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粤电力A(000539)公告正文
粤电力B:2010年半年度报告(英文版)
&&&&Guangdong&Electric&Power
&&&&Development&Co.,&Ltd.
&&&&Semi-Annual&Report&2010
&&&&August&20,20102
&&&&Important&Notices
&&&&The&Board&of&directors&and&directors&of&the&Company&hereby&guarantees&that&there&are
&&&&no&false&records,&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&.
&&&&Vice&Board&chairman&Liu&Qian,&Director&Hong&Rongkun,&Directors&Wu&Bin,Director
&&&&Wu&Xu&and&Independent&director&Yang&Zhishan&did&not&attend&the&meeting&in&person
&&&&due&to&business,&who&respectively&authorized&Director&Li&Zhuoxian&,&Director&Gao
&&&&Shiqiang&,Independent&director&Zhang&Yao&and&Independent&Director&Sha&Qilin&to
&&&&attend&the&meeting&and&exercise&voting&right&on&their&behalf.
&&&&Chairman&of&the&Board&of&Directors,&Pan&Li,&General&Manager,&Lin&Shizhuang&,and&Financial
&&&&Deputy&General&Manager,&Li&Xiaoqing&and&Financial&Manager&,Liu&Xuemao&represent&and
&&&&warrant&the&financial&and&accounting&report&in&the&Semi-annual&report&is&true&and
&&&&complete.
&&&&The&financial&report&of&the&semi-annual&report&has&not&been&audited.3
&&&&Table&of&contents
&&&&I.&Basic&information&of&the&Company
&&&&II.Highlights&of&financial&data&and&indicators
&&&&III.&Change&of&share&Capital&and&Shareholding&of&principal&shareholders
&&&&rmation&about&Directors,&Supervisors&and&senior&Executives
&&&&V.Discussion&and&Analysis&of&Management
&&&&VI.Important&Events
&&&&VII.Financial&Report
&&&&VIII.&Documents&for&reference4
&&&&I.&Basic&Information&of&the&Company
&&&&(I)&Statutory&name&of&the&Company&in&Chinese:广东电力发展股份有限公司
&&&&Name&in&English:GUANGDONG&ELECTRIC&POWER&DEVELOPMENT&CO.,LTD.
&&&&English&abbreviation:GED
&&&&(2)Stock&exchange&for&listing:Shenzhen&Stock&Exchange
&&&&Stock&abbreviation:Yue&Dian&Li&A,&Yue&Dian&Li&B
&&&&Stock&code:0539
&&&&(3)Registered&address&of&Company:23-26/F,&South&Tower,&Yudian&Plaza&,&2&Tianhe&Dong
&&&&Road,&Guangzhou,&Guangdong&Province
&&&&Office&address:23-26/F,&South&Tower,&Yudian&Plaza&,&2&Tianhe&Dong&Road,&Guangzhou,
&&&&Guangdong&Province
&&&&Company’s&web&site:.cn
&&&&Company’s&E-mail:.cn
&&&&4)Legal&Representative:Pan&Li
&&&&General&Manager:Lin&Shizhuang
&&&&(5)Secretary&to&the&board&of&Directors:Liu&Wei
&&&&Contact&Tel:(020)
&&&&E-mail:.cn
&&&&Representative&of&stock&affairs:Liang&Jiangyong
&&&&Contact&Tel:(020)
&&&&E-mail:.cn
&&&&Fax:(020)
&&&&Address:26/F,&South&Tower,&Yudian&Plaza&,&2&Tianhe&Dong&Road,&Guangzhou,&Guangdong
&&&&Province
&&&&Post&code:510630
&&&&(6)For&information&discloosure:China&Securities&Daily,&Securities&Times&and&Hong
&&&&Kong&Commercial&Daily&(overseas&newspaper&for&English&version).
&&&&Web&site:.cn
&&&&Place&where&company’s&periodic&report&is&kept:Office&of&board&affairs5
&&&&II.&Highlights&of&financial&data&and&indicators
&&&&(I)Highlights&of&financial&data&and&indicators
&&&&Unit:RMB
&&&&Ended&this&report&Ended&previous
&&&&year&Increase/Decrease(%)
&&&&Total&assets&31,947,350,170.00&30,163,552,152.00&5.91%
&&&&Owners’&equity&attributable&to&shareholders
&&&&of&the&listed&company&9,829,412,154.00&9,271,838,984.00&6.01%
&&&&Share&capital&2,797,451,138.00&2,659,404,000.00&5.19%
&&&&Net&assets&per&share&attributable&to
&&&&shareholders&of&the&listed
&&&&company(RMB/share)
&&&&3.51&3.49&0.57%
&&&&Report&period
&&&&(January-June)
&&&&Same&period&last
&&&&year
&&&&Increase&/Decrease&(%)
&&&&Total&operating&income&6,251,011,400.00&5,270,848,337.00&18.60%
&&&&Operating&profit&611,264,665.00&545,395,598.00&12.08%
&&&&Total&profit&612,605,977.00&520,752,372.00&17.64%
&&&&Net&profit&attributable&to&shareholders&of&the
&&&&listed&company&430,513,284.00&365,789,341.00&17.69%
&&&&Net&profit&attributable&to&shareholders&of&the
&&&&listed&company&after&deducting
&&&&non-recurring&gains&and&losses
&&&&418,989,163.00&375,345,742.00&11.63%
&&&&Basic&earnings&per&share(RMB/share)&0.16&0.14&14.29%
&&&&Diluted&earnings&per&share(RMB/share)&0.16&0.14&14.29%
&&&&Return&on&equity(%)&4.42%&4.03%&0.39%
&&&&Net&cash&flow&arising&from&operating
&&&&activities&1,003,137,349.00&2,234,691,139.00&-55.11%
&&&&Net&cash&flow&per&share&arising&from
&&&&operating&activities&(RMB/share)&0.36&0.84&-57.14%
&&&&Note:&The&amount&of&non-recurring&gains&and&losses&in&the&report&period&was&RMB
&&&&11,657,798.00.&The&items&involved&and&their&amount&are&as&follows:
&&&&Unit:(RMB)
&&&&Items&of&non-recurring&gains&and&losses&Amount&Notes&(if
&&&&applicable
&&&&Income&of&commission&loans&8,982,957.00
&&&&Other&non-recurring&Gains/loss&items&1,379,200.00&Recover&writing-off
&&&&bad&debt&lost
&&&&Non-operating&expenses&and&Non-operating&income&1,161,964.00
&&&&Total&11,524,121.00&-
&&&&(II)&Return&on&equity&and&earnings&per&share
&&&&Earnings&per&share
&&&&Profit&in&the&report
&&&&peirod
&&&&Weighted&average&return&on
&&&&equity(%)&Basic&earnings&per&share&Diluted&earnings&per
&&&&share
&&&&Consolidated&net&profit
&&&&attributable&to&shareholders
&&&&of&the&Company
&&&&4.42%&0.16&0.16
&&&&Consolidated&net&profit&4.30%&0.15&0.156
&&&&excluding&non-routine&items
&&&&attributable&to&shareholders
&&&&of&the&Company
&&&&(III)&Difference&between&items&calculated&pursuant&to&domestic&and&foreign&accounting
&&&&standards
&&&&Unit&:(RMB)
&&&&Net&profit&attributable&to&shareholders&of
&&&&listed&company
&&&&Owners’&Equity&attributable&to&shareholders
&&&&Amount&in&the&report&of&listed&company
&&&&period&Amount&in&last&period&Amount&in&period-end&Amount&in
&&&&period-begin
&&&&IAS&426,891,284.00&357,741,341.00&9,939,153,154.00&9,385,201,984.00
&&&&CAS&430,513,284.00&365,789,341.00&9,829,412,154.00&9,271,838,984.00
&&&&Sub-items&and&total&adjusted&based&on&IAS:
&&&&Deferred&housing&reform
&&&&loss&amortization&0.00&-5,109,000.00&0.00&0.00
&&&&Land&use&right
&&&&amortization&-3,736,000.00&-3,736,000.00&19,652,000.00&23,388,000.00
&&&&The&difference&arising
&&&&from&recognition&of
&&&&goodwill&after&merger
&&&&of&enterprises&under
&&&&the&same&control
&&&&0.00&0.00&64,623,000.00&64,623,000.00
&&&&Difference&arising
&&&&from&recognition&of
&&&&land&use&value&after
&&&&enterprise&merger
&&&&-315,000.00&-315,000.00&22,955,000.00&23,270,000.00
&&&&Influence&on&minority
&&&&interests&429,000.00&1,112,000.00&2,511,000.00&2,082,000.00
&&&&Total&amount&of
&&&&differences&between
&&&&CAS&and&IAS
&&&&-3,622,000.00&-8,048,000.00&109,741,000.00&113,363,000.00
&&&&Notes&to&difference
&&&&between&Chinese&and
&&&&international
&&&&accounting&standards
&&&&1.&Deferred&housing&reform&loss&amortization
&&&&According&to&relevant&provisions&of&national&policies,&the&Group&set&off&the&loss&incurred&by
&&&&housing&reform&carried&out&in&2000&by&undistributed&profit&for&that&year.&According&to&IFRS,
&&&&such&loss&should&be&amortized&in&the&future&length&of&service(&10&years)&of&employees.&This
&&&&difference&has&finished&in&2009.
&&&&2.&Land&use&right&amortization
&&&&The&difference&formed&by&different&period&of&land&use&right&amortization.
&&&&3.&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&goodwill&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.
