Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
The Semi-annual Report 2017
August 2017
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
I. Important Notice, Table of Contents and Definitions
The Board of Directors , Supervisory Committee ,Directors, Supervisors and Senior Executives of the Company
hereby guarantees that there are no misstatement, misleading representation or important omissions in this report
and shall assume joint and several liability for the authenticity, accuracy and completeness of the contents hereof.
Mr.Huang Zhenhai, The Company leader, Mr. Li Xiaoqing, Chief financial officer and the Mr.Meng Fei, the
person in charge of the accounting department (the person in charge of the accounting )hereby confirm the
authenticity and completeness of the financial report enclosed in this semi-annual report.
Directors other than the following ones have attended the Board meeting to review the interim report.
Name of absent director Position of absent director Reason Name of proxy
Li Yanxu Director Due to busniess Gao Shiqiang
Xu Ping Director Due to busniess Yang Xinli
Zhang Xueqiu Director Due to busniess Liu Tao
This semi-annual report involves the forecasting description such as the future plans, and does not constitute the
actual commitments of the company to the investors. The investors should pay attention to the investment risks.
The Company is mainly engaged in thermal power generation. The business of thermal power generation is
greatly affected by factors including electric power demand and fuel price. Refer to Section I of Chapter IV of this
semi-annual report- General.
The Company Will not distribute cash dividend or bonus shares, neither capitalizing of common reserves for the
report period.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Table of Contents
2017 Semi- Annual Report
I.Important Notice and Definitions
II. Corporate Profile and Key Financial Results
III. Business Profile
IV. Performance Discussion and Analysis
V. Important Events
VI. Change of share capital and shareholding of Principal Shareholders
VII. Situation of the Preferred Shares
VIII.Information about Directors, Supervisors and Senior Executives
IX. Corporate Bonds .
X.Financial Report
XI. Documents available for inspection
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Definition
Refers
Terms to be defined Definition
to
Refers
Yudean Group Guangdong Yudean Group Co., Ltd.
to
Refers
Zhanjiang Company Zhanjiang Electric Power Co., Ltd.
to
Refers
Yuejiang Company Guangdong Shaoguan Yuejiang Power Generation Co., Ltd.
to
Refers
Zhenneng Company Maoming Zhenneng Thermal Power Co., Ltd.
to
Refers
Jinghai Company Guangdong Yudean Jinghai Power Co., Ltd.
to
Refers
Zhanjiang Wind Power Company Guangdong Yudean Zhanjiang Wind Power Co., Ltd.
to
Refers
Zhongyue Compamy Zhanjiang Zhongyue Energy Co., Ltd.
to
Refers
Bohe Company Guangdong Yudean Bohe Coal & Electricity Co., Ltd
to
Refers
Guangqian Company Shenzhen Guangqian Electric Power Co., Ltd.
to
Refers
Huihou Natural Gas Company Guangdong Huizhou Natural Gas Power Co., Ltd.
to
Refers
Red Bay Company Guangdong Red Bay Power Co., Ltd.
to
Refers
Pinghai Power Plant Guangdong Hluizhou Pinghai Power Co., Ltd.
to
Refers
Humen Power Company Guangdong Yudean Humen Power Co., Ltd.
to
Anxin Electric Inspection & Installation Refers
Guangdong Yudean Anxin Electric Inspection & Installation Co., Ltd
Company to
Refers
Guohua Taishan Guangdong Guohua Yudean Taishan Power Generation Co., Ltd.
to
Refers
Yudean Industry Fuel Company Guangdong Power Industry Fuel Co., Ltd.
to
Refers
Huadu Natural Gas Company Guangdong Huadu Natural GasT Thermal Power Co., Ltd.
to
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Refers
Dapu Company Guangdong Dapu Power Generation Co., Ltd.
to
Refers
Wind Power Company Guangdong Wind Power Co., Ltd.
to
Refers
Lincang Company Lincang Yuntou Yudean Hydroelectricity Development Co., Ltd.
to
Refers
Qujie Wind Power Company Guangzhou Yudean Qujie Wind Power Generation Co., Ltd.
to
Refers
Electric Power Sales Company Guangdong Yudean Electric Power Sales Co., Ltd.
to
Refers
Weixin Yuntou Weixin Yuntou Yudean Zhaxi Energy Co., Ltd.
to
Refers
Binglang Jiang Company Yunnan Baoshan Binlangjiang Hydroelectricity Development Co., Ltd.
to
Refers
Yongan Natural Gas Company Guangdong Yudean Yongan Natural Gas Thermal Power Co., Ltd.
to
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
II. Corporate Profile and Key Financial Results
1.Company information
Stock abbreviation Yue Dian Li A, Yue Dian Li B Stock code： 000539、200539
Stock exchange for listing Shenzhen Stock Exchange
Name in Chinese 广东电力发展股份有限公司
Abbreviation of Registered
Company Name in Chinese(If 粤电力
any)
English name (If any) GUANGDONG ELECTRIC POWER DEVELOPMENT CO.,LTD
English abbreviation (If any) GED
Legal Representative Huang Zhenhai
Ⅱ.Contact person and contact manner
Board secretary Securities affairs Representative
Name Liu Wei Qin Xiao
36/F, South Tower, Yudean Plaza, No.2 Tianhe 36/F, South Tower, Yudean Plaza, No.2 Tianhe
Contact address
Road East, Guangzhou,Guangdong Province Road East, Guangzhou,Guangdong Province
Tel (020)87570276 (020)87570251
Fax (020)85138084 (020)85138084
E-mail liuw@ged.com.cn qinxiao@ged.com.cn
III. Other conditions
1. Way of Contact:
Whether the company registered address, office address, post code, company website and email address have been
changed within the report period.
√ Applicable □Not applicable
36-36/F, South Tower, Yudean Plaza, No.2 Tianhe Road East,
The company registered address
Guangzhou,Guangdong Province
Postal code of registered address
36-36/F, South Tower, Yudean Plaza, No.2 Tianhe Road East,
The company office address
Guangzhou,Guangdong Province
Postal code of business address
Website http://www.ged.com.cn
Company E-mail Address ged@ged.com.cn
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Appointed website inquiry date disclosed in the
March 1,2017
temporary announcement (if any)
Appointed website inquiry index disclosed in the
http://www.cninfo.com.cn
temporary announcement (if any)
2. Information disclosure and designated locations
Whether information disclosure and designated location have been changed within the report period.
□ Applicable √Inapplicable
The information disclosure newspaper name appointed by the company, website appointed by the Chinese
Securities Regulatory Commission to publish the half-year report, and the designated location as specified in the
half-year report have not been changed within the report period. Please refer to the 2016 Annual Report.
IV.Summary of Accounting data and Financial index
May the Company make retroactive adjustment or restatement of the accounting data of the previous years
□ Yes √ No
Reporting period Same period of last year YoY+/-（%）
Operating income（RMB） 12,385,486,577.00 10,234,989,566.00 21.01%
Net profit attributable to the shareholders
128,735,725.00 738,374,784.00 -82.56%
of the listed company（RMB）
Net profit after deducting of non-recurring
gain/loss attributable to the shareholders 156,802,731.00 743,501,966.00 -78.91%
of listed company（RMB）
Cash flow generated by business
1,578,925,284.00 4,696,500,182.00 -66.38%
operation, net（RMB）
Basic earning per share(RMB/Share) 0.0245 0.14 -82.50%
Diluted gains per
0.0245 0.14 -82.50%
share(RMB/Share)(RMB/Share)
Weighted average ROE(%) 0.55% 3.09% -2.54%
As at the end of the
As at the end of last year YoY+/-（%）
reporting period
Total assets（RMB） 70,230,573,061.00 70,677,003,760.00 -0.63%
Net assets attrilutable to shareholder of
23,104,526,322.00 23,378,847,225.00 -1.17%
listed company（RMB）
V.The differences between domestic and international accounting standards
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
1．Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed
in the financial reports of differences in net income and net assets.
√ Applicable □Not applicable
In RMB
Net profit attributable to the shareholders of the Net Assets attributable to the shareholders of
listed company the listed company
Amount in the Amount in the previous End of the reporting Beginning of the
reporting period period period reporting period
According to CAS 128,735,725.00 738,374,784.00 23,104,526,322.00 23,378,847,225.00
Items and amount adjusted according to IAS
The difference arising from
recognition of goodwill after
64,623,000.00 64,623,000.00
merger of enterprises under
the same control
Difference arising from
recognition of land use value -315,000.00 -315,000.00 18,545,000.00 18,860,000.00
after enterprise merger
Influence on minority interests 27,060.00 27,060.00 4,674,919.00 4,701,979.00
Accouding to IAS 128,447,786.00 738,086,844.00 23,127,746,242.00 23,467,032,204.00
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese
accounting standards.
□ Applicable √Not applicable
The Company had no difference of the net profit or net assets disclosed in financial report, under either foreign
accounting rules or Chinese GAAP(Generally Accepted Accounting Principles) in the period.
3.Note to the Difference in the Accounting Data based on the Accounting Standards of CAS and IAS.
√ Applicable □ Not applicable
(a) The difference arising from recognition of goodwill after merger of enterprises under the same control and
recognition of land value after enterprise merger.
As required by new Chinese accounting standards, the goodwill formed by the merger of enterprises under
the same control shall not be recognized and capital surplus shall be adjusted. Under IFRS, the golldwill
formed by the merger of enterprises under the same control shall be recognized and equal to the difference
between merger cost and share of fair value of recognizable net assets of the purchased party obtained in
merger. Meanwhile, all assets of the purchased party obtained in merger shall be accounted for according to
their fair value while such assets shall be accounted for according to their book value according to original
Chinese accounting standards for business enterprises. Therefore, this difference will continue to exist.
(b) Influence on minority interests
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Housing reform loss occurred to the Company and some holding subsidiaries. Therefore, there’s some
influence on minority interests.
VI.Items and amount of deducted non-current gains and losses
√ Applicable □ Not applicable
In RMB
Items Amount Notes
Non-current asset disposal gain/loss(including the write-off part for
612,592.00
which assets impairment provision is made)
Govemment subsidy recognized in current gain and loss(excluding
those closely related to the Company’s business and granted under 2,257,231.00
the state’s policies)
Guangqian company received the
Decisions on Handling of the Tax Affairs
(SGSJC[2017] No.0013) issued by the
Inspection Department of Shenzhen
Effect on current gains/losses when a one-off adjustment is make
-28,088,810.00 Municipal Office, SAT on June 26, 2017,
tocurent gains/losses according to requirements of taxation.
which requires Guangqian company to
pay VAT and overdue fees. Such
decisions are under negotiation among
several parties at present.
Other non-business income and expenditures other than the above -3,175,695.00
Less: Amount of influence of income tax 980,615.00
Influenced amount of minor shareholders’ equity (after tax) -1,308,291.00
Total -28,067,006.00 --
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Compaines Offering their Securities to the Public-Non-recurring Gains and Losses and
its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure
for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as
recurring gains and losses, it is necessary to explain the reason.
□ Applicable√ Not applicable
None of Non-recurring gain /loss items recorgnized as recurring gain /loss/items as defined by the information
disclosure explanatory Announcement No.1- Non –recurring gain/loss in the report period.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
III. Business Profile
Ⅰ.Main Business the Company is Engaged in During the Report Period
Whether the company needs to comply with the disclosure requirements of the particular industry
No
We are mainly occupied in investment, construction and management of electric power projects. We have been
upholding “electricity-oriented, pluralistic development”, with power as the mainstay and diversified structure of
power source. With the exception of development, construction and operation of large-scale coal-burning
power-generating plants, we also set our feet on clean energy projects like LNG power generation, wind power
generation and hydroelectric generation, which are reliably transmitted to innumerable users through power-grid
companies. As of June 30,2017, the controllable installed capacity is 20 million KW, where the controllable
installed capacity of coal-burning power generation, LNG generation and renewable energy generation like wind
power and hydropower is 17.35 million KW, 2.34 million KW and 310000 KW respectively.
Income source is primarily contributed by power production and sales, and main business income is derived from
Guangdong Province. The company electricity sales price is subject to the benchmark price verified by the price
authority per relevant policies based on National Development and Reform Commission (NDRC) and the
electricity transaction price through the market trade implementation per Guangdong Electricity Market Trade
Basic Rules and supporting files. In the report period, the average electricity sale price in the company
consolidated statement is 444.39 yuan/MWH (tax-inclusive, similarly hereinafter) and decreases by 18.77
yuan/MWH on YoY basis including 24.48 yuan/ Mwh decrease due to the market electricity discount; The
electricity sold is 32.246 billion KWH, 6.775 billion KWH YoY increase;The gross revenue is RMB12385.4866
million , increased byRMB 2150.4970 million on YoY , increased by 21.01%.
Coal-burning power generation is our focus. As fuel costs hold a great proportion in operating costs, fluctuations
in coal price mean a lot to the business performance. In the reporting period, the power fuel cost is 7963.7236
million Yuan, accounting for 72% of main business,3611.023 million Yuan YoY increase, increased by 82.96%.
The power supply standard coal unit price (kerosene oil-gas) is 804.34 yuan/t increased by 44.33% in amount of
247.03 yuan/t on YoY basis, increased by 44.33%.
In the report period, the company business performance decreases constantly due to the constant increase of the
coal price and the increasingly-intensified electricity market competition and realizes 128.7357 million for the net
profits attributable to the listed company shareholders, which decreases by 82.56% on year-on-year basis.
Ⅱ.Major Changes in Main Assets
1.Major Changes in Main Assets
Main assets Major changes
Equity assets No major changes
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Fixed assets No major changes
Intangible assets No major changes
Construction in process No major changes
2. Main Conditions of Overseas Assets
□ Applicable √ Not applicable
Ⅲ.Analysis On core Competitiveness
Whether the company needs to comply with the disclosure requirements of the particular industry
No
1. Regional power-generating company with installed capacity expanded in a stage-based and leap-frog way
The power-generating assets are mainly distributed in Guangdong. Major assets reorganization realized since
2012 has given great impetus to power-generating installed capacity. The controllable installed capacity has been
expanded to 20 million KW of year-end 2016 from 8.08 million KW of year-end 2011, power generation to
59.923 billion KWH in 2016 from 35.305 billion KWH in 2011.
2. Yudean Group has oriented our company as a sole listed platform for domestic power-generating assets
integration
We are the shareholder of Yudean Group, one of the biggest power-generating groups in south China, which
takes advantage of its source, assets scale, to give sustaining support to our company’s advancement and
expansion. It has oriented us as a sole listed platform for domestic power-generating assets integration. We are
endowed with a priority offered by it in power source development, asset acquisition. It has undertaken that in five
years of the last major asset reorganization, it will inject its asset complying with listed conditions through
acquisition, restructuring and other ways. Based on this, our installed capacity is going to embrace another
leap-frog growth.
3. Yudean Group has oriented our company as a sole listed platform for domestic power-generating assets
integration
We are the shareholder of Yudean Group, one of the biggest power-generating groups in south China, which
takes advantage of its source, assets scale, to give sustaining support to our company’s advancement and
expansion. It has oriented us as a sole listed platform for domestic power-generating assets integration. We are
endowed with a priority offered by it in power source development, asset acquisition. It has undertaken that in five
years of the last major asset reorganization, it will inject its asset complying with listed conditions through
acquisition, restructuring and other ways. Based on this, our installed capacity is going to embrace another
leap-frog growth.
4. Stepwise optimization of industrial structure and power source structure
The company takes the power generation as the core business accompanied with optimized development of the
coal-fired power, stable development of gas electricity and energetic development of the wind power and water
power, etc., optimizes the power source structure constantly and improves the market competition. which are
gradually optimized accompanied by acquisition of and progress in clean energy projects.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
5. Experienced management, sophisticated production technology
Administrators and technical experts are veterans in operation and management of power plants, and key
staff have years of practical experience in the power sector. We have invested enormous efforts to the standard of
management, intensifying management and paying high priority to launch energy-conserving and
consumption-reducing programs. Finally, coal consumption on thermal power units is declining year by year in
return for these efforts.
6. Hold fast to the opportunity of “electric price reform”, exploit new realms of business
In July, 2015, we established a wholly-funded electric marketing company, aiming at competing with electricity
marketing, sharing dividend from “”electric price reform”, The electricity sales company has already accumulated
plenty of clients based on the power generation enterprises. The company will continue promoting the electricity
sales business vigorously, adopt positive measures subject to relevant polices of the national power system
reformation for expanding the power distribution and sales business and comprehensive energy services and
cultivating the new profit increase points.
IV. Performance Discussion and Analysis
Ⅰ.General
In the report period, the total electricity consumption of the society in Guangdong is 268.16 billion kWh and
increases by 4.6% on year-on-year basis with slightly higher increase rate. As West electricity quantity supply
increases by 8.97 billion kWh compared with that in the plan, the provincial nuclear power quantity and
pneumoelectric quantity increase by 12.47% and 3.51% on year-on-year basis respectively, the provincial
hydroelectric power quantity decreases by 36.27% on year-on-year basis, and the average utilization time for the
company controlled coal-fired units is 1959 hours and increases by 403 hours on year-on-year basis.
In the report period, the company net profits attributable to the listed company shareholders decrease sharply on
year-on-year basis due to the influence of the rising coal price and electricity market trade “discount”. Until June
2017, the total standard assets in the company consolidated statement is 70.231 billion yuan and decreases by
0.63% compared with that in the beginning of the year; the interests attributable to the listed company
shareholders is 23.105 billion yuan and decreases by 1.17% compared with that in the beginning of the year. The
standard business revenue realized in the company consolidated statement is 12.385 billion yuan and increases by
21.01% on year-on-year basis; the net profits attributable to the listed company shareholders is 129 million yuan
and decreases by 82.56% on year-on-year basis; the revenue per share is 0.0245 yuan (that for the same period of
the previous year is 0.1406 yuan). The total standard debt in the company consolidated statement is 41.323 billion
yuan with the asset-liability ratio of 58.84%.
In the report period, the company faces directly the adverse environment of the excess power capacity, “market
electricity” scale expansion and rising coal price, etc. and strives to change in the economic development new
normality positively. It strives to battle for the electricity quantity centering on each core index and key work
determined at the beginning of the year. The standard on-grid electricity quantity in the company consolidated
statement increases by 26.6% on year-on-year; it builds the early warning mechanism on the completion
conditions of key indexes and implements the same per level, strives to increase benefits by all means and
endeavors to realize profits in the first half year under the premise of losses occurrence in the first quarter, among
which, the net profits of the wind power business realizes increase constantly and increases by 148.87% on
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
year-on-year basis. The electricity sale subsidiaries of the company always keep the market competition
advantages, the long-term agreed and monthly concentrated bidding electricity quantity for previous years
accounts for 12.6% of the same type trade market scale under the case where the first-half-year long-term agreed
electricity quantity realizes 11.107 billion kWh and the electricity quantity participating in the monthly
concentrated bidding is 1.074 billion kWh and the company continues to maintain the leading role in the market.
The company carries forward the supply-side structure reform firmly, continues developing the clean energy plate
subject to the 13th Five-year Development Planning Report approved by the Board of Directors through
deliberation. And additional 2 controllable wind power projects totaling 80,000 kW are approved during the report
period and 2 controllable wind power projects totaling 100,000 kW are included into the local wind power
development and construction spare scheme in 2017. At the same time, the company implements carefully the
national requirements on the coal-fired units ultra-low emission and energy transformation and completes the
ultra-low emission transformation work of 8 fired-coal units totaling 4.27 million kW in the first half year.
2.Main business analysis
Refer to relevant contents of “1.Summarization” in “Discussion and Analysis of Management”.
Changes in the financial data
In RMB
YOY change
This report period Same period last year Cause change
（%）
Operating income 12,385,486,577.00 10,234,989,566.00 21.01%
The power fuel cost increases sharply on
year-on-year basis due to the coal price rising in
Operating cost 11,126,689,991.00 7,767,910,229.00 43.24%
the first half year mainly and the business cost
increases therefore.
To grasp the power market transformation
opportunity, the company strengthens the input
Sale expenses 2,788,458.00 736,468.00 278.63% degree into the power market marketing business
resulting in the sharp increase of the sales cost on
the year-on-year basis.
Administrative
285,963,326.00 348,730,393.00 -18.00%
expenses
Financial
637,643,570.00 701,972,431.00 -9.16%
expenses
The income tax decreases significantly due to the
Income tax
148,691,823.00 415,482,070.00 -64.21% sharp decrease of the current year profitability on
expenses
year-on-year basis.
The R&D input increases on the year-on-year
R & D Investment 4,001,008.13 3,070,961.84 30.29% basis due to the addition of the R&D projects in
the current year.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
The cash for purchasing goods and receiving the
Cash flow
labor payment increases sharply on year-on-year
generated by
1,578,925,284.00 4,696,500,182.00 -66.38% basis due to the coal price rising in the first half
business
year and results in the net cash flow decrease of
operation, net
the operating activities.
Net cash flow
generated by -1,328,116,995.00 -1,373,180,461.00 -3.28%
investment
The cash paid by the distributable profits in the
current year decreases sharply on year-on-year
basis due to the decrease influence of profits in
Net cash flow
the previous year; the cash received from loans in
generated by -538,938,738.00 -2,442,565,613.00 -77.94%
the current year increases to some extent on
financing
year-on-year basis due to the supplementary
operating capital and results in the large change
of the net cash flow from the financing activities.
The net increase amount of the cash and cash
Net increasing of
equivalent decreases sharply on year-on-year
cash and cash -288,130,449.00 880,754,108.00 -132.71%
basis due to the decline influence of the net cash
equivalents
flow from operating activities mainly.
Major changes to the profit structure or sources of the Company in the reporting period
□ Applicable √Not applicable
Nil
Breakdown of main business
In RMB
Increase/decrease Increase/decrease
Increase/decrease
of principal of gross profit
of reverse in the
Gross profit business cost over rate over the
Operating revenue operating costs same period of
rate(%) the same period same period of
the previous
of previous year the previous year
year(%)
(%) (%)
Industry
Electric power ,
Steam sales and 12,301,242,987.00 11,116,293,804.00 9.63% 20.19% 43.11% -60.0414.47%
labor income
Products
Electric power ,
Steam sales and 12,301,242,987.00 11,116,293,804.00 9.63% 20.19% 43.11% -14.47%
labor income
Area
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Guangdong 12,289,495,923.00 11,109,494,245.00 9.60% 20.95% 43.39% -14.15%
Yunnan 11,747,064.00 6,799,559.00 42.12% 30.39% 1.67% 16.35%
III.Non-core business analysis
□ Applicable √Not applicable
IV.Analysis of assets and liabilities
1.Significant changes in asset composition
In RMB
End of Reporting period End of same period of last year
Change in
As a Reason for
As a percentage percentage(
Amount Amount percentage of significant change
of total assets(%) %)
total assets(%)
Monetary fund 4,896,743,201.00 6.97% 6,108,160,833.00 8.48% -1.51%
Accounts
2,827,797,598.00 4.03% 2,599,665,735.00 3.61% 0.42%
receivable
Inventories 1,662,109,165.00 2.37% 1,459,056,607.00 2.03% 0.34%
Real estate
8,614,438.00 0.01% 9,250,037.00 0.01% 0.00%
Investment
Long-term equity
5,686,638,558.00 8.10% 5,908,278,126.00 8.20% -0.10%
investment
Fixed assets 40,224,030,838.00 57.27% 44,317,670,244.00 61.52% -4.25%
Construction in
7,137,424,507.00 10.16% 5,257,560,494.00 7.30% 2.86%
process
Short-term loans 9,565,000,000.00 13.62% 6,611,440,000.00 9.18% 4.44%
Long-term loans 19,321,368,430.00 27.51% 21,150,686,546.00 29.36% -1.85%
2.Asset and Liabilities Measured by Fair Value
√ Applicable □Not applicable
In RMB
Gain/loss on Purchase Sold
Cumulative fair Impairment
fair value d amount amount in
Amount at year value change provisions in Amount at year
Item change in the in the the
recorded into the reporting
beginning reporting reporting reporting end
equity period
period period period
Financial assets
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
1.Financial assets
measured by fair
value and whose
change is recorded in
0.00 0.00
current gains and
losses(excluding
derivative financial
assets)
2.Derivative
0.00 0.00
financial assets
3.Financial assets
419,736,308.00 22,564,867.00 186,972,559.00 442,301,175.00
available for sale
Subtotal of
419,736,308.00 22,564,867.00 186,972,559.00 442,301,175.00
financialassets
Investment real
0.00 0.00
estate
Projective biological
0.00 0.00
asset
Other 0.00 0.00
Total 419,736,308.00 22,564,867.00 186,972,559.00 442,301,175.00
Financial Liability 0.00 0.00
Did great change take place in measurement of the principal assets in the reporting period ?
□ Yes √ No
3. Restricted asset rights as of the end of this Reporting Period
Not applicable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
V.Investment situation
1. General
√ Applicable □ Not applicable
Investment of same period of last year
Investment of the period（RMB） Scale of change
(RMB)
262,000,000.00 409,500,000.00 -36.02%
2.Condition of Acquiring Significant Share Right Investment during the Report Period
√Applicable □ Not applicable
In RMB
Wheth
Capita Invest er to
Main Invest Share Progress up to Antici Gain or Less Date of
Name of the Investment l ment Produc Involv
Busin ment Proportion Partner Balance Sheet pated or the Current Disclosure Disclosure Index
Company Invested Amount Sourc Horiz t Type e in
ess Way % Date Incom Investment (Note 5)
e on Lawsu
e
it
Name of
The total
construction Announcement :Announce
Ther progress for the
Capita ment onExternal Investment
Guangdong Yudean mal Electri wharf project
l Ownf Long-t October （ 2012-45 ） ，
Bohe Coal-fired power 115,000,000.00 100.00% No c maritime work is -- -5,554,851.00 No
increas unds erm 31,2012 Published in
Power Co., Ltd ,logist power completed about
e
ics 72% and the power China Securities Daily,
plant project is not Securities Times and
approved http//.www.cninfo.com.c
n
Guangdong Yudean Prope Newly 147,000,000.00 49.00% Ownf Guangdong Long-t Insura In preparation -- -- No December Name of
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Property rty establi unds Yudean Group erm nce 12,2015 Announcement :Announce
Insurance Co., Insura shed （shareholding
Ltd. nce ratio：51%） ment on relatedtransaction
（ 2015-52 ） ，
Published in
China Securities Daily,
Securities Times and
http//.www.cninfo.com.c
n
Total -- -- 262,000,000.00 -- -- -- -- -- -- -- -5,554,851.00 -- -- --
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
3.Situation of the Significant Non-equity Investment Undergoing in the Report Period
□ Applicable √ Not applicable
4.Investment of Financial Asset
（1）Securities investment
√ Applicable □Not applicable
In RMB
Mode of Book value Purchase
Sale Book value
Stock accountin balance at the Changes in Cumulative fair amount Gain/loss of the
Security Security Initial amount in balance at the Accounting Source of
Abbreviati g beginning of fair value of value changes in in the reporting
category code investment cost the this end of the items the shares
on: measure the reporting the this period equity this period
period reporting period
ment period period
Domestic
Fair value Financial assets
and Shenzhen Own-Fun
000027 15,890,628.00 measure 86,562,000.00 -1,764,000.00 68,907,372.00 0.00 0.00 1,890,000.00 84,798,000.00 available for
foreign Energy ds
ment sales
stocks
Domestic
Fair value Financial assets
and Own-Fun
600642 Shenergy 235,837,988.00 measure 325,974,308.00 23,878,867.00 114,015,187.00 0.00 0.00 0.00 349,853,175.00 available for
foreign ds
ment sales
stocks
Domestic
Fair value Financial assets
and Own-Fun
831039 NEEQ 3,600,000.00 measure 7,200,000.00 450,000.00 4,050,000.00 0.00 0.00 234,000.00 7,650,000.00 available for
foreign ds
ment sales
stocks
Total 255,328,616.00 -- 419,736,308.00 22,564,867.00 186,972,559.00 0.00 0.00 2,124,000.00 442,301,175.00 -- --
Disclosure date for the notice of
approval by the Board (If any)
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Disclosure date for the notice of
approval by shareholders’
Meeting (If any)
（2）Investment in Derivatives
□ Applicable √ Not applicable
The Company had no investment in derivatives in the reporting period.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
VI. Sales of major assets and equity
1. Sales of major assets
□ Applicable √ Not applicable
The Company had no sales of major assets in the reporting period.
2.Sales of major equity
□ Applicable √ Not applicable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Ⅶ.Analysis of the Main Share Holding Companies and Share Participating Companies
√ Applicable □ Not applicable
Situation of Main Subsidiaries and the Joint-stock Company with over 10% net profit influencing to the Company
In RMB
Main Registered
Company name Type Industry Total assets Net assets Turnover Operating profit Net Profit
business capital
Power generation and
Subsidiar Electric
Zhangjiang Electric Power Co., Ltd. power station 2,875,440,000.00 4,296,991,487.00 3,978,088,766.00 788,546,128.00 75,036,138.00 54,502,661.00
y Power
construction
Power generation and
Guangdong Yuejia Electric Power Subsidiar Electric
power station 1,080,000,000.00 483,403,239.00 478,058,229.00 1,933,729.00 -46,912,517.00 -46,912,517.00
Co., Ltd. y Power
construction
Power generation and
Guangdong Shaoguan Yuejiang Subsidiar Electric
power station 1,400,000,000.00 6,727,651,527.00 795,017,138.00 1,144,815,444.00 -207,003,812.00 -207,661,147.00
Power Generation Co., Ltd. y Power
construction
Power generation and
Maoming Zhenneng Thermal power Subsidiar Electric
power station 1,019,535,500.00 3,026,240,699.00 1,014,224,843.00 770,107,438.00 -74,820,730.00 -56,100,547.00
Co., Ltd. y Power
construction
Power generation and
Subsidiar Electric
Zhanjiang Zhongyue Enerty Co., Ltd. power station 1,454,300,000.00 5,118,845,372.00 1,230,009,046.00 939,029,047.00 -39,879,066.00 -29,982,353.00
y Power
construction
Power generation and
Shenzhen Guangqian Electric Power Subsidiar Electric
power station 1,030,292,500.00 2,211,543,016.00 1,314,987,896.00 732,370,062.00 91,491,851.00 33,186,229.00
Co., Ltd. y Power
construction
Guangdong Red Bay Power Subsidiar Electric Power generation and
2,749,750,000.00 7,212,363,525.00 3,170,644,837.00 1,859,528,654.00 109,635,425.00 82,409,392.00
Generation Co., Ltd. y Power power station
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
construction
Power generation and
Guangdong Huizhou Pinghai Power Subsidiar Electric
power station 1,370,000,000.00 6,200,787,590.00 1,898,759,547.00 1,648,628,423.00 344,195,241.00 248,858,396.00
Generation Co., Ltd. y Power
construction
Power generation and
Guangdong Huizhou Natural gas Subsidiar Electric
power station 1,159,370,000.00 2,907,661,274.00 1,456,542,085.00 674,243,898.00 74,093,823.00 55,574,470.00
Power Generation Co., Ltd. y Power
construction
Coal
Sharing Investment and Assets
Shanxi Yudean Enerty Co., Ltd. Investmen 1,000,000,000.00 2,962,511,661.00 2,738,949,603.00 558,089.00 262,966,124.00 262,966,125.00
Company Management
t
Guangdong Yudean Finance Co., Sharing
Finance Finance service 2,000,000,000.00 18,155,012,059.00 2,632,844,958.00 288,014,924.00 228,745,795.00 184,657,686.00
Ltd. Company
Guangdong Electric Power Industrial Sharing
Fuel trade Fuel trade 630,000,000.00 3,188,812,400.00 948,526,603.00 9,762,707,487.00 86,948,991.00 70,938,555.00
Fuel Co., Ltd. Company
Power generation and
Guangdong Guohua Yudean Power Sharing
Power power station 4,669,500,000.00 12,315,041,251.00 7,634,800,153.00 3,240,744,080.00 425,362,397.00 315,111,648.00
Generation Co., Ltd. Company
construction
Subsidiaries obtained or disposed in the reporting period
□ Applicable √ Not applicable
Notes
In the report period, the profits of the coal-fired power plants of the company decrease to a large extent on year-on-year basis due to influence of the coal price
rising and electricity price decline. Partial subsidiaries have operating losses such as Yuejiang company, Zhanjiang Zhongyue, Zhenneng company and Dapu power
plant. Among joint-stock companies, Shanxi energy profitability increases relatively sharply on year-on-year basis due to the influence of the fuel price rising.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
VIII．Structured vehicle controlled by the Company
□ Applicable √ Not applicable
IX. Prediction of business performance for January -September 2017
Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss
probably or the warning of its material change compared with the corresponding period of the last year and
explanation of reason.
