,164,110 | | - | | 6,249,041 | | - | | (506,413,151) | | - | | Firstbatchofshort-termfinancingnotesissuedbyGuangdongElectricPowerDevelopmentCo.,Ltd.,2019 | 600,000,000 | | 18/02/2019 | 180days | 600,000,000 | | - | | 600,000,000 | | 8,225,753 | | - | | (608,225,753) | | - | | Secondbatchofshort-termfinancingnotesissuedbyGuangdongElectricPowerDevelopmentCo.,Ltd.,2019 | 600,000,000 | | 24/05/2019 | 180days | 600,000,000 | | - | | 600,000,000 | | 8,085,246 | | - | | (608,085,246) | | - | | Thirdbatchofshort-termfinancingnotesissuedbyGuangdongElectricPowerDevelopmentCo.,Ltd.,2019 | 900,000,000 | | 14/08/2019 | 180days | 900,000,000 | | - | | 900,000,000 | | 8,987,671 | | - | | - | | 908,987,671 | | Fourthbatchofshort-termfinancingnotesissuedbyGuangdongElectricPowerDevelopmentCo.,Ltd.,2019 | 1,000,000,000 | | 15/11/2019 | 180days | 1,000,000,000 | | - | | 1,000,000,000 | | 3,294,521 | | - | | - | | 1,003,294,521 | | 4,200,000,000 | | | | 4,200,000,000 | | 1,107,904,110 | | 3,100,000,000 | | 37,754,287 | | - | | (2,333,376,205) | | 1,912,282,192 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| 31December2019 | | 31December2018 |
| Principal | | | | | Pledgedloan(a) | 4,231,292,593 | | 2,765,356,586 | | Guaranteedloan(b) | 1,557,285,000 | | 1,606,112,500 | | Creditloan | 13,556,865,800 | | 16,176,620,950 | | Sub-total | 19,345,443,393 | | 20,548,090,036 |
| Interest | | | | | Pledgedloan | 6,096,475 | | - | | Guaranteedloan | 3,740,900 | | - | | Creditloan | 19,984,806 | | - | | Sub-total | 29,822,181 | | - | | 19,375,265,574 | | 20,548,090,036 |
Less:Long-termborrowingsduewithin oneyear(Note4(27)(a))Principal | Principal | | | | | Pledgedloan | (240,907,909) | | (213,259,115) | | Guaranteedloan | (1,511,827,500) | | (55,827,500) | | Creditloan | (1,005,604,604) | | (1,476,710,757) | | Sub-total | (2,758,340,013) | | (1,745,797,372) |
| Interest | | | | | Pledgedloan | (6,096,475) | | - | | Guaranteedloan | (3,740,900) | | - | | Creditloan | (19,984,806) | | - | | Sub-total | (29,822,181) | | - | | (2,788,162,194) | | (1,745,797,372) |
| Total | 16,587,103,380 | | 18,802,292,664 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (29) | Long-termborrowings(Cont’d) |
Asat31December2019,thechargerightforelectricityandaccountsreceivableweretreatedaspledgeforlong-termpledgedloanforthefollowingsubsidiaries: 31December2019 | 31December2019 | | 31December2018 |
| YuejiangPower | (i) | 1,976,685,804 | | 2,151,963,439 | | QujieWindPower | (ii) | 1,155,920,000 | | 162,820,000 | | LincangEnergy | (iii) | 676,000,000 | | - | | LeizhouWindPower | (iv) | 232,038,267 | | 236,829,612 | | ZhanjiangWindPower | (v) | 121,425,000 | | 138,945,000 | | XuwenWindPower | (vi) | 69,223,522 | | 74,798,535 | | | 4,231,292,593 | | 2,765,356,586 |
| (i) | Asat31December2019,theCompany’ssubsidiaryYuejiangPowerborrowedRMB1,976,685,804frombankconsortiumandtheIndustrialandCommercialBankofChina,securedbyYuejiangPower’srighttochargeelectricity.Thematuritydateison21June2020andtheannualinterestrateis4.53%(2018:4.53%).Theborrowingsincludelong-termborrowingsduewithinoneyearamountingtoRMB188,255,791(2018:RMB2,151,963,439,includinglong-termborrowingsduewithinoneyearamountingtoRMB186,859,840). |
| (ii) | Asat31December2019,fortheconstructionofZhanjiangWailuooffshorewindpowerproject,theCompany’ssubsidiaryQujieWindPowerborrowedRMB1,155,920,000frombankconsortiumandtheBankofChinaduringoperation,whichwassecuredbyQujieWindPower’srighttochargeelectricity.Thematuritydateis27December2036andtheannualinterestrateis4.41%to4.90%(31December2018:RMB162,820,000withtheinterestrateof4.80%). |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (29) | Long-termborrowings(Cont'd) |
| (iii) | In2015,thesubsidiaryLincangEnergyobtainedloansfrombankconsortiuminitiatedbyCommercialBankofChina.Accordingtotheloancontract,theloan,specificallyfortheconstructionofDayakouHydropowerStation,wassecuredbythestation’srighttochargeelectricityduringoperation,withthematuritydateof9June2031.Asat31December2019,thebalanceoftheloanwasRMB676,000,000,includingalong-termborrowingsduewithinoneyearamountingtoRMB15,000,000,withtheinterestrateof4.41%. |
| (iv) | TheCompany’ssubsidiaryLeizhouWindPowerobtainedloansfromtheIndustrialandCommercialBankofChina.Accordingtotheloancontract,thecategoryoftheloanwaschangedfromcreditloantopledgedloanafterLeizhouWindPowerwasputintooperationinDecember2017,andtheloanshouldbesecuredbyLeizhouWindPower’srighttochargeelectricity.Asat31December2019,thebalanceofpledgedloanwasRMB232,038,267,withthematuritydateof29April2030andtheinterestraterangedfrom4.41%to4.90%,includingalong-termborrowingsduewithinoneyearamountingtoRMB7,985,575(31December2018:RMB236,829,612,includingalong-termborrowingsduewithinoneyearamountingtoRMB1,597,115,withtheinterestraterangedfrom4.41%to4.90%). |
| (v) | Asat31December2019,theCompany’ssubsidiaryZhanjiangWindPowerborrowedRMB121,425,000fromtheIndustrialandCommercialBankofChina,securedbyZhanjiangWindPower’srighttochargeelectricity.Thematuritydateis7May2024andtheannualinterestrateis4.41%(2018:4.41%).Theborrowingsincludelong-termborrowingsduewithinoneyearamountingtoRMB22,860,000(2018:RMB138,945,000,includinglong-termborrowingsduewithinoneyearamountingtoRMB18,274,167). |
| (vi) | BasedontheLoanTransferAgreementofYudeanYongshiWindPowerProjectforLoanProtocolundertheClimateChangeFrameworkofEuropeanInvestmentBanksbetweenZhanjiangWindPowerandDepartmentofFinanceofGuangdongProvince,theCompany’ssubsidiaryZhanjiangWindPoweracquiredanUSDloantransferredfromtheLoanProtocolunder‘ChineseClimateChangeFramework’betweenChinaandEuropeaninvestmentbanks.TheloanhasbeenusedonXuwenYongshiWindPowerprojectandissecuredbyXuwenWindPower’srightforrevenueofelectricitycharge.Asat31December2019,thebalanceoftheloanabovewastotalledatUSD9,922,812(equivalenttoRMB69,223,522)(2018:USD10,898,493(equivalenttoRMB74,798,535)),amongwhichbalanceofthelong-termborrowingsduewithinoneyearamountedtoUSD975,681(equivalenttoRMB6,806,543)(2018:USD951,159(equivalenttoRMB6,527,993)).Thematuritydateoftheloanis3March2030withtheannualinterestratefrom3.13%%to3.76%(2018:2.05%to3.46%).Meanwhile,theloansareguaranteedbytheCompany. |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (29) | Long-termborrowings(Cont'd) |
Asat31December2019,thebalanceoftheCompany’ssubsidiaryXuwenWindPower’slong-termborrowingsfromEnergyGroupFinanceCompanywasRMB22,400,000,includinglong-termborrowingsduewithinoneyearofRMB7,400,000,whichwassecuredbytheguaranteeprovidedbyZhanjiangWindPower(2018:RMB29,800,000,includinglong-termborrowingsduewithinoneyearamountedtoRMB7,400,000).Theannualinterestrateoftheloanis4.66%(2018:4.66%),andthematuritydateis21August2022. Asat31December2019,thebalanceoftheCompany’ssubsidiaryXuwenWindPower’slong-termborrowingsfromYudeanFinancewasRMB23,900,000,includinglongtermborrowingsduewithinoneyearofRMB1,400,000,whichwassecuredbytheguaranteeprovidedbyZhanjiangWindPower(2018:RMB18,300,000,includinglong-termborrowingsduewithinoneyearamountedtoRMB1,400,000).Theannualinterestrateoftheloanis4.41%(2018:4.41%),andthematuritydateis28November2031. Asat31December2019,thebalanceoftheCompany’ssubsidiaryXuwenWindPower’slong-termborrowingsfromYudeanFinancewasRMB23,900,000,includinglongtermborrowingsduewithinoneyearofRMB1,400,000,whichwassecuredbytheguaranteeprovidedbyZhanjiangWindPower(2018:RMB18,300,000,includinglong-termborrowingsduewithinoneyearamountedtoRMB1,400,000).Theannualinterestrateoftheloanis4.41%(2018:4.41%),andthematuritydateis28November2031. Asat31December2019,thebalanceoftheCompany’ssubsidiaryXuwenWindPower’slong-termborrowingsfromtheBankofCommunicationsCo.,Ltd.wasRMB10,985,000,includinglong-termborrowingsduewithinoneyearofRMB3,027,500,whichwassecuredbytheguaranteeprovidedbyZhanjiangWindPower(2018:RMB14,012,500,includinglong-termborrowingsduewithinoneyearamountedtoRMB3,027,500).Theannualinterestrateoftheloanis4.90%(2018:4.90%),andthematuritydateis5December2022. Asat31December2019,thebalanceoftheCompany’ssubsidiaryXuwenWindPower’slong-termborrowingsfromtheBankofCommunicationsCo.,Ltd.wasRMB10,985,000,includinglong-termborrowingsduewithinoneyearofRMB3,027,500,whichwassecuredbytheguaranteeprovidedbyZhanjiangWindPower(2018:RMB14,012,500,includinglong-termborrowingsduewithinoneyearamountedtoRMB3,027,500).Theannualinterestrateoftheloanis4.90%(2018:4.90%),andthematuritydateis5December2022.Asat31December2019,GEGCprovidedguaranteefortheCompany’slong-termborrowingsofRMB1,500,000,000,includinglong-termborrowingsduewithinoneyearamountingtoRMB1,500,000,000(2018:RMB1,500,000,000)fromPacificInvestmentManagement.Theinterestrateoftheloanis 5.00%(2018:5.00%),andthematuritydateis13August2020. Asat31December2019,GEGCprovidedguaranteefortheCompany’slong-termborrowingsofRMB1,500,000,000,includinglong-termborrowingsduewithinoneyearamountingtoRMB1,500,000,000(2018:RMB1,500,000,000)fromPacificInvestmentManagement.Theinterestrateoftheloanis 5.00%(2018:5.00%),andthematuritydateis13August2020.(c) | (c) | Asat31December2019,theannualinterestrateoflong-termborrowingsrangedfrom1.30%to4.94%(31December2018:from1.30%to5.00%). |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| 31December2018 | | Reversalfromcurrentportionofnon-currentliabilities | | Othermovements | | Amortisationofdiscountsorpremium | | Transferredtocurrentportionofnon-currentliabilities | | 31December2019 |
| 16PinghaiBond01(a) | - | | 698,667,556 | | (1,650,943) | | 757,853 | | - | | 697,774,466 | | 12YudeanBond(b) | 40,269,409 | | - | | - | | 30,560 | | (40,299,969) | | - | | Firstbatchofmiddle-termnotesissuedbyGuangdongElectricPowerDevelopmentCo.,Ltd.,2018(c) | 798,057,333 | | - | | - | | 800,000 | | - | | 798,857,333 | | 838,326,742 | | 698,667,556 | | (1,650,943) | | 1,588,413 | | (40,299,969) | | 1,496,631,799 |
| (a) | AsapprovedbyCSRCCircularSFCLicense[2016]No.1864,theCompany’ssubsidiaryPinghaiPowerissued5-yearbook-entrycorporatedebenturesinreal-namesystemwithfacevalueofRMB700,000,000(“16PinghaiBond01”)tothepublicon26September2016.TheCompanyaltogetherraisedRMB697,375,000afterdeductinganissueexpenseofRMB2,625,000.Theloanissubjecttoanannualinterestrateof3.10%startingfrom26September2016andshouldbepayableannuallyonsimpleinterest.Accordingtotheprospectusfor16PinghaiBond,thebondholderisentitledtosellits“16PinghaiBond01”backtoPinghaiPowerinwholeorinpartbasedonthefacevalueontheinterestpaymentdateinthethirdinterest-bearingyearofthebondandadjustthecouponrate.Asatthethirdinterest-bearingdate,PinghaiPowerhadrepaidzero,andtherestwouldberepaidonthematuritydate,25September2021.Therefore,theCompanytransferredthebalanceofcurrentportionofnon-currentliabilitiestothedebenturespayable.Theloanissubjecttoanannualinterestrateof3.10%startingfrom26September2016andshouldbepayableannuallyonsimpleinterest.Theloanissubjecttoanannualinterestrateof4.15%(originally3.10%)startingfrom26September2016andshouldbepayableannuallyonsimpleinterest.Duetotheadjustmentinthecouponrate,PinghaiPowerpaidaone-offunderwriter’sfeeofRMB1,750,000(tax-exclusiveamountofRMB1,650,943),andtheamortisationofinterestamountedtoRMB757,853forthecurrentyear.Asat31December2019,debenturespayableweremeasuredatamortisedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof4.23%(31December2018:3.18%). |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (30) | Debenturespayable(Cont’d) |
| (b) | AsapprovedbyCSRCCircularSFCLicense[2012]No.1421,theCompanyissued7-yearbook-entrycorporatedebenturesinreal-namesystemwithfacevalueofRMB1,200,000,000(“12YudeanBond”)tothepublicon18March2013.TheCompanyaltogetherraisedRMB1,193,330,000afterdeductinganissueexpenseofRMB6,670,000.Theloanissubjecttoanannualinterestrateof4.95%startingfrom18March2013andshouldbepayableannuallyonsimpleinterest.Accordingtotheprospectusfor12YudeanBond,thebondholderisentitledtosellits“12YudeanBond”backtotheCompanyinwholeorinpartbasedonthefacevalueontheinterestpaymentdateinthefifthinterest-bearingyearofthebond.Asatthefifthinterest-bearingdate,theCompanyhadrepaidRMB1,159,693,500,andtherestwouldberepaidonthematuritydate,17March2020.Asat31December2019,debenturespayableweremeasuredatamortisedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof5.04%. |
| (c) | TheCompany’sapplicationforregistrationofmiddle-termnoteshasbeenacceptedbytheNationalAssociationofFinancialMarketInstitutionalInvestorsatits28thmeetingin2018.TheregisteredamountofRMB5,000,000,000wouldbevalidfor2yearsstartingfrom26April2018.On27August2018,theCompanyissued3-yearmiddle-termnoteswithfacevalueofRMB800,000,000intheinterbankmarket.TheCompanyaltogetherraisedRMB797,744,000afterdeductinganissueexpensesofRMB2,256,000,whichshouldbepaidinthreeyears.Asat31December2019,theissueexpensesofRMB1,504,000werepaid.Theloanissubjecttoanannualinterestrateof4.19%startingfrom27August2018andshouldbepayableannuallyonsimpleinterest.Asat31December2019,debenturespayableweremeasuredatamortisedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof4.29%. |
| (31) | Long-termpayables | | | 31December2019 | | 31December2018 |
| Long-termpayables(a) | 2,414,256,713 | | 2,221,230,656 | | Payablesforspecificprojects(b) | 71,089,532 | | 90,282,593 | | 2,485,346,245 | | 2,311,513,249 |
| 31December2019 | | 31December2018 |
| Financeleasepayable(i) | 2,657,339,603 | | 2,466,113,382 | | Payablesforsharerepurchase(ii) | 90,000,000 | | 90,000,000 |
| Less:Long-termpayablesduewithinoneyear | (333,082,890) | | (334,882,726) | | 2,414,256,713 | | 2,221,230,656 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (31) | Long-termpayables(Cont’d) |
| (a) | Long-termpayables(Cont’d) |
| (i) | TheGroup’sminimumfinanceleasepaymentsareasfollows: |
| Minimumfinanceleasepayments | 31December2019 | | 31December2018 |
| Within1year(inclusive) | 427,932,313 | | 356,362,496 | | 1to2years(inclusive) | 239,714,412 | | 334,799,400 | | 2to3years(inclusive) | 557,701,919 | | 164,163,053 | | Over3years | 1,971,377,855 | | 1,642,040,633 | | Sub-total | 3,196,726,499 | | 2,497,365,582 |
| Less:Unrecognisedfinancecharge | (539,386,896) | | (31,252,200) | | 2,657,339,603 | | 2,466,113,382 |
TheabovefinanceleasepayableduewithinoneyearlessunrecognisedfinancechargeislistedinNote4(27). (ii) | (ii) | In2016,GuangdongYuecaiInvestmentManagementCo.,Ltd(“YuecaiInvestment”)injectedcapitalofRMB10,000,000totheCompany’ssubsidiaryLeizhouWindPowerandcapitalofRMB50,000,000totheCompany’ssubsidiaryDianbaiWindPower,andobtained30%equityoftheCompany’ssubsidiaryXuwenWindPowerwithaconsiderationofRMB30,000,000.Accordingtotheagreement,theGroupshallrepurchasethesharesheldbyYuecaiInvestmentafterthefive-yearequityparticipation,andthepriceofrepurchaseshallequalstoYuecaiInvestment’sactualamountofcontributionofRMB90,000,000.TheGroupshouldpayequitypremiumtoYuecaiInvestmentatfixedproportionannually. |
| (b) | Payablesforspecificprojects |
| Openingbalance | | Increaseinthecurrentyear | | Decreaseinthecurrentyear | | Endingbalance |
| Supportingfundsforexpansion(i) | 24,960,000 | | - | | - | | 24,960,000 | | Specialfundforsupplyofwater,powerandheatandpropertymanagement(ii) | 65,322,593 | | - | | (34,321,441) | | 31,001,152 | | Liquidationbalanceofenterpriseswithdiversifiedbusinesses(iii) | - | | 15,128,380 | | - | | 15,128,380 | | 90,282,593 | | 15,128,380 | | (34,321,441) | | 71,089,532 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (31) | Long-termpayables(Cont’d) |
| (b) | Payablesforspecificprojects(Cont’d) |
| (i) | ThepayablesforspecificprojectsrepresentthefundgrantedforbenefitsimprovementandcapacityexpansionbygovernmentsatprovincialandcentralleveltoLincangEnergy,subsidiaryoftheCompany.AccordingtothedocumentissuedbyYunnanWaterConservancy&HydropowerInvestmentCo.,Ltd.(YunShuiTouFa[2015]No.16),suchpayablesforspecificprojectweresubjecttoaninterestrateof4%from1January2015.ThecorrespondinginterestwasrecordedinthefinancialexpensesbytheCompany. |
| (ii) | Suchpayablesforspecificprojectsrepresentthefundforsupplyofwater,electricityandheatandpropertymanagementgrantedbytheDepartmentofFinanceofGuangdongProvinceandGEGCandreceivedfromShaoguanElectricPowerPlantbasedonagreement,includingRMB32,205,311fromtheDepartmentofFinanceofGuangdongProvinceandYudean,RMB38,647,834fromGEGCandpayablesofRMB4,168,733fromShaoguanElectricPowerPlant.AccordingtothedocumentissuedbyDepartmentofFinanceofGuangdongProvince(YueCaiGong[2017]No.22),thespecialfundisusedfortherenovationandreconstructionofthesupplyofwater,electricityandheatandpropertymanagementinemployees’familyareachargedbyprovincialenterprises.Asat31December2019,suchrenovationprojectwaspartlycompletedandfinancialfundwasspeciallyaudited.AccordingtoAdministrativeMeasuresfortheSegregationandTransferof“SupplyofWater,ElectricityandHeatandPropertyManagement”intheEmployeesFamilyAreaofProvincialState-ownedEnterprisestoProvincialFinancialSubsidyFund(YueCaiGong[2017]No.222)andAdministrativeMeasuresforSubsidyFundofGEGC,“supplyofwater,electricityandheatandpropertymanagement”expenseswithinthesubsidyscopeshallbecoveredbyfinancialsubsidyfund,subsidyfundofGEGCandself-raisedfundattheproportionof50%,30%and20%respectively,andexpensesnotwithinthesubsidyscopeshallbebornebytheCompany. |
| (iii) | In2019,thenon-relatedelectricpowerenterpriseswithdiversifiedbusinessestransferredliquidationbalanceofRMB15,128,380toYuejiangPower,subsidiaryoftheCompany,whichwasspecificallyinvestedinitsemployees’relocation,trainingandpensionfunds. |
| 31December2018 | | Increaseinthecurrentyear | | Decreaseinthecurrentyear | | 31December2019 | | Source |
| Governmentgrants(a) | 133,043,646 | | 32,137,044 | | (25,924,177) | | 139,256,513 | | Asset-relatedgovernmentgrantsreceived |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (32) | Deferredincome(Cont’d) |