&&&&4.&Influence&on&minority&interests
&&&&Housing&reform&loss&occurred&to&the&Company&and&some&Holding&subsidiaries.&therefore,
&&&&there's&some&influence&on&minority&interests.7
&&&&III.Change&of&share&capital&and&shareholding&of&Principal
&&&&shareholders
&&&&(I).Statement&of&changes&in&shares
&&&&Unit&:Shares
&&&&Before&this&change&Increase&or&decrease&this&time&(+/-)&After&this&change
&&&&Quantity&proportion&Share&allotment&Bonus
&&&&shares
&&&&Capitalizati
&&&&on&of
&&&&common
&&&&reserve
&&&&fund
&&&&other&subtotal&Quantity&proportion
&&&&I.Shares&with
&&&&conditional
&&&&subscription
&&&&7,219,737&0.27%&138,047,138&0&0&-1,075,439&136,971,699&144,191,436&5.15%
&&&&1.Stqate-owned
&&&&shares&0&0.00%&0&0&0&0&0&0&0.00%
&&&&2.State-owned
&&&&legal&person
&&&&shares
&&&&141,951&0.01%&138,047,138&0&0&-676&138,046,462&138,188,413&4.94%
&&&&3.Other&domestic
&&&&shares&7,060,589&0.27%&0&0&0&-1,074,763&-1,074,763&5,985,826&0.21%
&&&&Incl:
&&&&Non-government
&&&&domestic&legal
&&&&person&shares
&&&&5,885,259&0.22%&0&0&0&-630,704&-630,704&5,254,555&0.19%
&&&&Domestic
&&&&naturalperson
&&&&shares
&&&&1,175,330&0.04%&0&0&0&-444,059&-444,059&731,271&0.03%
&&&&4.Share&held&by
&&&&foreign&investors&0&0.00%&0&0&0&0&0&0&0.00%
&&&&Incl:&Shares
&&&&heldby&foreign
&&&&legal&persons
&&&&0&0.00%&0&0&0&0&0&0&0.00%
&&&&Foreign
&&&&naturalperson
&&&&shares
&&&&0&0.00%&0&0&0&0&0&0&0.00%
&&&&5.Senior
&&&&executives’&shares&17,197&0.00%&0&0&0&0&0&17,197&0.00%
&&&&II.&Shares&with
&&&&unconditional
&&&&subscription
&&&&2,652,184,263&99.73%&0&0&0&1,075,439&1,075,439&2,653,259,702&94.85%
&&&&mon&shares
&&&&in&RMB&1,986,857,763&74.71%&0&0&0&1,075,439&1,075,439&1,987,933,202&71.06%
&&&&2.Foreign&shares
&&&&in&domestic
&&&&market
&&&&665,326,500&25.02%&0&0&0&0&0&665,326,500&23.78%
&&&&3.Foreign&shares
&&&&in&overseas
&&&&market
&&&&0&0.00%&0&0&0&0&0&0&0.00%
&&&&4.others&0&0.00%&0&0&0&0&0&0&0.00%
&&&&III.Total&of&capital
&&&&shares&2,659,404,000&100.00%&138,047,138&0&0&0&138,047,138&2,797,451,138&100.00%8
&&&&(II)As&of&June&30,&2010,&the&Company&had&totally&148,116&shareholders,&of&them,&90,978
&&&&shareholders&of&A-share,&and&57,138&shareholders&of&B-share.
&&&&(III)&(II)&Particulars&of&the&shareholding&of&the&top&ten&shareholders&as&of&June&30,
&&&&2010
&&&&Unit:Shares
&&&&Name&of
&&&&shareholder&(full
&&&&name)
&&&&Increase&or
&&&&decrease&in&the
&&&&year
&&&&Number&of
&&&&shares&held&at
&&&&the&end&of&year
&&&&Proportio
&&&&n&(%)&Type&of&share
&&&&Conditional
&&&&shares
&&&&Quantity&of
&&&&pledged&or
&&&&frozen
&&&&shares
&&&&Propertie
&&&&s&of
&&&&sharehold
&&&&er
&&&&Guangdong
&&&&Yudean&Group
&&&&Co.,&Ltd.
&&&&138,087,008&1,370,444,571&48.99%&RMB&Common
&&&&shares&138,188,413&0
&&&&State-ow
&&&&ned
&&&&Legal
&&&&person
&&&&Guangdong
&&&&Guangfa&Electric
&&&&Power
&&&&Investment&Co.,
&&&&Ltd.
&&&&0&101,777,185&3.64%&RMB&Common
&&&&shares&0&0&Unknown
&&&&Guangdong
&&&&Electric&Power
&&&&Development
&&&&0&78,639,451&2.81%&RMB&Common
&&&&shares&0&0
&&&&State-ow
&&&&ned
&&&&Legal
&&&&person
&&&&China&Xinda
&&&&Asset
&&&&Management
&&&&Corporation
&&&&-15,628,000&25,900,000&0.93%&RMB&Common
&&&&shares&0&0&Unknown
&&&&Guangdong
&&&&Guangkong
&&&&Group&Co.,&Ltd.
&&&&3,481,300&23,610,428&0.84%&RMB&Common
&&&&shares&0&0
&&&&Domestic
&&&&non
&&&&State
&&&&-ow
&&&&ned
&&&&Legal
&&&&person
&&&&China&merchants
&&&&Bank-Everbright
&&&&Pramerica
&&&&Securities&Fund
&&&&0&17,480,483&0.62%&RMB&Common
&&&&shares&0&0
&&&&Domestic
&&&&non
&&&&State
&&&&-ow
&&&&ned
&&&&Legal
&&&&person
&&&&SCHRODER
&&&&INTL
&&&&SELECTION
&&&&FD-GREATER
&&&&CN&FD&GTI
&&&&25287
&&&&0&17,176,623&0.61%
&&&&Foreign&shares
&&&&placed&in
&&&&domestic
&&&&exchange
&&&&0&0
&&&&Foreign
&&&&legal
&&&&person
&&&&Bank&of&China&-
&&&&Efunds&SZSE
&&&&100&open-ended
&&&&index&security
&&&&Investment&Fund
&&&&6,869,101&13,123,023&0.47%&RMB&Common
&&&&shares&0&0
&&&&Domestic
&&&&non
&&&&State
&&&&-ow
&&&&ned
&&&&Legal
&&&&person
&&&&Natio&Securities&-710,482&12,164,042&0.43%&Foreign&shares&0&0&Foreign9
&&&&Co.,Ltd.&placed&in
&&&&domestic
&&&&exchange
&&&&legal
&&&&person
&&&&China
&&&&Construction
&&&&Bank-Penghua
&&&&Value&Advantage
&&&&Stock-linked
&&&&Security
&&&&Investment&Fund
&&&&-88,200&10,431,599&0.37%&RMB&Common
&&&&shares&0&0
&&&&Domestic
&&&&non
&&&&State
&&&&-ow
&&&&ned
&&&&Legal
&&&&person
&&&&Notes&to&the&related&relationship&between
&&&&the&top&ten&shareholders&or&their&concerted
&&&&action
&&&&Guangdong&Electric&Power&Development&Co.,&Ltd.&the&Third&of&the&top&10
&&&&shareholders,&is&a&subsidiary&of&Yudean&Group,&Which&is&the&No.3&
&&&&its&is&unknown&whether&relationship&exists&between&other&shareholders.
&&&&(IV)&Top&10&holders&of&unconditional&shares
&&&&Unit:Shares
&&&&Name&of&the&shareholder)&Unconditional&shares&Type&of&shares
&&&&Guangdong&Yudean&Group&Co.,&Ltd.&1,232,256,158&RMB&Common
&&&&shares
&&&&Guangdong&Guangfa&Electric&Power
&&&&Investment&Co.,&Ltd.&101,777,185&RMB&Common
&&&&shares
&&&&Guangdong&Electric&Power
&&&&Development&78,639,451&RMB&Common
&&&&shares
&&&&China&Xinda&Asset&Management
&&&&Corporation&25,900,000&RMB&Common
&&&&shares
&&&&Guangdong&Guangkong&Group&Co.,
&&&&Ltd.&23,610,428&RMB&Common
&&&&shares
&&&&China&merchants&Bank-Everbright
&&&&Pramerica&Securities&Fund&17,480,483&RMB&Common
&&&&shares
&&&&SCHRODER&INTL&SELECTION
&&&&FD-GREATER&CN&FD&GTI&,623
&&&&Foreign&shares
&&&&placed&in&domestic
&&&&exchange
&&&&Bank&of&China&-&Efunds&SZSE&100
&&&&open-ended&index&security&Investment
&&&&Fund
&&&&13,123,023&RMB&Common
&&&&shares
&&&&Natio&Securities&Co.,Ltd.&12,164,042
&&&&Foreign&shares
&&&&placed&in&domestic
&&&&exchange
&&&&China&Construction&Bank-Penghua
&&&&Value&Advantage&Stock-linked
&&&&Security&Investment&Fund
&&&&10,431,599&RMB&Common
&&&&shares
&&&&Notes&to&the&related&relationship
&&&&between&the&top&ten&shareholders&or
&&&&their&concerted&action
&&&&Guangdong&Electric&Power&Development&Co.,&Ltd.&the
&&&&Third&of&the&top&10&shareholders,&is&a&subsidiary&of
&&&&Yudean&Group,&Which&is&the&No.3&&its&is
&&&&unknown&whether&relationship&exists&between&other
&&&&shareholders.
&&&&(V)&Bond&holding&by&top&10&corporate&bond&holders
&&&&Name&Number(shares)
&&&&China&Ping&An&Property&Insurance&Co.,&Ltd.--&niversal&-
&&&&Universal&insurance&Group&2,450,00010
&&&&China&People's&Life&Insurance&Co.,&Ltd.&2,388,140
&&&&Xinhua&Life&Insurance&Co.,&Ltd.&-&Universal&-&Deyi&Management
&&&&-018L-WN001Shen&2,200,000
&&&&Zhongying&Life&insurance&Co.,&ltd.&2,114,775
&&&&China&Post&Office&Saving&Bank&Co.,&Ltd.&2,000,000
&&&&China&Ping&An&Life&Insurance&Co.,&Ltd.&1,600,000
&&&&Zhongyou&Financial&Co.,&Ltd&1,336,678
&&&&Taikang&Life&insurance&Co.,&Ltd-Dividend&Distribution-Group
&&&&Dividends-019L-FH001Shen&1,000,000
&&&&Taikang&Life&insurance&Co.,&Ltd-Universal--Universal
&&&&individual&insurance
&&&&1,000,000
&&&&China&Ping&An&Insurance&(Group)&Co.,&Ltd.&800,000
&&&&(VI)There&was&no&change&in&the&Company’s&controlling&shareholder&or&actual&controller&during
&&&&the&reporting&period.
&&&&IV.&Particulars&of&Directors,&Supervisors&and&Senior&Executives
&&&&In&the&report&period,&For&the&need&of&work,&Kong&Huitian&was&recommended&as&Director&of&the
&&&&company&by&Guangdong&Yudean&Group&Co.,&Ltd&of&our&controlling&shareholder,&and&Deng&An&no
&&&&longer&held&the&post&of&Director.&2009&annual&shareholders'&general&meeting&elected&Kong
&&&&Huitian&as&directors&of&the&Company.&Relevant&resolutions&were&disclosed&on&China&Securities
&&&&Daily,&Securities&Times,&Hong&Kong&Commercial&Daily&(English&version&for&overseas&areas)&and
&&&&.cn&on&May&27,&2010.
&&&&In&the&report&period,&the&shares&of&the&Company&held&by&the&directors,&supervisors&and&senior
&&&&executives&of&the&Company&remained&unchanged.&No&stock&options&or&restricted&stocks&were
&&&&granted&to&them.