□ Applicable √ Not applicable
X.Risks facing the Company and countermeasures
The company will still face severe operating environment in the second half year of 2017. Firstly, the coal supply
will become intense and the price rising will not change through predication; secondly, the fiercer competition of
the power market trade may cause the increase of the power price decrease degree; thirdly, the successive release
of the provincial newly-commissioning nuclear power and pneumoelectric capacity will squeeze the coal power
share; fourthly, the constantly-tense capital market and rising interest rate will cause the capital cost increase;
fifthly, the upgrading and reconstruction of coal-fired units may produce the influence on the electricity quantity
to some extent. The company will continue implementing the early warning mechanism for the completion
conditions of key indexes and endeavor to realize the target of the whole year; promote the clean energy
development and the on-schedule commissioning of projects under construction.
1. It will grasp the favorable opportunity of the base electricity quantity adjustment in the 3rd quarter in
Guangdong and endeavor to increase the annual electricity quantity target; participate in bidding in the scientific
ways and battle for the “market power” share positively; arrange the ultra-low emission transformation reasonably
and reduce the influence thereof on the electricity quantity; research and judge scientifically before participating
in the power generation rights transfer trade.
2. It will continue implementing the early mechanism on the completion conditions of key indexes; keep an eye
on the capital conditions of the company and subsidiaries, conduct the overall planning, start properly the
registration work of ultra-short financing and medium-period notes, expand the financing channels and control the
comprehensive financing costs; continue conducting the benchmarking on the subordinate power plants’ units and
domestic advanced units and endeavor to increase the units reliability and operation economy through
“strengthening weaknesses”.
3. It will continue paying attention to policies and market dynamics of the energy industry and relevant industries
of upstream and downstream, search for excellent project investment opportunities positively; promote the
approval work of Bohe power plant and Zhaoqing natural gas cogeneration project; assist the dominant
shareholders in promoting relevant work of the commitment performance.
4. It will promote each project under construction per schedule, guarantee the whole commissioning of Dayakou
project in September; promote the ultra-low emission and energy conservation transformation work and plan to
complete the ultra-low emission transformation of 14 coal-fired units totaling 7.06 million kW in the second year.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
V. Important Events
I. Annual General Meeting and Extraordinary Shareholders’ Meetings in the Reporting Period
1.Annual General Meeting
Investor
Meeting Type participation Convened date Disclosure date Index to disclosed information
ratio
Name of
Announcement :Announcement of
Annual Resolution of 2016 shareholders’
2016
Shareholders’ general meeting ，Announcement
Shareholders’ 72.90% May 17,2017 May 18,2017
General No.:2017-17.
general meeting
Meeting Published in China Securities Daily,
Securities Times and http//.www.cni
nfo.com.cn.
2. Preferred stockholders restored voting rights to request to convene Provisional Shareholders’ Meeting.
□Applicable√Not applicable
II. Proposal for profit distribution and converting capital Reserve into share actual for the
reporting period
□ Applicable √Not applicable
For the reporting period, the Company plans not to distribute cash dividends or bonus shares or convert capital
reserve into share capital.
III. The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of the
reporting period made by the company, shareholder, actual controller, acquirer, director, supervisor,
senior management personnel and other related parities.
□ Applicable √Not applicable
There are no commitments that the company, shareholders, actual controller, offeror, directors, supervisors, senior
management or other related parties have fulfilled during the reporting period and have not yet fulfilled by the end
of reporting period.
IV. Particulars about engagement and disengagement of CPAs firm
Whether the semi-annual financial report had been audited?
□ Yes √ Not
The semi-annual report was not audited.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
V.Explanations given by board of directors and supervisory board regarding “ Modified auditor’s” Issued
by CPAs firm for the reporting period
□ Applicable √ Not applicable
VI. Explanations given by Board of Directors regarding “ Modified auditor’s Report” Issued for last year
□ Applicable √ Not applicable
VII. Bankruptcy and restructuring
□ Applicable √ Not applicable
No such cases in the reporting period.
VIII. Legal matters
Signifieant lawsuits or arbitrations
□ Applicable √ Not applicable
No such cases in the reporting period.
Other legal matters
□ Applicable √ Not applicable
IX. Punishments and rectifications
□ Applicable √ Not applicable
No such cases in the reporting period.
X. Credit conditions of the Company as well as its Controlling shareholder and actual Controller
□ Applicable √ Not applicable
XI.Equity incentive plans, employee stock ownership plans or other incentive measures for employees
□ Applicable √ Not applicable
No such cases in the reporting period.
XII.Material related transactions
1. Related transactions in connection with daily operation
□ Applicable √ Not applicable
No such cases in the reporting period.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
2. Related-party transactions arising from asset acquisition or sold
□Applicable √ Not applicable
No such cases in the reporting period.
3. Related-party transitions with joint investments
□Applicable √ Not applicable
No such cases in the reporting period.
4. Related-party transitions with joint investments
□Applicable √ Not applicable
No such cases in the reporting period.
5. Credits and liabilities with related parties
√ Applicable □Not applicable
Whether has non-operational contact of related liability and debts or not
□ Yes √ No
No such cases in the reporting period.
6. Other significant related-party transactions
√ Applicable □Not applicable
（1）In 2017, daily related transactions were carried out after examination and approval by 2016 annual
shareholders' general meeting. Refer to (5) Related transactions of XII. Relationship between related parties and
the transactions between them of the Financial Report of this report for details.
(2) The Proposal on the Financial Services such as Making the Application of the Total Loan Limit of RMB 17
Billion and Handling the Deposit Settlement to the Related Party- Guangdong Yudean Finance Co., Ltd by the
Company and Some of its Subsidiaries was approved in the company’s 2016 annual general shareholder meeting
for implementation.
(3) Guangdong Shaoguan Yuejiang Power Generation Co., Ltd., as the holding subsidiary of the company, intends
to purchase partial fixed assets of Guangdong Shaoguan No.9 Power Unit Joint Venture Co., Ltd. through
conclusion of an agreement in the proposed price of 24.8628 million yuan (the final purchase price shall be
subject to the asset evaluation price approved in the file of the State Capital Management Department), which was
approved by the 1st session for communication of the 8th Board of Directors of the company in 2017 through
deliberation.
Website for temporary disclosure of the connected transaction
Announcement Date of disclosure Website for disclosure
Daily related transaction announcement April 26,2017 http//www.cninfo.com.cn.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Announcement on the Company’s Related Transaction of Guangdong
April 26,2017 http//www.cninfo.com.cn.
Yudean Finance Co., Ltd.
Announcement on the related party Transactions of Guangdong Shaoguan
Yuejiang Power Generation Co., Ltd. Purchasing Part Fixed Assets of June 1,2017 http//www.cninfo.com.cn.
Guangdong Shaoguan No.9 Power Unit Joint Venture Co., Ltd.
XIII. Particulars about the non-operating occupation of funds by the Controlling shareholder and other
related parties of the Company
□Applicable √ Not applicable
The company was not involved in the non-operating occupation of funds by the controlling shareholder and other
related parties during the reporting period.
XIV. Significant contracts and execution
1.Entrustments, contracting and leasing
(1) Trusteeship
□Applicable √ Not applicable
No trusteeship, contract or leasing for the Company in reporting period.
(2) Contract
□ Applicable √ Not applicable
No any contract for the Company in the reporting period.
(3) Lease
□Applicable √ Not applicable
No any lease for the Company in the reporting period..
2.Guarantees
√Applicable □ Not applicable
（1）Guarantees
In RMB’0000
External Guarantee (Exclude controlled subsidiaries)
Relevant Date of Actual Complete Guarantee
Name of the Amount of Guarantee Guarantee
disclosure happening mount of implementa for
Company Guarantee type term
date/No. of (Date of guarantee tion associated
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
the signing or not parties
guaranteed agreement) (Yes or no)
amount
Yunnan Baoshan
Binlangjiang Guaranteei
Hydroelectricity May 24,2007 4,350 December 19,2007 2,610 ng of joint 15 years No No
Development Co., liabilities.
Ltd.
Yunnan Baoshan
Binlangjiang Guaranteei
December
Hydroelectricity 4,350 November 30,2007 1,073 ng of joint 15 years No No
19,2007
Development Co., liabilities.
Ltd.
Yunnan Baoshan
Binlangjiang Guaranteei
November
Hydroelectricity 7,250 November 14,2008 870 ng of joint 12 years No No
12,2008
Development Co., liabilities.
Ltd.
Yunnan Baoshan
Binlangjiang Guaranteei
Hydroelectricity May 27,2009 9,367 June 22,2009 6,467 ng of joint 18 years No No
Development Co., liabilities.
Ltd.
Yunnan Baoshan
Binlangjiang Guaranteei
Hydroelectricity May 27,2009 7,250 May 27,2009 3,625 ng of joint 15 years No No
Development Co., liabilities.
Ltd.
Total actually amount
Total amount of approved external of external guarantee
0 -406
guarantee in the report period(A1) in the report
period(A2)
Total actually amount
Total amount of approved external
of external guarantee
guarantee at the end of the report 190,835 14,645
at the end of the report
period(A3)
period(A4)
Guarantee of the company for its subsidiaries
Complete Guarante
Related Actually
Name of the Amount of Date of happening(date Guarantee Guarante implemen e for
announcement guarantee
company guaranteed guarantee of signing agreement) type e term tation or related
date and no. amount
not party(yes
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
or no)
Zhanjiang Wind Guaranteei
Power Generation April 29,2009 18,571.7 October 9,2010 8,575.53 ng of joint 18 years No No
Co., Ltd. liabilities.
Guangdong
Guaranteei
Shaoguan Yuejiang November
9,000 January 28,2014 5,670 ng of joint 7 years No No
Power Generation 16,2013
liabilities.
Co., Ltd.
Guangdong
Guaranteei
Shaoguan Yuejiang November
8,100 January 29,2014 4,770 ng of joint 7 years No No
Power Generation 16,2013
liabilities.
Co., Ltd
Total of actual
Total of guarantee for subsidiaries guarantee for
0 -7,543.61
approved in the period(B1) subsidiaries in the
period (B2)
Total of actual
Total of guarantee for subsidiaries guarantee for
141,536 19,015.53
approved at period-end(B3) subsidiaries at
period-end(B4)
Guarantee of the subsidiaries for the controlling subsidiaries
Guarante
Relevant e
Date of Complete
disclosure for
Name of the Amount happening Actual implemen
date/No. of Guarantee Guarantee associate
Company of (Date o mount of tation
the type term d
guaranteed guarantee signing guarantee or
guaranteed parties
agreement) not
amount (Yes or
no)
The Company’s total guarantee(i.e.total of the first three main items)
Total guarantee quota approved Total amount of guarantee
in the reportingperiod 0 actually incurred in the -7,949.61
（A1+B1+C1） reporting period（A2+B2+C2）
Total guarantee quota already Total balance of the actual
approved at theendof the 332,371 guarantee at the end of the 33,660.53
reporting period（A3+B3+C3） reporting period（A4+B4+C4）
The proportion of the total amount of actually guarantee in the
1.46%
netassetsof the Company (that is A4+B4+C4）%
Including：
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
The debts guarantee amount provided for the
Guaranteed parties whose assets-liability ratio exceed 25,085
70% directly or indirectly（E）
Total guarantee Amount of the abovementioned guarantees
25,085
（D+E+F）
Description of the guarantee with complex method
(2) Illegal external guarantee
□ Applicable √ Not applicable
No Illegal external guarantee in the report period.
3. Other significant contract
□ Applicable √ Not applicable
No other significant contracts for the Company in reporting period.
XV.Social responsibilities
1.Overview of the annual targeted poverty alleviation
（1）Half-year poverty relieving summary
In the report period, the company continues implementing Guangdong scheme of “three-year crucial goals for the
target poverty alleviation” and organizes the manpower, materials and financial resources into the poverty
alleviation. The six subsidiaries carry out the targeted poverty alleviation and oriented assistance work subject to
the formulated poverty alleviation work plan, which include Yuejiang company, Red Bay company, Jinghai
company, Zhenneng company, Zhanjiang company and Dapu company, etc.
（2）Information of the listed company’s annual work in targeted poverty alleviation
Measurement
Index Quantity / Status
unit
I. General situation —— ——
Thereinto： 1.Capital RMB 54.99
2. Cash supplies RMB 3.56
3. Ecological protection to poverty alleviation Person
（3）Subsequent targeted poverty alleviation program
The company and holding subsidiaries will continue implementing relevant provincial, municipal and town
provisions on the targeted poverty alleviation and find out the accurate ways for the targeted poverty alleviation
based on the local conditions. Firstly, insist the party and style construction, promote the ideological building of
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
the assistance object village “two committees” members and intensify the results of “two studies and one action”
learning activity. Secondly, insist study and improve capacity, insist the thorough learning on the spirit of Xi
Jinping series important speeches, the spirit of relevant targeted poverty alleviation papers, the village business
knowledge and the way to communicate with the public and improve further the work capacity for people. Thirdly,
intensify the key points and promote the implementation, each poverty alleviation work team will continue
focusing on the targeted poverty alleviation, grasp the poverty alleviation central work and coordinate overall and
implement relevant work. For the poor households poverty alleviation projects and village group projects listed in
the filing and issuing cards, obtain positively support from relevant authority subject to the formulated target tasks,
assist the assistance object villages and poor households in implementing the poverty alleviation projects and
guarantee the overall completion of the poverty alleviation target tasks in the practical style.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
2.Major environmental protection
The Listed Company and its subsidiary whether belongs to the key sewage units released from environmental protection department
Yes
Emission Excessiv
Main pollutant Emissi port e
Company or Emission Implemented pollutant emission Total Verified total
and specific on port distributio Emission concentration emission
subsidiary name way standards emission emission
pollutant name number n conditio
condition n
Concentrat Emission Standard of Air Pollutants
ed emission within the for Thermal Power Plants
Smoke 2 7.07mg/Nm3 77.86 ton Not approved No
through factory (GB13223-2011) special emission
chimney limit
Concentrat Emission Standard of Air Pollutants
Shajiao A power ed emission within the for Thermal Power Plants
SO2 2 24.27mg/Nm3 267.12 ton Not approved No
plant through factory (GB13223-2011) special emission
chimney limit
Concentrat Emission Standard of Air Pollutants
ed emission within the for Thermal Power Plants
NOX 2 37.25mg/Nm3 409.92 ton Not approved No
through factory (GB13223-2011) special emission
chimney limit
Concentrat Emission Standard of Air Pollutants
ed emission within the for Thermal Power Plants
Smoke 2 3.55mg/Nm3 24.5 ton 593 ton No
through factory (GB13223-2011) special emission
Dapu Power Plant chimney limit
Concentrat Emission Standard of Air Pollutants
within the
SO2 ed emission 2 14.25mg/Nm for Thermal Power Plants 99.3 ton 1447 ton No
factory
through (GB13223-2011) special emission
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
chimney limit
Concentrat Emission Standard of Air Pollutants
ed emission within the for Thermal Power Plants
NOX 2 29.35mg/Nm3 205.2 ton 1502 ton No
through factory (GB13223-2011) special emission
chimney limit
Concentrat Emission Standard of Air Pollutants
ed emission within the for Thermal Power Plants
Smoke 1 10.3mg/Nm3 114.38 ton 600 ton No
through factory (GB13223-2011) special emission
chimney limit
Concentrat Emission Standard of Air Pollutants
Zhanjiang Tiaoshun ed emission within the for Thermal Power Plants
SO2 1 84.12mg/Nm3 930.7 ton 2046 ton No
Power plant through factory (GB13223-2011) special emission
chimney limit
Concentrat Emission Standard of Air Pollutants
ed emission within the for Thermal Power Plants
NOX 1 58.1mg/Nm3 638.98 ton 1587 ton No
through factory (GB13223-2011) special emission
chimney limit
Concentrat Emission Standard of Air Pollutants
3
ed emission within the #10：9.14mg/Nm 、#11：8.14mg/Nm 、for Thermal Power Plants
Smoke 2 68.16 ton 358.89ton No
through factory #1：3.06mg/Nm3、#2：4.51mg/Nm3 (GB13223-2011) special emission
chimney limit
#1、#2、#10、#11 unit
Concentrat Emission Standard of Air Pollutants
Shaoguan Power
3
ed emission within the #10：103mg/Nm 、#11：90mg/Nm 、 for Thermal Power Plants
Plant SO2 2 508.02 ton 1151.78 ton No
through factory #1：15mg/Nm3、#2：11mg/Nm3 (GB13223-2011) special emission
chimney limit
Concentrat 3 3 Emission Standard of Air Pollutants
within the #10：123mg/Nm 、#11：102mg/Nm 、
NOX ed emission 2 for Thermal Power Plants 713.29 ton 1404.54 ton No
factory #1：29mg/Nm3、#2：40mg/Nm3
through (GB13223-2011) special emission
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
chimney limit
Concentrat Emission Standard of Air Pollutants
ed emission within the #1、#2、#3：10 mg/Nm for Thermal Power Plants
Smoke 2 39 ton 594 ton No
through factory #4：30 mg/Nm3 (GB13223-2011) special emission
chimney limit
Concentrat Emission Standard of Air Pollutants
Zhanjiang Power ed emission within the #1、#2、#3：35 mg/Nm for Thermal Power Plants
SO2 2 405 ton 2310 ton No
through 3 (GB13223-2011) special emission
Plant factory #4：200 mg/Nm
chimney limit
Concentrat Emission Standard of Air Pollutants
ed emission within the #1、#2、#3：50 mg/Nm for Thermal Power Plants
NOX 2 438 ton 2640 ton No
through 3 (GB13223-2011) special emission
factory #4：200 mg/Nm
chimney limit
Concentrat Emission Standard of Air Pollutants
ed emission within the for Thermal Power Plants
Smoke 2 5.25mg/Nm3 112.23 ton Not approved No
through factory (GB13223-2011) special emission
chimney limit
Concentrat Emission Standard of Air Pollutants
ed emission within the for Thermal Power Plants
Huilai Power plant SO2 2 42.57mg/Nm3 910.32 ton Not approved No
through factory (GB13223-2011) special emission
chimney limit
Concentrat Emission Standard of Air Pollutants
ed emission within the for Thermal Power Plants
NOX 2 47.56mg/Nm3 1017 ton Not approved No
through factory (GB13223-2011) special emission
chimney limit
Concentrat Emission Standard of Air Pollutants
within the
Shanwei Power plant Smoke ed emission 2 7.56mg/Nm for Thermal Power Plants 124.95 ton Not approved No
factory
through (GB13223-2011) special emission
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
chimney limit
Concentrat Emission Standard of Air Pollutants
ed emission within the for Thermal Power Plants
SO2 2 32.73mg/Nm3 539.31 ton Not approved No
through factory (GB13223-2011) special emission
chimney limit
Concentrat Emission Standard of Air Pollutants
ed emission within the for Thermal Power Plants
NOX 2 36.47mg/Nm3 655.27 ton Not approved No
through factory (GB13223-2011) special emission
chimney limit
Concentrat Emission Standard of Air Pollutants
ed emission within the for Thermal Power Plants
Smoke 2 6.35mg/Nm3 50.56 ton 370 ton No
through factory (GB13223-2011) special emission
chimney limit
Concentrat Emission Standard of Air Pollutants
#5、#6、#7 Unit
ed emission within the for Thermal Power Plants
Maoming thermal SO2 2 38.86mg/Nm3 229.44 ton 3205 ton No
through factory (GB13223-2011) special emission
power Plant
chimney limit
Concentrat Emission Standard of Air Pollutants
ed emission within the for Thermal Power Plants
NOX 2 46.92mg/Nm3 395.17 ton 4000ton No
through factory (GB13223-2011) special emission
chimney limit
Concentrat Emission Standard of Air Pollutants
ed emission within the for Thermal Power Plants
Smoke 2 6.82mg/Nm3 90.19 ton Not approved No
through factory (GB13223-2011) special emission
Pinghai Power plant chimney limit
Concentrat Emission Standard of Air Pollutants
within the
SO2 ed emission 2 20.10mg/Nm for Thermal Power Plants 312.35 ton Not approved No
factory
through (GB13223-2011) special emission
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
chimney limit
Concentrat Emission Standard of Air Pollutants
ed emission within the for Thermal Power Plants
NOX 2 50.00mg/Nm3 672.53 ton Not approved No
through factory (GB13223-2011) special emission
chimney limit
Concentrat Emission Standard of Air Pollutants
Qianwan LNG power ed emission within the for Thermal Power Plants
NOX 3 33.69mg/Nm3 219.96 ton Not approved No
plant through factory (GB13223-2011) special emission
chimney limit
Concentrat Emission Standard of Air Pollutants
Huizhou LNG power ed emission within the for Thermal Power Plants
NOX 3 32.85 mg/Nm3 260 ton Not approved No
plant through factory (GB13223-2011) special emission
chimney limit
Prevention and control of pollution facilities construction and operation
Within the report period, the company responds positively to requirements of the newest environmental protection policies, strengthens the operation adjustment of
the desulfurization and denitrification system and equipment maintenance management, intensifies the transformation of the energy-saving technologies and
dust-cleaning equipment, improves the equipment operation efficiency, decrease the smoke and dust discharging concentration and guarantee compliance of each
pollutant emission with the national and local environmental protection requirements. In accordance with the national environmental protection plan, each power
plant of the company implements positively requirements of Coal-fired Power Energy Saving and Emission Reduction Upgrading and Transform Action Plan
(2014-2020) and National Energy Administration Comprehensive Division Notice about Decomposition and Implementation of Coal-fired Power Energy Saving and
Emission Reduction Upgrading and Transform Target Tasks, etc. and promotes the ultra-low emission transformation project.
In the report period, the company completes the ultra-low emission transformation work of 8 coal-fired units totaling 4.27 million kW and the pollutant emission
concentration (including the emitted smoke and gas) declines sharply on the original basis of the environment-protection emission standards, which reflects the
company determination of performing social responsibilities and the environment protection duties and emissions.
XVI.Other material events
□Applicable √ Not applicable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
No such cases in the reporting period.
XVII. Material events of subsidiaries
□ Applicable √ Not applicable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
VI. Change of share capital and shareholding of Principal Shareholders
I.Changes in share capital
1. Changes in share capital
In shares
Before the change Increase/decrease（+，-） After the Change
Amount Proportio Capitaliz
n Share ation of
Bonus Proportio
allotme common Other Subtotal Quantity
shares n
nt reserve
fund
I. Share with conditional
1,897,966,823 36.15% 1,897,966,823 36.15%
subscription
2. State-owned legal
1,893,342,621 36.06% 1,893,342,621 36.06%
person shares
3.Other domestic shares 4,624,202 0.09% 4,624,202 0.09%
Of which：Domestic
4,620,666 0.09% 4,620,666 0.09%
legal person shares
Domestic natural person
3,536 0.00% 3,536 0.00%
shares
II. Shares with
unconditional 3,352,317,163 63.85% 3,352,317,163 63.85%
subscription
1.Common shares in
2,553,909,163 48.64% 2,553,909,163 48.64%
RMB
2.Foreign shares in
798,408,000 15.21% 798,408,000 15.21%
domestic market
III. Total of capital
5,250,283,986 100.00% 5,250,283,986 100.00%
shares
Reasons for share changed:
□ Applicable √ Not applicable
Approval of Change of Shares
□ Applicable √ Not applicable
Ownership transfer of share changes
□ Applicable √ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to
common shareholders of Company in latest year and period
□ Applicable √ Not applicable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Other information necessary to disclose for the company or need to disclosed under requirement from security
regulators
□ Applicable √Not applicable
2. Change of shares with limited sales condition
□ Applicable √Not applicable
Ⅱ.Issuing and listing
□ Applicable √Not applicable
III. Shareholders and shareholding
In Shares
Total number of preferred
Total number of common shareholders that had restored
shareholders at the end of the 109,198 the
reporting period voting right at the end of the
reporting period (if any) (note 8)
Particulars about shares held above 5% by shareholders or top ten shareholders
Proport Number of share
ion of Number of Changes in Amount of Amount of pledged/frozen
Nature of
Shareholders shares shares held at reporting restricted shares un-restricted
shareholder State of Amou
held period -end period held shares held
share nt
（%）
Guangdong Yudean State-owned
67.39% 3,538,005,285 1,893,342,621 1,644,662,664
Group Co., Ltd. legal person
China Securities State-owned
2.78% 145,748,980 145,748,980
Finance Co., Ltd. legal person
Guangdong Guangfa
State-owned
Electric Power 2.22% 116,693,602 116,693,602
legal person
Investment Co., Ltd.
Guangdong Electric
State-owned
Power Development 1.80% 94,367,341 94,367,341
legal person
Corporation
Domestic
Harbin Hali Industry Non-State
0.79% 41,387,870 38,403,770 41,387,870
Co., Ltd. owned legal
person
Domestic
Li Zhuo 0.42% 21,951,385 588,800 21,951,385
Natural
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
person
National Social
State-owned
Security Fund 103 0.38% 19,994,982 19,994,982 19,994,982
legal person
portfolio
BBH A/C
VANGUARD Overseas
EMERGING Legal 0.33% 17,484,844 17,484,844
MARKETS STOCK person
INDEX FUND
CHINA INT'L
Overseas
CAPITAL CORP
Legal 0.29% 15,322,336 15,322,336
HONG KONG
person
SECURITIES LTD
Domestic
Harbin Daoli District Non-State
0.25% 12,921,300 -2,520,008 12,921,300
Charity Foundation owned legal
person
The fourth largest shareholder Guangdong Electric Power Development Corporation is the
Explanation on associated
wholly-owned subsidiaries of the largest shareholder Yudean Group. These two companies
relationship or concerted action of
have relationships; whether the other shareholders have relationships or unanimous acting was
the above shareholders
unknown.
Shareholding of top 10 shareholders of unrestricted shares
Quantity of unrestricted shares held Share type
Name of the shareholder
at the end of the reporting period Share type Quantity
RMB Common
Guangdong Yudean Group Co., Ltd. 1,644,662,664 1,644,662,664
shares
RMB Common
China Securities Finance Co., Ltd. 145,748,980 145,748,980
shares
Guangdong Guangfa Electric Power Investment Co., RMB Common
116,693,602 116,693,602
Ltd. shares
RMB Common
Guangdong Electric Power Development Corporation 94,367,341 94,367,341
shares
RMB Common
Harbin Hali Industry Co., Ltd. 41,387,870 41,387,870
shares
RMB Common
Li Zhuo 21,951,385 21,951,385
shares
RMB Common
National Social Security Fund 103 portfolio 19,994,982 19,994,982
shares
Foreign shares
BBH A/C VANGUARD EMERGING MARKETS 17,484,844 17,484,844
placed in
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
STOCK INDEX FUND domestic
exchange
Foreign shares
CHINA INT'L CAPITAL CORP HONG KONG placed in
15,322,336 15,322,336
SECURITIES LTD domestic
exchange
RMB Common
Harbin Daoli District Charity Foundation 12,921,300 12,921,300
shares
Explanation on associated relationship or consistent
The fourth largest shareholder Guangdong Electric Power Development
action among the top 10 shareholders of non-restricted
Corporation is the wholly-owned subsidiaries of the largest shareholder
negotiable shares and that between the top 10
Yudean Group. These two companies have relationships; whether the other
shareholders of non-restricted negotiable shares and top
shareholders have relationships or unanimous acting was unknown.
10 shareholders
The Fifth largest shareholder Harbin Hali Industry Co., Ltd.
holds 35,467,266 A shares of the Company through stock account with
credit transaction and guarantee and holds 5,920,604 A shares through
ordinary stock account, hold41,387,870 shares of the Company's stock
totally.
The sixth largest shareholder Li Zhuo. holds 21,911,765 A shares of the
Explanation on shareholders participating in the margin Company through stock account with credit transaction and guarantee and
trading business(if any )(See Notes 4) holds 39,620 A shares through ordinary stock account, hold21,951,385
shares of the Company's stock totally.
The Tenth largest shareholder Harbin Daoli District Charity Foundation.
holds 12,783,900 A shares of the Company through stock account with
credit transaction and guarantee and holds 137,400 A shares through
ordinary stock account, hold12,921,300 shares of the Company's stock
totally.
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a
buy-back agreement dealing in reporting period.
□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company
have no buy –back agreement dealing in reporting period.
IV. Change of the controlling shareholder or the actual controller
Change of the controlling shareholder in the reporting period
□ Applicable √ Not Applicable
There was no any change of the controlling shareholder of the Company in the reporting period.
Change of the actual controller in the reporting period
□ Applicable √ Not applicable
There was no any change of the actual controller of the Company in the reporting period.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
VII. Situation of the Preferred Shares
□Applicable √Not applicable
The Company had no preferred shares in the reporting period
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
VIII. Information about Directors, Supervisors and Senior Executives
I. Change in shares held by directors, supervisors and senior executives
□Applicable √Not applicable
There was no change in shareholding of directors, supervisors and senior management staffs, for the specific
information please refer to the 2016 Annual Report.
II. Changes in directors, supervisors and senior management staffs
√ Applicable □ Not applicable
Name Title Type Date Reason
Kong Huitian Director Resignation February 8,2017 Retired
Hu Xiaolei Director Resignation February 8,2017 Job changes
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
IX. Corporate Bond
Whether the company has corporate bonds that have been publicly issued and listed on the stock exchange, and
not yet due or due butnot folly cashed on the approval date of annual report
Yes
1.Basic information of corporate bonds
Bond short Bond balance Interest
Bond name Bond code Issue day Due day Servicing way
name ‘0000 rate
Using simple interest rate
on a yearly basis,
2012 Corporate bonds of regardless of compound
Guangdong Electric 12 Yudean interest. Due payments
March March
112162.SZ 120,000 4.95% once a year, maturing
Power Development Bond 18,2013 17,2020
debt at a time. In the final
Co., Ltd.. phase, interest is paid
together with the
principal redemption.
