粤电力Ｂ：2020年第一季度报告全文（英文版）

Guangdong Electric Power Development Co. Ltd.April 2020

1 Important notes

The Board of Directors ， the Supervisory Committee the directors the supervisors and executives of the

Company guarantee that there are no significant omissions fictitious or misleading statements carried in the

Quarterly Report and we will accept individual and joint responsibilities for the truthfulness accuracy and

completeness of the Quarterly Report.Other directors attending the Meeting for Quarterly Report deliberation except for the followed:

Name of director absent Title for absent director Reasons for absent Attorney

Wen Lianhe Director Due to business Wang Jin

Chen Ze Director Due to business Wang Jin

Li Fangji Director Due to business Zheng Yunpeng

Yan Ming Director Due to business Zheng Yunpeng

Mao Qinghan Director Due to business Ma Xiaoqian

Yin Zhongyu Director Due to business Sha Qilin

Mr. Wang Jin Person in charge of the Company Mr.Liu Wei Person in charge of accounting works Mr.Meng

Fei CFO as well as person in charge of accounting institution represent and warrant the financial and accounting

report in the first quarterly report is true and complete.II. Basic information about the company

I. Main financial data and indices

Indicate by tick mark whether the Company needs to retroactively restate any of its accounting data.□ Yes √ No

This period Same period of last year

Changes of this period

over same period of last

year（％）

Operating revenue（Yuan） 4703863816 5589715802 -15.85%

Net profit attributable to the

shareholders of the listed company（Yuan）

7373105 109518462 -93.27%

Net profit after deducting of

non-recurring gain/loss attributable to

the shareholders of listed company（Yuan）

-372094 109805200 -100.34%

Net cash generated from /used in

operating activities（Yuan）

1170574344 1805095658 -35.15%

Basic earning per share(Yuan/Share) 0.0014 0.0209 -93.30%

Diluted gains per share(Yuan/Share) 0.0014 0.0209 -93.30%

Weighted average return on equity（%） 0.03% 0.34% -0.31%

End of this period End of last period

Changes of this

period-end over same

period-end of last year(%)

Total assets（Yuan） 76358861961 75472027123 1.18%

Net assets attributable to the

shareholders of the listed company（Yuan）

26155872112 26178241077 -0.09%

Items and amount of non-current gains and losses

√ Applicable □ Not applicable

In RMB

Items

Amount (Year-beginning to

the end of the report

period.)

Notes

Non-current asset disposal gain/loss(including the

write-off part for which assets impairment provision

is made)

-119473

Govemment subsidy recognized in current gain and

loss(excluding those closely related to the Company’

s business and granted under the state’s policies)

7922409

Mainly due to that Zhenneng Company

received 4.2 million yuan due to

reimbursement of unemployment

insurance for affected companies in

2018 and Guangqian Company

received a steady growth subsidy of 1

million yuan.Other non-operating income and expenditure except

for the aforementioned items

5109542

Mainly due to the subsidiaries’ fine

income from project engineering party

at examination and the refund of

taxes.Less: Amount of influence of income tax 3078959

Influenced amount of minor shareholders’ equity

(after tax)

2088320

Total 7745199 --

For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on

information disclosure for Compaines Offering their Securities to the Public-Non-recurring Gains and Losses and

its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure

for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as

recurring gains and losses it is necessary to explain the reason.

□ Applicable√ Not applicable

None of Non-recurring gain /loss items recorgnized as recurring gain /loss/items as defined by the information

disclosure explanatory Announcement No.1- Non –recurring gain/loss in the report period.II. Total number of shareholders at the period-end and shareholdings of top 10 shareholders

1. About Total Common Shareholders Total Preference Shareholders with the Voting Power Recovered and

the Shares Held by Top Ten Common Shareholders

In shares

Total number of common

shareholders at the period-end

94679

Total preference shareholders

with the voting power

recovered at the end of the

reporting period(if any)

Shares held by the top 10 shareholders

Shareholder name

Properties of

shareholder

proportio

n %

Quantity

Amount of

tradable

shares with

Conditional

held

Pledging or

freezing

Status

of the

Quanti

Guangdong Energy Group Co. Ltd.State-owned legal

person

67.39% 3538005285 1893342621

China Securities Finance Co. Ltd.

State-owned legal

person

2.84% 148862420

Shenzhen Guangfa Electric Power

Investment Co. Ltd.State-owned legal

person

2.22% 116693602

Guangdong Electric Power

Development Corporation

State-owned legal

person

1.80% 94367341

Li Zhuo

Domestic Natural

person

0.60% 31623523

Zheng Jianxiang

Domestic Natural

person

0.45% 23372798

Harbin Hali Industry Co. Ltd.