&&&&V.&Discussion&and&Analysis&of&the&Management
&&&&In&the&report&period,&The&economy&in&Guangdong&on&the&whole&looks&up,&and&the&demand&for
&&&&power&consumption&also&is&up&evidently,&moreover,&the&drought&in&Southwest,&inadequate&output&in
&&&&hydropower&units&and&West-East&power&transmission&reducing&greatly&are&all&the&causes&of&the
&&&&power&generation&capacity&in&Guangdong&province&on&the&rise&significantly.&During&1&to&6&months,
&&&&the&maximum&load&of&integration&tune&in&Guangdong&reached&65.33&million&kilowatts,&up&by
&&&&10.32%&year-on-&Guangdong&power&consumption&throughout&society&was&186.686&billion
&&&&KWH,&up&by&18.43%;&the&power&generation&capacity&in&Guangdong&is&151.96&billion&KWH,&up&by
&&&&32.9%;&of&which,&the&fired&power&up&by&35%.&During&the&reporting&period,&the&power&generation
&&&&capacity&of&merger&report&caliber&completed&by&the&company&was&15.544&billion&KWH,&up&by
&&&&20.98%;&the&completed&grid&power&of&14.401&billion&KWH,&up&by&21.63%;&the&equity&installed
&&&&capacity&of&power&generation&of&14.697&billion&KWH,&up&23.16%;&the&on-grid&power&capacity&of
&&&&13.707&billion&KWH,&up&by&24.76%.11
&&&&In&the&report&period,&With&our&power&generating&capacity&evidently&increasing,&we&realized&the
&&&&business&incomes&of&RMB6.251&billion,&growth&of&18.6%&year-on-year.&Whereas,&the&price&of&fuses
&&&&rose,&the&increase&of&amount&of&our&operating&business&was&down&evidently.&During&the&reporting
&&&&period,&our&business&profits&and&the&net&profits&attributable&to&the&shareholders&of&the&listed
&&&&company&respectively&were&RMB0.611&billion&and&0.445&billion,&respectively,&increase&of&12.08%
&&&&and&21.74%&year-on-year.&Because&the&payment&of&fuses&for&purchase&rose,&the&net&cash&flows
&&&&created&in&the&operation&was&RMB1.003&billion,&decrease&of&55.11%&year-on-year.
&&&&In&the&report&period,&We&also&actively&promoted&the&progress&of&projects&under&construction,&29%
&&&&shares&for&Sujiahekou&Power&Station&(315&thousand&kilowatts)&and&Songshanghekou&Power&Station
&&&&(168&thousand&kilowatts)&constructed&by&Yunnan&Baoshan&Binglangjiang&Hydroelectricity
&&&&Development&Co.,&Ltd,&and&25%&shares&for&the&project&of&Nan'ao&Wind-Electricity&East&Island&(15
&&&&thousand&kilowatts)&built&by&Huaneng&Shantou&Wind&Power&Co.,&Ltd,&trying&to&put&into&production
&&&&within&this&year.
&&&&We&are&still&to&increase&input&in&the&projects&under&construction&and&the&works&of&pre-stage
&&&&pursuing&according&to&the&status&of&projects.&During&the&reporting&period,&our&company&has&also
&&&&made&replenishment&for&Guangdong&Yuedianjinghai&Power&Generation&Co.&Ltd,&Guangdong
&&&&Honghai&Bay&Power&Generation&Co.&Ltd,&Yunnan&Baoshan&Binglangjiang&Hydroelectricity
&&&&Development&Co.,&Ltd&and&Guangdong&Yudean&Bohe&Coal-Electricity&Co.,&Ltd,&and&supports&the
&&&&projects&promoted&forward.
&&&&In&the&report&period,&We&issue&up&to&138,047,138&A&shares&for&Guangdong&Yudean&Group&Co.&Ltd
&&&&of&our&controlling&shareholder&with&raised&capital&of&RMB820&million&after&the&non-publicly&issued
&&&&A&shares&for&initial&public&offerings&is&completed.&The&demands&for&funds&of&part&of&investment
&&&&projects&are&met,&and&the&debt&level&and&capital&structure&are&improved&to&some&extent,&all&the
&&&&aforementioned&will&help&company&long-term&development.
&&&&The&company&has&started&the&material&assets&reorganization&up&at&the&end&of&the&report&period,&and
&&&&has&publicly&announced&“Preplan&of&the&Material&Assets&Reorganization”&on&July&29,&2010.&We
&&&&intend&to&acquire&the&equity&of&Guangdong&Yudean&Group&Co.,&Ltd,&our&controlling&shareholder,
&&&&including&60%&of&Shenzhen&Guangqian&Electric&Power&Co.,&Ltd,&35%&of&Guangdong&Huizhou
&&&&Natrual&Gas&power&Co.&Ltd,&40%&of&Guangdong&Yudean&Shibeishang&Wind-Energy&Development
&&&&Co.,&Ltd,&90%&of&Guangdong&Yudean&Yunfu&Power&Plant&Co.,&Ltd,&45%&of&Guangdong&Huizhou
&&&&Pinghai&Power&Plant&Co.,&Ltd,&90%&of&Guangdong&Yudean&Yunhei&Power&Co.&Ltd&and&20%
&&&&Guangdong&Guohua&Yudean&(Taishan)&Power&Co.&Ltd.&Through&the&assets&reorganization,&it&would
&&&&effectively&reduce&the&intra-industry&competition&between&our&company&and&the&controlling
&&&&&at&the&same&time&greatly&update&our&installed&capacity,&the&scale&of&assets&and&the
&&&&profitability.&Thus,&it&is&conductive&to&consolidation&and&improvement&for&the&market&position&and
&&&&key&competitiveness&of&company,&and&meets&the&needs&of&all&the&shareholders'&interests.
&&&&(I)&Main&operating&status&of&the&Company&in&the&report&period:
&&&&1.Main&operating&scope&and&its&operating&status
&&&&The&Company&is&a&big&power&generating&company&engaged&in&operation&and
&&&&construction&of&power&stations&and&power&transmission&and&transformation&projects.12
&&&&Operating&result&for&first&half&year&of&2010&is&as&follows:
&&&&Unit:RMB’0000
&&&&Industry&Area&Main&operating
&&&&income
&&&&Main
&&&&operating&cost
&&&&Gross
&&&&profit(%)
&&&&Increase/dec
&&&&rease&on
&&&&main
&&&&operating
&&&&income&over
&&&&(%)
&&&&Increase
&&&&/decrease&on
&&&&main
&&&&operating
&&&&cost&over
&&&&(%)
&&&&Increase
&&&&/decrease&on
&&&&gross&profit
&&&&over
&&&&Sale
&&&&Electricty
&&&&Guangdo
&&&&ng&622,015.83&534,181.02&14.12%&16.34%&19.25%&-2.98%
&&&&Labour
&&&&services
&&&&Guangdo
&&&&ng&1,669.74&985.35&40.99%&32.49%&75.21%&-14.39%
&&&&Total&Guangdo
&&&&ng&623,685.57&535,166.37&14.19%&18.81%&23.07%&-2.97%
&&&&The&status&of&power&production&of&the&power&plants&under&the&Company&and&its&controlled
&&&&subsidiaries&in&the&report&period&is&as&follows:
&&&&Indicator&Power&plant&January-June
&&&&The&same
&&&&period&of&the
&&&&previous&year
&&&&Year-on-year&growth
&&&&rate&(±%)
&&&&Shajiao&A&Power&Plant&42.02&31.55&33.19
&&&&Zhanjiang&Power&Plant&38.98&30.8&26.56
&&&&Meixian&Power&Plant&14.77&12.84&15.03
&&&&Shaoguan&Power&Plant&16.07&14.16&13.49
&&&&Maoming&Zhenneng&18.82&13.67&37.67
&&&&Huilai&Power&Plant&24.28&25.46&-4.63
&&&&Power&output
&&&&(billion&kwh)
&&&&Wind&Power&0.5&-&-
&&&&Shajiao&A&Power&Plant&39.03&28.98&34.68
&&&&Zhanjiang&Power&Plant&36.51&28.65&27.43
&&&&Meixian&Power&Plant&13.47&11.7&15.13
&&&&Shaoguan&Power&Plant&14.54&12.78&13.77
&&&&Maoming&Zhenneng&17.35&12.51&38.69
&&&&Huilai&Power&Plant&22.64&23.8&-4.87
&&&&On-grid
&&&&electricity
&&&&volume
&&&&(billion&kwh)
&&&&Wind&Power&0.47&-&-
&&&&2.&There&was&no&material&change&in&the&Company's&profit&structure,&main&operation&or&its&structure
&&&&in&the&report&period.
&&&&3.&The&Company&was&not&involved&in&other&business&operation&activities&that&had&significant
&&&&influence&on&profit.
&&&&4.&The&circumstances&where&the&income&from&investment&in&a&joint&venture&accounted&for&more
&&&&than&10%&(including&10%)&of&the&Company's&net&profit.
&&&&Company&Name
&&&&Registered
&&&&Capital
&&&&(RMB’0000)
&&&&Share
&&&&Percentage
&&&&Business&Scope
&&&&Net&Profits
&&&&(RMB’0000)
&&&&Shenzhen
&&&&Guangqian
&&&&103,029.25&40%
&&&&Build&to&operate&Shenzhen
&&&&Qian&Bay&Combined&Cycle
&&&&14,217.413
&&&&Electric&Power
&&&&Co.,&Ltd
&&&&Gas-Turbine&Power&Plant
&&&&Guangdong&Red
&&&&Bay&Electric
&&&&Co.,&Ltd.
&&&&274,975&25%
&&&&The&construction,&generation
&&&&and&sale&for&electric&power
&&&&should&be&operated&within&the
&&&&period&of&validity&of&“Electric
&&&&Power&Business&Licenses”
&&&&19,825.84
&&&&5.&Problems&and&difficulties&occurred&in&operation
&&&&(1)It&was&ideal&for&our&company&to&generate&power&capacity&in&the&first&half&of&this&year,&with&the
&&&&electric&capacity&of&West-East&power&transmission&restoring&and&complementing,&it&is&expected&that
&&&&the&purchased&power&will&be&increased&outside&Guangdong&province&for&the&second&half&of&year.
&&&&Also,&part&of&new&units&inside&the&province&will&be&mainly&put&into&the&production,&which&will&lead
&&&&company’s&market&quota&of&power&generating&within&the&province&less.&Moreover,&the&measure&of
&&&&ensuring&power&reliability&for&the&16th&Asian&Games&held&in&Guangzhou&in&the&second&half&of&this
&&&&year,&and&controlling&the&environmental&protection&will&certainly&influence&the&balance&between
&&&&supply&and&demand&in&this&area.