| Governmentgrants | 31December2018 | | Increaseinthecurrentyear | | Decreasetootherincome | | 31December2019 | | Assetrelated/Incomerelated |
| CompensationforrelocationandrenovationofShajiaoAZhenkoupumphouse | 27,806,791 | | - | | (5,561,358) | | 22,245,433 | | Assetrelated | | Specialfundsfor#1-#3generators’desulfurisationproject | - | | 18,456,465 | | (742,131) | | 17,714,334 | | Assetrelated | | Energysavinggrants | 16,750,528 | | - | | (1,479,871) | | 15,270,657 | | Assetrelated | | TaxrefundforPRC-madeequipment | 14,925,350 | | - | | (2,296,208) | | 12,629,142 | | Assetrelated | | Comprehensivetechnologyupgradingfortheenergysavingof1&2#generatorunitsturbinebyZhongyueEnergy | 9,230,769 | | - | | (769,231) | | 8,461,538 | | Assetrelated | | DevelopmentandcompetitivenessfundsfromSASAC | 8,000,000 | | - | | (666,667) | | 7,333,333 | | Assetrelated | | Secondincentivesforcomprehensiveandtypicaldemonstrationprojectsunderfinancialpoliciesofenergysaving | 7,650,000 | | - | | (450,000) | | 7,200,000 | | Assetrelated | | IncentivesforenergyefficiencyofpowerplantbyDongguan | 8,238,437 | | - | | (1,647,687) | | 6,590,750 | | Assetrelated | | Postrewardingsubsidiesforultra-lowemissionsof1&2#generators | 6,912,340 | | - | | (633,191) | | 6,279,149 | | Assetrelated | | IncentivesforenergyefficiencyofpowerplantbyZhongyueEnergy | - | | 4,714,025 | | (277,296) | | 4,436,729 | | Assetrelated | | Postrewardingsubsidiesforultra-lowemissionsofdesignatedaccountofspecialfundinMaonanDistrictofMaomingin2018 | 4,066,154 | | - | | (338,846) | | 3,727,308 | | Assetrelated | | IncentivesforenergyefficiencyofpowerplantbyZhanjiang | - | | 3,368,400 | | (306,218) | | 3,062,182 | | Assetrelated | | DianbaiReshuiwindpowerplantproject | 3,000,000 | | - | | - | | 3,000,000 | | Assetrelated | | Expansiononflowreconstructionproject | 3,625,048 | | - | | (725,010) | | 2,900,038 | | Assetrelated | | ShajiaoA-2016centralfinanceenergysavingfunds | 3,528,123 | | - | | (705,624) | | 2,822,499 | | Assetrelated | | GovernmentsubsidiesfromthefinancialtreasurypaymentcentreofQujiangDistrict,Shaoguan | 2,927,354 | | - | | (276,146) | | 2,651,208 | | Assetrelated | | SpecialprizefundsofrecycleeconomyandenergysavingbyShenzhen | 2,460,655 | | - | | (242,500) | | 2,218,155 | | Assetrelated | | Energysavingfunds | - | | 2,731,306 | | (546,261) | | 2,185,045 | | Assetrelated | | Others | 13,922,097 | | 2,866,848 | | (8,259,932) | | 8,529,013 | | Assetrelated | | 133,043,646 | | 32,137,044 | | (25,924,177) | | 139,256,513 | | |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (33) | Long-termemployeebenefitspayable |
| 31December2019 | | 31December2018 |
| Terminationbenefits(a) | 131,071,031 | | 114,331,088 | | Otherlong-termemployeebenefitspayable(b) | 42,309,058 | | 46,943,615 | | Less:Payablewithinoneyear | (38,391,229) | | (38,361,315) | | 134,988,860 | | 122,913,388 |
Theearlyretirementbenefitspayablewithinoneyearareincludedintheemployeebenefitspayable(Note4(24)).SomeemployeesoftheGrouphavetakenearlyretirement.Asatthebalancesheetdate,themainactuarialassumptionsusedinestimatingtheobligationarisingfromtheearlyretirementbenefitsareasfollows: SomeemployeesoftheGrouphavetakenearlyretirement.Asatthebalancesheetdate,themainactuarialassumptionsusedinestimatingtheobligationarisingfromtheearlyretirementbenefitsareasfollows: 31December2019 | 31December2019 | | 31December2018 |
Earlyretirementbenefitsrecognisedinprofitorlossforthecurrentperiod: 2019 | Generalandadministrativeexpenses | 59,459,281 | | 36,539,748 |
| (a) | AccordingtotheGroup’sregulationsforearlyretirementofemployees,theemployeeswhoseearlyretirementrequestsareapprovedbytheGroupcouldhaveearlyretirementbeforestatutoryretirementage.Employeescanobtainsalaryonamonthlybasisbyacertainratiooftheoriginalsalaryuntiltheyreachthestatutoryretirementage.Managementexpectstheterminationbenefitstobepaidinthefuturearedeterminedbythepresentvalueofcashflow,whenaccruedtheaboveterminationbenefits.Asat31December2019,theGroupcalculatedtheexpectedexpenseforeachemployeeeligibleforearlyretirementineachyearbeforethestatutoryretirementageinaccordancewiththerelatedregulationsforearlyretirementandestimatedthepresentvalueoffutureterminationbenefitsbytreasurybondinterestrateof4.27%(2018:4.27%)ofthesameperiod.Asat31December2019,theGroupaccruedaterminationbenefitsofRMB131,071,031(31December2018:RMB114,331,088)andrecogniseditinlong-termemployeebenefitspayable.TheactualterminationbenefitsduewithinoneyeartotallingRMB29,071,494(31December2018:RMB26,936,158)arerecognisedinemployeebenefitspayable. |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (33) | Long-termemployeebenefitspayable(Cont'd) |
| (b) | AccordingtorelevantregulationsonsocialmedicalinsuranceinplaceswherethesubsidiariesoftheCompanyandtheGrouplocate,ifindividualemployeesparticipatingbasicmedicalinsuranceforurbanresidentsareundertheirstatutoryagesofretirement,buttheirestimatedcontributionyearsfailtomeetthelocalstandards,theGroupneedstomakecontinuouscontributionfortheemployeestillthestandardsaremetevenaftertheirretirement.Theexpectedpresentvaluesofcashflowsthatshallbepaidformedicalinsuranceaftertheretirementofemployeestillprescribedtermsarerecognisedaslong-termemployeebenefitspayableandrecordedinprofitorlossfortheperiodorcostofrelevantassets.Asat31December2019,thebalanceoftheGroup’sotherlong-termemployeebenefitspayablewasmainlytheadditionalpaymentofmedicalinsurancemadeforretiredemployees.TheGroupcalculatedtheexpectedexpensesforeachyearfromtheendofcurrentyeartoregulatedcontributionyearsbasedoncertainproportionoftheretiredemployee’ssalaryoftheyear,andestimatedthepresentvalueofcashexpensesmadebyretiredemployeesformedicalinsuranceinthefuture,withatreasurybondinterestrateof4.27%(2018:4.27%)asdiscountrate.Asat31December2019,theGroupaccruedotherlong-termemployeebenefitspayableofRMB42,309,058(31December2018:RMB46,943,615),withactualpaymentofotherlong-termemployeebenefitspayableduewithinoneyearofRMB9,319,735(31December2018:RMB11,425,157)recognisedinemployeebenefitspayable. |
| (34) | Othernon-currentliabilities |
| 31December2019 | | 31December2018 |
| Capitalinjection | 216,405,569 | | 166,405,569 |
In2017,theCompany’ssubsidiaryYuejiangPowerreceivedacapitalinjectionofRMB16,405,569fromminorityshareholders.Asat31December2019,suchcapitalinjectionwasrecordedinothernon-currentliabilitiesastheregistrationforchangesofbusinesslicensehadnotbeencompleted.In2018,theCompany’ssubsidiariesYangjiangWindPowerandQujieWindPowerrespectivelyreceivedcapitalinjectionofRMB100,000,000andRMB50,000,000fromGEGC.ThecapitalwillbeusedforYangjiangShapaoffshorewindpowerplantprojectandQujieWailuooffshorewindpowerplantproject.Asat31December2019,suchcapitalinjectionwasrecordedinothernon-currentliabilitiesastheregistrationforchangesofbusinesslicensehadnotbeencompleted. In2018,theCompany’ssubsidiariesYangjiangWindPowerandQujieWindPowerrespectivelyreceivedcapitalinjectionofRMB100,000,000andRMB50,000,000fromGEGC.ThecapitalwillbeusedforYangjiangShapaoffshorewindpowerplantprojectandQujieWailuooffshorewindpowerplantproject.Asat31December2019,suchcapitalinjectionwasrecordedinothernon-currentliabilitiesastheregistrationforchangesofbusinesslicensehadnotbeencompleted.In2019,theGroup’ssubsidiaryZhuhaiWindPowerreceivedacapitalinjectionofRMB50,000,000fromGEGC.ThecapitalwillbeusedforZhuhaiJinwanElectricoffshorewindpowerproject.Asat31December2019,suchcapitalinjectionwasrecordedinothernon-currentliabilitiesastheregistrationforchangesofbusinesslicensehadnotbeencompleted. GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| 31December2018 | | Movementsforthecurrentyear | | 31December2019 | | Issuanceofnewshares | | Bonusshares | | Housingfundtransferredtoshares | | Others | | Sub-total | |
| Sharessubjecttotradingrestriction: | | | | | | | | | | | | | | | -Sharesheldbydomesticstate-ownedlegalperson | 1,893,342,621 | | - | | - | | - | | - | | - | | 1,893,342,621 | | -Otherdomesticshares | | | | | | | | | | | | | | | Including:Sharesheldbydomesticnon-state-ownedlegalperson | 4,620,666 | | - | | - | | - | | - | | - | | 4,620,666 | | Sharesheldbydomesticnaturalperson | 5,659 | | - | | - | | - | | - | | - | | 5,659 |
| Sharesnotsubjecttotradingrestriction | | | | | | | | | | | | | | | -RMB-dominatedordinaryshares | 2,553,907,040 | | - | | - | | - | | - | | - | | 2,553,907,040 | | -Domestically-listedforeignshares | 798,408,000 | | - | | - | | - | | - | | - | | 798,408,000 |
| 5,250,283,986 | | - | | - | | - | | - | | - | | 5,250,283,986 |
| 31December2017 | | Movementsforthecurrentyear | | 31December2018 | | Issuanceofnewshares | | Bonusshares | | Housingfundtransferredtoshares | | Others | | Sub-total | |
| Sharessubjecttotradingrestriction: | | | | | | | | | | | | | | | -Sharesheldbydomesticstate-ownedlegalperson | 1,893,342,621 | | - | | - | | - | | - | | - | | 1,893,342,621 | | -Otherdomesticshares | | | | | | | | | | | | | | | Including:Sharesheldbydomesticnon-state-ownedlegalperson | 4,620,666 | | - | | - | | - | | - | | - | | 4,620,666 | | Sharesheldbydomesticnaturalperson | 3,536 | | - | | - | | - | | 2,123 | | 2,123 | | 5,659 |
| Sharesnotsubjecttotradingrestriction | | | | | | | | | | | | | | | -RMB-dominatedordinaryshares | 2,553,909,163 | | - | | - | | - | | (2,123) | | (2,123) | | 2,553,907,040 | | -Domestically-listedforeignshares | 798,408,000 | | - | | - | | - | | - | | - | | 798,408,000 |
| 5,250,283,986 | | - | | - | | - | | - | | - | | 5,250,283,986 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| 31December2018 | | Increaseinthecurrentyear | | Decreaseinthecurrentyear | | 31December2019 |
| Sharecapitalpremium(a) | 4,544,074,067 | | - | | (115,014) | | 4,543,959,053 | | Revaluationreserve | 119,593,718 | | - | | - | | 119,593,718 | | InvestmentfromGEGC | 395,000,000 | | - | | - | | 395,000,000 | | Shareofinterestsintheinvesteeinproportiontotheshareholding(b) | 20,785,182 | | - | | (5,813,698) | | 14,971,484 | | Transferofcapitalsurplusrecognisedunderthepreviousaccountingsystem | 20,474,592 | | - | | - | | 20,474,592 | | Others | 2,919,327 | | - | | - | | 2,919,327 | | 5,102,846,886 | | - | | (5,928,712) | | 5,096,918,174 |
| 31December2017 | | Increaseinthecurrentyear | | Decreaseinthecurrentyear | | 31December2018 |
| Sharecapitalpremium | 4,445,477,866 | | 98,596,201 | | - | | 4,544,074,067 | | Revaluationreserve | 119,593,718 | | - | | - | | 119,593,718 | | InvestmentfromGEGC | 395,000,000 | | - | | - | | 395,000,000 | | Shareofinterestintheinvesteebasedonshareholding | 20,785,182 | | - | | - | | 20,785,182 | | Transferofcapitalsurplusrecognisedunderthepreviousaccountingsystem | 20,474,592 | | - | | - | | 20,474,592 | | Others | 2,919,327 | | - | | - | | 2,919,327 | | 5,004,250,685 | | 98,596,201 | | - | | 5,102,846,886 |
| (a) | In2019,GuangdongWindPowerinvestedinHuilaiWindPowerwithcashconsiderationofRMB23,000,000withitsshareholdingratioraisingfrom83.33%to89.83%.Thedifferencebetweenthepaidconsiderationandtheincreasedsubsidiary’ssharesofnetassetscalculatedbasedonproportionofequityacquiredamountingtoRMB115,014wasdeductedagainstcapitalsurplus.Meanwhile,theminorityinterestswereincreasedbyRMB115,014. |
| (b) | In2019,capitalsurplusofassociatescalculatedbasedonproportionofequityacquireddecreasedbyRMB5,813,698. |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (37) | Othercomprehensiveincome |
| Othercomprehensiveincomeinthebalancesheet | | Othercomprehensiveincomeintheincomestatementfortheyearended31December2019 | | 31December2018 | Changesinaccountingpolicies | 1January2019 | Attributabletotheparentcompanyaftertax | 31December2019 | | Accrualsbeforeincometaxinthecurrentyear | Less:Amountspreviouslyrecognisedinothercomprehensiveincometransferredoutinthecurrentyear | Less:Incometaxexpenses | Attributabletotheparentcompanyaftertax | Attributabletominorityshareholdersaftertax |
| Othercomprehensiveincomethatwillnotbesubsequentlyreclassifiedtoprofitorloss | | | | | | | | | | | | | Othercomprehensiveincomethatcannotbetransferredtoprofitorlossunderequitymethod | 21,753,244 | - | 21,753,244 | 2,110,342 | 23,863,586 | | 2,110,342 | - | - | 2,110,342 | - | | Changesinfairvalueofinvestmentsinotherequityinstruments | - | 528,256,889 | 528,256,889 | 1,123,802,101 | 1,652,058,990 | | 1,498,402,802 | - | (374,600,701) | 1,123,802,101 | - | | Othercomprehensiveincomethatwillbesubsequentlyreclassifiedtoprofitorloss | | | | | | | | | | | | | Gainsorlossesarisingfromchangesinfairvalueofavailable-for-salefinancialassets | 528,256,889 | (528,256,889) | - | - | - | | - | - | - | - | - | | Othercomprehensiveincomethatcanbetransferredtoprofitorlossunderequitymethod | - | - | - | 220,468 | 220,468 | | 220,468 | - | - | 220,468 | - | | 550,010,133 | - | 550,010,133 | 1,126,132,911 | 1,676,143,044 | | 1,500,733,612 | - | (374,600,701) | 1,126,132,911 | - |
| Othercomprehensiveincomeinthebalancesheet | | Othercomprehensiveincomeintheincomestatementfortheyearended31December2018 | | 31December2017 | Attributabletotheparentcompanyaftertax | 31December2018 | | Accrualsbeforeincometaxinthecurrentyear | Less:Amountspreviouslyrecognisedinothercomprehensiveincometransferoutinthecurrentyear | Less:Incometaxexpenses | Attributabletotheparentcompanyaftertax | Attributabletominorityshareholdersaftertax |
| Othercomprehensiveincomethatwillnotbesubsequentlyreclassifiedtoprofitorloss | | | | | | | | | | | Othercomprehensiveincomethatcannotbetransferredtoprofitorlossunderequitymethod | 21,753,244 | - | 21,753,244 | | - | - | - | - | - | | Othercomprehensiveincomethatwillbesubsequentlyreclassifiedtoprofitorloss | | | | | | | | | | | Gainsorlossesarisingfromchangesinfairvalueofavailable-for-salefinancialassets | 115,248,279 | 413,008,610 | 528,256,889 | | 550,678,146 | - | (137,669,536) | 413,008,610 | - | | 137,001,523 | 413,008,610 | 550,010,133 | | 550,678,146 | - | (137,669,536) | 413,008,610 | - |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| 31December2018 | | Increaseinthecurrentyear | | Decreaseinthecurrentyear | | 31December2019 |
| Statutorysurplusreserve | 2,711,362,444 | | 117,603,557 | | - | | 2,828,966,001 | | Discretionarysurplusreserve | 5,122,792,699 | | 294,008,893 | | - | | 5,416,801,592 | | 7,834,155,143 | | 411,612,450 | | - | | 8,245,767,593 |
| 31December2017 | | Increaseinthecurrentyear | | Decreaseinthecurrentyear | | 31December2018 |
| Statutorysurplusreserve | 2,641,707,753 | | 69,654,691 | | - | | 2,711,362,444 | | Discretionarysurplusreserve | 4,948,655,971 | | 174,136,728 | | - | | 5,122,792,699 | | 7,590,363,724 | | 243,791,419 | | - | | 7,834,155,143 |
InaccordancewiththeCompanyLawofthePeople’sRepublicofChinaandtheCompany’sArticlesofAssociation,theCompanyshouldappropriate10%ofnetprofitfortheyeartothestatutorysurplusreserve,andtheCompanycanceaseappropriationwhenthestatutorysurplusreserveaccumulatedtomorethan50%oftheregisteredcapital.TheCompanyappropriatesforthediscretionarysurplusreserveaftertheshareholders’meetingapprovestheproposalfromtheBoardofDirectors.Thesurplusreservecanbeusedtomakeupforthelossorincreasethesharecapitalafterapprovalfromtheappropriateauthorities.Accordingtotheresolutionattheshareholders’meetingdated21May2019,theCompanyappropriated10%ofnetprofitfor2018,amountingtoRMB117,603,557(2018:10%ofnetprofitfor2017,amountingtoRMB69,654,691)tothestatutorysurplusreserve.Meanwhile,theCompanyappropriated25%ofnetprofitfor2018,amountingtoRMB294,008,893(2018:25%ofnetprofitfor2017,amountingtoRMB174,136,728)tothediscretionarysurplusreserve.(39) | Undistributedprofitsatthebeginningoftheyear | 5,490,006,140 | | 5,713,290,735 | | Add:NetprofitattributabletoequityownersoftheCompany | 1,146,767,033 | | 474,461,997 | | Less:Appropriationtostatutorysurplusreserve(Note4(38)) | (117,603,557) | | (69,654,691) | | Appropriationtodiscretionarysurplusreserve(Note4(38)) | (294,008,893) | | (174,136,728) | | Dividendspayableonordinaryshares(a) | (315,017,039) | | (420,022,719) | | Others(b) | (1,015,404) | | (33,932,454) | | Undistributedprofitsattheendoftheyear | 5,909,128,280 | | 5,490,006,140 |
(a)Inaccordancewiththeresolutionattheshareholders’meetingdated21May2019,theCompanyproposedacashdividendtotheshareholdersatRMB0.6per10shares,amountingtoRMB315,017,039calculatedby5,250,283,986issuedshares. GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (39) | Undistributedprofits(Cont’d) |
| (b) | In2019,segregationandtransferexpensesofassociatesrelatedto“supplyofwater,powerandheatandpropertymanagement”calculatedbasedonproportionofequityacquiredwererecognisedasareductionofRMB1,015,404toundisturbedprofits.In2018,theassetstransferredbytheGroup’ssubsidiarywithoutcompensationfortheAssetrelatedtosupplyofwater,powerandheatandpropertymanagementandthesegregationandhandoverofmunicipalfunctionsofSOEstotalledRMB49,878,539,ofwhichtheamountbornebytheparentcompanywasRMB33,932,454. |
| (c) | Undistributedprofitsattheendoftheyear |
ThesurplusreserveattributabletotheparentcompanyappropriatedbysubsidiariesthisyearwasRMB144,642,230(2018:RMB104,824,162).Asat31December2019,theundistributedprofitsattributabletotheparentcompanyincludedanappropriationofRMB2,463,278,951(31December2018:RMB2,318,515,265)tosurplusreservemadebytheCompany’ssubsidiaries. Asat31December2019,theundistributedprofitsattributabletotheparentcompanyincludedanappropriationofRMB2,463,278,951(31December2018:RMB2,318,515,265)tosurplusreservemadebytheCompany’ssubsidiaries.(40) | (40) | Revenueandcostofsales: |
| Revenuefrommainoperations | 29,018,275,346 | | 27,125,955,662 | | Revenuefromotheroperations | 341,879,804 | | 282,558,516 | | 29,360,155,150 | | 27,408,514,178 |