Domestic

Non-State owned

legal person

0.40% 20942945

CHINA INT'L CAPITAL CORP HONG

KONG SECURITIES LTD

Overseas Legal

person

0.29% 15316066

Harbin Daoli District Charity

Foundation

Domestic

Non-State owned

legal person

0.26% 13660906

VANGUARD EMERGING MARKETS

STOCK INDEX FUND

Overseas Legal

person

0.25% 13088628

Shares held by the Top 10 Shareholders of Non-restricted shares

Shareholders’ Names

Number of the non-restricted

shares held

Share type

Share type Quantity

Guangdong Energy Group Co. Ltd. 1644662664 RMB Common shares 1644662664

China Securities Finance Co. Ltd. 148862420 RMB Common shares 148862420

Shenzhen Guangfa Electric Power

Investment Co. Ltd.

116693602 RMB Common shares 116693602

Guangdong Electric Power

Development Corporation

94367341 RMB Common shares 94367341

Li Zhuo 31623523 RMB Common shares 31623523

Zheng Jianxiang 23372798

Foreign shares placed in

domestic exchange

23372798

Harbin Hali Industry Co. Ltd. 20942945 RMB Common shares 20942945

CHINA INT'L CAPITAL CORP HONG

KONG SECURITIES LTD

15316066

Foreign shares placed in

domestic exchange

15316066

Harbin Daoli District Charity

Foundation

13660906 RMB Common shares 13660906

VANGUARD EMERGING MARKETS

STOCK INDEX FUND

13088628

Foreign shares placed in

domestic exchange

13088628

Explanation on associated

relationship or concerted action of

the above shareholders

The fourth largest shareholder Guangdong Electric Power Development Corporation is

the wholly-owned subsidiaries of the largest shareholder Guangdong Energy Group.These two companies have relationships; whether the other shareholders have

relationships or unanimous acting was unknown.Note to the top 10 common

stockholders involved in margin

financing & securities lending (If

any)

The Fifth largest shareholder Li Zhuo holds116200 A shares of the Company through A

shares ordinary stock account and holds31507323A shares of the Company through

stock account with credit transaction and guarantee hold31623523 shares of the

Company's stock totally；

The seventh largest shareholder Harbin Hali Industry Co. Ltd. holds300 A shares of the

Company through A shares ordinary stock account and holds20942645A shares of the

Company through stock account with credit transaction and guarantee. hold 20，942，

945 shares of the Company's stock totally；

The Ninth largest shareholder Harbin Daoli District Charity Foundation holds10300 A

shares of the Company through A shares ordinary stock account and holds 13650606A

shares of the Company through stock account with credit transaction and guarantee

holds 13660906 shares of the Company's stock totally.Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a

buy-back agreement dealing in reporting period.□ Yes √ No

The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company

have no buy –back agreement dealing in reporting period.

2.Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end of the

report period

□ Applicable √Not applicable

III. Significant Events

I. Particular about large-margin change of main accounting statement item and financial index and its reason.

√ Applicable □ Not applicable

Affected by the Spring Festival holiday and the New Coronary Pneumonia epidemic the electricity consumption

of the whole society in Guangdong Province decreased by 10.4% YOY in the first quarter of 2020 and the

coal-fired power units in the province experienced a large-scale shutdown and peak regulation. The Company

had completed 12.14 billion kWh of power generation as stated in the consolidated accounting a decrease of

16.24% YOY; the cumulative on-grid electricity was 11.517 billion kWh a decrease of 16.06% YOY; the average

on-grid electricity price in the consolidated statement was 449.99 yuan / thousands kWh (including tax the same

below) ) a YOY decrease of RMB 14.81 / thousands kWh; it realized the operating income of RMB 4703863800

a YOY decrease of 15.85%; due to a large decrease in the amount of on-grid electricity the net cash flow

generated by the Company ’s operating activities decreased by 35.15% YOY .

Affected by the sharp reduction in the industrial power demand of the whole society in Guangdong Province the

Company's on-grid electricity in the first quarter dropped significantly YOY and the investment income of

associates also declined resulting in a significant YOY decline in the Company's gross profit and in the net profit

attributable to parent company incurred from power generation. In the first quarter of 2020 the net profit

attributable to shareholders of the parent company was 7.37 million yuan a YOY decrease of 93.27%

II. The progress of significant events and influence as well as the analysis and explanation on resolving

proposal.

√ Applicable □ Not applicable

1. During the reporting period Guangdong Yudean Bohe Coal and Electricity Co. Ltd. which is the company's

holding subsidiary received the Approval on Guangdong Yudean Maoming Bohe Power Plant 2 × 1 million

kilowatts ‘Developing large units and discourage small ones’ Power Generation Project " by Guangdong

Provincial Development and Reform Commission (Yuefa Gaike Approval No. 1-[2020] ) agreeing to build the 2 ×

1 million kilowatt ' Developing large units and discourage small ones ' power generation project in Guangdong

Yudean Maoming Bohe Power Plant. The project plans to build two 1-million-kilowatt ultra-supercritical

coal-fired generating units and simultaneously build flue gas desulfurization denitrification dust removal and

other flue gas treatment environmental protection facilities and wastewater treatment facilities. The total

investment of the project is 8.104 billion yuan of which the project capital is 1.621 billion yuan accounting for

20% of the total investment of the project and the domestic loan is 6.483 billion yuan. The Company is fully

promoting the project construction in accordance with the relevant requirements of the project approval

document.

