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个股公告正文

粤电力B:2016年半年度报告(英文版)

日期:2016-08-26附件下载

                                Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016



Stock code:000539、200539                                     Stock Abbreviation:Yue Dian Li ,Yue Dian Li B
Bond code:112162.SZ                                                Bond short name:12 Yudean Bond




      GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.

                             The Semi-annual Report 2016




                                       August 2016




                                                                                                           1
                                               Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016




                           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.
     All the directors attended the board meeting for reviewing the Semi-annual Report except the follows:

        The name of director who did                                                 The name of director who was
                                                Positions               Reason
       not attend the meeting in person                                              authorized

       Li Zhuoxian                        Board Chairman       due to business       Hong Rongkun

       Zhong Weimin                       Director             due to business       Hong Rongkun

       Gao Shiqiang                       Director             due to business       Kong Huitian

       Li Mingliang                       Director             due to business       Yang Xinli

       Zhang Xueqiu                       Director             due to business       Liu Tao

       Mao Fugen                          Independent Director due to business       Shen Hongtao



The Company Will not distribute cash dividend or bonus shares, neither capitalizing of common reserves for the
report period.
Mr.Li Zhuoxian, The Company leader, Mr. Li Xiaoqing, Chief financial officer and the Mr.Meng Fei, the person
in charge of the accounting department (the person in charge of the accounting )hereby confirm the authenticity
and completeness of the financial report enclosed in this semi-annual report.
This semi-annual report involves the forecasting description such as the future plans, and does not constitute the
actual commitments of the company to the investors. The investors should pay attention to the investment risks.
The Company is mainly engaged in thermal power generation. The business of thermal power generation is
greatly affected by factors including electric power demand and fuel price. Refer to Section I of Chapter IV of this
semi-annual report- General.




                                                                                                                       2
                                         Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016




                                          Table of Contents




2016 Semi- Annual Report

I.Important Notice, Table of contents and Definitions

II. Basic Information of the Company

III. Summary of Accounting Data and Financial Indicators

IV. Report of the Board of Directors

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. Financial Report

X. Documents available for inspection




                                                                                                                 3
                                           Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016



                                                      Definition

                                             Refers
              Terms to be defined                                                    Definition
                                               to

                                             Refers
Yudean Group                                          Guangdong Yudean Group Co., Ltd.
                                               to

                                             Refers
Zhanjiang Company                                     Zhanjiang Electric Power Co., Ltd.
                                               to

                                             Refers
Yuejia Company                                        Guangdong Yuejia Electric Power Co., Ltd.
                                               to

                                             Refers
Yuejiang Company                                      Guangdong Shaoguan Yuejiang Power Generation Co., Ltd.
                                               to

                                             Refers
Zhenneng Company                                      Maoming Zhenneng Thermal Power Co., Ltd.
                                               to

                                             Refers
Jinghai Company                                       Guangdong Yudean Jinghai Power Co., Ltd.
                                               to

                                             Refers
Zhanjiang Wind Power Company                          Guangdong Yudean Zhanjiang Wind Power Co., Ltd.
                                               to

                                             Refers
Zhongyue Compamy                                      Zhanjiang Zhongyue Energy Co., Ltd.
                                               to

                                             Refers
Bohe Company                                          Guangdong Yudean Bohe Coal & Electricity Co., Ltd
                                               to

                                             Refers
Guangqian Company                                     Shenzhen Guangqian Electric Power Co., Ltd.
                                               to

                                             Refers
Huihou Natural Gas Company                            Guangdong Huizhou Natural Gas Power Co., Ltd.
                                               to

                                             Refers
Shibeishan Wind Power Company                         Guangdong Shibeishan Wind Power Development Co., ltd.
                                               to

                                             Refers
Red Bay Company                                       Guangdong Red Bay Power Co., Ltd.
                                               to

                                             Refers
Pinghai Power Plant                                   Guangdong Hluizhou Pinghai Power Co., Ltd.
                                               to

                                             Refers
Humen Power Company                                   Guangdong Yudean Humen Power Co., Ltd.
                                               to

Anxin Electric Inspection & Installation     Refers
                                                      Guangdong Yudean Anxin Electric Inspection & Installation Co., Ltd
Company                                        to

                                             Refers
Guohua Taishan                                        Guangdong Guohua Yudean Taishan Power Generation Co., Ltd.
                                               to



                                                                                                                           4
                               Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


                                 Refers
Yudean Industry Fuel Company              Guangdong Power Industry Fuel Co., Ltd.
                                   to

                                 Refers
Huadu Natural Gas Company                 Guangdong Huadu Natural GasT Thermal Power Co., Ltd.
                                   to

                                 Refers
Dapu Company                              Guangdong Dapu Power Generation Co., Ltd.
                                   to

                                 Refers
Wind Power Company                        Guangdong Wind Power Co., Ltd.
                                   to

                                 Refers
Lincang Company                           Lincang Yuntou Yudean Hydroelectricity Development Co., Ltd.
                                   to

                                 Refers
Qujie Wind Power Company                  Guangzhou Yudean Qujie Wind Power Generation Co., Ltd.
                                   to

                                 Refers
Electric Power Sales Company              Guangdong Yudean Electric Power Sales Co., Ltd.
                                   to

                                 Refers
Weixin Yuntou                             YunNan Energy Inverstment WeiXin Energy Co., Ltd.
                                   to

                                 Refers
Binglang Jiang Company                    Yunnan Baoshan Binlangjiang Hydroelectricity Development Co., Ltd.
                                   to

                                 Refers
Yongan Natural Gas Company                Guangdong Yudean Yongan Natural Gas Thermal Power Co., Ltd.
                                   to




                                                                                                               5
                                               Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


                                              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 粤电力
any)

English name (If any)           GUANGDONG ELECTRIC POWER DEVELOPMENT CO.LTD

English abbreviation (If any)   GED

Legal Representative            Li Zhuoxian

2. Contact person and contact manner

                                                           Board secretary                  Securities affairs Representative

Name                                          Liu Wei                                  Zhang Shaomin

                                              26/F, South Tower, Yudean Plaza, No.2    26/F, South Tower, Yudean Plaza, No.2
Contact address                               Tianhe Road East, Guangzhou,Guangdong Tianhe Road East, Guangzhou,Guangdong
                                              Province                                 Province

Tel                                           (020)87570276                          (020)87570251

Fax                                           (020)85138084                          (020)85138084

E-mail                                        liuw@ged.com.cn                          zhangsm@ged.com.cn


3. Other

1. Way of contact

Whether registrations address, offices address and codes as well as website and email of the Company changed in
 reporting period or not
□ Applicable √ Not applicable
Registrations address, offices address and codes as well as website and email of the Company has no change in
reporting period, found nore details in annual report 2015.

2. In formation disclosure and preparation place

Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
 The newspaper appointed for information disclosure, website for semi-annual report publish appointed by CSRC
and preparation place for semi-annual report have no change in reporting period, found more details in annual
report 2015.




                                                                                                                                6
                                                 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


3.Registration changes of the Company

Whether registration has changed in reporting period or not
√Applicable □ Not applicable

                                                                                                                      Organization
                             Registration date     Registration place    Business license No. Tax registration No.
                                                                                                                            Code
                                                  23,25 and 26/F,
                                                  South Tower,
                                                  Yudean Plaza,
   Registration at the
                           June 16,2015           No.2 Tianhe           440000400015088         440102617419493 61741949-3
 beginning of the period                          Road East,
                                                  Guangzhou,Guang
                                                  dong Province

                                                  23,25 and 26/F,
                                                  South Tower,
                                                  Yudean Plaza,         Unified social credit
 Registration at the end
                           May 20,2016            No.2 Tianhe           code:91440000617419 None                     None
        of the period                             Road East,            493W
                                                  Guangzhou,Guang
                                                  dong Province

Temporary
announcement to
disclose the date of the
specified website(If
any)




                                                                                                                                     7
                                                  Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016



                      III. Summary of Accounting Highlights and Business Highlights

I.Summary of accounting /Financial Data

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 accounting errors.
□Yes √ No
                                                     Reporting period             Same period of last year           YoY+/-(%)

Operating income(RMB)                                  10,234,989,566.00                12,911,553,232.00                        -20.73%

Net profit attributable to the shareholders
                                                              738,374,784.00               1,720,995,015.00                        -57.10%
of the listed company(RMB)

Net profit after deducting of non-recurring
gain/loss attributable to the shareholders of                 743,501,966.00               1,516,376,522.00                        -50.97%
listed company(RMB)

Cash flow generated by business operation,
                                                             4,696,500,182.00              5,702,180,434.00                        -17.64%
net(RMB)

Basic earning per share(RMB/Share)                                         0.14                          0.33                      -57.58%

Diluted gains per
                                                                           0.14                          0.33                      -57.58%
share(RMB/Share)(RMB/Share)

Weighted average ROE(%)                                                3.09%                           7.74%                        -4.65%

                                                    As at the end of the
                                                                                  As at the end of last year         YoY+/-(%)
                                                     reporting period

Total assets(RMB)                                      72,041,344,364.00                71,919,934,143.00                          0.17%

Net assets attrilutable to shareholder of
                                                         23,178,127,713.00                23,754,596,981.00                         -2.43%
listed company(RMB)
II.The differences between domestic and international accounting standards

1.Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed
in the financial reports of differences in net income and net assets.

√Applicable □ Not applicable
                                                                                                                                    In RMB

                                   Net profit attributable to the shareholders of the       Net Assets attributable to the shareholders of
                                                     listed company                                      the listed company

                                     Amount in the            Amount in the previous        End of the reporting      Beginning of the
                                     reporting period                 period                       period              reporting period

According to CAS                            738,374,784.00            1,720,995,015.00         23,178,127,713.00        23,754,596,981.00

Items and amount adjusted according to IAS

The difference arising from                                                                         64,623,000.00             64,623,000.00


                                                                                                                                              8
                                               Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


recognition of goodwill after
merger of enterprises under
the same control

Difference arising from
recognition of land use value                                                                  19,175,000.00       19,490,000.00
after enterprise merger

Influence on minority interests              27,060.00                    54,120.00             4,674,919.00           4,647,859.00

Accouding to IAS                        738,086,844.00              1,720,734,135.00       23,266,600,632.00    23,843,357,840.00


2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese
accounting standards.

□ Applicable √Not applicable

No Differences

3.Note to the Difference in the Accounting Data based on the Accounting Standards of CAS and IAS.

√ Applicable □ Not applicable
A. Land use right amortization
The difference formed by different period of land use right amortization.
B.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.
C. Influence on minority interests
Housing reform loss occurred to the Company and some holding subsidiaries. Therefore, there’s some influence
on minority interests.
IIIItems and amount of deducted non-current gains and losses
√ Applicable □ Not applicable


                                                                                                                            In RMB

                                Items                                          Amount                          Notes

Non-current asset disposal gain/loss(including the write-off part
                                                                                         -40,159.00
for which assets impairment provision is made)

Govemment subsidy recognized in currentgain and loss(excluding                         4,330,234.00


                                                                                                                                      9
                                              Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


those closely related to the Company’s business and granted
under the state’s policies)

Other non-business income and expenditures other than the above             -12,414,760.00

Less: Influenced amount of income tax                                          932,677.00

     Amount of influence of minority interests(After tax)                  -3,930,180.00

Total                                                                        -5,127,182.00             --

For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Compaines Offering their Securities to the Public-Non-recurring Gains and Losses and
its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure
for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as
recurring gains and losses, it is necessary to explain the reason.
□ Applicable√ Not applicable
None of Non-recurring gain /loss items recorgnized as recurring gain /loss/itesm as defined by the information
disclosure explanatory Announcement No.1- Non –recurring gain/loss in the report period.




                                                                                                                     10
                                         Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016



                                    IV. Report of the Board of Directors

I. General

During the reporting period, The electricity consumption of the Province is 256.384 billion kwh, which increased
by 4.2% year on year. Picked up year-on-year increase..Thepower West region increased by 1.59% year on year,
and had supplied additional power 8.42 billion kwh beyond the original plan,where nuclear power was increased
by 39.5% year on year, more rain than past years led topower increased 84.19% year-on-year,Coal-fired units in
the province is being squeezed from further. Affected by the above factors,During the reporting period, the units
utilization hours,Its on-grid electricity volume was 27.012billion kwh, which decreased by 15.08% year on year,
Its on-grid electricity volume was 25.471billion kwh, which decreased by 14.97% year on year, 40.57% of the
power generation plan for the year was fulfilled.
During the reporting period, deeply impacted by the weak power demand and more intensifying market
competition, the company’s electricity power declined significantly. Meanwhile, China again downed the on-grid
power price that has been put into force since Jan 1, 2016, which rendered the profits of the company’s power
generation business sharply declined, as well as resulted in a big decline of the investment yield to the joint
operating company.
In the reporting period, our total generation reached 10.235 billion kwh, which decreased by 20.73% year on year;
During the reporting period, the company achieve consolidated caliber business income is 10.235 billion
yuan,which decreased by 20.73% year on year% ; 738 million Yuan belongs to parent company
shareholders,which decreased by 57.1% year on year;Earnings per share of 0.14 yuan.
During the reporting period, in the face of unprecedented pressure on the operation, the company took the initiative
to adjust the management strategy, actively participated in the price bidding of “market power”, as it turned out the
company totally obtained 1.51 billion kwh by bidding which accounted for 26.2% of the total provincial “market
electricity”. The company continued to raise the level of fuel management, and by reasonably admix-burning, the
fuel costs to unit power declined 13.23% year-on-year. The company strived to realize the breakthrough at the
power-sales aspect and the clean energy aspect, in particular, the company used its own funds to set up the
electricity-sales company acting for consumers to acquire 777 million kwh in bidding that accounted for 13.47% of
the total provincial “market electricity”, realized the profits of RMB 95 million; the electricity quantity and the
profit level of Huizhou Natural Gas Company, Shenzhen Guangqian Company and Guangdong Wind Power
Company both grew year-on-year despite in a down-turn market, gradually showing the effect of structural
adjustment.


During the reporting period, the company actively promoted the construction and development of new projects.
The #2 power unit of Dapu project of “developing large units and suppressing small ones” controlled by the
company was put into operation in June and the Dianbai Reshui wind power project had passed the trial use of
250 hours in April and then was put into commercial operation, which newly increased a total of production
capacity of 649.5 MW of controllable power units. The company continued to expand in the clean energy sector,
in particular a newly added project of natural gas thermoelectricity cogeneration of controllable power units was
approved and 4 controllable wind power projects having a total of 198 MW were approved.




                                                                                                                    11
                                            Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


II. Analsis on principal Business

Y-o-Y changes of main financial data
                                                                                                                           In RMB

                                                                                Y-o-y increase/decrease
                            Current period           Same period of last year                               Reasons for changes
                                                                                        (%)

Operration revenue           10,234,989,566.00             12,911,553,232.00                    -20.73%

Operation cost                    7,767,910,229.00          9,181,722,019.00                    -15.40%

Sales expenses                         736,468.00                 821,137.00                    -10.31%

Administrative expenses            348,730,393.00             374,363,287.00                     -6.85%

Financial cost                     701,972,431.00             812,265,280.00                    -13.58%

Income tax expense                 415,482,070.00             578,388,722.00                    -28.17%

Net cash flow arising
                                  4,696,500,182.00          5,702,180,434.00                    -17.64%
from operation activities

Net cash flow arising
from investment               -1,373,180,461.00            -1,834,715,211.00                    -25.16%
activities

Net cash flow arising
                              -2,442,565,613.00            -1,885,042,105.00                    29.58%
from financing activities

                                                                                                          Mainly because this
Net increase of cash
                                   880,754,108.00           1,982,423,118.00                    -55.57% borrow money received
 andcash equivalent
                                                                                                          less cash

Major changes on profit composition or profit resources in reporting period
□ Applicable √ Not applicable
No major changes on profit composition or profit resources occurred in reporting period.
The future development and planning extended to reporting period that published in disclosure documents as
prospectus, private placing memorandum and recapitalize statement.
□ Applicable √ Not applicable
No future development and planning extended to peporting period that published in disclosure documents as
prospectus, private placing memorandum and recapitalize statement.
Review on the previous business plan and its progress during reporting period.
(1) In the report period, the Company completed power output of 27.012 billion kwh in terms of consolidated
statements, which decreased by 15.08% year on year. The actual on-grid electricity volume was 25.471 billion
kwh, which decreased by14.97% year on year and accounted for 40.45% of the planned on-grid electricity volume
for the year.
(2)In the report period, the company achieve consolidated caliber business income is 10.235 billion yuan,
Completed 40.84% of the annual budget targets.
(2)In the report period, the Company actually completed external investment of RMB 409.5 million, which
accounts for 445.91% of the planned amount of external investment for the year.


                                                                                                                                  12
                                          Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


III. Constitution of main business

                                                                                                                      In RMB

                                                                           Increase         Increase
                                                                                                           Increase /decrease
                                                        Gross Profit     /decrease of     /decrease of
                 Operating Income    Operating cost                                                         of Gross profit
                                                         Ratio(%)      operating income   operating cost
                                                                                                              ratio(%)
                                                                           (%)            (%)

On Industry

Electric Power   10,234,989,566.00   7,767,910,229.00         24.10%           -20.73%           -15.40%             -4.79%

Products
Electric Power   10,234,989,566.00   7,767,910,229.00         24.10%           -20.73%           -15.40%             -4.79%

Area

Guangdong        10,160,496,393.00   7,747,730,987.00         23.75%           -20.78%           -15.43%            -16.87%

Yunnan                9,009,508.00      6,687,646.00          25.77%           106.78%            73.15%            127.01%


IV. Core competitive-ness analsis

1. A regional power generation company with staged leaping-forward development on the installed capacity
At present, the company’s assets of power generation are mainly located in Guangdong area. Since the company’s
major asset restructuring in 2012, the installed capacity for power generation has been increased rapidly. As of the
end of the reporting period, the company’s controllable installed capacity which has been put into operation is
20,340 MW.
2. The company has been positioned by Yudean Group as the sole listed platform for the domestic power
generation assets.
Yudean Group, the company’s controlling shareholder and the biggest power generation group in Southern China
area, used its advantages in respect of resources and asset scale to actively support the company’s development
and expansion. The company has been positioned by Yudean Group as the sole listed platform for the integration
of the domestic power generation assets and Yudean Group granted the company priority options to the
development and asset purchase of the domestic power projects. Yudean Group committed that within 5 years
commenced from the completion of the last major asset restructuring, those assets after adjustment that are
suitable for the conditions of being listed shall gradually been injected into the company by the means such as
purchase and restructuring, thus the company shall realize another leaping-forward growth on the installed
capacity again.


3. Having advanced power units with high-performance and benefited from the enforcement of energy-saving
scheduling policy
The company’s power units have high parameter, large capacity, high efficiency, low coal consumption, stable
operation and superior environmental performance, which enabled the company to have stronger competitive
advantages in terms of the thermal power units as which belong to the priority sequences to be scheduled for
on-grid electricity in respect of the enforcement of energy-saving scheduling policy.



                                                                                                                              13
                                            Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


4. Gradually optimized the industrial structure and power structure
While vigorously developing the large capacity and environmental-protection thermal power projects, the company
put forward the optimization and adjustment of industrial structure and power structure strategy. With continuously
making progress on the acquisition and construction of clean energy projects, the company’s industrial structure
and power structure have been gradually optimized. In the field of wind power, the company, in recent years,
purchased or constructed Yangqian wind power farm, Yongshi wind power farm, Shibeishan wind power farm,
Haiwanshi wind power farm, etc which all were being controlled by the company. As of the end of the reporting
period, the company has put into operation of a total of 261.7MW of wind power projects, with a total of 544.5
MW of approved and/or under-construction wind power projects.
In the hydropower field, the company purchased and controlled Lincang Company in 2015, which was a
breakthrough in share-controlling of a hydropower project realized by the company.
5. Having rich management experience and high production technology level
The management and the technical backbone of the company have wealthy experiences in the operation and
management of power plants, as well as the major personnel have many years of practical experiences in the power
industry. Through improving the management level, increasing the intensity of management and focusing on
implementation of the work of saving energy and reducing consumption by the company, the coal consumption for
the thermal power units decreased year by year.
6. Seizing the opportunity brought by “Electricity Reform” and exploring new business fields
In July 2015, the company set up a wholly owned electric power sales company to participate in the market
competition on the electricity-sales side, enjoying the dividends of “Electricity Reform” and nurturing new profit
growth point. During the reporting period, the electric power sales company acting for users acquired 777 million
kwh in the competition, realized a profit of RMB 95 million.