| Costofsalesfrommainoperations | 24,468,499,397 | | 24,236,414,355 | | Costofsalesfromotheroperations | 12,204,475 | | 10,302,225 | | 24,480,703,872 | | 24,246,716,580 |
| (a) | Revenueandcostofsalefrommainoperations |
| 2019 | | 2018 | | Revenuefrommainoperations | | Costofsalesfrommainoperations | | Revenuefrommainoperations | | Costofsalesfrommainoperations |
| Revenuefromsalesofelectricity | 28,811,365,634 | | 24,303,147,059 | | 26,949,774,763 | | 24,099,233,129 | | Revenuefromsteam | 137,136,069 | | 100,553,481 | | 126,032,622 | | 87,916,412 | | Renderingofservices | 69,773,643 | | 64,798,857 | | 50,148,277 | | 49,264,814 | | 29,018,275,346 | | 24,468,499,397 | | 27,125,955,662 | | 24,236,414,355 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (40) | Revenueandcostofsales(Cont’d) |
| (b) | Revenueandcostofsalesfromotheroperations |
| 2019 | | 2018 | | Revenuefromotheroperations | | Costofsalesfromotheroperations | | Revenuefromotheroperations | | Costofsalesfromotheroperations |
| Revenuefromintegratedutilisationofcoalash | 270,692,961 | | 1,123,900 | | 240,230,510 | | 1,539,166 | | Rentalincome | 25,092,388 | | 3,910,335 | | 20,343,421 | | 4,088,745 | | Revenuefromsalesofmaterials | 2,246,472 | | 2,455,349 | | 1,324,637 | | 1,155,075 | | Others | 43,847,983 | | 4,714,891 | | 20,659,948 | | 3,519,239 | | 341,879,804 | | 12,204,475 | | 282,558,516 | | 10,302,225 |
Informationforrevenue,costofsales,andprofitfrommainoperatingactivitiesareincludedinsegmentreporting.(41) | Realestatetax | 74,173,022 | | 69,351,272 | | Note3 | | Citymaintenanceandconstructiontax | 69,304,761 | | 62,122,786 | | Note3 | | Educationalsurcharge | 53,642,928 | | 50,942,570 | | Note3 | | Landusetax | 22,581,711 | | 22,277,871 | | | | Stamptax | 16,759,160 | | 17,440,628 | | | | Environmentalprotectiontax | 13,045,249 | | 15,576,704 | | Note3 | | Others | 214,930 | | 258,095 | | | | 249,721,761 | | 237,969,926 | | |
| (42) | Sellinganddistributionexpenses |
| Labourcost | 30,147,630 | | 15,734,977 | | Labourinsurance | 6,141,152 | | 3,419,927 | | Entertainmentexpenses | 2,242,376 | | 2,450,910 | | Travellingexpenses | 1,532,592 | | 111,990 | | Rentalexpenses | 700,908 | | - | | Depreciationexpenses(Note4(13)) | 434,425 | | 168,621 | | Others | 2,589,679 | | 3,497,436 | | 43,788,762 | | 25,383,861 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (43) | Generalandadministrativeexpenses |
| Labourcost | 318,985,080 | | 279,543,009 | | Productionpreparationcost(a) | 150,664,439 | | - | | Labourinsurance | 79,937,050 | | 88,735,929 | | Amortisationofintangibleassets | 52,313,721 | | 53,189,360 | | Depreciationexpenses(Note4(12),(13)) | 50,801,562 | | 45,795,858 | | Firesafetyexpenses | 44,166,755 | | 47,034,725 | | Propertymanagementexpenses | 29,057,707 | | 26,313,608 | | Officeexpenses | 23,737,171 | | 20,613,680 | | Agencyfee | 19,084,853 | | 18,257,095 | | Rentalexpenses | 13,505,144 | | 10,992,313 | | Maintenancecost | 12,756,523 | | 9,894,228 | | Afforestationfee | 8,831,336 | | 9,215,763 | | Trafficexpenses | 7,893,793 | | 8,799,661 | | Travellingexpenses | 7,307,843 | | 6,415,526 | | Labourcosts | 5,426,711 | | 5,769,769 | | Entertainmentexpenses | 4,009,303 | | 3,810,169 | | Insuranceexpenses | 3,316,306 | | 3,465,634 | | Expensesonboardmeetings | 533,663 | | 719,286 | | Sewagecharges | 129,605 | | 687,529 | | Others | 42,182,303 | | 49,096,796 | | 874,640,868 | | 688,349,938 |
| (a) | In2019,productionpreparationcostforBoheCoal,subsidiaryoftheCompany,amountedtoRMB150,664,439,mainlyincludingrelatedcostsincurredforinductiontrainingandpre-construction. |
| (44) | Researchanddevelopmentexpenses |
| Outsourcedresearchanddevelopmentexpenses | 8,549,423 | | 2,419,679 | | Systemmaintenancefees | 961,443 | | 2,624,097 | | Others | 192,736 | | - | | 9,703,602 | | 5,043,776 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| Interestexpensesofdiscountednotes | 1,410,457,651 | | 1,451,841,303 | | Less:Capitalisedinterest | (179,819,947) | | (141,335,812) | | Sub-totalofinterestexpenses | 1,230,637,704 | | 1,310,505,491 | | Amortisationofunrecognisedfinancecharge | 57,321,674 | | 91,431,485 | | Amortisationofdiscountsorpremiumofdebenturespayable(Note4(30)) | 1,588,413 | | 2,840,111 | | Less:Interestincome | (66,836,652) | | (63,471,806) | | Exchangelosses-net | 1,353,572 | | 4,859,137 | | Bankchargesandothers | 6,251,130 | | 4,320,833 | | 1,230,315,841 | | 1,350,485,251 |
| 2019 | | 2018 | | Assetrelated/Incomerelated |
| RevenuefromVATrefunduponcollection | | 8,787,584 | | 9,219,882 | | Incomerelated | | CompensationforrelocationandrenovationofShajiaoAZhenkoupumphouse | | 5,561,358 | | 753,231 | | Assetrelated | | EnterpriseeconomiccontributionrewardsforNanshaheadquarters | | 3,777,300 | | 10,774,300 | | Incomerelated | | TaxrefundforPRC-madeequipment | | 2,296,208 | | 2,296,209 | | Assetrelated | | Energysavingfunds | | 1,479,871 | | 4,112,576 | | Assetrelated | | Incomefromrefundofcommissionsforindividualincometax | | 1,083,959 | | 1,179,059 | | Incomerelated | | DesulfurisationprojectShajiaoA5#generatorunit | | - | | 3,076,924 | | Assetrelated | | Energysavingfundsusedaspolicyliquidationsubsidiesinpreviousyears | | - | | 4,165,231 | | Assetrelated | | Specialfundsfordifferentialelectricityprice | | - | | 1,026,886 | | Assetrelated | | FinancialsubsidyfundbyZhanjiangGovernment | | - | | 3,050,000 | | Incomerelated | | PrizeforentryofhighandnewtechnologicalenterprisecultivationlibrarygrantedbytheDepartmentofFinanceofZhanjiang,ChikanOffice | | - | | 3,537,993 | | Incomerelated | | Othergovernmentgrantsrelatedtoasset | | 16,586,740 | | 6,545,279 | | Assetrelated | | Othergovernmentgrantsrelatedtoincome | | 2,498,633 | | 3,013,277 | | Incomerelated | | | 42,071,653 | | 52,750,847 | | |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| Investmentincomefromlong-termequityinvestmentunderequitymethod | 64,909,255 | | 488,203,462 | | Investmentincomeearnedduringtheholdingperiodofotherequityinstruments(Note4(9)) | 58,580,379 | | - | | Investmentincomeearnedduringtheholdingperiodofavailable-for-salefinancialassets | - | | 49,140,042 | | Recoveryofinterestincomefromwrittenoffotherreceivables(Note4(48)(a)) | 1,224,342 | | - | | Others | 827,264 | | 359,466 | | 125,541,240 | | 537,702,970 |
TheGroupobtainsreturnsfrominvestmentwithoutanysignificantrestrictions.(48) | (48) | Reversalofcreditimpairmentlosses |
| Recoveryofwrittenoffotherreceivables(a) | 48,647,647 | | - | | Reversaloflossesonbaddebtsofaccountsreceivable(Note4(2)(c)) | 2,288 | | - | | Lossesonbaddebtsofotherreceivables(Note4(4)(c)) | (2,301,051) | | - | | 46,348,884 | | - |
| (a) | On16January1999,GuangdongInternationalTrustdeclaredbankruptcy,theGrouprecogniseditsshareinbankruptcyliabilitiesofRMB61,297,805,includinginterestpayableofRMB1,297,805calculatedbasedondebtors’claimproportioninGuangdongInternationalTrust.AfterdeductingsettlementpaymentofRMB7,674,485receivedfrom2000to2003,asat2December2003,theGroupmadeprovisionforbaddebtsofRMB52,325,515onoutstandingprincipalandwroteoffsuchreceivablesin2003.From2008to2010,theGrouphadsuccessivelyrecoveredtotalpropertydistributionpaymentsofRMB3,677,868fromthebankruptcyandliquidationteamofGuangdongInternationalTrust.In2019,theGroupreceivedatotalpropertydistributionpaymentofRMB49,945,452fromthebankruptcyandliquidationteamofGuangdongInternationalTrust,includinginterestofRMB1,297,805,withtax-exclusiveamountofRMB1,224,342includedininvestmentincome.TheGroupthusreversedcreditimpairmentlossesofRMB48,647,647in2019. |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (49) | Assetimpairmentlosses |
| Impairmentlossesoflong-termequityinvestments(Note4(11)(b)) | 71,317,168 | | - | | Impairmentlossesoffixedassets(Note13(a)(iii)) | 54,133,177 | | 151,136,187 | | Impairmentlossesofconstructioninprogress(Note4(14)(a)(ii)) | 35,211,238 | | 13,816,430 | | Impairmentlossesofconstructionmaterials(Note4(14)(b)) | 729,603 | | - | | Lossesondeclineinthevalueofinventories(Note4(5)(b)) | 530,152 | | 2,136,875 | | (Reversalof)/Lossesonimpairmentofadvancestosuppliers(Note4(3)(b)) | (190,000) | | 305,001 | | Lossesonbaddebtsofaccountsreceivable | - | | 157,709 | | Lossesonbaddebtsofotherreceivables | - | | 2,598,328 | | Impairmentlossesofintangibleassets | - | | 56,502,373 | | Impairmentlossesofgoodwill | - | | 25,036,894 | | 161,731,338 | | 251,689,797 |
| (50) | Gainsondisposalsofassets |
| 2019 | | 2018 | | Amountrecognisedinnon-recurringprofitorlossin2019 |
| Gains/(Losses)ondisposalsoffixedassets | (10,576) | | 1,572,097 | | (10,576) | | Gainsondisposalsofintangibleassets(Note4(4)(a)) | 29,476,253 | | - | | 29,476,253 | | Lossesondisposalsofconstructioninprogress | (8,962,253) | | - | | (8,962,253) | | 20,503,424 | | 1,572,097 | | 20,503,424 |
| 2019 | | 2018 | | Amountrecognisedinnon-recurringprofitorlossin2019 |
| Gainsonscrapingoffixedassets | 6,789,851 | | 2,245,329 | | 6,789,851 | | Payablesunnecessarytoberepaid | 6,441,146 | | 583,286 | | 6,441,146 | | Incomefrompenaltyandfine | 6,329,626 | | 1,599,995 | | 6,329,626 | | Claimsandcompensationincome | 4,375,102 | | 45,458,540 | | 4,375,102 | | Gainsondonations | - | | 36,986,954 | | - | | Others | 9,300,994 | | 2,582,133 | | 9,300,994 | | 33,236,719 | | 89,456,237 | | 33,236,719 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (52) | Non-operatingexpenses |
| 2019 | | 2018 | | Amountrecognisedinnon-recurringprofitorlossin2019 |
| Lossesonscrappingofnon-currentassets | 14,970,579 | | 21,457,918 | | 14,970,579 | | Expensesbornebyenterprisesunderthe“supplyofwater,electricityandheatandpropertymanagement”renovationproject(Note4(31)(b)(ii)) | 7,885,758 | | - | | 7,885,758 | | Penaltiesandoverduefines | 4,449,214 | | 12,679,505 | | 4,449,214 | | Lossesonscrappingofinventories | 3,360,365 | | 1,160,993 | | 3,360,365 | | Donationexpenses | 643,072 | | 2,935,000 | | 643,072 | | Others | 702,139 | | 926,114 | | 702,139 | | 32,011,127 | | 39,159,530 | | 32,011,127 |
| Currentincometaxcalculatedbasedontaxlawandrelatedregulations | 673,284,479 | | 476,327,171 | | Deferredincometax | 64,780,530 | | (141,226,938) | | 738,065,009 | | 335,100,233 |
Thereconciliationfromincometaxcalculatedbasedontheapplicabletaxratesandtotalprofitpresentedintheconsolidatedincomestatementtotheincometaxexpensesislistedbelow: 2019 | Totalprofit | 2,545,239,899 | | 1,245,197,670 | | Incometaxcalculatedatapplicabletaxrates | 636,309,975 | | 311,299,418 | | Effectofpreferentialtaxratesofsubsidiaries | (58,231,083) | | (37,729,056) | | Incomenotsubjecttotax | (32,184,480) | | (134,879,733) | | Costs,expensesandlossesnotdeductiblefortaxpurposes | 25,250,185 | | 17,227,646 | | Deductiblelossesforwhichnodeferredtaxassetwasrecognisedinthecurrentperiod | 38,808,803 | | 141,893,452 | | Transfer-outofdeductiblelossesforwhichdeferredtaxassetwasrecognised | 47,877,267 | | - | | Deductibletemporarydifferencesforwhichnodeferredtaxassetwasrecognisedinthecurrentperiod | 91,854,715 | | 58,065,184 | | Utilisationofdeductiblelossesforwhichnodeferredtaxassetwasrecognisedinpreviousperiods | (197,303) | | - | | Utilisationofdeductibletemporarydifferencesforwhichnodeferredtaxassetwasrecognisedinpreviousperiods | (8,146,091) | | (17,039,919) | | Effectofotherdeductibleexpenses | (484,255) | | (339,410) | | Taxfilingdifferencesofincometaxinprioryears | (2,792,724) | | (3,397,349) | | Incometaxexpenses | 738,065,009 | | 335,100,233 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
Basicearningspershareiscalculatedbydividingconsolidatednetprofitattributabletoordinaryshareholdersoftheparentcompanybytheweightedaveragenumberofordinarysharesoutstanding2019 | Consolidatednetprofitattributabletoordinaryshareholdersoftheparentcompany | 1,146,767,033 | | 474,461,997 | | WeightedaveragenumberofoutstandingordinarysharesoftheCompany | 5,250,283,986 | | 5,250,283,986 | | Basicearningspershare | 0.22 | | 0.09 | | Including: | | -Basicearningspersharefromcontinuingoperations | 0.22 | | 0.09 | | -Basicearningspersharefromdiscontinuedoperations | - | | - |
| (b) | Dilutedearningspershare |
Dilutedearningspershareiscalculatedbydividingnetprofitattributabletoordinaryshareholdersoftheparentcompanyadjustedbasedonthedilutivepotentialordinarysharesbytheadjustedweightedaveragenumberofordinarysharesoutstanding.In2019,therewerenodilutivepotentialordinaryshares(2018:Nil),andhencedilutedearningspershareisequaltobasicearningspershare.(55) Thecostofsales,sellinganddistributionexpenses,generalandadministrativeexpensesandresearchanddevelopmentexpensesintheincomestatementarelistedasfollowsbynature: 2019 | Consumedfuelandlowvalueconsumables,etc. | 17,891,273,988 | | 18,171,718,721 | | Depreciationandamortisationexpenses | 3,783,767,872 | | 3,440,501,770 | | Employeebenefits | 1,886,271,386 | | 1,779,288,108 | | Repaircharges | 1,006,918,706 | | 928,420,266 | | Productionpreparationcost | 150,664,439 | | - | | Insuranceexpenses | 103,594,103 | | 103,099,272 | | Sewageandsanitarycharges | 61,671,728 | | 63,437,485 | | Firesafetyexpenses | 48,396,661 | | 51,242,734 | | Transactionexpenses | 45,683,532 | | 55,207,987 | | Propertymanagementexpenses | 33,041,303 | | 31,646,545 | | Officeexpenses | 26,894,609 | | 26,262,942 | | Trafficexpenses | 25,677,325 | | 33,298,085 | | Rentalexpenses | 21,478,872 | | 20,638,470 | | Others | 323,502,580 | | 260,731,770 | | 25,408,837,104 | | 24,965,494,155 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (56) | Notestothecashflowstatement |
| (a) | Cashreceivedrelatingtootheroperatingactivities |
| Interestincome | 64,827,152 | | 59,564,119 | | Governmentgrants | 34,698,782 | | 38,263,746 | | Rentalincome | 25,092,388 | | 21,564,026 | | Liquidationbalanceofenterpriseswithdiversifiedbusinesses | 15,128,380 | | - | | Claimsandcompensationincome | 11,704,759 | | - | | Others | 43,877,306 | | 18,740,883 | | 195,328,767 | | 138,132,774 |
| (b) | Cashpaidrelatingtootheroperatingactivities |
| Administrativepenaltyandoverduefine | 176,593,564 | | - | | Insuranceexpenses | 103,594,103 | | 103,099,272 | | Sewageandsanitarycharges | 61,671,728 | | 63,437,485 | | Firesafetyexpenses | 48,396,661 | | 51,242,734 | | Transactionexpenses | 45,683,532 | | 55,207,987 | | Expensesrelatingtosupplyofwater,powerandheatandpropertymanagement | 42,207,199 | | 9,699,285 | | Utilityfees | 39,491,941 | | 38,924,305 | | Propertymanagementexpenses | 33,041,303 | | 31,646,545 | | Officeexpenses | 26,894,609 | | 26,262,942 | | Trafficexpenses | 25,677,325 | | 33,298,085 | | Rentalexpenses | 21,478,872 | | 20,638,470 | | Others | 167,048,284 | | 149,757,359 | | 791,779,121 | | 583,214,469 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (56) | Notestothecashflowstatement(Cont’d) |
| (c) | Cashreceivedrelatingtootherinvestingactivities |
| CashatbankandonhandacquiredfromMaomingZhenneng’sequitytransactionwithMaomingThermal | - | | 161,670,884 |
| (d) | Cashreceivedrelatingtootherfinancingactivities |
| Cashreceivedfromfinancingsalesandleaseback | 100,000,000 | | 900,000,000 |
| (e) | Cashpaidrelatingtootherfinancingactivities |
| Cashpaidforfinanceleases | 293,244,563 | | 426,817,014 | | Agencyfeefordebentureissuance | 971,697 | | - | | PaymentofcapitalwithdrawaltominorityshareholdersbyYuejiaElectric | - | | 136,080,000 | | 294,216,260 | | 562,897,014 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (57) | Supplementaryinformationtothecashflowstatement |
| (a) | Supplementaryinformationtothecashflowstatement |
Reconciliationfromnetprofittocashflowsfromoperatingactivities2019 | Netprofit | 1,807,174,890 | | 910,097,437 | | Add:Provisionforassetimpairmentlosses | 161,731,338 | | 251,689,797 | | Reversalofcreditimpairmentlosses | (46,348,884) | | - | | Depreciationoffixedassets | 3,726,076,512 | | 3,381,585,791 | | Depreciationofinvestmentproperties | 2,085,161 | | 701,435 | | Amortisationofintangibleassets | 52,313,721 | | 53,189,360 | | Amortisationoflong-termprepaidexpenses | 3,292,478 | | 5,025,184 | | Amortisationofdeferredincome | (25,924,177) | | (22,078,706) | | Gainsondisposaloffixedassets,intangibleassetsandotherlong-termassets | (12,322,696) | | (27,805,508) | | Financialexpenses | 1,290,901,363 | | 1,409,636,224 | | Investmentincome | (125,541,240) | | (537,702,970) | | Decrease/(Increase)indeferredtaxitems | 64,780,530 | | (141,226,938) | | (Increase)/Decreaseininventories | (335,772,151) | | 43,680,628 | | Decrease/(Increase)inoperatingreceivables | 611,828,991 | | (360,270,970) | | Increaseinoperatingpayables | 1,098,407,276 | | 1,064,707,342 | | Others | - | | (31,291,750) | | Netcashflowsfromoperatingactivities | 8,272,683,112 | | 5,999,936,356 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (57) | Supplementaryinformationtothecashflowstatement(Cont’d) |
| (a) | Supplementaryinformationtothecashflowstatement(Cont’d) |
Significantoperating,investingandfinancingactivitiesthatdonotinvolvecashreceiptsandpayments2019 | Inventoryprocurementpaymentmadebyacceptancenotes | 1,364,236,650 | | 941,161,107 | | Long-termassetsheldunderfinanceleases | 425,283,800 | | 240,830,581 | | Long-termassetsoffinanceleasethroughsalesandleaseback | 100,000,000 | | 900,000,000 | | Non-monetaryassetacquiredfromMaomingZhenneng’sequitytransactionwithMaomingThermal | - | | 267,343,152 | | 1,889,520,450 | | 2,349,334,840 |
Netincrease/(decrease)incashandcashequivalents2019 | Cashattheendoftheyear | 5,079,641,969 | | 5,570,382,892 | | Less:Cashatthebeginningoftheyear | (5,570,382,892) | | (4,996,580,490) | | Net(decrease)/increaseincashandcashequivalents | (490,740,923) | | 573,802,402 |
| (b) | Cashandcashequivalents |
| 31December2019 | | 31December2018 |
