粤电力B:2019年第一季度报告全文(英文版)

The First Quarterly Report 2019
Guangdong Electric Power Development Co., Ltd.
    The First Quarterly Report 2019
                  April 2019
                                                                                   The First Quarterly Report 2019
                                               1 Important notes
The Board of Directors,the Supervisory Committee, the directors, the supervisors, and executives of the
Company guarantee that there are no significant omissions, fictitious or misleading statements carried in the
Quarterly Report and we will accept individual and joint responsibilities for the truthfulness, accuracy and
completeness of the Quarterly Report.
All of the directors presented the board meeting at which this Quarterly Report was examined.
Mr. Wang Jin, Person in charge of the Company, Mr.Liu Wei , Person in charge of accounting works, Mr.Meng
Fei ,CFO as well as person in charge of accounting institution represent and warrant the financial and accounting
report in the first quarterly report is true and complete.
                                                                                                         The First Quarterly Report 2019
                           II. Basic information about the company
I. Main financial data and indices
Indicate by tick mark whether the Company needs to retroactively restate any of its accounting data.
□ Yes √ No
                                                                                                             Changes of this period over
                                                     This period               Same period of last year
                                                                                                           same period of last year(%)
Operating revenue(Yuan)                                  5,589,715,802                  5,812,535,688                           -3.83%
Net profit attributable to the shareholders
                                                             109,518,462                       5,745,879                       1806.03%
of the listed company(Yuan)
Net profit after deducting of non-recurring
gain/loss attributable to the shareholders of                109,805,200                       4,330,364                       2435.70%
listed company(Yuan)
Net cash generated from /used in operating
                                                           1,805,095,658                  1,540,043,756                          17.21%
activities(Yuan)
Basic earning per share(Yuan/Share)                                 0.0209                        0.0011                         1,800 %
Diluted gains per share(Yuan/Share)                                 0.0209                        0.0011                         1,800 %
Weighted average return on equity
                                                                    0.34%                         0.02%                           0.32%
(%)
                                                                                                             Changes of this period-end
                                                  End of this period              End of last period        over same period-end of last
                                                                                                                     year(%)
Total assets(Yuan)                                      72,032,603,693                 73,329,662,306                           -1.77%
Net assets attributable to the shareholders
                                                          24,380,493,152                 24,227,302,288                           0.63%
of the listed company(Yuan)
Items and amount of non-current gains and losses
√ Applicable □ Not applicable
                                                                                                                                  In RMB
                                                                         Amount (Year-beginning to
                               Items                                                                                 Notes
                                                                        the end of the report period.)
Non-current asset disposal gain/loss(including the write-off part
                                                                                             -524,607
for which assets impairment provision is made)
Govemment subsidy recognized in current gain and
loss(excluding those closely related to the Company’s business                               926,644
and granted under the state’s policies)
Other non-operating income and expenditure except for the
                                                                                           -1,496,304
aforementioned items
Less: Amount of influence of income tax                                                      -275,893
  Influenced amount of minor shareholders’ equity (after tax)                               -531,636
Total                                                                                        -286,738                  --
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
                                                                                    The First Quarterly Report 2019
for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as
recurring gains and losses, it is necessary to explain the reason.
□ Applicable√ Not applicable
None of Non-recurring gain /loss items recorgnized as recurring gain /loss/items as defined by the information
disclosure explanatory Announcement No.1- Non –recurring gain/loss in the report period.
                                                                                                   The First Quarterly Report 2019
II. Total number of shareholders at the period-end and shareholdings of top 10 shareholders
1. About Total Common Shareholders, Total Preference Shareholders with the Voting Power Recovered
and the Shares Held by Top Ten Common Shareholders
                                                                                                                        In shares
                                                       Total preference shareholders with
Total number of common
                                                99,561 the voting power recovered at the
shareholders at the period-end
                                                       end of the reporting period(if any)
                                             Shares held by the top 10 shareholders
                                                                                           Amount of      Pledging or freezing
                                                            Share
                                         Properties of                                   tradable shares
           Shareholder name                               proportion     Quantity
                                         shareholder                                    with Conditional Status of    Quantity
                                                              %                                          the shares
                                                                                              held
                                      State-owned legal
Guangdong Energy Group Co., Ltd.                             67.39%     3,538,005,285        1,893,342,621
                                      person
                                      State-owned legal
China Securities Finance Co., Ltd.                            2.84%       148,862,420
                                      person
Shenzhen Guangfa Electric Power State-owned legal
                                                              2.22%       116,693,602
Investment Co., Ltd.            person
Guangdong Electric Power              State-owned legal
                                                              1.80%        94,367,341
Development Corporation               person
                                      Domestic Natural
Li Zhuo                                                       0.60%        31,606,103
                                      person
                                      Domestic
National Social Security Fund 103
                                      Non-State owned         0.44%        22,994,982
portfolio
                                      legal person
                                      Domestic Natural
Zheng Jianxiang                                               0.43%        22,625,098
                                      person
                                      Domestic
Harbin Hali Industry Co., Ltd.        Non-State owned         0.40%        20,942,645
                                      legal person
CHINA INT'L CAPITAL CORP              Overseas Legal
                                                              0.29%        15,316,066
HONG KONG SECURITIES LTD              person
                                      Domestic
Harbin Daoli District Charity
                                      Non-State owned         0.26%        13,722,893
Foundation
                                      legal person
                                 Shares held by the Top 10 Shareholders of Non-restricted shares
                                                                                                        Share type
          Shareholders’ Names           Number of the non-restricted shares held
                                                                                              Share type           Quantity
Guangdong Energy Group Co., Ltd.                                       1,644,662,664 RMB Common shares             1,644,662,664
China Securities Finance Co., Ltd.                                      148,862,420 RMB Common shares                148,862,420
Shenzhen Guangfa Electric Power
                                                                         116,693,602 RMB Common shares               116,693,602
Investment Co., Ltd.