2. In order to promote the landing implementation and the rapid progress of the Huizhou Dayawan

Petrochemical Zone West Comprehensive Energy Station project after reviewed by the second communication

meeting in 2020 of the ninth board of directors of the Company held on February 14 2020 the Company and the

Huizhou Dayawan Petrochemical Industrial Zone Investment Co. Ltd. agreed to invest and establish a joint

venture-Huizhou Dayawan Petrochemical District West Comprehensive Energy Station Project Company in

accordance with the equity proportion of 80% : 20% . The upfront work shall be carried out upon by 3 H-class

(660-800MW) gas units and 2 150t / h gas boilers (The final construction scale shall be reasonably determined at

the feasibility study stage) and the upfront work expense is controlled at 12 million yuan. The registered place of

the project company is Dayawan District Huizhou City and the initial registered capital is 22 million yuan. The

Company is currently carrying out the upfront work in accordance with the relevant requirements by the project

approval.

3. According to the "Reply by the National Development and Reform Commission on the Approval on Guangdong

Electric Power Development Co. Ltd.'s Issuance of Green Bonds" (Fagai Enterprise Bonds No. 21-[2020] ) it’s

agreed that the Company shall issue no more than 4 billion green bonds with 800 million funds raised will be

used for Yudean Yangjiang Shapa Offshore Wind Power Project 1 billion yuan will be used for Zhuhai Jinwan

Offshore Wind Farm Project 700 million yuan will be used for the Phase II of Guangdong Yudean Zhanjiang

Wailuo Offshore Wind Power Project and 1.5 billion yuan will be used to supplement the working capital . The

Company is handling the related matters of this issuance of green bonds in accordance with the approval

documents and other relevant requirements.

4. During the reporting period the repayment of principal and interest and the delisting of the corporate bond

"12 Yudean Bonds" was completed on March 18 2020.

5. In the tenth meeting of the ninth board of directors of the Company held on January 17 2020 the "Proposal

on the Routine Related Transaction of the Company and Guangdong Energy Group Co. Ltd. in 2020" the“Proposal about the Company and Guangdong Yudean Finance Co. Ltd signing the "Financial Service

Framework Agreement" the "Proposal on the Company and Guangdong Yudean Financial Leasing Co. Ltd.

Signing the ’Financial Lease Cooperation Framework Agreement’ " and the "Proposal on the Company and

Guangdong Yudean Property Insurance Captive Insurance Co. Ltd. Signing the ' Framework Agreement on

Cooperation in Insurance and Risk Management Services' "were reviewed and approved and the

above-mentioned related party transactions will be submitted to the Company's first provisional shareholders’

general meeting of 2020 for approval.

Announcement Date of disclosure Website for disclosure

Announcement on Approval of 2×1

million kilowatts "Developing Large

Units and Suppressing Small Ones"

Power Generation Project of Guangdong

Maoming Bohe Power Plant

January 112020 http//www.cninfo.com.cn.

Announcement of Resolutions of the

Second Meeting of the Ninth Board of

Directors by Correspondence of 2020

February 152020 http//www.cninfo.com.cn.

Announcement on having obtained the

approval from the National

Development and Reform Commission

for the issuance of green bonds.

February 272020 http//www.cninfo.com.cn.

Announcement of Corporate “12 Yudean

Bonds” Principal and Interest Payment

and Delisting

March 122020 http//www.cninfo.com.cn.

Estimates announcement of the Daily

Related Party Transactions of 2020

January 182020 http//www.cninfo.com.cn.

Announcement of Related Transactions

on Signing of the Financial Services

Framework Agreement Framework

Agreement on Financing Leasing

Cooperation and Framework Agreement

on Cooperation in Insurance and Risk

Management Services

January 182020 http//www.cninfo.com.cn.Progress in the implementation of share repurchase

□ Applicable √ Not applicable

Progress in the implementation of the reduction of the repurchased shares by means of centralized bidding

□ Applicable √ Not applicable

III. Commitments finished in implementation by the Company shareholders actual controller acquirer

directors supervisors senior executives or other related parties in the reporting period and commitments

unfinished in implementation at the end of the reporting period

□ Applicable √Not applicable

No such cases in the reporting period.IV. Securities investment

√ Applicable □Not applicable

In RMB

Security

category

Security

code

Stock

Abbreviati

on:

