粤电力Ｂ：2016年年度报告（英文版）.PDF

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1、Guangdong Electric Power Development Co.,Ltd.2016 Annual Report 1 Guangdong Electric Power Development Co.,Ltd.2016 Annual Report April 2017 Guangdong Electric Power Development Co.,Ltd.2016 Annual Report 2 I.Important Notice,Table of Contents and Definitions The Board of Directors,Supervisory Commi

2、ttee,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

3、 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 Annual report.All the directors at

4、tended 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 Hong Rongkun Director Due to business Gao Shiqiang Li Mingliang Director Due to business Yang Xinli Zhang

5、 Xueqiu Director Due to business Liu Tao Wang Xi Independent Directorr Due to business Shen Hongtao This annual report involves the forecasting description such as the future plans,and does not constitute the actual commitments of the company to the investors.The investors should pay attention to th

6、e investment risks.The Company is mainly engaged in thermal power generation.The business of thermal power generation is greatly affected by factors including electric power demand and fuel price.Refer to Section IX(4)of Chapter 4 of this annual report-situation faced and countermeasures for relevan

7、t 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 i

8、nclusive)，with 0 bonus shares（including tax）,and not converting capital reserve into share capital.Guangdong Electric Power Development Co.,Ltd.2016 Annual Report 3 Table of Contents I.Important Notice,Table of contents and Definitions II.Basic Information of the Company and Financial index III.Outl

9、ine 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 Bon

10、d XI.Financial Report XII.Documents available for inspection Guangdong Electric Power Development Co.,Ltd.2016 Annual Report 4 Definition Terms to be defined Refers to Definition Yudean Group Refers to Guangdong Yudean Group Co.,Ltd.Zhanjiang Company Refers to Zhanjiang Electric Power Co.,Ltd.Yuejia

11、 Company Refers to Guangdong Yuejia Electric Power Co.,Ltd.Yuejiang Company Refers to Guangdong Shaoguan Yuejiang Power Generation Co.,Ltd.Zhenneng Company Refers to Maoming Zhenneng Thermal Power Co.,Ltd.Jinghai Company Refers to Guangdong Yudean Jinghai Power Co.,Ltd.Zhanjiang Wind Power Company R

12、efers 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 Guangd

13、ong 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

14、 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.Guangdong Electric Power Development Co.,Ltd.2016 Annual Report 5 Huadu Natural Gas Co

15、mpany 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 Quji

16、e 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

17、Company Refers to Guangdong Yudean Yongan Natural Gas Thermal Power Co.,Ltd.Guangdong Electric Power Development Co.,Ltd.2016 Annual Report 6 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：S

18、henzhen 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 23-26/F,South Tower,Yudean Plaza,No

19、.2 Tianhe Road East,Guangzhou,Guangdong Province Postal code of the Registered Address 510630 Office Address 23-26/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

20、 Board secretary Securities affairs Representative Name Liu Wei Qin Xiao Contact address 36/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(02

21、0)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

22、 Company http:/ The place where the Annual report is prepared and Affair Dept.Of the Board of directors of the Company Guangdong Electric Power Development Co.,Ltd.2016 Annual Report 7 placed.Changes in Registration Organization Code 91440000617419493W Changes in principal business activities since

23、listing(if any)No change 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 Roa

24、d,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 supervi

25、sion duties engaged by the Company in the reporting period Applicable Not Applicable .Summary of Accounting data and Financial index May the Company make retroactive adjustment or restatement of the accounting data of the previous years due to change of the accounting policy and correction of accoun

26、ting errors.Yes No 2016 2015 Changed over last year（）2014 Operating Gross income（RMB）22,681,120,022 25,723,810,816-11.83%29,046,568,685 Net profit attributable to the shareholders of the listed company（RMB）936,534,941 3,237,733,312-71.07%3,003,977,134 Net profit after deducting of non-recurring gain

27、/loss attributable to the shareholders of listed company（RMB）1,074,697,758 2,953,985,089-63.62%3,113,672,193 Cash flow generated by business operation,net（RMB）8,704,775,818 10,442,437,145-16.64%8,392,794,644 Guangdong Electric Power Development Co.,Ltd.2016 Annual Report 8 Basic earning per share(RM

28、B/Share)0.18 0.62-70.97%0.57 Diluted gains per share(RMB/Share)(RMB/Share)0.18 0.62-70.97%0.57 Net asset earning ratio（%）3.99%14.42%-10.43%14.94%End of 2016 End of 2015 Changed over last year（）End of 2014 Gross assets（RMB）70,677,003,760 71,919,934,143-1.73%69,084,825,852 Net assets attributable to s