V. Analysis on investment status

1. External Equity investment

(1)External investment

√ Applicable □ Not applicable
                                                        External investment

                                            Investment of same period of last year
     Investment of the period (RMB)                                                              Scale of change
                                                              (RMB)
                         409,500,000.00                               1,249,800,000.00                                 -67.23%

                                             Particulars of the invested company

           Name of companies                              Main Business                  Share of equity in invested entity
Guangdong Yudean Bohe Coal-fired Power
                                          Thermal power generation, logistics                                          100.00%
Co., Ltd

Guangdong Huadu Natural GasT Thermal Combined heat and power generation of
                                                                                                                        65.00%
Power Co., Ltd.                           natural gas

Guangdong Yudean Yongan Natural Gas       Combined heat and power generation of                                         90.00%


                                                                                                                              14
                                                              Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


 Thermal Power Co., Ltd.                                  natural gas


(2)Holding of the equity in financial enterprises

√ Applicable □Not applicable
                                               Number of Shareholdi
                                                                                 Number of Shareholdi             Book
                                              shares held               ng
                                                                                 shares held           ng       balance at Gain/..loss
                                 Initial             at the        proportion
                                                                                  at the end proportion the end of             of the
  Company Company Investment beginning                                at the                                                                Accountin Sauce of
                                                                                    of the        at the end         the      reporting
   Name              type         cost               of the         beginning                                                                g items         the shares
                                                                                  reporting          of the     reporting      period
                                 (RMB)          reporting             of the
                                                                                 period(sha reporting             period      (RMB)
                                                 period             reporting
                                                                                       res)       period(%)      (RMB)
                                                (shares)           period (%)

 Sun                                                                                                                                        Financial
 Insurance Insurance        356,000,00 350,000,00                                350,000,00                     356,000,00                  assets avai
                                                                        5.22%                          3.38%                         0.00                    Initiated
 Group Co., Company                  0.00                      0                              0                        0.00                 lable for s
 Ltd.                                                                                                                                                  ale

 Guangdon
                                                                                                                                            Long-term
 g Yudean                   513,325,00 500,000,00                                500,000,00                     654,416,16 43,593,656
               Other                                                   25.00%                          25.00%                               Equity           Initiated
 Finance                             0.00                      0                              0                        8.00           .00
                                                                                                                                            investment
 Co., Ltd.

                            869,325,00 850,000,00                                850,000,00                     1,010,416, 43,593,656
 Total                                                                  --                             --                                        --               --
                                     0.00                      0                              0                      168.00           .00


(3)Investment in Securities

□ Applicable √ Not applicable
The Company had no investment in securities in period.

(4)Explanation on equity of other listed company held

√ Applicable □Not applicable
                        Stock                                                  Shareho                   Sharehol
                      Abbbbrev                                                  lding                    ding
                                                              Number of                   Number of
                        iation                                                 proporti                  proportio
                                                              shares held                 shares held                                Gain/..loss                       Sauc
Securit                                                                         on at                    n at the Book balance
                                           Initial                 at the                 at the end                                    of the                         e of
  y       Security                                                               the                     end     of at the end of                     Accounting
                                  Investment cost beginning of                                of the                                  reporting                         the
catego       code                                                              beginni                   the         the reporting                      items
                                         (RMB)            the reporting                    reporting                                    period                         share
  ry                                                                            ng of                    reporting period (RMB)
                                                                period                    period(shar                                   (RMB)                            s
                                                                                 the                     period(%
                                                               (shares)                        es)
                                                                               reportin                  )
                                                                               g period



                                                                                                                                                                         15
                                                   Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


                                                               (%)

Stock 000027   Shen           15,890,628.00 12,600,000 0.32% 12,600,000            0.32% 80,388,000.00 2,520,000 Financial        Issue
               Energy                                                                                               assets        obtai
                                                                                                                    available     n
                                                                                                                    for sales

Stock 600642   Shenergy 235,837,988.00 55,532,250 1.22% 55,532,250                 1.22% 318,755,115.0       0.00 Financial       Trans
                                                                                                     0              assets        feree
                                                                                                                    available
                                                                                                                    for sales

Stock 831039   NEEQ            3,600,000.00        1,800,000 1.29% 1,800,000       1.29% 8,982,000.00        0.00 Financial       Initia
                                                                                                                    assets        ted
                                                                                                                    available
                                                                                                                    for sales


2.Entrusted Financing , investment in derivative products and entrusted loan

(1)Trust financing

□ Applicable √ Not applicable
The company had no trust financing in the reporting period.

(2)Derivative investment

□ Applicable √ Not applicable
The company had no derivative investment in the reporting period.

(3) Trusted loans
□ Applicable √ Not applicable
No trusted loans in the report period.

3. Using of proceeds from share placing.
□ Applicable √ Not applicable
No using of capital from public financing in the report period.

4. Main subsidiaries and stock-jointly company analysis
√ Applicable □ Not applicable


Particulars about the principal subsidiaries and Mutual shareholding companies
                                                                                                                                In RMB

                             Sector     Leading                                                           Operating
                Compan                                 Registered       Total      Net assets   Tumover                  Net Profit
 Company Name                  s      products and                                                         profit
                    y type                               capital     assets(RMB)    (RMB)       (RMB)                        (RMB)
                             engag      services                                                           (RMB)



                                                                                                                                        16
                                                     Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


                              ed in

GuangdongYude                          Power
 an Jinghai                   Electr generation
                   Subsidia                                             10,276,281,91 3,605,786,8 1,855,102,2 391,463,61 280,025,789
 Power                        ic       and power        2,919,272,000
                   ry                                                              9.00             87.00        89.00       3.00          .00
 Generation Co.,              Power station
 Ltd.                                  construction.

GuangdongHuiz                          Power
 hou Pinghai                  Electr generation
                   Subsidia                                             6,220,498,064 1,981,996,0 1,042,582,6 261,357,74 196,820,980
 Power                        ic       and power        1,370,000,000
                   ry                                                               .00             06.00        25.00       0.00          .00
 Generation Co.,              Power station
 Ltd.                                  construction.

                                       Power
Guangdong Red
                              Electr generation
Bay Power          Subsidia                                             8,046,766,585 3,250,646,4 1,452,772,3 250,110,83 183,146,966
                              ic       and power        2,749,750,000
Generation Co., ry                                                                  .00             96.00        99.00       0.00          .00
                              Power station
Ltd.
                                       construction.

                                       Power
ZhangjiangElectr              Electr generation
                   Subsidia                                             4,369,982,142 4,008,590,0 694,710,52 140,933,46 100,773,692
 ic Power Co.,                ic       and power        2,875,440,000
                   ry                                                               .00             53.00         1.00       4.00          .00
 Ltd.                         Power station
                                       construction.

                                       Power
GuangdongHuiz                 Electr generation
                   Subsidia                                             2,461,891,032 1,283,728,1 806,611,90 134,586,49 99,654,365.
 hou natural Gas              ic       and power         963,000,000
                   ry                                                               .00             81.00         6.00       0.00          00
 Power Co., Ltd.              Power station
                                       construction.

Guangdong
                              Electr
Yudean Electric Subsidia               Electricity                      358,737,931.0 325,152,45 128,597,98 127,201,78 95,447,915.
                              ic                         230,000,000
Power Sales Co., ry                    sales                                         0               9.00         1.00       2.00          00
                              Power
Ltd.

                                       Power
Shenzhen
                              Electr generation
 Guangqian         Subsidia                                             2,410,120,804 1,350,171,2 699,608,37 123,755,81 92,853,681.
                              ic       and power        1,030,292,500
 Electric Power ry                                                                  .00             27.00         0.00       0.00          00
                              Power station
 Co., Ltd.
                                       construction.

                                       Guangdong                                          Wind
Guangdong                              Guohua                                             Power
Guohua Yudean Sharing Electr Yudean                                                       generation
                                                       Sharing          Electric                            2,706,581,6 780,686,43 584,920,161
Taishan Power      Compan ic           Taishan                                            and power
                                                       Company          Power                                    71.00       2.00          .00
Generation Co., y             Power Power                                                 station
Ltd.                                   Generation                                         constructio
                                       Co., Ltd.                                          n.


                                                                                                                                            17
                                               Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


5. Projects invested with Funds not raised through share offering

□ Applicable√ Not applicable
N/A

VI. Prediction of business performance for January -September 2016.

Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss
 probably or the warning of its material change compared with the corresponding period of the last year and
 explanation of reason.

□ Applicable√ Not applicable
VII. Explanation by the Board of Directors and the Supervisory Committee about the “ non-standard audit report”
issued by the CPAs firm for the reporting period.
□ Applicable √ Not applicable

VIII.Explanation by the Board of Directors about the “ non-standard audit report “ for lastyear.

□ Applicable √ Not applicable

IX. Profit distribution carried out in the report period

Execution or adjustment of profit distribution, especially cash dividend, and capitalizing of reserves in the report
period.
√Applicable □ Not applicable
   The Company's profit distribution plan for 2015 was examined and adopted by its 201 annual shareholders'
general meeting on May 20, 2016. The Company published Announcement of Interest Distribution for 2015 on
designated media on June 22, 2016. The stock right registration date is June 27, 2016 (June 30 for B shares). The
ex-dividend date is June 28, 2015. Cash dividends were distributed on June 28 (for A shares) and June 30 (for B
shares).
                                           Special explanation of the cash dividend policy

Whether conformed with the regulations of the Articles of
association or the requirements of the resolutions of the           Yes
shareholders’ meeting:

Whether the dividend standard and the proportion were definite
                                                                    Yes
and clear:

Whether the relevant decision-making process and the system
                                                                    Yes
were complete:

Whether the independent director acted dutifully and exerted the
                                                                    Yes
proper function:

Whether the medium and small shareholders had the chances to
                                                                    Yes
fully express their suggestions and appeals, of which their legal


                                                                                                                      18
                                             Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


interest had gained fully protection:

Whether the conditions and the process met the regulations and
was transparent of the adjustment or altered of the cash dividend Not a;pplicable
policy:

X. Preplan for profit distribution and turning capital reserve into share capital in the reporting period
□ Applicable √ Not applicable
The Company planed that no to distribute cash dividend, bonus shares and there was no turning of capital reserve
into share capital.

XI. Particulars about researches, visits and interviews received in this reporting period

√Applicable □ Not applicable
                                                                                                             Discussion topics and
   Reception time      Reception place    Way of reception       Types of visitors    Visitors received
                                                                                                             provision of materials

                                                                                     Changjiang
                                                                                                          The Company’s current
                                                                                     Securities,
                                                                                                          production of operation
                      Office of the      Onsite                                      Guangdong
March 4,2016                                                 Organiation                                  conditions and the situation
                      Company            investigation                               Hanming Assets
                                                                                                          of the construction and
                                                                                     Management Co.,
                                                                                                          development projects
                                                                                     Ltd.

                                                                                                          The Company’s current
                                                                                                          production of operation
                      Office of the      Onsite                                      Joint research of
June 13,2016                                                 Organiation                                  conditions and the situation
                      Company            investigation                               GF Securities
                                                                                                          of the construction and
                                                                                                          development projects

                                                                                                          The Company’s current
                                                                                                          production of operation
                      Office of the      Onsite                                      Changyang
June 28,2016                                                 Organiation                                  conditions and the situation
                      Company            investigation                               Investment
                                                                                                          of the construction and
                                                                                                          development projects




                                                                                                                                      19
                                         Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016




                                             V. Important Events


1.Governance of the Company
The company has strictly abided by the requirements of the laws and regulations and the normative documents,
such as “Corporate Law”, “Securities Law”, “Governance Rules of Listed Companies” and “Listing Rules of
Shenzhen Stock Exchange” to standardize the operations, continuously perfect the internal control system and the
corporate governance structure, ensure the system carried out and effectively implemented and improve the
governance level of the company. There was no difference between the actual conditions of corporate governance
and the requirements of the Company Law and relevant regulations of CSRC.

II. Lawsuits affairs

Major lawsuits and Arbitration affairs

□ Applicable √ Not applicable
The Company has no major lawsuit or arbitration in the report period.

Other Lawsuits affairs

□ Applicable √ Not applicable
III. Query form media
□ Applicable √ Not applicable
In the reporting year, the Company had no query from media
IV. Bankruptcy or Reorganization Events
□ Applicable √ Not applicable
There Company was not involved in any bankruptcy or reorganization events in the reporting period.

IV. Bankruptcy and reconstruction
□ Applicable √ Not applicable
No bankruptcy or capital reorganizing issues occurred in the report period.

V. Transaction in Assets

1. Purchase of assets
□ Applicable √ Not applicable

There is no purchase of assets in the Company during the reporting period.

2. Sale of assets
□ Applicable √ Not applicable
There is no sale of assets in the Company during the reporting period


                                                                                                                20
                                                  Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


3. Business combination
□ Applicable √ Not applicable
There is no Bubiness combination in the Company during the reporting period
VI. Implementation and Influence of Equity Incentive Plan of the Company
□ Applicable √ Not applicable
There is no equity incentive plan and its implementation in the Company during the reporting period.
VII. Significant related-party transactions

1. Related-party transactions concerning routine operation

√Applicable □Not applicable

                                                                                                      Wheth

                                                                                                       er
                                                                                            Tradin
                                                                                                      over
                                                                                            g limit       Marke
                                                                          Amo                   the
                            Subject                                                                       t price
                                                                           unt Ratio appro           Way           Date
        Relati        Type s of the Principle of pricing                                      appro of       of                           Index of
Related                                                       Price of       of   in                                of
        onshi            of related      the related                                                      simila                        information
parties                                                        trade      trade similar ved          paym         disclo
          p           trade transact    transactions                                            ved       r trade                        disclosure
                                                                          RMB trades                  ent          sure
                              ions
                                                                          0’000       (RM               availa
                                                                                              limite        ble
                                                                                       B’000
                                                                                               d or
                                                                                         0)
                                                                                                not

                                                                                                      (Y/N)
Guang                       Fuel    For the price of fuel                                                                          Name               of
dong                        materia purchase, if the state                                                                         Announcement
Yudean                      ls      sets a price, such                                                                             : Announcement
Group                       procure price shall apply. If                                                                          of     Resolutions
Co., Ltd                    ment,   the State does not set                                                                         of      the    11st
and its                     receivi a price, market price                                                                          Meeting of the
subsidi                     ng      shall apply. The                                                                               Eighth Board of
aries                       labor   related parties                                                                                Director
and                 Daily service promised that the                                                                                ( 2016-12 ),
                                                                 Not                 Not                               Not April
affiliate shareh related s,         price offered would                   304,3             1,004,                                 And
                                                             applicable           applica             No      Cash   applic 30,2
s            older transac leasing, not be higher than the                   19                374                                 Announcement
                                                                                     ble                              able 016
(affiliate          tions   providi price of products of                                                                           of daily related
d                           ng      the same quality                                                                               transaction(201
parties                     labor   offered to third                                                                               6-14)
accordi                     service parties. The price of                                                                          Published i
ng to                       s/servic materials shall be                                                                            n
the                         es,     settled according to                                                                           China
shenzh                      selling market price. Labor                                                                            Securities
en                          goods, services/services are                                                                           Daily,
stock                       public accepted and                                                                                    Securities


                                                                                                                                                 21
                                                   Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


exchan                    expens provided at the price                                                                   Times    and
ge                        es       agreed by both                                                                        http//.www.cnin
"stock                             parties according to                                                                  fo.com.cn
listing                            cost price and by
rules")                            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.

                                                                      304,3          1,004,
Total                                         --               --              --             --      --     --     --           --
                                                                         19            374

Details of any sales return of a
                                   Not applicable
large amount

Give the actual situation in the
report period where a forecast
had been made for the total        In January –June 2016,Daily related transactions were carried out after examination and approval by
amounts of routine related-party 2015 annual shareholders’general meeting. Refer to (5) related transactions of XII.
transactions by type to occur in
the current period(if any)

Reason for any significant
difference between the
                                   Not applicable
transaction price and the market
refernce price (if applicable)

2. Related-party transactions arising from asset acquisition or sale
□ Applicable √ Not applicable
The Company was not involved in any related-party transactions arising from asset acquisition or sale during the
reporting period.
3. Related-party transitions with joint investments
□ Applicable √ Not applicable
The Company was not involved in any related-party transaction with joint investments during the reporting


                                                                                                                                      22
                                             Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


period.

4. Credits and liabilities with related parties

□ Applicable √ Not applicable
There is no any credit and liability with related parties of the Company of the reporting period.

5. Other significant related-party transactions

□ Applicable √ Not applicable
The Company was not Other significant related-party transactions during the reporting period.
VIII. Particulars about the non-operating occupation of funds by the controlling shareholder
and other related parties of the Company
□ Applicable √ Not applicable
The Company was not involved in the non-operating occupation of funds by the controlling shareholder and other
related parties during the reporting period..
IX. Particulars about significant contracts and their fulfillment
1. Particulars about trusteeship, contract and lease
(1) Trusteeship
□ Applicable √ Not applicable

There was no any trusteeship of the Company in the reporting period.

(2) Contract

□ Applicable √ Not applicable

There was no any contract of the Company in the reporting period.
(3) Lease
□ Applicable √ Not applicable
There was not involved in ant lease of the Company in the reporting period.

2. Guarantees provided by the company

√ Applicable □ Not applicable
                                                                                                                  In RMB’0000

                                     External Guarantee (Exclude controlled subsidiaries)

                                                                                                                    Guarante
                    Relevant                      Date of
                                                                                                        Complete       e
                    disclosure                 happening         Actual
   Name of the                   Amount of                                     Guarantee    Guarantee   implemen       for
                   date/No. of                    (Date of      mount of
    Company                      Guarantee                                        type        term       tation     associate
                       the                        signing       guarantee
                                                                                                         or not        d
                   guaranteed                  agreement)
                                                                                                                     parties


                                                                                                                               23
                                          Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


                      amount                                                                                    (Yes or
                                                                                                                     no)

                                                                                           The power pl
Weixin Yuntou                                                             Guaranteeing ant put into o
                    March 8,
Yudean Zhaxi                     27,400 April 11, 2013           11,400       of joint     peration and t No    No
                    2012
Energy Co., Ltd.                                                            liabilities.   erminated aft
                                                                                           er two years

Yunnan Baoshan
 Binlangjiang                                                             Guaranteeing
                    May 24,2              December
 Hydroelectricity                 4,350                           2,900 of joint           15 years        No   No
                    007                   19,2007
 Development Co.,                                                         liabilities.
 Ltd.

Yunnan Baoshan
Binlangjiang                                                              Guaranteeing
                    December              December
Hydroelectricity                  4,350                           1,450       of joint     15 years        No   No
                    19,2007               25,2007
Development Co.,                                                            liabilities.
Ltd.

Yunnan Baoshan
 Binlangjiang                                                             Guaranteeing
                    December
 Hydroelectricity                12,000 March 18,2008             9,900 of joint           18 years        No   No
                    19,2007
 Development Co.,                                                         liabilities.
 Ltd.

Yunnan Baoshan
Binlangjiang                                                              Guaranteeing
                    August 22,
Hydroelectricity                  5,800 October 31,2008           4,300       of joint     17 years        No   No
                    2008
Development Co.,                                                            liabilities.
Ltd.

Yunnan Baoshan
 Binlangjiang                                                             Guaranteeing
                    November              November
 Hydroelectricity                 7,250                           1,682 of joint           10 years        No   No
                    12,2008               14,2008
 Development Co.,                                                         liabilities.
 Ltd.

Yunnan Baoshan
 Binlangjiang                                                             Guaranteeing
                    MAY
 Hydroelectricity                 7,250 May 27,2009               3,625       of joint     12 years        No   No
                    27,2009
 Development Co.,                                                           liabilities.
 Ltd.

Yunnan Baoshan
Binlangjiang                                                              Guaranteeing
                    May
Hydroelectricity                  9,367 June 22, 2009             7,047 of joint           18 years        No   No
                    27,2009
Development Co.,                                                          liabilities.
Ltd.


                                                                                                                           24
                                              Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


Total amount of approved                                          Total actually amount of
external guarantee in the report                              0 external guarantee in the                                           -8,857
period(A1)                                                        report period(A2)

Total amount of approved                                          Total actually amount of
external guarantee at the end of                     190,835 external guarantee at the end                                          42,304
the report period(A3)                                             of the report period(A4)

                                          Guarantee of the company for its subsidiaries

                                                                                                                                Guarante
                        Related                   Date of                                                          Complete
      Name of the                                                     Actually                                                    e for
                     announcem Amount of happening(date                                Guarantee       Guarantee   implemen
       company                                                       guarantee                                                   related
                     ent date and guarantee     of signing                                type            term     tation or
      guaranteed                                                      amount                                                   party(yes
                          no.                   agreement)                                                              not
                                                                                                                                 or no)

Guangdong
                                                                                     Guaranteeing
Yudean Zhanjiang April
                                    18,571.7 October 9,2010               18,571.7       of joint     18 years     No          No
Wind Power Co.,      29,2009
                                                                                       liabilities.
Ltd

Guangdong
                                                                                     Guaranteeing
Shaoguan Yuejiang November
                                     23,400 July 3, 2014                   14,760 of joint            5 years      No          No
Power Generation 16,2013
                                                                                     liabilities.
Co., Ltd.

                                                                  Total amount of actual
Total amount of approving
                                                                  occurred guarantee for
guarantee for subsidiaries in                                 0                                                                 -6,587.07
                                                                  subsidiaries in reportperiod
report period(B1)
                                                                  (B2)

                                                                  Total amount of actual
Total amount of approved
                                                                  occurred guarantee for
guarantee for subsidiaries at the                    141,536                                                                    33,331.7
                                                                  subsidiaries at the end of
end of reporting period(B3)
                                                                  reporting period(B4)

                                        Guarantee of the subsidiaries for its subsidiaries

                                                                                                                                Guarante
                        Related                   Date of                                                          Complete
      Name of the                                                     Actually                                                    e for
                     announcem Amount of happening(date                                Guarantee       Guarantee   implemen
       company                                                       guarantee                                                   related
                     ent date and guarantee     of signing                                type            term     tation or
      guaranteed                                                      amount                                                   party(yes
                          no.                   agreement)                                                              not
                                                                                                                                 or no)

Total of Company’s guarantee(namely total of the large three aforementioned)

Total of guarantee in the Period                                  Total of actual guarantee in
                                                              0                                                                -15,444.07
(A1+B1+C1)                                                      the Period(A2+B2+C2)

                                                                    Total of actual guarantee at
Total of guarantee at Period-end
                                                     332,371                Period-end                                          75,635.7
(A3+B3+C3)
                                                                  (A4+B4+C4)


                                                                                                                                           25
                                               Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


The proportion of the total amount of actually guarantee in the
                                                                                                                               3.26%
net assets of the Company(that is A4+B4+C4)

Including

Explanations about joint and several liability for repayment in
                                                                  Not applicable
respect of undue guarantee(if any)

Explanation about external guarantee violating established
                                                                  Not applicable
procedure if any)

Description of the guarantee with complex method
(1) Particulars about illegal external guarantee
□ Applicable √ Not applicable

There was no particular about illegal external guarantee of the Company in the reporting period.