&&&&(2)Our&fuel&prices&rose&year-on-year&in&the&first&half&of&this&year,&it&is&expected&that&the&price&will
&&&&remain&high&in&the&second&half&of&year.&Whereas,&the&coal-electricity&linkage&mechanism&hasn’t&yet
&&&&started&up&in&time,&thus,&we&face&with&the&enormous&cost&pressure&for&operation.
&&&&(3)Part&of&units&of&power&plant&of&our&subordinate&company&had&more&times&of&non-plan
&&&&stop-running&in&the&first&half&of&this&year,&which&had&disadvantage&influence&on&the&power
&&&&generation&capacity&of&units.&We&will&take&measures&actively&to&improve&the&healthy&level&of&units
&&&&and&ensure&the&units&generating&power&more&and&stably,&so&that&the&power&generating&planning&of
&&&&whole&year&can&be&achieved.(II)&The&investment&of&the&Company
&&&&1.&Application&of&Raised&Capital&during&the&Reporting&Period
&&&&Unit:RMB
&&&&Total&Amount&of&Raised&Capital&82,000.00
&&&&Total&Amount&of&Raised&Capital&for&Use
&&&&Changed&in&the&Reporting&Period
&&&&Total&Amount&Of&Raised&Capital&Invested&in&the&Reporting
&&&&Period&25,000.00
&&&&Total&Amount&for&Accumulative&Changed
&&&&Raised&Capital
&&&&Total&Amount&Proportion&for
&&&&Accumulative&Changed&Raised&Capital
&&&&Total&Amount&Of&Accumulated&Raised&Capital&Invested&25,000.00
&&&&Promised&Projects&of
&&&&Investment
&&&&Projects
&&&&Changed
&&&&(Including
&&&&Part&of
&&&&Changing)
&&&&Total
&&&&Amount
&&&&of
&&&&Raised
&&&&Capital
&&&&For
&&&&Investme
&&&&nt
&&&&Promise
&&&&d
&&&&Total
&&&&Amount&of
&&&&Adjusted
&&&&Investment
&&&&Total
&&&&Amount
&&&&Promised
&&&&to&Invest
&&&&up&to&the
&&&&End&Of
&&&&Period&(1)
&&&&Total
&&&&Amount
&&&&Invested
&&&&within
&&&&the
&&&&Reportin
&&&&g&Period
&&&&Total
&&&&Amount
&&&&for
&&&&Accumul
&&&&ative&Put
&&&&up&to&the
&&&&End&of
&&&&Period
&&&&(2)
&&&&Balance
&&&&between
&&&&Total
&&&&Amount&for
&&&&Accumulati
&&&&ve&Invested
&&&&&&Promised
&&&&Up&To&The
&&&&End&of
&&&&Period&(3)=
&&&&(2)-(1)
&&&&The&Progress
&&&&Invested&up&to
&&&&the&End&of&Period
&&&&(%)(4)=(2)/(1)
&&&&Usable&Date&For
&&&&Projects
&&&&Access&to
&&&&Benefits&in
&&&&the&Reporting
&&&&Period
&&&&Achieve&the
&&&&Expected
&&&&Benefits
&&&&Change&Greatly&for&Projects
&&&&Feasibility
&&&&Replenish&Capital
&&&&for&Weixin&Yuntou
&&&&Yudean&Zaxi&Energy
&&&&Co.,&Ltd.
&&&&No&45,000.0
&&&&0&45,000.00&45,000.00&0.00&0.00&-45,000.00&0.00%&December
&&&&31,&Yes&No
&&&&Replenish&Capital
&&&&for&Guangdong
&&&&Yudean&Zhanjiang
&&&&Wind&Power&Co.,
&&&&No&12,000.0
&&&&0&12,000.00&12,000.00&0.00&0.00&-12,000.00&0.00%&December
&&&&31,&Yes&No15
&&&&Ltd.
&&&&Repay&yhe&Load&No&25,000.0
&&&&0&25,000.00&25,000.00&25,000.0
&&&&0
&&&&25,000.0
&&&&0&0.00&100.00%&June&9,&Yes&No
&&&&Total&-&82,000.0
&&&&0&82,000.00&82,000.00&25,000.0
&&&&0
&&&&25,000.0
&&&&0&-57,000.00&-&-&357.82&-&-
&&&&Analysis&For&Failure
&&&&To&Reach&The
&&&&Planned&Schedule
&&&&And&Earnings
&&&&(Specific&Projects)
&&&&We&intended&to&invest&the&raised&capital&of&the&projects&of&coal-electricity&integration&&&Guanyinshan&colliery&well&2&of&Yunnan&Weixin&Zhaxi&and&the&project
&&&&of&Xuwen&warrior&wind-power.&Also,&investing&according&to&the&specific&progress&and&capital&demands&of&aforesaid&projects.
&&&&Analysis&For
&&&&Change&Greatly&For
&&&&Projects&Feasibility
&&&&N/A
&&&&Description&For&The
&&&&Execution&Place
&&&&Changed&For
&&&&Investment&Projects
&&&&Of&Raised&Capital
&&&&Inapplicability
&&&&Description&For&The
&&&&Execution&Mode
&&&&Adjusted&For
&&&&Investment&Projects
&&&&Of&Raised&Capital
&&&&Inapplicability
&&&&Description&For&The&Applicability
&&&&Investment&Projects
&&&&Of&Pre-invested&&
&&&&Replaced&Raised
&&&&RMB250&million&was&to&repay&the&load&in&the&investment&projects&of&raised&capital&this&time.&Namely,&1.&Repay&the&load&of&RMB200&million&to&Guangdong
&&&&Yudean&Finance&Co.,&Ltd,&with&interest&rate&4.374%&and&the&expiring&date&on&October&13,&2010;&2.&Repay&the&load&of&RMB50&million&to&Guangdong&Yudean
&&&&Finance&Co.,&Ltd,&with&interest&rate&4.374%&and&the&expiring&date&on&September&2,&2010.16
&&&&Capital
&&&&Description&For&The
&&&&Circulating&Funds
&&&&Complemented
&&&&Temporarily&By&Idle
&&&&Raised&Capital
&&&&Inapplicability
&&&&Total&Balance&&
&&&&Causes&Of&Raised
&&&&Capital&For&Projects
&&&&Execution
&&&&Inapplicability
&&&&Use&&&Direction&For
&&&&Raised&Capital
&&&&Unused
&&&&Up&to&the&end&of&this&reporting&period,&RMB570&million&of&raised&capital&was&not&used,&we&would&intend&to&use&strictly&according&to&the&purpose&of&raised
&&&&capital.&Of&which,&RMB450&million&is&for&replenishment&of&Weixinyuntou&Yudean&Zhaxi&Energy&Co.,&Ltd.&and&construction&of&the&projects&of&Yunnan
&&&&Weixinzaxi&coal-electricity&integration&&&Guanyinshan&colliery&well&2;&RMB120&million&was&used&to&replenish&capital&for&Guangdong&Yudean&Zhanjiang
&&&&Wind&Power&Co.,&Ltd.&and&built&the&project&of&Xuwen&warrior&wind-power.
&&&&Issues&&&Other
&&&&Status&Existing&In
&&&&The&Use&&
&&&&Disclosure&Raised
&&&&Capital
&&&&N/A2.&Investment&with&non-IPO&proceeds&and&its&progress&and&income&in&the&report&period
&&&&Unit:&RMB’0000
&&&&Project&Name&Investment&Amount&Project&Progress&Project&Earnings/Remarks
&&&&Guangdong&Yudean&Jinghai&Power
&&&&Generation&Co&Ltd.&32,500
&&&&At&present,&#1&&#2
&&&&units(2×600MW)&of&Huilai&power
&&&&plant&are&being&operating,&and&#3&&
&&&&#4&units(2×1000MW)&of&pre-stage
&&&&works&are&being&constructed.
&&&&27.49&million&yuan&of&period
&&&&earnings&discounted&as&per
&&&&65%Equities
&&&&Guangdong&Red&Bay&Power&Co&Ltd.&5,000
&&&&Currently,&#1&&#2&units
&&&&(2×600MW)&of&Shanwei&power
&&&&plant&are&being&operating,&and&#3&&
&&&&#4&units&(2×660MW)&of&pre-stage
&&&&works&are&being&constructed.
&&&&49.56&million&yuan&of&period
&&&&earnings&discounted&as&per
&&&&25%Equities
&&&&Yunnan&Baoshan&Binglangjiang
&&&&Hydroelectricity&Development&Co.,
&&&&Ltd.
&&&&2,900
&&&&Now&Binglangjiang&Houqiao&Power
&&&&Station&(48MW)&is&being&operated,
&&&&Sujiahekou&(315MW)&and
&&&&Songshanghekou&Power&Stations
&&&&(168MW)&are&being&built,&and&the
&&&&pre-stage&works&of&Sanchahekou
&&&&Power&Station&is&being&developed.
&&&&Sujiahekou&and&Songshanghekou
&&&&Power&Stations&are&expected&to&put
&&&&into&generating&power&in&2010&to
&&&&2011.
&&&&-
&&&&All&Projects&of&Pre-stage&Pursuing
&&&&Works&15,127&All&projects&of&pre-stage&works&are
&&&&being&actively&developed.
&&&&Without&the&operational
&&&&efficiency&brought&yet
&&&&(III)The&plan&for&the&second&half&year:
&&&&In&the&second&half&of&year,&our&company&will&focus&on&the&existing&units&of&running&security&&
&&&&stability,&strengthening&management&and&operating&cost&control,&to&overcome&such&difficulties&of
&&&&fuel&cost&high,&and&try&to&finish&the&plan&for&electricity&and&strive&for&better&business&performance.
&&&&Meanwhile,&we&will&actively&promote&the&project&under&construction&to&put&into&production&early,
&&&&steadily&boost&the&assets&reorganization,&and&keep&the&capability&of&sustainable&development.
&&&&(IV)&Assets&measured&with&fair&value
&&&&Financial&assets&available&for&sale&were&measured&according&to&fair&value.&In&case&of&change&in&fair
&&&&value&and&book&value,&capital&surplus&shall&be&adjusted&and&the&profit&for&the&report&period&shall&not
&&&&be&affected.&The&financial&assets&available&for&sale&held&by&the&Company&are&7,000,000&shares&of
&&&&Shenzhen&Energy&and&37,021,500&shares&of&Shenergy&Company.
&&&&The&Company's&real&estate&for&investment&is&old&office&building&rent&by&the&Company,&which
&&&&is&measured&with&cost&mode&mainly&because&the&obtainment&of&its&fair&value&relies&on&appraisal&and
&&&&it&was&difficult&to&continuously&and&accurately&to&obtain&the&market&price&of&real&estate&of&the&same
&&&&or&similar&kind&from&market.