Initial

investment

cost

Mode of

accounti

measure

ment

Book value

balance at the

beginning of

the reporting

period

Changes in

fair value of

the this

period

Cumulative

fair value

changes in

equity

Purchas

amount

in the

this

period

Sale

amount

in the

this

period

Gain/lo

ss of

the

reporti

period

Book value

balance at

the end of

the

reporting

period

Accountin

g items

Sourc

e of

the

Domestic

and foreign

stocks

000027

Shenzhen

Energy

15890628 FVM 78246000 -10458000 51897372 67788000

Other

equity

instrumen

Investmen

Own-

funds

Domestic

and foreign

stocks

600642 Shenergy 235837988 FVM 322642373 -29432093 57372292

29321028

Other

equity

instrumen

Investmen

Own-

funds

Domestic

and foreign

stocks

831039 NEEQ 3600000 FVM 7182000 234000 3816000 7416000

Other

equity

instrumen

Investmen

Own-

funds

Total 255328616 -- 408070373 -39656093 113085664 0 0 0

36841428

-- --

Disclosure date for the notice of

approval by the Board (If any)

October 312019

Disclosure date for the notice of

approval by shareholders’ Meeting (If

any)

V.Entrusted Financial Management

□ Applicable √Not applicable

No such cases in the Reporting Period

VI. Investment in derivatives

□ Applicable √Not applicable

No such cases in the Reporting Period

VII. The registration form of acceptance of investigation communication and interview in the report period

for future reference

□ Applicable √Not applicable

No such cases in the Reporting Period

VIII. External guarantee get out of line

□ Applicable √Not applicable

No such cases in the reporting period.IX. Controlling shareholder and its related parties occupying non-business capital of the listed company

□ Applicable √Not applicable

No such cases in the reporting period.广东电力发展股份有限公司 2020 年第一季度报告全文

IV. Financial Statement

I. Financial statement

1. Consolidated balance sheet

Prepared by: Guangdong Electric Power Development Co. Ltd.March 31 2020

In RMB

Items March 312020 December 312019

Current asset：

Monetary fund 5337734076 5081641969

Settlement provision

Outgoing call loan

Transactional financial assets

Derivative financial assets

Notes receivable

Account receivable 2559444787 3197690464

Financing receivable

Prepayments 807453150 605314333

Insurance receivable

Reinsurance receivable

Provisions of Reinsurance contracts

receivable

Other account receivable 189144729 272801588

Including：Interest receivable 21710725 20866069

Dividend receivable

Repurchasing of financial assets

Inventories 2109021555 1817059269

Contract assets

Assets held for sales

Non-current asset due within 1 year 76755317 28865131

Other current asset 550591741 305595567

Total of current assets 11630145355 11308968321

Non-current assets：

广东电力发展股份有限公司 2020 年第一季度报告全文

Loans and payment on other’s

behalf disbursed

Creditor's Investment

Other Creditor's Investment

Long-term receivable 18581834 65856346

Long term share equity investment 6519457716 6455784562

Other equity instruments investment 3102715280 3142371373

Other non-current financial assets

Property investment 51455928 52093631

Fixed assets 40656253717 38555718718

Construction in progress 8717069165 10882003846

Production physical assets

Oil & gas assets

Use right assets

Intangible assets 1781760599 1787738640

Development expenses

Goodwill 2449886 2449886

Long-germ expenses to be amortized 18581836 19473586

Deferred income tax asset 466722128 445709226

Other non-current asset 3393668517 2753858988

Total of non-current assets 64728716606 64163058802

Total of assets 76358861961 75472027123

Current liabilities

Short-term loans 6909596729 5904132791

Loan from Central Bank

Borrowing funds

Transactional financial liabilities

Derivative financial liabilities

Notes payable 1312229196 1364236650

Account payable 2526951096 2465154162

Advance receipts 113164 432714

Contract liabilities 183915

Selling of repurchased financial

assets

广东电力发展股份有限公司 2020 年第一季度报告全文

Deposit taking and interbank deposit

Entrusted trading of securities

Entrusted selling of securities

Employees’ wage payable 267405716 242510538

Tax payable 334699526 571377151

Other account payable 4392695118 4042117097

Including：Interest payable

Dividend payable 9771322 9771322

Fees and commissions payable

Reinsurance fee payable

Liabilities held for sales

Non-current liability due within 1

year

2967304196 3182980482

Other current liability 2112043575 1912282192

Total of current liability 20823222231 19685223777

Non-current liabilities：

Reserve fund for insurance contracts

Long-term loan 16396563419 16587103380

Bond payable 1497184090 1496631799

Including：preferred stock

Sustainable debt

Lease liability

Long-term payable 2416600683 2485346245

Long-term remuneration payable to

staff

131161515 134988860

Expected liabilities

Deferred income 138673572 139256513

Deferred income tax liability 533631784 537385614

Other non-current liabilities 216405569 216405569

Total non-current liabilities 21330220632 21597117980

Total of liability 42153442863 41282341757

Owners’ equity

Share capital 5250283986 5250283986

Other equity instruments

广东电力发展股份有限公司 2020 年第一季度报告全文

Including：preferred stock

Sustainable debt

Capital reserves 5096918174 5096918174

Less：Shares in stock

Other comprehensive income 1646400974 1676143044

Special reserve

Surplus reserves 8245767593 8245767593

Common risk provision

Retained profit 5916501385 5909128280

Total of owner’s equity belong to the

parent company

26155872112 26178241077

Minority shareholders’ equity 8049546986 8011444289

Total of owners’ equity 34205419098 34189685366

Total of liabilities and owners’

equity

76358861961 75472027123

Legal Representative: Wang Jin Person in charge of accounting：Liu Wei Accounting Dept Leader: Meng Fei

