粤电力Ｂ：2017年年度报告（英文版）.PDF

Guangdong Electric Power Development Co.,Ltd.2017Annual Report 0 Guangdong Electric Power Development Co.,Ltd.2017Annual Report April 2018 Guangdong Electric Power Development Co.,Ltd.2017Annual Report 1 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.Liu Wei,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 Annual report.All the directors attended the board meeting for reviewing the Annual Report except the follows:The name of director who did not attend the meeting in person Positions Reason The name of director who was authorized Zhou Xian Director Due to business Rao Subo Zhang Xueqiu Director Due to business Ma Xiaoqian This annual report involves the forecasting description such as the future plans,and does not constitute the actual commitments of the company to the investors.Investors and stakeholders should all maintain sufficient awareness of risks for this and understand the differences between plans,forecasts and commitments.The Company is mainly engaged in thermal power generation.The business of thermal power generation is greatly affected by factors including electric power demand and fuel price.Refer to Section IX(4)of Chapter 4 of this annual report-situation faced and countermeasures for relevant information.The preplan profit distribution of the Company deliberated and approved by the Board is:Total share of of 5,250,283,986 for Base on the Companys total share capital,the Company would distribute cash dividend to all the shareholders at the rate of CNY 0.80 for every 10 shares(with tax inclusive)，with 0 bonus shares（including tax）,and not converting capital reserve into share capital.Guangdong Electric Power Development Co.,Ltd.2017Annual Report 2 Table of Contents I.Important Notice,Table of contents and Definitions II.Basic Information of the Company and Financial index III.Outline of Company Business IV.Managements Discussion and Analysis V.Important Events VI.Change of share capital and shareholding of Principal Shareholders VII.Situation of the Preferred Shares VIII.Information about Directors,Supervisors and Senior Executives IX.Administrative structure X.Corporate Bond XI.Financial Report XII.Documents available for inspection Guangdong Electric Power Development Co.,Ltd.2017Annual Report 3 Definition Terms to be defined Refers to Definition Yudean Group Refers to Guangdong Yudean Group Co.,Ltd.Zhanjiang Company Refers to Zhanjiang Electric Power Co.,Ltd.Yuejiang Company Refers to Guangdong Shaoguan Yuejiang Power Generation Co.,Ltd.Zhenneng Company Refers to Maoming Zhenneng Thermal Power Co.,Ltd.Jinghai Company Refers to Guangdong Yudean Jinghai Power Co.,Ltd.Zhanjiang Wind Power Company Refers to Guangdong Yudean Zhanjiang Wind Power Co.,Ltd.Zhongyue Compamy Refers to Zhanjiang Zhongyue Energy Co.,Ltd.Bohe Company Refers to Guangdong Yudean Bohe Coal&Electricity Co.,Ltd Guangqian Company Refers to Shenzhen Guangqian Electric Power Co.,Ltd.Huizhou Natural Gas Company Refers to Guangdong Huizhou Natural Gas Power Co.,Ltd.Red Bay Company Refers to Guangdong Red Bay Power Co.,Ltd.Pinghai Power Plant Refers to Guangdong Hluizhou Pinghai Power Co.,Ltd.Humen Power Company Refers to Guangdong Yudean Humen Power Co.,Ltd.Anxin Electric Inspection&Installation Company Refers to Guangdong Yudean Anxin Electric Inspection&Installation Co.,Ltd Guohua Taishan Refers to Guangdong Guohua Yudean Taishan Power Generation Co.,Ltd.Yudean Industry Fuel Company Refers to Guangdong Power Industry Fuel Co.,Ltd.Huadu Natural Gas Company Refers to Guangdong Huadu Natural GasT Thermal Power Co.,Ltd.Dapu Company Refers to Guangdong Dapu Power Generation Co.,Ltd.Wind Power Company Refers to Guangdong Wind Power Co.,Ltd.Lincang Company Refers to Lincang Yudean Energy Co.,Ltd.Qujie Wind Power Company Refers to Guangdong Yudean Qujie Wind Power Generation Co.,Ltd.Electric Power Sales Company Refers to Guangdong Yudean Electric Power Sales Co.,Ltd.Weixin Yuntou Refers to Weixin Yuntou Yudean Zhaxi Energy Co.,Ltd.Binglang Jiang Company Refers to Yunnan Baoshan Binlangjiang Hydroelectricity Development Co.,Ltd.Yongan Natural Gas Company Refers to Guangdong Yudean Yongan Natural Gas Thermal Power Co.,Ltd.Tongdao Wind Power Company Refers to Tongdao Yuexin Wind Power Generation Co.,Ltd.Guangdong Electric Power Development Co.,Ltd.2017Annual Report 4 II.Basic Information of the Company 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 any)粤电力 English name(If any)GUANGDONG ELECTRIC POWER DEVELOPMENT CO.,LTD English abbreviation(If any)GED Legal Representative Huang Zhenhai Registered address 33-36/F,South Tower,Yudean Plaza,No.2 Tianhe Road East,Guangzhou,Guangdong Province Postal code of the Registered Address 510630 Office Address 33-36/F,South Tower,Yudean Plaza,No.2 Tianhe Road East,Guangzhou,Guangdong Province Postal code of the office address 510630 Internet Web Site http:/ E-mail .Contact person and contact manner Board secretary Securities affairs Representative Name Liu Wei Qin Xiao Contact address 35/F,South Tower,Yudean Plaza,No.2 Tianhe Road East,Guangzhou,Guangdong Province 36/F,South Tower,Yudean Plaza,No.2 Tianhe Road East,Guangzhou,Guangdong Province Tel(020)87570276(020)87570251 Fax(020)85138084(020)85138084 E-mail .Information disclosure and placed Newspapers selected by the Company for information disclosure China Securities Daily,Securities Times and Hong Kong Commercial Daily(overseas newspaper for English version)Internet website designated by CSRC for publishing the Annual report of the Company http:/ The place where the Annual report is prepared and placed Affair Dept.Of the Board of directors of the Company.Changes in Registration Organization