3. Other significant contracts
□ Applicable √ Not applicable
There was no other significant contract of the Company in the reporting period.
4. Other significant transactions
□ Applicable √ Not applicable
There was no other significant transaction of the Company in the reporting period.

X. Implementation of commitments

1.Commitments made by the Company or shareholders holding over 5% of the Company’s shares in the reporting
period or such commitments carried down into the reporting period
√Applicable □ Not applicable
                                                                                          Time of
                             Commitment                                                   making       Period of
     Commitment                                             Contents                                                    Fulfillment
                                maker                                                commitmen        commitment
                                                                                             t

Commitment on share
reform

Commitment in the
acquisition report or the
report on equity
changes

                                           Yue Dian Li is the only quoted platform November         Within 5 years a
                                           of Yudean Group’s electricity asset      3,             fter the completi
Commitment made             Guangdong
                                           integration within the boundary. ②       2011           on of major asse Under
upon the assets             Yudean Group
                                           Except Yue Dian Li and the electricity                   t reorganization fulfillment
replacement                 Co., Ltd.
                                           assets controlled by it, within 5 years
                                           after the last recombination is done,



                                                                                                                                      26
                                          Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


                                      Yudean Group will pump the assets
                                      which meet the conditions of launching
                                      after reformation into Yue Dian Li
                                      gradually through purchasing and
                                      recombination and other ways, according
                                      to the situation of solutions to different
                                      problems, e.g. the imperfect examination
                                      and approval procedures, the situation of
                                      profitability, cooperation agreement and
                                      land utilization. ③ At the aspects of the
                                      development of power project and assets
                                      purchasing, Yudean Group provides the
                                      priority for Yue Dian Li choose. If Yue
                                      Dian Li gives up development and
                                      purchasing, Guangkong Group will join
                                      Yue Dian Li under the situation that the
                                      project is completed and put into
                                      production, and that the purchase is done
                                      and the project meets the conditions of
                                      listing.For details,
                                      see June 5, 2014, published in the desig
                                      nated media "Announcement of Guangdo
                                      ng Electric Power Development Co.,Ltd.
                                       matters related to commitments".

Commitments made
upon issuance

                                      To maintain the stability of the market,
Other commitments      Guangdong      Yudean     Group       promised     not      to
                                                                                                     Under
made to minority       Yudean Group reduce the Yudean electric power shares July 8, 2015 12 months
                                                                                                     fulfillment
shareholders           Co., Ltd.      within the next 12 months.



Executed timely or not? Yea

XI. Particulars about engagement and disengagement of CPAs firm
Whether the semi-annual financial report had been audited?
□ Yes √ No
The semi-annual financial report has not been audited.
XII. Punishment and Rectification
□ Applicable √ Not applicable

There was no any punishment and rectification of the Company in the reporting period.

XIII. Reveal of the delisting risks of illegal or violation
□ Applicable √ Not applicable

                                                                                                                   27
                                                Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


There was no any delisting risk of illegal or violation of the Company in the reporting period.

XIV. Explanation about other significant matters

□ Applicable √ Not applicable
No Explanation about other significant matters other for the Company in reporting period.

XV. Issuance of corporate bonds

Whether the company has corporate bonds that have been publicly issued and listed on the stock exchange, and
 not yet due or due butnot folly cashed on the approval date of annual report
Yes

1.Basic information of corporate bonds


                                                                                        Bond
                                                                                                    Interest
 Bond name Bond short name           Bond code        Issue day         Due day        balance                       Servicing way
                                                                                                      rate
                                                                                        ‘0000

2012 Corporate                                                                                                 Using simple interest
                                                                                                               rate on a yearly basis,
bonds         of                                                                                               regardless of compound

Guangdong                                                                                                      interest. Due payments
                 12 Yudean
                                   112162.SZ       March 18,2013 March 17,2020           120,000      4.95% once a year, maturing
Electric   Power Bond                                                                                          debt at a time. In the

Development Co.,                                                                                               final phase, interest is
                                                                                                               paid together with the
Ltd..                                                                                                          principal redemption.

Corporate bonds listed or
                                   Shenzhen Stock Exchange
trading places

During the reporting period,       The company paid the bond interests of the current year on March 18, 2016 to all the bond holders
interest payment situation of the who were registered in China Securities Depository and Clearing Co., Ltd. Shenzhen branch as of
company bonds                      the afternoon of March 17, 2016 when the Shenzhen Stock Exchange closed.

If the corporate bonds attached
to special clauses to the issuer
or the investors such as option    The duration of the bonds is 7 years, with redemption option, option of raising coupon rate by the
clause and exchangeable clause, issuer and the puttable right for the investors at the end of the fifth year. During the reporting
please specify the                 period, the relevant clauses have not met the conditions for implementation.
implementation status of the
corresponding clauses. (When
applicable)




                                                                                                                                          28
                                                     Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


2. Bond trustee and the credit rating agency information


Bond trustee:

                                                                                     Liu Longwen,Zhao
                                                                                     Xinxin, Wang
                                                      22/F, CITIC
                                                                                     Chaonan,,Song
                                                      Securities
                                                                                     Yilan, He Shen, Guo
           CITIC Securities Co.,                      Building , No.48.
Name                                   Office                              Contact   Jianhan, Chen Yali,    Tel             010-60838888
           Ltd.                                       Liangmaqiao
                                                                                     Wang Hongfeng,
                                                      Road, Chaoyang
                                                                                     Zhang Zengwen, Wu
                                                      District , Beijing
                                                                                     Anqing, Chen Xi
                                                                                     and Chang Wei.

The credit rating agencies which follow and rate the corporate bond during the reporting period

                                                                                            8/F, Anji Building, No.760, Tibet South Road,
Name                CCXR                                                   Office address
                                                                                            Huangpu District, Shanghai.
During the report period, the bond trustee,
credit rating agency employed by the
company that have changed, reasons for
                                                   Not applicable
the    change,       performing    procedures,
relevant       influence   on   investors,etc(If
applicable).



3. The usage of corporate bonds to raise money


                                                   According to the relevant contents in the Prospectus of the Issuance of Bonds
                                                   announced on March 14, 2013, the company planned to use RMB 820 million of the
                                                   raised funds to repay the loans, thus to adjust the debt structure; the remaining RMB
                                                   380 million of the raised funds planned for supplementing the company’s liquidity, so
The usage and performance of raised funds as to improve the company’s funds status. The net amount of the funds raised by the
from Corporate bonds                               bonds had been remitted to the company’s designated bank account on March 20,
                                                   2013, of which the amount of RMB 820 million of the raised funds had been used for
                                                   repaying the loans, so as to adjust the debt structure; the remaining RMB 380 million
                                                   of the raised funds used for supplementing the company’s liquidity, so as to improve
                                                   the company’s funds status.

At the end of balance (RMB’0000)                                                                                                           0

Whether the usage of the raised money
corresponding to the purposes of promise, Yes
use plans, and other agreement


4.Corporate bond rating information

On June 18, 2015, CCXR traced and analyzed the credit status of the company and the company’s bonds of


                                                                                                                                            29
                                        Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


“12-Yuedian Bonds”, maintained the credit rating of AAA for the main body of the company, with a stable
outlook; maintained the credit rating of AAA for the corporate bonds.(The rating results were disclosed on the
website: http://www.ccxr.com.cn/, with the title of Tracking and Rating Report for the 2012-Corpoprate Bonds of
Guangdong Electric Power Development Co., Ltd(2016).

5.Corporate bond credit mechanism, the debt repayment plans and other security measures

(1)The credit-raising mechanism: No guarantee of the company’s bonds. After the comprehensive assessment by
CCXR, the credit rating of the main body of the company is AAA with a stable outlook, and the credit rating of
the corporate bonds is AAA.
(2)The repayment plan: The interest of the bonds commenced from the date of March 18, 2013, and the interest of
the bonds shall be paid once each year within the duration of the bonds after the commencement date of the
interest. The date of March 18 of each year in the period from 2014 to 2020 shall be the interest paying day for
paying the recent full year’s bond interests (If it is not a working day, the payment day will be postponed to the
first working day after the day). If the issuer performs the redemption option or the investors perform the puttable
right, then the date of March 18 of each year in the period from 2014 to 2018 is the interest paying day for paying
the recent full year’s interests of the bonds being redeemed or the bonds being sold back. The maturity date of the
bonds is March 18, 2020, and the company will repay the principal and pay the last full year’s interest when the
bond is due. If the issuer performs the redemption option or the investors perform the puttable right, the maturity
date of the bonds being redeemed or the bonds being sold back is March 18, 2018, and the corresponding
principal and the last full year’s interest will be repaid.
(3) Safeguard measures for the repayment: in order to fully and effectively safeguard the interests of the
bondholders, the company had made a series of work plans for the full repayment of the bonds that can be
implemented on time, including the designated department and personnel, arrangement of repaying the bonds,
establishment of the management measures, doing good organization and coordination, strengthening the
information disclosure and so on, strived to form a set of safeguard measures for ensuing the repayment of the
bonds.

6.During the reporting period the bondholder meeting

During the reporting period, the company did not hold bondholders meeting.

7.During the reporting period the bond trustee perform his duties

The company’s bond trustee- CITIC Securities Co., Ltd safeguarded the legal rights of the bond holders with in
accordance with the law and performed the obligations stipulated in the Prospectus of the Issuance of Bonds and
other publicly disclosed documents, hence continuously followed up and acquainted the relevant information of
the company during the entrusting period, issued and provided the regular report of the bond trustee, with in
accordance with the company’s information being followed up and acquainted.
During the reporting period, CITIC Securities Co., Ltd issued the Report of the 2012 Corporate Bonds Trustee for
Guangdong Electric Power Development Co., Ltd(year of 2015) on May 27, 2016, and the report was disclosed on
the cninf website on May 30, 2016 by the company.




                                                                                                                 30
                                        Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


8.During the reporting period, the company's major accounting data and financial indicators for last 2
years

                                                                                                               In RMB’0000

              Items                 June 30, 2016                  June 30,2015              At the same time rate of change

liquidity ratio                                       65.02%                      66.99%                             -1.97%

Asset-liability ratio                                 59.53%                      57.98%                              1.55%

Quick action ratio                                    53.40%                      54.93%                             -1.53%

                                   This report term            Same period last year            Increase/decrease (%)

The multiple of cash interest
                                                        4.87                           5.8                          -16.03%
safeguard

loan payment rate                                   100.00%                       100.00%                             0.00%

Interest rate of pay                                100.00%                       100.00%                             0.00%

The main reason that the accounting data and financial indicators yoy change more than 30%
□Applicable √ Not applicable

9. Property rights limits by the end of report period

None

10.During the report period interest payment for other bonds and debt financing tool

□Applicable √ Not applicable
None

11.During the report period obtain bank credit, its use situation and repayment of bank loans

None

12.During the reporting period the situation of performing the related agreement or commitment in the
corporate bond prospectus

On June 3, 2016, the company signed an unconditional available bank amount limit of about RMB 45 billion, of
which the used amount limit was RMB 20.2 billion, thus the remaining available bank amount limit was about
RMB 24.8 billion.

13.During the reporting period the situation of performing the related agreement or commitment in the
corporate bond prospectus

During the reporting period, the company strictly implemented the provisions stipulated in the Prospectus of
Issuance of Bonds, timely paid the bond interests to the bond holders according to the time stipulated in the basic
clauses of the bonds and performed the obligation of information disclosure related to the bonds with in

                                                                                                                           31
                                        Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


accordance with relevant laws, and there was no situation of jeopardizing the interests of the bond investors.

14.Major events occurring in the period of report

None

15.Whether there is a guarantor corporate bonds

□ Yes √No




                                                                                                                 32
                                               Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016



                  VI. Change of share capital and shareholding of Principal Shareholders

(1) Changes in share capital

                                                                                                                         In Shares

                                Before the change                  Increase/decrease(+,-)                 After the Change

                               Amount Proportion                           Capitalizat
                                                                             ion of
                                                       Share      Bonus                                                 Proportio
                                                                            common       Other   Subtotal   Quantity
                                                      allotment   shares                                                   n
                                                                            reserve
                                                                              fund

I. Share with conditional      1,897,966,                                                                   1,897,966
                                            36.15%                                                                        36.15%
subscription                         823                                                                         ,823

2. State-owned legal           1,893,342,                                                                   1,893,342
                                            36.06%                                                                        36.06%
person shares                        621                                                                         ,621

3.Other domestic shares        4,624,202     0.09%                                                          4,624,202      0.09%

Of which:Domestic legal
                               4,620,666     0.09%                                                          4,620,666      0.09%
person shares

Domestic natural person
                                   3,536     0.00%                                                             3,536       0.00%
shares

II. Shares with                3,352,317,                                                                   3,352,317
                                            63.85%                                                                        63.85%
unconditional subscription           163                                                                         ,163

                               2,553,909,                                                                   2,553,909
1.Common shares in RMB                      48.64%                                                                        48.64%
                                     163                                                                         ,163

2.Foreign shares in            798,408,0                                                                    798,408,0
                                            15.21%                                                                        15.21%
domestic market                       00                                                                          00

                               5,250,283,                                                                   5,250,283
III. Total of capital shares                100.00%                                                                      100.00%
                                     986                                                                         ,986

Causation of change in share equity
[V] Applicable Not applicable
Selling of shares held by the directors or supervisors in the report period
Approval of change in share capital
[] Applicable; [V] Not applicable
Situation of registration process of transferred shares
[] Applicable; [V] Not applicable
Influences of the change of share equity on financial indices such as basic earning per share, dilluted earning per
share, and net asset per share attributed to common shareholders:
[] Applicable; [V] Not applicable
Other information the Company thinks necessary or required by the authority to be disclosed


                                                                                                                                33
                                                   Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


[] Applicable; [V] Not applicable
Change of total shares and shareholding structures, assets and liabilities
[] Applicable; [V] Not applicable

II. Shareholders and actual controlling shareholder

                                                                                                                                 In Shares
                                                                        Total number of preferred
Total number of common                                                  shareholders that had restored
shareholders at the end of the                                 112,898 the                                                                0
reporting period                                                       voting right at the end of the
                                                                        reporting period (if any) (note 8)

                            Particulars about shares held above 5% by shareholders or top ten shareholders

                                              Proporti                                                               Number os share
                                                                       Changes
                                               on of     Number of                  Amount of       Amount of         pledged/frozen
                                 Nuture of                                in
       Shareholders                           shares shares held at                  restricted     un-restricted
                             shareholder                               reporting
                                               held      period -end                shares held     shares held State of share   Amount
                                                                        period
                                              (%)

                             State-owne
Guangdong Yudean Group
                             d legal          67.39% 3,538,005,285                 1,893,342,621 1,644,662,664
Co., Ltd.
                             person

                             State-owne
China Securities Finance
                             d legal           2.78%     145,748,980                                 145,748,980
 Co., Ltd.
                             person

Guangdong          Guangfa State-owne
Electric Power Investment d legal              2.22%     116,693,602                                 116,693,602
Co., Ltd.                    person

                             State-owne
Guangdong Electric Power
                             d legal           1.80%      94,367,341                                  94,367,341
Development Corporation
                             person

                             Overseas
GOLDEN CHINA
                             Legal             0.55%      28,877,922 -3,515,138                       28,877,922
MASTER FUND
                             person

                             Domestic
Li Zhuo                                        0.41%      21,303,785 7,301,617                        21,303,785
                             natural person

                             Overseas
GREENWOODS CHINA
                             Legal             0.39%      20,238,886                                  20,238,886
ALPHA MASTER FUND
                             person

                             Overseas
NORGES BANK                  Legal             0.35%      18,209,318                                  18,209,318
                             person


                                                                                                                                       34
                                                  Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


BBH A/C VANGUARD             Overseas
EMERGING MARKETS             Legal             0.30%     15,675,144                                   15,675,144
STOCK INDEX FUND             person

CHINA INT'L CAPITAL          Overseas
CORP HONG KONG               Legal             0.29%     15,322,336 -360,000                          15,322,336
SECURITIES LTD               person

Strategy investors or general legal person
becomes top 10 shareholders due to
                                             Not applicable
rights issued (if applicable)(See Notes
3)

                                             The fourth largest shareholder Guangdong Electric Power Development Corporation is the
Explanation on associated relationship       wholly-owned subsidiaries of the largest shareholder Yudean Group. These two companies
among the aforesaid shareholders             have relationships; whether the other shareholders have relationships or unanimous acting
                                             was unknown.

                                         Shareholding of top 10 shareholders of unrestricted shares

                                             Quantity of unrestricted shares held at the end of the                Share type
       Name of the shareholder
                                                               reporting period                          Share type             Quantity

                                                                                                      RMB Common
Guangdong Yudean Group Co., Ltd.                                                      1,644,662,664
                                                                                                      shares

                                                                                                      RMB Common
China Securities Finance Co., Ltd.                                                      145,748,980
                                                                                                      shares

Guangdong Guangfa Electric Power                                                                      RMB Common
                                                                                        116,693,602
Investment Co., Ltd.                                                                                  shares

Guangdong Electric Power                                                                              RMB Common
                                                                                         94,367,341
Development Corporation                                                                               shares

                                                                                                      Foreign shares
                                                                                                      placed in
GOLDEN CHINA MASTER FUND                                                                 28,877,922
                                                                                                      domestic
                                                                                                      exchange

                                                                                                      RMB Common
Li Zhuo                                                                                  21,303,785
                                                                                                      shares

                                                                                                      Foreign shares
GREENWOODS CHINA ALPHA                                                                                placed in
                                                                                         20,238,886
MASTER FUND                                                                                           domestic
                                                                                                      exchange

                                                                                                      Foreign shares
                                                                                                      placed in
NORGES BANK                                                                              18,209,318
                                                                                                      domestic
                                                                                                      exchange

BBH A/C VANGUARD EMERGING                                                                15,675,144 Foreign shares


                                                                                                                                           35
                                               Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


MARKETS STOCK INDEX FUND                                                                           placed in
                                                                                                   domestic
                                                                                                   exchange

                                                                                                   Foreign shares
CHINA INT'L CAPITAL CORP HONG                                                                      placed in
                                                                                      15,322,336
KONG SECURITIES LTD                                                                                domestic
                                                                                                   exchange

Explanation on associated relationship
or consistent action among the top 10
                                         The fourth largest shareholder Guangdong Electric Power Development Corporation is the
shareholders of non-restricted
                                         wholly-owned subsidiaries of the largest shareholder Yudean Group. These two companies
negotiable shares and that between the
                                         have relationships; whether the other shareholders have relationships or unanimous acting was
top 10 shareholders of non-restricted
                                         unknown.
negotiable shares and top 10
shareholders

Explanation on shareholders              The Sixth Shareholder Li Zhuo holds 21,015,865 A shares of the Company throuth stock
participating in the margin trading      account with credit transaction and guarantee and holds 287,920 A shares throuth ordinary
business(if any )(See Notes 4)           stock account , hold 21,303, 785 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.

III. Change of the controlling shareholder or the actual controller

Change of the controlling shareholder in the reporting period
□ Applicable √ Not Applicable
There was no any change of the controlling shareholder of the Company in the reporting period.
Change of the actual controller in the reporting period
□ Applicable √ Not applicable
There was no any change of the actual controller of the Company in the reporting period.
IV. Particulars on shareholding increase scheme during the reporting period proposed or implemented by the
shareholders and act-in-concert persons
□ Applicable √ Not applicable
Within the scope known to the Company, there was no any shareholding increase scheme during the reporting
period proposed or implemented by the shareholders and act-in-concert persons.




                                                                                                                                     36
                                      Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


                                 VII. Situation of the Preferred Shares

□Applicable √Not applicable
The Company had no preferred shares in the reporting period




                                                                                                             37
                                           Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016



               VIII. Information about Directors, Supervisors and Senior Executives

I. Change in shares held by directors, supervisors and senior executives

□ Applicable √ Not Applicable
There was no change in shareholding of directors, supervisors and senior management staffs, for the specific
information please refer to the 2015 Annual Report.
II. Changes in directors, supervisors and senior management staffs
√ Applicable □ Not applicable
     Name             Title             Type            Date                            Reason

                Independent
Ding Yougang                      Leave office    May 20,2016       Personal reasons
                Director

                Independent
Lu Jun                            Leave office    May 20,2016       Personal reasons
                Director

                iIndependent
Shen Hongtao                      Be elected      May 20,2016
                Director

                Independent
Wang Xi                           Be elected      May 20,2016
                Director




                                                                                                                  38
                                       Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016




                                            IX. Financial Report


1. Audit report

Has this semi-annual report been audited?
□ Yes √ No
The semi-annual financial report has not been audited.