2.Parent Company Balance Sheet

In RMB

Items March 312020 December 312019

Current asset：

Monetary fund 385438613 224504289

Transactional financial assets

Derivative financial assets

Notes receivable

Account receivable 113493594 209249102

Financing receivable

Prepayments 43331700 43002000

Other account receivable 39690808 108149278

Including：Interest receivable 2659176 689092

Dividend receivable 2652502 2652502

Inventories 161912273 151518056

Contract assets

广东电力发展股份有限公司 2020 年第一季度报告全文

Assets held for sales

Non-current asset due within 1 year

Other current asset 1228009 1228009

Total of current assets 745094997 737650734

Non-current assets：

Creditor's right investment

Other Creditor's right

investment

Long-term receivable 421000000 340000000

Long term share equity investment 26785555453 26514106513

Other equity instruments investment 3102715280 3142371373

Other non-current financial assets

Property investment 6866544 7025443

Fixed assets 675773988 706435221

Construction in progress 19079373 14945019

Production physical assets

Oil & gas assets

Use right assets

Intangible assets 84782548 85839959

Development expenses

Goodwill

Long-germ expenses to be amortized

Deferred income tax asset

Other non-current asset 356004000 356004000

Total of non-current assets 31451777186 31166727528

Total of assets 32196872183 31904378262

Current liabilities

Short-term loans 1712005125 1401641708

Transactional financial liabilities

Derivative financial liabilities

Notes payable

Account payable 86264581 156122676

Advance receipts

Contract Liabilities

广东电力发展股份有限公司 2020 年第一季度报告全文

Employees’ wage payable 79201725 63480425

Tax payable 14676483 44298675

Other account payable 49267140 71126853

Including：Interest payable

Dividend payable 9771322 9771322

Liabilities held for sales

Non-current liability due within 1

year

1520826303 1554314700

Other current liability 2111290685 1912282192

Total of current liability 5573532042 5203267229

Non-current liabilities：

Long-term loan

Bond payable 799057333 798857333

Including：preferred stock

Sustainable debt

Lease liability

Long-term payable 3466237

Long-term remuneration payable to

staff

35316758 36570958

Expected liabilities

Deferred income 39984807 39984807

Deferred income tax liability 525279663 535193684

Other non-current liabilities

Total non-current liabilities 1399638561 1414073019

Total of liability 6973170603 6617340248

Owners’ equity

Share capital 5250283986 5250283986

Other equity instruments

Including：preferred stock

Sustainable debt

Capital reserves 5599980903 5599980903

Less：Shares in stock

Other comprehensive income 1646400974 1676143044

Special reserve

广东电力发展股份有限公司 2020 年第一季度报告全文

Surplus reserves 8245767593 8245767593

Retained profit 4481268124 4514862488

Total of owners’ equity 25223701580 25287038014

Total of liabilities and owners’

equity

32196872183 31904378262

3.Consolidated Income statement

In RMB

Items Report period Same period of the previous year

I. Income from the key business 4703863816 5589715802

Including：Business income 4703863816 5589715802

Interest income

Insurance fee earned

Fee and commission received

II. Total business cost 4690246724 5448292472

Including：Business cost 4232870861 4937475435

Interest expense

Fee and commission paid

Insurance discharge payment

Net claim amount paid

Net amount of withdrawal of

insurance contract reserve

Insurance policy dividend paid

Reinsurance expenses

Business tax and surcharge 37570428 41001643

Sales expense 10259734 6295103

Administrative expense 133741951 132305459

R & D costs 490566 77830

Financial expenses 275313184 331137001

Including：Interest expense 291475183 345801584

Interest income 17673491 16268357

Add：Other income 8534600 36893397

Investment gain（“-”for loss） 63673155 91517161

广东电力发展股份有限公司 2020 年第一季度报告全文

Including: investment gains from

affiliates

63673155 91517161

Termination of recognition of gains on

financial assets at amortized cost

Gains from currency exchange

Net exposure hedging income

Changing income of fair value 8454

Loss of credit impairment 20911

Impairment losses on assets

Income on disposal of assets -137

III. Operational profit（“-”for loss） 85845621 269842342

Add ：Non-operational income 4627807 987834

Less: Non-operating expense 249929 2688294

IV. Total profit(“-”for loss) 90223499 268141882

Less：Income tax expenses 44747697 75526858

V. Net profit 45475802 192615024

(I) Classification by business

continuity

1.Net continuing operating profit 45475802 192615024

2.Termination of operating net profit

(II) Classification by ownership

Net profit attributable to the owners

of parent company

7373105 109518462

Minority shareholders’ equity 38102697 83096562

VI. Net after-tax of other

comprehensive income

-29742070 43672399

Net of profit of other comprehensive i

ncome attributable to owners of the p

arent company.