Guangdong Electric Power
                                                                          94,367,341 RMB Common shares                94,367,341
Development Corporation
Li Zhuo                                                                   31,606,103 RMB Common shares                31,606,103
National Social Security Fund 103
                                                                          22,994,982 RMB Common shares                22,994,982
portfolio
Zheng Jianxiang                                                           22,625,098 Foreign shares placed            22,625,098
                                                                                                 The First Quarterly Report 2019
                                                                                        in domestic exchange
Harbin Hali Industry Co., Ltd.                                             20,942,645 RMB Common shares                 20,942,645
CHINA INT'L CAPITAL CORP                                                                Foreign shares placed
                                                                           15,316,066                                   15,316,066
HONG KONG SECURITIES LTD                                                                in domestic exchange
Harbin Daoli District Charity
                                                                           13,722,893 RMB Common shares                 13,722,893
Foundation
                                       The fourth largest shareholder Guangdong Electric Power Development Corporation is the
Explanation on associated relationship
                                       wholly-owned subsidiaries of the largest shareholder Guangdong Energy Group. These two
or concerted action of the above
                                       companies have relationships; whether the other shareholders have relationships or
shareholders
                                       unanimous acting was unknown.
                                       The Fifth largest shareholder Li Zhuo holds98,780 A shares of the Company through stock
                                       account with credit transaction and guarantee and holds 31,507,323 A shares through
                                       ordinary stock account, hold 31,606,103 shares of the Company's stock totally;
Note to the top 10 common               The Eighth largest shareholder Harbin Hali Industry Co., Ltd. holds 20,942,645 A shares of
stockholders involved in margin         the Company through stock account with credit transaction;
financing & securities lending (If any) The Tenth largest shareholder Harbin Daoli District Charity Foundation holds72,287 A
                                        shares of the Company through stock account with credit transaction and guarantee and
                                        holds 13,650,606 A shares through ordinary stock account, hold 13,722,893 shares of the
                                        Company's stock totally.
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a
buy-back agreement dealing in reporting period.
□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company
have no buy –back agreement dealing in reporting period.
2.Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end of the
report period
□ Applicable √Not applicable
                                                                                       The First Quarterly Report 2019
III. Significant Events
I. Particular about large-margin change of main accounting statement item and financial index and its
reason.
√ Applicable □ Not applicable
In the first quarter of 2019, the electricity consumption of the whole society in Guangdong Province was 128.93
billion kilowatt hours, with a year-on-year increase of 3.8%, and the growth rate slowed down somewhat. Affected
by the year-on-year growth of 33.6% in XD and 25.7% in Nuclear Power, the coal-fired power generation unit in
the province witnessed a sharp year-on-year drop of nearly 22% in on-grid energy and 18.50% in on-grid energy.
In the first quarter of 2019, the company completed13.721 billion kilowatt-hours in combined on-grid energy,
with a year-on-year decrease of 10.10%; The average on-grid energy price in the consolidated statement was
464.80 yuan/kWh (inclusive of tax, the same below), with a year-on-year of 25.47 yuan/kWh; The cost of power
generation fuel was 3400.7693 million yuan, with a year-on-year decrease of 513.6758 million yuan and 13.12%.
Affected by the decline in coal prices and the decrease of the profit margin of market electricity, the company's
gross profit of power generation increased year on year. In the first quarter of 2019, the net profit attributable to
the shareholders of the parent company reached 109.52 million yuan, with a year-on-year increase of 1806.03%.
II. The progress of significant events and influence, as well as the analysis and explanation on resolving
proposal.
√ Applicable □ Not applicable
1. With the approval of the seventh meeting of the Ninth Board of Directors of the Company on January 25, 2019,
the Company adjusts the depreciation period of fixed assets in Shajiao Power Plant A from January 1, 2019. Net
profit attributable to the parent company is expected to decrease by about 174 million yuan in 2019 and 49 million
yuan annually from 2020 to 2023, and the owner's equity attributable to the parent company is expected to
decrease by about 174 million yuan in 2019 and 49 million yuan annually from 2020 to 2023.
2. In order to further promote the large-scale development of the company's offshore wind power in Guangdong
Province and the southeast coast, the seventh meeting of the ninth Board of Directors of the Company deliberated
on January 25, 2019 and agreed that the Company should invest in Zhuhai Jinwan Offshore Wind Power Project
(300,000 kilowatts), with a total dynamic investment of 5643.17 million yuan, of which 1,128.634 million yuan is
capital, accounting for 20% of the total dynamic investment of the project.
3. The Company's 2019 daily related party transactions are approved and implemented by the 2019 first
Provisional shareholders' General meeting held on February 21, 2019.
4. During the reporting period, Mr. Zhou Xi'an, the former director of the company, ceased to hold the post of
director of the company due to job changes. After the election of the first Provisional shareholders' General
meeting in 2019 held on February 21, 2019, Mr. Yan Ming served as a director of the Company.
5. During the reporting period, Guangdong Yudean Group Co., Ltd., the controlling shareholder of the Company,
changed its name to \"Guangdong Energy Group Co., Ltd.\" on February 18, 2019. It does not involve changes in
equity, the controlling shareholder, and nor does it affect the company's business activities. Neither the controlling
                                                                                                   The First Quarterly Report 2019
 shareholder nor the actual controller of the company has changed.