&&&&VI.&Important&Events18
&&&&(I)&Status&of&corporate&governance&structure
&&&&In&the&report&period,&The&Company&continued&to&unceasingly&improve&its&own&corporate
&&&&governance&structure&and&further&enhanced&the&level&of&its&standardized&operation&strictly&according
&&&&to&the&requirements&of&laws&and&regulations&including&the&Company&Law,&the&Securities&Law,
&&&&relevant&regulations&of&CSRC&and&Stock&Listing&Rules&of&Shenzhen&Stock&Exchange.
&&&&In&accordance&with&the&requirements&of&Fundamental&Norms&of&Internal&Control&of&Enterprises&and
&&&&Guidelines&of&Shenzhen&Stock&Exchange&for&Internal&Control&of&Listed&Companies,&the&Company
&&&&unceasingly&strengthened&the&construction&of&internal&control&system&and&improved&internal&control
&&&&system.&“Duty&System&for&Major&Errors&in&the&Disclosure&of&Information&in&the&Annual&Report”,
&&&&“Management&System&for&Insider&Information”&and&“Management&System&for&Report&Unit
&&&&External&Information”&were&examined&and&adopted&of&the&11th&meeting&of&the&6th&board&of
&&&&directors&of&the&company&on&April&12,&2010,&which&will&be&strictly&executed&in&accordance&with&the
&&&&provisions&of&the&system.
&&&&According&to&the&demands&of&Guangdong&Authority&of&China&Securities&Regulatory&Commission
&&&&of&“Notice&on&Start&the&Check&Special&Activities&of&Information&Disclosure&of&the&Listed
&&&&Companies”,&our&company&timely&implement&the&scheme&of&the&special&check&activities&of
&&&&information&disclosure,&seriously&self-check&and&analyze&the&information&disclosure,&and&address
&&&&and&implement&the&improvement&measures&for&un-perfect&aspects.
&&&&(II)&The&status&of&implementation&of&profit&distribution&plan&of&the&Company&for&2009&in
&&&&the&report&period
&&&&The&profit&distribution&plan&for&2009&was&examined&and&adopted&at&the&shareholders'
&&&&general&meeting&of&the&Company&on&May&26,&2010.&And&“Announcement&on&Year&2009
&&&&Dividend&Distribution”&was&published&in&the&appointed&media&on&July&16,2010.&Stock&right&was
&&&&registered&on&July&21,&2010&(July&26&for&B&shares).&The&ex-dividend&date&is&July&22,&2010.
&&&&Cash&dividends&were&distributed&on&July&22&(for&A&shares)&and&July&26&(for&B&shares).
&&&&The&company&issued&up&to&138,047,138&A&shares&for&Guangdong&Yudean&Group&Co.,&Ltd&of&our
&&&&controlling&shareholder&with&the&price&of&RMB5.94&per&share&on&April&21,&2010.&The&entrusting
&&&&registration&formalities&of&A&shares&had&been&completed&in&Shenzhen&Branch&of&China&Securities
&&&&Registration&&&Cleaning&Co.,&Ltd&on&May&12,&2010,&and&listed&in&Shenzhen&Stock&Exchange&on
&&&&May&25,&2010.
&&&&(III)The&Company&was&not&involved&in&any&material&lawsuit&or&arbitration&in&the&report
&&&&period.
&&&&(IV)&Shareholdings&of&other&listed&companies
&&&&Unit&:RMB
&&&&Stock&Code
&&&&Stock
&&&&abbreviation
&&&&:
&&&&Investment
&&&&amount&at&the
&&&&beginning
&&&&Proportion
&&&&of
&&&&shareholdi
&&&&Book
&&&&Value&at
&&&&the&end&of
&&&&Profit&&
&&&&loss&in&the
&&&&report
&&&&Change&of
&&&&owner’s
&&&&equity&in
&&&&Accounting&Share
&&&&Source19
&&&&ng&report&period&the&report
&&&&period
&&&&000027&Shen&Energy
&&&&A&15,890,626.73&0.32%&66,640,000
&&&&.00&0.00&-28,280,00
&&&&1.00
&&&&Available
&&&&for&sale
&&&&financial
&&&&assets
&&&&Issued
&&&&Obtaine
&&&&d
&&&&600642&Shenergy&235,837,987.50&1.28%&285,065,55
&&&&0.00
&&&&7,400,000
&&&&.00
&&&&-136,239,1
&&&&19.00
&&&&Available
&&&&for&sale
&&&&financial
&&&&assets
&&&&Transfere
&&&&e&to
&&&&obtain
&&&&Total&251,728,614.23&-&351,705,55
&&&&0.00
&&&&7,400,000
&&&&.00
&&&&-164,519,1
&&&&20.00&-&-
&&&&(V)&Equity&of&non-listed&financial&enterprises&and&companies&to&be&listed&held&by&the
&&&&Company
&&&&Unit:RMB
&&&&Name&of&object
&&&&Amount&of
&&&&initial
&&&&investment
&&&&Amount&of
&&&&shares&held
&&&&Proportion&in
&&&&equity&of&the
&&&&Company
&&&&Book&value&at
&&&&period-end
&&&&Profits&or
&&&&losses&in&the
&&&&report&period
&&&&Changes&of
&&&&owners’
&&&&equity&in&the
&&&&report&period
&&&&Yudean&Finance&250,000,000.00&250,000,000.00&25%&291,303,398.76&0.00&0.00
&&&&Sun&Insurance
&&&&Group&Co.,&Ltd.&356,000,000.00&350,000,000&9.46%&356,000,000.00&0.00&0.00
&&&&Total&606,000,000.00&600,000,000.00&-&647,303,398.76&0.00&0.00
&&&&(VI)&Matters&related&transactions
&&&&Details&please&refer&to&the&financial&report&“VII,&Related&Parties&and&Related&Transaction&(5)
&&&&Related&Transaction”
&&&&The&Related&transactions&existing&between&the&company&and&the&affiliates&mainly&display&on
&&&&purchasing&fuses&and&materials,&apportioning&the&common&operating&costs,&accepting&and&offering
&&&&labor&services,&selling&the&products,&deposit&and&demanding&interests,&and&leasing&the&fields&out,
&&&&etc.
&&&&The&pricing&policy&of&the&said&related&transaction::For&the&price&of&fuel&purchase,&if&the&state
&&&&sets&a&price,&such&price&shall&apply.&If&the&State&does&not&set&a&price,&market&price&shall&apply.&The
&&&&related&parties&promised&that&the&price&offered&would&not&be&higher&than&the&price&of&products&of&the
&&&&same&quality&offered&to&third&parties.&The&price&of&materials&shall&be&settled&according&to&market
&&&&price.&Labor&services/services&are&accepted&and&provided&at&the&price&agreed&by&both&parties
&&&&according&to&cost&price&and&by&reference&to&the&market&price&of&similar&services.&Products&are&sold
&&&&at&the&price&agreed&by&both&parties&according&to&cost&and&by&reference&to&the&market&price&of&similar
&&&&products.&Relevant&regulations&of&People's&Bank&of&China&apply&to&deposits.&Site&rent&is&collected
&&&&in&the&mode&agreed&by&all&parties&based&on&cost&price.20
&&&&The&said&related&transactions&were&settled&in&cash&and&did&not&have&unfavorable&influence
&&&&on&the&profit&of&the&Company.&There&is&no&significant&difference&from&estimated&related
&&&&transactions.
&&&&(VII)&Information&about&other&material&related&transactions
&&&&1.&Related&parties&for&Joint&Venture&Investment
&&&&In&the&repoet&period,&we&will&replenish&capital&as&per&25%&equity&proportion&with&Guangdong
&&&&Yudean&Group&Co.,&Ltd&of&our&controlling&shareholder&together&for&Guangdong&Red&Bay&Power&Co.
&&&&Ltd,&our&replenishment&amount&is&RMB50&million.&The&business&of&Guangdong&Red&Bay&Power&Co.
&&&&Ltd&is&“Construct&&&operate&the&power&plant&and&sell&the&power”,&at&the&end&of&reporting&period,&the
&&&&registered&capital&is&RMB2749.75&million,&total&assets&is&RMB&million,&net&assets&is
&&&&RMB&million,&and&net&profits&is&RMB198.2584&million.&Currently,&it&is&operating&#1&
&&&&#2&units(2×600MW)&of&Shanwei&power&plant&and&constructing&#3&&&#4&units(2×660MW)&of
&&&&pre-stage&works.
&&&&2.&Associated&Relationship&&&Guarantee&in&Rights&of&Credit&&&Liabilities
&&&&Details&on&Rights&of&Credit&&&Liabilities,&please&refer&to&the&financial&report&“Seventh,&Related
&&&&parties&and&Related&Transaction&(5)&Related&Transaction”
&&&&Details&on&Guarantee,&please&refer&to&the&contents&“(8)&Important&Contracts&and&Promises&of
&&&&Company——3.&Important&Guarantee”&below
&&&&There&exists&the&relationship&in&rights&of&credit&&&liabilities&with&the&affiliates,&and&we&also&offer
&&&&guaranteed&for&them,&which&is&implemented&according&to&the&requests&of&company’s&self-operating
&&&&and&the&projects&progress&situation&of&affiliates.&These&are&useful&and&have&positive&significations
&&&&for&improving&the&development&of&company&and&promoting&the&progress&of&projects&invested,&there
&&&&is&no&harm&to&the&interests&of&company.
&&&&(VIII)Important&contracts&and&commitments&of&the&Company
&&&&1.&In&the&report&period,&the&company&conducted&no&major&contract&issues&which
&&&&recognized&by&Shenzhen&Stock&Exchange&according&to&<Instruction&of&Information&Disclosure
&&&&No.6-major&contracts>.&The&Company&did&not&hold&in&trust&or&contract&for&or&lease&the&material
&&&&assets&of&other&companies&nor&did&other&companies&hold&in&trust,&contract&for&or&lease&the
&&&&material&assets&of&the&Company&in&the&report&period.
&&&&2.&In&the&report&period,&the&Company&was&not&involved&in&any&material&entrusted&money
&&&&management&or&any&entrusted&money&management&that&existed&in&previous&periods&and
&&&&continued&in&the&report&period.
&&&&3.&Significant&guarantee:
&&&&Unit:&RMB’0000
&&&&External&Guarantee&(Exclude&controlled&subsidiaries)
&&&&Name&of&the
&&&&company
&&&&guaranteed
&&&&Related
&&&&announcem
&&&&ent&date
&&&&and&No.