Corporate bonds listed or trading
Shenzhen Stock Exchange
places
During the reporting period, The company paid the bond interests of the current year on March 20, 2017 to all the bond
interest payment situation of the holders who were registered in China Securities Depository and Clearing Co., Ltd. Shenzhen
company bonds branch as of the afternoon of March 17, 2017 when the Shenzhen Stock Exchange closed.
If the corporate bonds attached
to special clauses to the issuer or
the investors such as option The duration of the bonds is 7 years, with redemption option, option of raising coupon rate by the
clause and exchangeable clause, issuer and the puttable right for the investors at the end of the fifth year. During the reporting
please specify the period, the relevant clauses have not met the conditions for implementation.
implementation status of the
corresponding clauses. (When
applicable)
2. Bond trustee and the credit rating agency information
Bond trustee：
CITIC 22/F, CITIC Securities Building , Song
Name Securities Co., Office No.48. Liangmaqiao Road, Contact Yilan ,Ko Tel 010-60838888
Ltd. Chaoyang District , Beijing u Zhibo
The credit rating agencies which follow and rate the corporate bond during the reporting period
Office 8/F, Anji Building, No.760, Tibet South Road,
Name CCXR
address Huangpu District, Shanghai.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
During the report period, the bond trustee,
credit rating agency employed by the
company that have changed, reasons for
Not applicable
the change, performing procedures,
relevant influence on investors,etc(If
applicable).
3. The usage of corporate bonds to raise money
According to the relevant contents in the Prospectus of the Issuance of Bonds
announced on March 14, 2013, the company planned to use RMB 820 million of the
raised funds to repay the loans, thus to adjust the debt structure; the remaining RMB
380 million of the raised funds planned for supplementing the company’s liquidity, so
The usage and performance of raised funds as to improve the company’s funds status. The net amount of the funds raised by the
from Corporate bonds bonds had been remitted to the company’s designated bank account on March 20,
2013, of which the amount of RMB 820 million of the raised funds had been used for
repaying the loans, so as to adjust the debt structure; the remaining RMB 380 million
of the raised funds used for supplementing the company’s liquidity, so as to improve
the company’s funds status.
At the end of balance (RMB’0000)
Whether the usage of the raised money
corresponding to the purposes of promise, Yes
use plans, and other agreement
4.Corporate bond rating information
On June 16, 2017, CCXR traced and analyzed the credit status of the company and the company’s bonds of
“12-Yuedian Bonds”, maintained the credit rating of AAA for the main body of the company, with a stable
outlook; maintained the credit rating of AAA for the corporate bonds.(The rating results were disclosed on the
website: http://www.ccxr.com.cn/, with the title of Tracking and Rating Report for the 2012-Corpoprate Bonds of
Guangdong Electric Power Development Co., Ltd(2017).
5.Corporate bond credit mechanism, the debt repayment plans and other security measures
(1)The credit-raising mechanism: No guarantee of the company’s bonds. After the comprehensive assessment by
CCXR, the credit rating of the main body of the company is AAA with a stable outlook, and the credit rating of
the corporate bonds is AAA.
(2)The repayment plan: The interest of the bonds commenced from the date of March 18, 2013, and the interest of
the bonds shall be paid once each year within the duration of the bonds after the commencement date of the
interest. The date of March 18 of each year in the period from 2014 to 2020 shall be the interest paying day for
paying the recent full year’s bond interests (If it is not a working day, the payment day will be postponed to the
first working day after the day). If the issuer performs the redemption option or the investors perform the puttable
right, then the date of March 18 of each year in the period from 2014 to 2018 is the interest paying day for paying
the recent full year’s interests of the bonds being redeemed or the bonds being sold back. The maturity date of the
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
bonds is March 18, 2020, and the company will repay the principal and pay the last full year’s interest when the
bond is due. If the issuer performs the redemption option or the investors perform the puttable right, the maturity
date of the bonds being redeemed or the bonds being sold back is March 18, 2018, and the corresponding
principal and the last full year’s interest will be repaid.
(3) Safeguard measures for the repayment: in order to fully and effectively safeguard the interests of the
bondholders, the company had made a series of work plans for the full repayment of the bonds that can be
implemented on time, including the designated department and personnel, arrangement of repaying the bonds,
establishment of the management measures, doing good organization and coordination, strengthening the
information disclosure and so on, strived to form a set of safeguard measures for ensuing the repayment of the
bonds.
6.During the reporting period the bondholder meeting
During the reporting period, the company did not hold bondholders meeting.
7.During the reporting period the bond trustee perform his duties
The company’s bond trustee- CITIC Securities Co., Ltd safeguarded the legal rights of the bond holders with in
accordance with the law and performed the obligations stipulated in the Prospectus of the Issuance of Bonds and
other publicly disclosed documents, hence continuously followed up and acquainted the relevant information of
the company during the entrusting period, issued and provided the regular report of the bond trustee, with in
accordance with the company’s information being followed up and acquainted.
During the reporting period, CITIC Securities Co., Ltd issued the Report of the 2012 Corporate Bonds Trustee for
Guangdong Electric Power Development Co., Ltd(year of 2016) on May 26, 2017, and the report was disclosed on
the cninf website on May 26, 2017 by the company.
8.During the reporting period, the company's major accounting data and financial indicators for last 2 years
In RMB’0000
Items 2016 2015 At the same time rate of change
Current ratio 63.78% 66.95% -3.17%
Debt ratio 58.84% 58.49% 0.35%
Quick ratio 44.12% 46.93% -2.81%
Reporting period Same period of last year YoY+/-（%）
EBITDA interest coverage ratio 1.7 4.87 -65.09%
Loans repayment rate 100.00% 100.00% 0.00%
Interest payment rate 100.00% 100.00% 0.00%
The material reasons for the changed ratio of the accounting data or financial indicators exceeds 30% over the last
year
√ Applicable □Not applicable
As the power marketization reform accelerates and the market competition becomes fiercer in the first half year of
2017, the company on-grid power price declines obviously and the coal price keeps rising constantly in the first
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
half year, which results in the sharp decline of the company power generation business profits and larger decline
of EBITDA interest coverage times.
9. The company fails to repay the debt
□ Applicable √ Not applicable
No such cases in the reporting period.
10. Information about the repayment of interest and principal for other bonds or debt financing instruments
On June 7, 2016, the company issued 700,000,000 yuan of ultra short-term financing bonds, with a term of 270
days. During the reporting period, the payment of the principal and interest was RMB 715,013,863.
On August 11, 2016, the company issued 500,000,000 yuan of ultra short-term financing bonds, with a term of
270 days. During the reporting period, the payment of the principal and interest was RMB 509,471,068.
11.Information about the bank credit obtaining and use, as well as repayment of the bank loans during the
reporting period
In ther report period, the company signed an unconditional available bank amount limit of about RMB 51.331
billion, of which the used amount limit was RMB 32.135 billion, thus the remaining available bank amount limit
was about RMB 19.196 billion. In this year, the company repaid bank loans of about RMB 6.449 billion, and the
balance of bank loans was RMB 29.924 billion.
12. Information about fulfillment of the stipulations or commitments specified in the Prospectus of the issuance of
the bonds during the reporting period
In the report period, the company implements relevant provisions in the bonds collection manual strictly, pay the
bond owners the interest thereof per the schedule agreed in the basic bond provisions and perform the information
disclosure obligations related to the bonds per laws. No cases damaging the bond investors’ interests occur.
13. Major events occurred during the reporting period
Nil
14. Whether the corporate bonds have a guarantor
□ Yes √No
IX. Financial Report
I. Audit report
Has this semi-annual report been audited?
□ Yes √ No
The semi-annual financial report has not been audited.
II. Financial statements
Currency unit for the statements in the notes to these financial statements:RMB
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
1. Consolidated balance sheet
Prepared by：Guangdong Electric Power Development Co., Ltd.
In RMB
Items Year-end balance Year-beginning balance
Current asset：
Monetary fund 4,896,743,201.00 5,184,873,650.00
Settlement provision
Outgoing call loan
Financial assets measured at fair
value with variations accounted into
current income account
Derivative financial assets
Bill receivable
Account receivable 2,827,797,598.00 2,776,061,909.00
Prepayments 915,467,419.00 1,064,822,122.00
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Interest receivable 20,790,253.00 16,681,118.00
Dividend receivable
Other account receivable 149,999,099.00 133,499,956.00
Repurchasing of financial assets
Inventories 1,662,109,165.00 1,513,153,241.00
Assets held for sales
Non-current asset due in 1 year 56,369,497.00
Other current asset 967,341,528.00 882,055,591.00
Total of current assets 11,496,617,760.00 11,571,147,587.00
Non-current assets：
Loans and payment on other’s behalf
disbursed
Disposable financial asset 1,301,952,861.00 1,279,387,994.00
Expired investment in possess
Long-term receivable 82,687,240.00 136,075,412.00
Long term share equity investment 5,686,638,558.00 5,432,637,750.00
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Property investment 8,614,438.00 8,932,237.00
Fixed assets 40,224,030,838.00 41,814,685,521.00
Construction in progress 7,137,424,507.00 6,343,293,763.00
Engineering material 1,477,958.00 1,496,854.00
Fixed asset disposal 7,266,329.00 4,304,229.00
Production physical assets
Gas & petrol
Intangible assets 1,687,520,556.00 1,707,490,221.00
R & D petrol
Goodwill 27,486,780.00 27,486,780.00
Long-germ expenses to be amortized 29,904,482.00 34,611,712.00
Deffered income tax asset 342,952,179.00 303,929,269.00
Other non-current asset 2,195,998,575.00 2,011,524,431.00
Total of non-current assets 58,733,955,301.00 59,105,856,173.00
Total of assets 70,230,573,061.00 70,677,003,760.00
Current liabilities
Short-term loans 9,565,000,000.00 5,758,860,000.00
Loan from Central Bank
Deposit received and hold for others
Call loan received
Financial liabilities measured at fair
value with variations accounted into
current income account
Derivative financial liabilities
Bill payable 731,452,959.00 1,330,480,837.00
Account payable 2,268,319,920.00 3,167,250,446.00
Advance payment 199,798.00 12,456,360.00
Selling of repurchased financial assets
Fees and commissions receivable
Employees’ wage payable 206,401,253.00 144,122,128.00
Tax payable 328,650,463.00 326,919,844.00
Interest payable 115,893,394.00 83,648,793.00
Dividend payable 9,703,930.00 9,703,930.00
Other account payable 3,305,088,687.00 3,292,556,995.00
Reinsurance fee payable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Insurance contract provision
Entrusted trading of securities
Entrusted selling of securities
Liabilities held for sales
Non-current liability due in 1 year 1,406,746,076.00 1,433,644,523.00
Other current liability 86,746,979.00 1,723,070,000.00
Total of current liability 18,024,203,459.00 17,282,713,856.00
Non-current liabilities：
Long-term loan 19,321,368,430.00 19,888,172,037.00
Bond payable 1,895,215,203.00 1,900,124,468.00
Including：preferred stock
Sustainable debt
Long-term payable 1,767,860,027.00 1,917,552,654.00
Long-term payable employees’s
128,355,760.00 122,832,249.00
remuneration
Special payable 26,675,385.00 26,675,385.00
Expected liabilities
Differed income 128,685,604.00 125,650,072.00
Differed income tax liability 24,821,712.00 37,718,277.00
Other non-current liabilities 6,000,000.00 39,000,000.00
Total non-current liabilities 23,298,982,121.00 24,057,725,142.00
Total of liability 41,323,185,580.00 41,340,438,998.00
Owners’ equity
Share capital 5,250,283,986.00 5,250,283,986.00
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 5,003,049,918.00 5,003,007,478.00
Less：Shares in stock
Other comprehensive income 161,982,666.00 145,059,015.00
Special reserves
Surplus reserves 7,590,363,724.00 6,845,001,818.00
Common risk provision
Undistributed profit 5,098,846,028.00 6,135,494,928.00
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Total of owner’s equity belong to the
23,104,526,322.00 23,378,847,225.00
parent company
Minority shareholders’ equity 5,802,861,159.00 5,957,717,537.00
Total of owners’ equity 28,907,387,481.00 29,336,564,762.00
Total of liabilities and owners’ equity 70,230,573,061.00 70,677,003,760.00
Legal representative ：Huang Zhenhai
Person-in-charge of the accounting work：Li Xiaoqing
Person-in -charge of the accounting organ：Meng Fei
2. Balance sheet of Parent Company
In RMB
Items Year-end balance Year-beginning balance
Current asset：
Monetary fund 671,110,947.00 326,073,538.00
Financial assets measured at fair value
with variations accounted into current
income account
Derivative financial assets
Bill receivable
Account receivable 208,906,179.00 212,343,198.00
Prepayments 56,744,200.00 79,990,745.00
Interest receivable 1,118,668.00 723,819.00
Dividend receivable
Other account receivable 20,671,598.00 122,933,749.00
Inventories 150,353,336.00 149,462,926.00
Assets held for sales
Non-current asset due in 1 year
Other current asset 26,804,664.00 25,650,427.00
Total of current assets 1,135,709,592.00 917,178,402.00
Non-current assets：
Disposable financial asset 1,301,952,861.00 1,279,387,994.00
Expired investment in possess
Long-term receivable 351,460,000.00 335,000,000.00
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Long term share equity investment 23,583,992,126.00 22,896,735,913.00
Property investment 8,614,438.00 8,932,237.00
Fixed assets 991,913,819.00 1,049,906,014.00
Construction in progress 99,611,372.00 43,039,781.00
Engineering material
Fixed asset disposal 731,441.00
Production physical assets
Gas & petrol
Intangible assets 90,259,019.00 92,152,556.00
R & D petrol
Goodwill
Long-germ expenses to be amortized
Differed income tax asset 1,185,875.00
Other non-current asset 356,004,000.00 672,504,000.00
Total of non-current assets 26,785,724,951.00 26,377,658,495.00
Total of assets 27,921,434,543.00 27,294,836,897.00
Current liabilities
Short-term loans 1,900,000,000.00 300,000,000.00
Financial liabilities measured at fair
value with variations accounted into
current income account
Derivative financial liabilities
Bill payable
Account payable 144,748,058.00 517,973,144.00
Advance payment
Employees’ wage payable 33,066,300.00 31,813,417.00
Tax payable 1,490,432.00 9,688,606.00
Interest payable 19,890,064.00 48,091,022.00
Dividend payable 9,703,930.00 9,703,930.00
Other account payable 95,524,227.00 93,522,121.00
Liabilities held for sales
Non-current liability due in 1 year
Other current liability 30,352,587.00 1,216,583,014.00
Total of current liability 2,234,775,598.00 2,227,375,254.00
Non-current liabilities：
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Long-term loan 1,500,000,000.00 1,500,000,000.00
Bond payable 1,197,459,048.00 1,196,982,619.00
Including：preferred stock
Sustainable debt
Long-term payable
Employees’ wage payable 20,877,536.00 23,445,887.00
Special payable
Expected liabilities
Differed income 58,455,688.00 59,533,388.00
Differed income tax liability 12,508,093.00
Other non-current liabilities
Total of Non-current liabilities 2,776,792,272.00 2,792,469,987.00
Total of liability 5,011,567,870.00 5,019,845,241.00
Owners’ equity
Share capital 5,250,283,986.00 5,250,283,986.00
Other equity instrument
Including：preferred stock
Sustainable debt
Capital reserves 5,605,794,603.00 5,605,752,163.00
Less：Shares in stock
Other comprehensive income 161,982,666.00 145,059,015.00
Special reserves
Surplus reserves 7,590,363,724.00 6,845,001,818.00
Undistributed profit 4,301,441,694.00 4,428,894,674.00
Total of owners’ equity 22,909,866,673.00 22,274,991,656.00
Total of liabilities and owners’ equity 27,921,434,543.00 27,294,836,897.00
3.Consolidated Income statement
In RMB
Item Report period Same period of the previous year
I. Income from the key business 12,385,486,577.00 10,234,989,566.00
Incl：Business income 12,385,486,577.00 10,234,989,566.00
Interest income
Insurance fee earned
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Fee and commission received
II. Total business cost 12,161,604,003.00 8,895,457,564.00
Incl：Business cost 11,126,689,991.00 7,767,910,229.00
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Insurance policy dividend paid
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 108,518,658.00 76,108,043.00
Sales expense 2,788,458.00 736,468.00
Administrative expense 285,963,326.00 348,730,393.00
Financial expenses 637,643,570.00 701,972,431.00
Asset impairment loss
Add：Gains from change of fir value
（“-”for loss）
Investment gain（“-”for loss） 227,542,910.00 128,721,534.00
Incl: investment gains from affiliates 225,418,910.00 126,201,534.00
Gains from currency exchange
（“-”for loss）
Other income 7,350,208.00
III. Operational profit（“-”for loss） 458,775,692.00 1,468,253,536.00
Add ：Non-operational income 3,203,012.00 10,609,711.00
Including：Income from disposal of
1,268,222.00 130,677.00
non-current assets
Less：Non business expenses 33,574,072.00 14,167,800.00
Incl：Loss from disposal of non-current
655,630.00 170,836.00
assets
IV.Total profit(“-”for loss) 428,404,632.00 1,464,695,447.00
Less：Income tax expenses 148,691,823.00 415,482,070.00
V. Net profit 279,712,809.00 1,049,213,377.00
Net profit attributable to the owners of
128,735,725.00 738,374,784.00
parent company
Minority shareholders’ equity 150,977,084.00 310,838,593.00
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
VI. Other comprehensive income 16,923,651.00 -107,948,192.00
Net of profit of other comprehensive inco
me attributable to owners of the parent co 16,923,651.00 -107,948,192.00
mpany.
（I）Other comprehensive income items
that will not be reclassified into
gains/losses in the subsequent accounting
period
1.Re-measurement of defined benefit pla
ns of changes in net debt or net assets
2.Other comprehensive income under the
equity method investee can not be reclass
ified into profit or loss.
（II）
Other comprehensive income that will be 16,923,651.00 -107,948,192.00
reclassified into profit or loss.
1.Other comprehensive income under the
equity method investee can be reclassifie 970,838.00
d into profit or loss.
2.Gains and losses from changes in fair v
16,923,651.00 -108,919,030.00
alue available for sale financial assets
3.Held-to-maturity investments reclassifi
ed to gains and losses of available for sal
e financial assets
4.The effective portion of cash flow hedg
es and losses
5.Translation differences in currency fina
ncial statements
6.Other
7.Net of profit of other comprehensive in
come attributable to Minority
shareholders’ equity
VII. Total comprehensive income 296,636,460.00 941,265,185.00
Total comprehensive income attributable
145,659,376.00 630,426,592.00
to the owner of the parent company
Total comprehensive income
150,977,084.00 310,838,593.00
attributable minority shareholders
VIII. Earnings per share
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
（I）Basic earnings per share 0.0245 0.14
(II)Diluted earnings per share 0.0245 0.14
The current business combination under common control, the net profits of the combined party before achieved ne
t profit of RMB 0, last period the combined party realized RMB 0.
Legal representative ：Huang Zhenhai
Person-in-charge of the accounting work：Li Xiaoqing
Person-in -charge of the accounting organ：Meng Fei
4. Income statement of the Parent Company
In RMB
Items Report period Same period of the previous year
I. Income from the key business 939,765,302.00 825,674,110.00
Incl：Business cost 887,126,339.00 630,368,054.00
Business tax and surcharge 4,342,801.00 7,994,515.00
Sales expense 4,589.00 9,300.00
Administrative expense 41,977,719.00 55,281,911.00
Financial expenses 98,104,367.00 112,026,865.00
Asset impairment loss
Add：Gains from change of fir value
（“-”for loss）
Investment gain（“-”for loss） 1,110,477,171.00 1,853,145,315.00
Incl: investment gains from
221,764,316.00 123,853,097.00
affiliates
Other income 1,576,903.00
II. Operational profit（“-”for loss） 1,020,263,561.00 1,873,138,780.00
Add ：Non-operational income 280,853.00 1,795,373.00
Including：Income from disposal of
non-current assets
Less：Non business expenses 195,341.00 358,085.00
Incl：Loss from disposal of non-current
assets
III.Total profit(“-”for loss) 1,020,349,073.00 1,874,576,068.00
Less：Income tax expenses -17,582,572.00 18,348,341.00
IV. Net profit（“-”for net loss） 1,037,931,645.00 1,856,227,727.00
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
V.Net of profit of other comprehensive i
16,923,651.00 -107,948,192.00
ncome
（I）Other comprehensive income
items that will not be reclassified into
gains/losses in the subsequent
accounting period
1.Re-measurement of defined benefit pl
ans of changes in net debt or net assets
2.Other comprehensive income under th
e equity method investee can not be recl
assified into profit or loss.
（ II ）
Other comprehensive income that will b 16,923,651.00 -107,948,192.00
e reclassified into profit or loss.
1.Other comprehensive income under th
e equity method investee can be reclassi 970,838.00
fied into profit or loss.
2.Gains and losses from changes in fair
16,923,651.00 -108,919,030.00
value available for sale financial assets
3.Held-to-maturity investments reclassif
ied to gains and losses of available for s
ale financial assets
4.The effective portion of cash flow hed
ges and losses
5.Translation differences in currency fin
ancial statements
6.Other
VI. Total comprehensive income 1,054,855,296.00 1,748,279,535.00
VII. Earnings per share：
（I）Basic earnings per share 0.1980 0.35
(II)Diluted earnings per share 0.1980 0.35
5. Consolidated Cash flow statement
In RMB
Items Amount in this period Amount in last period
I.Cash flows from operating activities
Cash received from sales of goods or 14,454,635,418.00 11,993,341,095.00
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
rending of services
Net increase of customer deposits
and capital kept for brother company
Net increase of loans from central bank
Net increase of inter-bank loans from
other financial bodies
Cash received against original insurance
contract
Net cash received from reinsurance
business
Net increase of client deposit and
investment
Net increase of trade financial asset
disposal
Cash received as interest, processing fee
and commission
Net increase of inter-bank fund received
Net increase of repurchasing business
Tax returned 1,968,626.00
Other cash received from business
107,871,299.00 113,208,976.00
operation
Sub-total of cash inflow 14,564,475,343.00 12,106,550,071.00
Cash paid for purchasing of
11,194,266,293.00 5,231,263,343.00
merchandise and services
Net increase of client trade and advance
Net increase of savings n central bank
and brother company
Cash paid for original contract claim
Cash paid for interest, processing fee
and commission
Cash paid for policy dividend
Cash paid to staffs or paid for staffs 701,259,423.00 784,293,113.00
Taxes paid 793,835,100.00 1,191,800,857.00
Other cash paid for business activities 296,189,243.00 202,692,576.00
Sub-total of cash outflow from business
12,985,550,059.00 7,410,049,889.00
activities
Cash flow generated by business 1,578,925,284.00 4,696,500,182.00
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
operation, net
II.Cash flow generated by investing
Cash received from investment
retrieving
Cash received as investment gains 120,542,102.00 150,472,644.00
Net cash retrieved from disposal of
fixed assets, intangible assets, and other 1,073,872.00 1,601,233.00
long-term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash received
Sub-total of cash inflow due to
121,615,974.00 152,073,877.00
investment activities
Cash paid for construction of
fixed assets, intangible assets 1,292,607,275.00 1,525,254,338.00
and other long-term assets
Cash paid as investment 157,125,694.00
Net increase of loan against pledge
Net cash received from subsidiaries and
other operational units
Other cash paid for investment
activities
Sub-total of cash outflow due to
1,449,732,969.00 1,525,254,338.00
investment activities
Net cash flow generated by investment -1,328,116,995.00 -1,373,180,461.00
III.Cash flow generated by financing
Cash received as investment 10,500,000.00 10,000,000.00
Incl: Cash received as investment from
10,500,000.00 10,000,000.00
minor shareholders
Cash received as loans 7,502,176,648.00 5,598,296,599.00
Cash received from bond placing
Other financing –related ash received 42,440.00
Sub-total of cash inflow from financing
7,512,719,088.00 5,608,296,599.00
activities
Cash to repay debts 6,449,239,681.00 5,284,042,404.00
Cash paid as dividend, profit, or
1,596,924,345.00 2,766,819,808.00
interests
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Incl: Dividend and profit paid by
349,333,461.00 812,318,580.00
subsidiaries to minor shareholders
Other cash paid for financing activities 5,493,800.00
Sub-total of cash outflow due to
8,051,657,826.00 8,050,862,212.00
financing activities
Net cash flow generated by financing -538,938,738.00 -2,442,565,613.00
IV. Influence of exchange rate
alternation on cash and cash equivalents
V.Net increase of cash and cash
-288,130,449.00 880,754,108.00
equivalents
Add: balance of cash and cash
5,184,873,650.00 5,227,406,725.00
equivalents at the beginning of term
VI ..Balance of cash and cash
4,896,743,201.00 6,108,160,833.00
equivalents at the end of term
6. Cash Flow Statement of the Parent Company
In RMB
Items Amount in this period Amount in last period
I.Cash flows from operating activities
Cash received from sales of goods or
1,114,632,756.00 861,819,588.00
rending of services
Tax returned 271,389.00
Other cash received from business
10,413,502.00 13,015,892.00
operation
Sub-total of cash inflow 1,125,317,647.00 874,835,480.00
Cash paid for purchasing of
1,190,011,447.00 443,237,990.00
merchandise and services
Cash paid to staffs or paid for staffs 145,782,543.00 156,782,737.00
Taxes paid 13,903,632.00 87,603,634.00
Other cash paid for business activities 21,655,404.00 24,097,584.00
Sub-total of cash outflow from business
1,371,353,026.00 711,721,945.00
activities
Cash flow generated by business
-246,035,379.00 163,113,535.00
operation, net
II.Cash flow generated by investing
Cash received from investment
100,000,000.00 300,000,000.00
retrieving
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Cash received as investment gains 1,001,942,001.00 1,896,415,452.00
Net cash retrieved from disposal of
fixed assets, intangible assets, and other
long-term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash received
Sub-total of cash inflow due to
1,101,942,001.00 2,196,415,452.00
investment activities
Cash paid for construction of
fixed assets, intangible assets 57,903,755.00 52,779,574.00
and other long-term assets
Cash paid as investment 288,602,154.00 710,400,000.00
Net cash received from subsidiaries and
other operational units
Other cash paid for investment
activities
Sub-total of cash outflow due to
346,505,909.00 763,179,574.00
investment activities
Net cash flow generated by investment 755,436,092.00 1,433,235,878.00
III.Cash flow generated by financing
Cash received as investment
Cash received as loans 1,901,037,089.00 1,399,212,500.00
Cash received from bond placing
Other financing –related ash received 42,440.00
Sub-total of cash inflow from
1,901,079,529.00 1,399,212,500.00
financing activities
Cash to repay debts 1,500,000,000.00 700,000,000.00
Cash paid as dividend, profit, or
565,442,833.00 1,327,389,242.00
interests
Other cash paid for financing activities 2,185,740.00
Sub-total of cash outflow due to
2,065,442,833.00 2,029,574,982.00
financing activities
Net cash flow generated by financing -164,363,304.00 -630,362,482.00
IV. Influence of exchange rate
alternation on cash and cash equivalents
V.Net increase of cash and cash 345,037,409.00 965,986,931.00
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
equivalents
Add: balance of cash and cash
326,073,538.00 682,950,639.00
equivalents at the beginning of term
VI ..Balance of cash and cash
671,110,947.00 1,648,937,570.00
equivalents at the end of term
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
7. Consolidated Statement on Change in Owners’ Equity
Amount in this period
In RMB
Amount in this period
Owner’s equity Attributable to the Parent Company
Other Equity
Speci
instrusment Less: Comm Minor
Items alize Total of owners’
Other
Share on risk shareholders’
Share Capital preferr Capital reserves Comprehensive d Surplus reserves Attributable profit equity
Sustain Othe s in provisi equity
ed Income reser
able r stock on
stock ve
debt
I.Balance at the end of
5,250,283,986.00 5,003,007,478.00 145,059,015.00 6,845,001,818.00 6,135,494,928.00 5,957,717,537.00 29,336,564,762.00
last year
Add: Change of
accounting policy
Correcting of previous
errors
Merger of entities under
common control
Other
II.Balance at the
beginning of current 5,250,283,986.00 5,003,007,478.00 145,059,015.00 6,845,001,818.00 6,135,494,928.00 5,957,717,537.00 29,336,564,762.00
year
III.Changed in the
42,440.00 16,923,651.00 745,361,906.00 -1,036,648,900.00 -154,856,378.00 -429,177,281.00
current year
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
（1）Total
16,923,651.00 128,735,725.00 150,977,083.00 296,636,459.00
comprehensive income
（II）Investment or
decreasing of capital by 42,440.00 43,500,000.00 43,542,440.00
owners
1．Ordinary Shares inve
43,500,000.00 43,500,000.00
sted by hareholders
2．Holders of other equi
ty instruments invested c
apital
3．Amount of shares paid
and accounted as
owners’ equity
4．Other 42,440.00 42,440.00
（III）Profit allotment 745,361,906.00 -1,165,384,625.00 -349,333,461.00 -769,356,180.00
1.Providing of surplus
745,361,906.00 -745,361,906.00
reserves
2.Providing of common
risk provisions
3．Allotment to the
-420,022,719.00 -349,333,461.00 -769,356,180.00
owners (or shareholders)
4．Other
(IV) Internal transferring
of owners’ equity
1. Capitalizing of capital
reserves (or to capital
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
shares)
2. Capitalizing of surplus
reserves (or to capital
shares)
3．Making up losses by
surplus reserves.