 6. During the reporting period, the company bonds - \"12 Yudean Bonds\", completed the annual interest payment
 for 2019 on March 18, 2019.
                   Announcement                                Date of disclosure                    Website for disclosure
 Announcement of Resolutions of the 7th Meeting
                                                     January 26,2019                         http//www.cninfo.com.cn.
 of the Ninth Board of Directors
 Announcement of the adjustment of depreciation
                                                     January 26,2019                         http//www.cninfo.com.cn.
 period of fixed assets in Shajiao A Power plant
 Estimates announcement of the Daily Related
                                                     January 26,2019                         http//www.cninfo.com.cn.
 Party Transactions of2019
 Announcement on Change of Controlling
                                                     February 18,2019                        http//www.cninfo.com.cn.
 Shareholder Name
 Announcement of Resolutions of the First
                                                     February 22,2019                        http//www.cninfo.com.cn.
 provisional shareholders' general meeting of 2019
 Announcement of Guangdong Electric Power
 Development Co., Ltd. Concerning Payment of         March 12,2019                           http//www.cninfo.com.cn.
 Corporate “12 Yudean Bonds” Interest of 2019
 Progress in the implementation of share repurchase
 □ Applicable √ Not applicable
 Progress in the implementation of the reduction of the repurchased shares by means of centralized bidding
 □ Applicable √ Not applicable
 III. Commitments finished in implementation by the Company, shareholders, actual controller, acquirer,
 directors, supervisors, senior executives or other related parties in the reporting period and commitments
 unfinished in implementation at the end of the reporting period
 □ Applicable √Not applicable
 No such cases in the reporting period.
 IV.Prediction of Business performance for January- June 2019
 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
 V. Securities investment
 √ Applicable □Not applicable
Security Security Stock     Initial      Mode   Book value Changes in Cumulative Purchas Sale Gain/loss Book value Account Source of
category code Abbreviation: investment   of     balance at fair value of fair value e    amount of the  balance at   ing   the shares
                                                                                                                     The First Quarterly Report 2019
                                    cost          accoun      the      the   this changes in amount in the        reporting    the end of    items
                                                  ting   beginning of period        equity    in the  this         period          the
                                                  measur the reporting                         this  period                     reporting
                                                  ement     period                           period                              period
Domestic                                        Fair
and             Shenzhen                        value                                                                                       Other
         000027                      15,890,628             66,150,000 15,624,000 65,883,372                                   81,774,000            Own-Funds
foreign         Energy                          measur                                                                                      assets
stocks                                          ement
Domestic                                        Fair
and                                             value                                                                                       Other
         600642 Shenergy            235,837,988        270,997,380 41,093,865 76,253,257                                      312,091,245            Own-Funds
foreign                                         measur                                                                                      assets
stocks                                          ement
Domestic                                        Fair
and                                             value                                                                                       Other
         831039 NEEQ                  3,600,000              3,618,000   1,512,000    1,530,000                                 5,130,000            Own-Funds
foreign                                         measur                                                                                      assets
stocks                                          ement
Domestic                                          Fair                                                                                    Transact
                Yes
and                                               value                                                                                   ional
         002952 Optoelectroni               7,038                   0        4,109                7,038                            11,147           Own-Funds
foreign                                           measur                                                                                  financial
                cs
stocks                                            ement                                                                                   assets
Domestic                                          Fair                                                                                    Transact
                Merit
and                                               value                                                                                   ional
         300766 Interactive                 6,462                   0        7,163                6,462                            13,625           Own-Funds
foreign                                           measur                                                                                  financial
                Network
stocks                                            ement                                                                                   assets
                                                                                     143,666,62
Total                               255,342,116       --   340,765,380 58,241,137               13,500        0           0 399,020,017        --       --
Disclosure date for the notice of
                                    October 31,2018
approval by the Board (If any)
Disclosure date for the notice of
approval by shareholders’
Meeting (If any)
  VI. Investment in derivatives
  □ Applicable √Not applicable
  There is no derivative investment during the report period.
  VII. The registration form of acceptance of investigation, communication and interview in the report
  period for future reference
  √ Applicable □Not applicable
            Reception time                      Way of reception             Types of visitors                            Basic index
                                                                                                     Details can be found in the Record Chart of the
                                                                                                     Investor Relation Activity disclosed on Juchao
  February 20,2019                         Onsite investigation          Organization
                                                                                                     website(www.cninfo.com.cn) on 22 February
                                                                                                     2019.
  VIII. External guarantee get out of line
  □ Applicable √Not applicable
  No such cases in the reporting period.
  IX. Controlling shareholder and its related parties occupying non-business capital of the listed company
  □ Applicable √Not applicable
                                                                                    The First Quarterly Report 2019
No such cases in the reporting period.
                                                 IV. Financial Statement
I. Financial statement
1. Consolidated balance sheet
Prepared by: Guangdong Electric Power Development Co., Ltd.