-29742070 43672399

（I）Other comprehensive income

items that will not be reclassified into

gains/losses in the subsequent

accounting period

-29742070 43672399

广东电力发展股份有限公司 2020 年第一季度报告全文

1.Re-measurement of defined benefit

plans of changes in net debt or net ass

ets

2.Other comprehensive income under

the equity method investee can not be

reclassified into profit or loss.

3. Changes in the fair value of

investments in other equity

instruments

-29742070 43672399

4. Changes in the fair value of the

company’s credit risks

5.Other（II）

Other comprehensive income that will

be reclassified into profit or loss.

1.Other comprehensive income under

the equity method investee can be recl

assified into profit or loss.

2. Changes in the fair value of

investments in other debt obligations

3. Other comprehensive income arising

from the reclassification of financial

assets

4. Allowance for credit impairments in

investments in other debt obligations

5. Reserve for cash flow hedges

Translation differences in currency fina

ncial statements

7.Other

Net of profit of other comprehensive i

ncome attributable to Minority

shareholders’ equity

VII. Total comprehensive income 15733732 236287423

Total comprehensive income

attributable to the owner of the parent

company

-22368965 234920763

广东电力发展股份有限公司 2020 年第一季度报告全文

Total comprehensive income

attributable minority shareholders

38102697 1366660

VIII. Earnings per share

（I）Basic earnings per share 0.0014 0.0209

(II)Diluted earnings per share 0.0014 0.0209

Legal Representative: Wang Jin Person in charge of accounting：Liu Wei Accounting Dept Leader: Meng Fei

4. Income statement of the Parent Company

In RMB

Items Report period Same period of the previous year

I. Revenue 208902754 393185298

Including：Business cost 235016646 424777175

Business tax and surcharge 1352528 2653793

Sales expense 537974 350336

Administrative expense 16929915 16792181

R & D costs

Financial expenses 55643798 50152227

Including：Interest expenses 56202961 50952925

Interest income 1338054 1394554

Add: Other income

Investment gain（“-”for loss） 66125625 161309228

Including: investment gains from

affiliates

61448940 89089146

Termination of recognition of gains

on financial assets at amortized cost

Net exposure hedging income

Changing income of fair value 8454

Credit impairment loss 20911

Impairment losses on assets

Income on disposal of assets

II. Operational profit（“-”for loss） -34431571 59777267

Add ：Non-operational income 895086 7642

Less：Non -operational expenses 57879

广东电力发展股份有限公司 2020 年第一季度报告全文

III. Total profit(“-”for loss) -33594364 59784909

Less：Income tax expenses

IV. Net profit -33594364 59784909

1.Net continuing operating profit -33594364 59784909

2.Termination of operating net profit

V. Net after-tax of other

comprehensive income

-29742070 43672399

（I）Other comprehensive income

items that will not be reclassified into

gains/losses in the subsequent

accounting period

-29742070 43672399

1.Re-measurement of defined benefi

t plans of changes in net debt or net

assets

2.Other comprehensive income unde

r the equity method investee can not

be reclassified into profit or loss.

3. Changes in the fair value of

investments in other equity

instruments

-29742070 43672399

4. Changes in the fair value of the

company’s credit risks

5.Other（II）

Other comprehensive income that wi

ll be reclassified into profit or loss.

1.Other comprehensive income unde

r the equity method investee can be

reclassified into profit or loss.