4. Other
(VI Special reserves
1. Provided this year
2．Used this term
（VII）Other
IV. Balance at the end of
5,250,283,986.00 5,003,049,918.00 161,982,666.00 7,590,363,724.00 5,098,846,028.00 5,802,861,159.00 28,907,387,481.00
this term
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Amount in last year
In RMB
Amount in last year
Owner’s equity Attributable to the Parent Company
Other Equity
instrusment Less: Specia Comm Minor
Items Total of owners’
Other
Share lized on risk shareholders’
Share Capital preferr Capital reserves Comprehensive Surplus reserves Attributable profit equity
Sustain s in reserv provisi equity
ed Other Income
able stock e on
stock
debt
I.Balance at the end of
5,250,283,986.00 5,007,077,158.00 245,708,715.00 5,812,191,775.00 7,439,335,347.00 6,467,598,416.00 30,222,195,397.00
last year
Add: Change of
accounting policy
Correcting of previous
errors
Merger of entities under
common control
Other
II.Balance at the
beginning of current 5,250,283,986.00 5,007,077,158.00 245,708,715.00 5,812,191,775.00 7,439,335,347.00 6,467,598,416.00 30,222,195,397.00
year
III.Changed in the
669,456.00 -107,948,192.00 1,032,810,043.00 -1,502,000,575.00 -491,479,987.00 -1,067,949,255.00
current year
（1）Total -107,948,192.00 738,374,784.00 310,838,593.00 941,265,185.00
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
comprehensive income
（II）Investment or
decreasing of capital by 669,456.00 10,000,000.00 10,669,456.00
owners
1．Ordinary Shares inve
10,000,000.00 10,000,000.00
sted by hareholders
2．Holders of other equi
ty instruments invested c
apital
3．Allotment to the
owners (or shareholders)
4．Other 669,456.00 669,456.00
(IV) Internal transferring
1,032,810,043.00 -2,240,375,359.00 -812,318,580.00 -2,019,883,896.00
of owners’ equity
1. Capitalizing of capital
reserves (or to capital 1,032,810,043.00 -1,032,810,043.00
shares)
2. Capitalizing of surplus
reserves (or to capital
shares)
3．Making up losses by
-1,207,565,317.00 -812,318,580.00 -2,019,883,896.00
surplus reserves.
4. Other
(VI )Special reserves
1. Provided this year
2．Used this term
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
（VII）Other
IV. Balance at the end of
this term
(V) Special reserves
1. Provided this year
2．Used this term
（VI）Other
IV. Balance at the end of
5,250,283,986.00 5,007,746,614.00 137,760,523.00 6,845,001,818.00 5,937,334,772.00 5,976,118,429.00 29,154,246,142.00
this term
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
8.Statement of change in owner’s Equity of the Parent Company
Amount in this period
In RMB
Amount in this period
Other Equity instrusment
Less: Other
Items Surplus Common risk Total of owners’
Share Capital preferre Sustain Capital reserves Shares Comprehensive Attributable profit
Other reserves provision equity
d stock able in stock Income
debt
I.Balance at the end of
5,250,283,986.00 5,605,752,163.00 145,059,015.00 6,845,001,818.00 4,428,894,674.00 22,274,991,656.00
last year
Add: Change of
accounting policy
Correcting of previous
errors
Other
II.Balance at the
beginning of current 5,250,283,986.00 5,605,752,163.00 145,059,015.00 6,845,001,818.00 4,428,894,674.00 22,274,991,656.00
year
III.Changed in the
42,440.00 16,923,651.00 745,361,906.00 -127,452,980.00 634,875,017.00
current year
（I）Total
16,923,651.00 1,037,931,645.00 1,054,855,296.00
comprehensive income
(II) Investment or 42,440.00 42,440.00
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
decreasing of capital by
owners
1 ． Ordinary Shares inv
ested by hareholders
2．Holders of other equ
ity instruments invested
capital
3.Amount of shares paid
and accounted as
owners’ equity
4．Other 42,440.00 42,440.00
（III）Profit allotment 745,361,906.00 -1,165,384,625.00 -420,022,719.00
1.Providing of surplus
745,361,906.00 -745,361,906.00
reserves
2．Allotment to the
owners (or -420,022,719.00 -420,022,719.00
shareholders)
3．Other
(IV)Internal transferring
of owners’ equity
1. Capitalizing of
capital reserves (or to
capital shares)
2. Capitalizing of
surplus reserves (or to
capital shares)
3．Making up losses by
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
surplus reserves.
4. Other
(V) Special reserves
1. Provided this year
2．Used this term
（VI）Other
IV. Balance at the end of
5,250,283,986.00 5,605,794,603.00 161,982,666.00 7,590,363,724.00 4,301,441,694.00 22,909,866,673.00
this term
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Amount in last year
In RMB
Amount in last year
Other Equity instrusment
Less: Other
Items Surplus Common risk Total of owners’
Share Capital preferre Sustain Capital reserves Shares Comprehensive Attributable profit
Other reserves provision equity
d stock able in stock Income
debt
I.Balance at the end of
5,250,283,986.00 5,609,821,843.00 245,708,715.00 5,812,191,775.00 4,539,664,589.00 21,457,670,908.00
last year
Add: Change of
accounting policy
Correcting of previous
errors
Other
II.Balance at the
beginning of current 5,250,283,986.00 5,609,821,843.00 245,708,715.00 5,812,191,775.00 4,539,664,589.00 21,457,670,908.00
year
III.Changed in the
669,456.00 -107,948,192.00 1,032,810,043.00 -384,147,632.00 541,383,675.00
current year
（I）Total
-107,948,192.00 1,856,227,727.00 1,748,279,535.00
comprehensive income
(II) Investment or
decreasing of capital by 669,456.00 669,456.00
owners
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
1 ． Ordinary Shares inv
ested by hareholders
2 ． Holders of other equ
ity instruments invested
capital
3.Amount of shares paid
and accounted as
owners’ equity
4．Other 669,456.00 669,456.00
（III）Profit allotment 1,032,810,043.00 -2,240,375,359.00 -1,207,565,316.00
1.Providing of surplus
1,032,810,043.00 -1,032,810,043.00
reserves
2．Allotment to the
-1,207,565,317.00 -1,207,565,317.00
owners (or shareholders)
3．Other
(IV)Internal transferring
of owners’ equity
1. Capitalizing of
capital reserves (or to
capital shares)
2. Capitalizing of
surplus reserves (or to
capital shares)
3．Making up losses by
surplus reserves.
4. Other
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
(V) Special reserves
1. Provided this year
2．Used this term
（VI）Other
IV. Balance at the end of
5,250,283,986.00 5,610,491,299.00 137,760,523.00 6,845,001,818.00 4,155,516,957.00 21,999,054,583.00
this term
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
III．Basic Information of the Company
Guangdong Electric Power Development Co., Ltd. (the “Company”) is a limited liability company jointly
established by Guangdong Electric Power Holding Company, China Construction Bank Guangdong Province
Trust Investment Company, Guangdong Power Development Co., Ltd, Guangdong International Trust, China
Guangfa Bank(now named as Guangdong Province Guangkong Group Co., Ltd.). The address of the Company’s
registered office and head office is F33~F36 South Tower Building of Yudean Square on 2nd Tianhe East Road,
Guangzhou City, Guangdong Province, the People’s Republic of China. The Company’s parent company is
Guangdong Province Yudean Group Co., Ltd. (“Yudean”) and its ultimate holding company is the State-owned
Assets Supervision and Administration Commission of the People’s Government of Guangdong Province.
The Company’s issuing RMB ordinary shares (“A-share”) and domestic listed foreign shares (“B-share”) are
listed for transactions in Shenzhen Stock Exchange respectively on 26 November 1993 and 28 June 1995. As at 31
December 2016, the total share capital of the Company is RMB 5,250,283,986 with par value of RMB 1 each.
The financial statement has been approved for issue by the Company’s Board of Directors on 30 August 2017..
The Company and its subsidiaries (the “Group”) are principally engaged in the businesses of developing and
operating electric power plants in Guangdong Province, the PRC.
For the Consolidation scope changed of the Group, please refer to VIII.
For the information of subsidiaries of the Company, please refer to Note IX.
IV.Basis for the preparation of financial statements
1.Basis for the preparation
The financial statements are prepared in accordance with the Accounting Standard for Business Enterprises -
Basic Standard, and the specific accounting standards and other relevant regulations issued by the Ministry of
Finance on 15 February 2006 and in subsequent periods (hereafter collectively referred to as “the Accounting
Standard for Business Enterprises” or “CAS”), and “Information Disclosure Rule No. 15 for Companies with
Public Traded Securities - Financial Reporting General Provision” issued by China Security Regulatory
Commission.
2. Continuous operation.
The Company since 12 months after the reporting period does not exist on the company's continued viability of si
gnificant concern events or circumstances.
V. Significant accounting policies and accounting estimates
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Specific accounting policies and accounting estimates tips:
During the financial statement preparation, the Group’s management is required to utilize estimate and
assumptions, which will have effects on the application of accounting policy and the amount of asset, debt,
income and charge, where the actual situation may be different from the estimates. The Group’s management will
do continuous assessments for the crucial assumptions the estimate involved and the judgement of uncertain
factors. The influence of changes in accounting estimate will be confirmed in the current change period and the
future period.
(a)Other Asset Impairments with the Exception of Inventory and Financial Asset
As 22 of Note 5 states, the Group makes impairment assessment for other asset impairments with the
exception of inventory and financial asset on balance sheet date, which is to conform whether recoverable amount
dropped to be less than its book value . If the situation shows that the book value of long-term asset may not be
completely recovered, the relevant assets will be regarded as having been impaired, and the impairment loss will
be confirmed accordingly.
When judging whether impairments exist in the assets above, the management should mainly make
assessment and analysis by the following aspects:
(1)Whether matters which will influenced the asset impairment have occurred;
(2)Being continuously used or displaced, whether the expected available present value of cash flow is less
than the asset’s book value; and
(3)Whether the repeated assumption is properly utilized for predicting the future present value of cash flow.
If the relevant assumptions,adopted by the Group to confirm the impairment, have changes in discount rate
and growth rate in the future cash flow’s present value approach, great influences may be generated in the present
value utilized in the impairment test, and which will lead to an impairment in the Group’s long-term asset above.
(b)Service Life of Buildings and Equipments
The service life of buildings and equipments will depend on the management’s consideration for the asset
durability and the situation after maintaining in accordance with the industry practice . When the annual year-end
comes, examination and proper adjustment will be made for the predicted service life. The changes in the
predicted service life of fixed asset may have a great effect on the Group’s net profit.
(c)Income Tax
Whether to confirm the deferred income tax asset generated from the deductible loss and deductible
temporary difference greatly depends on whether the management can obtain sufficient prospective taxable
income which can be utilized to deduct the deductible loss and deductible temporary difference,nevertheless, to
calculate the prospective taxable income requires plenty of judgement and assessment. Meanwhile, the influence
of tax-planning strategy and the overall economic condition should be taken into account. Different judgement
and assessment will influence the confirmation and amount of the deferred income tax.
(d)Deferred Income Tax
When estimating sufficient taxable income which can be utilized to deduct the deductible loss and
deductible temporary difference can be obtained in the prospective period, the Group will count and confirm the
relevant income tax asset in the limit of the taxable income which is likely to be utilized to deduct the deductible
loss and deductible temporary difference and in the basis of the applicative income tax rate in the prospective
period of recovering this asset.The Group needs to apply the judgement to assess the time and amount of the
taxable income, and make reasonable assessment and judgement for the prospective applicative income tax rate
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
according to the current tax policy and other relevant policies to define the amount of deferred income tax which
should be confirmed. If any difference exists between the management’s assessment and the time and amount of
the actual net profit generated in the prospective period or the actual aaplicative income tax rate, which will
influence the amount of deferred income tax asset.
1.Complying with the statements in Accounting Standards for Business Enterprises
The financial Report and statements are prepared with compliance to the requirement of the Enterprise
Accounting Standard. They reflect the financial position as of June 30, 2017 as well as the business performance
and cash flow situation in the first half of 2017 of the Company frankly and completely.
2. Accounting period
Fiscal year is dated from Gregorian calendar Jan., 1 to Gregorian calendar Decmber., 31.
The accounting of the financial statements during the period starts from January 1, 2017 to 6 months ended June 3
0,2017.
3.Business cycle
The Company’s normal business cycle is the period from the acquisition of assets such as those for the generation
of electricity to the realisation of cash or cash equivalents.The business cycles for principal activities are usually
less than 12 months.
4. Functional currency
The Company’s functional currency is Renminbi and these financial statements are presented in Renminbi.
5. Accounting process method of enterprise consolidation under same and different controlling.
(1) Business combinations involving enterprises under common control
The consideration the combining party paid for the combination and the carrying amount of the net assets
obtained are measured at carrying amount. The difference between the carrying amount of the net assets obtained
and the carrying amount of consideration paid for the combination is adjusted to share premium (capital premium)
in the capital reserve. If the balance of share premium (capital premium) is insufficient, any excess is adjusted to
retained earnings. Any costs directly attributable to the combination are recognized in profit or loss for the current
period when occurred. The transaction costs of issuing equity or debt securities for business combinations.
(2) Business combinations not involving enterprises under common control
The acquirer’s combining costs and the identifiable net assets obtained at the acquisition date are measured at fair
value. If the combining costs are greater than the fair value of identifiable net assets at the acquisition date, the
difference is recognized as goodwill; if the combining costs are less than the fair value of identifiable net assets at
the acquisition date, the difference is recognized in profit or loss for the current period. The direct
acquisition-related costs arising from the business combination are recognized as expenses in the periods in which
the costs are incurred. The costs of the issuance of equity or debt securities as a part of the consideration paid for
the acquisition are included as a part of initial recognition amount of the equity or debt securities.
6.Preparation of the consolidated financial statements
The consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Subsidiaries are consolidated from the date on which the Group obtains control and are de-consolidated from the
date that such control ceases. For a subsidiary that is acquired in a business combination involving enterprises
under common control, it is included in the consolidated financial statements from the date when it, together with
the Company, comes under common control of the ultimate controlling party. The portion of the net profits
realised before the combination date is presented separately in the consolidated income statement.
In the preparation of consolidated financial statements, if the accounting policies or accounting period among the
Company and subsidiaries are inconsistent, the financial statements of subsidiaries have been adjusted to conform
to the Company’s policies and accounting period. For business combination not obtained under common control,
the financial statements have been adjusted based on the fair value of net recognisable asset on the acquisition
date.
All significant intra-group balances, transactions and unrealised profits are eliminated in the consolidated financial
statements. The portion of subsidiaries’ owners’ equity and the portion of subsidiaries’ net profits and losses and
comprehensive incomes for the period not attributable to the Company are recognised as minority interests, net
profit attributed to minority interests and total comprehensive incomes attributed to minority interests and
presented separately in the consolidated financial statements under owners’ equity, net profits and total
comprehensive income respectively. When the Company sells assets to subsidiaries, the unrealised gains and
losses should fully offset the net profit attributed to shareholders of the parent company; when subsidiaries sell
assets to the Company, the unrealised gains and losses should be assigned and offset between the net profit
attributed to shareholders of the parent company and minority interests according to the Company’s distribution
ratio of the subsidiary. The unrealised gains and losses between subsidiaries should be assigned and offset
between the net profit attributed to shareholders of the parent company and minority interests according to the
parent company’s distribution ratio of the subsidiary.
In preparing the consolidated financial statements, where the accounting policies and the accounting periods of the
Company and subsidiaries are inconsistent, the financial statements of the subsidiaries are adjusted in accordance
with the accounting policies and the accounting period of the Company. For subsidiaries acquired from business
combinations involving enterprises not under common control, the individual financial statements of the
subsidiaries are adjusted based on the fair value of the identifiable net assets at the acquisition date.
7. The joint-venture arrangement classification and pooling of interests accounting processing methods
The joint-venture arrangement comprises the pooling of interests and joint-venture enterprise. The pooling of
interests is the joint-venture arrangement where the participant possesses the relevant assets arranged and will
undertake relevant debts. The joint venture enterprise is the arrangement where the participant only reserves rights
on the net assets. The Group, based on the rights and obligations in the normal operation of the joint-venture
arrangement, determines the classes of the joint-venture arrangement. And it also takes account of the structure
and legal form of the joint-venture arrangement, the agreed terms and conditions, other relevant facts and
conditions, etc. among the joint-venture arrangement upon evaluation of rights and obligations.
The Group determines the following projects sharing interests in the pooling of interests and conducts the
accounting processing based on relevant accounting standards for business enterprises:
(I) determining assets possessed solely and the jointly-possessed assets based on its share;
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
(II) determining debts undertaken solely and the shared debts based on its share;
(III) determining the revenues produced by the pooling of interests owned by the on-sale group;
(IV) determining the revenues produced by the pooling of interests through sale based on the group share;
(V) determining the fees occurred solely and those of the pooling of interests based on the its share.
If the Group invests or sells the assets, etc. to the pooling of interests (except for the business constituted by the
assets), it will only ascertain the partial profits and losses produced by such trade and attributable to the other
participants of the pooling of interests before selling such assets, etc. to any third party. If the invested or sold
assets have the impairment losses per Accounting Standards for Business Enterprises No. 8 - Assets Impairment,
the group will ascertain such losses wholly.
If the Group purchases the assets, etc. from the pooling of interests (except for the business constituted by the
assets), it will only ascertain the partial profits and losses produced by such trade and attributable to the other
participants of the pooling of interests before selling such assets, etc. to any third party. If the purchased assets
have the impairment losses per Accounting Standards for Business Enterprises No. 8 - Assets Impairment, the
group will ascertain such losses wholly based on its share.
8.Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits, and short-term, highly liquid investments,
which are readily convertible into known amounts of cash and are subject to an insignificant risk of change in
value.
9.Foreign currency transactions and translation of financial statements denominated in foreign currencies
When the Group receives capital in foreign currencies from investors, the capital is translated to Renminbi at the
spot exchange rate at the date of the receipt. Other foreign currency transactions are, on initial recognition,
translated to Renminbi at the spot exchange rates on the dates of the transactions.
Monetary items denominated in foreign currencies are translated to Renminbi at the spot exchange rate at the
balance sheet date. The resulting exchange differences, except for those arising from the principal and interest of
specific foreign currency borrowings for the purpose of acquisition and construction of qualifying assets (see Note
v.18), are recognised in profit or loss. Non-monetary items denominated in foreign currencies that are measured at
historical cost are translated to Renminbi using the foreign exchange rate at the transaction date.
10. Financial instruments
(a) Financial assets
(i) Classification of financial assets
Financial assets are classified into the following categories at initial recognition: financial assets at fair value
through profit or loss, receivables, available-for-sale financial assets and held-to-maturity investments. The
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
classification of financial assets depends on the Group’s intention and ability to hold the financial assets. The
financial assets of the Group in current year include receivables and available-for-sale financial assets.
Receivables
Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an
active market.
Available-for-sale financial assets
Available-for-sale financial assets include non-derivative financial assets that are designated upon initial
recognition as available for sale and other financial assets which do not fall into any of the above categories.
(ii) Recognition and measurement
Financial assets are recognized at fair value on the balance sheet when the Group becomes a party to the
contractual provisions of the financial instrument. In the case of financial assets at fair value through profit or loss,
the related transaction costs occurred at the time of acquisition is recognized in profit or loss for the current period.
For other financial assets, transaction costs that are attributable to the acquisition of the financial assets are
included in their initial recognition amounts.
Financial assets at fair value through profit or loss and available-for-sale financial assets are subsequently
measured at fair value. Investments in equity instruments are measured at cost when they do not have a quoted
market price in an active market and whose fair value cannot be reliably measured. Receivables are measured at
amortized cost using the effective interest method.
Gain or loss arising from a change in fair value of an available-for-sale financial asset is recognized directly in
equity, except for impairment losses and foreign exchange gains and losses arising from the translation of
monetary financial assets. When such financial asset is derecognized, the cumulative gain or loss previously
recognized directly in equity is recycled into profit or loss for the current period.
The Group assesses the carrying amount of financial assets other than those at fair value through profit or loss at
each balance sheet date. If there is objective evidence that the financial asset is impaired, an impairment loss is
provided for.
Objective evidence indicating impairment of financial assets refers to the matter that actually occurs after the
initial recognition of financial assets, it will affect estimated future cash flows of financial assets, and its impact
can be reliably measured.
(iii) Impairment of financial assets
The objective evidence, of which provided for available-for-sale equity instruments being impaired, includes an
investment in an equity instrument with serious or prolonged decline.
The Group assesses available-for-sale equity instruments at each balance sheet date on an individual basis.
If the fair value of equity instruments is less than its initial investment cost of more than 50% (inclusive), or less
than its initial investment cost for more than one year (inclusive), it indicates that the equity instruments are
impaired. If the fair value of equity instruments is less than its initial investment cost of more than 20% ( inclusive)
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
to 50% (exclusive), the Group will consider other relevant factors to judge that whether equity instruments are
impaired. The Group calculates the initial investment cost of initial available-for-sale equity instruments
investment using the weighted average method.
When an impairment loss on a financial asset carried at amortised cost has incurred, the amount of loss is
measured at the difference between the asset’s carrying amount and the present value of estimated future cash
flows (excluding future credit losses not incurred). If there is objective evidence that the value of the financial
asset is recovered and the recovery is related objectively to an event after the impairment is recognised, the
previously recognised impairment loss is reversed and the amount of reversal is recorded in profit or loss.
When an impairment loss on an available-for-sale financial asset has incurred, the difference between the present
value of the discounted cash flow of its book value and market return on a similar financial asset is recognised as
impairment loss, and recorded in current profit or loss. Recognised impairment loss cannot be reversed in
subsequent periods.
(iv) Derecognition of financial assets
A financial asset is derecognised when any of the below criteria is met: (i) the contractual rights to receive the
cash flows from the financial asset expire; (ii) the financial asset has been transferred and the Group transfers
substantially all the risks and rewards of ownership of the financial asset to the transferee; or (iii) the financial
asset has been transferred and the Group has not retained control of the financial asset, although the Group neither
transfers nor retains substantially all the risks and rewards of ownership of the financial asset.
On derecognition of a financial asset, the difference between the carrying amount and the sum of the consideration
received and the cumulative changes in fair value that have been recognised directly in equity, is recognised in
profit or loss
(b) Financial liabilities
Financial liabilities are classified into the following categories at initial recognition: financial liabilities at fair
value through profit or loss and other financial liabilities. The financial liabilities of the Group are other comprise
financial liabilities, including payables, borrowings and debentures payable.
Payables, including accounts payable and other payables, are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest method.
Borrowings and bonds payable are recognised initially at fair value, net of transaction costs incurred, and
subsequently measured at amortised cost using the effective interest method.
Other financial liabilities with maturities no more than one year (inclusive) are classified as current liabilities.
Other financial liabilities with maturities over one year (inclusive) but are due within one year since the balance
sheet date are classified as the current portion of non-current liabilities. Others are classified as non-current
liabilities.
A financial liability is derecognised or partly derecognised when the current obligation is discharged or partly
discharged. The difference between the carrying amount of the financial liability or the derecognised part of the
financial liability and the consideration paid is recognised in profit or loss.
(c) Determination of the fair value of the financial instruments
The fair value of a financial instrument that is traded in an active market is determined at the quoted price in the
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
active market. The fair value of a financial instrument that is not traded in an active market is determined by using
a valuation technique. Valuation techniques include using prices of recent market transactions between
knowledgeable and willing parties, reference to the current fair value of another financial asset that is substantially
the same with this instrument, and discounted cash flow analysis, etc. When a valuation technique is used to
establish the fair value of a financial instrument, it makes the maximum use of observable market inputs and relies
as little as possible on entity-specific inputs. When the observable inputs are not available or are unrealistic to
obtained, unobservable inputs shall be used
11.Account receivable
（1）Bad debt provision on receivable accounts with major amount individually
The top five accounts receivable in amount, any other receivables
Criteria and norm of individual significance with an individual amount more than RMB 5,000,000, and all
long-term receivables
The amount of the present value of the future cash flows
Measurement of impairment allowances for receivables of
expected to be derived from the receivable below its carrying
individual significance
amount.
(2)The accounts receivable of bad debt provisions made by credit risk Group
Name Method
In Group ,Accounts on age basis in the portfolio：
□ Applicable √ Not applicable
In Group, adopting balance percentage method for bad debt provision：
□ Applicable √ Not applicable
In Group ,adopting other method for bad debt provision：
□ Applicable √ Not applicable
(3) Accounts receivable that are individually insignificant but with bad debt provision provided on an
individual basis
When objective evidence indicates the Group can’t receive money
Reason for separate provision for bad debts
according originalterms, provision for bad debts recognized.
The bad debt will be recognized when the present value of estimated
Method of provision for bad debts
future cash flow below their book value.
12. Inventories
Whether the company needs to comply with the disclosure requirements of the particular industry
No
(a) Classification
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Inventories include fuel and spare parts measured at the lower of cost and net realisable value..
(b) Cost of inventories transferred out
Cost of fuel transferred out is calculated using the weighted average method. Spare parts are amortised in full
when received for use.
(c) Basis for determining the net realisable value of inventories and provisioning methods for decline in value of
inventories
Any excess of the cost over the net realisable value of inventories is recognised as a provision for diminution in
the value of inventories. Net realisable value is measured by the estimated selling price in the ordinary course of
business less the estimated costs necessary to make the sale and relevant taxes.
(d) The Group maintains a perpetual inventory system..
13. Classified to be the possessed assets for sale
The non-liquid assets or the treatment group complied with the following conditions will be classified into the
possessed assets for sale: (I) the non-liquid assets or the treatment group is ready for sale subject to the common
terms and conditions for such assets or the treatment group under the current conditions; (II) the group has already
made a resolution on treatment of such non-liquid assets or the treatment group and obtained proper approval; (III)
the Group has already concluded an irrevocable transfer agreement with the assignee; (IV) such transfer will be
completed within one year.
The non-liquid assets complied with the conditions for the possessed assets for sale (excluding the financial assets,
the investment real estate calculated based on its fair value and the deferred income tax assets) will be the lower
amount between the book value and the fair value minus the treatment cost. If the fair value minus the treatment
cost is lower than the original book value, then it will be deemed as the asset deprecation loss.
The non-liquid assets classified into the processed assets ready for sale and the assets and debts in the treatment
group comprise the liquid assets and liquid debts to be listed separately in the balance sheet.
14. Long-term equity investments
Long-term equity investments comprise the Company’s long-term equity investments in its subsidiaries and the
Group’s long-term equity investments in its associates.
Subsidiaries are the investees over which the Company is able to exercise control. Associates are the investees
over which the Group has significant influence, but not control, on their financial and operating policies.
Investments in subsidiaries are presented in the Company’s financial statements using the cost method, and are
adjusted to the equity method when preparing the consolidated financial statements. Investments in associates are
accounted for using the equity method.长
(a) Determination of investment cost
For long-term equity investments acquired through a business combination: for long-term equity investments
acquired through a business combination involving enterprises under common control, the investment cost shall
be the absorbing party’s share of the carrying amount of owners’ equity of the party being absorbed at the
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
combination date; for long-term equity investment acquired through a business combination involving enterprises
not under common control, the investment cost shall be the combination cost. For long-term equity investments
acquired not through a business combination: if the long-term equity investments are acquired in cash, the initial
investment cost shall be the purchase price actually paid; if the long-term equity investments are acquired by
issuing equity securities, the initial investment cost shall be the fair value of the equity securities.
(b) Subsequent measurement and recognition of related profit and loss
For long-term equity investments accounted for using the cost method, they are measured at the initial investment
costs, and cash dividends or profit distribution declared by the investees are recognised as investment income in
profit or loss.
For long-term equity investments accounted for using the equity method, where the initial investment cost exceeds
the Group’s share of the fair value of the investee’s identifiable net assets at the time of acquisition, the investment
is initially measured at cost. Where the initial investment cost is less than the Group’s share of the fair value of the
investee’s identifiable net assets at the time of acquisition, the difference is included in profit or loss for the
current period and the cost of the long-term equity investment is adjusted accordingly.
For long-term equity investments accounted for using the equity method, the Group recognises the investment
income or losses according to its share of net profit or loss of the investee. The Group discontinues recognising its
share of net losses of an investee after the carrying amount of the long-term equity investment together with any
long-term interests that, in substance, form part of the investor’s net investment in the investee are reduced to zero.
However, if the Group has obligations for additional losses and the criteria with respect to recognition of
provisions under the accounting standards on contingencies are satisfied, the Group continues recognising the
investment losses and the provisions. The Company shall adjust the carrying amount of the long term investment
for other changes in shareholders’ equity of the investee (other than net profits or losses), and include the
corresponding adjustment in shareholders’ equity. The carrying amount of the investment is reduced by the
Group’s share of the profit distribution or cash dividends declared by an investee. The unrealised profits or losses
arising from the intra-group transactions amongst the Group and its investees are eliminated in proportion to the
Group’s equity interest in the investees, and then based on which the investment gains or losses are recognised.
For the loss on the intra-group transaction amongst the Group and its investees attributable to asset impairment,
any unrealised loss is not eliminated.
(c) Basis for determining existence of control and significant influence over investees
Control is the power to govern the investee so as to obtain variable returns by participating in the related business
activities of the investees and the ability to affect the returns by exercising its power over the investees.
Joint control is the contractually agreed sharing of control over an investee’s economic activities, and exists only
when the strategic financial and operating decisions relating to the activities require the unanimous consent of the
Group and the parties sharing the control.
Significant influence is the power to participate in the financial and operating policy decisions of the investee, but
is not control or joint control over those policies.
(d) Impairment of long-term equity invest
The carrying amount of long-term equity investments in subsidiaries, joint venture, and associates is reduced to
the recoverable amount when the recoverable amount is less than the carrying amount
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
15. Investment properties
The measurement mode of investment property
The measurement by the cost method
Depreciation or amortization method
Investment properties, including land use rights that have already been leased out and buildings that are held for
the purpose of leasing are measured initially at cost. Subsequent expenditures incurred in relation to an investment
properties are included in the cost of the investment property when it is probable that the associated economic
benefits will flow to the Group and their costs can be reliably measured; otherwise, the expenditures are
recognised in profit or loss in the period in which they are incurred.
The Group adopts the cost model for subsequent measurement of investment properties. Buildings and land use
rights are depreciated or amortised to their estimated net residual values over their estimated useful lives. The
estimated useful lives, the estimated net residual values that are expressed as a percentage of cost and the annual
depreciation (amortisation) rates of investment properties are as follows:
Estimated useful lives Estimated net residual value Annual depreciation rates
Building 30 years 5% 3.17%
When an investment property is transferred to owner-occupied properties, it is reclassified as fixed asset at the
date of the transfer. The carrying amount of the fixed asset shall be measured on the basis of fair value of the
investment property.
The investment property’s estimated useful life, net residual value and depreciation (amortisation) method applied
are reviewed and adjusted as appropriate at each year-end.
An investment property is derecognised on disposal or when the investment property is permanently withdrawn
from use and no future economic benefits are expected from its disposal. The net amount of proceeds from sale,
transfer, retirement or damage of an investment property after its carrying amount and related taxes and expenses
is recognised in profit or loss for the current period.
16. Fixed assets
（1）Recognition of fixed assets
Fixed assets comprise plant and building, power generator equipment, motor vehicles and other equipment. Fixed
asset is recognised when it is probable that the related economic benefits will flow to the Group and its cost can be
reliably measured. Fixed assets purchased or constructed by the Group are initially measured at cost at the
acquisition date. The fixed assets injected by the state-owned shareholder during the restructuring of corporation
were initially recorded at the valuated amount approved by the relevant authorities managing state-owned assets.
Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed asset when it is probable
that the economic benefits associated with the fixed asset will flow to the Group and the costs can be reliably
measured. The carrying amount of those parts that are replaced is derecognised and all the other subsequent
expenditures are recognised in income statement when they are incurred.