March 31, 2019
                                                                                                            In RMB
                     Items                            March 31,2019                   December 31,2018
Current asset:
               Monetary fund                                      4,945,898,685                     5,574,382,892
             Settlement provision
Outgoing call loan
Transactional financial assets
   Financial assets measured at fair value
with variations accounted into current                                    24,772
income account
     Derivative financial assets
Notes receivable & account receivable                             2,565,480,167                     3,358,331,949
       Including:        Notes receivable
       Account receivable                                         2,565,480,167                     3,358,331,949
  Prepayments                                                         724,215,151                     906,261,046
Insurance receivable
Reinsurance receivable
Provisions     of    Reinsurance     contracts
receivable
       Other account receivable                                       232,809,569                     222,976,826
     Including:Interest receivable                                    22,205,621                        18,856,570
              Dividend receivable
     Repurchasing of financial assets
     Inventories                                                  1,923,545,977                     1,481,817,270
     Contract assets
     Assets held for sales
      Non-current asset due within 1 year                                 88,553
     Other current asset                                              505,757,909                     617,853,476
Total of current assets                                          10,897,820,783                    12,161,623,459
Non-current assets:
Loans and payment on other’s behalf
disbursed
Debt investment
  Available for sale of financial assets                                                            1,565,806,331
                                                                     The First Quarterly Report 2019
     Other investment on bonds
  Expired investment in possess
  Long-term receivable                                 90,346,689                       89,762,071
  Long term share equity investment                  6,486,651,915                   6,395,134,754
Other equity instruments investment                  1,702,198,436
Other non-current financial assets
  Property investment                                  10,454,314                       10,810,722
     Fixed assets                                   40,960,626,800                  41,157,594,848
Construction in progress                             7,743,182,239                   7,740,754,343
     Production physical assets
     Oil & gas assets
     Use right assets
     Intangible assets                               1,851,918,885                   1,863,588,771
  Development expenses                                   1,598,931
     Goodwill                                            2,449,886                       2,449,886
  Long-germ expenses to be amortized                   21,292,158                       22,089,179
  Deferred income tax asset                           463,491,803                      448,431,684
  Other non-current asset                            1,800,570,854                   1,871,616,258
Total of non-current assets                         61,134,782,910                  61,168,038,847
Total of assets                                     72,032,603,693                  73,329,662,306
Current liabilities
  Short-term loans                                   6,596,000,000                   7,526,000,000
 Loan from Central Bank
  Borrowing funds
     Transactional financial liabilities
Financial liabilities measured at fair value
with variations accounted into current
income account
     Derivative financial liabilities
    Notes payable & account payable              2,995,916,859                   3,137,761,522
     Advance receipts                                     390,631                          343,894
 Selling of repurchased financial assets
     Deposit taking and interbank deposit
 Entrusted trading of securities
Entrusted selling of securities
 Employees’ wage payable                             206,798,763                      235,741,179
 Tax payable                                          276,836,872                      397,001,706
    Other account payable                        4,160,534,744                   4,152,518,495
     Including:Interest payable                      113,293,153                       59,316,076
             Dividend payable                            9,703,930                       9,703,930
     Fees and commissions payable
     Reinsurance fee payable
                                                                                               The First Quarterly Report 2019
Contract Liabilities
     Liabilities held for sales
  Non-current liability due within 1 year                                2,106,713,038                          2,779,347,654
Other current liability                                                  1,061,680,873                          1,107,904,110
Total of current liability                                             17,404,871,780                          19,336,618,560
Non-current liabilities:
     Reserve fund for insurance contracts
  Long-term loan                                                       19,362,245,623                          18,802,292,664
 Bond payable                                                             838,534,277                               838,326,742
  Including:preferred stock
  Sustainable debt
    Lease liability
             Long-term payable                                           2,265,441,142                          2,311,513,249
  Long-term remuneration payable to staff                                 115,599,287                               122,913,388
 Expected liabilities
     Deferred income                                                      132,460,704                               133,043,646
  Deferred income tax liability                                           123,759,927                               100,726,841
Other non-current liabilities                                             116,405,569                               166,405,569
Total non-current liabilities                                          22,954,446,529                          22,475,222,099
Total of liability                                                     40,359,318,309                          41,811,840,659
Owners’ equity
  Share capital                                                          5,250,283,986                          5,250,283,986
  Other equity instruments
  Including:preferred stock
  Sustainable debt
 Capital reserves                                                        5,102,846,886                          5,102,846,886
  Less:Shares in stock
Other comprehensive income                                                593,682,531                               550,010,133
     Special reserve
  Surplus reserves                                                       7,834,155,143                          7,834,155,143
Common risk provision
Retained profit                                                          5,599,524,606                          5,490,006,140
Total of owner’s equity belong to the
                                                                       24,380,493,152                          24,227,302,288
parent company
Minority shareholders’ equity                                           7,292,792,232                          7,290,519,359
Total of owners’ equity                                               31,673,285,384                          31,517,821,647
Total of liabilities and owners’ equity                               72,032,603,693                          73,329,662,306
Legal Representative: Wang Jin       Person in charge of accounting:Liu Wei     Accounting Dept Leader: Meng Fei
2.Parent Company Balance Sheet
                                                                                                                        In RMB
                                                                            The First Quarterly Report 2019
                    Items                    March 31, 2019                  December 31, 2018
Current asset:
Monetary fund                                                 628,153,315                     385,577,463
Transactional financial assets
   Financial assets measured at fair value
with variations accounted into current                            24,772
income account
     Derivative financial assets
  Notes receivable & account receivable                       150,914,726                     264,537,475
     Including:Notes receivable
                 Account receivable                           150,914,726                     264,537,475
     Prepayments                                               45,800,060                        44,826,500
  Other account receivable                                     74,778,266                     375,296,228
     Including:Interest receivable                             2,406,105                         1,121,522