| Cashatbankandonhand | 5,081,641,969 | | 5,574,382,892 | | Less:Restrictedcashatbank | (2,000,000) | | (4,000,000) | | Cashandcashequivalentsattheendoftheyear(i) | 5,079,641,969 | | 5,570,382,892 |
| (i) | Cashandcashequivalentsattheendoftheyear |
| 31December2019 | | 31December2018 |
| Cashonhand | 25,114 | | 31,413 | | Cashatbankthatcanbereadilydrawnondemand | 5,079,616,855 | | 5,570,351,479 | | 5,079,641,969 | | 5,570,382,892 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 4 | Notestotheconsolidatedfinancialstatements(Cont’d) |
| (58) | Monetaryitemsdenominatedinforeigncurrency |
| 31December2019 | | Balanceinforeigncurrencies | | Exchangerate | | BalanceinRMB | | Cashatbankandonhand- | | | | | | | USD | 190 | | 6.9762 | | 1,324 | | HKD | 11,541 | | 0.8958 | | 10,339 | | | | | | 11,663 |
| Long-termborrowings- | | | | | | | USD | 8,947,131 | | 6.9762 | | 62,416,979 | | EUR | 136,115 | | 7.8155 | | 1,063,810 | | | | | | 63,480,789 |
| Currentportionofnon-currentliabilities- | | | | | | | USD | 1,089,497 | | 6.9762 | | 7,600,549 | | EUR | 314,641 | | 7.8155 | | 2,459,075 | | | | | | 10,059,624 |
| 5 | Changesinconsolidationscope |
Subsidiariesestablishedduringtheyear: Subsidiaries | Subsidiaries | Majorbusinesslocation | Placeofregistration | Natureofbusiness | Registeredcapital | Shareholding(%) | Acquisitionmethod |
| GuangdongYudeanBinhaiBayEnergyCo.,Ltd.(“BinhaiBayCompany”) | Dongguan,GuangdongProvince | Dongguan,GuangdongProvince | Electricitygeneration | 30,000,000 | 100.00% | Investment |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 6 | Interestsinotherentities |
| (1) | Interestsinsubsidiaries |
| Subsidiaries | Majorbusinesslocation | Placeofregistration | Natureofbusiness | Shareholding(%) | Acquisitionmethod | | | | | Direct | Indirect | |
| MaomingZhenneng(i) | Maoming | Maoming | Electricitygeneration | 46.54% | - | Investment | | JinghaiPower | Jieyang | Jieyang | Electricitygeneration | 65.00% | - | Investment | | ZhanjiangWindPower | Zhanjiang | Zhanjiang | Electricitygeneration | 70.00% | - | Investment | | GuangdongYudeanAnxinElectricInspection&InstallationCo.,Ltd.(“AnxinInspection”) | Dongguan | Dongguan | Electricitygeneration | 100.00% | - | Investment | | GuangdongYudeanHumenElectricCo.,Ltd.(“HumenElectric”) | Dongguan | Dongguan | Electricitygeneration | 60.00% | - | Investment | | BoheCoal | Maoming | Maoming | Electricitygeneration | 67.00% | - | Investment | | YuhengElectric | Zhanjiang | Zhanjiang | Electricitygeneration | - | 76.00% | Businesscombinationsinvolvingenterprisesundercommoncontrol | | XuwenWindPower | Zhanjiang | Zhanjiang | Electricitygeneration | - | 70.00% | Investment | | GuangdongYudeanHuaduNaturalGasThermalPowerCo.,Ltd.(“HuaduNaturalGas”) | Guangzhou | Guangzhou | Electricitygeneration | 65.00% | - | Investment | | DabuElectric | Meizhou | Meizhou | Electricitygeneration | 100.00% | - | Investment | | LeizhouWindPower | Leizhou | Leizhou | Electricitygeneration | 80.00% | 14.00% | Investment | | DianbaiWindPower | Maoming | Maoming | Electricitygeneration | - | 100.00% | Investment | | ZhanjiangElectric | Zhanjiang | Zhanjiang | Electricitygeneration | 76.00% | - | Businesscombinationsinvolvingenterprisesundercommoncontrol | | YuejiaElectric | Meizhou | Meizhou | Electricitygeneration | 58.00% | - | Businesscombinationsinvolvingenterprisesundercommoncontrol | | YuejiangPower | Shaoguan | Shaoguan | Electricitygeneration | 90.00% | - | Businesscombinationsinvolvingenterprisesundercommoncontrol | | ZhongyueEnergy | Zhanjiang | Zhanjiang | Electricitygeneration | 90.00% | - | Businesscombinationsinvolvingenterprisesundercommoncontrol | | GuangdongYudeanPowerSalesCo.,Ltd.(“PowerSales”) | Guangzhou | Guangzhou | Electricitygeneration | 100.00% | - | Investment | | QujieWindPower | Zhanjiang | Zhanjiang | Electricitygeneration | 100.00% | - | Investment | | YangjiangWindPower | Yangjiang | Yangjiang | Electricitygeneration | - | 100.00% | Investment | | LincangEnergy | Lincang,YunnanProvince | Lincang | Electricitygeneration | 100.00% | | Businesscombinationsinvolvingenterprisesnotundercommoncontrol | | ShenzhenGuangqianElectricCo.,Ltd.(“GuangqianElectric”) | Shenzhen | Shenzhen | Electricitygeneration | 100.00% | - | Businesscombinationsinvolvingenterprisesundercommoncontrol | | HuizhouNaturalGas | Huizhou | Huizhou | Electricitygeneration | 67.00% | - | Businesscombinationsinvolvingenterprisesundercommoncontrol |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 6 | Interestsinotherentities(Cont’d) |
| (1) | Interestsinsubsidiaries(Cont’d) |
| (a) | CompositionoftheGroup(Cont’d) |
| Subsidiaries | Majorbusinesslocation | Placeofregistration | Natureofbusiness | Shareholding(%) | Acquisitionmethod | | | | | Direct | Indirect | |
| PinghaiPower(ii) | Huizhou | Huizhou | Electricitygeneration | 45.00% | - | Businesscombinationsinvolvingenterprisesundercommoncontrol | | ShibeishanWindPower | Jieyang | Jieyang | Electricitygeneration | - | 70.00% | Businesscombinationsinvolvingenterprisesundercommoncontrol | | RedBayPower | Shanwei | Shanwei | Electricitygeneration | 65.00% | - | Businesscombinationsinvolvingenterprisesundercommoncontrol | | GuangdongWindPower | Guangzhou | Guangzhou | Electricitygeneration | 100.00% | - | Businesscombinationsinvolvingenterprisesnotundercommoncontrol | | TongdaoYuexinWindPowerCo.,Ltd.(“TongdaoCompany”) | Huaihua,HunanProvince | Huaihua | Electricitygeneration | 100.00% | | Investment | | GuangdongYudeanPingyuanWindPowerCo.,Ltd.(“PingyuanWindPower”) | Meizhou | Meizhou | Electricitygeneration | - | 100.00% | Investment | | GuangdongYudeanHepingWindPowerCo.,Ltd.(“HepingWindPower”) | Heyuan | Heyuan | Electricitygeneration | - | 100.00% | Investment | | HuilaiWindPower | Jieyang | Jieyang | Electricitygeneration | - | 89.83% | Businesscombinationsinvolvingenterprisesnotundercommoncontrol | | GuangdongYuejiangHongruiPowerTechnologyDevelopmentCo.,Ltd.(“HongruiTechnology”) | Shaoguan | Shaoguan | Electricitygeneration | - | 90.00% | Investment | | GuangdongYudeanYonganNaturalGasThermalPowerCo.,Ltd.(“YonganNaturalgas”) | Zhaoqing | Zhaoqing | Electricitygeneration | 90.00% | - | Investment | | HunanXupuYuefengNewEnergyCo.,Ltd.(“XupuYuefeng”) | Huaihua,HunanProvince | XupuCounty,Huaihua,HunanProvince | Electricitygeneration | - | 100.00% | Investment | | GuangxiWuxuanYuefengNewEnergyCo.,Ltd.(“WuxuanYuefeng”) | GuangxiZhuangAutonomousRegion | Wuxuan,GuangxiZhuangAutonomousRegion | Electricitygeneration | - | 100.00% | Investment | | PingdianComprehensive | Huizhou | Huizhou | Electricitygeneration | - | 45.00% | Investment | | ZhuhaiWindPower | Zhuhai | Zhuhai | Electricitygeneration | - | 100.00% | Investment | | GuangdongYudeanZhenchengComprehensiveEnergyCo.,Ltd.(“ZhenchengComprehensive”)(i) | Maoming | Maoming | Electricitygeneration | - | 37.23% | Investment | | BinhaiBayCompany | Dongguan | Dongguan | Electricitygeneration | 100.00% | - | Investment |
| (i) | On30November2018,MaomingZhennengmergedMaomingThermal,wholly-ownedbyGEGC.Afterthemerger,GEGCheld30.12%equityofMaomingZhenneng.AccordingtotheagreementbetweentheCompanyandGEGC,thedelegatedshareholderanddirectorfromGEGCmaintainconsensuswiththoseoftheCompanywhileexercisingthevotingrightsduringtheshareholders’meetingandtheBoardofDirectors’meetingatMaomingZhenneng.Therefore,theCompanyownscontrolpoweroverMaomingZhenneng.Inaddition,pursuanttotheconsentagreemententeredintobetweentheCompanyandGEGC,theCompanyholds61.33%votingrightsinZhenchengComprehensive,asubsidiarywhose80%equityisdirectlyheldbyMaomingZhenneng.Therefore,theCompanyownscontrolpoweroverZhenchengComprehensive. |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 6 | Interestsinotherentities(Cont’d) |
| (1) | Interestsinsubsidiaries(Cont’d) |
| (a) | CompositionoftheGroup(Cont’d) |
| (ii) | PinghaiPowerwasacquiredfromGEGCbytheGroupin2012throughofferingnon-publicshares.AccordingtotheagreementbetweenGEGCandGuangdongHuaxiaElectricPowerDevelopmentCo.,Ltd.(“HuaxiaElectric”),whichholds40%equityinPinghaiPower,thedelegatedshareholderanddirectorfromHuaxiaElectricmaintainconsensuswiththoseofGEGCwhenexercisingtheirvotingrightsduringtheshareholders’meetingandBoardofDirectors’meetingatPinghaiPower;besides,afterGEGCtransfersits45%equityinPinghaiPowertotheCompany,thedelegatedshareholderanddirectorfromHuaxiaElectricalsoreachconsensuswiththoseoftheCompanywhenexercisingtheirvotingrightsduringtheshareholders’meetingandBoardofDirectors’meetingatPinghaiPower.Therefore,theCompanyownsthecontrolpoweroverPinghaiPower. |
| (b) | Subsidiarieswithsignificantminorityinterests |
| Subsidiaries | Shareholdingofminorityshareholders(%) | Gainsorlossesattributabletominorityshareholdersin2019 | Dividendsdistributedtominorityshareholdersin2019 | Minorityinterestsasat31December2019 |
| BoheCoal | 33.00% | (42,179,415) | - | 1,440,940,454 | | JinghaiPower | 35.00% | 145,504,280 | 37,316,905 | 1,336,439,467 | | HonghaiwanPower | 35.00% | 152,155,923 | 58,421,446 | 1,249,439,286 | | PinghaiPower | 55.00% | 115,887,819 | 183,673,688 | 1,065,026,177 | | RedBayPower | 24.00% | 67,958,573 | 59,628,829 | 989,403,057 | | MaomingZhenneng | 53.46% | 15,807,136 | - | 716,362,380 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 6 | Interestsinotherentities(Cont’d) |
| (1) | Interestsinsubsidiaries(Cont’d) |
| (b) | Subsidiarieswithsignificantminorityinterests(Cont'd) |
Themajorfinancialinformationofthesignificantnon-fully-ownedsubsidiariesoftheGroupislistedbelow: 31December2019 | 31December2019 | | 31December2018 | | Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliabilities | Totalliabilities | | Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliabilities | Totalliabilities | | BoheCoal | 406,450,976 | 8,090,725,274 | 8,497,176,250 | 1,243,204,501 | 2,887,485,525 | 4,130,690,026 | | 605,153,826 | 6,838,951,897 | 7,444,105,723 | 1,912,681,712 | 2,437,121,377 | 4,349,803,089 | | JinghaiPower | 944,179,710 | 7,485,923,562 | 8,430,103,272 | 1,944,115,146 | 2,667,589,649 | 4,611,704,795 | | 1,204,643,294 | 7,994,284,373 | 9,198,927,667 | 2,607,699,843 | 3,081,936,133 | 5,689,635,976 | | HonghaiwanPower | 790,682,866 | 5,336,542,066 | 6,127,224,932 | 1,388,119,251 | 1,169,279,149 | 2,557,398,400 | | 943,046,924 | 5,759,863,813 | 6,702,910,737 | 1,582,252,157 | 1,818,644,840 | 3,400,896,997 | | PinghaiPower | 1,025,618,654 | 4,139,133,331 | 5,164,751,985 | 1,038,669,288 | 2,189,671,466 | 3,228,340,754 | | 1,213,521,626 | 4,504,301,232 | 5,717,822,858 | 1,167,600,036 | 2,490,564,556 | 3,658,164,592 | | RedBayPower | 2,933,345,468 | 1,360,939,980 | 4,294,285,448 | 149,489,138 | 22,283,574 | 171,772,712 | | 2,970,589,465 | 1,477,137,297 | 4,447,726,762 | 332,108,967 | 27,812,323 | 359,921,290 | | MaomingZhenneng | 520,526,431 | 2,397,789,805 | 2,918,316,236 | 1,155,015,192 | 423,304,075 | 1,578,319,267 | | 424,289,071 | 2,608,341,517 | 3,032,630,588 | 1,169,249,659 | 552,952,116 | 1,722,201,775 |
| 2019 | | 2018 | | Revenue | Net(loss)/profit | Totalcomprehensiveincome | Cashflowsfromoperatingactivities | | Revenue | Netprofit/(loss) | Totalcomprehensiveincome | Cashflowsfromoperatingactivities | | BoheCoal | 773,421 | (127,816,410) | (127,816,410) | (55,199,499) | | 591,631 | (18,848,423) | (18,848,423) | (14,288,706) | | JinghaiPower | 4,796,679,483 | 415,726,514 | 415,726,514 | 1,641,051,136 | | 4,871,729,888 | 118,466,364 | 118,466,364 | 1,116,414,293 | | HonghaiwanPower | 3,841,846,212 | 434,731,209 | 434,731,209 | 1,066,208,056 | | 4,089,089,204 | 230,336,446 | 230,336,446 | 847,911,932 | | PinghaiPower | 3,029,136,753 | 210,705,126 | 210,705,126 | 1,125,527,395 | | 3,409,291,625 | 447,090,284 | 447,090,284 | 780,998,268 | | RedBayPower | 1,860,318,943 | 283,160,720 | 283,160,720 | 341,541,041 | | 1,997,634,196 | 234,112,612 | 234,112,612 | 421,420,713 | | MaomingZhenneng | 1,566,406,325 | 29,568,156 | 29,568,156 | 376,262,049 | | 1,552,628,327 | (98,577,590) | (98,577,590) | 264,329,442 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 6 | Interestsinotherentities(Cont’d) |
| (2) | Interestsinjointventuresandassociates |
| (a) | Basicinformationofsignificantjointventuresandassociates |
| Majorbusinesslocation | Placeofregistration | Natureofbusiness | WhetherstrategictotheGroup'sactivities | Shareholding(%) | | | | | Direct | Indirect |
| Jointventures- | | | | | | | | Industryfuel | Guangzhou,Guangdong | Guangzhou,Guangdong | Fueltrading | Yes | 50.00% | - | | Associates- | | | | | | | | ShanxiYudeanEnergy | Taiyuan,Shanxi | Taiyuan,Shanxi | Mining,powergeneration | Yes | 40.00% | - | | YudeanShipping | Shenzhen,Guangdong | Shenzhen,Guangdong | Transportation,portoperations | Yes | 35.00% | - | | EnergyGroupFinanceCompany | Guangzhou,Guangdong | Guangzhou,Guangdong | Finance | Yes | 25.00% | - | | TaishanElectric | Taishan,Guangdong | Taishan,Guangdong | Powergeneration | Yes | 20.00% | - |
Investmentsinassociatesareaccountedforusingtheequitymethod.(b) | (b) | Summarisedfinancialinformationofsignificantjointventures |
| 31December2019 | | 31December2018 | | Industryfuel | | Industryfuel |
| Currentassets | 2,525,548,290 | | 2,925,805,788 | | Non-currentassets | 236,455,032 | | 229,601,671 | | Totalassets | 2,762,003,322 | | 3,155,407,459 |
| Currentliabilities | 1,523,551,251 | | 1,948,258,211 | | Non-currentliabilities | 795,464 | | 750,000 | | Totalliabilities | 1,524,346,715 | | 1,949,008,211 |
| Minorityinterests | 5,990,551 | | - | | Attributabletoshareholdersoftheparentcompany | 1,231,666,056 | | 1,206,399,248 |
| Sharesofnetassetsinproportiontoshareholding(i) | 615,833,028 | | 603,199,624 | | Adjustments | (614,728) | | (614,728) |
| Carryingamountofequityinvestmentinjointventures | 615,218,300 | | 602,584,896 |
| Revenue | 18,542,018,582 | | 21,313,952,451 | | Netprofit | 161,363,606 | | 144,800,960 | | Including:Attributabletotheparentcompany | 161,373,052 | | 144,800,960 | | Othercomprehensiveincome | - | | - | | Including:Attributabletotheparentcompany | - | | - | | Totalcomprehensiveincome | 161,363,606 | | 144,800,960 |
| DividendsreceivedfromjointventuresbytheGroupforthecurrentyear | 68,053,122 | | 75,493,986 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 6 | Interestsinotherentities(Cont’d) |
| (2) | Interestsinjointventuresandassociates(Cont’d) |
| (b) | Summarisedfinancialinformationofsignificantjointventures(Cont’d) |
| (i) | Shareofassetiscalculatedaccordingtoshareholdingbasedontheamountattributabletotheparentcompanyintheconsolidatedfinancialstatementsofjointventures.Theamountintheconsolidatedfinancialstatementsofjointventuresconsiderstheimpactsoffairvalueofidentifiableassetsandliabilitiesofjointventuresatthetimeofacquisitionandtheunificationofaccountingpolicies. |
| (c) | Summarisedfinancialinformationofsignificantassociates |
| 31December2019 | | 31December2018 | | ShanxiYudeanEnergy | | YudeanShipping | | ShanxiYudeanEnergy | | YudeanShipping |
| Currentassets | | 493,527,957 | | 677,384,957 | | 237,368,764 | | 679,812,323 | | Non-currentassets | | 4,018,816,040 | | 2,301,371,982 | | 3,605,638,396 | | 4,059,701,902 | | Totalassets | | 4,512,343,997 | | 2,978,756,939 | | 3,843,007,160 | | 4,739,514,225 |
| Currentliabilities | | 227,879,801 | | 1,486,497,588 | | 55,783,287 | | 1,536,587,510 | | Non-currentliabilities | | 167,617,393 | | 209,774,800 | | 185,614,684 | | 531,180,002 | | Totalliabilities | | 395,497,194 | | 1,696,272,388 | | 241,397,971 | | 2,067,767,512 |
| Minorityinterests | | 6,337,937 | | - | | 1,134,674 | | - | | Attributabletoshareholdersoftheparentcompany | | 4,110,508,866 | | 1,282,484,551 | | 3,600,474,515 | | 2,648,533,400 |
| Sharesofnetassetsinproportiontoshareholding(i) | | 1,644,203,546 | | 448,869,593 | | 1,440,189,806 | | 935,111,350 | | Adjustments | | | | | | | | | | -Goodwill | | - | | - | | - | | - |
| Carryingamountofequityinvestmentinassociates | | 1,644,203,546 | | 448,869,593 | | 1,440,189,806 | | 935,111,350 |
| Revenue | | 7,251,090 | | 1,525,757,019 | | 3,689,284 | | 1,730,790,827 | | Netprofit/(loss) | | 610,019,213 | | (1,360,556,144) | | 569,420,122 | | 5,208,435 | | Including:Attributabletotheparentcompany | | 610,034,351 | | (1,360,556,144) | | 569,371,400 | | 5,208,435 | | Othercomprehensiveincome | | - | | 615,287 | | - | | - | | Including:Attributabletotheparentcompany | | - | | 615,287 | | - | | - | | Totalcomprehensiveincome | | 610,019,213 | | (1,359,940,857) | | 569,420,122 | | 5,208,435 |
| DividendsreceivedfromassociatesbytheGroupforthecurrentyear | | 40,000,000 | | - | | 4,000,000 | | 8,469,538 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 6 | Interestsinotherentities(Cont’d) |
| (2) | Interestsinjointventuresandassociates(Cont’d) |
| (c) | Summarisedfinancialinformationofsignificantassociates(Cont'd): |
| 31December2019 | | 31December2018 | | EnergyGroupFinanceCompany | | TaishanElectric | | EnergyGroupFinanceCompany | | TaishanElectric |
| Currentassets | | 5,476,170,472 | | 992,068,417 | | 8,618,449,490 | | 999,098,037 | | Non-currentassets | | 14,966,723,063 | | 11,150,344,536 | | 13,958,043,610 | | 12,126,348,270 | | Totalassets | | 20,442,893,535 | | 12,142,412,953 | | 22,576,493,100 | | 13,125,446,307 |
| Currentliabilities | | 16,528,663,938 | | 1,324,769,339 | | 19,713,970,097 | | 2,373,171,786 | | Non-currentliabilities | | - | | 390,000,000 | | - | | 905,200,000 | | Totalliabilities | | 16,528,663,938 | | 1,714,769,339 | | 19,713,970,097 | | 3,278,371,786 |
| Minorityinterests | | - | | 863,919 | | - | | 1,029,541 | | Attributabletoshareholdersoftheparentcompany | | 3,914,229,597 | | 10,426,779,695 | | 2,862,523,003 | | 9,846,044,980 |