（2）Depreciation of fixed assets
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
The method for Expected useful life
Category Estimated residual value Depreciation
depreciation （Year）
Straight-line method
House and building 10-50 years
0% - 5% 1.80% - 10.00%
Straight-line method
Generation equipment 5-31 years
0% - 5% 2.90%- 16.67%
Transportation Straight-line method
5-10 years
equipment 0% -5% 9.00% - 20.00%
Straight-line method
Other equipment 5-25 years
0% - 5% 3.60% - 20.00%
(3)Cognizance evidence and pricing method of financial leasing fixed assets
The lease that essentially transfers all the risks and returns related to the ownership of the asset is classified as
finance lease. The entry value of the fixed assets under finance lease the lower of its fair value and the present
value of the minimum lease payments. The difference between the entry value of the fixed asset under finance
lease and the present value of the minimum lease payment is recognised as unrecognised financing charges. Fixed
assets under finance lease share the same depreciation method with company owned fixed assets. If there is
reasonable certainty that the Group will obtain ownership of a leased asset at the end of the lease term, the leased
asset is depreciated over its estimated useful life. Otherwise, the leased asset is depreciated over the shorter of the
lease term and its estimated useful life.
17.Construction in progress
Construction in progress is measured at its actual costs incurred. Actual costs include construction cost,
installation cost, capitalised borrowing costs, and any other costs directly attributable to bringing the asset to
working condition for its intended use. When the construction in progress is ready for its intended use, it is
transferred to fixed assets and starts depreciation the following month. When recoverable amount of the
construction in progress is lower than its carrying value, its carrying value is then reduced to the recoverable
amount.
18.Borrowing costs
The borrowing costs that are directly attributable to the acquisition and construction of a fixed asset that needs a
substantially long period of time of acquisition and construction for its intended use commence to be capitalised
and recorded as part of the cost of the asset when expenditures for the asset and borrowing costs have been
incurred, and the activities relating to the acquisition and construction that are necessary to prepare the asset for its
intended use have commenced. The capitalisation of borrowing costs ceases when the asset under acquisition or
construction becomes ready for its intended use, the borrowing costs incurred thereafter are recognised in income
statement. Capitalisation of borrowing costs is suspended when the acquisition or construction of a fixed asset is
interrupted abnormally and the interruption lasts for more than 3 months, until the acquisition or construction is
resumed.
For the specific borrowings obtained for the acquisition or construction of a fixed asset qualifying for
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
capitalisation, the amount of borrowing costs eligible for capitalisation is determined by deducting any interest
income earned from depositing the unused specific borrowings in the banks or any investment income arising on
the temporary investment of those borrowings during the capitalisation period.
For the general borrowings obtained for the acquisition or construction of a fixed asset qualifying for
capitalisation, the amount of borrowing costs eligible for capitalisation is determined by applying the weighted
average effective interest rate of general borrowings, to the weighted average of the excess amount of cumulative
expenditures on the asset over the amount of specific borrowings. The effective interest rate is the rate at which
the estimated future cash flows during the period of expected duration of the borrowings or applicable shorter
period are discounted to the initial amount of the borrowings.
19.Biological Assets
20.Oil & Gas assets
21.Intangible assets
1. Valuation Method, Service Life and Impairment Test of Intangible Assets
Intangible assets mainly including land use rights, sea use rights, software, associated projects for electricity
transmission and transformation, microwave engineering and transportation engineering are measured at cost.
Intangible assets contributed by the state-owned shareholders at the incorporation of a limited company are
initially recorded at the valuation amount recognised by the state-owned assets supervision and administration
department.
(a) Land use right and sea use right
Land use rights are amortised on a straight-line basis over their approved period of 20 to 70 years. If the purchase
costs of land and attached buildings cannot be reasonably allocated between the land use right and the buildings,
the purchase costs are recognised as fixed assets.
(b)Associated projects for electricity transmission and transformation, microwave engineering and transportation
engineering
Projects for electricity transmission and transformation and microwave engineering are undertaken by the Group
for the grid connection project for loading to Guangdong Guangdian Power Grid. From the start of use, they are
amortised on a straight-line basis over their benefit period of 16 years.
Transportation engineering projects are amortised on a straight-line basis over their benefit period of 10 years to
20 years
(c) Other intangible assets
Besides land use right, sea use right, associated projects for electricity transmission and transformation,
microwave engineering and transportation engineering, other intangible assets are amortized on a straight-line
basis over their expected life of 2 years to 25 years.
(d) Periodic review on useful life and method of amortisation
For intangible assets with finite useful life, their expected life and amortisation method are reviewed and adjusted
at the end of every year.
(e) Impairment of intangible assets
The carrying amount of intangible assets is reduced to the recoverable amount when the recoverable amount is
less than the carrying amount.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
（2）Accounting policies for the internal research and development expenditure
The internal R&D project expenditure is classified into the research expenditure and the development expenditure
based on the property thereof and the large uncertainty existence for the final formation of the intangible assets of
the R&D activities.
The expenditure for the planned survey, evaluation and selection phases for the R&D projects is that for the
research phase and will be included into the current profits and losses upon occurrence; the expenditure for
relevant design and test phases applied finally for the R&D projects is that for the development phase, among
which, that complied with the following conditions will be capitalized:
The development of R&D projects has been demonstrated sufficiently by the technology team;
The Management Layer has already approved the budget for the development of R&D projects;
The Management Layer has already approved the budget for the development of R&D projects;
It has sufficient technical and capital support for the project development activities and following large-scale
production;
The expenditure related to the development may be collected reliably.
The expenditure of the development phase in unconformity with conditions above will be included into the current
profits and losses upon occurrence. The expenditure of the previous periods included into the profits and losses
will not be re-deemed as the asset in the following periods. The capitalized expenditure in the development phase
is listed as the development expenditure in the balance sheet and will become the intangible asset from the date
when the project meeting the intended usage.
22. Impairment of long-term assets
Fixed assets, construction in progress, intangible assets with finite useful lives, investment property measured at
cost and long-term equity investments in subsidiaries, joint venture, and associates are tested for impairment if
there is any indication that an asset may be impaired at the balance date. If the result of the impairment test
indicates that the recoverable amount of the asset is less than its carrying amount, a provision for impairment and
an impairment loss are recognised for the amount by which the asset’s carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and the present value of the
future cash flows expected to be derived from the asset. A provision for asset impairment is determined and
recognised on an individual asset basis. If it is not possible to estimate the recoverable amount of an individual
asset, the recoverable amount of the group of assets to which the asset belongs is determined. A group of assets is
the smallest group of assets that is able to generate independent cash inflows.
Goodwill that is separately presented in the financial statements is tested at least annually for impairment,
irrespective of whether there is any indication that it may be impaired. In conducting the test, the carrying value of
goodwill is allocated to the related asset group or groups of asset groups which are expected to benefit from the
synergies of the business combination. If the result of the test indicates that the recoverable amount of an asset
group or a group of asset groups, including the allocated goodwill, is lower than its carrying amount, the
corresponding impairment loss is recognised. The impairment loss is first deducted from the carrying amount of
goodwill that is allocated to the asset group or group of asset groups, and then deducted from the carrying
amounts of other assets within the asset group or group of asset groups in proportion to the carrying amounts of
assets other than goodwill.
Once the asset impairment loss mentioned above is recognised, it is not allowed to be reversed for the value
recovered in the subsequent periods.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
23.Long-term deferred expenses
Long-term prepaid expenses include the expenditure for improvements to fixed assets held under operating leases,
and other expenditures that have been incurred but should be recognised as expenses over more than one year in
the currentand subsequent periods. Long-term prepaid expenses are amortised on the straight-line basis over the
expected beneficial period and are presented at actual expenditure net of accumulated amortisation.
24. Employee benefits
(1) Short-term employee benefits
Short-term remunerations mainly include wages or salaries, bonuses, allowances and subsidies, staff welfare,
medical insurance, work injury insurance, maternity insurance, housing funds, labour union funds, employee
education funds, short-term paid absence. Short-term remunerations are recognised as current liabilities in the
accounting period in which the service has been rendered by the employees, and as costs of assets or expenses to
whichever the employee service is attributable. Non-monetary benefits are measured at fair value.
（2）Post –employment benefits
The Company’s post-employment benefits scheme includes both Defined Contribution Plan (DCP) and Defined
Benefit Plan (DBP). A DCP is a pension plan under which the Company pays fixed contributions into a separate
entity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient
assets to pay all employees the benefits relating to employee service in the current and prior periods. A DBP is a
pension plan that is not a defined contribution plan. During the periods of reporting, the Company’s
post-employment benefits scheme mainly includes basic pension insurance and unemployment insurances, both of
which are DCP.
Basic pension insurance
Employees of the Group have entered into the social pension insurance scheme organised by local labour and
social security department. The Group pays basic pension insurances to local labour and social security
department monthly according to local insurance base and corresponding rate. Local labour and social security
department is obligated to pay basic pensions to retired employees.
Supplementary pension insurance
The company purchases supplementary pension insurance on behalf of employees, and pays pension insurances
according to the policies of Yudean Group. The amounts based on the above calculations are recognised as
liabilities in the accounting period in which the service has been rendered by the employees, with a corresponding
charge to the profit or loss for the current period or the cost of relevant assets.
(3) Termination benefits
The Group provides compensation for terminating the employment relationship with employees before the end of
the employment contracts or as an offer to encourage employees to accept voluntary redundancy before the end of
the employment contracts. The Group recognises a liability arising from compensation for termination of the
employment relationship with employees, with a corresponding charge to profit or loss at the earlier of the
following dates: 1) when the Group cannot unilaterally withdraw the offer of termination benefits because of an
employment termination plan or a curtailment proposal; 2) when the Group recognises costs or expenses related to
the restructuring that involves the payment of termination benefits.
Early retirement benefits
The Group provides early retirement benefits for employees who enrolled in internal retirement arrangement.
Early retirement benefits refer to wages and social benefit paid by the Group on behalf of the employees who have
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
not meet retirement age requirement but voluntarily retire after permission from the Group’s management level.
The Group starts paying early retirement benefits to early retired employees from the start date of their early
retirement until they reach the statutory retirement age. For the accounting treatment of early retirement benefits,
the Group adopts the same method as termination benefits, that is, upon confirming the termination benefits
comply with relevant conditions, proposed payment of early retirement wages. and social security from the start
date of termination of services to the date of statutory retirement age are recognised as liability and recorded into
profit and loss at lump sum. The discrepancy caused by change in actuarial assumption and adjustment of welfare
standard is recorded into current profit or loss.
Early retirement benefits that are expected to be paid within one year after balance sheet date are disclosed as
current liabilities.
(4) Other long-term employee benefits
According to the Urban Employee Basic Medical Insurance (UEBMI) policy governing the Company and some of
the Group’s subsidiaries, if an employee’s UEBMI contribution period who participates in basic medical insurance
for urban residents, fails to reach the time requirement when the employee reaches the statutory retirement age,
the employee shall continue to contribute to the UEBMI till the contribution period meets the required time. The
Group determines the amount to be contributed in the residual service period of an employee based on the present
value of the future cash flow expected to be paid for UEBMI till the required time is met, which will be
recognised as long-term employee benefits liabilities with a corresponding charge to profit or loss or included in
cost of related assets.
25. Estimated Liabilities
A provision is recognised for an obligation related to a contingency if the Group has a present obligation that can
be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the
obligation.
A provision is initially measured at the best estimate of the expenditure required to settle the related present
obligation. Where the time value of money is material, provisions are stated at the discounted value of estimated
future cash flow. Factors pertaining to a contingency such as the risks, uncertainties and time value of money are
taken into account as a whole in reaching the best estimate. If there is a range for the required expenditure where
all results within the range are equally probable, the best estimate will be the median value of the range; otherwise,
the best estimate will be determined based on the following conditions:
- the best estimate will be the value with the highest probability if the contingency involves single item;
- the best estimate will be calculated based on the probability of each result if the contingency involves multiple
items.
The carrying amounts of provisions are reviewed at each balance sheet date and adjusted based on the latest best
estimates
26.Share-based payments
27.Preferred shares, perpetual capital secutities and other financial instruments
28. Revenue
Whether the company needs to comply with the disclosure requirements of the particular industry
No
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
The amount of revenue is determined in accordance with the fair value of the consideration received or receivable
for the sale of goods and services in the ordinary course of the Group’s activities.
Revenue is shown net of discounts and returns. Revenue is recognised in profit or loss when it is probable that the
economic benefits will flow to the Group, the revenue and costs can be measured reliably and the following
respective conditions are met：
(a) Revenue from sales of electricity and heat energy
Revenue is recognised when electricity and heat energy are supplied to grid companies or customers.
(b) Revenue from sales of by-products
Revenue from the sales of goods is recognised when the Group transfers by-products (such as coal ash) produced
by electricity generations to the designated delivery place pursuant to the contract or agreement and the recipient
resource utilisation confirms receipt.
(c) Rendering of services
Revenue from rendering of services is measured at the fair value of the consideration received or receivable under
the contract or agreement.
The Group provides external bidding agency service and maintenance service.
The Group provides external bidding agency service, upon the completion of the bidding service, revenue is
recognised based on the pricing difference between the electricity consumption of bidding and auction price, and
the customer’s conventional price of electricity.
The Group provides external maintenance service, revenue is recognised according to the percentage completion
method, determined by percentage of the total cost incurred.
(d) Revenue from sale of certified emission reductions (CERs)
The Group sells CERs provided by its natural gas facilities and wind power facilities. These facilities are
registered with the Clean Development Mechanism (CDM) Executive Board (EB) of the United Nations as CDM
projects under the Kyoto Protocol. The Company also sells voluntary emission reductions (“VERs”) attributable
to the electricity generated from CDM projects before getting registered with CDMEB.
Revenue related to CERs and VERs is recognised when the following conditions are met:
- The counterparty has committed to buy CERs or VERs;
- The amount of income from selling CERs or VERs can be reliably measured;
- The Company has generated the related electricity.
(e) Transfer of asset usage rights
Interest income is recognised based on the length of time of the deposits or principal outstanding and the
applicable effective interest rate. Rental income for operation lease is recognised according to straight-line method
of allocation over the rental period.
29. Government grants
1. Judgment Basis and Accounting Treatment Method of Government Grants related to Assets
Government grants related to assets refer to government grants which are obtained by the Group for the purposes
of purchase, construction or acquisition of the long-term assets. Government grants related to income refer to the
government grants other than those related to assets.
Government grants related to assets will be recorded as deferred income and recognised evenly in profit or loss
over the useful lives of the related assets. However, the government grants measured at their nominal amounts will
be directly recorded in profit and loss for the current period.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
2. Judgment Basis and Accounting Treatment Method of Government subsidy related to Income
Government grants related to income will be recorded as deferred income and recognised in profit or loss in the
period in which the related expenses are recognised if the grants are intended to compensate for future expenses or
losses, and otherwise recognised in profit or loss for the current period if the grants are used to compensate for
expenses or losses that have been incurred.
30. Deferred income tax assets/Deferred income tax liability
Deferred tax assets and deferred tax liabilities are calculated and recognised based on the differences arising
between the tax bases of assets and liabilities and their carrying amounts (temporary differences). Deferred tax
asset is recognised for the deductible losses that can be carried forward to subsequent years for deduction of the
taxable profit in accordance with the tax laws. No deferred tax liabilities is recognised for the temporary
differences resulting from the initial recognition of Goodwill. No deferred tax asset or deferred tax liability is
recognised for the temporary differences resulting from the initial recognition of assets or liabilities due to a
transaction other than a business combination, which affects neither accounting profit nor taxable profit (or
deductible loss). At the balance sheet date, deferred tax assets and deferred tax liabilities are measured at the tax
rates that are expected to apply to the period when the asset is realised or the liability is settled.
Deferred tax assets are only recognised for deductible temporary differences, deductible losses and tax credits to
the extent that it is probable that taxable profit will be available in the future against which the deductible
temporary differences, deductible losses and tax credits can be utilised.
Deferred tax liabilities are recognised for temporary differences arising from investments in subsidiaries, joint
venture, and associates, except where the Group is able to control the timing of reversal of the temporary
difference, and it is probable that the temporary difference will not reverse in the foreseeable future. When it is
probable that the temporary differences arising from investments in subsidiaries and associates will be reversed in
the foreseeable future and that the taxable profit will be available in the future against which the temporary
differences can be utilised, the corresponding deferred tax assets are recognised.
Deferred tax assets and liabilities are offset when:
the deferred taxes are relate to the same tax payer within the Group and same fiscal authority, and;
that tax payer has a legally enforceable right to offset current tax assets against current tax liabilities.
31. Leases
（1）Accounting of operational leasing
Operating lease expenses are recorded in relevant cost of capital or current profit or loss according to straight-line
method over the lease period.
Operating lease revenue are recognised according to straight-line method over the lease period.
（2）Accounting treatment of financing leasing
When the Group acquires an asset under a finance lease, the asset is measured at an amount equal to the lower of
its fair value and the present value of the minimum lease payments, each determined at the inception of the lease.
The difference between the fair value of the leased assets and the minimum lease payments is recognised as
unrecognised finance charges. Unrecognised finance charge under finance lease is amortised using an effective
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
interest method over the lease term. The minimum lease payment net of unrecognised finance charges are
disclosed as long-term payable.
32. Other significant accounting policies and estimates
The Group continually evaluates the critical accounting estimates and key judgments applied based on historical
experience and other factors, including expectations of future events that are believed to be reasonable. The
critical accounting estimates and key assumptions that have a significant risk of causing material adjustments to
the carrying amounts of assets and liabilities within the next accounting year are outlined below:
(a) Impairment of assets other than inventories and financial assets
The Group tests for impairment for assets that have indication of impairment as at balance sheet date, including
fixed assets, construction in progress, intangible assets with finite useful life, investment properties measured at
cost, and long-term equity investment in subsidiaries, joint venture, and associates, etc.
When judging whether there is evidence of impairment in the above assets, management assesses and analyses the
following: (1) whether any event that causes impairment has occurred; (2) whether the estimated available present
value of cash flows from continual use or disposal of assets is lower than the carrying value of the asset; and (3)
whether the assumptions used for the estimated present value of future cash flows are appropriate.
The Group adopted assumptions in determining whether assets are impaired. Any changes in the discounted rate
and growth rate used in calculating the present value of future cash flows may significantly affect the present
value used in the impairment test, resulting in the impairment of the above long-term assets.
(b) Useful lives of plants, buildings and equipment
The estimated useful lives of plants, buildings and equipment are determined by management after taking into
account their durability and past maintenance records based on the industry practice. The estimated useful life of
the assets is reviewed at each year-end with appropriate adjustments made accordingly. Any changes in the
estimated useful life of fixed assets may have significant impact on the Group’s net profits.
(c) Income tax
The decision whether to recognise deferred tax assets arising from deductible tax losses and deductible temporary
differences depends largely on management’s judgement as to whether sufficient future taxable profits will be
available against which the assets can be utilised in the future periods. The calculation of future taxable profits
involves much judgements and estimations, and is affected by the Group’s tax planning strategy and overall
economic environment. Different judgements and estimates will affect the recognition of deferred tax assets and
their recognised amounts
(d) Deferred tax assets
When assessing whether there will be sufficient future taxable profits available against which the deductible
temporary differences can be utilised, the Group recognises deferred tax assets to the extent that it is probable that
future taxable profits will be available against which the deductible temporary differences can be utilised, using
tax rates that would apply in the period when the asset would be utilised. In determining the amount of deferred
tax assets, the Group exercises judgements about the estimated timing and amount of taxable profits of the
following periods, and of the tax rates applicable in the future according to the existing tax policies and other
relevant regulations. Differences between such estimates and the actual timing and amount of future taxable
profits will affect the amount of deferred tax assets.
33.Change of main accounting policies and estimations
(1)Change of main accounting policies
□Applicable √Not applicable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
（2）Change of main accounting estimations
√ Applicable □Not applicable
Content and reasons for the accounting estimate change Approval procedures Application time Remarks
In accordance with Accounting Standards for Business
On May 31, 2017, the 1st session for
Enterprises No. 4 – Fixed Assets and relevant company
communication of the 8th Board of
regulations, the company, based on the property and
Directors of Guangdong Electric
usage conditions of the current fixed assets, summarizes
Power Development Co., Ltd.
the predicted service life and net residual value of June 1,2017
approved the Proposal on
various fixed assets, and determines to adjust the
Adjustment of the Depreciation Life
depreciation life and the residual value ratio of partial
and Residual Value Ratio of Partial
fixed assets to make the same become reasonable and
Fixed Assets through deliberation.
the company financial information more objective.
The Group plans to change the predicted service life of fixed assets from June 1, 2017 with details below:
Predicted service life at Predicted service life Notes
present after the proposed
adjustment
House and building 10 – 50 years 10 – 50 years (a)
Teneration equipment 6 – 31 years 5 – 31 years (b)
Transportion Equipment 5 – 10 years 5 – 10 years Remain unchanged
Other equipment 5 – 25 years 5 – 25 years (c)
(a) the predicted service life of the non-productive housing and buildings will change into 40 years from 22
years.
(b) the predicted service life of the partial wind power generating units equipment, water-turbine generator
units equipment, power generation and heating equipment and the substation equipment will become into 8
years or 20 years respectively from 13 years or 16 years (or 18 years); the predicted service lift of the
desulphurization and de-nitration equipment will change into 5 years or 10 years respectively from 13 years;
the predicted service life of partial coal transportation equipment and terminal transportation equipment will
change into 15 years from 8 years or 13 years.
(c) the predicted service life of other equipment (including the crane, hoist and the wagon balance) will
change into 10 years from 8 years.
Zhanjiang Wind Power and Shibeishan Plan, as the company subsidiaries, adjusted the predicted net residual
value ratio of fixed assets from 10% into 5% from June 1, 2017.
The accounting estimate change items adopt the prospective application subject to provisions of the accounting
standards for business enterprises. The accounting estimate change reduces the fixed assets depreciation amount
from June 1, 2017 to June 30, 2017 by about 56 million yuan and increases the net profits attributable to the
parent company in the first half year of 2017 by about 33.23 million yuan.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
34.Other
VI.Taxation
1.Main categories and rates of taxes
Tax items Tax basis Tax rate
3% ， 6% ， 13% and17% In accordance with Notice on Brief
Taxable value added amount (Tax
Summarization of Relevant Polices for VAT Tax Rate (CS[2017]
payable is calculated using the
No. 37) issued by Ministry of Finance and State Administration of
taxable sales amount multiplied
VAT Taxation and relevant regulations, the applicable VAT rate on the
by the applicable tax rate less
Group steam sales business is 11% and 13% respectively after and
deductible VAT input of current
before July 1, 2017.
period)
City maintenance and Amount of VAT, business tax and
5%-7%
construction tax consumption tax paid
Corporate income tax Taxable income 0%，12.5% and 25%
Education surcharges Based on VAT paid 3%
Local education surcharges Based on VAT paid 2%
In case there exist any taxpayer paying corporate income tax at different tax rates, disclose the information
Name of taxpayer Income tax rates
Xuwen Wind Power 12.5%
Dianbai Wind power 0%
2.Tax preferences
Pursuant to the approval documents (Caishui [2008] No.46 and Guo Shui Fa [2009] No.80), Xuwen Wind Power
is exempted from paying corporate income tax in the first three years counting from the year profits are recorded,
and can enjoy half rate reduction in the following three years. As the local taxation bureau considered that Xuwen
Wind Power posted profits for the first time in 2012, the applicable corporate income tax rate for Xuwen Wind is
12.5% in 2017 (2016: 12.5%).
Pursuant to the approval documents (Cai Shui [2008] No.46 and Guo Shui Fa [2009] No.80), Dianbai Wind Power
is exempt from paying corporate income tax in the first three years counting from the year profits are recorded,
and can enjoy half rate reduction in the following three years. As the local taxation bureau considered that Dianbai
Wind Power posted profits for the first time in 2016, the applicable corporate income tax rate for Dianbai Wind is
0% in 2017 (2016: 0%).
In addition, 50% of VAT levied on the sales of electricity generated by Guangdong Yudean Shibeishan Wind
Power Co., Ltd (“Shibeishan”), Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd.(“Zhanjiang
Wind Power”), Xuwen Wind Power and Huilai Wind Power Co., Ltd. (“Huilai Wind Power”) will be refunded
immediately in accordance with the Notice Concerning Value Added Tax Policies on Wind Power Generation
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
(Notice Cai Shui [2015] No.74).
3.Other
VII. Notes of consolidated financial statements
1.Monetary Capital
In RMB
Items Year-end balance Year-beginning balance
Cash 72,714.00 49,457.00
Bank deposit 4,896,670,487.00 5,184,824,193.00
Total 4,896,743,201.00 5,184,873,650.00
Other notes
As of June 30,2017,The company’s deposit in Yuedian Finance company is 4,074,004,815 yuan until June 30,
2017 (4,799,004,094 yuan before December 31, 2016).The deposit in Yudean Finance means that deposited in
Guangdong Yudean Finance Co., Ltd. (“Yudean Finance”). Yuedian Finance is one financial institution approved
by People's Bank of China and is a subsidiary of Yuden Group Co., Ltd.
2.Financial assets measured at fair value throuth current profit and loss
In RMB
Items Year-end balance Year-beginning balance
Other notes
3.Derivative financial assets
□Applicable √ Not applicable
4.Note receivable
（1）Classification bill receivable
In RMB
Items Year-end balance Year-beginning balance
（2）Note receivable pledged by the Company at the period -end
In RMB
Items Amount
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
（3）Note receivable endorsed or discounted by the Company as at June 30.2017 but not expired on the balance
sheet date
In RMB
Amount underecognized ats at june
Items Amount derecognized as at June 30,2017
30,2017
（4）There is no notes transferred to accounts receivable because drawer of the notes fails to exuted the contract or
agreement
In RMB
Items Amount
Other notes
5.Account receivable
（1）Classification Account receivable :
In RMB
Year-end balance Year-beginning balance
Provision for bad Provision for bad
Book balance Book Book balance
Classification debts debts Book Value
Value
Proportio Proportio Proportio Proportion
Amount Amount Amount Amount
n（%） n（%） n（%） （%）
Accounts receivable
of individual
significance and 2,798,27 2,798,270 2,728,50 2,728,506,3
98.96% 98.29%
subject to individual 0,069.00 ,069.00 6,320.00 20.00
impairment
assessment
Accounts receivable
of individual
insignificance but 29,527,5 29,527,52 47,555,5 47,555,589.
1.04% 1.71%
subject ot individual 29.00 9.00 89.00
impairment
assessment
2,827,79 2,827,797 2,776,06 2,776,061,9
Total 100.00% 100.00%
7,598.00 ,598.00 1,909.00 09.00
Receivable accounts with large amount individually and bad debt provisions were provided.
√Applicable □Not applicable
In RMB
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Content of account End of term
receivable（Unit） Account receivable Provision for bad debts Proportion of provision Reason for provision
Full amount recovery is
GPGC 2,590,871,955.00 0.00 0.00%
expected
Shenzhen Powe suply Full amount recovery is
179,681,651.00 0.00 0.00%
Bureau expected
GPGC,Zhanjiang Power Full amount recovery is
12,993,438.00 0.00 0.00%
suply Bureau expected
Guangdong Yudean
Full amount recovery is
Group Co., Ltd. Shajiao 8,409,298.00 0.00 0.00%
expected
C plant
Zhuhai Yuyufeng Steel Full amount recovery is
6,313,727.00 0.00 0.00%
Co., Ltd. expected
Total 2,798,270,069.00 -- --
Account reveivable on which bad debt proisions are provided on age basis in the group
□Applicable √Not applicable
Receivable accounts on which had debt provisions are provided on percentage analyze basis in a portfolio
□Applicable √Not applicable
Receivable accounts on which had debt provisions are provided by other ways in the portfolio
Not applicable
（2）Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debt provision during the reporting period was of RMB 0.00;The amount of the
reversed or collected part during the reporting period was of RMB0.00.
Where the current bad debts back or recover significant amounts:
In RMB
Name Back or withdraw money Method
（3）The current accounts receivable written-offs situation
In RMB
Items Amount written-offs situation
Account receivables actually written-offs during the reporting period：
In RMB
Nature of account Reason for Verification Arising form related
Name Amount written-off
receivable written-off procedures transactions(Y/N)
Explanation for written-off of account receivables：
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
（4）The ending balance of other receivable owed by the imputation of the top five parties
Name Amount in year-end Bad debt provision Proportion%
Proportion%
Total 2,798,270,069.00 -
GPGC 2,590,871,955.00 91.62%
-
Shenzhen Powe supply
179,681,651.00 6.35%
Bureau -
GPGC Zhanjiang Power
12,993,438.00 0.46%
supply Bureau -
Guangdong Yudean Group
8,409,298.00 0.30%
Co., Ltd. Shajiao C plant -
Zhuhai Yueyufeng Steel Co.,
6,313,727.00 0.22%
Ltd. -
(5) Account receivable which terminate the recognition owning to the transfer of the financial assets
(6) The amount of the assets and liabilities formed by the transfer and the continues involvement of accounts
receivable
Other notes：
6.Prepayments
（1）Age analysis
In RMB
Year-end balance Year-beginning balance
Aging
Amount Proportion Amount Proportion
Within 1 year 899,305,888.00 98.23% 1,062,290,930.00 99.76%
1-2 years 14,625,715.00 1.60% 1,680,510.00 0.16%
2-3 years 1,096,045.00 0.12% 68,229.00 0.01%
Over 3 years 439,771.00 0.05% 782,453.00 0.07%
Total 915,467,419.00 -- 1,064,822,122.00 --
Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in time:：
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
（2）The ending balance of Prepayments owed by the imputation of the top five parties
Name Relationship with the Amount Proportion %
Reason
company
Guangdong Power Industry Fuel Co., The joint venture According to the
Ltd. with Guangdong 658,185,449.00 71.90% annual assessment of
group control rolling balance
Guangdong Shantui Engineering
Non-related party 82,656,743.00 9.03%
Machinery Co., Ltd.
Guangzhu Railway Co., Ltd. Gaolan Port
Non-related party 27,061,372.00 2.96%
Station income accounts
Guangshen Railway Co., Ltd. Guangzou
Non-related party 25,524,389.00 2.79%
Freight Center
Guangzhou Port Co., Ltd. Xiji Port
Non-related party 13,744,927.00 1.50%
Branch
Total -- 807,172,880.00 88.17% --
Other notes：
7.Interest receivable
（1）Classification Interest receivable
In RMB
Items Balance in year-end Balance in Year-beginning
Fixed deposit 20,790,253.00 16,681,118.00
Total 20,790,253.00 16,681,118.00
（2）Important overdue interest
Is there any impairment
Name Balance in year-end Overdue date Reason
and its judgment basis?