          Dividend receivable                                                                      447,956
     Inventories                                              169,862,583                     187,058,140
     Contract assets
     Assets held for sales
     Non-current asset due within 1 year
     Other current asset                                         199,679                           199,679
Total of current assets                                   1,069,733,401                     1,257,495,485
Non-current assets:
Debt investment
  Available for sale of financial assets                                                    1,565,806,331
     Other investment on bonds
  Expired investment in possess
  Long-term receivable                                        306,460,000                     306,460,000
  Long term share equity investment                      24,827,909,466                    24,699,820,321
Other equity instruments investment                       1,702,198,436
Other non-current financial assets
  Property investment                                           7,502,142                         7,661,041
  Fixed assets                                                910,525,491                     978,022,437
       Construction in progress                                11,971,503                         9,394,075
     Production physical assets
     Oil & gas assets
     Use right assets
     Intangible assets                                         86,086,080                        86,681,362
  Development expenses
     Goodwill
  Long-germ expenses to be amortized
  Deferred income tax asset
  Other non-current asset                                     356,004,000                     356,004,000
                                                                     The First Quarterly Report 2019
Total of non-current assets                         28,208,657,118                  28,009,849,567
Total of assets                                     29,278,390,519                  29,267,345,052
Current liabilities
     Short-term loans                                1,500,000,000                   1,500,000,000
     Transactional financial liabilities
Financial liabilities measured at fair value
with variations accounted into current
income account
     Derivative financial liabilities
    Notes payable & account payable               137,347,906                      223,827,319
  Advance receipts
     Contract Liabilities
 Employees’ wage payable                              47,074,276                       53,346,100
 Tax payable                                           23,030,958                       48,590,195
    Other account payable                         113,289,250                       98,528,954
     Including:Interest payable                       32,317,102                       15,787,356
             Dividend payable                            9,703,930                       9,703,930
     Liabilities held for sales
  Non-current liability due within 1 year
Other current liability                              1,105,927,562                    1,107,904,110
Total of current liability                           2,926,669,952                   3,032,196,678
Non-current liabilities:
  Long-term loan                                     1,500,000,000                   1,500,000,000
 Bond payable                                         838,534,277                      838,326,742
  Including:preferred stock
  Sustainable debt
    Lease liability
     Long-term payable                                   3,056,898                       4,340,898
  Long-term remuneration payable to staff              31,801,833                       32,170,769
 Expected liabilities
     Deferred income                                   48,362,943                       48,362,943
  Deferred income tax liability                       114,021,905                       99,461,621
Other non-current liabilities
Total non-current liabilities                        2,535,777,856                   2,522,662,973
Total of liability                                   5,462,447,808                   5,554,859,651
Owners’ equity
  Share capital                                      5,250,283,986                   5,250,283,986
  Other equity instruments
  Including:preferred stock
  Sustainable debt
  Capital reserves                                   5,605,794,601                   5,605,794,601
  Less:Shares in stock
                                                                                  The First Quarterly Report 2019
Other comprehensive income                                 593,682,531                                550,010,133
     Special reserve
  Surplus reserves                                        7,834,155,143                             7,834,155,143
     Retained profit                                      4,532,026,450                             4,472,241,538
Total of owners’ equity                                23,815,942,711                             23,712,485,401
Total of liabilities and owners’ equity                29,278,390,519                             29,267,345,052
3.Consolidated Income statement
                                                                                                           In RMB
                          Items                  Report period                 Same period of the previous year
I. Income from the key business                             5,589,715,802                           5,812,535,688
Including:Business income                                  5,589,715,802                           5,812,535,688
     Interest income
 Insurance fee earned
Fee and commission received
II. Total business cost                                     5,448,292,472                           5,861,825,692
Including:Business cost                                    4,937,475,435                           5,380,318,561
      Interest expense
 Fee and commission paid
    Insurance discharge payment
  Net claim amount paid
Net amount of withdrawal of insurance contract
reserve
Insurance policy dividend paid
  Reinsurance expenses
     Business tax and surcharge                                   41,001,643                           34,361,198
     Sales expense                                                 6,295,103                            4,817,203
 Administrative expense                                          132,305,459                          133,858,509
          R & D costs                                                77,830                               525,312
     Financial expenses                                          331,137,001                          307,944,909
     Including:Interest expense                                 345,801,584                          320,957,717
     Interest income                                              16,268,357                           14,820,083
                Asset impairment loss
    Credit impairment loss
    Add:Other income                                         36,893,397                            2,894,673
Investment gain(“-”for loss)                                  91,517,161                          116,815,302
  Including: investment gains from affiliates                     91,517,161                          116,815,302
    Gains from currency exchange
     Net exposure hedging income
          Changing income of fair value                                8,454
    Income on disposal of assets                                                                       30,809
                                                                          The First Quarterly Report 2019
III. Operational profit(“-”for loss)                    269,842,342                      70,450,780
  Add :Non-operational income                                 987,834                        3,679,083
  Less: Non-operating expense                                 2,688,294                       1,189,871
IV. Total   profit(“-”for loss)                           268,141,882                      72,939,992
  Less:Income tax expenses                                  75,526,858                       9,063,824
V. Net profit                                               192,615,024                      63,876,168
  (I) Classification by business continuity
1.Net continuing operating profit                           192,615,024                      63,876,168
2.Termination of operating net profit
  (II) Classification by ownership
Net profit attributable to the owners of parent
                                                            109,518,462                       5,745,879
company
Minority shareholders’ equity                               83,096,562                      58,130,289
VI. Net after-tax of other comprehensive income              43,672,399                       -6,648,919
Net of profit of other comprehensive income attri            43,672,399                       -6,648,919
butable to owners of the parent company.
(I)Other comprehensive income items that will
not be reclassified into gains/losses in the                 43,672,399
subsequent accounting period
1.Re-measurement of defined benefit plans of ch
anges in net debt or net assets
2.Other comprehensive income under the equity
method investee can not be reclassified into profi
t or loss.