| Sharesofnetassetsbasedonshareholding(i) | | 978,557,399 | | 2,085,355,939 | | 715,630,751 | | 1,969,208,996 | | Adjustments | | | | | | | | | | -Goodwill | | 13,325,000 | | - | | 13,325,000 | | - |
| Carryingamountofequityinvestmentinassociates | | 991,882,399 | | 2,085,355,939 | | 728,955,751 | | 1,969,208,996 |
| Revenue | | 713,981,963 | | 6,549,854,533 | | 720,277,335 | | 8,171,917,086 | | Netprofit | | 308,292,609 | | 580,521,643 | | 341,902,450 | | 646,660,665 | | Including:Attributabletotheparentcompany | | 308,292,609 | | 580,709,129 | | 341,902,450 | | 646,576,935 | | Othercomprehensiveincome | | - | | 25,585 | | - | | - | | Including:Attributabletotheparentcompany | | - | | 25,585 | | - | | - | | Totalcomprehensiveincome | | 308,292,609 | | 580,547,228 | | 341,902,450 | | 646,660,665 |
| DividendsreceivedfromassociatesbytheGroupforthecurrentyear | | 64,106,710 | | - | | 57,221,066 | | 121,582,000 |
| (i) | Shareofassetiscalculatedinproportiontotheshareholdingbasedontheamountattributabletotheparentcompanyintheconsolidatedfinancialstatementsofassociates.Theamountintheconsolidatedfinancialstatementsofassociatesconsiderstheimpactsoffairvalueofidentifiablenetassetsandliabilitiesofassociatesatthetimeofacquisitionandtheunificationofaccountingpolicies. |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 6 | Interestsinotherentities(Cont’d) |
| (2) | Interestsinjointventuresandassociates(Cont’d) |
| (d) | Summarisedinformationofinsignificantassociates |
| Aggregatedcarryingamountofinvestments | 670,254,785 | | 719,083,955 | | Aggregateforthefollowingitemsinproportiontotheshareholding | | | | | Netprofit(i) | 23,188,661 | | 70,091,971 | | Othercomprehensiveincome(i) | 2,110,342 | | - | | Totalcomprehensiveincome | 25,299,003 | | 70,091,971 |
| (i) | Thenetprofitandothercomprehensiveincomehavetakenintoaccounttheimpactsofboththefairvalueoftheidentifiableassetsandliabilitiesatthetimeofacquisitionandtheunificationofaccountingpolicies. |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 8 | Relatedpartiesandrelatedpartytransactions |
| (1) | Informationoftheparentcompany |
| (a) | Generalinformationoftheparentcompany |
| Placeofregistration | Natureofbusiness |
| GEGC | Guangzhou | Operationandmanagementofpowergenerationenterprises,capitalmanagementofelectricityassets,constructionofpowerplantandsalesofelectricity |
TheultimateholdingpartyoftheCompanyisState-ownedAssetsSupervisionAndAdministrationCommissionofthePeople'sGovernmentofGuangdongProvince.(b) | (b) | Registeredcapitalandchangesinregisteredcapitaloftheparentcompany |
| 31December2018 | | Increaseinthecurrentyear | | Decreaseinthecurrentyear | | 31December2019 |
| GEGC | 23,000,000,000 | | - | | - | | 23,000,000,000 |
| (c) | ThepercentagesofshareholdingandvotingrightsintheCompanyheldbytheparentcompany |
| 31December2019 | | 31December2018 | | Shareholding(%) | Votingrights(%) | | Shareholding(%) | Votingrights(%) |
| GEGC | 67.39% | 67.39% | | 67.39% | 67.39% |
| (2) | Informationofsubsidiaries |
ThegeneralinformationandotherrelatedinformationofthesubsidiariesaresetoutinNote6(1)(a).(3) | (3) | Informationofjointventuresandassociates |
ApartfrommaterialjointventuresandassociatesdisclosedinNote6,otherjointventuresandassociatesthatinvolvedinrelatedpartytransactionswiththeGrouparelistedasfollows: Nameofentity | Nameofentity | RelationshipwiththeGroup |
| YudeanPropertySelf-Insurance | Associate |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 8 | Relatedpartiesandrelatedpartytransactions(Cont'd) |
| (4) | Informationofotherrelatedparties |
RelationshipwiththeGroupShaoguanElectricPowerPlant | ShaoguanElectricPowerPlant | ControlledbyGEGC | | GuangdongEnergyGroupShajiaoCPowerPlant(“ShajiaoC”) | ControlledbyGEGC | | GuangdongZhuhaiJinwanPowerCo.,Ltd.(“ZhuhaiJinwanElectric”) | ControlledbyGEGC | | GuangdongYudeanPropertyManagementCo.,Ltd.(“YudeanPM”) | ControlledbyGEGC | | GuangdongYudeanInformationTechnologyCo.,Ltd.(“YudeanTechnology”) | ControlledbyGEGC | | GuangdongYudeanPropertyInvestmentCo.,Ltd.(“YudeanPI”) | ControlledbyGEGC | | YudeanEnvironmental | ControlledbyGEGC | | ShenzhenTianxinInsuranceBrokerCo.,Ltd.(“ShenzhenTianxin”) | ControlledbyGEGC | | GuangzhouHuangpuPowerEngineeringCo.,Ltd.(“HuangpuPowerEngineering”) | ControlledbyGEGC | | GuangzhouHuangpuYuehuaPowerPlantHumanResourcesCo.,Ltd.(“HuangpuYuehuaHumanResources”) | ControlledbyGEGC | | GuangdongYuehuaPowerCo.,Ltd.(“YuehuaPower”) | ControlledbyGEGC | | GuangdongYudeanYunhePowerCo.,Ltd.(“YunhePower”) | ControlledbyGEGC | | GuangdongYuelongPowerGenerationCo.,Ltd.(“YuelongPower”) | ControlledbyGEGC | | GuangdongYudeanZhongshanThermalPowerPlant(“ZhongshanThermal”) | ControlledbyGEGC | | GuangdongPortofYangjiangHarbourServiceCo.,Ltd.(“PortofYangjiang”) | ControlledbyGEGC | | GuangzhouDevelopmentDistrictYudeanNewEnergyCo.,Ltd.(“YudeanNewEnergy”) | ControlledbyGEGC | | GuangdongGuanghePowerCo.,Ltd.(“GuanghePower”) | ControlledbyGEGC | | GuangdongXinhuiPowerGenerationCo.,Ltd.(“XinhuiPower”) | ControlledbyGEGC | | GuangdongEnergyGroupNaturalGasCo.,Ltd.(“GuangdongEnergyNaturalGas”) | ControlledbyGEGC | | GuangdongYudeanFengshubaPowerGenerationCo.,Ltd.(“FengshubaPower”) | ControlledbyGEGC | | GuangdongYudeanChanghuPowerGenerationCo.,Ltd.(“ChanghuPower”) | ControlledbyGEGC | | GuangdongYudeanQingxiPowerGenerationCo.,Ltd.(“QingxiPower”) | ControlledbyGEGC | | GuangdongYudeanLiuxihePowerGenerationCo.,Ltd.(“LiuxihePower”) | ControlledbyGEGC | | GuangdongProvinceZhuhaiPowerGenerationCo.,Ltd.(“ZhuhaiElectric”) | ControlledbyGEGC | | GuangdongYudeanXinfengjiangPowerGenerationCo.,Ltd.(“XinfengjiangPower”) | ControlledbyGEGC | | GuangdongYudeanZhanjiangBiomassPowerGenerationCo.,Ltd.(“ZhanjiangBiomass”) | ControlledbyGEGC | | GuizhouYueqianElectricCo.,Ltd.(“YueqianElectric”) | ControlledbyGEGC | | GuangdongYudeanChangtanPowerGenerationCo.,Ltd.(“ChangtanPower”) | ControlledbyGEGC | | GuangdongYudeanShipManagementCo.,Ltd.(“YudeanShip”) | ControlledbyGEGC | | GuangzhouYudeanHuizhouNewEnergyCo.,Ltd.(“HuizhouNewEnergy”) | ControlledbyGEGC | | GuangdongHuizhouLiquefiedNaturalGasCo.,Ltd.(“LiquefiedNaturalGas”) | ControlledbyGEGC |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 8 | Relatedpartiesandrelatedpartytransactions(Cont'd) |
| (4) | Otherrelatedparties(Cont'd) |
RelationshipwiththeGroupGuangdongYudeanNanshuiPowerGenerationCo.,Ltd.(“NanshuiPower”) | GuangdongYudeanNanshuiPowerGenerationCo.,Ltd.(“NanshuiPower”) | ControlledbyGEGC | | GuangdongYudeanEnvironmentalProtectionMaterialsCo.,Ltd.(“EnvironmentalProtectionMaterials”) | ControlledbyGEGC | | ShaoguanQujiangYudeanNewEnergyCo.,Ltd.(“QujiangYudeanNewEnergy”) | ControlledbyGEGC | | YudeanLeasing | ControlledbyGEGC |
| (5) | Relatedpartytransactions |
| (a) | Purchaseandsalesofgoods,andrenderingandreceivingofservice |
Purchaseofgoodsandreceivingofservices: Relatedparties | Relatedparties | Typeofrelatedpartytransaction | Pricingpolicyofrelatedpartytransaction | 2019 | | 2018 |
| Industryfuel | Purchaseoffuel | Agreementprice | 12,572,055,713 | | 14,352,059,858 | | GuangdongEnergyNaturalGas | Purchaseoffuel | Agreementprice | 2,244,739,292 | | 497,452,121 | | YudeanEnvironmental | Purchaseofmaterials | Agreementprice | 170,610,784 | | 148,417,712 | | YudeanPropertySelf-Insurance | Receiptofinsuranceservices | Agreementprice | 41,085,804 | | 19,958,353 | | YudeanPM | Receiptofpropertyservices | Agreementprice | 32,994,779 | | 31,653,612 | | YudeanShipping | Receiptoftugservices | Agreementprice | 25,634,906 | | 23,213,805 | | HuangpuPowerEngineering | Receiptofmaintenanceandrepairservices | Agreementprice | 23,488,279 | | 16,989,393 | | PortofYangjiang | Receiptoftugservices | Agreementprice | 6,862,044 | | 9,247,217 | | YudeanTechnology | Receiptofmanagementservice | Agreementprice | 3,476,417 | | 3,906,107 | | YudeanPI | Receiptofmanagementservice | Agreementprice | 823,550 | | 40,541 | | YuehuaPower | Purchaseofgoods | Agreementprice | 672,348 | | - | | HuangpuYuehuaHumanResources | Receiptoftrainingservices | Agreementprice | 503,322 | | - | | ChangtanPower | Receiptofmanagementservice | Agreementprice | 452,830 | | - | | HuangpuYuehuaHumanResources | Receiptofhumanresourceoutsourcingservices | Agreementprice | - | | 5,828,481 | | | | 15,123,400,068 | | 15,108,767,200 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 8 | Relatedpartiesandrelatedpartytransactions(Cont'd) |
| (5) | Relatedpartytransactions(Cont’d) |
| (a) | Purchaseandsalesofgoods,andrenderingandreceivingofservice(Cont'd) |
Salesofgoodsandrenderingofservices: Relatedparties | Relatedparties | Typeofrelatedpartytransaction | Pricingpolicyofrelatedpartytransaction | 2019 | | 2018 |
| YudeanEnvironmental | Revenuefromsalesofby-products | Agreementprice | 216,576,868 | | 189,652,273 | | ShajiaoC | Provisionofmaintenanceandrepairservices | Agreementprice | 37,070,262 | | 30,485,136 | | YunhePower | Incomefromtransferringcoal | Agreementprice | 12,285,018 | | 8,194,149 | | YunhePower | Provisionofmaintenanceandrepairservices | Agreementprice | 8,502,922 | | 8,368,980 | | XinhuiPower | Provisionofmaintenanceandrepairservices | Agreementprice | 8,212,669 | | - | | ZhongshanThermal | Provisionofmaintenanceandrepairservices | Agreementprice | 4,856,637 | | - | | QujiangYudeanNewEnergy | Provisionofmaintenanceandrepairservices | Agreementprice | 2,925,656 | | - | | GEGC | Provisionofcustodyservices | Agreementprice | 2,311,321 | | 2,070,690 | | YudeanNewEnergy | Provisionofmaintenanceandrepairservices | Agreementprice | 1,662,684 | | 923,603 | | ZhuhaiJinwanElectric | Provisionofmaintenanceandrepairservices | Agreementprice | 928,889 | | 2,934,438 | | HuizhouNewEnergy | Provisionofmaintenanceandrepairservices | Agreementprice | 589,224 | | 235,983 | | LiquefiedNaturalGas | Provisionofmanagementservices | Agreementprice | 336,826 | | - | | EnvironmentalProtectionMaterials | Provisionofmaintenanceandrepairservices | Agreementprice | 188,522 | | - | | ZhongshanThermal | Provisionoftrainingservices | Agreementprice | 55,175 | | 435,144 | | XinhuiPower | Provisionoftrainingservices | Agreementprice | 20,806 | | 526,038 | | YuelongPower | Provisionoftrainingservices | Agreementprice | - | | 32,004 | | YuehuaPower | Provisionoftrainingservices | Agreementprice | - | | 20,246 | | ZhuhaiElectric | Provisionoftrainingservices | Agreementprice | - | | 14,528 | | FengshubaPower | Provisionoftrainingservices | Agreementprice | - | | 14,528 | | LiuxihePower | Provisionoftrainingservices | Agreementprice | - | | 14,528 | | ZhanjiangBiomass | Provisionoftrainingservices | Agreementprice | - | | 14,528 | | ChangtanPower | Provisionoftrainingservices | Agreementprice | - | | 14,528 | | YueqianElectric | Provisionoftrainingservices | Agreementprice | - | | 14,528 | | YunhePower | Provisionoftrainingservices | Agreementprice | - | | 14,528 | | ShajiaoC | Provisionoftrainingservices | Agreementprice | - | | 12,547 | | ZhuhaiJinwanElectric | Provisionoftrainingservices | Agreementprice | - | | 12,302 | | YudeanShip | Provisionoftrainingservices | Agreementprice | - | | 11,887 | | XinfengjiangPower | Provisionoftrainingservices | Agreementprice | - | | 10,896 | | ChanghuPower | Provisionoftrainingservices | Agreementprice | - | | 7,264 | | NanshuiPower | Provisionoftrainingservices | Agreementprice | - | | 3,632 | | QingxiPower | Provisionoftrainingservices | Agreementprice | - | | 3,632 | | | | 296,523,479 | | 244,042,540 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 8 | Relatedpartiesandrelatedpartytransactions(Cont'd) |
| (5) | Relatedpartytransactions(Cont’d) |
| (b) | Purchaseofelectricpower |
| ZhuhaiJinwanElectric | | 101,801,931 | | 121,802,871 | | YunhePower | | 89,787,026 | | 38,780,195 | | YuelongPower | | 20,526,897 | | 11,951,043 | | YuehuaPower | | 14,242,042 | | 26,059,755 | | GuanghePower | | 3,357,310 | | 127,274,483 | | | 229,715,206 | | 325,868,347 |
Theamountforpurchaseofelectricpowerisdeterminedbythedifferenceofdecreaseincurrentfeed-intariffandpurchasedquantityofelectricityagreedbycompaniessellingelectricpowerandpowerplantsfromrelatedparties.(c) TheGroupasthelessee: Nameoflessor | Nameoflessor | Typeoftheleasedassets | Leasingpaymentrecognisedin2019 | | Leasingpaymentrecognisedin2018 |
| YudeanPI | Housingrental | 7,847,192 | | 8,145,254 | | YudeanPM | Housingrental | 2,814,448 | | - | | YudeanPI | Billboardrental | 760,686 | | 776,478 | | | 11,422,326 | | 8,921,732 |
TheGroupasthelessor: Nameoflessee | Nameoflessee | Typeoftheleasedassets | Leasingincomerecognisedin2019 | | Leasingincomerecognisedin2018 |
| YudeanShipping | Housingrental | 572,844 | | 39,077 | | YudeanPM | Housingrental | 228,986 | | 192,000 | | QujiangYudeanNewEnergy | Housinglease | 31,615 | | - | | | 833,445 | | 231,077 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 8 | Relatedpartiesandrelatedpartytransactions(Cont'd) |
| (5) | Relatedpartytransactions(Cont’d) |
TheGroupastheguaranteedparty: Guarantor | Guarantor | Guaranteedamount | Startingdate | Maturitydate | Whethertheguaranteehasbeenfulfilledornot |
| GEGC | 1,500,000,000 | 14/08/2013 | 13/08/2022 | No |
| (e) | (d)Lendingamongrelatedparties |
| (i) | Accordingtothe2019FrameworkAgreementonFinancialServicesbetweentheCompanyandEnergyGroupFinanceCompany,EnergyGroupFinanceCompanyiscommittedtoofferingtheGroupacreditlineofnomorethanRMB22,000,000,000in2019.In2019,theGroupborrowedatotalofRMB8,214,032,898(2018:RMB8,688,316,390)fromEnergyGroupFinanceCompanybasedonactualcapitalrequirement.TheGrouppaidaninterestofRMB333,661,466(2018:RMB352,108,769)forsuchborrowings(Note8(5)(h)). |
| (ii) | In2019,thenetdecreaseoftheGroup’sdepositsinEnergyGroupFinanceCompanywasRMB510,103,873(2018:anetincreaseofRMB825,817,906).InterestduefromEnergyGroupFinanceCompanyamountedtoRMB63,274,596(2018:RMB60,293,273).Inlightofthefrequentdepositsandwithdrawals,theGrouponlydisclosedtheamountofnetchangeindeposits. |
| (iii) | AsdisclosedinNote4(22)(a),accordingtothethree-partyagreementsignedamongtheGroup,EnergyGroupFinanceCompanyandIndustryFuel,theamountofthenotesissuedtoIndustryFuelbytheGroupanddiscountedwithEnergyGroupFinanceCompanyrepresentstheamountpayabletoEnergyGroupFinanceCompany.Giventhefrequenttransactions,onlythenetchangeofthebalanceofcommercialacceptancenotesdiscountedwithEnergyGroupFinanceCompanyasat31Decemberisdisclosed.Asat31December2019,thenetamountofEnergyGroupFinanceCompany’sdiscountingofacceptancenotesissuedbytheGrouptoIndustryFuelincreasedbyRMB216,838,893(31December2018:increasedbyRMB423,161,107).In2019,thediscountinginterestchargedbyEnergyGroupFinanceCompanyandbornebytheGroupwhichwasincludedinthediscountinginterestexpensesintheyearamountedtoRMB28,961,757(2018:RMB13,243,370)(Note8(5)(h)). |
| (iv) | BasedontheFrameworkAgreementonFinancialLeasebetweentheCompanyandYudeanLeasinginJanuary2019,YudeanLeasingiscommittedtoofferingtheGroupacreditlineofnomorethanRMB5billion,whichisreusableduringtheone-yearagreementperiod.In2019,thebalanceoftheGroup’slong-termpayablesoffinanceleasethroughleasebackwasRMB537,407,741(2018:1,148,636,185),andthefinanceleasepaymentwasRMB111,825,155(2018:RMB28,330,513)(Note8(5)(h)). |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 8 | Relatedpartiesandrelatedpartytransactions(Cont'd) |
| (5) | Relatedpartytransactions(Cont’d) |
| (f) | Allocationofcommonexpenses |
TheCompany’sbranchesShajiaoAandShajiaoCagreedtosharecommonexpensesbasedontheiragreedallocationpercentage.In2019,thecommonexpensesreceivedbytheGroupfromShajiaoCwasRMB1,945,185(2018:RMB4,516,707).(g) | Relatedparties | Typeofrelatedpartytransactions | 2019 | | 2018 |
| EnergyGroupFinanceCompany | Interestondeposits | 63,274,596 | | 60,293,273 |
| Relatedparties | Typeofrelatedpartytransactions | 2019 | | 2018 |
| EnergyGroupFinanceCompany | Interestonborrowings | 333,661,466 | | 352,108,769 | | EnergyGroupFinanceCompany | Notesdiscountcharges | 28,961,757 | | 13,243,370 | | | 362,623,223 | | 365,352,139 |
| Relatedparties | Typeofrelatedpartytransactions | 2019 | | 2018 |
| YudeanLeasing | Financeleaseinterest | 111,825,155 | | 28,330,513 |
In2019,theloansprovidedbyEnergyGroupFinanceCompanytotheGroupcarriedanannualinterestratefrom3.92%to4.90%(2018:from3.92%to4.66%).(j) | (j) | Purchaseofassetsfromrelatedparties |
| ShaoguanElectricPowerPlant | - | | 167,735,823 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 8 | Relatedpartiesandrelatedpartytransactions(Cont’d) |
| (5) | Relatedpartytransactions(Cont’d) |
Asat31December2019,subsidiaries,jointventuresandassociatesjointlyinvestedbytheGroupandGEGCwerelistedbelow: PercentageofequityattributabletoGEGC PercentageofequityattributabletoGEGCMaomingZhenneng | MaomingZhenneng | 30.12% | | BoheCoal | 33.00% | | EnergyGroupFinanceCompany | 65.00% | | Industryfuel | 50.00% | | ShanxiYudeanEnergy | 60.00% | | YudeanPropertySelf-Insurance | 51.00% | | WesternInvestment | 35.00% |
| (l) | Remunerationofkeymanagement |
| Remunerationofkeymanagement | 4,558,580 | | 3,737,581 |
| (6) | Accountsreceivablefromandpayabletorelatedparties |
Receivablesfromrelatedparties: 31December2019 | 31December2019 | | 31December2018 |
| Cashatbankandonhand | EnergyGroupFinanceCompany | 4,468,014,839 | | 4,978,118,712 |
| Accountsreceivable | YunhePower | 3,123,537 | | 2,817,688 | | XinhuiPower | 1,706,822 | | - | | QujiangYudeanNewEnergy | 1,699,980 | | - | | YudeanNewEnergy | 941,609 | | 1,062,659 | | ShajiaoC | 901,427 | | 10,466,023 | | ZhongshanThermal | 846,660 | | - | | HuizhouNewEnergy | 577,717 | | 273,740 | | YuelongPower | - | | 18,000 | | | 9,797,752 | | 14,638,110 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 8 | Relatedpartiesandrelatedpartytransactions(Cont’d) |