2. Changes in the fair value of

investments in other debt obligations

3. Other comprehensive income

arising from the reclassification of

financial assets

4. Allowance for credit impairments

in investments in other debt

obligations

5. Reserve for cash flow hedges

广东电力发展股份有限公司 2020 年第一季度报告全文

Translation differences in currency fi

nancial statements

7.Other

VI. Total comprehensive income -63336434 103457308

VII. Earnings per share

（I）Basic earnings per share

(II)Diluted earnings per share

5. Consolidated Cash flow statement

In RMB

Items Report period Same period of the previous year

I. Cash flows from operating activities

Cash received from sales of goods or

rending of services

5951197187 7198521146

Net increase of customer deposits

and capital kept for brother company

Net increase of loans from central

bank

Net increase of inter-bank loans from

other financial bodies

Cash received against original

insurance contract

Net cash received from reinsurance

business

Net increase of client deposit and

investment

Cash received from interest

commission charge and commission

Net increase of inter-bank fund

received

Net increase of repurchasing

business

Net cash received by agent in

securities trading

Tax returned 4664390

广东电力发展股份有限公司 2020 年第一季度报告全文

Other cash received from business

operation

66524155 433730029

Sub-total of cash inflow 6017721342 7636915565

Cash paid for purchasing of

merchandise and services

3839441128 4805190930

Net increase of client trade and

advance

Net increase of savings in central

bank and brother company

Cash paid for original contract claim

Net increase for Outgoing call loan

Cash paid for interest processing

fee and commission

Cash paid for policy dividend

Cash paid to staffs or paid for staffs 356577920 413894277

Taxes paid 472161097 460397105

Other cash paid for business

activities

178966853 152337595

Sub-total of cash outflow from

business activities

4847146998 5831819907

Net cash generated from /used in

operating activities

1170574344 1805095658

II. Cash flow generated by investing

Cash received from investment

retrieving

Cash received as investment gains 121345

Net cash retrieved from disposal of

fixed assets intangible assets and

other long-term assets

112300704 592258

Net cash received from disposal of

subsidiaries or other operational

units

Other investment-related cash

received

Sub-total of cash inflow due to

investment activities

112300704 713603

广东电力发展股份有限公司 2020 年第一季度报告全文

Cash paid for construction of fixed

assets intangible assets and

other long-term assets

1084293124 745025118

Cash paid as investment 78692039

Net increase of loan against pledge

Net cash received from subsidiaries

and other operational units

Other cash paid for investment

activities

Sub-total of cash outflow due to

investment activities

1084293124 823717157

Net cash flow generated by

investment

-971992420 -823003554

III.Cash flow generated by financing

Cash received as investment

Including: Cash received as

investment from minor shareholders

Cash received as loans 4318742335 2526712472

Other financing –related cash

received

20000000

Sub-total of cash inflow from

financing activities

4338742335 2526712472

Cash to repay debts 3928566618 3704558354

Cash paid as dividend profit or

interests

351311235 432017527

Including: Dividend and profit paid by

subsidiaries to minor shareholders

Other cash paid for financing

activities

1354531 712667

Sub-total of cash outflow due to

financing activities

4281232384 4137288548

Net cash flow generated by financing 57509951 -1610576076

IV. Influence of exchange rate

alternation on cash and cash

equivalents

V.Net increase of cash and cash

equivalents

256092107 -628484209

广东电力发展股份有限公司 2020 年第一季度报告全文

Add: balance of cash and cash

equivalents at the beginning of term

5079641969 5570382893

VI ..Balance of cash and cash

equivalents at the end of term

5335734076 4941898684

6. Cash Flow Statement of the Parent Company

In RMB

Items Amount in this period Amount in last period

I.Cash flows from operating activities

Cash received from sales of goods or

rending of services

324942952 560862026

Tax returned

Other cash received from business

operation

17887749 9331847

Sub-total of cash inflow 342830701 570193873

Cash paid for purchasing of

merchandise and services

271756794 430841917

Cash paid to staffs or paid for staffs 64253609 73493740

Taxes paid 24790894 26279908

Other cash paid for business

activities

13024976 7758990

Sub-total of cash outflow from

business activities

373826273 538374555

Net cash generated from /used in

operating activities

-30995572 31819318

II. Cash flow generated by investing

Cash received from investment

retrieving

16460000 300000000

Cash received as investment gains 3042532 71804024

Net cash retrieved from disposal of

fixed assets intangible assets and

other long-term assets

589130

Net cash received from disposal of

subsidiaries or other operational

units

广东电力发展股份有限公司 2020 年第一季度报告全文

Other investment-related cash

received

Sub-total of cash inflow due to

investment activities

19502532 372393154

Cash paid for construction of fixed

assets intangible assets and

other long-term assets

5514986 7473223

Cash paid as investment 241157389 117379238

Net cash received from subsidiaries

and other operational units

Other cash paid for investment

activities

Sub-total of cash outflow due to

investment activities

246672375 124852461

Net cash flow generated by

investment

-227169843 247540693

III. Cash flow generated by financing

Cash received as investment

Cash received as loans 2299450000 899700000

Other financing –related ash

received

Sub-total of cash inflow from

financing activities

2299450000 899700000

Cash to repay debts 1800000000 900000000

Cash paid as dividend profit or

interests

80325978 36399727

Other cash paid for financing

activities

24515 84195

Sub-total of cash outflow due to

financing activities

1880350493 936483922

Net cash flow generated by financing 419099507 -36783922

IV. Influence of exchange rate

alternation on cash and cash

equivalents

V.Net increase of cash and cash

equivalents

160934324 242575852

广东电力发展股份有限公司 2020 年第一季度报告全文

Add: balance of cash and cash

equivalents at the beginning of term

224504289 385577464

VI ..Balance of cash and cash

equivalents at the end of term

385438613 628153316

II Adjustments to the Financial Statements

1. Adjustment of the relevant items of the financial statements at the current year beginning according to the

new standards for financial instruments the new standards for revenues and the new standards for lease