3. Changes in the fair value of investments in
                                                             43,672,399
other equity instruments
4. Changes in the fair value of the company’s
credit risks
             5.Other
  (II)
Other comprehensive income that will be reclassi                                              -6,648,919
fied into profit or loss.
1.Other comprehensive income under the equity
method investee can be reclassified into profit or
loss.
2. Changes in the fair value of investments in
other debt obligations
3.Gains and losses from changes in fair value ava                                             -6,648,919
ilable for sale financial assets
4. Other comprehensive income arising from the
reclassification of financial assets
5.Held-to-maturity investments reclassified to ga
ins and losses of available for sale financial asset
s
                                                                                                 The First Quarterly Report 2019
6. Allowance for credit impairments in
investments in other debt obligations
7. Reserve for cash flow hedges
8.
Translation differences in currency financial stat
ements
             9.Other
Net of profit of other comprehensive income attri
butable to Minority shareholders’ equity
VII. Total comprehensive income                                               236,287,423                             57,227,249
Total comprehensive income attributable to the
                                                                              234,920,763                                -903,040
owner of the parent company
 Total comprehensive income attributable
                                                                                1,366,660                             58,130,289
minority shareholders
VIII. Earnings per share
(I)Basic earnings per share                                                      0.0209                                  0.0011
 (II)Diluted earnings per share                                                    0.0209                                  0.0011
The current business combination under common control, the net profits of the combined party before achieved ne
t profit of RMB 0.00, last period the combined party realized RMB0.00.
Legal Representative: Wang Jin      Person in charge of accounting:Liu Wei       Accounting Dept Leader: Meng Fei
4. Income statement of the Parent Company
                                                                                                                          In RMB
                   Items                                Report period                       Same period of the previous year
I. Revenue                                                              393,185,298                                  465,311,491
  Including:Business cost                                              424,777,175                                  449,858,137
Business tax and surcharge                                                2,653,793                                     1,821,322
     Sales expense                                                            350,336                                     437,911
 Administrative expense                                                  16,792,181                                   18,828,427
     R & D costs
     Financial expenses                                                  50,152,227                                   47,457,181
       Including:Interest expenses                                      50,952,925                                   48,844,389
                     Interest income                                      1,394,554                                     1,865,511
               Asset impairment loss
       Credit impairment loss
       Add:Other income
       Investment gain(“-”for loss)                                 161,309,228                                  195,076,685
Including: investment gains from
                                                                         89,089,146                                  114,290,630
affiliates
     Net exposure hedging income
     Changing income of fair value                                              8,454
       Income on disposal of assets                                                                                       -32,933
                                                               The First Quarterly Report 2019
II. Operational profit(“-”for loss)           59,777,267                     141,952,265
     Add :Non-operational income                     7,642                           27,610
  Less:Non -operational expenses                                                    592,734
III. Total profit(“-”for loss)                  59,784,909                     141,387,141
     Less:Income tax expenses                                                    -12,227,011
IV. Net profit                                    59,784,909                     153,614,152
1.Net continuing operating profit                 59,784,909                     153,614,152
2.Termination of operating net profit
V. Net after-tax of other comprehensive
                                                  43,672,399                       -6,648,919
income
(I)Other comprehensive income items
that will not be reclassified into
                                                  43,672,399
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.
3. Changes in the fair value of
                                                  43,672,399
investments in other equity instruments
4. Changes in the fair value of the
company’s credit risks
             5.Other
(II)
Other comprehensive income that will b                                             -6,648,919
e reclassified into profit or loss.
1.Other comprehensive income under th
e equity method investee can be reclassi
fied into profit or loss.
2. Changes in the fair value of
investments in other debt obligations
3.
Gains and losses from changes in fair v                                            -6,648,919
alue available for sale financial assets
   4. Other comprehensive income
arising from the reclassification of
financial assets
5.Held-to-maturity investments reclassif
ied to gains and losses of available for s
ale financial assets
   6. Allowance for credit impairments
in investments in other debt obligations
  7. Reserve for cash flow hedges
  8.