II. Financial statements

Currency unit for the statements in the notes to these financial statements:RMB

1. Consolidated balance sheet

Prepared by:Guangdong Electric Power Development Co., Ltd.
June 30,2016
                                                                                                           In RMB

                   Items                       Year-end balance                   Year-beginning balance

             Current asset:

             Monetary fund                                 6,108,160,833.00                      5,237,406,725.00

         Settlement provision

Outgoing call loan

  Financial assets measured at fair
value with variations accounted into
current income account

     Derivative financial assets

 Bill receivable

 Account receivable                                        2,599,665,735.00                      2,484,683,890.00

  Prepayments                                                857,743,516.00                      1,063,701,630.00

 Insurance receivable

Reinsurance receivable

Provisions of Reinsurance contracts
receivable

  Interest receivable                                         14,987,275.00                         10,232,658.00

  Dividend receivable                                                                                4,000,000.00

 Other account receivable                                    133,924,039.00                        188,899,280.00




                                                                                                               39
                                         Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


 Repurchasing of financial assets

 Inventories                                                1,459,056,607.00                      1,333,654,623.00

  Assets held for sales

  Non-current asset due in 1 year

  Other current asset                                        653,851,736.00                         638,461,972.00

Total of current assets                                    11,827,389,741.00                     10,961,040,778.00

Non-current assets:

Loans and payment on other’s behalf
disbursed

  Disposable financial asset                                 949,125,115.00                       1,094,350,488.00

  Expired investment in possess

 Long-term receivable                                        131,432,804.00                         128,640,631.00

 Long term share equity investment                          5,908,278,126.00                      5,924,410,159.00

 Property investment                                            9,250,037.00                          9,567,835.00

  Fixed assets                                            44,317,670,244.00                      44,330,167,621.00

  Construction in progress                                  5,257,560,494.00                      5,613,398,840.00

Engineering material                                            1,985,749.00                          1,673,547.00

  Fixed asset disposal                                          5,238,300.00                          3,475,384.00

  Production physical assets

 Gas & petrol

 Intangible assets                                          1,643,007,000.00                      1,663,430,069.00

 R & D petrol

 Goodwill                                                     27,486,780.00                          27,486,780.00

Long-germ expenses to be amortized                            29,437,406.00                          28,843,225.00

Differed income tax asset                                    129,111,294.00                         116,237,351.00

 Other non-current asset                                    1,804,371,274.00                       2,017,211,435.00

Total of non-current assets                               60,213,954,623.00                      60,958,893,365.00

Total of assets                                           72,041,344,364.00                      71,919,934,143.00

Current liabilities

  Short-term loans                                          6,611,440,000.00                      6,288,060,000.00

 Loan from Central Bank

 Deposit received and hold for others

 Call loan received

Financial liabilities measured at fair
value with variations accounted into


                                                                                                                 40
                                           Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


current income account

     Derivative financial liabilities

  Bill payable                                                 619,643,341.00                         593,971,146.00

  Account payable                                             2,152,321,167.00                      1,739,227,291.00

 Advance payment                                                   212,698.00                             244,798.00

 Selling of repurchased financial assets

Fees and commissions receivable

 Employees’ wage payable                                      207,093,192.00                         123,477,922.00

 Tax payable                                                   532,849,167.00                         404,729,354.00

 Interest payable                                              137,254,533.00                         105,492,698.00

 Dividend payable                                                9,703,747.00                           8,640,994.00

  Other account payable                                       3,573,005,656.00                      3,536,133,625.00

 Reinsurance fee payable

 Insurance contract provision

 Entrusted trading of securities

Entrusted selling of securities

Liabilities held for sales

Estimated liabilities                                                                                     700,000.00

Non-current liability due in 1 year                           1,906,918,943.00                      1,850,970,652.00

Other current liability                                       2,441,080,411.00                       1,711,348,630.00

Total of current liability                                  18,191,522,855.00                      16,362,997,110.00

Non-current liabilities:

  Long-term loan                                            21,150,686,546.00                      21,303,229,910.00

 Bond payable                                                 1,196,506,190.00                      1,196,029,762.00

  Including:preferred stock

  Sustainable debt

  Long-term payable                                           2,056,475,038.00                       2,495,443,111.00

Long-term payable employees’s
                                                                75,996,657.00                          85,827,126.00
remuneration

 Special payable                                                24,399,913.00                          24,711,974.00

 Expected liabilities

     Differed income                                           101,578,196.00                         103,256,725.00

  Differed income tax liability                                 50,932,827.00                          87,243,028.00

Other non-current liabilities                                   39,000,000.00                          39,000,000.00

Total non-current liabilities                               24,695,575,367.00                      25,334,741,636.00


                                                                                                                   41
                                           Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


Total of liability                                               42,887,098,222.00                  41,697,738,746.00

Owners’ equity

  Share capital                                                   5,250,283,986.00                   5,250,283,986.00

     Other equity instruments

  Including:preferred stock

             Sustainable debt

 Capital reserves                                                 5,007,746,614.00                   5,007,077,158.00

  Less:Shares in stock

        Other comprehensive income                                  137,760,523.00                     245,708,715.00

Special reserves

  Surplus reserves                                                6,845,001,818.00                   5,812,191,775.00

 Common risk provision

Undistributed profit                                              5,937,334,772.00                   7,439,335,347.00

Total of owner’s equity belong to the
                                                                 23,178,127,713.00                  23,754,596,981.00
parent company

Minority shareholders’ equity                                    5,976,118,429.00                   6,467,598,416.00

Total of owners’ equity                                         29,154,246,142.00                  30,222,195,397.00

Total of liabilities and owners’ equity                         72,041,344,364.00                  71,919,934,143.00


Legal representative :Li Zhuoxian


Person-in-charge of the accounting work:Li Xiaoqing


Person-in -charge of the accounting organ:Meng Fei


2. Balance sheet of Parent Company

                                                                                                               In RMB

                     Items                            Year-end balance                Year-beginning balance

Current asset:

Monetary fund                                                     1,648,937,570.00                     682,950,639.00

Financial assets measured at fair value
with variations accounted into current
income account

  Derivative financial assets

 Bill receivable

 Account receivable                                                 245,174,390.00                     134,539,664.00



                                                                                                                   42
                                         Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


  Prepayments                                                 79,390,550.00                         115,303,150.00

  Interest receivable                                          1,189,090.00                           1,818,442.00

  Dividend receivable                                                  0.00                          21,512,934.00

Other account receivable                                     115,380,995.00                         318,483,048.00

  Inventories                                                111,790,763.00                         141,559,999.00

Assets held for sales

  Non-current asset due in 1 year

Other current asset                                                    0.00                          10,508,362.00

Total of current assets                                     2,201,863,358.00                      1,426,676,238.00

Non-current assets:

  Disposable financial asset                                 949,125,115.00                       1,094,350,488.00

Expired investment in possess

 Long-term receivable                                        300,000,000.00                         100,000,000.00

 Long term share equity investment                        22,979,570,085.00                      22,588,550,554.00

 Property investment                                           9,250,035.00                           9,567,835.00

  Fixed assets                                              1,148,657,065.00                      1,217,618,892.00

  Construction in progress                                    29,637,043.00                          26,156,889.00

Engineering material

  Fixed asset disposal                                            35,489.00

  Production physical assets

 Gas & petrol

Intangible assets                                             94,046,093.00                          95,876,179.00

 R & D petrol

 Goodwill

Long-germ expenses to be amortized

Differed income tax asset

 Other non-current asset                                     653,004,000.00                         653,004,000.00

Total of non-current assets                               26,163,324,925.00                      25,785,124,837.00

Total of assets                                           28,365,188,283.00                      27,211,801,075.00

Current liabilities

  Short-term loans                                           900,000,000.00                         900,000,000.00

Financial liabilities measured at fair
value with variations accounted into
current income account

  Derivative financial liabilities


                                                                                                                43
                                      Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


  Bill payable

  Account payable                                         262,252,779.00                         292,714,747.00

 Advance payment

 Employees’ wage payable                                  32,006,114.00                          30,063,156.00

 Tax payable                                               38,332,964.00                          21,266,249.00

 Interest payable                                          18,369,230.00                          52,100,633.00

 Dividend payable                                           9,703,747.00                           8,640,994.00

  Other account payable                                    83,100,339.00                         112,031,125.00

  Liabilities held for sales

Non-current liability due in 1 year

Other current liability                                  2,235,541,781.00                      1,509,599,589.00

Total of current liability                               3,579,306,954.00                      2,926,416,493.00

Non-current liabilities:

  Long-term loan                                         1,500,000,000.00                      1,500,000,000.00

 Bond payable                                            1,196,506,190.00                      1,196,029,762.00

  Including:preferred stock

             Sustainable debt

  Long-term payable

     Employees’ wage payable                              20,210,442.00                          24,192,962.00

     Special payable

 Expected liabilities

Differed income                                            51,459,840.00                          52,918,949.00

Differed income tax liability                              18,650,274.00                          54,572,001.00

  Other non-current liabilities

Total of Non-current liabilities                         2,786,826,746.00                      2,827,713,674.00

Total of liability                                       6,366,133,700.00                      5,754,130,167.00

Owners’ equity

        Share capital                                    5,250,283,986.00                      5,250,283,986.00

  Other equity instrument

  Including:preferred stock

             Sustainable debt

 Capital reserves                                        5,610,491,299.00                      5,609,821,843.00

  Less:Shares in stock

  Other comprehensive income                              137,760,523.00                         245,708,715.00



                                                                                                             44
                                           Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


Special reserves

Surplus reserves                                              6,845,001,818.00                          5,812,191,775.00

Undistributed profit                                          4,155,516,957.00                          4,539,664,589.00

Total of owners’ equity                                     21,999,054,583.00                         21,457,670,908.00

Total of liabilities and owners’ equity                     28,365,188,283.00                         27,211,801,075.00


3.Consolidated Income statement

                                                                                                                  In RMB

                    Item                            Report period                   Same period of the previous year

I. Income from the key business                              10,234,989,566.00                         12,911,553,232.00

Incl:Business income                                        10,234,989,566.00                         12,911,553,232.00

     Interest income

 Insurance fee earned

Fee and commission received

II. Total business cost                                       8,895,457,564.00                         10,475,134,429.00

Incl:Business cost                                           7,767,910,229.00                          9,181,722,019.00

      Interest expense

 Fee and commission paid

    Insurance discharge payment

  Net claim amount paid

Insurance policy dividend paid

Insurance policy dividend paid

  Reinsurance expenses

     Business tax and surcharge                                     76,108,043.00                         105,962,706.00

     Sales expense                                                    736,468.00                              821,137.00

 Administrative expense                                         348,730,393.00                            374,363,287.00

    Financial expenses                                          701,972,431.00                            812,265,280.00

 Asset impairment loss                                                      0.00

 Add:Gains from change of fir value
(“-”for loss)

  Investment gain(“-”for loss)                              128,721,534.00                            519,970,718.00

  Incl: investment gains from affiliates                        126,201,534.00                            316,251,814.00

     Gains from currency exchange
(“-”for loss)




                                                                                                                       45
                                              Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


III. Operational profit(“-”for loss)                         1,468,253,536.00                      2,956,389,521.00

     Add :Non-operational income                                   10,609,711.00                         21,200,140.00

  Including:Income from disposal of
                                                                      130,677.00                             894,294.00
non-current assets

  Less:Non business expenses                                      14,167,800.00                           1,064,715.00

Incl:Loss from disposal of non-current
                                                                      170,836.00                             257,135.00
assets

IV.Total   profit(“-”for loss)                                 1,464,695,447.00                      2,976,524,946.00

Less:Income tax expenses                                         415,482,070.00                         578,388,722.00

V. Net profit                                                    1,049,213,377.00                      2,398,136,224.00

Net profit attributable to the owners of
                                                                  738,374,784.00                       1,720,995,015.00
parent company

Minority shareholders’ equity                                    310,838,593.00                         677,141,209.00

VI. Other comprehensive income                                    -107,948,192.00                        194,254,115.00

Net of profit of other comprehensive inco
me attributable to owners of the parent co                        -107,948,192.00                        194,254,115.00
mpany.

(I)Other comprehensive income items
that will not be reclassified into
gains/losses in the subsequent accounting
period

1.Re-measurement of defined benefit pla
ns of changes in net debt or net assets

2.Other comprehensive income under the
equity method investee can not be reclass
ified into profit or loss.

(II)
Other comprehensive income that will be                           -107,948,192.00                        194,254,115.00
reclassified into profit or loss.

1.Other comprehensive income under the
equity method investee can be reclassifie                             970,838.00
d into profit or loss.

2.Gains and losses from changes in fair v
                                                                  -108,919,030.00                        194,254,115.00
alue available for sale financial assets

3.Held-to-maturity investments reclassifi
ed to gains and losses of available for sal
e financial assets

4.The effective portion of cash flow hedg



                                                                                                                      46
                                             Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


es and losses

5.Translation differences in currency fina
ncial statements

6.Other


7.Net of profit of other comprehensive in
come attributable to Minority
shareholders’ equity

VII. Total comprehensive income                                        941,265,185.00                       2,592,390,339.00

Total comprehensive income attributable
                                                                       630,426,592.00                       1,915,249,130.00
to the owner of the parent company

 Total comprehensive income
                                                                       310,838,593.00                         677,141,209.00
attributable minority shareholders

VIII. Earnings per share

(I)Basic earnings per share                                                    0.14                                      0.33

 (II)Diluted earnings per share                                                  0.14                                      0.33


Legal representative :Li Zhuoxian


Person-in-charge of the accounting work:Li Xiaoqing


Person-in -charge of the accounting organ:Meng Fei


4. Income statement of the Parent Company

                                                                                                                      In RMB

                    Items                              Report period                    Same period of the previous year

I. Income from the key business                                        825,674,110.00                       1,097,666,614.00

  Incl:Business cost                                              630,368,054.00                             768,961,812.00

Business tax and surcharge                                               7,994,515.00                          10,990,417.00

     Sales expense                                                           9,300.00

 Administrative expense                                                 55,281,911.00                          54,106,442.00

    Financial expenses                                                 112,026,865.00                         159,912,982.00

 Asset impairment loss

  Add:Gains from change of fir value
(“-”for loss)

  Investment gain(“-”for loss)                                1,853,145,315.00                          2,071,148,869.00

        Incl: investment gains from                                123,853,097.00                             313,331,726.00



                                                                                                                             47
                                                Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


affiliates

II. Operational profit(“-”for loss)                            1,873,138,780.00                      2,174,843,830.00

       Add :Non-operational income                                   1,795,373.00                           1,719,783.00

     Including:Income from disposal of
non-current assets

     Less:Non business expenses                                        358,085.00                              26,530.00

Incl:Loss from disposal of non-current
assets

III.Total    profit(“-”for loss)                                 1,874,576,068.00                      2,176,537,083.00

 Less:Income tax expenses                                           18,348,341.00                          21,528,415.00

IV. Net profit(“-”for net loss)                                1,856,227,727.00                      2,155,008,668.00

V.Net of profit of other comprehensive i
                                                                   -107,948,192.00                         194,254,115.00
ncome

     (I)Other comprehensive income
items that will not be reclassified into
gains/losses in the subsequent
accounting period

1.Re-measurement of defined benefit pl
ans of changes in net debt or net assets

2.Other comprehensive income under th
e equity method investee can not be recl
assified into profit or loss.

(                     II                  )
Other comprehensive income that will b                             -107,948,192.00                         194,254,115.00
e reclassified into profit or loss.

1.Other comprehensive income under th
e equity method investee can be reclassi                                970,838.00
fied into profit or loss.

2.Gains and losses from changes in fair
                                                                   -108,919,030.00                         194,254,115.00
value available for sale financial assets

3.Held-to-maturity investments reclassif
ied to gains and losses of available for s
ale financial assets

4.The effective portion of cash flow hed
ges and losses


5.Translation differences in currency fin
ancial statements

               6.Other


                                                                                                                       48
                                            Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


VI. Total comprehensive income                                 1,748,279,535.00                      2,349,262,783.00

VII. Earnings per share:

(I)Basic earnings per share                                             0.35                                   0.41

 (II)Diluted earnings per share                                           0.35                                   0.41


5. Consolidated Cash flow statement

                                                                                                              In RMB

                  Items                        Amount in this period                  Amount in last period
I.Cash flows from operating activities

 Cash received from sales of goods or
                                                              11,993,341,095.00                     15,036,477,914.00
            rending of services

  Net increase of customer deposits
and capital kept for brother company

Net increase of loans from central bank

Net increase of inter-bank loans from
other financial bodies

Cash received against original insurance
contract

Net cash received from reinsurance
business

Net increase of client deposit and
investment

Net increase of trade financial asset
disposal

Cash received as interest, processing fee
and commission

Net increase of inter-bank fund received

Net increase of repurchasing business

   Tax returned                                                                                          6,168,959.00

Other cash received from business
                                                                113,208,976.00                          81,857,382.00
operation

   Sub-total of cash inflow                                  12,106,550,071.00                      15,124,504,255.00

Cash paid for purchasing of
                                                               5,231,263,343.00                      6,733,903,103.00
merchandise and services

Net increase of client trade and advance

Net increase of savings n central bank



                                                                                                                   49
                                             Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


and brother company

Cash paid for original contract claim

 Cash paid for interest, processing fee
and commission

 Cash paid for policy dividend

Cash paid to staffs or paid for staffs                           784,293,113.00                         755,190,690.00

 Taxes paid                                                     1,191,800,857.00                      1,690,188,956.00

Other cash paid for business activities                          202,692,576.00                         243,041,072.00

Sub-total of cash outflow from business
                                                                7,410,049,889.00                      9,422,323,821.00
  activities

Cash flow generated by business
                                                                4,696,500,182.00                      5,702,180,434.00
operation, net

II.Cash flow generated by investing

Cash received from investment
                                                                                                        217,476,155.00
retrieving

Cash received as investment gains                                150,472,644.00                         150,543,015.00

Net cash retrieved from disposal of
fixed assets, intangible assets, and other                         1,601,233.00                           8,734,737.00
long-term assets

Net cash received from disposal of
subsidiaries or other operational units

Other investment-related cash received                                                                   52,028,777.00

Sub-total of cash inflow due to
                                                                 152,073,877.00                         428,782,684.00
investment activities

Cash paid for construction of
fixed assets, intangible assets                                 1,525,254,338.00                      2,263,497,895.00
and other long-term assets

Cash paid as investment

Net increase of loan against pledge

Net cash received from subsidiaries and
other operational units

Other cash paid for investment
activities

Sub-total of cash outflow due to
                                                                1,525,254,338.00                      2,263,497,895.00
investment activities

Net cash flow generated by investment                          -1,373,180,461.00                      -1,834,715,211.00

III.Cash flow generated by financing



                                                                                                                     50
                                           Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


Cash received as investment                                     10,000,000.00                          33,000,000.00

Incl: Cash received as investment from
                                                                10,000,000.00                          33,000,000.00
minor shareholders

Cash received as loans                                        5,598,296,599.00                     13,765,880,000.00

Cash received from bond placing

Other financing –related ash received

Sub-total of cash inflow from financing
                                                              5,608,296,599.00                     13,798,880,000.00
activities

Cash to repay debts                                           5,284,042,404.00                     12,880,903,754.00

Cash paid as dividend, profit, or
                                                              2,766,819,808.00                      2,752,618,351.00
interests

Incl: Dividend and profit paid by
                                                               812,318,580.00                         943,649,890.00
subsidiaries to minor shareholders

Other cash paid for financing activities                                 0.00                          50,400,000.00

Sub-total of cash outflow due to
                                                              8,050,862,212.00                     15,683,922,105.00
financing activities

Net cash flow generated by financing                         -2,442,565,613.00                      -1,885,042,105.00

IV. Influence of exchange rate
alternation on cash and cash equivalents

V.Net increase of cash and cash
                                                               880,754,108.00                        1,982,423,118.00
equivalents

Add: balance of cash and cash
                                                              5,227,406,725.00                      4,528,277,314.00
equivalents at the beginning of term

VI ..Balance of cash and cash
                                                              6,108,160,833.00                      6,510,700,432.00
equivalents at the end of term


6. Cash Flow Statement of the Parent Company

                                                                                                              In RMB

                 Items                        Amount in this period                  Amount in last period
I.Cash flows from operating activities

Cash received from sales of goods or
                                                               861,819,588.00                       1,276,185,551.00
rending of services

 Tax returned
Other cash received from business
                                                                13,015,892.00                          12,896,711.00
operation

Sub-total of cash inflow                                       874,835,480.00                       1,289,082,262.00




                                                                                                                   51
                                             Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


Cash paid for purchasing of
                                                                 443,237,990.00                         414,080,693.00
merchandise and services

Cash paid to staffs or paid for staffs                           156,782,737.00                         137,574,749.00

Taxes paid                                                        87,603,634.00                         130,030,174.00

Other cash paid for business activities                           24,167,184.00                          26,139,598.00

Sub-total of cash outflow from business
                                                                 711,791,545.00                         707,825,214.00
  activities

Cash flow generated by business
                                                                 163,043,935.00                         581,257,048.00
operation, net

II.Cash flow generated by investing

Cash received from investment
                                                                 300,000,000.00                         937,052,822.00
retrieving

Cash received as investment gains                               1,896,415,452.00                      1,780,610,890.00

Net cash retrieved from disposal of
fixed assets, intangible assets, and other                                                                    4,045.00
long-term assets

Net cash received from disposal of
subsidiaries or other operational units

Other investment-related cash received

 Sub-total of cash inflow due to
                                                                2,196,415,452.00                      2,717,667,757.00
investment activities

Cash paid for construction of
fixed assets, intangible assets                                   52,779,574.00                          51,321,957.00
and other long-term assets

     Cash paid as investment                                     710,400,000.00                       1,399,800,000.00

Net cash received from subsidiaries and
other operational units

Other cash paid for investment
activities

Sub-total of cash outflow due to
                                                                 763,179,574.00                       1,451,121,957.00
investment activities

Net cash flow generated by investment                           1,433,235,878.00                      1,266,545,800.00

III.Cash flow generated by financing

  Cash received as investment

     Cash received as loans                                     1,398,212,500.00                      2,350,000,000.00

 Cash received from bond placing

Other financing –related ash received


                                                                                                                    52
                                                  Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