&&&&Amount&of
&&&&guarantee
&&&&Date&of
&&&&happening
&&&&(Date&of
&&&&signing
&&&&Actually
&&&&guarantee
&&&&amount
&&&&Guarantee
&&&&type
&&&&Guarantee
&&&&Term
&&&&Complete
&&&&implement
&&&&ation&or
&&&&not
&&&&Guarantee
&&&&for&related
&&&&party&(Yes&or
&&&&No)21
&&&&agreement)
&&&&Lincang
&&&&YuntouYudean
&&&&Hydroelectrici
&&&&ty
&&&&Development
&&&&Co.,&Ltd.
&&&&July
&&&&22,2006
&&&&(Announc
&&&&emen
&&&&No.:2006-2
&&&&5)
&&&&3,430.00&December
&&&&25,.00
&&&&Guarante
&&&&eing&of
&&&&joint
&&&&liabilit
&&&&ies.
&&&&15&years&No&No
&&&&Yunnan
&&&&Baoshan
&&&&Binlangjiang
&&&&Hydroelectrici
&&&&ty
&&&&Development
&&&&Co.,&Ltd.
&&&&May
&&&&24,2007
&&&&(Announc
&&&&emen
&&&&No.:2007-1
&&&&9)
&&&&2,900.00&November
&&&&30,.00
&&&&Guarante
&&&&eing&of
&&&&joint
&&&&liabilit
&&&&ies.
&&&&14&years&No&No
&&&&Yunnan
&&&&Baoshan
&&&&Binlangjiang
&&&&Hydroelectrici
&&&&ty
&&&&Development
&&&&Co.,&Ltd.
&&&&May
&&&&24,2007
&&&&(Announc
&&&&emen
&&&&No.:2007-1
&&&&9)
&&&&1,305.00&November
&&&&30,.00
&&&&Guarante
&&&&eing&of
&&&&joint
&&&&liabilit
&&&&ies.
&&&&11&years&No&No
&&&&Yunnan
&&&&Baoshan
&&&&Binlangjiang
&&&&Hydroelectrici
&&&&ty
&&&&Development
&&&&Co.,&Ltd.
&&&&May
&&&&24,2007
&&&&(Announc
&&&&emen
&&&&No.:2007-1
&&&&9)
&&&&1,450.00&November
&&&&30,.00
&&&&Guarante
&&&&eing&of
&&&&joint
&&&&liabilit
&&&&ies.
&&&&8&years&No&No
&&&&Yunnan
&&&&Baoshan
&&&&Binlangjiang
&&&&Hydroelectrici
&&&&ty
&&&&Development
&&&&Co.,&Ltd.
&&&&May
&&&&24,2007
&&&&(Announc
&&&&emen
&&&&No.:2007-1
&&&&9)
&&&&4,350.00&December
&&&&19,.00
&&&&Guarante
&&&&eing&of
&&&&joint
&&&&liabilit
&&&&ies.
&&&&17&years&No&No
&&&&Yunnan
&&&&Baoshan
&&&&Binlangjiang
&&&&Hydroelectrici
&&&&ty
&&&&Development
&&&&Co.,&Ltd.
&&&&December
&&&&19,2007
&&&&(Announc
&&&&emen
&&&&No.:2007-4
&&&&4)
&&&&4,350.00&December
&&&&25,.00
&&&&Guarante
&&&&eing&of
&&&&joint
&&&&liabilit
&&&&ies.
&&&&15&years&No&No
&&&&Guangdong
&&&&Yudean
&&&&Shiping&Co.,
&&&&Ltd.
&&&&September
&&&&18,2007
&&&&(Annou
&&&&ncemen
&&&&No.:2007-
&&&&31)
&&&&21,000.00&September
&&&&26,.60
&&&&Guarante
&&&&eing&of
&&&&joint
&&&&liabilit
&&&&ies.
&&&&6&years&No&Yes
&&&&Yunnan
&&&&Baoshan
&&&&Binlangjiang
&&&&Hydroelectrici
&&&&ty
&&&&Development
&&&&Co.,&Ltd.
&&&&December
&&&&19,2007
&&&&(Announc
&&&&emen
&&&&No.:2007-4
&&&&4)
&&&&12,000.00&March
&&&&18,.00
&&&&Guarante
&&&&eing&of
&&&&joint
&&&&liabilit
&&&&ies.
&&&&20&years&No&No
&&&&Lincang&July&1,372.00&July&29,.00&Guarante&12&years&No&No22
&&&&YuntouYudean
&&&&Hydroelectrici
&&&&ty
&&&&Development
&&&&Co.,&Ltd.
&&&&22,2006
&&&&(Announc
&&&&emen
&&&&No.:2006-2
&&&&5)
&&&&eing&of
&&&&joint
&&&&liabilit
&&&&ies.
&&&&Guangdong
&&&&Yudean
&&&&Shiping&Co.,
&&&&Ltd.
&&&&May
&&&&16,2008(A
&&&&nnounceme
&&&&n
&&&&No.:2008-2
&&&&4)
&&&&20,580.00&September
&&&&27,.61
&&&&Guarante
&&&&eing&of
&&&&joint
&&&&liabilit
&&&&ies.
&&&&5&years&No&Yes
&&&&Yunnan
&&&&Baoshan
&&&&Binlangjiang
&&&&Hydroelectrici
&&&&ty
&&&&Development
&&&&Co.,&Ltd.
&&&&August
&&&&22,2008
&&&&(Announc
&&&&emen
&&&&No.:2008-4
&&&&4)
&&&&5,800.00&October
&&&&31,.00
&&&&Guarante
&&&&eing&of
&&&&joint
&&&&liabilit
&&&&ies.
&&&&17&years&No&No
&&&&Yunnan
&&&&Baoshan
&&&&Binlangjiang
&&&&Hydroelectrici
&&&&ty
&&&&Development
&&&&Co.,&Ltd.
&&&&November
&&&&12,2008
&&&&(Annou
&&&&ncemen
&&&&No.:2008-
&&&&54)
&&&&7,250.00&November
&&&&14,.00
&&&&Guarante
&&&&eing&of
&&&&joint
&&&&liabilit
&&&&ies.
&&&&12&years&No&No
&&&&Weixin
&&&&Yuntou
&&&&Yudean&Zhaxi
&&&&Energy&Co.,
&&&&Ltd.
&&&&August
&&&&29,2009
&&&&(Announc
&&&&emen
&&&&No.:2009-2
&&&&8)
&&&&8,800.00&March
&&&&19,.00
&&&&Guarante
&&&&eing&of
&&&&joint
&&&&liabilit
&&&&ies.
&&&&3&years&No&No
&&&&Yunnan
&&&&Baoshan
&&&&Binlangjiang
&&&&Hydroelectrici
&&&&ty
&&&&Development
&&&&Co.,&Ltd.
&&&&May
&&&&27,2009
&&&&(Announc
&&&&emen
&&&&No.:2009-1
&&&&7)
&&&&17,400.00&May
&&&&27,.00
&&&&Guarante
&&&&eing&of
&&&&joint
&&&&liabilit
&&&&ies.
&&&&14&years&No&No
&&&&Yunnan
&&&&Baoshan
&&&&Binlangjiang
&&&&Hydroelectrici
&&&&ty
&&&&Development
&&&&Co.,&Ltd.
&&&&May
&&&&27,2009
&&&&(Announc
&&&&emen
&&&&No.:2009-1
&&&&7)
&&&&11,600.00&June&22,
&&&&.00
&&&&Guarante
&&&&eing&of
&&&&joint
&&&&liabilit
&&&&ies.
&&&&20&years&No&No
&&&&Weixin
&&&&Yuntou
&&&&Yudean&Zhaxi
&&&&Energy&Co.,
&&&&Ltd.
&&&&August
&&&&29,2009
&&&&(Announc
&&&&emen
&&&&No.:2009-2
&&&&8)
&&&&20,000.00&September
&&&&22,.00
&&&&Guarante
&&&&eing&of
&&&&joint
&&&&liabilit
&&&&ies.
&&&&5&years&No&No
&&&&Weixin
&&&&Yuntou
&&&&Yudean&Zhaxi
&&&&Energy&Co.,
&&&&Ltd.
&&&&February
&&&&3,2010
&&&&(Announc
&&&&emen
&&&&No.:2010-0
&&&&20,000.00&March
&&&&15,.00
&&&&Guarante
&&&&eing&of
&&&&joint
&&&&liabilit
&&&&ies.
&&&&4&years&No&No23
&&&&5)
&&&&Yunnan
&&&&Baoshan
&&&&Binlangjiang
&&&&Hydroelectrici
&&&&ty
&&&&Development
&&&&Co.,&Ltd.
&&&&May
&&&&27,2010
&&&&(Announc
&&&&emen
&&&&No.:2010-3
&&&&0)
&&&&7,250.00&June&23,
&&&&.00
&&&&Guarante
&&&&eing&of
&&&&joint
&&&&liabilit
&&&&ies.
&&&&5&years&No&No
&&&&Total&amount&of&approved
&&&&external&guarantee&in&the
&&&&report&period(A1)
&&&&39,337.25
&&&&Total&actually&amount&of
&&&&external&guarantee&in&the
&&&&report&period(A2)
&&&&17,250.00
&&&&Total&amount&of&approved
&&&&external&guarantee&at&the
&&&&end&of&the&report&period(A3)
&&&&227,246.75.00
&&&&Total&actually&amount&of
&&&&external&guarantee&at&the
&&&&end&of&the&report&period(A4)
&&&&120,034.21
&&&&Guarantee&of&the&company&for&its&subsidiaries
&&&&Name&of&the
&&&&company
&&&&guaranteed
&&&&Related
&&&&announcem
&&&&ent&date
&&&&and&no.