Other notes：
8.Dividend receivable
（1）Dividend receivable
In RMB
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Items Amount in year-end Amount in year-beginning
（2）Dividend receivable aging over 1 years
In RMB
Whether the impairment
Items Amount in year-end Age Reason
and its judgment basis
Other notes：
9. Other accounts receivable
(1) Other accounts receivable disclosed by category
In RMB
Amount in year-end Amount in year- begin
Book Balance Bad debt provision Book Balance Bad debt provision
Classification Book
Proportio Proportio Proportio Proportion( Book value
Amount Amount value Amount Amount
n(%) n(%) n(%) %)
Other accounts
receivable of
individual
97,753,9 97,753,91 85,142, 85,142,409.
significance and 62.49% 0.00 0.00% 60.85% 0.00%
12.00 2.00 409.00
subject to individual
impairment
assessment
Other accounts
receivable of
individual
58,668,8 6,423,69 52,245,18 54,781, 6,423,698 48,357,547.
insignificance but 37.51% 10.95% 39.15% 11.73%
85.00 8.00 7.00 245.00 .00
subject to individual
impairment
assessment
156,422, 6,423,69 149,999,0 139,923 6,423,698 133,499,95
Total 100.00% 4.11% 100.00% 4.59%
797.00 8.00 99.00 ,654.00 .00 6.00
Other receivable accounts with large amount and were provided had debt provisions individually at end of period.
√ Applicable □ Not applicable
In RMB
End of term
Other receivable（Unit）
Other receivable Bad debt provision Proportion Reason
Guangdong Yudean
42,379,567.00 0.00 0.00%
Enviornmental Pretection
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Co., Ltd.
Shaoguan Xinyi Power
21,175,948.00 0.00 0.00%
Industry Co., Ltd.
Huidong Finance Bureau 18,318,970.00 0.00 0.00%
Tongdao Yuexin Wind
Pwer Generation Co., 10,000,000.00 0.00 0.00%
Ltd.
Huilai State Taxation
5,879,427.00 0.00 0.00%
Bureau
Total 97,753,912.00 0.00 -- --
Other receivable accounts in Group on which bad debt provisions were provided on age analyze basis：
□Applicable √Not applicable
Other receivable account in Group on which bad debt provisions were provided on percentage basis：
□Applicable √Not applicable
Other Receivable accounts on which bad debt provisions are provided by other ways in the portfolio：
√ Applicable □ Not applicable
Nature Book balance Bad debt provision
Prepayments for construction 15,401,755 2,003,385
Income receivable from by product sales 6,914,336 2,803,641
Reserve funds 9,933,426 -
Other 26,419,368 1,616,672
Total 58,668,885 6,423,698
（2）Bad debt provision accrual collected or switch back
Bad debt provision accrual was RMB0.00, the acount collected or switches back amounting to RMB 0.00.
Significant amount of reversed or recovered bad debt provision：
In RMB
Name Amount Method
(3) Other account receivables actually cancel after wtite-off
In RMB
Items Amount
Of Which,Other receivable write-off：
In RMB
Whether the money
is generated by
Name Nature Amount Reason program
related party
transactions
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Notes：
(4) Other account receivables category by nature of money
In RMB
Naature Ending book balance Beginning book balance
Prepayments for construction 49,293,903.00 66,823,439.00
Reserve funds 9,933,426.00 24,005,804.00
Prepayments for construction 54,896,673.00 20,197,811.00
Government Grants 5,879,427.00 4,226,820.00
Pending investment 10,000,000.00 0.00
Other 26,419,368.00 24,669,780.00
Total 156,422,797.00 139,923,654.00
（5）The ending balance of other receivables owed by the imputation of the top five parties
In RMB
Portion in total other Bad debt provision
Name Nature Year-end balance Age
receivables(%) of year-end balance
Guangdong Yudean
Environmental Product sales 42,379,567.00 Within 1 year 27.10%
Protection Co., Ltd.
Shaoguan Xinyi
Prepayments for
Power Industry Co., 21,175,948.00 Within 1 year 13.54%
construction
Ltd.
Huidong Finance Land cushion
18,318,970.00 Over 3 years 11.71%
Bureau receivable
Tongdao Yuexin
Wind Pwer Pending investment 10,000,000.00 Within 1 year 6.39%
Generation Co., Ltd.
Huilai State Taxation
VAT return 4,213,470.00 Within 1 year 2.69%
Bureau
Huilai State Taxation
VAT return 1,665,957.00 1-2 years 1.07%
Bureau
Total -- 97,753,912.00 -- 62.49%
(6) Account receivables with government subsidies involved
In RMB
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Estimated time, amount
Name Project name Amount in year-end At the end of aging
and basis
Huilai State Taxation
VAT return 1,665,957.00 1-2 years
Bureau
Huilai State Taxation
VAT return 4,213,470.00 Within 1 year
Bureau
Total -- 5,879,427.00 -- --
(7) Other account receivables recognition terminated due to transfer of financial assets
(8) Other account receivables transferred and assets & liability formed by its continuous involvement
Other Notes
10.Inventory
Whether the company needs to comply with the disclosure requirements of the particular industry
No
（1）Inventory types
In RMB
Year-end balance Year-beginning balance
Items
Provision for bad Provision for bad
Book Balance Book value Book Balance Book value
debts debts
Raw materials 898,495,346.00 898,495,346.00 806,132,327.00 0.00 806,132,327.00
Parts 701,781,635.00 17,420,858.00 684,360,777.00 739,267,517.00 59,602,850.00 679,664,667.00
Other 79,253,042.00 79,253,042.00 27,356,247.00 0.00 27,356,247.00
Total 1,679,530,023.00 17,420,858.00 1,662,109,165.00 1,572,756,091.00 59,602,850.00 1,513,153,241.00
Whether the company is required to comply with the \"Shenzhen Stock Exchange Industry Information Disclosure
Guidelines No. 4 - listed companies engaged in seed industry, planting business\" disclosure requirements
No
(2) Inventory depreciation reserve
In RMB
Beginning of Increased in current period Decreased in current period
Items End of term
term Provision Other Transferred back Other
Raw materials 0.00
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Parts 59,602,850.00 0.00 0.00 42,181,992.00 17,420,858.00
Total 59,602,850.00 42,181,992.00 17,420,858.00
The company stock of the partial preparation for price fall was processed on June 30, 2017 and therefore the
corresponding stock price fall preparation is written off.
(3) Explanation on inventories with capitalization of borrowing costs included at ending balance
(4) Assets unsettled formed by construction contract which has completed at period-end
In RMB
Items Amount
Other notes：
11. Divided into assets held for sale
In RMB
Items Ending book value Fair value Estimated disposal cost Estimated disposal time
Other notes：
12. Non-current assets due within 1 year
In RMB
Items
Year-end balance Year-beginning balance
Advance Equipment fund 56,369,497.00 0.00
Total 56,369,497.00
Other notes：
13. Other current assets
In RMB
Items
Year-end balance Year-beginning balance
Deductible VAT 959,560,600.00 868,022,220.00
Prepayment of income tax 7,337,200.00 12,496,080.00
Other 443,728.00 1,537,291.00
Total 967,341,528.00 882,055,591.00
Other notes：
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
14. Available-for-sale financial assets
(1) Available-for-sale financial assets
In RMB
Balance in year -end Amount at year beginning
Provision
Items Provision for
Book balance Book value Book balance for Book value
impairment
impairment
Available-for-sale
0.00 0.00 0.00 0.00 0.00 0.00
liabilities instruments
Available-for-sale equity
1,301,952,861.00 0.00 1,301,952,861.00 1,279,387,994.00 0.00 1,279,387,994.00
instruments
According to the fair
442,301,175.00 0.00 442,301,175.00 419,736,308.00 0.00 419,736,308.00
value measurement
According to the Cost
859,651,686.00 0.00 859,651,686.00 859,651,686.00 0.00 859,651,686.00
measurement
Total 1,301,952,861.00 1,301,952,861.00 1,279,387,994.00 1,279,387,994.00
(2) Available-for-sale financial assets measured at fair value at period-end
In RMB
Available-for-sale equity Available-for-sale liabilities
Classification Total l
instruments instruments
Fair value 442,301,175.00 442,301,175.00
（3）Available-for –sale financial assets measured at cost at the end of the year
In RMB
Book balance Provision for impairment Percentag
e of Cash
Balan End shareholdi dividends
Investee Increa Increa Decre
Balance of term ce of of ng in for the
se se ase
term term investees year
%
ShenzhenChuangxin
Imvestment Group Co., 115,000,000.00 115,000,000.00 3.67%
Ltd.
Sun Insurance 356,000,000.00 356,000,000.00 3.38%
South Sea Wind Electricity 70,000,000.00 70,000,000.00 10.00%
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Development Co., Ltd.
Weixin Yuntou Yudean
318,651,686.00 318,651,686.00 19.55%
Zaxi Enerty Co., Ltd.
Total 859,651,686.00 859,651,686.00 --
(4) Changes of the impairment of the available-for-sale financial assets during the reporting period
In RMB
Available-for-sale Available-for-sale
Type Total
Equity instruments Debt instruments
⑸Relevant description of the end of the fair value of the equity instruments at the end of a serious decline in fair
value or non temporary decline but not related to impairment provision
In RMB
Decrease in fair
Continuous fall Provision for Reasons for
Project Investment cost Ending fair value value relative to
time (month) impairment impairment
cost
Other notes
15. Held-to-maturity investment
(1) Held-to-maturity investment
In RMB
Year-end balance Year-beginning balance
Items
Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
(2) Important held-to-maturity investment at period-end
In RMB
Project Face value Interest rate Actual interest rate Expiring date
(3) Reclassify of held-to-maturity investment in the period
Other notes
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
16. Long-term account receivables
（1）Long-term account receivables
In RMB
End of term Beginning of term
Provision
Items for Provision for Range of rate
Book balance Book value Book balance Book value
impairme impairment
nt
Financing Rent 82,687,240.00 0.00 82,687,240.00 136,075,412.00 0.00 136,075,412.00 4.93% - 7.30%
Total 82,687,240.00 0.00 82,687,240.00 136,075,412.00 0.00 136,075,412.00 --
(2) Long-term account receivables recognition terminated due to transfer of financial assets
(3) Long-term account receivables transferred and assets & liability formed by its continuous involvement
17. Long-term equity investment
In RMB
Increase/decrease
Closing
Adjustme
Withdraw balance
Decre Gain/loss nt of Declarati
Opening Add Other n Closing of
Investees ased of other on of cash
balance investme equity impairme Other balance impairme
invest Investme comprehe dividends
nt changes nt nt
ment nt nsive or profit
provision provision
income
I. Joint ventures
Industrial 584,241,360.0 35,469,276. 59,231,11 560,479,5
Fuel 0 00 5.00 21.00
584,241,360.0 35,469,276. 59,231,11 560,479,5
Subtotal
0 00 5.00 21.00
II. Associates
Shanxi
998,393,392.0 105,186,45 8,000,000 1,095,579
Yudean
0 0.00 .00 ,842.00
Enerty
Yudean 667,666,853.0 46,164,422. 42,295,03 671,536,2
Finance 0 00 3.00 42.00
Taishan
1,970,490,827. 45,012,246. 2,015,503
Power
00 00 ,073.00
Generati
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
on
Yudean
935,332,553.0 5,930,929.0 2,188,557 939,074,9
Shippin
0 0 .00 25.00
g
West
200,011,582.0 -17,279,50 182,732,0
Investme
0 5.00 77.00
nt
Yangshan
6,411,959
Jiangken 5,991,055.00 420,904.00
.00
g
Yangshan
933,933.0 8,090,098
Zhongxi 8,523,902.00 500,129.00
0 .00
nkeng
Yudean 147,000, 147,000,0
Captive 000.00 00.00
Huaneng
Shantou 3,654,595.0 5,410,000 60,230,82
61,986,226.00
Wind 0 .00 1.00
Power
4,848,396,390. 147,000, 189,590,17 58,827,52 5,126,159
Subtotal
00 000.00 0.00 3.00 ,037.00
5,432,637,750. 147,000, 225,059,44 118,058,6 5,686,638
Total
00 000.00 6.00 38.00 ,558.00
Other notes
18. Investment real estate
(1) Investment real estate by cost measurement
√ Applicable □Not applicable
In RMB
Items House, Building Land use right Construction in process Total
I. Original price
1. Balance at
20,135,165.00 20,135,165.00
period-beginning
2.Increase in the current
period
(1) Purchase
（ 2 ） Inventory\Fixed
assets\ Transferred from
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
construction in progress
(3)Increased of
Enterprise Combination
3.Decreased amount of
the period
（1）Dispose
（2）Other out
4. Balance at period-end 20,135,165.00 20,135,165.00
II.Accumulated
amortization
1.Opening balance 11,202,928.00 11,202,928.00
2.Increased amount ofthe
317,799.00 317,799.00
period
(1) Withdrawal 317,799.00 317,799.00
3.Decreased amount of
the period
（1）Dispose
（2）Other out
4. Balance at
11,520,727.00 11,520,727.00
period-end
III. Impairment provision
1. Balance at
period-beginning
2.Increased amount of
the period
(1) Withdrawal
3.Decreased amount of
the period
（1）Dispose
（2）Other out
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
4. Balance at period-end
IV.Book value
1.Book value at period
8,614,438.00 8,614,438.00
-end
2.Book value at
8,932,237.00 8,932,237.00
period-beginning
(2) Details of fixed assets failed to accomplish certification of property
□ Applicable √ Not appliucable
(3) Investment real estate without certificate of ownership
In RMB
Items Book balue Reason
Other notes
19. Fixed assets
(1) List of fixed assets
In RMB
Machinery
Items House, building Transportations Other equipment Total
eqiupment
I. Original price
1. Balance at
17,122,935,233.00 54,742,668,249.00 612,243,075.00 1,160,457,302.00 73,638,303,859.00
period-beginning
2.Increase in the
27,520,170.00 291,197,722.00 43,984,396.00 12,654,703.00 375,356,991.00
current period
(1) Purchase 20,385,979.00 20,731,537.00 4,435,685.00 7,192,458.00 52,745,659.00
（2） Transferred fr
7,134,191.00 270,466,185.00 2,380,567.00 5,462,245.00 285,443,188.00
om construction in p
rogress
(3)Increased of
Enterprise
Combination
Other 37,168,144.00 37,168,144.00
3.Decreased amount
436,933.00 119,244,275.00 3,845,108.00 2,391,153.00 125,917,469.00
of the period
（1）Disposal 436,933.00 82,076,131.00 3,845,108.00 2,391,153.00 88,749,325.00
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Other 37,168,144.00 37,168,144.00
4. Balance at
17,150,018,470.00 54,914,621,696.00 652,382,363.00 1,170,720,852.00 73,887,743,381.00
period-end
II. Accumulated
depreciation
1.Opening balance 5,644,005,857.00 23,660,669,651.00 425,757,766.00 776,998,641.00 30,507,431,915.00
2.Increased amount
468,864,427.00 1,364,066,142.00 29,192,401.00 33,533,722.00 1,895,656,692.00
of the period
(1) Withdrawal 468,864,427.00 1,364,066,142.00 29,192,401.00 33,533,722.00 1,895,656,692.00
Other
3.Decrease in the
144,174.00 33,035,891.00 3,022,938.00 1,694,974.00 37,897,977.00
reporting period
（1）Disposal 144,174.00 33,035,891.00 3,022,938.00 1,694,974.00 37,897,977.00
Other
4.Closing balance 6,112,726,110.00 24,991,699,902.00 451,927,229.00 808,837,389.00 32,365,190,630.00
III. Impairment
provision
1.Opening balance 129,030,264.00 1,180,825,371.00 2,322,621.00 4,008,167.00 1,316,186,423.00
2.Increase in the
reporting period
（1）Withdrawal
3.Decrease in
17,664,510.00 17,664,510.00
the reporting period
（1）Disposal 17,664,510.00 17,664,510.00
4. Closing balance 129,030,264.00 1,163,160,861.00 2,322,621.00 4,008,167.00 1,298,521,913.00
IV. Book value
1.Book value of the
10,908,262,096.00 28,759,760,933.00 198,132,513.00 357,875,296.00 40,224,030,838.00
period-end
2.Book value of the
11,349,899,112.00 29,901,173,227.00 184,162,688.00 379,450,494.00 41,814,685,521.00
period-begin
(2) Fixed assets temporarily idled
In RMB
Accumulated Provision for
Items Original book value Book value Remark
depreciation impairment
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
(3) Fixed assets rented by finance leases
In RMB
Accumulated Accumulated
Items Original book value Book value
depreciation depreciation
Jinghai financing leasing
1,600,000,000.00 942,083,333.00 657,916,667.00
assets
Zhongyue financing
900,000,000.00 303,003,507.00 596,996,493.00
leasing assets
Yuejiang financing
1,121,850,800.00 143,467,458.00 978,383,342.00
leasing assets
(4) Fixed assets leased in the operating leases
In RMB
Items End book value
House and Building 12,151,291.00
(5) Fixed assets without certificate of title completed
In RMB
Items Book value Reason
Temporarily in the government approved
House and Building 118,406,472.00
stage
Other notes
20. Project under construction
(1)Project under construction
In RMB
Year-end balance Year-beginning balance
Items Book balance Provision for Book value Book balance Provision for Book value
devaluation devaluation
Bohe Coal
integration 3,644,749,208.00 3,644,749,208.00 3,540,338,713.00 3,540,338,713.00
project
Lincang Dayakou
Hydropower 1,073,168,083.00 1,073,168,083.00 1,051,344,320.00 1,051,344,320.00
Station
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Huizhou Natural
Gas thermal and
power 342,073,425.00 342,073,425.00 267,728,615.00 267,728,615.00
cogeneration
expansion project
Xuwen Shiban
ling wind power 229,458,597.00 229,458,597.00 227,143,871.00 227,143,871.00
project
Leizhou
Hongxinlou wind 332,004,018.00 332,004,018.00 252,688,463.00 252,688,463.00
power projec
Xuwen Qujie
wind power 311,493,215.00 311,493,215.00 157,109,585.00 157,109,585.00
project
Humen Electric
2*1000MW 137,382,179.00 49,461,265.00 87,920,914.00 137,373,040.00 49,461,265.00 87,911,775.00
project
Red Bay No.5&6
26,446,446.00 26,446,446.00 26,360,597.00 26,360,597.00
generator units
Other
infrastructure 363,266,190.00 6,178,219.00 357,087,971.00 320,277,569.00 11,980,219.00 308,297,350.00
projects
Technology
improvement and 733,909,093.00 886,463.00 733,022,630.00 425,256,937.00 886,463.00 424,370,474.00
other projects
Other 7,193,950,454.00 56,525,947.00 7,137,424,507.00 6,405,621,710.00 62,327,947.00 6,343,293,763.00
(2) Changes of significant construction in progress
In RMB
Includin
Capitalis g：
Amount Transferr ation of Current Capitalis
Increase Balance
at year ed to Other Proporti Progress interest amount ation of Source
Name Budget at this in
beginnin fixed decrease on(%) of work accumul of interest of funds
period year-end
g assets ated capitaliz ratio（%)
balance ation of
interest
Bohe Borrowi
9,785,95 3,540,33 104,410, 3,644,74 260,188, 68,667,5
Coal 0.00 0.00 37.24% 37.24% 4.77% ng,
0,000.00 8,713.00 495.00 9,208.00 540.00 39.00
integrati proprieta
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
on ry
project funding
Lincang Borrowi
Dayakou ng,
1,209,57 1,051,34 21,823,7 1,073,16 50,364,0 15,379,0
Hydropo 0.00 0.00 88.72% 88.72% 4.34% proprieta
8,400.00 4,320.00 63.00 8,083.00 38.00 17.00
wer ry
Station funding
Huizhou
Natural
Gas
Borrowi
thermal
ng,
and 900,000, 267,728, 74,344,8 342,073, 7,046,60 5,419,05
0.00 0.00 38.01% 38.01% 4.00% proprieta
power 000.00 615.00 10.00 425.00 1.00 8.00
ry
cogenera
funding
tion
expansio
n project
Xuwen
Borrowi
Shiban
ng,
ling 460,639, 227,143, 12,642,3 10,327,6 229,458, 3,973,93 2,113,03
0.00 49.81% 49.81% 4.37% proprieta
wind 300.00 871.00 91.00 65.00 597.00 8.00 8.00
ry
power
funding
project
Leizhou Borrowi
Hongxin ng,
462,920, 252,688, 79,315,5 332,004, 7,146,33 3,372,82
lou wind 0.00 0.00 71.72% 71.72% 4.44% proprieta
000.00 463.00 55.00 018.00 2.00 2.00
power ry
projec funding
Xuwen Borrowi
Qujie ng,
466,450, 157,109, 154,383, 311,493, 4,784,89 2,911,83
wind 0.00 0.00 66.78% 66.78% 4.37% proprieta
000.00 585.00 630.00 215.00 0.00 9.00
power ry
project funding
Humen
Electric
7,789,51 87,911,7 87,920,9
2*1000 9,139.00 0.00 0.00 1.13% 1.13% 0.00 0.00 0.00% Other
0,000.00 75.00 14.00
MW
project
Red Bay
No.5&6 7,714,37 26,360,5 85,849.0 26,446,4
0.00 0.00 0.34% 0.34% 0.00 0.00 0.00% Other
generato 0,000.00 97.00 0 46.00
r units
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Jinghai
1-4#gene
rators
ultra-low
558,000, 40,323,3 162,646, 202,970,
emission 0.00 0.00 36.37% 36.37% 0.00 0.00 0.00% Other
000.00 40.00 891.00 231.00
reductio
n
alteratio
n project
Other
Not
infrastru 267,974, 93,242,6 4,128,64 357,087,
0.00 applicabl 0.00 0.00 0.00% Other
cture 010.00 07.00 5.00 971.00
e
projects
Technolo
Borrowi
gy
Not ng,
improve 424,370, 306,628, 200,946, 530,052,
0.00 applicabl 0.00 0.00 0.00% proprieta
ment and 474.00 820.00 895.00 399.00
e ry
other
funding
projects
29,347,4
6,343,29 1,009,53 205,075, 10,327,6 7,137,42 333,504, 97,863,3
Other 17,700.0 -- -- --
3,763.00 3,950.00 540.00 65.00 4,507.00 339.00 13.00
（3）Provision for impairment of construction projects
In RMB
Items Amount Reason
Other notes
21. Engineering Material
In RMB
Items End of term Beginning of term
Spectial Material 1,477,958.00 1,496,854.00
Total 1,477,958.00 1,496,854.00
Other notes：
22.Liquidation of fixed assets
In RMB
Items End of term Beginning of term
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Power Equipment parts scrapped due to tec
2,569,759.00 1,060,031.00
hnical innovation
Administrative supplies 23,169.00 0.00
House and Building 80,121.00 0.00
Transportation Equipment 156,626.00 16,157.00
Instrument and other 4,436,654.00 3,228,041.00
Total 7,266,329.00 4,304,229.00
Other notes：
23. Productive biological assets
(1) Measured by cost
□ Applicable √ Not applicable
(2) Measured by fair value
□ Applicable √ Not applicable
24. Oil-and-gas assets
□ Applicable √ Not applicable
25. Intangible assets
（1）Information
In RMB
Electric
transmissi
Non-patent Transporta
Land use Franchise Sea use on project
Items Patent Technolog Software tion Other Total
right right right and
y project
microwave
project
I. Original
price
1,812,946, 97,267,317 13,720,736 129,906,54 22,468,672 442,517,68 2,519,584,
1.Opening 756,769.00
498.00 .00 .00 4.00 .00 4.00 220.00
balance
2.Increas 3,624,020. 3,499,060. 7,123,080.
ed 00 00
amount
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
ofthe
period
(1) 3,624,020. 3,499,060. 7,123,080.
00 00
Purchase
(2)Internal
Developm
ent
(3)Increase
d of
Enterprise
Combinati
on
3.Decrease
d amount
of the
period
（1）
Disposal
4. Balance
1,816,570, 100,766,37 13,720,736 129,906,54 22,468,672 442,517,68 2,526,707,
at 756,769.00
518.00 7.00 .00 4.00 .00 4.00 300.00
period-end
II.Accumu
lated
amortizati
on
1. Balance
at 254,537,76 69,600,907 8,958,563. 17,864,908 21,447,068 405,126,13 777,883,02
347,669.00
period-beg 7.00 .00 00 .00 .00 9.00 1.00
inning
2. Increase
in the 20,167,064 5,107,634. 1,309,746. 27,092,745
141,071.00 335,000.00 32,230.00
current .00 00 00 .00
period
(1)
20,167,064 5,107,634. 1,309,746. 27,092,745
Withdrawa 141,071.00 335,000.00 32,230.00
.00 00 00 .00
l
3.Decrease
d amount
of the
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
period
（1）
Disposal
4. Balance
274,704,83 74,708,541 9,099,634. 19,174,654 21,447,068 405,461,13 804,975,76
at 379,899.00
1.00 .00 00 .00 .00 9.00 6.00
period-end
III.
Impairmen
t provision
1. Balance
at 1,021,604. 33,189,374 34,210,978
period-beg 00 .00 .00
inning
2. Increase
in the
current
period
(1)
Withdrawa
l
3.Decrease
d amount
of the
period
（1）
Disposal
4. Balance
1,021,604. 33,189,374 34,210,978
at
00 .00 .00
period-end
4. Book
value
1.Book
value at 1,541,865, 26,057,836 4,621,102. 110,731,89 3,867,171. 1,687,520,
376,870.00
period 687.00 .00 00 0.00 00 556.00
-end
2.Book
value at 1,558,408, 27,666,410 4,762,173. 112,041,63 4,202,171. 1,707,490,
409,100.00
period-beg 731.00 .00 00 6.00 00 221.00
inning
The intangible assets by the end of the formation of the company's internal R & D accounted of the proportion of
the balance of intangible assets
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
⑵Details of Land use right failed to accomplish certification of property
In RMB
Items Book value Reason
Other notes：
26. Development expenditure
In RMB
Beginning Ending
Items Increase in the period Decrease in period
balance balance
Other notes
27. Goodwill
(1) Original book value of goodwill
In RMB
Name of the
investees or the
Opening balance Increase Decrease Closing balance
events formed
goodwill
Province Wind
2,449,886.00 2,449,886.00
Power
Linchang Company 25,036,894.00 25,036,894.00
Total 27,486,780.00 27,486,780.00
（2）Impairment tprovision of goodwill
In RMB
Name of the
investees or the
Opening balance Increase Decrease Closing balance
events formed
goodwill
Notes of the testing process of goodwill impairment, parameters and the recognition method of goodwill
impairment losses:
Other notes:
28.Long-term amortization expenses
In RMB
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Balance in Increase at this Amortization
Items Other decrease Balance in year-end
year-begin period balance
Leasehold
4,675,141.00 359,462.00 4,315,679.00
improvement
Long-term lease
21,371,959.00 2,954,754.00 1,014,083.00 23,312,630.00
charges
Other 8,564,612.00 1,680,000.00 4,608,439.00 2,276,173.00
Total 34,611,712.00 2,954,754.00 3,053,545.00 4,608,439.00 29,904,482.00
Other notes:
29.Deferred income tax assets/deferred income tax liabilities
(1)Details of the un-recognized deferred income tax assets
In RMB
Balance in year-end Balance in year-begin
Items Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference assets difference assets
Provision for asset
778,810,681.00 193,720,196.00 778,810,681.00 193,720,196.00
impairment
Deductible losses 352,676,457.00 88,169,113.00 112,722,870.00 28,180,717.00
Formation expense 3,089,245.00 386,156.00 3,089,245.00 386,156.00
Depreciation for fixed
43,497,328.00 10,874,332.00 77,011,308.00 19,252,827.00
assets
Depreciation for fixed
58,555,576.00 14,838,523.00 58,555,576.00 14,838,523.00
assets
Net income from testrun
included in construction 53,276,223.00 13,158,344.00 53,276,223.00 13,158,344.00
in progress
Government grant 59,235,416.00 14,808,854.00 63,727,865.00 15,931,966.00
Amortisation of land use
3,011,274.00 752,819.00 3,011,274.00 752,819.00
right
Intra-Group transactions 211,947,928.00 52,986,982.00 220,966,988.00 55,241,747.00
Total 1,564,100,128.00 389,695,319.00 1,371,172,030.00 341,463,295.00
(2)Details of the un-recognized deferred income tax liabilities
In RMB
Items Balance in year-end Balance in year-begin
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Temporarily Deductable Deferred Income Tax Temporarily Deductable Deferred Income Tax
or Taxable Difference liabilities or Taxable Difference liabilities
Changes in fair value of
186,972,561.00 46,743,140.00 164,407,693.00 41,101,923.00
tradable financial assets
Net incme/expensess
included in the 6,353,869.00 1,588,467.00 42,114,651.00 10,528,662.00
Construction in project
Appreciation of
92,932,981.00 23,233,245.00 94,486,868.00 23,621,718.00
acquisition subsidiaries
Total 286,259,411.00 71,564,852.00 301,009,212.00 75,252,303.00
(3) Deferred income tax assets or liabilities listed by net amount after off-set
In RMB
Trade-off between the Opening balance of
Trade-off between the End balance of deferred
deferred income tax deferred income tax
Items deferred income tax income tax assets or
assets and liabilities at assets or liabilities after
assets and liabilities liabilities after off-set
period-begin off-set
Deferred income tax
-46,743,140.00 342,952,179.00 -37,534,026.00 303,929,269.00
assets
Deferred income
-46,743,140.00 24,821,712.00 -37,534,026.00 37,718,277.00
liabilities
(4)Details of income tax assets not recognized
In RMB
Items Balance in year-end Balance in year-begin
Deductible temporary difference 847,667,796.00 913,316,296.00
Deductible loss 516,974,753.00 252,062,736.00
Total 1,364,642,549.00 1,165,379,032.00
(5)Deductible losses of the un-recognized deferred income tax asset will expire in the following years
In RMB
Year Balance in year-end Balance in year-begin Remark
2017 67,060,276.00 67,060,276.00
2018 2,504,832.00 2,504,832.00
2019 7,350,102.00 7,350,102.00
2020 7,401,514.00 7,401,514.00
2021 167,746,012.00 167,746,012.00
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
2022 264,912,017.00 0.00
Total 516,974,753.00 252,062,736.00 --
Other notes：
The management believed that as at the maturity date for the above deductible losses, the relevant subject of tax
payment does not have sufficient taxable income to deduct the above deductible losses, therefore did not realise
deferred tax assets。
30 .Other non-current assets
In RMB
Items Balance in year-end Balance in year-begin
Prepayments for equipment fund 1,552,596,236.00 1,081,412,840.00
Prepayments for construction fund 268,530,528.00 542,965,106.00
Unrealised losses on sale and lease back 183,515,583.00 193,703,865.00
Prepayments for house purchase 130,460,612.00 150,799,140.00
Prepayments for land 47,400,921.00 39,765,321.00
Other 13,494,695.00 2,878,159.00
Total 2,195,998,575.00 2,011,524,431.00
Other notes：
31.Short –term loans
（1）Short-term loans by category
In RMB
Items Balance in year-end Balance in year-begin
Credit loans 9,565,000,000.00 5,758,860,000.00
Total 9,565,000,000.00 5,758,860,000.00
Notes：
(2) Situation of Overdue Outstanding Short-Term Borrowing
Final overdue outstanding short-term borrowing was zero, and situation of important overdue outstanding
short-term borrowing was as follows:
In RMB
Unit Closing balance Interest rate Time Overdue interest rate
Other notes：
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
32. Financial liabilities measured at fair value through current profit and loss
In RMB
Items Closing balance Opening balance
Other notes：
33. Derivative financial liabilities
□ Applicable√ Not applicable
34. Note payable
In RMB
Items Balance in year-end Balance in year-begin
Commercial acceptance 100,000,000.00 1,088,100,837.00
Bank acceptance bills 631,452,959.00 242,380,000.00
Total 731,452,959.00 1,330,480,837.00
Amount due in next fiscal period is RMB0.00.
