GuangdongElectricPowerDevelopmentCo.,Ltd.
TheFirstQuarterlyReport2020
April2020
1ImportantnotesTheBoardofDirectors,theSupervisoryCommittee,thedirectors,thesupervisors,andexecutivesoftheCompanyguaranteethattherearenosignificantomissions,fictitiousormisleadingstatementscarriedintheQuarterlyReportandwewillacceptindividualandjointresponsibilitiesforthetruthfulness,accuracyandcompletenessoftheQuarterlyReport.OtherdirectorsattendingtheMeetingforQuarterlyReportdeliberationexceptforthefollowed:
Mr.WangJin,PersoninchargeoftheCompany,Mr.LiuWei,Personinchargeofaccountingworks,Mr.MengFei,CFOaswellaspersoninchargeofaccountinginstitutionrepresentandwarrantthefinancialandaccountingreportinthefirstquarterlyreportistrueandcomplete.
II.BasicinformationaboutthecompanyI.Mainfinancialdataandindices
IndicatebytickmarkwhethertheCompanyneedstoretroactivelyrestateanyofitsaccountingdata.
□Yes√No
Itemsandamountofnon-currentgainsandlosses
√Applicable□Notapplicable
InRMB
FortheCompany’snon-recurringgain/lossitemsasdefinedintheExplanatoryAnnouncementNo.1oninformationdisclosureforCompainesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationDisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason.
□Applicable√NotapplicableNoneofNon-recurringgain/lossitemsrecorgnizedasrecurringgain/loss/itemsasdefinedbytheinformationdisclosureexplanatoryAnnouncementNo.1-Non–recurringgain/lossinthereportperiod.II.Totalnumberofshareholdersattheperiod-endandshareholdingsoftop10shareholders
1.AboutTotalCommonShareholders,TotalPreferenceShareholderswiththeVotingPowerRecoveredandtheSharesHeldbyTopTenCommonShareholders
Inshares
Whethertoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldhaveabuy-backagreementdealinginreportingperiod.
□Yes√NoThetoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldoftheCompanyhavenobuy–backagreementdealinginreportingperiod.
2.Totalnumberofpreferredshareholdersandshareholdingoftop10preferredshareholdersbytheendofthereportperiod
□Applicable√Notapplicable
III.SignificantEventsI.Particularaboutlarge-marginchangeofmainaccountingstatementitemandfinancialindexanditsreason.
√Applicable□NotapplicableAffectedbytheSpringFestivalholidayandtheNewCoronaryPneumoniaepidemic,theelectricityconsumptionofthewholesocietyinGuangdongProvincedecreasedby10.4%YOYinthefirstquarterof2020,andthecoal-firedpowerunitsintheprovinceexperiencedalarge-scaleshutdownandpeakregulation.TheCompanyhadcompleted12.14billionkWhofpowergenerationasstatedintheconsolidatedaccounting,adecreaseof
16.24%YOY;thecumulativeon-gridelectricitywas11.517billionkWh,adecreaseof16.06%YOY;theaverageon-gridelectricitypriceintheconsolidatedstatementwas449.99yuan/thousandskWh(includingtax,thesamebelow)),aYOYdecreaseofRMB14.81/thousandskWh;itrealizedtheoperatingincomeofRMB4,703,863,800,aYOYdecreaseof15.85%;duetoalargedecreaseintheamountofon-gridelectricity,thenetcashflowgeneratedbytheCompany’soperatingactivitiesdecreasedby35.15%YOY.AffectedbythesharpreductionintheindustrialpowerdemandofthewholesocietyinGuangdongProvince,theCompany'son-gridelectricityinthefirstquarterdroppedsignificantlyYOY,andtheinvestmentincomeofassociatesalsodeclined,resultinginasignificantYOYdeclineintheCompany'sgrossprofitandinthenetprofitattributabletoparentcompanyincurredfrompowergeneration.Inthefirstquarterof2020,thenetprofitattributabletoshareholdersoftheparentcompanywas7.37millionyuan,aYOYdecreaseof93.27%II.Theprogressofsignificanteventsandinfluence,aswellastheanalysisandexplanationonresolvingproposal.
2.InordertopromotethelandingimplementationandtherapidprogressoftheHuizhouDayawanPetrochemicalZoneWestComprehensiveEnergyStationproject,afterreviewedbythesecondcommunicationmeetingin2020oftheninthboardofdirectorsoftheCompanyheldonFebruary14,2020,theCompanyandtheHuizhouDayawanPetrochemicalIndustrialZoneInvestmentCo.,Ltd.agreedtoinvestandestablishajointventure-HuizhouDayawanPetrochemicalDistrictWestComprehensiveEnergyStationProjectCompanyinaccordancewiththeequityproportionof80%:20%.Theupfrontworkshallbecarriedoutuponby3H-class(660-800MW)gasunitsand2150t/hgasboilers(Thefinalconstructionscaleshallbereasonablydeterminedat
thefeasibilitystudystage),andtheupfrontworkexpenseiscontrolledat12millionyuan.TheregisteredplaceoftheprojectcompanyisDayawanDistrict,HuizhouCity,andtheinitialregisteredcapitalis22millionyuan.TheCompanyiscurrentlycarryingouttheupfrontworkinaccordancewiththerelevantrequirementsbytheprojectapproval.