&&&&Amount&of
&&&&guarantee
&&&&Date&of
&&&&happening(d
&&&&ate&of
&&&&signing
&&&&agreement)
&&&&Actually
&&&&guarantee
&&&&amount
&&&&Guarantee
&&&&type
&&&&Guarantee
&&&&term
&&&&Complete
&&&&implement
&&&&ation&or
&&&&not
&&&&Guarantee
&&&&for&related
&&&&party(yes&or
&&&&no)
&&&&Total&of&guarantee&for
&&&&subsidiaries&approved&in&the
&&&&period(B1)
&&&&0.00
&&&&Total&of&actual&guarantee&for
&&&&subsidiaries&in&the&period
&&&&(B2)
&&&&0.00
&&&&Total&of&guarantee&for
&&&&subsidiaries&approved&at
&&&&period-end(B3)
&&&&20,677.50
&&&&Total&of&actual&guarantee&for
&&&&subsidiaries&at
&&&&period-end(B4)
&&&&0.00
&&&&Total&of&company’s&guarantee(namely&total&of&the&large&two&aforementioned)
&&&&Total&of&guarantee&approved
&&&&in&the&period(A1+B1)&39,337.25&Total&of&Actual&guarantee&in
&&&&the&period(A2+B2&17,250.00
&&&&Total&of&guarantee&approved
&&&&at&the&period-end(A3+B3)&247,924.25&Total&of&actual&guarantee&at
&&&&the&period-end(A4+B4)&120,034.21
&&&&The&proportion&of&the&total&amount&guarantee&in&the&net
&&&&assets&of&the&company(that&is&A4+B4)&12.21%
&&&&Including:
&&&&Amount&of&guarantee&for&shareholders,&Actual&controller&and
&&&&its&associated&parties(C)&13,160.21
&&&&The&debts&guarantee&amount&provided&for&the&guaranteed
&&&&parties&whose&assets-liability&ratio&exceed&70%&directly&or
&&&&indirectly(D)
&&&&102,072.00
&&&&Proportion&of&total&amount&of&guarantee&in&net&assets&of&the
&&&&company&exceed&50%(E)&0.00
&&&&Total&guarantee&Amount&of&the&abovementioned
&&&&guarantees(C+D+E)&115,232.21
&&&&Explorations&on&possibly&bearing&joint&and&several
&&&&liquidating&responsibilities&for&undue&guarantees&无
&&&&All&the&said&guarantees&were&examined&and&adopted&at&the&shareholders'&general&meeting&of&the
&&&&Company.
&&&&4.Implementations&of&commitments&by&the&Company,&shareholders&and&actual&controller
&&&&Items&of&commitments&Promisee&Content&of&commitments&Implementation
&&&&Promise&in&share&holding&structure
&&&&reform&N/A&N/A&N/A
&&&&Commitments&made&in&Acquisition
&&&&Report&or&Reports&on&Change&in&N/A&N/A&N/A24
&&&&interests
&&&&Commitments&made&in&Material
&&&&assets&Reorganization&N/A&N/A&N/A
&&&&Commitments&made&in&issuing&N/A&N/A&N/A
&&&&Other&commitments(Including:
&&&&supplementary&commitments)
&&&&Guangdong
&&&&Yudean
&&&&Group&Co.,
&&&&Ltd.
&&&&I.&According&to&“Announcement&on&the&Increase&in
&&&&Shareholding&by&Controlling&Shareholders&and&their
&&&&Persons&Action&in&Concert”&(Announcement&No.:
&&&&2008-46)of&our&company&on&September&19,&2008,&Yudean
&&&&Group&and&its&persons&action&in&concert&promise&that&our
&&&&stocks&held&by&them&will&not&be&reduced&during&the
&&&&increasing&in&shareholding&plan&and&legal&term.
&&&&II.We&applied&non-public&shares&issues&in&2009,&as&per&the
&&&&relevant&requirements&of&China&Securities&Regulatory
&&&&Commission,&Yudean&Group&issued&promises&based&on&the
&&&&horizontal&competition&and&Related&transactions.
&&&&(1)&Yudean&Group&made&promises&for&the&horizontal
&&&&competition&on&May&21,&2009:&1.&Guangdong&Electric
&&&&power&is&the&main&platform&of&power&assets&and&the&key
&&&&enterprise&of&power&business&development&of&Yudean
&&&&Group,&and&Yudean&Group&sustains&Guangdong&Electric
&&&&power’s&development&on&the&aspects&of&research&on&power
&&&&projects,&capital&running&and&assets&merging.&2.&Properly
&&&&deal&with&all&kinds&of&relations&between&Yudean&Group&and
&&&&Guangdong&Electric&power&based&on&the&principle&of&being
&&&&fair&and&reasonable.&About&the&daily&business&operating,
&&&&Yudean&Group&grants&the&same&treatment&to&Guangdong
&&&&Electric&power&as&the&other&subordinate&enterprises.&For&the
&&&&business&of&substantial&competition&with&us&within&the&same
&&&&market,&Guangdong&Electric&power&has&rights&to&choose&the
&&&&following&modes&of&the&country’s&laws,&regulations&and&the
&&&&relevant&supervision&licenses&to&solve&them.&3.&Forbid
&&&&acting&that&isn’t&good&for&Guangdong&Electric&power&and&its
&&&&shareholders&using&the&status&of&major&shareholders,&so&that
&&&&gradually&reducing&the&horizontal&competition&with
&&&&Guangdong&Electric&power,&and&maintaining&its&good&image
&&&&in&China&stock&market.
&&&&(2)Yudean&Group&made&promises&for&the&affiliated
&&&&transaction&on&July&24,&2009:&1.&Yudean&Group&will&try&to
&&&&avoid&producing&the&affiliated&transaction&with&Guangdong
&&&&Electric&power&in&the&future.&If&there&exits&the&Related
&&&&transaction&occurred&inevitably,&Yudean&Group&should
&&&&consult&with&Guangdong&Electric&power&to&confirm&the
&&&&transaction&with&the&contract&mode,&which&would&be&based
&&&&on&the&principles&of&equality,&liberty,&fairness&and&justness,
&&&&Under
&&&&fulfillment25
&&&&and&in&accordance&with&the&market&prices&and&conditions.&2.
&&&&Yudean&Group&and&Guangdong&Electric&power&will&disclose
&&&&the&information&of&Related&transaction&in&time&strictly
&&&&according&to&the&relevant&provisions&of&information
&&&&disclosure.&3.&If&the&price&of&related&transaction&is&provided
&&&&in&the&State&Commodity&Price&Department,&state’s&price
&&&&should&be&&If&without&the&relative&provisions,&the
&&&&transaction&parties&should&negotiate&to&confirm&according&to
&&&&no&beyond&the&market&prices&and&conditions&of&similar
&&&&transaction&in&the&purpose&of&maintaining&the&legal&rights&of
&&&&Guangdong&Electric&power&and&its&middle-small
&&&&shareholders&and&the&transaction&counterparts.&4.&Yudean
&&&&Group&ensures&that&the&profits&of&Guangdong&Electric
&&&&power&aren’t&transferred&using&the&Related&transaction,&and
&&&&the&legal&rights&of&the&listed&companies&and&their
&&&&middle-small&shareholders&cannot&be&harmed&through&the
&&&&influence&on&the&business&decisions&of&Yue&Dian&Li.&5.
&&&&Yudean&Group&makes&sure&that&strictly&observe&the
&&&&obviation&provisions&of&the&related&transaction&on&the
&&&&articles&of&Guangdong&Electric&power.
&&&&(IX)&Other&misc.&income&subjects
&&&&Unit:RMB
&&&&Items&Occurred&current&term&Occurred&in&previous&term
&&&&1.Gains(losses)from&sellable&financial&assets&-164,519,120.00&164,483,205.00
&&&&Less:Income&tax&influence&of&sellable&financial
&&&&assets&-41,129,780.00&41,120,801.00
&&&&Net&amount&written&into&other&gains&and&transferred
&&&&into&gain/loss&in&previous&terms
&&&&Subtotal&-123,389,340.00&123,362,404.00
&&&&2.Shares&in&the&other&misc.&income&subjects&in&the
&&&&investee&on&equity&basis
&&&&Less:income&tax&influence&of&shares&in&other&gains
&&&&of&investees&on&equity&basis
&&&&Net&amount&written&into&other&gains&and&transferred
&&&&into&gain/loss&in&previous&terms
&&&&Subtotal
&&&&3.Amount&of&gains(or&losses)&from&cash&flow
&&&&hedge&instrument
&&&&Less:&Income&tax&influence&of&cash&flow&hedge
&&&&instruments
&&&&Net&amount&written&into&other&gains&and&transferred
&&&&into&gain/loss&in&previous&terms
&&&&Adjusted&amount&transferred&to&initial&amount&of
&&&&the&target&project26
&&&&Subtotal
&&&&4.Difference&from&translating&of&foreign&currency
&&&&financial&statements
&&&&Less:&Net&amount&of&disposing&overseas&Business
&&&&and&transferred&to&current&gain/loss
&&&&Subtotal
&&&&5.Other
&&&&Less:Income&tax&influence&by&other&accounted&into
&&&&other&misc.&incomes
&&&&Net&amount&accounted&into&other&misc.&income&and
&&&&transferred&into&current&gain/loss&in&previous&terms
&&&&Subtotal
&&&&Total&-123,389,340.00&123,362,404.00
&&&&(X)The&Bonds&of&Company
&&&&China&construction&bank&holdings&Co.,&Ltd&authorizes&its&Guangdong&branch&to&issue&bonds
&&&&interest’s&cash&for&our&company,&and&fully&offer&the&guarantee&of&unconditional&irrevocable&and
&&&&related&duty.&During&the&reporting&period,&the&guarantor&continues&to&obtain&earnings,&assets&scale
&&&&keeps&increasing,&and&the&credibility&is&no&major&disadvantage&of&change.
&&&&During&the&reporting&period,&there&is&no&obvious&change&for&the&company's&credits.&At&the&end&of
&&&&reporting&period,&the&asset&debt&ratio&of&company&is&59.95%.&We&have&paid&the&interest&for&the
&&&&company’s&bonds&during&the&second&interest&period&on&March&10,&2010.&In&the&future,&we&will
&&&&continue&to&ensure&repayment&of&capitals&and&interests&of&bonds&with&our&business&of&stable
&&&&development.
&&&&The&trustees&of&our&bonds&of&China&International&Finance&Co.,&Ltd&have&published&the&report&of
&&&&annual&bond&entrusted&affairs&on&June&18&2010.&The&company's&operation,&assets,&bonds&of&raised
&&&&capital&and&bonds&track&and&rating&are&included&in&this&report.
&&&&(XI)&The&special&statement&and&independent&opinions&of&the&independent&directors&of&the
&&&&Company&on&fund&occupation&by&related&parties&and&external&guarantee&of&the&Company
&&&&According&to&the&Circular&on&Certain&Issues&Relating&to&Standardization&of&Fund&Transfer&Between
&&&&Listed&Companies&and&Their&Related&Parties&and&Guarantees&Provided&by&Listed&Companies
&&&&(Zheng&Jia&Fa&(2003)&No.&56&Document),&In&accordance&with&the&provisions&of&“Notice&on
&&&&Regulating&the&Listed&Company&of&Outside&Guarantee”(CSRC&No.&[2005]20),&the&independent
&&&&director&checked&for&our&funds&relationship&and&outside&guarantee&with&the&affiliates,&decided&that:
&&&&As&of&June&30,&2010,&The&Company&did&not&provide&funds&to&related&parties&in&violation&of
&&&&regulations&as&of&the&end&of&the&report&period.&The&Company&neither&provided&guarantee&to&its
&&&&controlling&shareholder,&any&unincorporate&entity&and&individual&nor&provided&any&guarantee&in
&&&&violation&of&regulations.