implemented commencing from year 2020

√ Applicable □ Not applicable

Consolidated balance sheet

In RMB

Items December 31 2019 January 1 2020 Adjustment

Current asset：

Monetary fund 5081641969 5081641969

Account receivable 3197690464 3197690464

Prepayments 605314333 605314333

Other account

receivable

272801588 272801588

Including：Interest

receivable

20866069 20866069

Inventories 1817059269 1817059269

Non-current asset due

within 1 year

28865131 28865131

Other current asset 305595567 305595567

Total of current assets 11308968321 11308968321

Non-current assets：

Long-term receivable 65856346 65856346

Long term share equity

investment

6455784562 6455784562

Other equity instruments

investment

3142371373 3142371373

Property investment 52093631 52093631

Fixed assets 38555718718 38555718718

广东电力发展股份有限公司 2020 年第一季度报告全文

Construction in progress 10882003846 10882003846

Intangible assets 1787738640 1787738640

Goodwill 2449886 2449886

Long-germ expenses to be

amortized

19473586 19473586

Deferred income tax asset 445709226 445709226

Other non-current asset 2753858988 2753858988

Total of non-current assets 64163058802 64163058802

Total of assets 75472027123 75472027123

Current liabilities

Short-term loans 5904132791 5904132791

Notes payable 1364236650 1364236650

Account payable 2465154162 2465154162

Advance payment 432714 248799 -183915

Contract liabilities 183915 183915

Employees’wage payable 242510538 242510538

Tax payable 571377151 571377151

Other account

payable

4042117097 4042117097

Dividend payable 9771322 9771322

Non-current liability due

within 1 year

3182980482 3182980482

Other current liability 1912282192 1912282192

Total of current liability 19685223777 19685223777

Non-current liabilities：

Long-term loan 16587103380 16587103380

Bond payable 1496631799 1496631799

Long-term payable 2485346245 2485346245

Long-term remuneration

payable to staff

134988860 134988860

Deferred income 139256513 139256513

Deferred income tax

liability

537385614 537385614

Other non-current

liabilities

216405569 216405569

广东电力发展股份有限公司 2020 年第一季度报告全文

Total non-current liabilities 21597117980 21597117980

Total of liability 41282341757 41282341757

Owners’ equity

Share capital 5250283986 5250283986

Capital reserves 5096918174 5096918174

Other comprehensive

income

1676143044 1676143044

Surplus reserves 8245767593 8245767593

Retained profit 5909128280 5909128280

Total of owner’s equity

belong to the parent

company

26178241077 26178241077

Minority shareholders’

equity

8011444289 8011444289

Total of owners’ equity 34189685366 34189685366

Total of liabilities and

owners’ equity

75472027123 75472027123

Adjustment statement

The Ministry of Finance revised and released the "No. 14 Accounting Standards for Business Enterprises

-Revenue" in 2017 and required domestic listed companies to implement the new revenue standard from

January 1 2020. Therefore at the beginning of this year the Company adjusted the relevant amount in the

"advances received" to the "contract liability" account for reporting.Parent Company Balance Sheet

In RMB

Items December 31 2019 January 1 2020 Adjustment

Current asset：

Monetary fund 224504289 224504289

Account receivable 209249102 209249102

Prepayments 43002000 43002000

Other account

receivable

108149278 108149278

Including：Interest

receivable

689092 689092

Dividend receivable 2652502 2652502

Inventories 151518056 151518056

广东电力发展股份有限公司 2020 年第一季度报告全文

Other current assets 1228009 1228009

Total of current assets 737650734 737650734

Non-current assets：

Long-term payable 340000000 340000000

Long term share equity

investment

26514106513 26514106513

Other equity Instrument

investment

3142371373 3142371373

Property investment 7025443 7025443

Fixed assets 706435221 706435221

Construction in process 14945019 14945019

Intangible assets 85839959 85839959

Other non-current assets 356004000 356004000

Total of non-current assets 31166727528 31166727528

Total of assets 31904378262 31904378262

Current liabilities

Short-term loans 1401641708 1401641708

Account payable 156122676 156122676

Employees’wage payable 63480425 63480425

Tax payable 44298675 44298675

Other account

payable

71126853 71126853

Dividend payable 9771322 9771322

Non-current liabilities due

within 1 year

1554314700 1554314700

Non-current liabilities： 1912282192 1912282192

Total of liability 5203267229 5203267229

Non-current liabilities：

Bonds payable 798857333 798857333

Long-term payable 3466237 3466237

Employees’wage payable 36570958 36570958

Deferred income 39984807 39984807

Deferred income tax

liability

535193684 535193684

Total non-current liabilities 1414073019 1414073019

广东电力发展股份有限公司 2020 年第一季度报告全文

Total of liability 6617340248 6617340248

Owners’ equity

Share capital 5250283986 5250283986

Capital reserves 5599980903 5599980903

Other comprehensive

income

1676143044 1676143044

Surplus reserves 8245767593 8245767593

Retained profit 4514862488 4514862488

Total of owners’ equity 25287038014 25287038014

Total of liabilities and

owners’ equity

31904378262 31904378262

Adjustment statement

2. Note to the retroactive adjustment of the previous comparative data according to the new standards for

financial instruments and the new standards for lease implemented commencing from year 2020

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