| (6) | Receivablesfromandpayablestorelatedparties(Cont’d) |
Receivablesfromrelatedparties(Cont’d): 31December2019 | 31December2019 | | 31December2018 |
| Otherreceivables | YudeanEnvironmental | 69,568,758 | | 54,456,181 | | EnergyGroupFinanceCompany | 20,866,069 | | 18,856,569 | | GEGC | 2,311,321 | | 2,070,690 | | YudeanPI | 1,536,942 | | 1,267,802 | | ShajiaoC | 1,371,603 | | 1,663,292 | | YudeanShipping | 576,400 | | - | | YudeanPM | 466,572 | | 543,732 | | LiquefiedNaturalGas | 329,096 | | - | | XinhuiPower | - | | 549,900 | | | 97,026,761 | | 79,408,166 |
| Advancestosuppliers | Industryfuel | 455,412,330 | | 547,209,560 |
| Othernon-currentassets | YudeanTechnology | 700,000 | | 525,000 |
Asat31December2019and31December2018,theGroupmadenoprovisionforbaddebtsofreceivablesfromrelatedparties.31December2019 | 31December2019 | | 31December2018 |
| Notespayable | EnergyGroupFinanceCompany | 870,000,000 | | 653,161,107 |
| 31December2019 | | 31December2018 |
| Accountspayable | Industryfuel | 1,638,254,539 | | 1,449,619,847 | | GuangdongEnergyNaturalGas | 222,256,982 | | - | | YudeanEnvironmental | 28,147,157 | | 34,526,337 | | YudeanPM | 8,044,985 | | - | | YudeanShipping | 2,300,000 | | - | | YudeanTechnology | 92,000 | | - | | HuangpuYuehuaHumanResources | - | | 286,313 | | | 1,899,095,663 | | 1,484,432,497 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 8 | Relatedpartiesandrelatedpartytransactions(Cont'd) |
| (6) | Receivablesfromandpayablestorelatedparties(Cont’d) |
Receivablesfromrelatedparties(Cont'd): 31December2019 | 31December2019 | | 31December2018 |
| Otherpayables | EnergyGroupFinanceCompany | - | | 13,356,633 | | HuangpuPowerEngineering | 8,327,106 | | 4,818,353 | | YudeanPM | 1,568,761 | | 7,730,098 | | YudeanTechnology | 959,440 | | 1,130,960 | | YudeanEnvironmental | 766,080 | | 1,414,106 | | QujiangYudeanNewEnergy | 9,000 | | - | | YuehuaPower | - | | 58,000,000 | | YudeanShipping | - | | 5,312,830 | | YudeanLeasing | - | | 2,167,970 | | HuangpuYuehuaHumanResources | - | | 1,622,290 | | YudeanPropertySelf-Insurance | - | | 400,000 | | ShenzhenTianxin | - | | 70,000 | | | 11,630,387 | | 96,023,240 |
| | 31December2019 | | 31December2018 | | Short-termborrowings | | | | |
| EnergyGroupFinanceCompany | | | | | | -Principal | | 4,115,000,000 | | 5,042,000,000 | | -Interest | | 4,893,053 | | - | | | 4,119,893,053 | | 5,042,000,000 |
Currentportionof non-currentliabilitiesEnergyGroupFinance Company | EnergyGroupFinanceCompany | | | | | | -Principal | | 249,872,476 | | 143,919,490 | | -Interest | | 4,153,303 | | - | | | 254,025,779 | | 143,919,490 |
| Long-termborrowings | EnergyGroupFinanceCompany | 2,765,740,493 | | 2,833,766,371 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 8 | Relatedpartiesandrelatedpartytransactions(Cont'd) |
| (6) | Receivablesfromandpayablestorelatedparties(Cont’d) |
| 31December2019 | | 31December2018 |
| Long-termpayables | YudeanLeasing | 1,667,026,669 | | 1,147,811,958 | | GuangdongEnergyGroup | 12,217,551 | | - | | | 1,679,244,220 | | 1,147,811,958 |
Partofinformationonshort-termborrowingsandlong-termborrowingsobtainedfromrelatedpartiesisdisclosedinNotes4(21),4(27)and4(29);detailsonnotespayablediscountedbyEnergyGroupFinanceCompanyisdisclosedinNote4(22);detailsonlong-termpayablesprovidedbyYudeanLeasingisdisclosedinNote4(31)(a).Exceptfortheaforesaidborrowings,notespayableandlong-termpayables,otherreceivablesfromandpayablestorelatedpartiesareinterest-freeandunsecuredcurrentaccountsthatwillbepaidoffwhenneeded.(7) | (7) | Commitmentsinrelationtorelatedparties |
| Leases | | | | | | | 31December2019 | | 31December2018 |
| -Aslessee | | | | | | YudeanPI | 11,465,806 | | 18,622,911 | | YudeanPM | 1,286,668 | | - | | | 12,752,474 | | 18,622,911 |
Asat31December2019,theGroupdidnotmakeanyinvestmentcommitmentswithrelatedparties. | (1) | Asat31December2019,theCompanyprovidedjointguaranteeforbankborrowingsamountingtoRMB80,620,000forYunnanBaoshanBinlangjiangHydroelectricityDevelopmentCo.,Ltd.,ofwhichtheliabilityreliefprocedureisbeinghandled. |
| (2) | PinghaiPowerfailedtocompletesettlementwithtwoofitsengineeringcontractorsduetothedisputeofsettlementregardingconstructionandinstallationprojectcontracts.On22October2018,oneofthecontractorsfiledalawsuitinthelocalmunicipalpeople'scourt,demandingPinghaiPowertomakepaymentfortheadditionalconstructionexpensesofRMB165,978,408arisingfrommodificationofscopeofcontractandtheinterestofRMB72,478,979arisingfromdelayinpayment.On1April2019,PinghaiPowerreceivedsubpoenafromthelocalmunicipalpeople’scourt.On14Mayand18July2019,PinghaiPowerparticipatedpre-trialconferencesforthefirstinstanceanddeterminedtohireathirdpartytoconductcostappraisalforthedispute.On2July2019,theothercontractorfiledalawsuitinthelocalintermediatepeople'scourt,demandingPinghaiPowertomakepaymentfortheadditionalconstructionexpensesofRMB89,548,053arisingfrommodificationofscopeofcontractandtheinterestofRMB36,526,452arisingfromdelayinpayment.On14August2019,PinghaiPowerparticipatedinthefirstinstancehearingandfiledanapplicationforjurisdictionalobjection,whichwasrejected.On8November2019,acounterclaimwasfiledbyPinghaiPowerinthelocalintermediatepeople'scourt,suingbackagainstthecontractorfordefaultofcontractduetodelayinprojectcompletion.On17January2020,thetwopartiesparticipatedthetrialforofthefirstinstanceagainandexchangedevidenceinthecourt.Asattheissuancedateofthereport,accordingtothesuggestionoflegaladviser,sincethelawsuitswerestillpendingforhearing,managementoftheGroupcouldnotestimatethelitigationresult,thusnoconstructionexpensesandinterestrelatedto |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] thelawsuitswerepresentedinthefinancialstatementsfortheyearended31December2019. GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] CapitalexpenditurescontractedforbytheGroupbutarenotyetnecessarytoberecognisedonthebalancesheetasatthebalancesheetdateareasfollows: 31December2019 | 31December2019 | | 31December2018 |
| Buildingsandpowergenerationequipment | 13,735,070,950 | | 8,351,174,768 |
Theabovecapitalcommitmentswillbeprimarilyusedfortheconstructionofnewelectricplantsandthepurchaseofnewgeneratorunits.(2) | (2) | Operatingleasecommitments |
Thefutureminimumleasepaymentsdueunderthesignedirrevocableoperatingleasescontractsaresummarisedasfollows: 31December2019 | 31December2019 | | 31December2018 |
| Within1year | 24,818,237 | | 16,483,957 | | 1to2years | 5,159,843 | | 12,699,701 | | 2to3years | 1,681,275 | | 2,235,203 | | Over3years | 6,578,799 | | 8,375,246 | | 38,238,154 | | 39,794,107 |
| (3) | Implementationofpriorcommitments |
| (a) | TheNinthSessionoftheBoardapprovedtheProposalontheEstablishmentofGuangdongNingzhouSiteAlternativePowerProjectCompanytoConductPreliminaryWorkforProjectVerificationduringits3rdcommunicationmeetinginon12June2019.InordertoacceleraterelevantworkforNingzhouProject,theBoardagreedthattheCompanywouldformawholly-ownedDongguanNingzhouSiteAlternativePowerProjectCompany,BinhaiBayCompany.ThenewcompanywouldberegisteredinHumen,Dongguan,withtheinitialregisteredcapitalofRMB30,000,000.ThepreliminaryworkforNingzhouProjectshouldbecarriedoutbytheprojectcompanyinaccordancewiththerequirementsofprojectverification.TheNinthSessionoftheBoardapprovedtheProposalonAcquisitionofConstructionLandforGuangdongNingzhouSiteAlternativePowerProjectduringits5thcommunicationmeetingon31October2019.PursuanttotheconstructionplanofGuangdongNingzhouSiteAlternativePowerProject,theBoardagreedthattheconstructionlandfortheprojectcouldbeacquiredbyBinhaiBayCompanywithatotalbudgetofnomorethanRMB240,000,000.ThelandacquisitioncostwouldbebornebytheCompanyintheformofcapitalcontributionandrecordedasprojectfund.Asat31December2019,theCompanyhadmadeatotalcontributionofRMB270,000,000toHaibinBayCompany. |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | (3) | Implementationofpriorcommitments(Cont’d) |
| (b) | TheNinthSessionoftheBoardapprovedtheProposalonEstablishmentofZhuhaiJinwanOffshoreWindPowerProjectduringits7thmeetingon25January2019.ForthepurposeofscalinguptheCompany’soffshorewindpowerinGuangdongProvinceandthesoutheastcoast,theBoardapprovedtheCompany’sinvestmentinZhuhaiJinwanOffshoreWindPowerProjectwithatotaldynamicinvestmentofRMB5,643,170,000,includingacapitalfundofRMB1,128,634,000(accountingfor20%ofthetotaldynamicinvestment).Basedontheconstructionprogressandfundrequirementoftheproject,theCompanywouldincreaseitscapitalcontributiontoGuangdongWindPower,whichwouldthenmakecapitalinjectiontoZhuhaiWindPower.Asat31December2019,theCompanyhadmadeatotalcapitalcontributionofRMB265,000,000totheproject,includingasupplementarycontributionof200,000,000madeinthecurrentyear. |
| (c) | TheNinthSessionoftheBoardapprovedtheProposalofInvestmentinConstructionofZhanjiangWailuoOffshoreWindPowerProject(PhaseI)duringits1stcommunicationmeetingon23March2018.InordertoactivelyimplementtheenergydevelopmentplansmadebytheStateandGuangdongProvince,greatlydevelopcleanenergyandacceleratetheoptimisationofelectricgeneratorstructure,theBoardgavepermissiontoitswholly-ownedsubsidiaryQujieWindPowerfortheconstructionofZhanjiangWailuoOffshoreWindPowerProject(PhaseI).Theinstallationcapacityoftheprojectreachedat198MW,andthetotalinvestmentshitRMB3,739,450,000.ThecapitalfundwasrecordedasRMB747,890,000ataproportionof20%.Basedontheprogressofprojectconstructionandcapitaldemand,theCompanywouldincreasecapitalforQujieWindPowerifnecessary.In2019,theCompanymadethesupplementarycapitalcontributionofRMB100,000,000toQujieWindPower,thuscapitalcontributionaccumulatingtoRMB600,000,000. |
| (d) | TheNinthSessionoftheBoardapprovedtheProposalonCapitalIncreaseandShareExpansionofGuangdongYudeanBoheCoalPowerCo.,Ltd.duringits2ndcommunicationmeetingon19September2018.InordertodrivetheintegrationprojectofBoheCoalandmeetthecapitalrequirementsoftheprotectiveresumptionofBoheCoal,theBoardagreedthecapitalinjectiontotheCompany’swholly-ownedsubsidiary,BoheCoal.TheCompanyandGEGCshouldmakecapitalinjectiontoBoheCoalwithatotalamountofRMB3,980,000,000intargetedproportionof67%and33%oftheshareholding.Asat31December2019,theCompanyhadincreasedatotalcapitalofRMB938,000,000. |
| (e) | TheNinthSessionoftheBoardapprovedtheProposalofInvestmentinConstructionofZhanjiangWailuoOffshoreWindPowerProject(PhaseII)duringits1stcommunicationmeetingon23March2018andtheProposalofInvestmentinConstructionofZhanjiangWailuoOffshoreWindPowerProject(PhaseII)duringits9thmeetingon29August2019.InordertostepupforthescaledevelopmentoftheCompany’snewenergypowergeneration,improvetheproportionofcleanenergyinstallation,andoptimisethestructureofpowersource,theBoardgavepermissiontotheCompany’swholly-ownedsubsidiaryQujieWindPowerfortheinvestmentofWailuoPhaseII,whichwasdeemedasthemainpartofinvestment.ThetotaldynamicinvestmentfortheprojectamountedtoRMB3,789,120,000,includingacapitalfundofRMB757,824,000(accountingfor20%ofthetotaldynamicinvestment).ThecapitalfundfortheprojectwouldbeprovidedtoQujieWindPowerbytheCompanythroughcapitalincreaseinbatchesbasedonactualconstructionprogressandcapitaldemand.In2018,theCompanyhadmadeatotalcapitalincreaseofRMB48,000,000toQujieWindPowerWailuoPhaseIIandin2019theCompanydidnotincreasecapital. |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | (3) | Implementationofpriorcommitments(Cont’d) |
| (f) | TheEighthSessionoftheBoardapprovedtheProposalofEstablishmentofYudeanYangjiangOffshoreWindPowerCo.,Ltd.duringits6thmeetingon27April2015.TheBoardgavepermissiontotheCompany’swholly-ownedsubsidiaryGuangdongWindPowerfortheestablishmentofYangjiangWindPowerinYangjiang,whichwasdeemedasthemainpartofinvestmentinYangjiangShapaoffshorewindpowerproject.TheregisteredcapitalforPhaseIamountedtoRMB55,000,000,whichwouldbesettledviacapitalincreasetoYangjiangWindPowerbyGuangdongWindPoweraftertheCompany’scapitalincreasetoGuangdongWindPower.InordertostepupforthescaledevelopmentoftheCompany’snewenergypowergeneration,improvetheproportionofcleanenergyinstallation,andoptimisethestructureofpowersource,theBoardagreedontheinvestmentinandconstructionforShapaProjectbyYangjiangWindPowerwithadynamictotalinvestmentofRMB5,963,270,000.ThecapitalfundwascalculatedasRMB1,192,660,000ataproportionof20%.Asat31December2019,theCompanyhadmadeatotalcapitalcontributionofRMB455,000,000totheproject,includingasupplementarycontributionof100,000,000madeinthecurrentyear. |
| (g) | TheNinthSessionoftheBoardapprovedtheProposalonInvolvementinCapitalandShareIncreaseofShenzhenCapitalGroupCo.,Ltd.duringits2ndcommunicationmeetingon19September2018.InordertomeettherequirementofSCG’sstrategicdevelopment,theCompanywasallowedtoincreasecapitalofRMB213,034,000toSCGatanequityproportionof3.67%underthewrittenapprovalofState-ownedAssetsSupervisionandAdministrationCommissionofthePeople'sGovernmentofShenzhenMunicipal.TheamountsofRMB65,135,200andRMB78,162,240havebeeninjectedin2018and2019respectively,andtheremainingRMB69,736,560wouldbeinjectedwithin2020. |
| (h) | TheSeventhSessionoftheBoardapprovedtheProposalofInvestmentinPhaseIIThermalPowerCogenerationProjectofHuizhouLNGElectricduringits14thmeetinginApril2013.Accordingtotheproposal,theBoardpermitstheCompanytoinvestinPhaseIIThermalPowerCogenerationProjectofHuizhouLNGElectricwiththecontributionratioof67%.ThecapitalisaboutRMB569,000,000intotal,whichwillbemadeinbatchesbasedontheprojectprogressandcapitalrequirement.TheCompanyinjectedRMB95,090,000,RMB103,578,300andRMB29,114,500respectivelyin2017,2018and2019.Asat31December2018,theCompanyhadinjectedatotalcapitalfundofRMB227,782,800. |
| (i) | TheNinthSessionoftheBoardapprovedtheProposalonInvestmentinandConstructionofZhanjiangXinliaoOffshoreWindPowerProjectduringits6thcommunicationmeetingon28November2019.InordertooptimisetheCompany’senergystructureandimprovetheproportionofcleanenergy,theBoardagreedQujieWindPower’sinvestment(asthemainpartoftheinvestmentintheproject)inconstructionandoperationofZhanjiangXinliaoOffshoreWindPowerProjectwithadynamictotalinvestmentofRMB3,698,880,000.ThecapitalfundwascalculatedasRMB739,776,000ataproportionof20%.ThecapitalfundfortheprojectwouldbeprovidedtoQujieWindPowerbytheCompanythroughcapitalincreaseinbatchesbasedonactualconstructionprogressandcapitaldemand.Asat31December2019,theCompanyhadmadeatotalcapitalcontributionofRMB40,000,000totheproject,withnocontributionmadeinthecurrentyear. |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | (3) | Implementationofpriorcommitments(Cont’d) |
| (j) | TheSeventhSessionoftheBoardapprovedtheProposalonEstablishmentofGuangdongYudeanDapuPowerCo.,Ltd.duringits11thmeetingon29October2012.TheBoardagreedDapuElectric’sinvestment(asthemainpartoftheinvestmentintheproject)inconstructionandoperationoftheengineeringprojectofreplacingsmallgeneratorunitswithbiggeneratorunits.ThecapitalfundofRMB1,104,000,000,calculatedat20%oftotalinvestmentofRMB5,520,000,000,wasneeded.ThecapitalfundfortheprojectwouldbeprovidedtoDapuElectricbytheCompanythroughcapitalincreaseinbatchesbasedonactualconstructionprogressandcapitaldemand.Asat31December2019,theCompanyhadmadeatotalcapitalcontributionofRMB1,040,000,000totheproject,includingasupplementarycontributionof40,000,000madeinthecurrentyear. |
| (k) | TheNinthSessionoftheBoardapprovedtheProposalofIncreasingCapitalforGuangdongProvinceWindPowerGenerationCo.,Ltd.duringits5thmeetingon29August2018.TheBoardagreedHuilaiWindPower’stechnicaltransformationtoHaiwanShifengPowerPlant,whichwouldbesettledviacapitalincreasetoYangjiangWindPowerbyGuangdongWindPoweraftertheCompany’scapitalincreasetoGuangdongWindPower.ThecapitalincreaseamountingtoRMB39,000,000wasfullymadebytheCompanyin2019. |
| 11 | Eventsafterthebalancesheetdate |
| (1) | Statementofdividenddistribution |
AccordingtotheresolutionattheBoardofDirectors’meetingdated17April2020,theBoardsuggestedtheGroupappropriating10%and25%ofnetprofit,amountingtoRMB77,026,584andRMB192,566,461tothestatutorysurplusreservesandthediscretionarysurplusreserve,respectively(2018:theGroupappropriatedRMB117,603,557ofstatutorysurplusreservesandRMB294,008,893ofdiscretionarysurplusreserve).Meanwhile,theBoardalsosuggestedtheGroupdistributingcashdividendsofRMB630,034,078toitsshareholdersatRMB1.2per10shares(2018:theGroupdistributedcashdividendsofRMB315,017,039totheshareholdersatRMB0.6per10shares).Theproposalisstillpendingfortheapprovaloftheshareholders’meeting.Thecashdividendsproposedafterthebalancesheetdatehavenotbeenrecognisedasliabilitiesatthebalancesheetdate.(2) | (2) | EvaluationontheimpactofCoronavirusDisease2019 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 11 | Eventsafterthebalancesheetdate(Cont'd) |
| (3) | YuejiaElectricintendstodisposalitsassetsaftershuttingdownofgeneratorunitsbyclosingandliquidation |
PursuanttoGuangdongProvince’sworkarrangementforrestructuring“zombiecompanies”andtheNoticeofYudeanGrouponMattersConcerningYuejiaElectric’sTransformationandEstablishmentofEnergyServiceBase,inMarch2020,theSixthSessionoftheBoardofYuejiaElectric,asubsidiaryoftheGroup,approvedtheProposalontheOverallProgramofGuangdongYuejiaElectricCo.,Ltd.forDisposalofAssetsafterShuttingDownofGeneratorUnitswithitsfirstoff-siteresolutionin2020,anddecidedtodisposalYuejiaElectric’sassetsaftershuttingdownofgeneratorunitsbyclosingandliquidation.ThegeneratorunitsofYuejiaElectricclosedinsuccessionin2010and2016.Asat31December2019,thecarryingamountofYuejiaElectric’snetassetswasRMB131millionandthebalanceofprovisionforimpairmentofthefixedassetsandintangibleassetsofYuejiaElectricwasrespectivelyRMB480,449,596andRMB34,210,978(Note13(a)(iii)andNote4(15)(b)).Asatthedateonwhichthefinancialstatementswereauthorisedforissue,mattersconcerningthedisposalofassetsmentionedabovewerestillunderdiscussion. TheGroup'sactivitiesexposeittoavarietyoffinancialrisks:marketrisk(primarilyincludingforeignexchangerisk,interestrateriskandpricerisk),creditriskandliquidityrisk.TheGroup'soverallriskmanagementprogrammefocusesontheunpredictabilityoffinancialmarketsandseekstominimisepotentialadverseeffectsontheGroup'sfinancialperformance.(1) GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | (a) | Foreignexchangerisk(Cont’d) |