&&&&(XII)&The&Company's&acceptance&of&investigation&and&research&and&interview
&&&&1.&In&the&report&period,&the&Company&received&6&institutional&investors&for&investigation&and
&&&&research,&held&1&telephone&conference&and&attended&one&communication&meeting&organized&by&a
&&&&third&party&mainly&for&the&purpose&of&communication&in&respect&of&the&Company's&production&and27
&&&&operation&status&in&current&period&and&future&development&plan.&The&Company&did&not&provide
&&&&written&materials&to&the&visitors.&The&Company&and&relevant&information&disclosure&obligors
&&&&strictly&followed&the&principle&of&fair&information&disclosure,&neither&implemented&discriminatory
&&&&policy,&nor&disclosed&or&divulged&non-public&significant&information&to&specific&objects&selectively
&&&&and&privately.&They&disclosed&information&according&to&the&principle&of&timeliness&and&did&not
&&&&intentionally&choose&the&time&point&of&disclosure&or&lighten&the&effect&of&information&disclosure&so
&&&&as&to&cause&actual&unfairness.
&&&&The&registration&form&of&acceptance&of&investigation,&communication&and&interview&in&the
&&&&report&period&for&future&reference
&&&&Date&Place&Mode&Visitor
&&&&Content&of&discussion&and
&&&&materials&provided
&&&&March&5,2010&Office&of&the
&&&&Company
&&&&Onsite
&&&&investigatio
&&&&n
&&&&Clients&of&Zhongjin
&&&&Company
&&&&Current&status&of&production&and
&&&&management&of&the&company
&&&&March&18,2010&Office&of&the
&&&&Company
&&&&Onsite
&&&&investigatio
&&&&n
&&&&Industrial&Securities&Current&status&of&production&and
&&&&management&of&the&company
&&&&March&31,2010&Office&of&the
&&&&Company
&&&&Onsite
&&&&investigatio
&&&&n
&&&&Xinda&Securities&Current&status&of&production&and
&&&&management&of&the&company
&&&&April&2,&2010&Office&of&the
&&&&Company
&&&&Onsite
&&&&investigatio
&&&&n
&&&&Zhongjin&Current&status&of&production&and
&&&&management&of&the&company
&&&&April&8,2010&Office&of&the
&&&&Company
&&&&Onsite
&&&&investigatio
&&&&n
&&&&CITIC&Securities&and
&&&&Its&clients
&&&&Current&status&of&production&and
&&&&management&of&the&company
&&&&May&18,2010&Office&of&the
&&&&Company
&&&&Onsite
&&&&investigatio
&&&&n
&&&&United&Securities&Current&status&of&production&and
&&&&management&of&the&company
&&&&June&11,&2010&Shenzhen&Participate
&&&&in&meeting&Investor&and&Analyst&Current&status&of&production&and
&&&&management&of&the&company28
&&&&VII.&Financial&Report(Unandited)
&&&&(I)Financial&statements
&&&&(II)Notes&to&financial&statements29
&&&&Balance&Sheet
&&&&Prepared&by:Guangdong&Electric&Power&Development&Co.,&Ltd.
&&&&June&30,&2010&Unit:RMB
&&&&Year-end&balance
&&&&Year-beginning&balance
&&&&Items
&&&&Consolidated&Parent&company&Consolidated&Parent&company
&&&&Current&asset:
&&&&Monetary&fund&2,361,285,817.00&693,469,527.00&1,738,834,186.00&287,691,522.00
&&&&Settlement&provision
&&&&Outgoing&call&loan
&&&&Trading&financial&assets
&&&&Bill&receivable
&&&&Account&receivable&1,786,884,297.00&453,207,478.00&1,328,275,383.00&361,710,774.00
&&&&Prepayments&1,145,024,130.00&178,423,593.00&795,193,073.00&178,040,453.00
&&&&Insurance&receivable
&&&&Reinsurance&receivable
&&&&Provisions&of&Reinsurance
&&&&contracts&receivable
&&&&Interest&receivable&126,250.00&786,250.00
&&&&Dividend&receivable&9,155,096.00&9,155,096.00
&&&&Other&account
&&&&receivable&552,838,484.00&562,848,711.00&561,044,511.00&546,865,973.00
&&&&Repurchasing&of&financial
&&&&assets
&&&&Inventories&761,441,142.00&161,315,348.00&736,134,391.00&179,038,694.00
&&&&Non-current&asset&due&in&1
&&&&year
&&&&Other&current&asset
&&&&Total&of&current&assets&6,607,600,120.00&2,058,419,753.00&5,160,267,794.00&1,562,502,512.00
&&&&Non-current&assets:
&&&&Loans&and&payment&on
&&&&other’s&behalf&disbursed
&&&&Financial&assets&available&for
&&&&sale&351,705,550.00&351,705,550.00&516,224,670.00&516,224,670.00
&&&&Expired&investment&in
&&&&possess
&&&&Long-term&receivable&20,616,378.00&20,616,378.00&20,619,671.00&20,619,671.00
&&&&Long&term&share&equity
&&&&investment&4,684,117,110.00&11,008,423,742.00&4,624,042,593.00&10,473,349,226.00
&&&&Property&investment&13,060,162.00&13,060,162.00&13,376,477.00&13,376,477.00
&&&&Fixed&assets&11,775,446,134.00&1,311,862,528.00&12,021,342,945.00&1,375,315,512.00
&&&&Construction&in&progress&6,000,083,467.00&14,560,722.00&5,295,247,439.00&45,469,174.00
&&&&Engineering&material&1,925,720,316.00&1,938,313,797.00
&&&&Fixed&asset&disposal&9,194,019.00&336,415.00
&&&&Production&physical&assets
&&&&Gas&&&petrol
&&&&Intangible&assets&364,035,073.00&113,060,590.00&373,775,735.00&114,799,984.00
&&&&R&&&D&petrol
&&&&Goodwill30
&&&&Long-germ&expenses&to&be
&&&&amortized
&&&&Differed&income&tax&asset&195,771,841.00&2,299,323.00&200,341,031.00
&&&&Other&non-current&asset
&&&&Total&of&non-current&assets&25,339,750,050.00&12,835,925,410.00&25,003,284,358.00&12,559,154,714.00
&&&&Total&of&assets&31,947,350,170.00&14,894,345,163.00&30,163,552,152.00&14,121,657,226.00
&&&&Current&liabilities
&&&&Short-term&loans&6,402,500,000.00&2,750,000,000.00&3,816,991,742.00&2,550,000,000.00
&&&&Loan&from&Central&Bank
&&&&Deposit&received&and&hold
&&&&for&others
&&&&Call&loan&received
&&&&Trade&off&financial
&&&&liabilities
&&&&Bill&payable&807,537,598.00&2,261,920,109.00&432,686,450.00
&&&&Account&payable&1,357,165,570.00&262,173,307.00&1,010,215,163.00&245,740,456.00
&&&&Accounts&received&in
&&&&advance&14,219,753.00&185,003.00
&&&&Selling&financial&assets&of
&&&&repurchase
&&&&Commission&charge&and
&&&&commission&payable
&&&&Wage&payable&355,914,517.00&101,987,787.00&228,548,750.00&79,392,279.00
&&&&Taxes&payable&53,007,684.00&32,086,183.00&189,248,629.00&95,941,976.00
&&&&Interest&payable&46,367,665.00&41,229,650.00&99,710,964.00&97,576,494.00
&&&&Dividend&payable&570,958,291.00&566,028,624.00&12,589,226.00&7,659,560.00
&&&&Other&accounts
&&&&payable&590,277,967.00&103,528,308.00&820,171,127.00&113,088,577.00
&&&&Reinsurance&payables
&&&&Insurance&contract&reserve
&&&&Security&trading&of&agency
&&&&Security&sales&of&agency
&&&&Non-current&liability&due&in
&&&&1&year&259,350,000.00&309,220,000.00
&&&&Other&current&liability
&&&&Total&of&current&liability&10,457,299,045.00&3,857,033,859.00&8,748,800,713.00&3,622,085,792.00
&&&&Non-current&liabilities:
&&&&Long-term&loan&6,693,680,000.00&7,305,340,000.00
&&&&Bond&payable&1,987,388,659.00&1,987,388,659.00&1,986,037,444.00&1,986,037,444.00
&&&&Long-term&payable
&&&&Special&payable
&&&&Expected&liabilities
&&&&Differed&income&tax
&&&&liability&31,563.00&38,862,020.00&38,830,457.00
&&&&Other&non-current&liabilities&28,153,846.00&26,153,846.00&29,692,308.00&27,692,308.00
&&&&Total&of&non-current
&&&&liabilities&8,709,254,068.00&2,013,542,505.00&9,359,931,772.00&2,052,560,209.00
&&&&Total&of&liabilities&19,166,553,113.00&5,870,576,364.00&18,108,732,485.00&5,674,646,001.00
&&&&Owners’&equity
&&&&Share&capital&2,797,451,138.00&2,797,451,138.00&2,659,404,000.00&2,659,404,000.00
&&&&Capital&reserves&1,883,377,300.00&1,816,507,944.00&1,334,874,325.00&1,268,004,970.00
&&&&Less:Shares&in&stock
&&&&Special&reserve
&&&&Surplus&reserves&3,425,241,041.00&3,425,241,041.00&3,159,617,944.00&3,159,617,944.00
&&&&Common&risk&provision31
&&&&Undistributed&profit&1,723,342,675.00&984,568,676.00&2,117,942,715.00&1,359,984,311.00
&&&&Different&of&foreign
&&&&currency&translation
&&&&Total&of&owner’s&equity
&&&&belong&to&the&parent
&&&&company
&&&&9,829,412,154.00&9,023,768,799.00&9,271,838,984.00&8,447,011,225.00
&&&&Minor&shareholders’&equity&2,951,384,903.00&2,782,980,683.00
&&&&Total&of&owners’&equity&12,780,797,057.00&9,023,768,799.00&12,054,819,667.00&8,447,011,225.00
&&&&Total&of&liabilities&and
&&&&owners’&equity&31,947,350,170.00&14,894,345,163.00&30,163,552,152.00&14,121,657,226.00
&&&&Legal&representative:Pan&Li&Financial&Manager:Li&Xiaoqing&The&person&in&change&of&the&financial&Dept:
&&&&Liu&Xuemao
&&&&Profit&}