Translation differences in currency fina
ncial statements
             9.Other
                                                                                The First Quarterly Report 2019
VI. Total comprehensive income                               103,457,308                             146,965,233
VII. Earnings per share
(I)Basic earnings per share
 (II)Diluted earnings per share
5. Consolidated Cash flow statement
                                                                                                          In RMB
                  Items                    Report period                   Same period of the previous year
I. Cash flows from operating activities
Cash received from sales of goods or
                                                           7,198,521,146                           6,909,344,782
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 amount from disposal
financial assets that measured by fair
value and with variation reckoned into
current gains/losses
  Cash received from interest,
commission charge and commission
Net increase of inter-bank fund
received
Net increase of repurchasing business
  Net cash received by agent in
securities trading
   Tax returned                                               4,664,390                                4,180,540
Other cash received from business
                                                            433,730,029                              102,634,309
operation
   Sub-total of cash inflow                                7,636,915,565                           7,016,159,631
Cash paid for purchasing of
                                                           4,805,190,930                           4,669,079,682
 merchandise and services
Net increase of client trade and
advance
Net increase of savings in central bank
and brother company
  Cash paid for original contract claim
   Net increase in financial assets held
for trading purposes
                                                               The First Quarterly Report 2019
  Net increase for Outgoing call loan
 Cash paid for interest, processing fee
and commission
 Cash paid for policy dividend
Cash paid to staffs or paid for staffs          413,894,277                      376,566,617
 Taxes paid                                     460,397,105                      309,033,731
Other cash paid for business activities         152,337,595                      121,435,845
Sub-total of cash outflow from
                                               5,831,819,907                    5,476,115,875
  business activities
Net cash generated from /used in
                                               1,805,095,658                   1,540,043,756
operating activities
II. Cash flow generated by investing
Cash received from investment
retrieving
Cash received as investment gains                   121,345
Net cash retrieved from disposal of
fixed assets, intangible assets, and                592,258                           10,100
other 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
                                                    713,603                           10,100
investment activities
Cash paid for construction of fixed
    assets, intangible assets and other         745,025,118                      657,061,177
    long-term assets
Cash paid as investment                          78,692,039
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
                                                823,717,157                      657,061,177
investment activities
Net cash flow generated by investment          -823,003,554                     -657,051,077
III.Cash flow generated by financing
Cash received as investment                                                        4,000,000
Including: Cash received as investment
                                                                                   4,000,000
from minor shareholders
Cash received as loans                         2,526,712,472                   2,446,395,253
Cash received from bond placing
Other financing –related cash received
Sub-total of cash inflow from financing
                                               2,526,712,472                   2,450,395,253
activities
Cash to repay debts                            3,704,558,354                   3,279,948,065
Cash paid as dividend, profit, or               432,017,527                      462,961,076
                                                                               The First Quarterly Report 2019
interests
Including: Dividend and profit paid by
subsidiaries to minor shareholders
Other cash paid for financing activities                            712,667                        137,119,426
Sub-total of cash outflow due to
                                                            4,137,288,548                        3,880,028,567
financing activities
Net cash flow generated by financing                        -1,610,576,076                       -1,429,633,314
IV. Influence of exchange rate
alternation on cash and cash                                           -237                                 -446
equivalents
V.Net increase of cash and cash
                                                             -628,484,209                         -546,641,081
equivalents
Add: balance of cash and cash
                                                            5,570,382,893                        4,996,580,490
equivalents at the beginning of term
VI ..Balance of cash and cash
                                                            4,941,898,684                        4,449,939,409
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
                                                              560,862,026                          543,833,558
rending of services
 Tax returned
Other cash received from business
                                                                   9,331,847                           16,238,994
operation
Sub-total of cash inflow                                      570,193,873                          560,072,552
Cash paid for purchasing of
                                                              430,841,917                          557,730,970
merchandise and services
Cash paid to staffs or paid for staffs                         73,493,740                              72,942,857
Taxes paid                                                     26,279,908                              17,395,705
Other cash paid for business activities                            7,758,990                           21,649,266
Sub-total of cash outflow from
                                                              538,374,555                          669,718,798
  business activities
Net cash generated from /used in
                                                               31,819,318                         -109,646,246
operating activities
II. Cash flow generated by investing
Cash received from investment
                                                              300,000,000                          187,920,000
retrieving
Cash received as investment gains                              71,804,024                              85,567,058
Net cash retrieved from disposal of
fixed assets, intangible assets, and                                589,130                               10,100
other long-term assets
Net cash received from disposal of
subsidiaries or other operational units
                                                                        The First Quarterly Report 2019
Other investment-related cash received
 Sub-total of cash inflow due to
                                                     372,393,154                          273,497,158
investment activities
Cash paid for construction of fixed
    assets, intangible assets and other                7,473,223                           29,854,267
    long-term assets
     Cash paid as investment                         117,379,238
Net cash received from subsidiaries
and other operational units
Other cash paid for investment
activities
Sub-total of cash outflow due to
                                                     124,852,461                           29,854,267
investment activities
Net cash flow generated by investment                247,540,693                          243,642,891
III. Cash flow generated by financing
  Cash received as investment
     Cash received as loans                          899,700,000                        1,930,000,000
 Cash received from bond placing
Other financing –related ash received
  Sub-total of cash inflow from
                                                     899,700,000                        1,930,000,000
financing activities
  Cash to repay debts                                900,000,000                        2,159,693,500
Cash paid as dividend, profit, or
                                                      36,399,727                           90,010,272
interests
Other cash paid for financing activities                 84,195                               310,954
  Sub-total of cash outflow due to
                                                     936,483,922                        2,250,014,726
financing activities
Net cash flow generated by financing                 -36,783,922                         -320,014,726
IV. Influence of exchange rate
alternation on cash and cash                               -237                                  -446
equivalents
V.Net increase of cash and cash
                                                     242,575,852                         -186,018,527
equivalents
Add: balance of cash and cash
                                                     385,577,464                          429,724,538
equivalents at the beginning of term
VI ..Balance of cash and cash
                                                     628,153,316                          243,706,011
equivalents at the end of term