3.Accordingtothe"ReplybytheNationalDevelopmentandReformCommissionontheApprovalonGuangdongElectricPowerDevelopmentCo.,Ltd.'sIssuanceofGreenBonds"(FagaiEnterpriseBondsNo.21-[2020]),it’sagreedthattheCompanyshallissuenomorethan4billiongreenbonds,with800millionfundsraisedwillbeusedforYudeanYangjiangShapaOffshoreWindPowerProject,1billionyuanwillbeusedforZhuhaiJinwanOffshoreWindFarmProject,700millionyuanwillbeusedforthePhaseIIofGuangdongYudeanZhanjiangWailuoOffshoreWindPowerProject,and1.5billionyuanwillbeusedtosupplementtheworkingcapital.TheCompanyishandlingtherelatedmattersofthisissuanceofgreenbondsinaccordancewiththeapprovaldocumentsandotherrelevantrequirements.
4.Duringthereportingperiod,therepaymentofprincipalandinterestandthedelistingofthecorporatebond"12YudeanBonds"wascompletedonMarch18,2020.
5.InthetenthmeetingoftheninthboardofdirectorsoftheCompanyheldonJanuary17,2020,the"ProposalontheRoutineRelatedTransactionoftheCompanyandGuangdongEnergyGroupCo.,Ltd.in2020",the“ProposalabouttheCompanyandGuangdongYudeanFinanceCo.,Ltdsigningthe"FinancialServiceFrameworkAgreement",the"ProposalontheCompanyandGuangdongYudeanFinancialLeasingCo.,Ltd.Signingthe’FinancialLeaseCooperationFrameworkAgreement’"andthe"ProposalontheCompanyandGuangdongYudeanPropertyInsuranceCaptiveInsuranceCo.,Ltd.Signingthe'FrameworkAgreementonCooperationinInsuranceandRiskManagementServices'"werereviewedandapproved,andtheabove-mentionedrelatedpartytransactionswillbesubmittedtotheCompany'sfirstprovisionalshareholders’generalmeetingof2020forapproval.
Progressintheimplementationofsharerepurchase
□Applicable√NotapplicableProgressintheimplementationofthereductionoftherepurchasedsharesbymeansofcentralizedbidding
□Applicable√NotapplicableIII.CommitmentsfinishedinimplementationbytheCompany,shareholders,actualcontroller,acquirer,directors,supervisors,seniorexecutivesorotherrelatedpartiesinthereportingperiodandcommitmentsunfinishedinimplementationattheendofthereportingperiod
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
IV.Securitiesinvestment
V.EntrustedFinancialManagement
□Applicable√NotapplicableNosuchcasesintheReportingPeriodVI.Investmentinderivatives
□Applicable√NotapplicableNosuchcasesintheReportingPeriod
VII.Theregistrationformofacceptanceofinvestigation,communicationandinterviewinthereportperiodforfuturereference
□Applicable√NotapplicableNosuchcasesintheReportingPeriodVIII.Externalguaranteegetoutofline
□Applicable√NotapplicableNosuchcasesinthereportingperiod.IX.Controllingshareholderanditsrelatedpartiesoccupyingnon-businesscapitalofthelistedcompany
IV.FinancialStatementI.Financialstatement
1.ConsolidatedbalancesheetPreparedby:GuangdongElectricPowerDevelopmentCo.,Ltd.
March31,2020
LegalRepresentative:WangJinPersoninchargeofaccounting:LiuWeiAccountingDeptLeader:MengFei
2.ParentCompanyBalanceSheet
3.ConsolidatedIncomestatement
4.IncomestatementoftheParentCompany
5.ConsolidatedCashflowstatement
6.CashFlowStatementoftheParentCompany
IIAdjustmentstotheFinancialStatements
1.Adjustmentoftherelevantitemsofthefinancialstatementsatthecurrentyearbeginningaccordingtothenewstandardsforfinancialinstruments,thenewstandardsforrevenuesandthenewstandardsforleaseimplementedcommencingfromyear2020
√Applicable□NotapplicableConsolidatedbalancesheet
AdjustmentstatementTheMinistryofFinancerevisedandreleasedthe"No.14AccountingStandardsforBusinessEnterprises-Revenue"in2017,andrequireddomesticlistedcompaniestoimplementthenewrevenuestandardfromJanuary1,2020.Therefore,atthebeginningofthisyear,theCompanyadjustedtherelevantamountinthe"advancesreceived"tothe"contractliability"accountforreporting.ParentCompanyBalanceSheet
Adjustmentstatement
2.Notetotheretroactiveadjustmentofthepreviouscomparativedataaccordingtothenewstandardsforfinancialinstrumentsandthenewstandardsforleaseimplementedcommencingfromyear2020
□Applicable√NotapplicableIII.Auditors’ReportIstheFirstQuarterlyReportbeaudited