Thefinancialassetsandthefinancialliabilitiesdenominatedinforeigncurrencies,whichareheldbytheGroup,wereexpressedinRMBasat31December2019and31December2018asfollows: 31December2019 | 31December2019 | | USD | | EUR | | HKD | | Total |
| Financialassetsdenominatedinforeigncurrency- | | | | | | | | | Cashatbankandonhand | 1,324 | | - | | 10,339 | | 11,663 |
| Financialliabilitiesdenominatedinforeigncurrency- | | | | | | | | | Long-termborrowings | 62,416,979 | | 1,063,810 | | - | | 63,480,789 | | Currentportionofnon-currentliabilities | 7,600,549 | | 2,459,075 | | - | | 10,059,624 | | 70,017,528 | | 3,522,885 | | - | | 73,540,413 |
| 31December2018 | | USD | | EUR | | HKD | | Total |
| Financialassetsdenominatedinforeigncurrency- | | | | | | | | | Cashatbankandonhand | 1,304 | | - | | 11,288 | | 12,592 |
| Financialliabilitiesdenominatedinforeigncurrency- | | | | | | | | | Long-termborrowings | 68,270,542 | | 3,537,220 | | - | | 71,807,762 | | Currentportionofnon-currentliabilities | 6,527,993 | | 2,469,081 | | - | | 8,997,074 | | 74,798,535 | | 6,006,301 | | - | | 80,804,836 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] othervariableshadbeenheldconstant,theGroup’snetprofitwouldhavebeenapproximatelyRMB775(31December2018:approximatelyRMB847)lower/higher,forvariousfinancialassetsdenominatedinHKD. GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] TheGroup’sinterestrateriskmainlyarisesfrominterestbearingborrowingsincludingborrowings,debenturespayableandlong-termpayables.FinancialliabilitiesissuedatfloatingratesexposetheGrouptocashflowinterestraterisk.FinancialliabilitiesissuedatfixedratesexposetheGrouptofairvalueinterestraterisk.TheGroupdeterminestherelativeproportionsofitsfixedrateandfloatingratecontractsdependingontheprevailingmarketconditions.Asat31December2019,theGroup’sinterestbearingborrowingsweremainlyborrowings,debenturespayableandlong-termpayablesandtheamountsofrespectiveinterestareasfollows: 31December2019 | 31December2019 | | 31December2018 |
| Short-termborrowings | | | | | -fixedrateinterest | 750,000,000 | | 735,000,000 | | -floatingrateinterest | 5,144,026,790 | | 6,791,000,000 | | 5,894,026,790 | | 7,526,000,000 |
| 31December2019 | | 31December2018 |
| Long-termborrowingsandlong-termborrowingsduewithinoneyear | | | | | -floatingrateinterest | 19,345,443,393 | | 20,548,090,036 |
| 31December2019 | | 31December2018 |
| Debenturespayableanddebenturespayableduewithinoneyear | | | | | -fixedrateinterest | 1,536,931,768 | | 1,536,994,298 |
| 31December2019 | | 31December2018 |
| Long-termpayablesandlong-termpayablesduewithinoneyear(excludingpayablesforspecificprojects) | | | | | -fixedrateinterest | 90,000,000 | | 90,000,000 | | -floatingrateinterest | 2,657,339,603 | | 2,466,113,382 | | 2,747,339,603 | | 2,556,113,382 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | (b) | Interestraterisk(Cont’d) |
TheGroup’sfinancedepartmentatitsheadquarterscontinuouslymonitorstheinterestratepositionoftheGroup.IncreasesininterestrateswillincreasethecostofnewborrowingandtheinterestexpenseswithrespecttotheGroup’soutstandingfloatingrateborrowings,andthereforecouldhaveamaterialadverseeffectontheGroup’sfinancialperformance.TheGroupdeterminestheappropriateweightingsofthefixedandfloatingrateinterest-bearinginstrumentsbasedonthecurrentmarketconditionsandperformsregularreviewsandmonitoringtoachieveanappropriatemixoffixedandfloatingrateexposure.In2019and2018,theGroupdidnothedgetheinterestrateriskwithderivativefinancialinstruments.Asat31December2019,ifinterestratesonthefloatingrateborrowingshadrisen/fallenby10basispointswhileallothervariableshadbeenheldconstant,theGroup’sinterestexpensewouldhaveincreased/decreasedbyapproximatelyRMB27,146,810(31December2018:approximatelyRMB17,884,606). Asat31December2019,ifinterestratesonthefloatingrateborrowingshadrisen/fallenby10basispointswhileallothervariableshadbeenheldconstant,theGroup’sinterestexpensewouldhaveincreased/decreasedbyapproximatelyRMB27,146,810(31December2018:approximatelyRMB17,884,606).(2) CreditriskoftheGroupmainlyarisesfromcashatbankandonhand,accountsreceivable,otherreceivables,long-termreceivables,etc.ThecarryingamountoftheGroup’sfinancialassetsreflectitsmaximumcreditexposureonthebalancesheetdate.TheGroupexpectsthatthereisnosignificantcreditriskassociatedwithcashatbankandonhandsincetheyaredepositedatEnergyGroupFinanceCompany,state-ownedbanksandothermediumorlargesizelistedbankswithgoodreputationandhighcreditrating.TheGroupdoesnotexpectthattherewillbesignificantlossesfromnon-performancebythecounterparty. TheGroupexpectsthatthereisnosignificantcreditriskassociatedwithcashatbankandonhandsincetheyaredepositedatEnergyGroupFinanceCompany,state-ownedbanksandothermediumorlargesizelistedbankswithgoodreputationandhighcreditrating.TheGroupdoesnotexpectthattherewillbesignificantlossesfromnon-performancebythecounterparty. Inaddition,theGrouphaspoliciestolimitthecreditexposureonaccountsreceivable,otherreceivablesandlong-termreceivables.TheGroupassessesthecreditqualityofandsetscreditlimitsonitscustomersbytakingintoaccounttheirfinancialposition,theavailabilityofguaranteefromthirdparties,theircredithistoryandotherfactorssuchascurrentmarketconditions.ThecredithistoryofthecustomersisregularlymonitoredbytheGroup.Inrespectofcustomerswithapoorcredithistory,theGroupwillusewrittenpaymentreminders,orshortenorcancelcreditperiods,toensuretheoverallcreditriskoftheGroupislimitedtoacontrollableextent. Inaddition,theGrouphaspoliciestolimitthecreditexposureonaccountsreceivable,otherreceivablesandlong-termreceivables.TheGroupassessesthecreditqualityofandsetscreditlimitsonitscustomersbytakingintoaccounttheirfinancialposition,theavailabilityofguaranteefromthirdparties,theircredithistoryandotherfactorssuchascurrentmarketconditions.ThecredithistoryofthecustomersisregularlymonitoredbytheGroup.Inrespectofcustomerswithapoorcredithistory,theGroupwillusewrittenpaymentreminders,orshortenorcancelcreditperiods,toensuretheoverallcreditriskoftheGroupislimitedtoacontrollableextent.Asat31December2019,theGrouphadnosignificantcollateralorothercreditenhancementsheldasaresultofthedebtor'smortgage. GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] CashflowforecastingisperformedbyeachsubsidiaryoftheGroupandaggregatedbytheGroup’sfinancedepartmentinitsheadquarters.TheGroup’sfinancedepartmentatitsheadquartersmonitorsrollingforecastsoftheGroup'sshort-termandlong-termliquidityrequirementstoensureithassufficientcashandsecuritiesthatarereadilyconvertibletocashtomeetoperationalneeds,whilemaintainingsufficientheadroomonitsundrawncommittedborrowingfacilitiesfrommajorfinancialinstitutionssothattheGroupdoesnotbreachborrowinglimitsorcovenantsonanyofitsborrowingfacilitiestomeettheshort-termandlong-termliquidityrequirements.ThefinancialliabilitiesoftheGroupatthebalancesheetdateareanalysedbytheirmaturitydatesbelowattheirundiscountedcontractualcashflows: ThefinancialliabilitiesoftheGroupatthebalancesheetdateareanalysedbytheirmaturitydatesbelowattheirundiscountedcontractualcashflows: 31December2019 | 31December2019 | | | | Within1year | | 1to2years | | 2to5years | | Over5years | | Total | | Carryingamountonbalancesheet |
| Short-termborrowings | 6,022,575,234 | | - | | - | | - | | 6,022,575,234 | | 5,904,132,791 | | Notespayable | 1,364,236,650 | | - | | - | | - | | 1,364,236,650 | | 1,364,236,650 | | Accountspayable | 2,465,154,162 | | - | | - | | - | | 2,465,154,162 | | 2,465,154,162 | | Otherpayables | 4,042,117,097 | | - | | - | | - | | 4,042,117,097 | | 4,042,117,097 | | Othercurrentliabilities | 1,923,479,414 | | - | | - | | - | | 1,923,479,414 | | 1,912,282,192 | | Long-termborrowingsandlong-termborrowingsduewithinoneyear | 3,553,716,056 | | 2,365,490,761 | | 5,697,789,922 | | 12,879,252,180 | | 24,496,248,919 | | 19,375,265,574 | | Debenturespayableanddebenturespayableduewithinoneyear | 124,850,064 | | 1,544,056,328 | | - | | - | | 1,668,906,392 | | 1,558,013,031 | | Long-termpayablesandlong-termpayablesduewithinoneyear(excludingpayablesforspecificprojects) | 430,536,479 | | 331,964,412 | | 1,613,203,370 | | 915,876,405 | | 3,291,580,666 | | 2,747,339,603 | | 19,926,665,156 | | 4,241,511,501 | | 7,310,993,292 | | 13,795,128,585 | | 45,274,298,534 | | 39,368,541,100 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 31December2018 | | | | Within1year | | 1to2years | | 2to5years | | Over5years | | Total | | Carryingamountonbalancesheet |
| Short-termborrowings | 7,772,410,040 | | - | | - | | - | | 7,772,410,040 | | 7,526,000,000 | | Notespayable | 941,161,107 | | - | | - | | - | | 941,161,107 | | 941,161,107 | | Accountspayable | 2,196,600,415 | | - | | - | | - | | 2,196,600,415 | | 2,196,600,415 | | Otherpayables | 4,152,518,495 | | - | | - | | - | | 4,152,518,495 | | 4,152,518,495 | | Othercurrentliabilities | 1,109,288,333 | | - | | - | | - | | 1,109,288,333 | | 1,107,904,110 | | Long-termborrowingsandcurrentportionoflong-termborrowings | 2,633,767,677 | | 3,625,442,537 | | 5,606,077,351 | | 14,610,174,917 | | 26,475,462,482 | | 20,548,090,036 | | Debenturespayableanddebenturespayableduewithinoneyear | 758,015,172 | | 76,621,672 | | 833,520,000 | | - | | 1,668,156,844 | | 1,536,994,298 | | Long-termpayablesandlong-termpayablesduewithinoneyear(excludingpayablesforspecificprojects) | 431,974,174 | | 412,579,372 | | 1,513,585,861 | | 636,898,250 | | 2,995,037,657 | | 2,556,113,382 | | 19,995,735,413 | | 4,114,643,581 | | 7,953,183,212 | | 15,247,073,167 | | 47,310,635,373 | | 40,565,381,843 |
TheGroup’savailablefinancingcreditlinesunderagreementwiththefinancialinstitutionsasatbalancesheetdateareasfollows: 31December2019 | 31December2019 | | 31December2018 |
| Availablefinancingcreditlinesunderagreementwiththefinancinginstitutions | | 31,903,008,891 | | 20,635,056,100 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] Thelevelinwhichfairvaluemeasurementiscategorisedisdeterminedbythelevelofthefairvaluehierarchyofthelowestlevelinputthatissignificanttotheentirefairvaluemeasurement: Level1:Quotedprices(unadjusted)inactivemarketsforidenticalassetsorliabilities. Level1:Quotedprices(unadjusted)inactivemarketsforidenticalassetsorliabilities.Level2:InputsotherthanquotedpricesincludedwithinLevel1thatareobservablefortheassetorliability,eitherdirectlyorindirectly. Level2:InputsotherthanquotedpricesincludedwithinLevel1thatareobservablefortheassetorliability,eitherdirectlyorindirectly.Level3:Unobservableinputsfortheassetorliability. Level3:Unobservableinputsfortheassetorliability.(1) | (1) | Assetsmeasuredatfairvalueonarecurringbasis |
Asat31December2019,theassetsmeasuredatfairvalueonarecurringbasisbytheabovethreelevelsareanalysedbelow: Level1 | Investmentsinotherequityinstruments- | | | | | | | | | Otherequityinstruments | 408,070,373 | | - | | 2,734,301,000 | | 3,142,371,373 |
Asat31December2018,theassetsmeasuredatfairvalueonarecurringbasisbytheabovethreelevelsareanalysedbelow: Level1 | Available-for-salefinancialassets- | | | | | | | | | Available-for-saleequityinstruments | 340,765,380 | | - | | 799,040,951 | | 1,139,806,331 |
TheGrouptakesthedateonwhicheventscausingthetransfersbetweenthelevelstakeplaceasthetimingspecificforrecognisingthetransfers.ThereisnotransferamongLevel1,Level2andLevel3forthecurrentyear. Thefairvalueoffinancialinstrumentstradedinanactivemarketisdeterminedatthequotedmarketprice;andthefairvalueofthosenottradedinanactivemarketisdeterminedbytheGroupusingvaluationtechnique.Thevaluationmodelsusedmainlycomprisediscountedcashflowmodelandmarketcomparablecorporatemodel.Theinputsofthevaluationtechniquemainlyincluderisk-freeinterestrate,benchmarkrate,exchangerate,creditspread,liquiditypremium,dividendmodel,EBITDAmultiplier,liquiditydiscount,etc. Thefairvalueoffinancialinstrumentstradedinanactivemarketisdeterminedatthequotedmarketprice;andthefairvalueofthosenottradedinanactivemarketisdeterminedbytheGroupusingvaluationtechnique.Thevaluationmodelsusedmainlycomprisediscountedcashflowmodelandmarketcomparablecorporatemodel.Theinputsofthevaluationtechniquemainlyincluderisk-freeinterestrate,benchmarkrate,exchangerate,creditspread,liquiditypremium,dividendmodel,EBITDAmultiplier,liquiditydiscount,etc.ThechangesinLevel3financialassetsareanalysedbelow: ThechangesinLevel3financialassetsareanalysedbelow: 31December 2018 | 31December2018 | Changesinaccountingpolicies | | 1January2019 | | Additionsinthecurrentyear | | Gainsrecognisedinothercomprehensiveincome | | 31December2019 |
| Investmentsinotherequityinstruments- | | | | | | | | | | | | Otherequityinstruments | - | 1,225,040,951 | | 1,225,040,951 | | 78,162,240 | | 1,431,097,809 | | 2,734,301,000 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 13 | Fairvalueestimates(Cont’d) |
| (2) | Assetsandliabilitiesnotmeasuredatfairvaluebutforwhichthefairvalueisdisclosed |
Financialassetsandliabilitiesmeasuredatamortisedcostmainlyincludeaccountsreceivable,otherreceivables,long-termreceivables,short-termborrowings,payables,long-termborrowings,debenturespayableandlong-termpayables.Thecarryingamountofthefinancialassetsandliabilitiesnotmeasuredatfairvalueisareasonableapproximationoftheirfairvalue. Thecarryingamountofthefinancialassetsandliabilitiesnotmeasuredatfairvalueisareasonableapproximationoftheirfairvalue. TheGroup’scapitalmanagementpoliciesaimtosafeguardtheGroup’sabilitytocontinueasagoingconcerninordertoprovidereturnsforshareholdersandbenefitsforotherstakeholders,andtomaintainanoptimalcapitalstructuretoreducethecostofcapital.TheGroup'stotalcapitaliscalculatedas“shareholders’equity”asshownintheconsolidatedbalancesheet.TheGroupisnotsubjecttoexternalmandatorycapitalrequirements,andmonitorscapitalonthebasisofgearingratio. TheGroup'stotalcapitaliscalculatedas“shareholders’equity”asshownintheconsolidatedbalancesheet.TheGroupisnotsubjecttoexternalmandatorycapitalrequirements,andmonitorscapitalonthebasisofgearingratio.Asat31December2019and31December2018,theGroup'sgearingratiowasasfollows: Asat31December2019and31December2018,theGroup'sgearingratiowasasfollows: 31December2019 | 31December2019 | | 31December2018 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 15 | Notestothecompanyfinancialstatements |
| 31December2019 | | 31December2018 |
| Accountsreceivable | 209,270,013 | | 264,564,281 | | Less:Provisionforbaddebts | (20,911) | | (26,806) | | 209,249,102 | | 264,537,475 |
| (a) | Theageingofaccountsreceivableisanalysedasfollows: |
| 31December2019 | 31December2018 |
| Within1year | 209,270,013 | | 264,564,281 |
| (b) | Asat31December2019,thefivelargestaccountsreceivablebydebtorsweresummarisedandanalysedasfollows: |
| Balance | | Amountofprovisionforbaddebts | | %oftotalbalance |
| Totalbalanceofthefivelargestaccountsreceivable | 209,270,013 | | (20,911) | | 100.00% |
Foraccountsreceivable,irrespectiveofwhetherasignificantfinancingcomponentexists,theCompanymeasuresthelossprovisionaccordingtothelifetimeexpectedcreditlosses.Therecognitioncriteriaandaccrualmethodofprovisionforbaddebtsofaccountsreceivableadoptedsince1January2019aredetailedinNote2(9).(i) | (i) | Asat31December2019,accountsreceivableforwhichtherelatedprovisionforbaddebtswasprovidedonthegroupingbasiswereanalysedasfollows: |
Grouping1 Asat31December2019,theCompany’sreceivablesfromsalesofelectricityamountedtoRMB207,178,864,whichmainlycomprisedreceivablesfromSouthernPowerGridCompany.ConsideringthefavourablecredithistoryofSouthernPowerGridCompany,theCompanyheldthattherewasnosignificantcreditriskarisingfromreceivablesfromsalesofelectricity.SincethepossibilityofmateriallossesduetothedefaultbySouthernPowerGridCompanywasextremelylow,theexpectedcreditlossesforthereceivablesfromsalesofelectricitywas0%. Asat31December2019,theCompany’sreceivablesfromsalesofelectricityamountedtoRMB207,178,864,whichmainlycomprisedreceivablesfromSouthernPowerGridCompany.ConsideringthefavourablecredithistoryofSouthernPowerGridCompany,theCompanyheldthattherewasnosignificantcreditriskarisingfromreceivablesfromsalesofelectricity.SincethepossibilityofmateriallossesduetothedefaultbySouthernPowerGridCompanywasextremelylow,theexpectedcreditlossesforthereceivablesfromsalesofelectricitywas0%.Asat31December2019,therewasnoaccountsreceivablecategorisedinGrouping2. GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 15 | Notestothecompanyfinancialstatements(Cont’d) |
| (1) | Accountsreceivable(Cont’d) |
| (c) | Provisionforbaddebts(Cont’d) |
| (i) | Asat31December2019,accountsreceivableforwhichtherelatedprovisionforbaddebtswasprovidedonthegroupingbasiswereanalysedasfollows(Cont’d): |
Grouping331December2019 | 31December2019 | | Endingbalance | | Provisionforbaddebts | | Amount | | LifetimeECL(%) | | Amount |
| Within1year | | 2,091,149 | | 1.00% | | (20,911) |
| (ii) | In2019,theamountofprovisionforbaddebtsofaccountsreceivablewasRMB20,911,andtheamountofreversedprovisionforbaddebtsofaccountsreceivablewasRMB26,806,withcorrespondingcarryingamountofRMB2,680,664.Therewasnoprovisionforbaddebtsofaccountsreceivablewrittenoff. |
| 31December2019 | | 31December2018 |
| Entrustedloansreceivable | 66,460,000 | | 335,000,000 | | Supplementarymedicalinsurancefundreceivable | 18,333,314 | | 22,113,731 | | Receivablesfromsalesofby-products | 8,282,082 | | 6,954,775 | | Advancesreceivable | 7,809,969 | | 2,167,620 | | Dividendsreceivable | 2,652,502 | | 447,956 | | Interestreceivable | 689,092 | | 1,121,522 | | Others | 4,073,484 | | 7,605,984 | | 108,300,443 | | 375,411,588 |