 Sub-total of cash inflow from
                                                                     1,398,212,500.00                         2,350,000,000.00
financing activities

  Cash to repay debts                                                 700,000,000.00                          2,849,548,864.00

Cash paid as dividend, profit, or
                                                                     1,328,505,382.00                         1,142,890,016.00
interests

Other cash paid for financing activities

 Sub-total of cash outflow due to
                                                                     2,028,505,382.00                         3,992,438,880.00
financing activities

Net cash flow generated by financing                                 -630,292,882.00                          -1,642,438,880.00

IV. Influence of exchange rate
alternation on cash and cash equivalents

V.Net increase of cash and cash
                                                                      965,986,931.00                            205,363,968.00
equivalents

Add: balance of cash and cash
                                                                      682,950,639.00                            408,233,799.00
equivalents at the beginning of term

VI ..Balance of cash and cash
                                                                     1,648,937,570.00                           613,597,767.00
equivalents at the end of term

7. Consolidated Statement on Change in Owners’ Equity
Amount in this period


                                                                                                                         In RMB

                                                                 Amount in this period

                                        Owner’s equity Attributable to the Parent Company
                                   Other Equity                                                                 Total
                                                                                                       Minor
       Items
                                 instrusment              Less: Other          Surplu Comm                       of
                       Share                     Capital               Specia                  Attribu shareh owner
                                                         Shares Compre            s    on risk
                       Capit prefer              reserve                lized                   table olders’
                                    Sustai                 in hensive          reserve provisi                   s’
                        al    red          Other s                     reserve                 profit equity
                                    nable                stock Income             s      on                    equity
                                stock
                                        debt

                       5,250,                        5,007,0                             5,812,1    7,439,3 6,467,5 30,222,
I.Balance at the                                                    245,708
                       283,98                        77,158.                             91,775.    35,347. 98,416. 195,397
end of last year                                                     ,715.00
                         6.00                             00                                 00          00         00      .00

Add: Change of
     accounting
     policy

Correcting of
previous errors

Merger of entities



                                                                                                                             53
                                  Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


under common
control

          Other

II.Balance at the        5,250,      5,007,0                         5,812,1        7,439,3 6,467,5 30,222,
                                                    245,708
beginning of             283,98      77,158.                         91,775.        35,347. 98,416. 195,397
                                                     ,715.00
current year               6.00           00                             00              00        00       .00

                                                     -107,94         1,032,8        -1,502,0 -491,47 -1,067,9
III.Changed in the                   669,456
                                                     8,192.0         10,043.        00,575. 9,987.0 49,255.
current year                             .00
                                                          0              00              00         0       00

(1)Total                                           -107,94
                                                                                    738,374 310,838 941,265
comprehensive                                        8,192.0
                                                                                    ,784.00 ,593.00 ,185.00
income                                                    0

(II)Investment
                                     669,456                                                   10,000, 10,669,
or decreasing of
                                         .00                                                   000.00 456.00
capital by owners

1.Ordinary Share
                                                                                               10,000, 10,000,
s invested by hare                      0.00
                                                                                               000.00 000.00
holders

2 . Holders of oth
er equity instrume
nts invested capital

3.Amount of
shares paid and
accounted as
owners’ equity

                                     669,456                                                            669,456
4.Other
                                         .00                                                                .00

                                                                     1,032,8        -2,240,3 -812,31 -2,019,8
(III)Profit
                                                                     10,043.        75,359. 8,580.0 83,896.
allotment
                                                                         00              00         0       00

                                                                     1,032,8        -1,032,8
1.Providing of
                                                                     10,043.        10,043.
surplus reserves
                                                                         00              00

 2.Providing        of
common            risk
provisions

3.Allotment to the                                                                 -1,207,5 -812,31 -2,019,8
owners (or                                                                          65,316. 8,580.0 83,896.
shareholders)                                                                            00         0       00

     4.Other


                                                                                                             54
                                                  Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


(IV) Internal
transferring of
owners’ equity

1. Capitalizing of
capital reserves (or
to capital shares)

2. Capitalizing of
surplus reserves
(or to capital
shares)

3.Making up
losses by surplus
reserves.

4. Other

(VI Special
reserves

1. Provided this
year

2.Used this term

  (VII)Other

                       5,250,                        5,007,7                            6,845,0     5,937,3 5,976,1 29,154,
IV. Balance at the                                                  137,760
                       283,98                        46,614.                            01,818.     34,772. 18,429. 246,142
end of this term                                                     ,523.00
                         6.00                             00                                00           00      00      .00

Amount in last year
                                                                                                                      In RMB

                                                                  Amount in last year

                                        Owner’s equity Attributable to the Parent Company
                                   Other Equity                                                                 Total
                                                                                                       Minor
        Items
                                 instrusment              Less: Other          Surplu Comm                       of
                       Share                     Capital               Specia                  Attribu shareh owner
                                                         Shares Compre            s    on risk
                       Capit prefer              reserve                lized                   table olders’
                                    Sustai                 in hensive          reserve provisi                   s’
                        al    red          Other    s                  reserve                 profit equity
                                    nable                stock Income             s      on                    equity
                                stock
                                        debt

                       4,375,                        4,998,4                            4,810,9      6,952,9 6,474,1 27,784,
I.Balance at the                                                    172,496
                       236,65                        33,067.                            03,365.      85,107. 65,112. 219,709
end of last year                                                     ,403.00
                         5.00                             00                                00           00      00      .00

Add: Change of
       accounting
       policy



                                                                                                                          55
                                 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


Correcting of
previous errors

Merger of entities
under common
control

          Other

II.Balance at the 4,375,            4,998,4                         4,810,9         6,952,9 6,474,1 27,784,
                                                   172,496
beginning            of 236,65      33,067.                         03,365.         85,107. 65,112. 219,709
                                                    ,403.00
current year             5.00            00                             00              00        00        .00

                       875,04                                       1,001,2        -1,030,3 -283,90
III.Changed in the                                 194,254                                              756,293
                        7,331.                                      88,410.         88,057. 8,680.0
current year                                        ,115.00                                             ,119.00
                           00                                           00              00          0

(1)Total                                                                          1,720,9             2,592,3
                                                   194,254                                    677,141
comprehensive                                                                       95,015.             90,339.
                                                    ,115.00                                   ,209.00
income                                                                                  00                  00

(II)Investment
                                                                                              -17,400 -17,400,
or decreasing of
                                                                                              ,000.00 000.00
capital by owners

1.Ordinary Share
                                                                                              -17,400 -17,400,
s invested by hare
                                                                                              ,000.00 000.00
holders

2 . Holders of oth
er equity instrume
nts invested capital

3.Allotment to the
owners (or
shareholders)

     4.Other

(IV) Internal                                                       1,001,2        -2,751,3 -943,64 -2,693,7
transferring of                                                     88,410.         83,072. 9,889.0 44,551.
owners’ equity                                                         00              00          0       00

1. Capitalizing of                                                  1,001,2        -1,001,2
capital reserves (or                                                88,410.         88,410.
to capital shares)                                                      00              00

2. Capitalizing of
surplus reserves
(or to capital
shares)

3.Making up                                                                       -1,750,0 -943,64 -2,693,7
losses by surplus                                                                   94,662. 9,889.0 44,551.


                                                                                                             56
                                                 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


reserves.                                                                                                                  00            0          00

4. Other

                     875,04
(VI )Special                                                                                                                                  875,047
                     7,331.
reserves                                                                                                                                       ,331.00
                         00

1. Provided this
year

2.Used this term

  (VII)Other

                     875,04
IV. Balance at the                                                                                                                            875,047
                     7,331.
end of this term                                                                                                                               ,331.00
                         00

(V) Special
reserves

1. Provided this
year

2.Used this term

  (VI)Other

                     5,250,                         4,998,4                                      5,812,1           5,922,5 6,190,2 28,540,
IV. Balance at the                                                         366,750
                     283,98                         33,067.                                      91,775.           97,050. 56,432. 512,828
end of this term                                                           ,518.00
                       6.00                                00                                        00                    00            00        .00


8.Statement of change in owner’s Equity of the Parent Company

Amount in this period


                                                                                                                                               In RMB

                                                                      Amount in this period

                                Other Equity instrusment
                                                                                        Other
                                                                            Less:                              Common Attribut Total of
        Items         Share                                     Capital                Compreh      Surplus
                                preferre Sustain                           Shares in                             risk           able          owners’
                     Capital                       Other    reserves                    ensive      reserves
                                d stock   able                              stock                              provision        profit        equity
                                                                                        Income
                                          debt

                                                                                                                            4,539,6
I.Balance at the 5,250,28                                   5,609,821                  245,708,7               5,812,191                  21,457,67
                                                                                                                            64,589.
end of last year     3,986.00                                    ,843.00                  15.00                  ,775.00                      0,908.00
                                                                                                                                    00

Add: Change of
       accounting
       policy


                                                                                                                                                       57
                                   Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


Correcting         of
previous errors

         Other

II.Balance at the                                                                             4,539,6
                        5,250,28            5,609,821          245,708,7          5,812,191              21,457,67
beginning          of                                                                         64,589.
                        3,986.00              ,843.00              15.00            ,775.00               0,908.00
current year                                                                                       00

                                                                                              -384,14
III.Changed in the                          669,456.0          -107,948,          1,032,810              541,383,6
                                                                                              7,632.0
current year                                       0              192.00            ,043.00                 75.00
                                                                                                    0

(I)Total                                                                                    1,856,2
                                                               -107,948,                                 1,748,279
comprehensive                                                                                 27,727.
                                                                  192.00                                   ,535.00
income                                                                                             00

(II) Investment or
                                            669,456.0                                                    669,456.0
decreasing of
                                                   0                                                            0
capital by owners

1.Ordinary Share
s invested by hareh
olders

2 . Holders of oth
er equity instrume
nts invested capital

3.Amount of
shares paid and
accounted as
owners’ equity

                                            669,456.0                                                    669,456.0
4.Other
                                                   0                                                            0

                                                                                              -2,240,3
(III)Profit                                                                     1,032,810              -1,207,56
                                                                                              75,359.
allotment                                                                           ,043.00               5,316.00
                                                                                                   00

                                                                                              -1,032,8
1.Providing of                                                                    1,032,810              -1,032,81
                                                                                              10,043.
surplus reserves                                                                    ,043.00               0,043.00
                                                                                                   00

2.Allotment to the                                                                           -1,207,5
                                                                                                         -1,207,56
owners (or                                                                                    65,316.
                                                                                                          5,316.00
shareholders)                                                                                      00

3.Other

(IV)Internal
transferring of
owners’ equity


                                                                                                                58
                                                     Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


 1. Capitalizing of
capital reserves (or
to capital shares)

 2. Capitalizing of
surplus reserves
(or to capital
shares)

 3.Making up
losses by surplus
reserves.

4. Other

(V) Special
reserves

1. Provided this
year

2.Used this term

(VI)Other

                                                                                                                4,155,5
IV. Balance at the 5,250,28                                     5,610,491           137,760,5       6,845,001             21,999,05
                                                                                                                16,957.
end of this term          3,986.00                                ,299.00               23.00         ,818.00              4,583.00
                                                                                                                    00

Amount in last year


                                                                                                                            In RMB

                                                                       Amount in last year

                                     Other Equity instrusment
                                                                             Other           Commo
        Items
                                                                    Less:                             Attribu Total of
                          Share                           Capital          Compreh Surplus n risk
                                  preferre Sustain                 Shares                              table owners’
                          Capital                  Other reserves            ensive reserves provisio
                                  d stock able                    in stock                            profit equity
                                                                            Income              n
                                              debt

                                                                                                                4,340,1
I.Balance at the 4,375,23                                       5,607,138           172,496,4       4,810,903             19,305,93
                                                                                                                61,825.
end of last year          6,655.00                                ,564.00               03.00         ,365.00              6,812.00
                                                                                                                    00

Add: Change of
       accounting
       policy

Correcting           of
previous errors

          Other

II.Balance at the 4,375,23                                      5,607,138           172,496,4       4,810,903 4,340,1 19,305,93


                                                                                                                                 59
                                   Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


beginning            of 6,655.00              ,564.00              03.00            ,365.00 61,825. 6,812.00
current year                                                                                       00

                                                                                              -596,37
III.Changed in the 875,047,                                    194,254,1          1,001,288              1,474,215
                                                                                              4,404.0
current year             331.00                                    15.00            ,410.00                ,452.00
                                                                                                    0

(I)Total                                                                                    2,155,0
                                                               194,254,1                                 2,349,262
comprehensive                                                                                 08,668.
                                                                   15.00                                   ,783.00
income                                                                                             00

(II) Investment or
decreasing of
capital by owners

1.Ordinary Share
s invested by hareh
olders

2 . Holders of oth
er equity instrume
nts invested capital

3.Amount of
shares paid and
accounted as
owners’ equity

4.Other

                                                                                              -2,751,3
(III)Profit                                                                     1,001,288              -1,750,09
                                                                                              83,072.
allotment                                                                           ,410.00               4,662.00
                                                                                                   00

                                                                                              -1,001,2
1.Providing of                                                                    1,001,288
                                                                                              88,410.
surplus reserves                                                                    ,410.00
                                                                                                   00

2.Allotment to the                                                                           -1,750,0
                                                                                                         -1,750,09
owners (or                                                                                    94,662.
                                                                                                          4,662.00
shareholders)                                                                                      00

3.Other

(IV)Internal
                       875,047,                                                                          875,047,3
transferring of
                         331.00                                                                             31.00
owners’ equity

 1. Capitalizing of
capital reserves (or
to capital shares)

 2. Capitalizing of
surplus reserves


                                                                                                                60
                                       Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


(or to capital
shares)

 3.Making up
losses by surplus
reserves.

                    875,047,                                                                                875,047,3
4. Other
                     331.00                                                                                    31.00

(V) Special
reserves

1. Provided this
year

2.Used this term

(VI)Other

                                                                                                  3,743,7
IV. Balance at the 5,250,28                     5,607,138          366,750,5          5,812,191             20,780,15
                                                                                                  87,421.
end of this term    3,986.00                         ,564.00           18.00            ,775.00              2,264.00
                                                                                                      00


III.Basic Information of the Company

Guangdong Electric Power Development Co., Ltd. ("the Company") is a joint stock limited company jointly
sponsored and established by Guangdong Electric Power Group Company, Guangdong Trust Investment
Company under Construction Bank of China, Guangdong Electric Power Development Company, Guangdong
International Trust Investment Company and Guangdong Development Bank (now as Guangdong Guangkong Co.,
Ltd.) on 8 September 1992,. At the time of establishment, the registered capital of the Company was 356,250,000
ordinary shares with par value of RMB 1 per share.


The Company issued 44,000,000 Renminbi denominated ordinary shares (“A shares”) and 105,000,000
domestically listed foreign shares (“B shares”) for listing on the Shenzhen Stock Exchange on 26 November 1993
and 28 June 1995 respectively. After this issuance, the total share capital of the Company increased to RMB
505,250,000.


The former major shareholder of the Company, was split into two separate companies, namely, Guangdong Power
Grid Corporation ( “GPGC”,formerly Guangdong Guangdian Group Co., Ltd.”), and Guabngdong Yudean Group
Co., Ltd.(“Yudean” formerly Guangdong Yudean Assets Management Co., Ltd.”). After restructuring, the
electrictity transmission and distribution in Guangdong Province, The PRC, were controlled and managed by
GPGC, while Yudean concentrated in the investment and management of power plants. According to the Reply to
issues in the Restructuring of Provincial Power Companies assets with a document number of Yue Cai Qi
(2001)No.247, the Company’s 50.15% equity interest formerly held by GPHC was transferred to Yudean on
August 1,2001.
Pursuant to the Approval on the Share Reform Scheme of Guangdong Electric Power Development Co., Ltd. (Yue
Guo Zi Han[2005] No.452) issued by the State-owned Assets Supervision and Administration Commission of


                                                                                                                   61
                                        Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


Guangdong Province (Guangdong SASAC), the Company carried out the non-tradable share reform on 18
January 2006. The non-tradable shareholders paid 3.1 shares per 10 shares to the tradable A-share shareholders,
who were registered on the date of the equity change registration (18 January 2006), and 121,357,577 legal person
shares were paid in total.All the legal person shares can be traded on the Shenzhen Stock Exchange starting from
19 January 2006, but they are subject to lock-up periods ranging from one to three years.After the share reform,
Yudean’s         equity      interest      in      the         Company        decreased       to       46.34%.
All corporate shares of the company hold tradable and listed the Shenzhen Stock Exchange, the convention of the
restricted period ranging from 1-3 years. After the share reform, Yudean’s equity interest in the Company
decreased to 46.34%. Due to the selling restriction, 4,416,925 legal person shares originally held by
the non-tradable shareholders were still untradable as at 31 December 2014.
According to “Approval of Non-publicly Issued Shares for Guangdong Power Development Co., Ltd”(CSRC
License No. [2010]376)on April, 2010, The non-publicly issued A shares of parties, Yudean Group actually
purchase 138,047,138 of A shares. After the non-public issued, the stock shares which were owned by Yudean
Group Increased from 46.34% to 48.99%
Pursuant to the approval on the Restructuring Plan of Guangdong Yudean Group Co., Ltd and Guangdong Electric
Power Development Co., Ltd., and the Approval on the Guangdong Electric Power Development Co., Ltd.,
Issuing Shares to Buy Assets of Guangdong Yudean Group Co., Ltd. Documents issued by the Stte-owned Assets
Supervision and Administration Commission of Guangdong and accordingly referred to as Yue Guo Zi Han(2011)
No.945 and Zheng Jian Xu Ke(2012) No.865, the Company non-public offered the domestic listed ordinary
shares( A share) in December, 2012, 1 RMB in book value per share and 4.73 RMB is issue price per share, and
the number of issued is 1,577,785,517, which once registered in Guangdong Yudean Group Co., Ltd can’t transfer
to others within 36 months. Yudean used its 60% stake in Shenzhen Guangqian Electric Power Co., Ltd.
(“Guangqian Electric”), 35% stake in Guangdong Huizhou Natural Gas Power Co., Ltd. (“Huizhou Natural Gas”),
40% stake in Guangdong Yudean Shibeishan Wind Power Co., Ltd. (“Shibeishan”), 45% stake in
Guangdong Huizhou Pinghai Power Co., Ltd. (“Huizhou Pinghai”), 40% stake in Guangdong Red Bay Power
Generation Co., Ltd. (“Red Bay”), 20% stake in Guangdong Guohua Yudean Taishan Generation Company
(“Guohua Taishan”) and 15% stake in Guangdong Electric Fuel Supply Co., Ltd. (“Fuel Supply”) (collectively
referred to as “Targeted Assets”) to buy the Company’s domestically listed ordinary shares (A shares). After the
share issuance, the Company had a total of 4,375,236,655 shares in circulation, and Yudean’s equity interest in the
Company increased from 48.99% to 67.39%.
     The profit distribution plan reviewed and approved by the boarding meeting was summarized as follows:
Total share of 4,375,236,655 shares or Base on the Company‘s total share capital, The Company would distribute
2 bonus for every 10 shares to all the shareholders.After the dividend, the total share capital increased to
5,250,283,986 shares, company has implemented and completed the equity distribution on June 26, 2015.
The Company and its subsidiaries (the “Group”) are principally engaged in the susiness of developing electric
power plants in Guangdong Province, the PRC. The Company’s registered address is 23 to 26 floor, Yudean Plaza,
2 Tianhe East Road, Guangzhou City, Guangdong Province, the PRC. Yudean Group is the Parent Company of the
company.
  State-owned Assets Supervision and Administration Commission, the People’s Govemment of Guangdong
Province is the actual controller of the Company.
For the Consolidation scope changed of the Group, please refer to VIII.
For the information of subsidiaries of the Company, please refer to Note IX.
These Financial Statements are released upon approval at the 12th meeting of the 8th term of Board held on


                                                                                                                 62
                                         Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


August 25, 2016.
Comfirmed the scope of consolidated financial statements, the control is the foundation, including and control the
company, a subsidiary of the company. Control refers to the group has power over the investee, by participating in
 the relevant activities of the investors and have variable returns, and ability to use power to influence its return a
mount of investee. Whether the group has power over the investee, this group is only considered by the investor re
lated substantive rights (including enjoyed by the group itself and the substantive rights of the other).
Merge scope this year new newly established subsidiary of Guangdong Yudean Yongan Natural gas Thermal Pow
er Co., Lt (see "this Note VIII, merge scope change", "the Note IX, in the rights and interests of other subject".)

IV.Basis for the preparation of financial statements

1.Basis for the preparation

The Company's financial statements were compiled on the basis of the continuous operation
assumption ,according to the actual transactions and events, and in accordance with the "enterprise accounting
standards -basic standards" (Announcement on Decree No.33, the Ministry of Finance, Amendment on Decree No.
76 ,the Ministry of Finance) and 41 specific accounting standards, the enterprise accounting standards application
guide, the enterprise accounting standards explanation and other relevant regulations (referring to "enterprise
accounting standard" collectively) issued and revised on and after February 15, 2006, and the regulations on
‘‘Information Disclosure Compilation Rules No. 15 by the Company issuing stocks publicly - general provisions
of the financial report "(revising in 2014) disclosed by China Securities Supervision and Management Committee.

2. Continuous operation.

The Company since 12 months after the reporting period does not exist on the company's continued viability of si
gnificant concern events or circumstances.


V. Significant accounting policies and accounting estimates

Specific accounting policies and accounting estimates tips:



   During the financial statement preparation, the Group’s management is required to utilize estimate and
assumptions, which will have effects on the application of accounting policy and the amount of asset, debt,
income and charge, where the actual situation may be different from the estimates. The Group’s management will
do continuous assessments for the crucial assumptions the estimate involved and the judgement of uncertain
factors. The influence of changes in accounting estimate will be confirmed in the current change period and the
future period.