29、hareholders of the listed company（RMB）23,378,847,225 23,754,596,981-1.58%21,310,054,597.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 d

30、ifferences 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 Beginn

31、ing of the reporting period According to CAS 936,534,941 3,237,733,312 23,378,847,225 23,754,596,981 Items and amount adjusted according to IAS a.The difference arising from recognition of goodwill after merger of enterprises under the same control 64,623,000 64,623,000 b.Difference arising from rec

32、ognition of land use value after enterprise merger-630,000-630,000 18,860,000 19,490,000 c.Influence on minority interests 54,120 54,120 4,701,979 4,647,859 According to IAS 935,959,061 3,237,157,432 23,467,032,204 23,843,357,840 2.Differences of net profit and net assets disclosed in financial repo

33、rts prepared under overseas and Chinese accounting standards.Applicable Not applicable Guangdong Electric Power Development Co.,Ltd.2016 Annual Report 9 The Company had no difference of the net profit or net assets disclosed in financial report,under either foreign accounting rules or Chinese GAAP(G

34、enerally 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 o

35、f 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 contr

36、ol 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 sh

37、all 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,there

38、s some influence on minority interests.Main Financial Index by Quarters In RMB First quarter Second quarter Third quarter Fourth quarter Operating income 4,405,938,708 5,829,050,858 6,207,318,559 6,238,811,897 Net profit attributable to the shareholders of the listed company 110,019,230 628,355,554

39、738,187,983-540,027,826 Net profit after deducting of non-recurring gain/loss attributable to the shareholders of listed company 110,018,307 633,483,659 744,574,860-413,379,068 Net Cash flow generated by business operation 2,036,376,774 2,660,123,408 3,353,518,303 654,757,333 Whether significant var

40、iances 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 Guangdong Electric Power Dev

41、elopment Co.,Ltd.2016 Annual Report 10 Items Amount(2016)Amount(2015)Amount(2014)Notes Non-current asset disposal gain/loss(including the write-off part for which assets impairment provision is made)-3,723,321 238,178,694-57,685,202 Govemment subsidy recognized in current gain and loss(excluding tho

42、se closely related to the Companys business and granted under the states policies)19,074,097 16,112,458 20,895,756 Gains and losses from exchange of non-monetary assets 21,977,012 Asset impairment provisions due to acts of God such as natural disasters -101,877,473 Expenses on business reorganizatio

43、n,such as expenses on staff arrangements,integration,etc.-59,541,635 Yuejia company owned Meixian power plant shut down in August 2016,some employees and Dapu company signed a labor contract,the company must pay the remaining retreat or termination of labor contract employees corresponding dismissal

44、 benefits,and according to the same period bonds interest rate as a discount rate Calculate the present value of future cash outflows and confirm the dismissal benefits.Gain/loss from change of fair value of transactional financial asset and liabilities,and investment gains from disposal of transact

45、ional financial assets and liabilities and sellable financial assets other than valid period value instruments related to the Companys common businesses.808,317 Switch back of provision for depreciation of account receivable which was singly 20,790 1,623,216 Guangdong Electric Power Development Co.,

46、Ltd.2016 Annual Report 11 taken depreciation test.Gain/loss on loans obtained by entrusting others 563,812 Effect on current gains/losseswhen 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 In a

47、ccordance with requirements of Program for Promoting the Tax Check and Random Check Implementation SZF2015 No.104 from Tax State Administration of Taxation,the company headquarters and affiliated units were selected by the tax bureau for the tax check and had paid the tax dues,penalty and overdue fi

48、ne by the end of the current year subject to relevant penalty results.Other non-business income and expenditures other than the above-104,916,156 29,997,321-40,486,215 Pinghai company received Written Decision of Administrative Penalty(YHZCF 2016 No.019)issued by Guangdong Ocean&Fishery Administrati

49、on on November 14,2016,in which,Pinghai company was subject to the penalty decision of 172 million yuan due to the action that Pinghai has conducted Pinghai plant site levelling and bank protection project,the penalty amount will influence the net profit belonging to the parent company by 77.40 mill

50、ion yuan or so.Pinghai has already applied the administrative reconsideration for the project above,which is still under negotiation and coordination among many parties.In accordance with Agreement for Assets Purchase through Issuing Shares concluded between Yuedian group and the company in 2012,Yue