35. Account payable
（1）Account payable
In RMB
Items Balance in year-end Balance in year-begin
Fuel payable 1,726,470,356.00 2,190,716,850.00
Construction and equipment payble 382,234,090.00 799,093,816.00
Management fee payable 88,888,582.00 89,461,265.00
Other 70,726,892.00 87,978,515.00
Total 2,268,319,920.00 3,167,250,446.00
（2）Significant accounts payable that aged over one year
In RMB
The reason for not repaid or carried forwar
Items Balance in year-end
d
After both parties to confirm the amount
Fuel payable 11,753,524.00
paid
Construction and equipment payble 27,905,224.00 Time arrangement for payable
Management fee payable 93,905,115.00 Time arrangement for payable
Other 12,879,654.00 Time arrangement for payable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Total 146,443,517.00 --
Other notes：
36.Received in advance
（1）Received in advance
In RMB
Items Balance in year-end Balance in year-begin
Advance disposal of recyclable resources 194,798.00 162,884.00
Advances for grid payment 0.00 12,208,678.00
Other 5,000.00 84,798.00
Total 199,798.00 12,456,360.00
(2) Accounts payable with major amount and aging of over one year
In RMB
Items Closing balance Reason
（3）Information of unliquidated completed assets formed in the construction contract at the end of the
period
In RMB
Items Amount
Other notes：
37. Employee compensation payable
(1)Classification of employee compensation payable
In RMB
Items Balance in year-begin Increase at this period Decrease at this period Balance in year-end
I. Short –term wages 125,994,004.00 641,099,501.00 570,944,483.00 196,149,022.00
II. Welfare afterlwaving
of position-fixed 0.00 93,920,335.00 93,920,335.00 0.00
provision scheme
III. Termination benefit 18,128,124.00 129,697,823.00 137,573,716.00 10,252,231.00
Total 144,122,128.00 864,717,659.00 802,438,534.00 206,401,253.00
（2）Short-term remuneration
In RMB
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Items Balance in year-begin Increase in this period Payable in this period Balance in year-end
1.Wages, bonuses,
50,978.00 480,971,447.00 414,711,464.00 66,310,961.00
allowances and subsidies
2.Employee welfare 3,719,802.00 27,581,254.00 29,543,600.00 1,757,456.00
3. Social insurance
45,602,861.00 27,712,874.00 23,138,313.00 50,177,422.00
premiums
Including：Medical
45,602,861.00 23,931,193.00 19,356,632.00 50,177,422.00
insurance
Work injury insurance 0.00 1,589,272.00 1,589,272.00 0.00
Maternity insurance 0.00 1,323,237.00 1,323,237.00 0.00
Other 0.00 869,172.00 869,172.00 0.00
4. Public reserves for
0.00 63,660,089.00 63,660,089.00 0.00
housing
5.Union funds and staff
74,382,591.00 22,389,933.00 20,839,903.00 75,932,621.00
education fee
6.Short-term Absences 2,237,772.00 18,783,904.00 19,051,114.00 1,970,562.00
Total 125,994,004.00 641,099,501.00 570,944,483.00 196,149,022.00
（3）Defined contribution plans listed
In RMB
Items Balance in year-begin Increase in this period Payable in this period Balance in year-end
1. Basic old-age
0.00 68,989,618.00 68,989,618.00 0.00
insurance premiums
2.Unemployment
0.00 1,648,220.00 1,648,220.00 0.00
insurance
3. Annuity payment 0.00 23,282,497.00 23,282,497.00 0.00
Total 0.00 93,920,335.00 93,920,335.00 0.00
Other notes：
38.Tax Payable
In RMB
Items Balance in year-end Balance in year-begin
VAT 143,721,340.00 133,295,631.00
Enterprise Income tax 125,834,542.00 128,468,570.00
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Individual Income tax 4,027,250.00 33,222,950.00
City Construction tax 5,635,982.00 2,327,949.00
Land use tax 10,116,794.00 9,707,984.00
House property Tax 25,854,953.00 6,552,214.00
Discharge fees 2,682,310.00 3,456,932.00
Embankment fee payable 0.00 2,879,847.00
Education surcharges payable 5,231,105.00 1,954,625.00
Other 5,546,187.00 5,053,142.00
Total 328,650,463.00 326,919,844.00
Other notes：
39. Interest payable
In RMB
Items Balance in year-end Balance in year-begin
Long-term loans interest of installment and
71,457,908.00 27,938,770.00
interest charge
Enterprise bond interest 30,898,477.00 44,398,814.00
Short term loan interest payable 13,537,009.00 10,807,042.00
Total 115,893,394.00 83,648,793.00
Interest overdue without paid：
In RMB
Borrower Amount Reason
Other notes：
40. Dividends payable
In RMB
Items Balance in year-end Balance in year-begin
Common dividends 9,703,930.00 9,703,930.00
Total 9,703,930.00 9,703,930.00
Other explanation, including dividends payable with over one yearage and disclosure un-payment reasons：
41.Other payable
（1）Disclosure by nature
In RMB
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Items Balance in year-end Balance in year-begin
Performance guarantee deposits from
525,298,717.00 369,890,625.00
construction
Construction and equipment payable 2,426,569,055.00 2,587,231,394.00
Volume Purchase payable 4,223,654.00 4,000,000.00
Advance from shaoguan Electric Power
8,284,884.00 19,936,021.00
plant
State Oceanic Administration penalty
172,144,350.00 172,000,000.00
payable
Other 168,568,027.00 139,498,955.00
Total 3,305,088,687.00 3,292,556,995.00
(2) Other payables with large amount and aging of over one year
In RMB
Items End of term Reason
Performance guarantee deposits from
149,360,956.00
construction
Construction and equipment payable 1,033,204,570.00
Volume Purchase payable 4,000,000.00
Other 38,913,469.00
Total 1,225,478,995.00 --
Other notes
Mainly used to cope with project funds and retention money. Since the project has not finished the project and
acceptance and final s ettlement or in the warranty period of acceptance, the project funds and retention money
has not been settled.
42. Divided into liability held for sale
In RMB
Items Closing balance Opening balance
Other notes：
43.Non-current liabilities due within 1 year
In RMB
Items Balance in year-end Balance in year-begin
Long-term loans due in 1 year 1,038,080,970.00 990,474,807.00
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Long-term Account payable due in 1 year 368,665,106.00 443,169,716.00
Total 1,406,746,076.00 1,433,644,523.00
Other notes：
44.Other current liabilities
In RMB
Items Balance in year-end Balance in year-begin
Short-term financing notes payable 1,723,070,000.00
The reseller sales tax 86,746,979.00 0.00
Total 86,746,979.00 1,723,070,000.00
Changes in short-term debentures payable：
In RMB
Balan
Issuan Amortisa
Balance at ce at
Issuan Maturit ce tion of Repayme
Issuance the Interest at the
Name Face value ce y during siscounts nt for the
amounts beginning face value end
date period the or period
of the year of the
year premium
year
First batch of short-term
financing bonds issued by 700,000,000 07/06/ 270 700,000,0 711,565,6 3,448,219. 715,013,8
Guangdong Electric Power .00 2016 days 00.00 44.00 00 63.00
Development Co., Ltd. of 2016
Second batch of short-term
financing bonds issued by 500,000,000 11/08/ 270 500,000,0 505,017,3 4,453,699. 509,471,0
Guangdong Electric Power .00 2016 days 00.00 69.00 00 68.00
Development Co., Ltd. of 2016
First batch of short-term
financing bonds issued by
500,000,000 20/07/ 270 500,000,0 506,486,9 4,128,082. 510,615,0
Guangdong Huizhou Pinghai
.00 2016 days 00.00 86.00 00 68.00
Power Generation Co., Ltd.of
2016
1,700,000, 1,723,070, 12,030,00 1,735,099
Total -- -- --
000.00 000.00 0.00 ,999.00
Other notes：
45.Long-term borrowings
（1）Long-term term borrowings
In RMB
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Items Balance in year-end Balance in year-begin
Pledged borrowings 2,290,699,051.00 2,537,296,396.00
Mortgage borrowings 226,400,000.00 226,400,000.00
Guarantee loan 1,616,000,000.00 1,716,667,500.00
Credit loans 15,188,269,379.00 15,407,808,141.00
Total 19,321,368,430.00 19,888,172,037.00
Notes of short-term loans category:
Other notes including interest rate range:
46.Bond payable
（1）Bond payable
In RMB
Items Balance in year-end Balance in year-begin
12 Yudean Bond 1,197,459,048.00 1,196,982,619.00
16 Pinghai01 697,756,155.00 703,141,849.00
Total 1,895,215,203.00 1,900,124,468.00
（2）Changes of bonds payable(Not including the other financial instrument of preferred stock and perpetual
capital securities that classify as financial liability
In RMB
The Withdraw Overflow Pay in
Name of Perio Issue Opening Closing
Book value Issue date current interest at discount current Other
the bond d amount balance balance
issue par amount period
12
1,200,000,0 7 1,200,000 1,196,982 29,700,00 476,429.0 1,197,459
Yudean 18/03/2013
00.00 years ,000.00 ,619.00 0.00 0 ,048.00
Bond
16 700,000,00 5 700,000,0 703,141,8 10,850,00 249,786.0 -5,635,48 697,756,1
26/09/2016
Pinghai01 0.00 years 00.00 49.00 0.00 0 0.00 55.00
1,900,000 1,900,124 40,550,00 726,215.0 -5,635,48 1,895,215
Total -- -- --
,000.00 ,468.00 0.00 0 0.00 ,203.00
(3) Note to conditions and time of share transfer of convertible bonds
（4）Other financial instruments that are classified as financial liabilities
The issuance of preferred stock and other financial instruments such as perpetual debt
Table of changes in financial instruments such as preferred stock and perpetual debt
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
In RMB
External Balance in year-begin Increase at this period Decrease at this period Balance in year-end
financial
Amount Book value Amount Book value Amount Book value Amount Book value
instruments
Other Notes
47. Long-term payable
(1) Long-term payable listed by nature of the account
In RMB
Items Balance in year-end Balance in year-begin
Financing lease 1,677,860,027.00 1,827,552,654.00
Share repurchase payable 90,000,000.00 90,000,000.00
Total 1,767,860,027.00 1,917,552,654.00
Other Notes
48. Long-term employee salary payable
（1）Long-term employee salary payable
In RMB
Items Balance in year-end Balance in year-begin
II. Termination benefits 90,974,031.00 82,486,341.00
III. Other Long-term benefits 37,381,729.00 40,345,908.00
Total 128,355,760.00 122,832,249.00
(2) Changes of defined benefit plans
Present worth of defined benefit plans obligation:
In RMB
Items Closing balance Opening balance
Plan assets：
In RMB
Items Closing balance Opening balance
Net liabilities(net assets) of defined benefit plans
In RMB
Items Closing balance Opening balance
Notes to the influence of the content and related risk of defined benefit plans to the future cash flows, time and
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
uncertainty of the Company:
Notes to analysis results of major actuarial assumptions and sensibility of defined benefit plans
Other notes:
49. Specific payable
In RMB
Items Beginning of term Increased this term Decreased this term End of term Reason
Relocation and
construction of 1,715,385.00 0.00 1,715,385.00
windy power plant
Extension support
24,960,000.00 0.00 24,960,000.00
funds
Total 26,675,385.00 0.00 26,675,385.00 --
Other notes：
50. Estimates liabilities
In RMB
Items Balance in year-end Balance in year-begin Reason
Other notes：
51.Deferred income
In RMB
Items Beginning of term Increased this term Decreased this term End of term Reason
Government subsidy 125,650,072.00 5,100,763.00 2,065,231.00 128,685,604.00
Total 125,650,072.00 5,100,763.00 2,065,231.00 128,685,604.00 --
Details of government subsidies：
In RMB
Amount
Beginning of New subsidy in transferred to Asset-relatedorin
Items Other changes End of term
term current period non-operational come-related
income
Shajiao A
Zhenkou Pump 29,313,253.00 29,313,253.00 Related to assets
house
Energy saving
23,736,827.00 4,640,000.00 148,750.00 28,228,077.00 Related to assets
funds
Tax refund for 19,517,767.00 19,517,767.00 Related to assets
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
PRC-produced
equipment
Development and
competitiveness
9,333,333.00 9,333,333.00 Related to assets
funds from
SASAC
Incentives for
energy efficiency
9,324,825.00 9,324,825.00 Related to assets
of power plant by
Dongguan city
5# generation set
of desulfurization 6,153,847.00 1,538,462.00 4,615,385.00 Related to assets
project
Expansion on
flow
4,149,062.00 4,149,062.00 Related to assets
reconstruction
project
Sha A – 2016
central finance
4,038,125.00 4,038,125.00 Related to assets
energy saving
fund
Refurbishment on
3,299,233.00 3,299,233.00 Related to assets
air preheater
Dianbai Reshui
wind power plant 3,000,000.00 3,000,000.00 Related to assets
project
Special prize
funds of recycle
economy and 2,953,988.00 2,953,988.00 Related to assets
energy saving by
Shenzhen city
Denitration
2,893,163.00 2,893,163.00 Related to assets
project
2016 Provincial
industry and
information
development
1,500,000.00 1,500,000.00 Related to assets
special fund for
technological
transformation of
enterprises
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Special funds for
differential 1,318,000.00 1,318,000.00 Related to assets
electricity price
Water-freshing
1,230,770.00 1,230,770.00 Related to assets
project
Special prize
funds of recycle
economy and 1,125,999.00 378,019.00 747,980.00 Related to assets
energy saving by
Shaoguan city
Circulating water
pump special
fund for 1,000,000.00 1,000,000.00 Related to assets
technological
renovation
1&2# Air
preheater energy 1,000,000.00 1,000,000.00 Related to assets
saving project
Development
fund for Dayakou 400,000.00 400,000.00 Related to assets
Project
Sha A – Return of
259,510.00 460,763.00 720,273.00 Related to income
port dues
Social security
treatment clearing
account relating 102,370.00 102,370.00 Related to income
to firm’s stable
position subsidy
Total 125,650,072.00 5,100,763.00 2,065,231.00 128,685,604.00 --
Other notes：
52.Other Non-current liabilities
In RMB
Items Balance in year-end Balance in year-begin
Cpaital injection 6,000,000.00 39,000,000.00
0.00
Total 6,000,000.00 39,000,000.00
Other notes：
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
53.Stock capital
In RMB
Changed（+，-）
Balance in Capitalization Balance in
Issuance of
year-begin Bonus shares of public Other Subtotal year-end
new share
reserve
Total of capital 5,250,283,986. 5,250,283,986.
shares 00
Other notes：
54. Other equity instruments
(1) Basic information of preferred stock, perpetual capital securities and other financial instruments
outstanding issued at period-end
(2) Change list of preferred stock, perpetual capital securities and other financial instruments outstanding
issued at period-end
In RMB
Financial Opening period Increase Decrease 少 Closing period
instruments
outstanding Amount Book value Amount Book value Amount Book value Amount Book value
issued
Changes, reason of change and basis of relevant accounting treatment of other equity instruments in reporting
period:
Notes:
55. Capital reserves
In RMB
Items Year-beginning balance Increase in the current Decrease in the current Year-end balance
period period
Share premium 4,445,477,866.00 4,445,477,866.00
Estimate Increase 119,593,718.00 119,593,718.00
Transfer from the
balance of capital surplus
20,474,592.00 20,474,592.00
recognised under
previous accounting
Investment from Yudean
395,000,000.00 395,000,000.00
Group
Enjoy the rights of associ 20,785,182.00 20,785,182.00
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
ated enterprise base on sh
are holding
Other 1,676,120.00 42,440.00 1,718,560.00
Total 5,003,007,478.00 42,440.00 5,003,049,918.00
Other exlanation, including changes and reasons for changes：
56.Treasury stock
In RMB
Decrease in the current
Items Year-beginning balance Increase in the current Year-end balance
period
Other notes, including changes and reason of change:
57. Other comprehensive income
In RMB
Amount of current period
Less ：
After - ta
Previously reco
After - tax attr x attribut
Year-beginning Amount for th
Items gnized in profit
Less： ibutable to the able to m Year-end balance
balance e period befor or loss in other
Income tax parent compa inority sh
e income tax comprehensive
ny areholder
income
s
2.Other comprehensive
income reclassifiable to
145,059,015.00 22,564,868.00 5,641,217.00 16,923,651.00 161,982,666.00
profit or loss in
subsequent periods
Indluding：Share of other
comprehensive income of
the investee under the
21,753,244.00 21,753,244.00
equity method that w8ill
be reclassified to profit or
loss
Gains or losses on
changes in fair value of
123,305,771.00 22,564,868.00 5,641,217.00 16,923,651.00 140,229,422.00
available-for-sale
financial assets
Total 145,059,015.00 22,564,868.00 5,641,217.00 16,923,651.00 161,982,666.00
Other explanation, including the active part of the hedging gains/losses of cash flow transfer to initial
recognization adjustment fro the arbitraged items：
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
58. Special reserves
In RMB
Decrease in the current
Items Year-beginning balance Increase in the current Year-end balance
period
Other notes, including changes and reason of change:
59. Surplus reserve
In RMB
Items Year-beginning balance Increase in the current Decrease in the current Year-end balance
period period
Statutory surplus reserve 2,428,747,208.00 212,960,545.00 2,641,707,753.00
Optional surplus reserves 4,416,254,610.00 532,401,361.00 4,948,655,971.00
Total 6,845,001,818.00 745,361,906.00 7,590,363,724.00
Other explanation, including changes reasons for changes：
Other explanation, including changes reasons for changes：
In accordance with the PRC Company Law and the Company’s Articles of Association, the Company should
appropriate 10% of net profit for the year to the statutory surplus reserve. The Company can cease appropriation
when the statutory surplus reserve accumulates to more than 50% of the registered capital. The appropriation from
discretionary surplus reserve should be approved by the Board of Directors at the general meeting of shareholders.
The surplus reserve can be used to cover the loss or increase the share capital upon approval.
According to the resolution at the general meeting of shareholders on 17 May 2017, the Company appropriated
10% of net profit for 2016, amounted to RMB212,960,545, (2016: 10% of net profit for 2015, amounted to RMB
295,088,584) to the statutory surplus reserve, and appropriate 25% of net profit for 2016, amounted to
RMB532,401,361, to discretionary surplus reserve(2016: 25% of net profit for 2015, amounted to
RMB737,721,459).
60. Retained profits
In RMB
Items Amount of this period Amount of last period
Before adjustments: Retained profits at the period
6,135,494,928.00 7,439,335,347.00
end
After adjustments: Retained profits at the period
6,135,494,928.00 7,439,335,347.00
beginning
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Add: Net profit attributable to owners of the 128,735,725.00 936,534,941.00
Company for the period
Less: Appropriation to statutory surplus reserve 212,960,545.00 295,088,584.00
Drawing discretionary surplus reserve 532,401,361.00 737,721,459.00
DrawingCommon risk provision 420,022,719.00 1,207,565,317.00
Retained profits at the period end 5,098,846,028.00 6,135,494,928.00
As regards the details of adjusted the beginning undistributed profits
(1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations, the affected
beginning undistributed profits are RMB 0.00.
(2) As the change of the accounting policy, the affected beginning undistributed profits are RMB 0.00.
(3) As the correction of significant accounting error, the affected beginning undistributed profits are RMB 0.00 .
(4) As the change of consolidation scope caused by the same control, the affected beginning undistributed profits
are RMB 0.00
(5) Other adjustment of the total affected beginning undistributed profits are RMB 0.00 .
61. Business income, Business cost
In RMB
Amount of current period Amount of previous period
Items
Income Cost Income Cost
Main business 12,301,242,987.00 11,116,293,804.00 10,169,505,901.00 7,754,418,633.00
Other business 84,243,590.00 10,396,187.00 65,483,665.00 13,491,596.00
Total 12,385,486,577.00 11,126,689,991.00 10,234,989,566.00 7,767,910,229.00
62. Business tax and subjoin
In RMB
Items Amount of current period Amount of previous period
Urban construction tax 33,337,926.00 40,671,220.00
Education surcharge 22,968,052.00 33,640,249.00
Property tax 28,969,819.00 0.00
Land use tax 11,746,353.00 0.00
vehicle and vessel usage tax 139,338.00 0.00
Stamp tax 6,935,121.00 0.00
Local Educational Surcharges 4,211,962.00 0.00
Other 210,087.00 1,796,574.00
Total 108,518,658.00 76,108,043.00
Other notes:
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
63.Sales expenses
In RMB
Items Amount of current period Amount of previous period
Business expense 593,379.00 279,213.00
Employee’s remuneration 1,854,626.00 450,769.00
Publicity Expenses 16,136.00 4,393.00
Depreciation expenses 2,093.00 2,093.00
Advertising 68,154.00 0.00
Other 254,070.00 0.00
Total 2,788,458.00 736,468.00
Other notes:
64.Administrative expenses
In RMB
Items Amount of current period Amount of previous period
Employee’s remuneration 145,944,344.00 147,466,219.00
Depreciation expenses 23,689,115.00 23,457,108.00
Repair charge 2,334,351.00 10,086,337.00
Office expenses 4,765,055.00 4,771,214.00
Insurance expenses 1,287,175.00 1,453,645.00
Travel expenses 2,717,016.00 2,715,825.00
Board of directors 335,076.00 460,554.00
Entertainment expenses 1,635,200.00 1,834,873.00
Lowsuit expenses 502,783.00 467,223.00
Amortiation of Intangible assets 26,453,221.00 24,511,460.00
Sewage charges 10,527,064.00 13,990,188.00
Consulting fee 1,662,697.00 1,848,638.00
Agency Charge 3,701,672.00 3,553,830.00
Tax fee 13,453.00 46,610,078.00
Property Management 10,341,583.00 6,832,089.00
Fire guard fee 16,957,562.00 18,244,479.00
Embankment protection fees 0.00 5,193,707.00
Health afforestation fees 5,628,871.00 6,616,228.00
Other 27,467,088.00 28,616,698.00
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Total 285,963,326.00 348,730,393.00
Other notes：
65.Financial Expenses
In RMB
Items Amount of current period Amount of previous period
668,634,978.00 727,776,774.00
Interest expenses
-32,830,879.00 -33,067,804.00
Interest income
Other 1,839,471.00 7,263,461.00
Total 637,643,570.00 701,972,431.00
Other notes：
66.Loss of assets impairment
In RMB
Items Amount of current period Amount of previous period
Other notes：
67. Gains from changes in fair value
In RMB
Source of the gains from changes in fair
Amount of this period Amount of last period
value
Other notes：
68. Investment income
In RMB
Items Amount of this period Amount of last period
Long-term equity investment income by equity
225,418,910.00 126,201,534.00
method
Hold the investment income during from
2,124,000.00 2,520,000.00
available-for-sale financial assets
Total 227,542,910.00 128,721,534.00
Other notes：
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
69.Other income
In RMB
Source Amount of current period Amount of previous period
Amortisation of government grant 2,065,231.00 0.00
VAT refund 5,092,977.00 0.00
Other 192,000.00 0.00
Total 7,350,208.00 0.00
70. Non-Operation income
In RMB
Items Amount of current period Amount of previous period Recorded in the amount of the
non-recurring gains and losses
Total gains from disposal of
1,268,222.00 130,677.00 1,268,222.00
non-current assets
Including：Gains from disposal
1,268,222.00 130,677.00 1,268,222.00
of fixed assets
Government Subsidy 8,896,831.00
Insurance indemnity 557,310.00 477,753.00 557,310.00
Other 1,096,627.00 1,104,450.00 1,096,627.00
Total 3,203,012.00 10,609,711.00 3,203,012.00
Government subsidy reckoned into current gains/losses
In RMB
Whether the
impact of
Whether Amount of Amount of Assets-relate
Issuing subsidies on
Items Reason Nature special current previous d/income
subject the current
subsidies period period -related
profit and
loss
Other notes：
71．Non-current expenses
In RMB
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
The amount of non-operating
Items
Amount of current period Amount of previous period gains & lossed
Total of non-current asset
655,630.00 170,836.00 655,630.00
Disposition loss
Incl: loss of fixed assets
655,630.00 170,836.00 655,630.00
disposition
Foreign donations 60,000.00 137,791.00 60,000.00
Fine for delaying payment 32,317,140.00 1,995,891.00 32,172,789.78
Other 541,302.00 205,312.00 541,302.00
Total 33,574,072.00 14,167,800.00 33,574,072.00
Other notes：
72. Income tax expenses
（1）．Income tax expenses
In RMB
Items
Amount of current period Amount of previous period
Current income tax expense 201,520,623.00 360,216,189.00
Deferred income tax expense -57,560,692.00 -9,523,720.00
Settlement difference adjustment 4,731,892.00 64,789,601.00
Total 148,691,823.00 415,482,070.00
（2）Adjustment on accounting profit and income tax expenses
In RMB
Items Amount of current period
Total profits 428,404,632.00
Income tax expenses calculated on legal / applicable tax rate 107,101,158.00
Impact of different tax rates of subsidiaries -6,270,781.00
Effect of tax preferential from subsidiaries 4,731,892.00
Non-taxable income -48,061,202.00
Cost, expense, and loss not deductible for tax purposes 24,956,314.00
Deductible losses of unrecognized deferred tax assets in current
0.00
period
Temporary difference on unrecognized deferred tax assets in
66,234,442.00
current period
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Income tax expense 148,691,823.00
Other notes：
73 .Other comprehensive income
More details can be seen in Note 57.
74.Items of Cash flow statement
（1）Other cash received from business operation
In RMB
Items Amount of current period Amount of previous period
Interest income 32,593,073.00 29,012,531.00
Government Subsidy 7,182,767.00 36,308,663.00
Insurance indemnity 8,879,625.00 24,365,929.00
Rent income 3,011,552.00 5,037,423.00
Other 56,204,282.00 18,484,430.00
Total 107,871,299.00 113,208,976.00
Explanation on other cash received in relateion to peration activities：
(2)Other cash paid related to oprating activities
In RMB
Items Amount of current period Amount of previous period
Sewage charges 9,416,665.00 10,425,276.82
Insurance expenses 50,406,954.00 50,340,310.06
Equipment cleaning and hygiene green fee 19,328,512.00 19,043,218.01
Transportation fee 13,833,959.00 11,982,439.35
Fire guard fee 16,074,970.00 18,244,478.83
Business fee 1,802,406.00 1,834,873.29
Agency Charge 5,007,819.00 5,402,468.61
Embankment protection fees 0.00 5,193,707.46
Office Expense 4,589,452.00 6,669,309.63
Travel expenses 4,115,623.00 4,529,068.81
Rental fee 6,470,575.00 6,359,971.79
Enterprise publicity expenses 1,380,424.00 1,556,472.89
Information system maintenance 3,020,926.00 2,703,512.64
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Water and electrical 9,807,005.00 4,485,490.28
R&D 2,872,231.00 3,070,961.84
Property Management fee 9,809,876.00 6,832,088.59
Union expenses 5,527,990.00 13,742,248.49
Other 132,723,856.00 30,276,678.61
Total 296,189,243.00 202,692,576.00
Explanation on other cash paid in relation to peration activities：
(3)Cash received related to other investment activities
In RMB
Items Amount of current period Amount of previous period
Explanation on cash received from other investment activities：
(4).Cash paid related to other investment activities
In RMB
Items Amount of current period Amount of previous period
Explanation on cash payable from other investment activities：
（5）Other cash received in relation to financing activities
In RMB
Items Amount of current period Amount of previous period
Fractional income 42,440.00
Total 42,440.00
Explanation on other cash received in relation to financing activities：
（6）Cash paid related with financing activities
IIn RMB
Items Amount of current period Amount of previous period
Yuejia Compan paid the minority
5,493,800.00
shareholders capital
Total 5,493,800.00
Explanation on cash paid related with financing activities：
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
75. Supplement Information for cash flow statement
（1）Supplement Information for cash flow statement
In RMB
Items Amount of current period Amount of previous period
I. Adjusting net profit to cash flow from
-- --
operating activities
Net profit 279,712,809.00 1,049,213,377.00
Depreciation of fixed assets, oil and gas
1,893,466,852.00 1,967,464,053.00
assets and consumable biological assets
Amortization of intangible assets 27,092,745.00 24,511,460.00
Amortization of Long-term deferred
3,053,545.00 1,422,220.00
expenses
Loss on disposal of fixed assets, intangible
-612,592.00 40,159.00
assets and other long-term deferred assets
Financial cost 687,249,045.00 727,776,774.00
Loss on investment -227,542,910.00 -128,721,534.00
Decrease in deferred income tax assets -39,022,910.00 -9,135,247.00
Increased of deferred income tax liabilities -12,896,565.00 -388,473.00
Decrease of inventories -148,955,924.00 -125,401,984.00
Decease of operating receivables -6,141,117.00 90,976,269.00
Increased of operating Payable -876,477,694.00 1,098,743,108.00
Net cash flows arising from operating
1,578,925,284.00 4,696,500,182.00
activities
II. Significant investment and financing
-- --
activities that without cash flows:
III．Movement of cash and cash equivalents： -- --
Ending balance of cash equivalents 4,896,743,201.00 6,108,160,833.00
Less: Beginning balance of cash equivalents 5,184,873,650.00 5,227,406,725.00
Net increase of cash and cash equivalents -288,130,449.00 880,754,108.00
(2) Net Cash paid of obtaining the subsidiary
In RMB
Amount
Including --
Including --
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Including --
Other notes：
(3) Net Cash receive of disposal of the subsidiary
In RMB
Amount
Including --
Including --
Including --
Other notes：
（4）Composition of cash and cash equivalents
In RMB
Items Balance in year-end Balance in year-Beginning
I. Cash 4,896,743,201.00 5,184,873,650.00
Including：Cash at hand 72,714.00 49,457.00
Demand bank deposit 4,896,670,487.00 5,184,824,193.00
III. Balance of cash and cash equivalents at
4,896,743,201.00 5,184,873,650.00
the period end
76. Note of statement of changes in the owner's equity
Explain \"other\" project name and adjustment amount of the adjustment of closing balance in previous year, etc.:
77. The assets with the ownership or use right restricted
In RMB
Items Closing book value Causation of limitation
Fixed assets 730,628,356.00 Long-term loans mortgage assets
Unit construction financing Electricity bill
Account receivable 121,354,261.00
pledge the transferor
Total 851,982,617.00 --
Other notes：
78. Foreign currency monetary items
(1) Foreign currency monetary items
In RMB
Closing foreign currency Closing convert to RMB
Items Exchange rate
balance balance
Monetary capital -- -- 12,465.00
Including：USD 190.00 6.77 1,286.00
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Euro 0.00
HKD 12,881.00 0.87 11,179.00
Long –term loans -- -- 93,279,865.00
Including：USD 12,362,014.00 6.77 83,690,835.00
Euro 1,237,358.00 7.75 9,589,030.00
Other notes：
(2) Note to overseas operating entities, including important overseas operating entities, wich should be disclosed
about its principal business place, function currency for bookkeeping and basis for the choice. In case of any
change in function currency, the cause should be disclosed.