     (a)Other Asset Impairments with the Exception of Inventory and Financial Asset
     As 18 of Note 5 states, the Group makes impairment assessment for other asset impairments with the
exception of inventory and financial asset on balance sheet date, which is to conform whether recoverable amount
dropped to be less than its book value . If the situation shows that the book value of long-term asset may not be
completely recovered, the relevant assets will be regarded as having been impaired, and the impairment loss will


                                                                                                                     63
                                        Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


be confirmed accordingly.
     When judging whether impairments exist in the assets above, the management should mainly make
assessment and analysis by the following aspects:
     (1)Whether matters which will influenced the asset impairment have occurred;
     (2)Being continuously used or displaced, whether the expected available present value of cash flow is less
than the asset’s book value; and
     (3)Whether the repeated assumption is properly utilized for predicting the future present value of cash flow.
     If the relevant assumptions,adopted by the Group to confirm the impairment, have changes in discount rate
and growth rate in the future cash flow’s present value approach, great influences may be generated in the present
value utilized in the impairment test, and which will lead to an impairment in the Group’s long-term asset above.
     (b)Service Life of Buildings and Equipments
       The service life of buildings and equipments will depend on the management’s consideration for the asset
durability and the situation after maintaining in accordance with the industry practice . When the annual year-end
comes, examination and proper adjustment will be made for the predicted service life. The changes in the
predicted service life of fixed asset may have a great effect on the Group’s net profit.
      (c)Income Tax
       Whether to confirm the deferred income tax asset generated from the deductible loss and deductible
temporary difference greatly depends on whether the management can obtain sufficient prospective taxable
income which can be utilized to deduct the deductible loss and deductible temporary difference,nevertheless, to
calculate the prospective taxable income requires plenty of judgement and assessment. Meanwhile, the influence
of tax-planning strategy and the overall economic condition should be taken into account. Different judgement
and assessment will influence the confirmation and amount of the deferred income tax.
     (d)Deferred Income Tax
      When estimating sufficient taxable income which can be utilized to deduct the deductible loss and
deductible temporary difference can be obtained in the prospective period, the Group will count and confirm the
relevant income tax asset in the limit of the taxable income which is likely to be utilized to deduct the deductible
loss and deductible temporary difference and in the basis of the applicative income tax rate in the prospective
period of recovering this asset.The Group needs to apply the judgement to assess the time and amount of the
taxable income, and make reasonable assessment and judgement for the prospective applicative income tax rate
according to the current tax policy and other relevant policies to define the amount of deferred income tax which
should be confirmed. If any difference exists between the management’s assessment and the time and amount of
the actual net profit generated in the prospective period or the actual aaplicative income tax rate, which will
influence the amount of deferred income tax asset.



1.Complying with the statements in Accounting Standards for Business Enterprises
  The financial Report and statements are prepared with compliance to the requirement of the Enterprise
Accounting Standard. They reflect the financial position as of June 30, 2016 as well as the business performance
and cash flow situation in the first half of 2016 of the Company frankly and completely.

2. Accounting period

Fiscal year is dated from Gregorian calendar Jan., 1 to Gregorian calendar Decmber., 31.
The accounting of the financial statements during the period starts from January 1, 2016 to 6 months ended June 3

                                                                                                                  64
                                          Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


0,2016.
3.Business cycle
The Company’s normal business cycle is the period from the acquisition of assets such as those for the generation
of electricity to the realisation of cash or cash equivalents.The business cycles for principal activities are usually
less than 12 months.
4. Functional currency
The Company’s functional currency is Renminbi and these financial statements are presented in Renminbi.

5. Accounting process method of enterprise consolidation under same and different controlling.
(1) Business combinations involving enterprises under common control
A business combination involving enterprises under common control is a business combination in which all of the
combining enterprises are ultimately controlled by the same party or parties both before and after the business
combination, and that control is not transitory. The assets and liabilities obtained are measured at the carrying
amounts as recorded by the enterprise being combined at the combination date. The difference between the
carrying amount of the net assets obtained and the carrying amount of consideration paid for the combination (or
the total par value of shares issued) is adjusted to share premium (or capital premium) in the capital reserve. If the
balance of share premium (or capital premium) is insufficient, any excess is adjusted to retained earnings. Any
costs directly attributable to the combination are recognised in profit or loss for the current period when occurred.
The combination date is the date on which one combining enterprise effectively obtains control of the other
combining enterprises.
      (2) Business combinations not involving enterprises under common control
      A business combination involving enterprises not under common control is a business combination in which
all of the combining enterprises are not ultimately controlled by the same party or parties both before and after the
business combination. Where 1) the aggregate of the fair value at the acquisition date of assets transferred
(including the acquirer’s previously held equity interest in the acquiree), liabilities incurred or assumed, and
equity securities issued by the acquirer, in exchange for control of the acquiree, exceeds 2) the acquirer’s interest
in the fair value at the acquisition date of the acquiree’s identifiable net assets, the difference is recognised as
goodwill (see Note V.26). Where 1) is less than 2), the difference is recognised in profit or loss for the current
period. The costs of the issuance of equity or debt securities as a part of the consideration paid for the acquisition
are included as a part of initial recognition amount of the equity or debt securities. Other acquisition-related costs
arising from the business combination are recognised as expenses in the periods in which the costs are incurred.
The difference between the fair value and the carrying amount of the assets transferred is recognised in profit or
loss. The acquiree’s identifiable assets, liabilities and contingent liabilities, if satisfying the recognition criteria,
are recognised by the Group at their fair value at the acquisition date. The acquisition date is the date on which the
acquirer effectively obtains control of the acquiree.
        For a business combination not involving enterprises under common control and achieved in stages, the
Group remeasures its previously-held equity interest in the acquiree to its fair value at the acquisition date and
recognises any resulting difference between the fair value and the carrying amount as investment income for the
current period. In addition, any amount recognised in other comprehensive income that can be reclassified to
profit or loss, in prior reporting periods relating to the previously-held equity interest, and any other changes in the
owners’ equity under equity accounting (see Note v. 12(2)(b)), are transferred to investment income in the period
in which the acquisition occurs.




                                                                                                                       65
                                         Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


6.Preparation of the consolidated financial statements

     (1)General principle

The scope of consolidated financial statements is based on control and the consolidated financial statements
comprise the Company and its subsidiaries. Control is the power to govern the financial and operating policies of
the investee so as to obtain benefits from its operating activities, and the power to influence its investment return.
In accessing control, the Group only takes into account the substantive rights relevant to the investee, including
those entitled to the Group and other parties. The financial position, financial performance and cash flows of
subsidiaries are included in the consolidated financial statements from the date that control commences until the
date that control ceases.
Non-controlling interests are presented separately in the consolidated balance sheet within shareholders’ equity.
Net profit or loss attributable to non-controlling shareholders is presented separately in the consolidated income
statement below the net profit line item. Comprehensive income attributable to non-controlling shareholders is
presented separately in the consolidated income statement below the total comprehensive income line item.
When the amount of loss for the current period attributable to the non-controlling shareholders of a subsidiary
exceeds the non-controlling shareholders’ portion of the opening balance of owners’ equity of the subsidiary, the
excess is allocated against the non-controlling interests.
When the accounting period or accounting policies of a subsidiary are different from those of the Company, the
Company makes necessary adjustments to the financial statements of the subsidiary based on the Company’s own
accounting period or accounting policies. Intra-group balances and transactions, and any unrealised profit or loss
arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised
losses resulting from intra-group transactions are eliminated in the same way as unrealised gains, but only to the
extent that there is no evidence of impairment
       (2)Acquisition of subsidiaries throuth business combinations
     Where a subsidiary was acquired during the reporting period, through a business combination involving
enterprises under common control, the financial statements of the subsidiary are included in the consolidated
financial statements as if the combination had occurred at the date that the ultimate controlling party first obtained
control. The opening balances and the comparative figures of the consolidated financial statements are also
restated.
       Where a subsidiary was acquired during the reporting period, through a business combination involving
enterprises not under common control, the identifiable assets and liabilities of the acquired subsidiaries are
included in the scope of consolidation from the date that control commences, based on the fair value of those
identifiable assets and liabilities at the acquisition date.

       (3)Disposal of subsidiaries
      When the Group loses control of a subsidiary due to the disposal of a portion of an equity investment, the
Group derecognises assets, liabilities, non-controlling interests and other related items in owners’ equity in
relation to that subsidiary. The remaining equity investment is remeasured at its fair value at the date when control
is lost. Any gains or losses therefor incurred are recognised as investment income for the current period when
control is lost.
      When the disposal of a long-term equity investment in a subsidiary is achieved through multiple deals in
stages to the extent that the control of the subsidiary is lost, apply the following criteria to determine whether
these deals can be defined as a package deal:


                                                                                                                   66
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     - these deals are concluded simultaneously or taking into account the inter-relations of each deal;
     - only when all the deals are combined can complete business results be achieved;
       - the existence of a deal is dependent on the existence of at least one other deal;
     - a deal is uneconomical when considered separately, but economical when considered in combination with
other deals.
       If the deals do not satisfy the above criteria, deals before the loss of control of will be accounted for based
on the accounting policy set out for the disposal of a portion of an equity investment in an subsidiary when the
Group still has control (see Note V. 6(4)). If the deals satisfy the above criteria, the deals will be accounted for as
the disposal of a subsidiary where control is lost.
     (4)Changes in non-controlling interests
 Where the Company acquires a non-controlling interest from a subsidiary’s non-controlling shareholders or
disposes of a portion of an interest in a subsidiary without a change in control, the difference between the amount
by which the non-controlling interests are adjusted and the amount of the consideration paid or received is
adjusted to the capital reserve (share premium) in the consolidated balance sheet. If the credit balance of capital
reserve (share premium) is insufficient, any excess is adjusted to retained earnings.

7.Cash and cash equivalents

Cash and cash equivalents comprise cash on hand, demand deposits, and short-term, highly liquid investments,
which are readily convertible into known amounts of cash and are subject to an insignificant risk of change in
value.

8.Foreign currency transactions and translation of financial statements denominated in foreign currencies

When the Group receives capital in foreign currencies from investors, the capital is translated to Renminbi at the
spot exchange rate at the date of the receipt. Other foreign currency transactions are, on initial recognition,
translated to Renminbi at the spot exchange rates on the dates of the transactions.

 Monetary items denominated in foreign currencies are translated to Renminbi at the spot exchange rate at the
balance sheet date. The resulting exchange differences, except for those arising from the principal and interest of
specific foreign currency borrowings for the purpose of acquisition and construction of qualifying assets (see Note
v.16), are recognised in profit or loss. Non-monetary items denominated in foreign currencies that are measured at
historical cost are translated to Renminbi using the foreign exchange rate at the transaction date.

9.Financial instruments

Financial instruments include cash at bank and on hand, receivables, equity securities other than long-term equity
investments (see Note V.12), payables, loans and borrowings, debentures payable and share capital.

(1) Recognition and measurement of financial assets and financial liabilities
A financial asset or financial liability is recognised in the balance sheet when the Group becomes a party to the
contractual provisions of a financial instrument.
The Group classifies financial assets and liabilities into different categories at initial recognition based on the
purpose of acquiring assets or assuming liabilities: financial assets and financial liabilities at fair value through
profit or loss, loans and receivables, held-to-maturity investments, available-for-sale financial assets and other

                                                                                                                    67
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financial liabilities.
  During the year, the Group’s financial assets include receivables and available-for-sale financial assets. The
Group’s financial liabilities are mainly other financial liabilities, including payables, loans and borrowings, and
debentures payable. Payables include accounts payable, other payables, bills payable and long-term payables.
Financial assets and financial liabilities are measured initially at fair value. Transaction costs attributable to
receivables and available-for-sale financial assets and liabilities are included in their initial costs. Subsequent to
initial recognition, financial assets and liabilities are measured as follows:
   - Receivables
   Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an
   active market.       -
       Subsequent to initial recognition, receivables are measured at amortised cost using the effective interest
method.
     - Available-for-sale financial assets
       Available-for-sale financial assets include non-derivative financial assets that are designated upon initial
recognition as available for sale and other financial assets which do not fall into any of the above categories.
Available-for-sale investments in equity instruments whose fair value cannot be measured reliably are measured at
cost subsequent to initial recognition. Other available-for-sale financial assets are measured at fair value
subsequent to initial recognition and changes therein, except for impairment losses and foreign exchange gains
and losses from monetary financial assets which are recognised directly in profit or loss, are recognised as other
comprehensive income. When an investment is derecognised, the cumulative gain or loss is reclassified from
equity to profit or loss. Dividend income from the available-for-sale equity instruments is recognised in profit or
loss when the investee declares the dividends. Interest on available-for-sale financial assets calculated using the
effective interest method is recognised in profit or loss (see Note V. 22(5)).
- Other financial liabilities
    Financial liabilities other than the financial liabilities at fair value through profit or loss are classified as other
financial liabilities.
Other financial liabilities include the liabilities arising from financial guarantee contracts. Financial guarantees are
contracts that require the Group (i.e. the guarantor) to make specified payments to reimburse the beneficiary of the
guarantee (the holder) for a loss the holder incurs because a specified debtor fails to make payment when due in
accordance with the terms of a debt instrument. Where the Group issues a financial guarantee, subsequent to
initial recognition, the guarantee is measured at the higher of the amount initially recognised less accumulated
amortisation and the amount of a provision determined in accordance with the principles of contingencies (see
Note V. 21).
    Except for the liabilities arising from financial guarantee contracts described above, subsequent to initial
recognition, other financial liabilities are measured at amortised cost using the effective interest method.
(2) Presentation of financial assets and financial liabilities
Financial assets and financial liabilities are presented separately in the balance sheet, and are not offset. However,
a financial asset and a financial liability are offset and the net amount is presented in the balance sheet when both
of the following conditions are satisfied:
- the Group has a legal right to set off the recognised amounts and the legal right is currently enforceable;
- the Group intends either to settle on a net basis, or to realise the financial asset and settle the financial liability
simultaneously.
(3) Derecognition of financial assets and financial liabilities
    A financial asset is derecognised if the Group’s contractual rights to the cash flows from the financial asset


                                                                                                                        68
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expire or if the Group transfers substantially all the risks and rewards of ownership of the financial asset to
another party.
Where a transfer of a financial asset in its entirety meets the criteria for derecognition, the difference between the
two amounts below is recognised in profit or loss:
  - the carrying amount of the financial asset transferred;
    - the sum of the consideration received from the transfer and any cumulative gain or loss that has been
recognised directly in shareholders’ equity.
The Group derecognises a financial liability (or part of it) only when the underlying present obligation (or part of
it) is discharged, cancelled or expired.
(4) Impairment of financial assets
        The carrying amounts of financial assets (other than those at fair value through profit or loss) are reviewed at
each balance sheet date to determine whether there is objective evidence of impairment. If any such evidence
exists, an impairment loss is recognised. Objective evidence that a financial asset is impaired includes but is not
limited to:
  (a) significant financial difficulty of the issuer or obligor;
  (b) a breach of contract by the borrower, such as a default or delinquency in interest or principal payments;
    (c) it becoming probable that the borrower will enter bankruptcy or other financial reorganisation;
    (d) the disappearance of an active market for that financial asset because of financial difficulties faced by the
issuer;
  (e) significant changes with an adverse effect that have taken place in the technological, market, economic or
legal environment in which the issuer operates, indicating that the cost of an investment in an equity instrument
may not be recovered by the investor;
  (f) a significant decline in the fair value (i.e. the fair value becomes 50% or more lower than the initial
investment cost) or a prolonged decline in the fair value (i.e. the fair value persisting at a level lower than the
initial investment cost for a year or longer) of an investment in an equity instrument below its cost. If the fair
value of the investment becomes 20% (or more) but less than 50% lower than its initial cost at the balance sheet
date, the Group considers other related factors (such as fluctuations in prices) on the whole to determine whether
the investment is impaired.
For the calculation method of impairment of receivables, please refer to Note V.10. The impairment of
available-for-sale financial assets is measured as follows:
   - Available-for-sale financial assets
   Available-for-sale financial assets are assessed for impairment both on an individual basis and on a collective
   group basis. When an available-for-sale financial asset is impaired, the cumulative loss arising from decline in
   fair value that has been recognised directly in shareholders’ equity is reclassified to profit or loss even though
   the financial asset has not been derecognised.
     If, after an impairment loss has been recognised on an available-for-sale debt instrument, the fair value of the
debt instrument increases in a subsequent period and the increase can be objectively related to an event occurring
after the impairment loss was recognised, the impairment loss is reversed through profit or loss. An impairment
loss recognised for an investment in an equity instrument classified as available-for-sale is not reversed through
profit or loss. However, the impairment loss recognised for equity instruments whose fair value cannot be
measured reliably that are not quoted in an active market cannot be reversed.
     (5) Equity instrument
The consideration received from the issuance of equity instruments net of transaction costs is recognised in
shareholders’ equity.


                                                                                                                     69
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       10.Account receivable


       (1)Bad debt provision on receivable accounts with major amount individually
                                                                              The Company and its subsidiaries, or other receivables or all
        Criteria and norm of individual significance                           long-term receivables of more than RMB 5 million in the
                                                                               financial statements of the Company and its subsidiaries.

                                                                              The Group tests such receivables for impairment on an
        Measurement of impairment allowances for receivables of individual individual basis. For individually insignificant receivables,
        significance                                                          the Group tests them for impairment on an individual basis
                                                                              when there is evidence of impairment.

(2)Accounts receivable with material specific amount and specific provisioned bad debt preparation.

                                                       When objective evidence indicates the Group can’t receive money according
        Bad debt recognition criterion
                                                        originalterms, provision for bad debts recognized.

                                                       The bad debt will be recognized when the present value of estimated future cash flow
        Bad debt provision method
                                                        below their book value.

       11 Inventories
       (1) Classification and cost
       Inventories include fuel and spare parts. Inventories are initially measured at cost. Cost of inventories comprises
       all costs of purchase and other expenditures incurred in bringing the inventories to their present location and
       condition.

       (2)Pricing method of stock delivered
       Cost of fuel transferred out is calculated using the weighted average method. Spart parts are amortised in full
       when received for use.
        (3) Basis for determining the net realisable value of inventories and provisioning methods for decline in value of
       inventories
       At the balance sheet date, inventories are carried at the lower of cost and net realisable value.
       At the balance sheet date, inventories are carried at the lower of cost and net realisable value.
       Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs
       necessary to make the sale and relevant taxes.

       (4)Inventory system
           Perpetual inventory
          The group adopts perpetual inventory system.

       12.Long-term eqiuty investment

       (1)Investment cost of long-term eqiuty investment
       (a)Long-term equity investments acquired through a business combination
       - The initial cost of a long-term equity investment acquired through a business combination involving enterprises
       under common control is the Company’s share of the carrying amount of the subsidiary’s equity in the
       consolidated financial statements of the ultimate controlling party at the combination date. The difference

                                                                                                                                              70
                                          Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


between the initial investment cost and the carrying amount of the consideration given is adjusted to share
premium in the capital reserve, with any excess adjusted against retained earnings.
- For a long-term equity investment obtained through a business combination not involving enterprises under
common control, the initial cost comprises the aggregate of the fair value of assets transferred, liabilities incurred
or assumed, and equity securities issued by the Company, in exchange for control of the acquiree. For a
long-term equity investment obtained through a business combination not involving enterprises under common
control and achieved through multiple transactions in stages which do not form a bundled transaction, the initial
cost comprises the carrying amount of the previously-held equity investment in the acquiree immediately before
the acquisition date, and the additional investment cost at the acquisition date
 (b)Long-term equity investments acquired other than ghrough a business combination
- A long-term equity investment acquired other than through a business combination is initially recognised at the
actual consideration paid if the Group acquires the investment by cash, or at the fair value of the equity securities
issued if an investment is acquired by issuing equity securities, or at the value stipulated in the investment contract
or agreement if an investment is contributed by shareholders.
(2)Subsequent measurement
(a)Investments in subsidiaries
In the Company’s separate financial statements, long-term equity investments in subsidiaries are accounted for
using the cost method for subsequent measurement. Except for cash dividends or profit distributions declared but
not yet distributed that have been included in the price or consideration paid in obtaining the investments, the
Company recognises its share of the cash dividends or profit distributions declared by the investee as investment
income in the current period.
The investments in subsidiaries are stated in the balance sheet at cost less accumulated impairment losses.
 (b)Investment in joint ventures and associates
A joint venture is an enterprise which operates under joint control in accordance with a contractual agreement
between the Group and other parties.
An associate is an enterprise over which the Group has significant influence.
An investment in a joint venture or an associate is accounted for using the equity method for subsequent
measurement, unless the investment is classified as held for sale.
Under the equity method:
- Where the initial cost of a long-term equity investment exceeds the Group’s interest in the fair value of the
investee’s identifiable net assets at the date of acquisition, the investment is initially recognised at cost. Where the
initial investment cost is less than the Group’s interest in the fair value of the investee’s identifiable net assets at
the date of acquisition, the investment is initially recognised at the investor’s share of the fair value of the
investee’s identifiable net assets, and the difference is recognised in profit or loss.
- After the acquisition of the investment, the Group recognises its share of the investee’s net profit or loss and
other comprehensive income as investment income or losses and other comprehensive income respectively, and
adjusts the carrying amount of the investment accordingly. Once the investee declares any cash dividends or profit
distributions, the carrying amount of the investment is reduced by that amount attributable to the Group. The
Group adjusts the carrying amount of the long-term equity investment for changes in owners’ equity of the
investee other than those arising from net profits or losses, other comprehensive income or profit distributions,
and recognises the corresponding adjustment in shareholders’ equity.
The Group recognises its share of the investee’s net profits or losses as investment income and other
comprehensive income after making appropriate adjustments to align the accounting policies or accounting
periods with those of the Group based on the fair value of the investee’s identifiable net assets at the date of


                                                                                                                       71
                                         Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


acquisition. Unrealised profits and losses resulting from transactions between the Group and its
associates or joint ventures are eliminated to the extent of the Group’s interest in the associates or joint ventures.
Unrealised losses resulting from transactions between the Group and its associates or joint ventures are eliminated
in the same way as unrealised gains but only to the extent that there is no evidence of impairment.
- The Group discontinues recognising its share of further losses of the investee after the carrying amount of the
long-term equity investment and any long-term interest that in substance forms part of the Group’s net investment
in the joint venture or associate is reduced to zero, except to the extent that the Group has an obligation to
assume additional losses. If the joint venture or associate subsequently reports net profits, the Group resumes
recognising its share of those profits only after its share of the profits equals the share of losses not recognised.
(3) Basis for determining the existence of joint control or significant influence over an
investee
Joint control is the contractually agreed sharing of control over an investee’s economic activities, and exists only
when the strategic financial and operating decisions relating to the activities require the unanimous consent of the
parties sharing the control. The following factors are usually considered when assessing whether the Group can
exercise joint control over an investee:
- Whether no single investor is in a position to control the investee’s operating
activities unilaterally;
- Whether strategic decisions relating to the investee’s main operating activities require the unanimous consent of
all investors;
Significant influence is the power to participate in the financial and operating policy decisions of an investee but
does not have control or joint control over those policies.