Code 91440000617419493W Changes in principal business activities since No change Guangdong Electric Power Development Co.,Ltd.2017Annual Report 5 listing(if any)Changes is the controlling shareholder in the past(is any)No change.Other Relevant Information CPAs engaged Name of the CPAs PWC Certified Public Accountants(special general partnership)Office address 11th Floor,PricewaterhouseCoopers Center,2 Corporate Avenue 202 Hu Bin Road,Huangpu District,Shanghai 200021,PRC Names of the Certified Public Accountants as the signatories Wang Bin,Chen Junjun The sponsor performing persist ant supervision duties engaged by the Company in the reporting period.Applicable Not Applicable The Financial advisor performing persist ant supervision duties engaged by the Company in the reporting period Applicable Not Applicable .Summary of Accounting data and Financial index Indicate by tick mark whether there is any retrospectively restated datum in the table below.Yes No 2017 2016 Changed over last year（）2015 Operating Gross income（RMB）26,643,792,057 22,681,120,022 17.47%25,723,810,816 Net profit attributable to the shareholders of the listed company（RMB）743,180,431 936,534,941-20.65%3,237,733,312 Net profit after deducting of non-recurring gain/loss attributable to the shareholders of listed company（RMB）718,454,119 1,074,697,758-33.15%2,953,985,089 Cash flow generated by business operation,net（RMB）3,676,034,503 8,704,775,818-57.77%10,442,437,145 Basic earning per share(RMB/Share)0.14 0.18-22.22%0.62 Diluted gains per share(RMB/Share)(RMB/Share)0.14 0.18-22.22%0.62 Net asset earning ratio（%）3.16%3.99%-0.83%14.42%End of 2017 End of 2016 Changed over last year（）End of 2015 Gross assets（RMB）71,007,415,323 70,677,003,760 0.47%71,919,934,143 Net assets attributable to shareholders of the listed company（RMB）23,695,190,653 23,378,847,225 1.35%23,754,596,981 Guangdong Electric Power Development Co.,Ltd.2017Annual Report 6.The differences between domestic and international accounting standards 1Simultaneously 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 listed company Net Assets attributable to the shareholders of the listed company Amount in the reporting period Amount in the previous period End of the reporting period Beginning of the reporting period According to CAS 743,180,431 936,534,941 23,695,190,653 23,378,847,225 Items and amount adjusted according to IAS The difference arising from recognition of goodwill after merger of enterprises under the same control 64,623,000 64,623,000 Difference arising from recognition of land use value after enterprise merger-630,000-630,000 18,230,000 18,860,000 Influence on minority interests 54,120 54,120 4,756,099 4,701,979 According to IAS 742,604,551 935,959,061 23,782,799,752 23,467,032,204 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 Housing reform loss occurred to the Company and some holding subsidiaries.Therefore,theres some influence on minority interests.Guangdong Electric Power Development Co.,Ltd.2017Annual Report 7.Main Financial Index by Quarters In RMB First quarter Second quarter Third quarter Fourth quarter Operating income 5,554,665,288 6,830,821,289 7,546,970,420 6,711,335,060 Net profit attributable to the shareholders of the listed company-115,409,510 244,145,235 653,326,357-38,881,651 Net profit after deducting of non-recurring gain/loss attributable to the shareholders of listed company-125,128,941 281,931,672 642,264,511-80,613,123 Net Cash flow generated by business operation 475,755,783 1,103,169,501 1,789,490,461 307,618,758 Whether significant variances exist between the above financial index or the index with its sum and the financial index of the quarterly report as well as semi-annual report index disclosed by the Company.Yes No .Items and amount of non-current gains and losses Applicable Not applicable In RMB Items Amount(2017 Amount(2016 Amount(2015 Notes Non-current asset disposal gain/loss(including the write-off part for which assets impairment provision is made)-4,720,404-3,723,321 238,178,694 Govemment subsidy recognized in current gain and loss(excluding those closely related to the Companys business and granted under the states policies)41,344,595 19,074,097 16,112,458 In the current period,the newly added subsidy for technological transformation of enterprises by Special funds for Industrial and Informatization Development was RMB 18.6 million.Gains and losses from exchange of non-monetary assets 21,977,012 Expenses on business reorganization,such as expenses on staff arrangements,integration,etc.-59,541,635 Switch back of provision for depreciation of account receivable which was singly taken depreciation test.20,790 Effect on current gains/losses when a one-off adjustment is made to current gains/losses according to requirements of taxation,accounting and other relevant laws and regulations -125,842,425 Other non-business income and expenditures 6,502,013-104,916,156 29,997,321 Guangdong Electric Power Development Co.,Ltd.2017Annual Report 8 other than the above Taxes paid by tax auditors,late fees and fines-7,274,913 Less:Amount of influence of income tax 10,104,459 18,950,258 17,651,335 The price in coal futures rose and the operating profit fell.Influenced amount of minor shareholders equity(after tax)1,020,520-155,736,881 4,886,717 Total 24,726,312-138,162,817 283,748,223-For the Companys 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.2017Annual Report 9 III.Outline of Company Business.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 December 31,2016,the controllable installed capacity is 20.15 million KW,where the controllable installed capacity of coal-burning power generation,LNG generation and re