| Less:Provisionforbaddebts | (151,165) | | (115,360) | | 108,149,278 | | 375,296,228 |
| (a) | Theageingofotherreceivablesisanalysedasfollows: |
| 31December2019 | | 31December2018 |
| Within1year | 89,961,420 | | 373,852,955 | | 1to2years | 18,219,316 | | 960,869 | | Over3years | 119,707 | | 597,764 | | 108,300,443 | | 375,411,588 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 15 | Notestothecompanyfinancialstatements(Cont’d) |
| (2) | Otherreceivables(Cont'd) |
| (b) | Provisionforlossesandchangesinbookbalancestatements |
| Stage1 | | Stage3 | | | | 12-monthECL(onthegroupingbasis) | | 12-monthECL(ontheindividualbasis) | | Sub-total | | LifetimeECL(creditimpaired) | | Total | | Bookbalance | Provisionforbaddebts | | Bookbalance | Provisionforbaddebts | | Provisionforbaddebts | | Bookbalance | Provisionforbaddebts | | Provisionforbaddebts |
| 31December2018 | | 4,644,810 | (115,360) | | 370,766,778 | - | | (115,360) | | - | - | | (115,360) | | Changesinaccountingpolicies | | - | - | | - | - | | - | | - | - | | - | | 1January2019 | | 4,644,810 | (115,360) | | 370,766,778 | - | | (115,360) | | - | - | | (115,360) | | Increase/(Recovery)inthecurrentyear | | 3,076,372 | (138,281) | | (265,753,667) | - | | (138,281) | | | | | (138,281) | | Reversalinthecurrentyear | | (4,433,850) | 102,476 | | - | - | | 102,476 | | - | - | | 102,476 | | 31December2019 | | 3,287,332 | (151,165) | | 105,013,111 | - | | (151,165) | | - | - | | (151,165) |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 15 | NotestotheCompany’sfinancialstatements(Cont’d) |
| (2) | Otherreceivables(Cont'd) |
| (b) | Provisionforlossesandchangesinbookbalancestatements(Cont’d): |
Asat31December2019,theCompanydidnothaveotherreceivablesinstage2orstage3.Otherreceivablesatstage1wereanalysedbelow: (i) | (i) | Asat31December2019,otherreceivablesatstage1withprovisionforbaddebtsonindividualbasiswereanalysedasfollows: |
| Bookbalance | | LifetimeECL(%) | | Provisionforbaddebts | Reason |
| Entrustedloansreceivable | 66,460,000 | | 0% | | - | ThecounterpartyistheCompany’ssubsidiarywithahistoricallossrateof0%;therefore,theexpectedcreditlossriskisextremelylow. | | Receivablesfromrelatedparties | 20,219,797 | | 0% | | - | Thecounterpartyisarelatedpartywithahistoricallossrateof0%;therefore,theexpectedcreditlossriskisextremelylow. | | Supplementarymedicalinsurancefundreceivable | 18,333,314 | | 0% | | - | ThecounterpartyisTaikangPension,whichprovidescustodyservicestotheCompany’ssupplementarymedicalinsurancefund;therefore,theexpectedcreditlossriskisextremelylow. | | 105,013,111 | | | | - | |
| (ii) | Asat31December2019,otherreceivablesatstage1withprovisionforbaddebtsongroupingbasiswereanalysedasfollows: |
| 31December2019 | | Bookbalance | | Lossprovision | | Amount | | Amount | | Percentages |
| Grouping1 | | | | | | | Within1year | 3,076,372 | | (22,333) | | 1.00% | | 1to2years | 91,253 | | (9,125) | | 10.00% | | Over3years | 119,707 | | (119,707) | | 100.00% | | 3,287,332 | | (151,165) | | 4.60% |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 15 | NotestotheCompany’sfinancialstatements(Cont’d) |
| (2) | Otherreceivables(Cont'd) |
| (c) | In2019,theamountofprovisionforbaddebtsofotherreceivableswasRMB138,281,andtheamountofreversedprovisionforbaddebtsofotherreceivablesinthecurrentyearwasRMB102,476,withcorrespondingcarryingamountofRMB4,433,850.Therewasnoprovisionforbaddebtsofotherreceivableswrittenoff. |
| (d) | Asat31December2019,otherreceivablesfromtopfivedebtorsinrespectofoutstandingbalanceareanalysedasfollows: |
| Nature | Balance | Ageing | %oftotalbalance | | Provisionforbaddebts |
| LincangEnergy | Entrustedloansreceivable | 66,460,000 | Within1year | 61.37% | | - | | TainkangPension | Supplementarymedicalinsurancefundreceivable | 18,333,314 | Within2years | 16.93% | | - | | YudeanEnvironmental | Receivablesfromsalesofby-products | 8,282,082 | Within1year | 7.65% | | - | | BinhaiBayCompany | Advancesreceivable | 3,785,476 | Within1year | 3.50% | | - | | GEGC | Servicefeereceivable | 2,311,321 | Within1year | 2.13% | | - | | | 99,172,193 | | 91.58% | | - |
| (3) | Long-termequityinvestments | | | 31December2019 | | 31December2018 |
| Subsidiaries(a) | 21,366,889,333 | | 19,610,774,833 | | Jointventures(b) | 615,218,300 | | 602,584,896 | | Associates(c) | 5,880,150,813 | | 5,763,295,357 |
| Less:Long-termequityinvestments-provisionforimpairmentofsubsidiary(a) | (1,251,824,079) | | (1,251,824,079) | | Long-termequityinvestments-provisionforimpairmentofjointventure(c) | (96,327,854) | | (25,010,686) | | 26,514,106,513 | | 24,699,820,321 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 15 | NotestotheCompany’sfinancialstatements(Cont’d) |
| (3) | Long-termequityinvestments(Cont’d) |
| 31December2018 | | Increaseininvestment | | 31December2019 | | Endingbalanceofprovisionforimpairmentloss | | Declaredcashdividendsduringtheyear |
| ZhanjiangElectric | 2,185,334,400 | | - | | 2,185,334,400 | | - | | 188,824,627 | | YuejiaElectric | - | | - | | - | | 455,584,267 | | - | | MaomingZhenneng | 687,458,978 | | - | | 687,458,978 | | - | | - | | JinghaiPower | 1,930,395,668 | | - | | 1,930,395,668 | | - | | 69,302,823 | | ZhanjiangWindPower | 242,277,000 | | - | | 242,277,000 | | - | | - | | ZhongyueEnergy | 963,000,000 | | - | | 963,000,000 | | 187,248,115 | | - | | HumenElectric | 3,192,416 | | - | | 3,192,416 | | 86,807,584 | | - | | AnxinInspection | 20,000,000 | | - | | 20,000,000 | | - | | 2,652,502 | | BoheCoal | 2,229,000,000 | | 938,000,000 | | 3,167,000,000 | | - | | - | | PinghaiPower | 720,311,347 | | - | | 720,311,347 | | - | | 150,278,473 | | RedBayPower | 2,220,023,386 | | - | | 2,220,023,386 | | - | | 108,496,971 | | HuizhouNaturalGas | 1,176,084,946 | | 29,114,500 | | 1,205,199,446 | | - | | 156,124,360 | | GuangqianElectric | 1,353,153,223 | | - | | 1,353,153,223 | | - | | 195,967,359 | | YuejiangPower | 745,200,000 | | - | | 745,200,000 | | 408,494,674 | | - | | HuaduNaturalGas | 186,550,000 | | - | | 186,550,000 | | - | | - | | DapuElectric | 1,000,000,000 | | 40,000,000 | | 1,040,000,000 | | - | | - | | Sub-totalfornextpage | 15,661,981,364 | | 1,007,114,500 | | 16,669,095,864 | | 1,138,134,640 | | 871,647,115 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 15 | NotestotheCompany’sfinancialstatements(Cont’d) |
| (3) | Long-termequityinvestments(Cont’d) |
| 31December2018 | | Increaseininvestment | | 31December2019 | | Endingbalanceofprovisionforimpairmentloss | | Declaredcashdividendsduringtheyear |
| Subtotalbroughtforward | 15,661,981,364 | | 1,007,114,500 | | 16,669,095,864 | | 1,138,134,640 | | 871,647,115 | | GuangdongWindPower | 1,192,419,390 | | 339,000,000 | | 1,531,419,390 | | - | | - | | LeizhouWindPower | 80,800,000 | | - | | 80,800,000 | | - | | 10,677,647 | | QujieWindPower | 779,750,000 | | 140,000,000 | | 919,750,000 | | - | | 35,650,569 | | PowerSales | 230,000,000 | | - | | 230,000,000 | | - | | 18,974,196 | | LincangEnergy | 314,000,000 | | - | | 314,000,000 | | 113,689,439 | | - | | YonganNaturalGas | 90,000,000 | | - | | 90,000,000 | | - | | - | | TongdaoCompany | 10,000,000 | | - | | 10,000,000 | | - | | - | | BinhaiBayCompany | - | | 270,000,000 | | 270,000,000 | | - | | - | | Total | 18,358,950,754 | | 1,756,114,500 | | 20,115,065,254 | | 1,251,824,079 | | 936,949,527 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] | 15 | Notestothecompanyfinancialstatements(Cont’d) |
| (3) | Long-termequityinvestments(Cont’d) |
| | Movementsforthecurrentyear | | | | | | 31December2018 | | Shareofnetprofit/(loss)underequitymethod | | Cashdividendsdeclared | | 31December2019 | | Endingbalanceofprovisionforimpairmentloss |
| Industryfuel | 602,584,896 | | 80,686,526 | | (68,053,122) | | 615,218,300 | | - |
| | Movementsforthecurrentyear | | | | | | 31December2018 | | Increaseininvestment | | Shareofnetprofit/(loss)underequitymethod | | Shareofothercomprehensiveincome | | Otherchangesinequity | | Cashdividendsdeclared | | Provisionforimpairment | | 31December2019 | | Endingbalanceofprovisionforimpairmentloss |
| TaishanElectric | 1,969,208,996 | | - | | 116,141,826 | | 5,117 | | - | | - | | - | | 2,085,355,939 | | - | | ShanxiYudeanEnergy | 1,440,189,806 | | - | | 244,013,740 | | - | | - | | (40,000,000) | | - | | 1,644,203,546 | | - | | EnergyGroupFinanceCompany | 728,955,751 | | 250,000,000 | | 77,073,152 | | - | | (39,794) | | (64,106,710) | | - | | 991,882,399 | | - | | YudeanShipping | 935,111,350 | | - | | (476,194,650) | | 215,351 | | (10,262,458) | | - | | - | | 448,869,593 | | - | | YudeanPropertySelf-Insurance | 258,026,177 | | - | | 4,147,759 | | - | | 3,907 | | (773,832) | | - | | 261,404,011 | | - | | WesternInvestment | 135,652,349 | | - | | 1,211,348 | | 2,110,342 | | 3,469,243 | | - | | - | | 142,443,282 | | - | | YangshanZhongxinkengElectric | 7,808,826 | | - | | 1,235,845 | | - | | - | | (1,001,005) | | - | | 8,043,666 | | - | | JiangkengHydropower | 5,694,710 | | - | | 512,330 | | - | | - | | (809,317) | | - | | 5,397,723 | | - | | WeixinYuntou | 257,636,706 | | - | | 9,903,262 | | - | | - | | - | | (71,317,168) | | 196,222,800 | | (96,327,854) | | 5,738,284,671 | | 250,000,000 | | (21,955,388) | | 2,330,810 | | (6,829,102) | | (106,690,864) | | (71,317,168) | | 5,783,822,959 | | (96,327,854) |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] - - | 15 | Notestothecompanyfinancialstatements(Cont’d) |
| Revenuefrommainoperations | 2,143,735,733 | | 2,235,681,776 | | Revenuefromotheroperations | 66,034,845 | | 52,217,824 | | 2,209,770,578 | | 2,287,899,600 |
| Costofsalesfrommainoperations | 2,091,084,312 | | 2,132,196,128 | | Costofsalesfromotheroperations | 1,730,508 | | 1,736,758 | | 2,092,814,820 | | 2,133,932,886 |
| (a) | Revenueandcostofsalesfrommainoperations |
| 2019 | | 2018 | | Revenuefrommainoperations | | Costofsalesfrommainoperations | | Revenuefrommainoperations | | Costofsalesfrommainoperations |
| Revenuefromsalesofelectricity | 2,119,577,250 | | 2,076,001,460 | | 2,211,867,034 | | 2,116,516,443 | | Revenuefromsteam | 24,158,483 | | 15,082,852 | | 23,814,742 | | 15,679,685 | | 2,143,735,733 | | 2,091,084,312 | | 2,235,681,776 | | 2,132,196,128 |
| (b) | Revenueandcostofsalesfromotheroperations |
| 2019 | | 2018 | | Revenuefromotheroperations | | Costofsalesfromotheroperations | | Revenuefromotheroperations | | Costofsalesfromotheroperations |
| Salesofrawmaterials | 27,522,105 | | 158,629 | | 32,148,949 | | 498,400 | | Rentalincome | 10,246,319 | | 1,126,277 | | 7,189,032 | | 274,737 | | Others | 28,266,421 | | 445,602 | | 12,879,843 | | 963,621 | | 66,034,845 | | 1,730,508 | | 52,217,824 | | 1,736,758 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] - - | 15 | Notestothecompanyfinancialstatements(Cont’d) |
| (5) | Investmentincome | | | 2019 | | 2018 |
| Incomefromlong-termequityinvestmentsundercostmethod | 936,949,527 | | 965,079,299 | | Investmentincomefromlong-termequityinvestmentunderequitymethod | 58,731,138 | | 484,016,449 | | Investmentincomeearnedduringtheholdingperiodofotherequityinstruments | 58,580,379 | | - | | Investmentincomefromavailable-for-salefinancialassets | - | | 49,140,042 | | Interestincomefromentrustedloans | 18,164,293 | | 18,545,516 | | Recoveryofinterestincomefromwrittenoffotherreceivables(Note4(48)(a)) | 1,224,342 | | - | | Others | 827,264 | | 363,563 | | 1,074,476,943 | | 1,517,144,869 |
ThereisnosignificantrestrictionontheremittanceofinvestmentincometotheCompany.(6) | (6) | Reversalofcreditimpairmentlosses |
| Recoveryofotherreceivableswrittenoff | 48,647,647 | | - | | Reversaloflossesonbaddebtsofaccountsreceivable | 5,895 | | - | | Lossesonbaddebtsofotherreceivables | (35,805) | | - | | 48,617,737 | | - |
| Impairmentoflong-termequityinvestments | 71,317,168 | | 113,689,439 | | Impairmentlossesonfixedassets | - | | 40,395,369 | | Baddebtsprovision | - | | 142,166 | | 71,317,168 | | 154,226,974 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.SUPPLEMENTARYINFORMATIONTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] - - | 1 | Statementofnon-recurringprofitorloss |
| Recoveryofotherreceivableswrittenoff | 48,647,647 | | - | | Governmentgrantsrecognisedinprofitorlossforthecurrentperiod | 33,284,069 | | 43,530,965 | | Gainsondisposalofnon-currentassets | 20,503,424 | | 1,572,097 | | Gainsonscrapingofnon-currentassets | 6,789,851 | | 2,245,329 | | Penaltiesandoverduefines | (4,449,214) | | (12,679,505) | | Lossesonscrappingofnon-currentassets | (14,970,579) | | (21,457,918) | | Othernon-operatingincomeandexpensesotherthanaforesaiditems | 13,855,534 | | 82,188,801 | | 103,660,732 | | 95,399,769 | | Effectofincometax | (26,385,663) | | (25,191,469) | | Effectofminorityinterests(netoftax) | 95,768 | | (7,809,260) | | 77,370,837 | | 62,399,040 |
Basisforpreparationofstatementofnon-recurringprofitorloss PursuanttotheExplanatoryAnnouncementforInformationDisclosureofCompaniesOfferingSecuritiestothePublicNo.1-Non-recurringProfitorLoss(2008)issuedbyChinaSecuritiesRegulatoryCommission,non-recurringprofitorlossreferstoprofitorlossarisingfromtransactionsandeventsthosearenotdirectlyrelatedtotheCompany’snormalcourseofbusiness,alsofromtransactionsandeventsthoseevenarerelatedtothecompany’snormalcourseofbusiness,butwillinterferewiththerightjudgementofusersofthefinancialstatementsonthecompany’soperationperformanceandprofitabilityduetotheirspecialnatureandoccasionaloccurrence. PursuanttotheExplanatoryAnnouncementforInformationDisclosureofCompaniesOfferingSecuritiestothePublicNo.1-Non-recurringProfitorLoss(2008)issuedbyChinaSecuritiesRegulatoryCommission,non-recurringprofitorlossreferstoprofitorlossarisingfromtransactionsandeventsthosearenotdirectlyrelatedtotheCompany’snormalcourseofbusiness,alsofromtransactionsandeventsthoseevenarerelatedtothecompany’snormalcourseofbusiness,butwillinterferewiththerightjudgementofusersofthefinancialstatementsonthecompany’soperationperformanceandprofitabilityduetotheirspecialnatureandoccasionaloccurrence. | 2 | Returnonnetassetsandearningspershare |
| Weightedaveragereturnonnetasset(%) | | Earningspershare | | Basicearningspershare | Dilutedearningspershare | | 2019 | 2018 | | 2019 | 2018 | 2019 | 2018 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.SUPPLEMENTARYINFORMATIONTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] - -NetprofitattributabletoordinaryshareholdersoftheCompany | NetprofitattributabletoordinaryshareholdersoftheCompany | 4.77% | 2.02% | | 0.22 | 0.09 | 0.22 | 0.09 | | NetprofitattributabletoordinaryshareholdersoftheCompanyafterdeductingnon-recurringprofitorloss | 4.45% | 1.75% | | 0.20 | 0.08 | 0.20 | 0.08 |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.SUPPLEMENTARYINFORMATIONTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] - - | 3 | Accountingdatadifferenceunderdomesticandoverseasaccountingstandards |
DifferencesinnetprofitandnetassetsattributabletotheshareholdingsofthecompanyincludedintheconsolidatedfinancialstatementpreparedundertheInternationalFinancialReportingStandards(IFRSs)andtheChinaAccountingStandards(CASs)areasfollows: Netprofit | Netprofit | | Netassets | | 2019 | | 2018 | | 31December2019 | | 31December2018 |
| UndertheCASs | 1,146,767,033 | | 474,461,997 | | 26,178,241,077 | | 24,227,302,288 | | ItemsandamountsadjustedundertheIFRSs | | | | | | | | | Differenceinrecognitionofgoodwillonbusinesscombinationundercommoncontrol(a) | (25,984,223) | | - | | 38,638,777 | | 64,623,000 | | Differenceinrecognitionoflandusevalueuponbusinesscombination(a) | (630,000) | | (630,000) | | 16,970,000 | | 17,600,000 | | Impactonminorityinterests(b) | 54,120 | | 54,120 | | 4,864,339 | | 4,810,219 | | UndertheIFRSs | 1,120,206,930 | | 473,886,117 | | 26,238,714,193 | | 24,314,335,507 |
| (a) | Differenceinrecognitionofgoodwillonbusinesscombinationundercommoncontrolanddifferenceinrecognitionoflandusevalueuponbusinesscombination |
UndertherequirementofnewCASs,goodwillarisingfrombusinesscombinationundercommoncontrolshouldnotberecognisedandcapitalreserveshouldbeadjustedaccordingly;whereasundertherequirementofIFRSs,goodwillarisingfrombusinesscombinationundercommoncontrolshouldberecognisedanditrepresentstheexcessonacquisitioncostsovertheshareofidentifiablefairvalueofnetassetfromtheacquireeonbusinesscombination.Allassetsobtainedfromtheacquireeonbusinesscombinationshouldbemeasuredontheirfairvalues.Themeasurementofthetwostandardswillcontinuetoshowadifference.(b) | (b) | Impactonminorityshareholders |
GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.SUPPLEMENTARYINFORMATIONTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2019 (AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly] - -TheabovementioneddifferenceinrecognitionoflandusevalueuponbusinesscombinationexistsintheCompanyandsomeholdingsubsidiaries,thuscausingeffectagainstminorityinterests. XIII.Documentsforreference 1.Financialstatementsbearingthesealandsignatureoflegalrepresentative,financialcontrollerandthepersoninchargeoftheaccountingorgan; 2.OriginalauditreportsealwithaccountingfirmsandsignatureandsealfromCPA; 3.Alloriginalcopiesofofficialdocumentsandnotices,whichweredisclosedinSecuritiesTimes,ChinaSecuritiesandHongKongCommercialDaily(BothEnglishandChineseversion); 4.ChineseVersionoftheannualreportThedocumentsmentionedabovearekeptinoffice,andarereadyforreferenceatanytime(exceptpublicholidays,SaturdayandSunday). TheBoardofDirectorsofGuangdongElectricPowerDevelopmentCo.,Ltd. ChairmanoftheBoard:WangJin April18,2020
|