13.Investment properties

The measurement mode of investment property
The measurement by the cost method
Depreciation or amortization method
Investment properties are properties held either to earn rental income or for capital appreciation or for both.
Investment properties are accounted for using the cost model and stated in the balance sheet at cost less
accumulated depreciation, amortisation and impairment losses. The cost of investment property, less its estimated
residual value and accumulated impairment losses, is depreciated using the straight-line method over its estimated
useful life, unless the investment property is classified as held for sale. For the method of impairment testing and
measurement, please refer to Note V. 18.
The estimated useful lives, residual value rates and depreciation rates of each class of investment properties are as
follows:

 Item                     Estimated useful life (years)        Residual value rate (%)          Depreciation rate (%)
 Plant and buildings        30 years                                5%                                  3.17%

14.Fixed assets

(1)Recognition of fixed assets

   Fixed assets represent the tangible assets held by the Group for use in the generation of electricity or for


                                                                                                                    72
                                             Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


administrative purposes with useful lives of more than one accounting year. The initial cost of a purchased fixed
asset comprises the purchase price, related taxes, and any directly attributable expenditure for bringing the asset to
working condition for its intended use. The initial cost of self-constructed assets is measured in accordance with
the policy set out in Note V.15. Fixed assets contributed by state-owned shareholders at the incorporation of the
Company are initially recorded at the valuation amount recognised by the state-owned assets supervision and
administration department. Where the parts of an item of fixed assets have different useful lives or provide
benefits to the Group in a different pattern, thus necessitating use of different depreciation rates or methods, each
part is recognised as a separate fixed asset. The subsequent costs including the cost of replacing part of an item of
fixed assets are recognised as assets when it is probable that the economic benefits associated with teh costs will
flow to the Goup, and the carrying amount of the replaced part is derecognised. The costs of the day-to-day
maintenance of fixed assets are recognised in profit or loss as incurred. Fixed assets are stated in the balance sheet
at cost less accumulated depreciation and impairment losses.
  (2)Depreciation of fixed assets
                            The method for           Expected useful life
       Category                                                             Estimated residual value        Depreciation
                              depreciation                (Year)


House and building        Straight-line method    10-50 years               0-10%                      1.80%-10.00%

Generation equipment      Straight-line method    6-31 years                0-10%                      2.90%-16.67%

Transportation            Straight-line method
                                                  5-10 years                0-10%                      9.00%-20.00%
equipment

Other equipment           Straight-line method    5-25 years                0-10%                      3.60%-20.00%


(3)Cognizance evidence and pricing method of financial leasing fixed assets

      On the inception date of lease, the Group’s asset under financing lease takes the lower one between the fair
value of the lease asset on the inception date of lease and the minimum lease payment as the book value of the
rented asset, of whose balance will be confirmed as unconfirmed finance charges. The Group will directly
charge the initiation for the finance lease occurred to rented asset value. The rented asset of finance lease will be
depreciated according to the depreciation policy described in 14(2) of Note 5, and will be summed and drawn
according to the accounting policy described in 18 of Note 5. For the rented asset which can be reasonably
confirmed to obtain the rented asset ownership at the lease expiration will be depreciated within its service life.
Otherwise, the one with a shorter period between the rented asset during the lease period and the service life of the
rented asset will be depreciated. The Group will apply effective interest method to allocate uncertain finance
charges at various periods within the lease period, and which will be handled according to the principle of
borrowing costs(see 16 of Note 5). Date of Balance Sheet, the Group will subtract the balance of uncertain finance
charges from the long-term payables related with the finance lease, which will be respectively shown as a
long-term debt and the long-term debt to be matured within 1 year. Sale and leaseback means that after the
seller (the lessee) sell out one self-produced or one purchased asset, then buy it back from the
buyer(the leaser). When the economic substance of one sale and leaseback constitutes one finance lease, the sales
price and the balance of asset’s book value will be deferred, and will be allocated by the lease asset’s depreciation
life, which is as the adjustment of depreciation expense.



                                                                                                                           73
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15.Construction in progress

   The cost of self-constructed assets includes the construction cost, installation cost, cost of materials, direct
labour, capitalised borrowing costs (see Note V.16), and any other costs directly attributable to bringing the asset
to working condition for its intended use. The cost of self-constructed fixed assets includes the cost incurred less
income generated during the test run before the generator units are launched into operation.
  A self-constructed asset is included in construction in progress before it is transferred to fixed asset when it is
ready for its intended use. No depreciation is provided against construction in progress.
   Construction in progress is stated in the balance sheet at cost less accumulated impairment losses (see Note
V.18).

16.Borrowing costs

  Borrowing costs incurred directly attributable to the acquisition or construction of a qualifying asset are
capitalised as part of the cost of the asset. Other borrowing costs are recognised as financial expenses when
incurred.
During the capitalisation period, the amount of interest (including amortisation of any discount or premium on
borrowing) to be capitalised in each accounting period is determined as follows:
- Where funds are borrowed specifically for the acquisition or construction of a qualifying asset, the amount of
interest to be capitalised is the interest expense calculated using effective interest rates during the period less any
interest income earned from depositing the borrowed funds or any investment income on the temporary
investment of those funds before being used on the asset.
   - Where funds are borrowed generally and used for the acquisition or construction of a qualifying asset, the
amount of interest to be capitalised on such borrowings is determined by applying a capitalisation rate to the
weighted average of the excess amounts of cumulative expenditures on the asset over the above amounts of
specific borrowings. The capitalisation rate is the weighted average of the interest rates applicable to the
general-purpose borrowings.
The effective interest rate is determined as the rate that exactly discounts estimated future cash flow through the
expected life of the borrowing or, when appropriate, a shorter period to the initially recognised amount of the
borrowings.
During the capitalisation period, exchange differences related to the principal and interest on a specific-purpose
borrowing denominated in foreign currency are capitalised as part of the cost of the qualifying asset. The
exchange differences related to the principal and interest on foreign currency borrowings other than a
specific-purpose borrowing are recognised as a financial expense in the period in which they are incurred.
The capitalisation period is the period from the date of commencement of capitalisation of borrowing costs to the
date of cessation of capitalisation, excluding any period over which capitalisation is suspended. Capitalisation of
borrowing costs commences when expenditure for the asset is being incurred, borrowing costs are being incurred
and activities of acquisition or construction that are necessary to prepare the asset for its intended use are in
progress, and ceases when the assets become ready for their intended use. Capitalisation of borrowing costs is
suspended when the acquisition or construction activities are interrupted abnormally and the interruption lasts for
more than three months.




                                                                                                                    74
                                        Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


17.Intangible assets

1. Valuation Method, Service Life and Impairment Test of Intangible Assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation (where the estimated useful
life is finite) and impairment losses (see Note V.18). For an intangible asset with finite useful life, its cost less
estimated residual value and accumulated impairment losses is amortised using the straight-line method over its
estimated useful life, unless the intangible asset is classified as held for sale.
Intangible assets mainly including land use rights, sea use rights, software, concession contracts, associated
projects for electricity transmission and transformation, microwave engineering and transportation engineering are
measured at cost. Intangible assets contributed by the state-owned shareholders at the incorporation of a limited
company are initially recorded at the valuation amount recognised by the state-owned assets supervision and
administration department. If the purchase costs of land and attached buildings cannot be reasonably allocated
between the land use right and the buildings, the purchase costs are recognised as fixed assets. Associated projects
for electricity transmission and transformation and microwave engineering are for the grid connection project
between the Guangdong Electric Holding Co., and Guangdong Power Grid Corporation.
      The respective amortisation periods for such intangible assets are as follows:
                 Items                                             Amortisation period ( years)
      Associated project for electricity
  transmission and transformation,
microwave engineering                                                        16 years
               Land use right                                              20 – 70 years
                Sea use right                                                   50 years
               Transportation engineering                                        10 – 20 years
               Concession contracts                                        10 – 25 year
                 Software                                              2 – 10 years
                Not-patent technology and other                                 2 – 6 years
    An intangible asset is regarded as having an indefinite useful life and is not amortised when there is no
foreseeable limit to the period over which the asset is expected to generate economic benefits for the Group. At
the balance sheet date, the Group does not have any intangible assets with indefinite useful lives.

18.Long-term assets impairment

The carrying amounts of the following asswets are reviewed at each balance sheet date based on the
   internalandexternal sources of information to determine whether thire is and indication of impairment: fixed
   assets,construction in progress, construction materials, intangible assets, investment properties, measured using
   a cost model , long-term equity investments , Goodwill and long-term deferred expenses.
   If any indication exists that an asset may be impaired, the recoverable amount of the asset is estimated. In
addition, the Group estimates the recoverable amounts of goodwill at each year-end, irrespective of whether there
is any indication of impairment. Goodwill is allocated to each asset group or set of asset groups, that is expected
to
benefit from the synergies of the combination for the purpose of impairment testing.
The recoverable amount of an asset, asset group or set of asset groups is the higher of its fair value less costs to
sell and its present value of expected future cash flows.


                                                                                                                  75
                                         Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


An asset group is the smallest identifiable group of assets that generates cash inflows that are largely independent
of the cash inflows from other assets or asset groups. An asset group is composed of assets directly relating to
cash-generation. Identification of an asset group is based on whether major cash inflows generated by the asset
group are largely independent of the cash inflows from other assets or asset groups. In identifying an asset group,
the Group also considers how management monitors the Group’s operations and how management makes
decisions about continuing or disposing of the Group’s assets.
An asset’s fair value less costs to sell is the amount determined by the price of a sale agreement in an arm’s length
transaction, less the costs that are directly attributable to the disposal of the asset. The present value of expected
future cash flows of an asset is determined by discounting the future cash flows, estimated to be derived from
continuing use of the asset and from its ultimate disposal, to their present value using an appropriate pre-tax
  discount rate.
If the result of the recoverable amount calculation indicates the recoverable amount of an asset is less than its
carrying amount, the carrying amount of the asset is reduced to its recoverable amount. That reduction is
recognised as an impairment loss and charged to profit or loss for the current period. A provision for impairment
of the asset is recognised accordingly. For impairment losses related to an asset group or a set of asset
groups, first reduce the carrying amount of any goodwill allocated to the asset group or set of asset groups, and
then reduce the carrying amount of the other assets in the asset group or set of asset groups on a pro rata basis.
However, the carrying amount of an impaired asset will not be lower than the greatest amount of its individual fair
value less costs to sell (if determinable), the present value of expected future cash flows (if determinable) and
zero.
Once an impairment loss is recognised, it is not reversed in a subsequent period.

19.Long-term deferred expenses

    Long-term deferred expenses are amortised using a straight-line method within the benefit period. The
respective amortisation periods for such expenses are as follows:
              Items                                       Amortisation period
   Expenses on improvement of fixed assets                 15 – 180 months
    Long-term lease expenses                         79 – 180 months
20. Employee benefits
(1) Short-term employee benefits
Employee wages or salaries, bonuses, social security contributions such as medical insurance, work injury
insurance, maternity insurance and housing fund, measured at the amount incurred or at the applicable
benchmarks and rates, are recognised as a liability as the employee provides services, with a corresponding charge
to profit or loss or included in the cost of assets where appropriate.

(2)Post –employment benefits

Pursuant to the relevant laws and regulations of the People’s Republic of China, the Group participated in a
defined contribution basic pension insurance in the social insurance system established and managed by
government organisations. The Company makes contributions to basic pension insurance plans based on the
applicable benchmarks and rates stipulated by the government. The Company also purchases and makes
contributions to supplementary pension insurance based on the applicable benchmarks and rates stipulated by
Yudean. Basic pension and supplementary pension insurance contributions are recognised as a liability as the


                                                                                                                    76
                                        Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


related services are rendered by the employees, with a corresponding charge to profit or loss or included in the
cost of assets where appropriate.
(3) Termination benefits
When the Company terminates the employment with employees before the employment contracts expire, or
provides compensation under an offer to encourage employees to accept voluntary redundancy, a provision is
recognised with a corresponding expense in profit or loss at the earlier of the following dates:
- The Group is not allowed to withdraw from termination plan or redundancy offer unilaterally;
- The Group has a detailed and formal restructuring plan related to the payment of termination benefits; and the
Group has launched the plan or notified the affected parties of its content, thereby making the restructuring plan
reasonably expected by all related parties.
(4) Other long-term employee benefits
According to the Urban Employee Basic Medical Insurance (UEBMI) policy governing the Company and some of
the Group’s subsidiaries, if an employee’s UEBMI contribution period who participates in basic medical insurance
for urban residents, fails to reach the time requirement when the employee reaches the statutory retirement age,
the employee shall continue to contribute to the UEBMI till the contribution period meets the required time. The
Group determines the amount to be contributed in the residual service period of an employee based on the present
value of the future cash flow expected to be paid for UEBMI till the required time is met, which will be
recognised as long-term employee benefits liabilities with a corresponding charge to profit or loss or included in
cost of related assets.

21. Estimated Liabilities

A provision is recognised for an obligation related to a contingency if the Group has a present obligation that can
be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the
obligation.
A provision is initially measured at the best estimate of the expenditure required to settle the related present
obligation. Where the time value of money is material, provisions are stated at the discounted value of estimated
future cash flow. Factors pertaining to a contingency such as the risks, uncertainties and time value of money are
taken into account as a whole in reaching the best estimate. If there is a range for the required expenditure where
all results within the range are equally probable, the best estimate will be the median value of the range; otherwise,
the best estimate will be determined based on the following conditions:
- the best estimate will be the value with the highest probability if the contingency involves single item;
  - the best estimate will be calculated based on the probability of each result if the contingency involves multiple
items.
The carrying amounts of provisions are reviewed at each balance sheet date and adjusted based on the latest best
estimates
22. Revenue
Revenue is the gross inflow of economic benefit arising in the course of the Group’s ordinary activities when the
inflows result in increase in shareholders’ equity, other than increase relating to contributions from shareholders.
Revenue is recognised in profit or loss when it is probable that the economic benefits will flow to the Group, the
revenue and costs can be measured reliably and the following respective conditions are met. The amount of
revenue is measured at the fair value of the consideration received or receivable under the sales contract or
agreement. Revenue is shown net of sales discounts or refunds.
(1) Revenue from sales of electricity and heat energy


                                                                                                                   77
                                         Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


Revenue is recognised when electricity and heat energy are supplied to grid companies or customers.
(2) Revenue from sales of by-products
Revenue from the sales of goods is recognised when the Group transfers by-products (such as coal ash) to the
designated delivery place pursuant to the contract or agreement and the recipient confirms receipt.
(3) Rendering of services
Revenue from rendering of services is measured at the fair value of the consideration received or receivable under
the contract or agreement.
At the balance sheet date, where the outcome of a transaction involving the rendering of services can be estimated
reliably, revenue from the rendering of services is recognised by reference to the stage of completion of the
transaction based on the proportion of costs incurred to date to the estimated total costs.
Where the outcome of rendering of services cannot be estimated reliably, if the costs incurred are expected to be
recoverable, revenues are recognised to the extent of the costs incurred that are expected to be recoverable, and an
equivalent amount is charged to profit or loss as service cost; if the costs incurred are not expected to be
recoverable, the costs incurred are recognised in profit or loss and no service revenue is recognised.
(4) Revenue from sale of certified emission reductions (CERs)
The Company sells CERs provided by its wind power facilities. These wind power facilities are registered with
the Clean Development Mechanism (CDM) Executive Board (EB) of the United Nations as CDM projects under
the Kyoto Protocol. The Company also sells voluntary emission reductions (“VERs”) attributable to the
electricity generated from CDM projects before getting registered with CDMEB.
Revenue related to CERs and VERs is recognised when the following conditions are met:
- The amount of income from selling CERs or VERs can be reliably measured
- The Company has generated the related electricity
(5) Interest income
Interest income is recognised based on the length of time of the deposits or principal outstanding and the
applicable effective interest rate.
(6) Revenue from operating leases
Rental income from operating leases is recognised as income on a straight-line basis over the lease term.

 23.Government subsidy

1. Judgment Basis and Accounting Treatment Method of Government Grants related to Assets

  Government grants related to assets are grants whose primary condition is that the Group qualifying for them
should purchase, construct or otherwise acquire long-term assets. Government grants related to income are grants
other than those related to assets.

2. Judgment Basis and Accounting Treatment Method of Government subsidy related to Income

A grant that compensates the Group for expenses to be incurred in the subsequent periods is recognised initially as
deferred income and recognised in profit or loss in the same periods in which the expenses are recognised. A grant
that compensates the Group for expenses incurred is recognised in profit or loss immediately.

24. Deferred income tax assets/Deferred income tax liability

  At the balance sheet date, current tax assets and liabilities are offset if the Group has a legally enforceable right

                                                                                                                     78
                                          Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


to set them off and also intends either to settle on a net basis or to realise the asset and settle the liability
simultaneously.
    Deferred tax assets and deferred tax liabilities arise from deductible and taxable temporary differences
respectively, being the differences between the carrying amounts of assets and liabilities for financial reporting
purposes and their tax bases, which include the deductible losses and tax credits carried forward to subsequent
periods. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be
available against which deductible temporary differences can be utilised.
Deferred tax is not recognised for the temporary differences arising from the initial recognition of assets or
liabilities in a transaction that is not a business combination and that affects neither accounting profit nor taxable
profit (or tax loss). Deferred tax is not recognised for taxable temporary differences arising from the initial
recognition of goodwill.

At the balance sheet date, the amount of deferred tax recognised is measured based on the expected manner of
recovery or settlement of the carrying amount of the assets and liabilities, using tax rates that are expected to be
applied in the period when the asset is recovered or the liability is settled in accordance with tax laws.

The carrying amount of a deferred tax asset is reviewed at each balance sheet date. The carrying amount of a
deferred tax asset is reduced to the extent that it is no longer probable that sufficient taxable profits will be
available to allow the benefit of the deferred tax asset to be utilised. Such reduction is reversed to the extent that it
becomes probable that sufficient taxable profits will be available.
At the balance sheet date, deferred tax assets and deferred tax liabilities are offset if all the following conditions
are met:
- the taxable entity has a legally enforceable right to offset current tax liabilities and current tax assets
- they relate to income taxes levied by the same tax authority on either: the same taxable entity; or
  different taxable entities which intend either to settle the current tax liabilities and current tax assets on a net
basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant
amounts of deferred tax liabilities or deferred tax assets are expected to be settled or recovered.

   25.Leasing

(1)Accounting of operational leasing

 (1) Operating lease charges
 Rental payments under operating leases are recognised as part of the cost of another related asset or as expenses
on a straight-line basis over the lease term.
  (2) Assets leased out under operating leases
  Fixed assets leased out under operating leases, except for investment properties (see Note V.13), are depreciated
in accordance with the Group’s depreciation policies described in Note V.14 (2). Impairment losses are recognised
in accordance with the accounting policy described in Note V.18. Income derived from operating leases is
recognised in the profit or loss using the straight-line method over the lease term. If initial direct costs incurred in
respect of the assets leased out are material, the costs are initially capitalised and subsequently amortised in profit
or loss over the lease term on the same basis as the lease income. Otherwise, the costs are charged to profit or loss
immediately.