□ Applicable √ Not applicable
79. Hedging
Disclose hedging items by type of hedging as well as relevant arbitrage tool, qualitative and quantitative
information for arbitrage project:
80.Other
VIII. Changes of consolidation scope
1. Enterprise consolidation not under the same control
（1）Business combinations not under common control in the reporting period
In RMB
Revenue of Net profit of
Recognition
Timing of Costs for Proportion of Method of the acquiree the acquiree
Acquistition basis of the
Acquiree acquisition of acquisition of equities acquisition of from the from the
date acquisition
equities equities acquired (%) equities acquisition acquisition
date
date date
Other notes：
（2）Combination cost and goodwill
In RMB
Combination cost
Notes to determination method, consideration and changes of fair value of combined cost:
The main formation reason for the large goodwill:
Other notes:
(3) The identifiable assets and liabilities of acquiree at purchase date
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
In RMB
Fair value on the acquisition date Book value on the acquisition date
Determination method for fair value of the identifiable assets and liabilities:
Contingent liability of the acquiree bear during combination:
Other explanation:
(4) The profit or loss from equity held by the date before acquisition in accordance with the fair value
measured again
Whether there is a transaction that through multiple transaction step by step to realize enterprises merger and
gaining the controlduring the reporting period
□ Yes √ No
(5) Note to merger could not be determined reasonable consideration or Identifiable assets, Fair value of
liabilities of the acquiree at acquisition date or closing period of the merge
(6) Other notes:
2. Business combination under the same control
(1) Business combination under the same control during the reporting period
In RMB
Income from Net profits
the from the
Recognition Income Net profits
period-begin reporting
Combined Proportion of Combination basis of during the during the
Basis to the period to the
party the profits date combination period of period of
combination combination
date comparison compairsion
date of the date of the
combination combination
Other notes：
(2) Combination cost
In RMB
Combination cost
Notes to contingent consideration or other changes:
Other notes:
(3) The book value of the assets and liabilities of the combined party at combining date
In RMB
Combination date Last closing period
Notes to contingent consideration or other changes:
Other notes:
3. Counter purchase
Basic information of trading, the basis of transactions constitute counter purchase, the retain assets , liabilities of
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
the listed companies whether constituted a business and its basis, the determination of the combination costs, the
amount and calculation of adjusted rights and interests in accordance with the equity transaction process.
4. The disposal of subsidiary
Whether there is a single disposal of the investment to subsidiary and lost control
□ Yes √ No
Whether there are multiple transactions step by step dispose the investment to subsidiary and lost control in
reporting period
□ Yes √ No
5. Other reasons for the changes in combination scope
Notes to reasons for the changes in combination scope (Newly established subsidiary and subsidiary of liquidation)
and relevant information:
6.Other
IX. Equity in other entity
1. Equity in subsidiary
（1）Constitute of enterprise group
Main Registered Business Share-holding ratio
Subsidiary Acquired way
operation place nature Directly Indirectly
Electric
Maoming Zhenneng Maoming Maoming 66.61% Establish
Jianghai Power Jieyang Jieyang Electric 65.00% Establish
Electric
Zhangjiang Wind Power Zhanjiang Zhangjiang 70.00% Establish
Anxin Electric Power Maintenance Dongguan Dongguan Electric 100.00% Establish
Humen Power Dongguan Dongguan Electric 60.00% Establish
Electric
Bohe Electric Power Maoming Maoming 100.00% Establish
Combination
Yuheng Electronic Zhanjiang Zhanjiang Electric 76.00% under common
control
Electric
Xuwen Wind Power Zhangjiang Zhanjiang 70.00% Establish
Huadu Natural gas Guangzhou Guangzhou Electric 65.00% Establish
Electric
Dapu Power Meizhou Meizhou 100.00% Establish
Leizhou Wind Power Leizhou Leizhou Electric 80.00% 14.00% Establish
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Electric
Dianbai Wind Power Maoming Maoming 100.00% Establish
Combination
Zhanjiang Power Zhangjiang Zhangjiang Electric 76.00% under common
control
Combination
Electric
Yuejia Power Meizhou Meizhou 58.00% under common
control
Combination
Yuejiang Power Shaoguan Shaoguan Electric 90.00% under common
control
Combination
Electric
Zhongyue Energy Zhanjiang Zhanjiang 90.00% under common
control
Electric sales Guangzhou Guangzhou Electric 100.00% Establish
Electric
Qujie Wind Power Zhanjiang Zhanjiang 100.00% Establish
Yangjiang Wind Power Yangjiang Yangjiang Electric 100.00% Establish
Combination
Electric under non
Lincang Energy Lincang Lincang 100.00%
common
control
Combination
Guangqian Electric Power Shenzhen Shenzhen Electric 100.00% under common
control
Combination
Electric
Huizhou Natural gas Huizhou Huizhou 67.00% under common
control
Combination
Electric
Pinghai Power Plant Huizhou Huizhou 45.00% under common
control
Combination
Shibeishan Wind Power Jieyang Jieyang Electric 70.00% under common
control
Combination
Electric
Red Bay Power Shanwei Shanwei 65.00% under common
control
Combination
Guangdong Wind Power Guangzhou Guangzhou Electric 100.00% under non
common
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
control
Pingyuan Wind power Meizhou Meizhou Electric 100.00% Establish
Electric
Heping Wind power Heyuan Heyuan 100.00% Establish
Combination
Electric
Huilai Wind Power Jieyang Jieyang 70.00% under common
control
Electric
Hongrui Technology Shaoguan Shaoguan 90.00% Establish
Electric
Yongan Natural gas Zhaoqing Zhaoqing 90.00% Establish
Explanation on share-holding ratio in subsidiary different from ratio of voting right：
The voting rights proportion of the Company over its subsidiary: Zhanjiang Wind Power, Xuwen Wind Power,
Leizhou Wind Power, Yuejia Electric and Shibeishan are 60.00%, 60.00%, 60.00%, 56.00% and 60.00%,
respectively, determined based on relevant rules of these subsidiaries’ articles of association. As such, the
Company’s voting proportion and shareholding percentage are not consistent.
Basis for controlling the invested entity with half or below voting rights held and without controlling invested
entity but with over half and over voting rights：
Pinghai power was bought by the Company in 2012 by offered non-public shares from Yudean. According to
the agreement between Yudean and Huaxia Electric, which holds 40% share interest in Pinghai Power, the
delegated shareholder and director from Huaxia Electric maintain consensus with those of Yudean when
exercising their voting rights during shareholder and board meeting; while after Yudean transferred its 45%
shareholding of Pinghai Power to the Company, the delegated shareholder and director from Huaxia Electric also
maintain consensus with those of the Company when exercising their voting rights during shareholder and board
meeting. On account of the above facts, with the control power of Pinghai Power, Huaxia Electric enjoys variable
returns through involving in its relevant activities and has the ability to make use of its power to influence the
amount of returns. Therefore, the Company owns the control power over Pinghai Power.
Controlling basis for the structuring entity included in consolidated range：
Basis on determinning to be a agent or consignor：
Other notes：
（2）Significant not wholly-owned subsidiaries
In RMB
Profit or loss attributable
Holding proportion of Dividend declared to Closing balance of
Name to non-controlling
non-controlling interest non-controlling interest non-controlling interest
interest
Jinghai Power 35.00% 8,735,178.00 131,516,240.00 1,187,364,478.00
Zhanjiang Power 24.00% 13,080,639.00 15,765,106.00 954,741,304.00
Zhongyue Energy 10.00% -2,998,235.00 0.00 123,000,905.00
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Pinghai Power plant 55.00% 136,872,118.00 70,479,693.00 1,044,317,751.00
Red Bay 35.00% 28,843,287.00 65,318,133.00 1,109,725,693.00
Other notes：
（3）Main financial information of significant not wholly-owned subsidiaries
In RMB
Closing balance Beginning balance
Non-curr Non-curr
Subsidia Non-curr Non-curr
Current Total Current ent Total Current Total Current ent Total
ries ent ent
assets assets liabilities Liabilitie liabilities assets assets liabilities Liabilitie liabilities
assets assets
s s
Jinghai 1,273,32 8,598,68 9,872,00 2,789,55 3,689,97 6,479,53 1,040,86 8,869,63 9,910,49 1,945,97 4,221,24 6,167,22
Power 1,506.00 3,376.00 4,882.00 5,106.00 9,838.00 4,944.00 2,549.00 1,166.00 3,715.00 9,818.00 0,924.00 0,742.00
Zhanjian 2,650,73 1,646,25 4,296,99 311,292, 7,610,26 318,902, 2,635,81 1,628,72 4,264,54 266,643, 8,623,65 275,267,
g Power 9,960.00 1,527.00 1,487.00 461.00 1.00 722.00 1,946.00 9,534.00 1,480.00 782.00 2.00 434.00
Zhongyu 1,075,44 4,043,39 5,118,84 2,187,01 1,701,82 3,888,83 787,500, 4,174,81 4,962,31 2,300,14 1,402,17 3,702,31
e Energy 6,900.00 8,472.00 5,372.00 5,830.00 0,496.00 6,326.00 368.00 0,283.00 0,651.00 9,103.00 0,149.00 9,252.00
Pinghai
1,176,75 5,024,02 6,200,78 1,796,22 2,505,79 4,302,02 1,305,07 5,218,72 6,523,79 1,778,70 2,795,03 4,573,74
Power
8,570.00 9,020.00 7,590.00 8,371.00 9,671.00 8,042.00 2,062.00 2,817.00 4,879.00 9,983.00 8,849.00 8,832.00
plant
926,075, 6,286,28 7,212,36 2,014,71 2,027,00 4,041,71 952,162, 6,568,48 7,520,64 2,218,79 2,027,00 4,245,79
Red Bay
165.00 8,360.00 3,525.00 8,688.00 0,000.00 8,688.00 266.00 6,587.00 8,853.00 0,170.00 0,000.00 0,170.00
In RMB
Current term Last term
Cash flow Cash flow
Total Total
Subsidiaries Operating from Operating from
Net profit comprehensi Net profit comprehensi
revenue operating revenue operating
ve income ve income
activities activities
Jinghai 2,039,554,63 24,957,651.0 24,957,651.0 413,666,161. 1,893,497,35 308,822,089. 308,822,089. 908,604,845.
Power 8.00 0 0 00 6.00 00 00
Zhanjiang 788,546,128. 54,502,661.0 54,502,661.0 179,237,568. 712,964,181. 114,463,937. 114,463,937. 221,511,879.
Power 00 0 0 00 00 00 00
Zhongyue 939,029,047. -29,982,353.0 -29,982,353.0 21,565,511.0 579,021,644. -20,634,926.0 -20,634,926.0 220,510,244.
Energy 00 0 0 0 00 0 0
Pinghai 1,648,628,42 248,858,396. 248,858,396. 545,126,473. 1,071,592,03 217,878,039. 217,878,039. 587,380,149.
Power plant 3.00 00 00 00 7.00 00 00
Red Bay 1,859,528,65 82,409,392.0 82,409,392.0 444,425,499. 1,482,420,96 214,574,280. 214,574,280. 996,511,695.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
4.00 0 0 00 5.00 00 00
Other notes
(4) Significant restrictions of using enterprise group assets and pay off enterprise group debt
(5) Provide financial support or other support for structure entities incorporate into the scope of
Other notes
2. The transaction of the Company with its owner’s equity share changed but still controlling the subsidiary
(1) Note to owner’s equity share changed in subsidiary
(2) The transaction’s influence to equity of minority shareholders and attributable to the owner's equity of
the parent company
In RMB
Other notes
3. Equity in joint venture arrangement or associated enterprise
(1) Significant joint venture arrangement or associated enterprise
Name of Main Places of Registration Nature of Shareholding Ratio (%) Obtaining
Subsidiary Operation Place Business direct indirect Method
Joint ventures：
Industry Fuel Guangzhou Guangzhou Fuel trade 50.00% Equity method
Associates ：
Yudean Finance Guangzhou Guangzhou Finance 25.00% Equity method
Shanxi Yudean
Taiyuan Taiyuan Coal investment 40.00% Equity method
Enerty
Taishan Power
Taishan Taishan Electric 20.00% Equity method
Generation
Yudean Insurance Guangzhou Guangzhou Insurance 49.00% Equity method
Notes to holding proportion of joint venture or associated enterprise different from voting proportion:
Basis of holding less than 20% of the voting rights but has a significant impact or holding 20% or more voting
rights but does not have a significant impact:
（2）Main financial information of Significant joint venture
In RMB
Amount of current period Amount of previous period
Industry Fuel Industry Fuel
Current assets 3,118,023,480.00 2,795,941,710.00
Including ：Cash and cash equivalent 1,018,624,296.00 765,618,880.00
Non-current assets 70,788,920.00 243,947,673.00
Total of assets 3,188,812,400.00 3,039,889,383.00
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Current liabilities 2,240,285,797.00 1,870,177,206.00
Total liabilities 2,240,285,797.00 1,870,177,206.00
Attributable to shareholders of the parent
948,526,603.00 1,169,712,177.00
company
Share of net assets calculated by stake 474,263,302.00 584,856,088.00
--Other -614,728.00 -614,728.00
Book value of equity investment in joint
473,648,574.00 584,241,360.00
venture
Business income 9,762,707,487.00 5,301,238,839.00
Financial expenses -5,148,310.00 -11,516,927.00
Income tax 23,646,185.00 23,172,199.00
Net profit 70,938,555.00 68,086,681.00
Total comprehensive income 70,938,555.00 68,086,681.00
Dividends received from the joint venture
59,231,115.00 79,989,336.00
this year
Other notes
(3) Main financial information of significant associated enterprise
In RMB
Closing balance/This period Opening balance/Last period
Taishan Power Taishan Power
Yudean Finance Shanxi Enerty Yudean Finance Shanxi Enerty
Generation Generation
Current assets 5,698,154,959.00 65,354,498.00 1,429,416,580.00 5,211,498,322.00 104,203,352.00 1,442,926,060.00
Non-current
12,456,857,100.00 2,897,157,163.00 10,885,624,671.00 11,831,239,639.00 2,624,640,590.00 13,558,011,862.00
assets
Total of assets 18,155,012,059.00 2,962,511,661.00 12,315,041,251.00 17,042,737,961.00 2,728,843,942.00 15,000,937,922.00
Current
15,522,167,101.00 73,562,058.00 4,680,241,099.00 14,425,370,556.00 232,860,464.00 5,147,444,203.00
liabilities
Non-current
150,000,000.00
liabilities
Total liabilities 15,522,167,101.00 223,562,058.00 4,680,241,099.00 14,425,370,556.00 232,860,464.00 5,147,444,203.00
Minority
shareholder 1,039,584.00
Equity
Attributable to
shareholders
2,632,844,958.00 2,738,949,603.00 7,634,800,153.00 2,617,367,405.00 2,495,983,478.00 9,852,454,135.00
of the parent
company
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Share of net
assets
658,211,240.00 1,095,579,841.00 1,526,960,031.00 654,341,853.00 998,393,391.00 1,970,490,827.00
calculated by
stake
--Goodwill 13,325,000.00 13,325,000.00
Book value of
equity
671,536,240.00 1,095,579,841.00 1,526,960,031.00 667,666,853.00 998,393,391.00 1,970,490,827.00
investment in
associates
Business
288,014,924.00 558,089.00 3,240,744,080.00 297,690,340.00 563,903.00 2,706,581,671.00
income
Net profit 184,657,686.00 262,966,125.00 315,111,648.00 174,374,625.00 21,886,301.00 584,920,161.00
Other
comprehensive 184,657,686.00 262,966,125.00 315,111,648.00
income
Total
comprehensive 184,657,686.00 262,966,125.00 315,111,648.00 174,374,625.00 21,886,301.00 584,920,161.00
income
Dividends
received from
the
42,295,033.00 8,000,000.00 59,406,856.00
associated
enterprise
this year
Other notes
(4) Summary financial information of insignificant joint venture or associated enterprise
In RMB
Amount of current period Amount of previous period
Joint venture: -- --
The total number of the following -- --
Associated enterprise： -- --
Total investment book value 1,343,539,880.00 1,211,845,318.00
The total number of the following -- --
--Net profit -6,772,948.00 -59,965,371.00
Other comprehensive income 970,838.00
Total comprehensive income -6,772,948.00 -58,994,533.00
Other notes
(5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer funds
to the Company
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
(6) The excess loss of joint venture or associated enterprise
In RMB
The cumulative recognized The derecognized losses or the The noncumulative
Name losses in previous share of net profit in reporting unrecognized losses in reporting
accumulatively derecognied period period
Other notes
(7) The unrecognized commitment related to joint venture investment
(8) Contingent liabilities related to joint venture or associated enterprise investment
4. Significant common operation
Main operating place Proportion/share portion
Name Registration place Business nature
Registration place Directly Indirectly
Note to holding proportion or share portion in common operation different from voting proportion:
Basis of common operation as a single entity, classify as common operation
Other notes
5. Equity of structure entity not including in the scope of consolidated financial statements
Related notes to structure entity not including in the scope of consolidated financial statements
6.Other
X.Risk related to financial nstruments
The Group has exposure to the following risks from its use of financial instruments in
the normal course of the Group‘s operations, which mainly include: Credit risk, Liquidity risk, Interest rate risk and
Foreign exchange risk.This note presents information about the Group’s exposure to each of the above risks
and their sources and changes during the year, the Group’s objectives, policies and processes for measuring and
managing risks and their changes during the year. The Group aims to seek the appropriate balance between the risks
and benefits from its use of financial instruments and to mitigate the adverse effects that the risks of financial
instruments have on the Group‘s financial performance. Based on such objectives, the Group‘s risk management
policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and
controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed
regularly to reflect changes in market conditions and the Group‘s activities.
(1) Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing
to discharge an obligation. The Group’s credit risk is primarily attributable to cash at bank and receivables.
Exposure to these credit risks are monitored by management on an ongoing basis.
The cash at bank of the Group is mainly held with well-known financial institutions in China, which have no any
default records of paying deposits and interests. Management does not foresee any significant credit risks from these
deposits and does not expect that these financial institutions may default and cause losses to the Group. Accounts
receivable of the Group are mainly electricity payment due from GPGC, entrusted loans due from related parties.
Management continues to perform credit assessment on the debtors’ financial position, but usually does not require
collaterals for outstanding debts. In view of the liquidity of outstanding amounts, management had provision for
corresponding bad debts and the actual losses on bad debts were within their expectation. Based on the past record
of debtors and the positive recovery of accounts receivable, management thinks the Group has no significant credit
risk over accounts receivable.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
As at 30 June 2017, the debtors that are past due but not impaired based on individual or collective assessment are
not significant.
(2) Liquidity risk
Liquidity risk is the risk that an enterprise will encounter difficulty in meeting obligations associated with financial
liabilities. the Group’s current liabilities was more than its current assets of RMB 6.528 billion（December 31,
2016：RMB 5.712 billion）, implying the Group is exposed to certain liquidity risks. Management ensures the
liquidity risk is within a controllable range with the following measures:
(a) Use the existing financing credit to repay the Group’s liabilities and fulfil the
requirement of the Group’s capital expenditure;
(b) Expedite the approval procedure of relevant documents to secure credit line subject to the approval of the
construction of new units;
(c) Obtain stable cash inflow from operating activities;
(d) Closely monitor and control the payment amount and time required for the construction of new power station
and the purchase of new generators.
(3) Interest rate risk
The Group has no other significant interest-bearing assets except for cash at banks and entrusted loans. The Group
earns interest income from cash at banks at floating rates published by the banks from time to time. Any change in
the interest rate published by the banks is not considered to have significant impact to the Group.
The Group’s interest rate risk mainly arises from long-term interest-bearing borrowings, including long-term bank
borrowings, corporate bonds issued and finance lease payable.Interest-bearing financial instruments at fixed rates
and variable rates expose the Group to fair value interest rate risk and cash flow interest risk, respectively. The
Group determines the appropriate weightings of the fixed and floating rate interest-bearing instruments based on the
current market conditions and performs regular reviews and monitoring to achieve an appropriate mix of fixed and
floating rate exposure. The Group does not enter into financial derivatives to hedge interest rate risk.
(4) Foreign exchange risk
Exchange risks that the Group is exposed to are generally related to USD, EUR and HKD. The Group settles all
major business transactions in RMB except for capital contribution from foreign investors, income from certified
emission reduction, long-term loans and dividends to foreign investors. RMB is still not able to exchange
into other currencies because of the restrictions announced by the Chinese government on RMB exchange rate and
foreign currency control. Therefore, all monetary assets and liabilities denominated in foreign currencies are
exposed to any fluctuation in exchange rates.
XI. Disclosure of fair value
1. Ending fair value of the assets and liabiliies measured by fair value
In RMB
Ending fair value
Items
First-order Second-order Third-order Total
1. Sustaining measured by
-- -- -- --
fair value
（1）Available-for –sale
442,301,175.00 442,301,175.00
financial assets
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
（2）Investment interest
442,301,175.00 442,301,175.00
tools
II. Non –persistent
-- -- -- --
measure
2.Recognized basis for the market price sustaining and non-persistent measured by fair value oon first-order
For the available-for-sale financial assets in an active market, their fair values are measured at the quoted price at
balance sheet date.
3. Valuation technique and qualitative and quantitative information on major parameters for the fair value measure
sustaining and non-persistent on second-order
Except for available-for-sale financial assets that measured at historical cost not being able to gain fair value, the
carrying amounts of financial assets and financial liabilities not measured at fair value are not materially different
from their fair values.
4. Valuation technique adopted and nature and amount determination of important parameters for
consistent and inconsistent fair value measurement items at level 3
5. Sensitiveness analysis on unobservable parameters and adjustment information between opening and
closing book value of consistent fair value measurement items at level 3
6. Explain the reason for conversion and the policy governing when the conversion happens if conversion
happens among consistent fair value measurement items at different levels
7. Changes in the valuation technique in the current period and the reason for change
8. Fair value of financial assets and liabilities not measured at fair value
9.Other
XII.Related parties and related-party transactions
1. Parent company information of the enterprise
Vote right ratio of
Share ratio of parent
Parent company parent company
Registration place Nature Registered capital company against the
name against the
company(%)
company(%)
Power plant
Guangdong Yudean operating,electricity
Guangzhou 23,000,000,000 67.39% 67.39%
Group assets management,
electricity generation
Explanation on parent company of the enterprise
On August 8, 2001, Guangdong Provincial Government had taken the lead in the implementation of the reform of
electric power system. Guangdong Electric power Group was established by inheriting the electricity generation
business of Guangdong electric Power Group Company and its registered capital is RMB 23 billion, with 76%
stake held by Guangdong Provincial People's Government and 24% stake held by China Hua Neng Group,
owning more than 13,000 staff now, and the company is the strongest
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Ultimate controller os the Company is Guangdong Provincial People’s Govemment state owned assets supervision
and Administration Commission.
Notes：
2.Subsidiary of the Enterprise
See to Notes IX.1.
3.Cooperative enterprise and joint venture
See Notes IX.2.
Other cooperative enterprise and joint venture that have related transaction with the Company in the Period or
occurred in pervious period：
Name Relationship
Industry Fuel Joint venture
Taishan Electric Associate
Shanxi Yudean Energy Associate
Guangdong Yudean Finance Associate
Yudean West Investment Associate
Guangdong Yudean Shipping Associate
Weixin Yuntou Yudean Zhaxi Associate
Huaneng Shantou Wind Power Associate
Yangshan Jiangkeng Hydropower station Associate
Yangshan Zhongxinkeng Power Associate
Other notes
4.Other related party
Other related party Relationship with the Enterprisse
Maoming Thermal power Plant Controlled by Yudean
Shaoguan Power Generation plant Controlled by Yudean
Shaoguan D plant Controlled by Yudean
Shajiao C plant Controlled by Yudean
Yudean Xinfengjiang Controlled by Yudean
Zhuhai Power Generation Plant Controlled by Yudean
Zhuhai Jinwan Controlled by Yudean
Biomass Electric Power Controlled by Yudean
Yudean PM Controlled by Yudean
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Yueyang Power Generation Controlled by Yudean
Yudean Information Technology Controlled by Yudean
Yudean Property Controlled by Yudean
Zhuhai Hengda Energy Controlled by Yudean
Yudean Environmental protection Controlled by Yudean
Shenzhen Tianxin Controlled by Yudean
Huangpu Electric Power Engineering Controlled by Yudean
Huangpu Yuehua Human Resources Controlled by Yudean
Yudean Menghua New Energy Controlled by Yudean
Chaokang Investment Controlled by Yudean
Yuehua Power Generation Controlled by Yudean
Hailingwan LNG Controlled by Yudean
Lianzhou Electric Plant Controlled by Yudean
Yunhe Power Generation Controlled by Yudean
Yuelong Power Generation Controlled by Yudean
Zhongshan Thermal power Controlled by Yudean
Port of Yangjiang Controlled by Yudean
Yudean Natural gas Controlled by Yudean
Guanghe Electric Controlled by Yudean
Haidian Shippping Controlled by Yudean
Other notes
5. Related transactions.
（1）Related transactions on purchasing goods and receiving services
Acquisition of goods and reception of labor service
In RMB
Whether over the
Related party Content Current amount Approval trading limit Last amount
trading limit(Y/N)
Fuel Company Fuel purchase 6,815,959,245.00 No 2,921,964,877.00
Yudean Natural gas Fuel purchase 99,369,938.00 No 0.00
Yudean
Environment Material purchase 57,013,375.00 No 37,885,800.00
Protection
Acceptance of
Yudean Shipping 12,606,792.00 No 11,287,925.00
tugboat services
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Acceptance of
Yudean Property
management 12,828,482.00 No 13,161,382.00
Management
services
Guangzhou
Huangpu Electric Maintenance
2,987,898.00 No 2,823,555.00
Power Engineering services
Co., Ltd.
Acceptance of
Yangjiang Port 3,327,803.00 No 2,324,268.00
tugboat services
Yudean Property Leasing service 32,966.00 No 1,071,805.00
Acceptance of
Yudean Information management 454,427.00 No 1,202,279.00
services
Huangpu Yuehua Human receivaces 1,438,680.00 No 1,481,840.00
Yudean Yunhe
Electric purchase 777,641.00 No 0.00
Power Generation
Yuuhua Power
Electric purchase 20,367,239.00 No 0.00
Generation
Zhuhai Jinwan
Electric purchase 14,669,222.00 No 0.00
Power Generation
Guanghe Electric
Electric purchase 10,249,291.00 No 0.00
Power
Yuelong Power
Electric purchase 3,699,971.00 No 0.00
Generation
Sales of goods and services
In RMB
Related parties Content Occurred current term Occurred in previous term
Yudean Environment Protection Sale of Material 34,746,789.00 32,839,559.53
Providing maintenance
Shajiao C 1,113,144.00 12,187,615.41
services
Zhuhai Jinwan Power Providing maintenance
126,904.00 1,229,312.10
Generation Co., Ltd. services
Yudean Yunhe Power Providing maintenance
9,463,005.00 0.00
Generation services
Guangdong Haidian Shipping
Service 0.00 2,912.82
Co., Ltd.
Notes
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
（2）Related trusteeship or contracting
Related trusteeship or contracting in which the Company is the undertake
In RMB
Gains from the
Name of the Name of the Asset situation of
Start date Terminating date Pricing basis deal in report
employer undertaker the undertaker
period
Notes
(3) Information of related lease
The company eas lessor:
In RMB
The lease income confirmed in The lease income confirmed in
Name of lessee Category of leased assets
this year last year
The Company was lessee：
In RMB
The lease income confirmed in
Lessor Category of leased assets Category of leased assets
this year
Yudean Property Property Leasing 32,966.00 2,171,974.00
Maoming Thermal power plant Property Leasing 74,003.00 51,802.00
Notes
（4）Status of related party guarantee
As a guarantor for the company
In RMB
Execution accomplished
Guarantor Guarantee amount Start date End date
or not
As a secured party for the company
In RMB
Execution accomplished
Guarantor Guarantee amount Start date End date
or not
Statement on related guarantees
(5) Inter-bank lending of capital of related parties：
In RMB
Related party Amount borrowed and Initial date Due date Notes
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
loaned
Borrowed
Guangdong Yudean
200,000,000.00 March 6, 2017 March 5,2018
Finance Co., Ltd.
Guangdong Yudean
100,000,000.00 April 25,2017 April 24,2018
Finance Co., Ltd.
Guangdong Yudean
100,000,000.00 April 28, 2017 April 27,2018
Finance Co., Ltd.
Guangdong Yudean
100,000,000.00 May 2,2017 May 1,2018
Finance Co., Ltd.
Guangdong Yudean
300,000,000.00 May 2,2017 May 1,2018
Finance Co., Ltd.
Guangdong Yudean
759,860,000.00 May 20,2017 May 19,2020
Finance Co., Ltd.
Guangdong Yudean
100,000,000.00 January 1,2017 June 30,2017
Finance Co., Ltd.
Guangdong Yudean
100,000,000.00 Janaury 1,2017 June 8,2017
Finance Co., Ltd.
Guangdong Yudean
100,000,000.00 June 8,2017 June 30,2017
Finance Co., Ltd.
Guangdong Yudean
100,000,000.00 June 23,2017 June 30,2017
Finance Co., Ltd.
Guangdong Yudean
50,000,000.00 January 1,2017 June 27,2017
Finance Co., Ltd.
Guangdong Yudean
50,000,000.00 June 28,2017 June 30,2017
Finance Co., Ltd.
Guangdong Yudean
50,000,000.00 January 1,2017 June 30,2017
Finance Co., Ltd.
Guangdong Yudean
50,000,000.00 January 1,2017 June 30,2017
Finance Co., Ltd.
Guangdong Yudean
80,000,000.00 January 1,2017 June 30,2017
Finance Co., Ltd.
Guangdong Yudean
100,000,000.00 January 1,2017 June 30,2017
Finance Co., Ltd.
Guangdong Yudean
140,000,000.00 January 1,2017 June 30,2017
Finance Co., Ltd.
Guangdong Yudean
10,000,000.00 January 1,2017 April 17,2017
Finance Co., Ltd.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2017
Guangdong Yudean
183,102,299.00 December 25,2013 December 24,2028
Finance Co., Ltd.
Guangdong Yudean
430,000,000.00 December 6,2007 December 5,2025
Finance Co., Ltd.
Guangdong Yudean
100,000,000.00 December 19,2016 February 9,2017
Finance Co., Ltd.
Guangdong Yudean
100,000,000.00 December 19,2016 February 27,2017
Finance Co., Ltd.
Guangdong Yudean
100,000,000.00 December 19,2016 March 1,2017
Finance Co., Ltd.
Guangdong Yudean
50,000,000.00 November 16,2016