                                                                                                                      79
                                        Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


(2)Accounting treatment of financing leasing

When the Group acquires an asset under a finance lease, the asset is measured at an amount equal to the lower of
its fair value and the present value of the minimum lease payments, each determined at the inception of the lease.
At the commencement of the lease term, the minimum lease payments are recorded as long-term payables. The
difference between the fair value of the leased assets and the minimum lease payments is recognised as
unrecognised finance charges. Initial direct costs that are attributable to a finance lease incurred by the Group are
added to the amounts recognised for the leased asset. Depreciation and impairment losses are accounted for in
accordance with the accounting policies described in Notes v.14 (2) and Notesv.18, respectively.
    If there is reasonable certainty that the Group will obtain ownership of a leased asset at the end of the lease
term, the leased asset is depreciated over its estimated useful life. Otherwise, the leased asset is depreciated over
the shorter of the lease term and its estimated useful life.
Unrecognised finance charge under finance lease is amortised using an effective interest method over the lease
term. The amortisation is accounted for in accordance with the principles of borrowing costs (see Note V.16).
At the balance sheet date, long-term payables arising from finance leases, net of the unrecognised finance charges,
are separately presented as long-term payables or non-current liabilities due within one year, respectively, in the
balance sheet.
Leaseback is a transaction in which the seller (the lessee) sells a self-made or purchased asset, then leases it back
from the buyer (the lender) for a long-term period. When a sale and leaseback transaction is considered to be a
financing lease in economic substance, the difference between the selling price and the asset’s carrying amount
will be deferred and allocated based on the depreciation years of the leased asset and recorded as an adjustment to
the depreciation expense


26. Other significant accounting policies and estimates
    (1)Goodwill
 The initial cost of goodwill represents the excess of cost of acquisition over the acquirer’s interest in the fair
value of the identifiable net assets of the acquiree under the business combination not involving enterprises under
common control.
  Goodwill is not amortised and is stated in the balance sheet at cost less accumulated impairment losses (see Note
V.18). On disposal of an asset group or a set of asset groups, any attributable amount of purchased goodwill is
written off and included in the calculation of the profit or loss on disposal.
    (2)Fair value measurement
   Unless otherwise specified, the Group determines fair value measurement as below:
  Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.
When measuring fair value, the Company takes into account the characteristics of the particular asset or liability
(including the condition and location of the asset and restrictions, if any, on the sale or use of the asset) that
market participants would consider when pricing the asset or liability at the measurement date, and uses valuation
techniques that are appropriate in the circumstances and for which sufficient data and other information are
available to measure fair value. Valuation techniques mainly include the market approach, the income approach
and the cost approach.
      (3)Income tax
   Current tax and deferred tax are recognised in profit or loss except to the extent that they relate to a business
combination or items recognised directly in equity (including other comprehensive income).


                                                                                                                  80
                                         Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


 Current tax is the expected tax payable calculated at the applicable tax rate on taxable income for the year, plus
any adjustment to tax payable in respect of previous years.
     (4)Profit distributions to shareholders
    Dividends or profit distributions proposed in the profit appropriation plan, which will be authorised and
declared after the balance sheet date, are not recognised as a liability at the balance sheet date but disclosed in the
notes separately.
    (5)Related parties
    If a party has the power to control, jointly control or exercise significant influence over another party, or vice
versa, or where two or more parties are subject to common control or joint control from another party, they are
considered to be related parties. Related parties may be individuals or enterprises. Enterprises with which the
Company is under common control only from the State and that have no other related party relationships are not
regarded as related parties of the Group.
       (6)Segment reporting
   Reportable segments are identified based on operating segments which are determined based on the structure of
the Group’s internal organisation, management requirements and internal reporting system, taking into account the
materiality principle. Two or more operating segments may be aggregated into a single operating segment if the
segments have similar economic characteristics and are same or similar in respect of the nature of each segment’s
product and service, the nature of production processes, the types or classes of customers for the products and
services, the methods used to distribute the products or provide the services, and the nature of the regulatory
environment.
Inter-segment revenues are measured on the basis of the actual transaction price for such transactions for segment
reporting. Segment accounting policies are consistent with those for the consolidated financial statements.
     (7)Significant accounting estimates and judgments
 The preparation of the financial statements requires management to make estimates and assumptions that affect
the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual
results may differ from these estimates. Estimates as well as underlying assumptions uncertainties involved are
reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the
estimate is revised and in any future periods affected.
   The Group’s key sources of estimation uncertainties are as follows:
   (a) Impairment of assets other than inventories and financial assets
 As described in Note V.18, assets other than inventories and financial assets are reviewed at each balance sheet
date to determine whether the carrying amount exceeds the recoverable amount of the assets. If any such
indication that the carrying amount of long-term assets may not be fully recovered exists, the related assets will be
deemed as impaired, and an impairment loss is recognised.
 When judging whether there is evidence of impairment in the above assets, management assesses and analyses
the following: (1) whether any event that causes impairment has occurred; (2) whether the estimated available
present value of cash flows from continual use or disposal of assets is lower than the carrying value of the asset;
and (3) whether the repeated assumptions used for the estimated present value of future cash flows are
appropriate.
    The Group adopted assumptions in determining whether assets are impaired. Any changes in the discounted
rate and growth rate used in calculating the present value of future cash flows may significantly affect the present
value used in the impairment test, resulting in the impairment of the above long-term assets.
     (b) Useful lives of plants, buildings and equipment
The estimated useful lives of plants, buildings and equipment are determined by management after taking into


                                                                                                                    81
                                         Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


account their durability and past maintenance records based on the industry practice. The estimated useful life of
the assets is reviewed at each year-end with appropriate adjustments made accordingly. Any changes in the
estimated useful life of fixed assets may have significant impact on the Group’s net profits.
 (c) Income tax
    The decision whether to recognise deferred tax assets arising from deductible tax losses and deductible
temporary differences depends largely on management’s judgement as to whether sufficient future taxable profits
will be available against which the assets can be utilised in the future periods. The calculation of future taxable
profits involves much judgements and estimations, and is affected by the Group’s tax planning strategy and
overall economic environment. Different judgements and estimates will affect the recognition of deferred tax
assets and their recognised amounts.
 (d) Deferred tax assets
  When assessing whether there will be sufficient future taxable profits available against which the deductible
temporary differences can be utilised, the Group recognises deferred tax assets to the extent that it is probable that
future taxable profits will be available against which the deductible temporary differences can be utilised, using
tax rates that would apply in the period when the asset would be utilised. In determining the amount of deferred
tax assets, the Group exercises judgements about the estimated timing and amount of taxable profits of the
following periods, and of the tax rates applicable in the future according to the existing tax policies and other
relevant regulations. Differences between such estimates and the actual timing and amount of future taxable
profits and the actual applicable tax rates affect the amount of deferred tax assets that should be recognised.

27.Change of main accounting policies and estimations
(1)Change of main accounting policies
□Applicable √Not applicable

(2)Change of main accounting estimations

□Applicable √Not applicable

28.Other

VI.Taxation

1.Main categories and rates of taxes


                Tax items                                 Tax basis                                   Tax rate

                                       Output VAT is calculated on product sales
                                       and taxable services revenue, based on tax
VAT                                    laws. The remainning balance of output         17%、13%、3%、5%、11%、6%
                                       VAT , after subtracting the deductible input
                                       VAT of the period, is VAT payable.

                                                                                      5%,Since May 1, 2016, the business tax
Business tax                           Taxable turnover
                                                                                      reform VAT

City maintenance construction tax      Value added tax and Business tax amount        5% - 7%


                                                                                                                                82
                                               Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


                                                                                           The corporate tax rate applicable to the
                                                                                           Group and its subsidiaries was 25%, with
Enterprise income tax                        Taxable income                                the exception of the subsidiary, Guangdong
                                                                                           Xuwen Wind Electric Power Co., Ltd.
                                                                                           (“Xuwen Wind”).

Education surtax                             Value added tax and Business tax amount       3%

Local surcharge for Education                Value added tax and Business tax amount       2%

In case there exist any taxpayer paying corporate income tax at different tax rates, disclose the information

                        Name of taxpayer                                                     Income tax rates

Guangdong Yudean Xuwen Wind Power Co., Ltd.                         12.5%


2.Tax preferences

Pursuant to the approval documents (Cai Shui [2008] No.46 and Guo Shui Fa [2009] No.80), Xuwen Wind is
exempted from paying corporate income tax in the first three years counting from the year profits are recorded,
and can enjoy half rate reduction in the following three years. As the local taxation bureau considered that Xuwen
Wind posted profits for the first time in 2012, the applicable corporate income tax rate for Xuwen Wind is 12.5%
in 2016 (2014: 0%).
 In addition, 50% of VAT levied on the sales of electricity generated by Guangdong Yudean Shibeishan Wind
Power Co., Ltd (“Shibeishan”), Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd.(“Zhanjiang
Wind Power”), Xuwen Wind and Huilai Wind Power Co., Ltd. (“Huilai Wind”) will be refunded immediately in
accordance with the Notice Concerning Value Added Tax Policies on Wind Power Generation (Notice Cai Shui
[2015] No.74).




3.Other


        VII. Notes of consolidated financial statements

1. Currency funds
                                                                                                                               In RMB

                   Items                                   Year-end balance                          Year-beginning balance

Cash                                                                          109,716.00                                     78,223.00

Bank deposit                                                            6,108,051,117.00                             5,227,328,502.00

Other                                                                                                                   10,000,000.00

Total                                                                   6,108,160,833.00                             5,237,406,725.00

Other notes
    Deposits with Yudean Finance refers to the deposits placed with Guangdong Yudean Finance Co., Ltd.
(“Yudean Finance”). Yudean Finance is a financial institution established with the approval of the People’s Bank


                                                                                                                                      83
                                                      Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


of China. Yudean is the parent company of Yudean Finance.

2.Account receivable


(1)Classification Account receivable :
                                                                                                                                          In RMB

                                               Year-end balance                                       Year-beginning balance

                                                     Provision for bad
                                Book balance                               Book         Book balance        Provision for bad debts
      Classification                                      debts                                                                       Book Value
                                                                           Value
                                         Proportio            Proportio                         Proportio               Proportion
                              Amount                 Amount                           Amount                 Amount
                                         n(%)               n(%)                             n(%)                   (%)

Accounts receivable
of               individual
                                                                                      2,464,2
significance      and 2,551,54                                            2,551,548                                                   2,464,272,7
                                          98.15%                                      72,746.    99.18%
subject to individual 8,012.00                                              ,012.00                                                        46.00
                                                                                           00
impairment
assessment

Accounts receivable
     subjecttoimpairme
     nt assessment by
                                                                               0.00
     credit            risk
     characteristics of a
     portfolio

Accounts receivable
of               individual
insignificance    but 48,117,7                                            48,117,72 20,411,                                           20,411,144.
                                            1.85%                                                  0.82%
subject ot individual    23.00                                                 3.00 144.00                                                    00
impairment
assessment

                                                                                      2,484,6
                              2,599,66                                    2,599,665                                                   2,484,683,8
              Total                      100.00%                                      83,890. 100.00%
                              5,735.00                                      ,735.00                                                        90.00
                                                                                           00

Receivable accounts with large amount individually and bad debt provisions were provided.
√Applicable □Not applicable
                                                                                                                                          In RMB

     Content of account                                                            End of term
     receivable(Unit)            Account receivable         Provision for bad debts      Proportion of provision       Reason for provision

                                                                                                                       Full amount recovery is
GPGC                                      2,273,052,013.40                          0.00                       0.00%
                                                                                                                       expected


                                                                                                                                                 84
                                              Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


Shenzhen Powe suply                                                                                         Full amount recovery is
                                     227,369,585.00                         0.00                    0.00%
Bureau                                                                                                      expected

Guangdong Yudean
                                                                                                            Full amount recovery is
Group Co., Ltd. Shajiao               16,286,163.00                         0.00                    0.00%
                                                                                                            expected
C plant

GPGC,Zhanjiang Power                                                                                        Full amount recovery is
                                      14,842,713.60                         0.00                    0.00%
suply Bureau                                                                                                expected

Huizhou Huiling                                                                                             Full amount recovery is
                                      12,154,882.00                         0.00                    0.00%
Huacheng Co., Ltd.                                                                                          expected

GPGC, Maoming Power                                                                                         Full amount recovery is
                                       7,842,655.00                         0.00                    0.00%
  Supply Bureau                                                                                             expected

Total                               2,551,548,012.00                                        --                            --

Account reveivable on which bad debt proisions are provided on age basis in the group
□Applicable √Not applicable
Receivable accounts on which had debt provisions are provided on percentage analyze basis in a portfolio
□Applicable √Not applicable
Receivable accounts on which had debt provisions are provided by other ways in the portfolio
Account receivable accounts with not minor amount but were provided had debt provisions individually at end of
period.
   Description Of account                               Amount of bad
                                   Book balance                                    rate                          Reason
          receivables                                       debt

Electricity charge receivable           5,327,892.00                    -                  0.00% Full amount recovery is expected

Thermoelectricity           Sale        2,697,210.00                    -                  0.00%
                                                                                                   Full amount recovery is expected
accounts receivable
Receivable service fees                39,664,621.00                    -                  0.00% Full amount recovery is expected

Other                                     428,000.00                    -                  0.00% Full amount recovery is expected

            Total                      48,117,723.00          -                       --                             --


(2)The ending balance of account receivables owed by the imputation of the top five parties


Name                               Amount in year-end              Bad         debt        provision   Proportion%
                                                                   Proportion%

Total                              2,543,705,357.00                -                                   97.85%

GPGC                               2,273,052,013.40                -                                   87.44%,

Shenzhen Powe suply                227,369,585.00                  -                                   8.75%
Bureau

Guangdong      Yudean     Group    16,286,163.00                                                       0.63%
Co., Ltd. Shajiao C plant



                                                                                                                                      85
                                       Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


GPGC,Zhanjiang Powe suply   14,842,713.60                   -                           0.57%
Bureau

Huizhou Huiling Huacheng    12,154,882.00                   -                           0.47%
Co., Ltd.


3. Prepayments



(1)Prepayments age :


                                       End of term                                 Beginning of term
            Age
                             Amount             Proportion(%)           Amount                Proportion(%)

Within 1 year                 846,802,698.00                    98.72%    1,061,957,143.00                  99.84%

1-2 years                       9,731,418.00                    1.13%          264,229.00                   0.02%

2-3 years                         281,396.00                    0.03%          457,834.00                   0.04%

Over 3 years                      928,004.00                     0.11%        1,022,424.00                  0.10%

Total                         857,743,516.00           --                 1,063,701,630.00             --

Notes :




                                                                                                                  86
                                                 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


(2)The ending balance of Prepayments owed by the imputation of the top five parties



Name                              Relationship with the company       Amount                    Proportion %




Guangdong Power Industry          The    joint     venture     with   705,492,990.53            82.25%
Fuel Co., Ltd.                    Guangdong group control




Guangdong        Zhutou   Power   Non-related party                   25,689,574.16             3.00%
Fuel Co., Ltd.




Guangshen Railway Co., Ltd.       Non-related party                   35,077,586.31             4.09%




Zhuhai Gaolanxiang Railway        Non-related party                   24,188,596.30             2.82%
Co., Ltd.




Guangzhou Port Co., Ltd.          Non-related party                   17,954,279.90             2.09%




Total                                                                 808,403,027.20            94.25%


Other notes:

4. Interest receivable

(1)Interest receivable

                                                                                                                      In RMB

                 Classification                              Year-end balance                Year-beginning balance

Fixed deposit                                                              14,987,275.00                       10,232,658.00

Total                                                                      14,987,275.00                       10,232,658.00


5.Dividend receivable

(1)Dividend receivable

                                                                                                                      In RMB

                    Items )                                  Year-end balance                Year-beginning balance



                                                                                                                          87
                                               Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


Shanxi Yudean Energy Co., Ltd.                                                                                            4,000,000.00

Total                                                                                                                     4,000,000.00


6.Other rceivables

(1)Disclosure of calassification of other receivables

                                                                                                                           In RMB


                                       Amount in year-end                                        Amount in year-begin

                           Book Balance       Bad debt provision                Book Balance         Bad debt provision
   Classification                                                   Book
                          Amount Proportio Amount Proportio                   Amount Proportio Amount Proportion( Book value
                                                                    value
                                     n(%)                n(%)                             n(%)                   %)

Other          accounts
receivable           of
individual
                          78,631,2                                 78,631,24 138,170                                        138,170,84
significance        and              56.05%               0.00%                           70.76%        0.00       0.00%
                            47.00                                      7.00 ,845.00                                                 5.00
subject to individual
impairment
assessment

Other          accounts
  receivable subject
  to         impairment
  assessment        by       0.00    0.00%        0.00    0.00%        0.00       0.00    0.00%         0.00       0.00%            0.00
  credit           risk
  characteristics of a
  portfolio

Other          accounts
receivable           of
individual
                          61,658,0            6,365,29             55,292,79 57,093,               6,365,291               50,728,435.
insignificance      but              43.95%              10.32%                           29.24%                 11.15%
                            83.00                 1.00                 2.00 726.00                        .00                        00
subject to individual
impairment
assessment

                          140,289,            6,365,29             133,924,0 195,264               6,365,291                188,899,28
           Total                     1.00%                4.54%                           1.00%                    3.26%
                           330.00                 1.00                39.00 ,571.00                       .00                       0.00

Other receivable accounts with large amount and were provided had debt provisions individually at end of period.
√ Applicable □ Not applicable
                                                                                                                               In RMB

Other receivable(Unit)                                                    End of term


                                                                                                                                      88
                                             Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


                               Other receivable      Bad debt provision            Proportion                   Reason

Guangdong Yudean
Enviornmental Pretection             37,528,814.00                      0.00                     0.00%
Co., Ltd.

Huidong Finance Bureau               21,318,970.00                      0.00                     0.00%

Shenzhen Tianxin
Insurance Brokers Co.,               10,904,074.00                      0.00                     0.00%
ltd.

Dongguan Humen Jinfan
                                      4,730,956.00                      0.00                     0.00%
 Industrial Co., Ltd

Huilai State Taxation
                                      4,148,433.00                      0.00                     0.00%
Bureau

Total                                78,631,247.00                                     --                            --

Other receivable accounts in Group on which bad debt provisions were provided on age analyze basis:
□Applicable √Not applicable
Other receivable account in Group on which bad debt provisions were provided on percentage basis:
□Applicable √Not applicable
Other Receivable accounts on which bad debt provisions are provided by other ways in the portfolio:
√ Applicable □ Not applicable
                Nature                               Book balance                               Bad debt provision
Prepayments for construction                                        8,869,122.00                               1,878,841.00
Income receivable from by product sales                             9,467,285.67                               2,803,641.00
Reserve funds                                                    16,381,136.00                                       32,191.00
Other                                                            26,940,538.06                                 1,650,618.00
Total                                                            61,658,081.73                                 6,365,291.00

(2)Other receivables Nature of fund classification information
                                                                                                                           In RMB

                   Nature                               End of term                               Beginning of term

Prepayments for construction                                           30,188,092.00                                 30,660,145.00
Income receivable from byproduct sales                                 46,996,100.00                                 94,220,368.00

Reserve funds                                                          16,381,136.00                                  9,263,643.00

Government Grants                                                       4,148,434.00                                 32,485,261.00

Other                                                                  42,575,568.00                                 28,635,154.00

Total                                                                 140,289,330.00                             195,264,571.00


(3)The ending balance of other receivables owed by the imputation of the top five parties

                                                                                                                          In RMB


                                                                                                                                 89
                                                  Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016


                                                                                              Portion in total other Bad debt provision
         Name                  Nature             Year-end balance              Age
                                                                                              receivables(%)             of year-end balance

Guangdong Yudean
Environmental           Product sales                   37,528,814.00 Within 1 year                           26.75%
Protection Co., Ltd.

Guangdong Yudean
Environmental           Product sales                   21,318,970.00 Over 3 years                            15.20%
Protection Co., Ltd.

Shenzhen Tianxin        PICC insurance
Insurance Brokers       claims payment                  10,904,074.00 Within 1 year                            7.77%
Co., ltd.               recivable

Dongguan Humen
 Jinfan Industrial      Agency fund                      4,730,956.00 Within 1 year                            3.37%
 Co., Ltd

Huilai State Taxation
                        VAT return                       4,148,433.00 Within 1 year                            2.96%
Bureau

Total                               --                  78,631,247.00            --                           56.05%


(4)Government grants

                                                                                                                                      In RMB

                                                                                                                     Expected date of receipt,
            Name                    Name of Grant               End of term                    Aging                 amount and rationale of
                                                                                                                     the grant expected to be

Huilai State Taxation
                            VAT Refund                                  4,148,434.00 Within 1 year                Within 1 year
Bureau

Total                                    --                             4,148,434.00             --                             --


7.Inventory

(1)Inventory types
                                                                                                                                       In RMB

                                         Year-end balance                                            Year-beginning balance
        Items           Book balance     Provision for bad      Book value            Book balance     Provision for bad       Book value
                                                debts                                                        debts

Raw materials           753,038,132.00                  0.00   753,038,132.00         617,225,212.00                  0.00    617,225,212.00

Parts                   755,113,277.00        62,309,494.00    692,803,783.00         762,897,800.00       62,309,494.00      700,588,306.00

Other                    13,214,692.00                  0.00    13,214,692.00          15,841,105.00                  0.00     15,841,105.00

Total                1,521,366,101.00         62,309,494.00 1,459,056,607.00 1,395,964,117.00              62,309,494.00 1,333,654,623.00




                                                                                                                                             90
                                                  Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2016



(2)Inventory Impairment provision
                                                                                                                                  In RMB

                        Beginning of           Increased in current period            Decreased in current period
         Items                                                                                                             End of term
                             term           Provision              Other          Transferred back         Other

Raw materials                       0.00                                                                                             0.00

Parts                      62,309,494.00                                                                                    62,309,494.00

Other                      62,309,494.00                                                                                    62,309,494.00

Total

As at 30 June 2016, the Group made provision for impairment of inventories because some spare parts were
rendered useless and impaired as a result of technology upgrade.

8.Other current assets

                                                                                                                                  In RMB

                     Items                                       End of term                               Beginning of term

Deductible VAT                                                                 598,079,295.00                              583,680,487.00

Other current assets to be disposed                                                      0.00                                        0.00

Prepayment of income tax                                                         2,724,424.00                                3,921,884.00

Other               &ens