II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of any New
Standards Governing Financial Instruments, Revenue or Leases
√ Applicable □ Not applicable
                                                                                            The First Quarterly Report 2019
Consolidated balance sheet
                                                                                                                   In RMB
               Items               December 31, 2018             January 1, 2019                     Adjustment
Current asset:
          Monetary fund                      5,574,382,892               5,574,382,892
Notes receivable & account
                                             3,358,331,949               3,358,331,949
receivable
     Account receivable                      3,358,331,949               3,358,331,949
  Prepayments                                  906,261,046                 906,261,046
     Other account receivable                  222,976,826                 222,976,826
  Including:Interest receivable                18,856,570                  18,856,570
    Inventories                          1,481,817,270               1,481,817,270
  Other current assets                         617,853,476                 617,853,476
Total of current assets                     12,161,623,459              12,161,623,459
Non-current assets:
Available-for-sale financial
                                             1,565,806,331       Not applicable                             -1,565,806,331
assets
  Long-term receivable                          89,762,071                  89,762,071
  Long term share equity
                                             6,395,134,754               6,395,134,754
investment
Other equity instruments
                                     Not applicable                      1,565,806,331                      1,565,806,331
investment
 Property investment                            10,810,722                  10,810,722
  Fixed assets                              41,157,594,848              41,157,594,848
     Construction in progress                7,740,754,343               7,740,754,343
  Intangible assets                          1,863,588,771               1,863,588,771
     Goodwill                                    2,449,886                   2,449,886
Long-germ expenses to be
                                                22,089,179                  22,089,179
amortized
     Deferred tax assets                       448,431,684                 448,431,684
 Other non-current asset                     1,871,616,258               1,871,616,258
Total of non-current assets                 61,168,038,847              61,168,038,847
Total of assets                             73,329,662,306              73,329,662,306
Current liabilities
     Short-term loans                        7,526,000,000               7,526,000,000
Notes payable & account
                                             3,137,761,522               3,137,761,522
payable
     Advance payment                                  343,894                     343,894
 Employees’ wage payable                      235,741,179                 235,741,179
 Tax payable                                   397,001,706                 397,001,706
  Other account payable                      4,152,518,495               4,152,518,495
  Including:Interest payable                   59,316,076                  59,316,076
                                                                                             The First Quarterly Report 2019
     Dividend payable                                9,703,930                   9,703,930
  Non-current liability due
                                                 2,779,347,654               2,779,347,654
within 1 year
  Other current liability                        1,107,904,110               1,107,904,110
Total of current liability                      19,336,618,560              19,336,618,560
Non-current liabilities:
  Long-term loan                                18,802,292,664              18,802,292,664
Bond payable                                      838,326,742                  838,326,742
     Long-term payable                           2,311,513,249               2,311,513,249
Deferred income                                   133,043,646                  133,043,646
Deferred income tax liability                     100,726,841                  100,726,841
  Other non-current liability                     166,405,569                  166,405,569
Total non-current liabilities                   22,475,222,099              22,475,222,099
Total of liability                              41,811,840,659              41,811,840,659
Owners’ equity
  Share capital                                  5,250,283,986               5,250,283,986
     Capital reserves                            5,102,846,886               5,102,846,886
Other comprehensive income                        550,010,133                  550,010,133
     Surplus reserves                            7,834,155,143               7,834,155,143
Retained profit                                  5,490,006,140               5,490,006,140
Total of owner’s equity belong to
                                                24,227,302,288              24,227,302,288
the parent company
Minority shareholders’ equity                   7,290,519,359               7,290,519,359
Total of owners’ equity                        31,517,821,647              31,517,821,647
Total of liabilities and owners’
                                                73,329,662,306              73,329,662,306
equity
Adjustment statement
According to the relevant requirements of the Ministry of Finance's new financial instruments standards, domestic
listed enterprises will implement the accounting standards related to new financial instruments as of January 1,
2019, so the Company will adjust the \"available-for-sale financial assets\" to the \"investment in other equity
instruments\" account at the beginning of this year.
Parent Company Balance Sheet
                                                                                                                    In RMB
             Items                   December 31, 2018              January 1, 2019                   Adjustment
Current asset:
Monetary fund                                    385,577,463                   385,577,463
  Notes receivable &
                                                 264,537,475                   264,537,475
account receivable
     Account receivable                          264,537,475                   264,537,475
     Prepayments                                  44,826,500                    44,826,500
  Other account receivable                       375,296,228                   375,296,228
                                                                                           The First Quarterly Report 2019
     Including:Interest
                                             1,121,522                       1,121,522
receivable
     Dividend receivable                         447,956                         447,956
     Inventories                          187,058,140                     187,058,140
  Other current assets                           199,679                         199,679
Total of current assets                  1,257,495,485                   1,257,495,485
Non-current assets:
   Available-for-sale
                                         1,565,806,331          Not applicable                             -1,565,806,331
financial assets
     Long term receivable                 306,460,000                     306,460,000
  Long term share equity
                                       24,699,820,321                  24,699,820,321
investment
  Other equity instruments
                                Not applicable                           1,565,806,331                     1,565,806,331
investment
 Property investment                         7,661,041                       7,661,041
  Fixed assets                            978,022,437                     978,022,437
  Construction in progress                   9,394,075                       9,394,075
     Intangible assets                      86,681,362                      86,681,362
 Other non-current asset                  356,004,000                     356,004,000
Total of non-current assets            28,009,849,567                  28,009,849,567
Total of assets                        29,267,345,052                  29,267,345,052
Current liabilities
  Short-term loans                       1,500,000,000                   1,500,000,000
  Notes payable & Account
                                          223,827,319                     223,827,319
payable
 Employees’ wage payable                   53,346,100                      53,346,100
Tax payable                                 48,590,195                      48,590,195
  Other account payable                     98,528,954                      98,528,954
  Including:Interest payable               15,787,356                      15,787,356
    Dividend payable                     9,703,930                       9,703,930
  Other current liability                1,107,904,110                   1,107,904,110
Total of current liability               3,032,196,678                   3,032,196,678
Non-current liabilities:
     Long-term loan                      1,500,000,000                   1,500,000,000
  Bond payable                            838,326,742                     838,326,742
  Long-term payable                          4,340,898                       4,340,898
    Deferred income                     48,362,943                      48,362,943
   Deferred income tax
                                            99,461,621                      99,461,621
liability
Total of Non-current
                                         2,522,662,973                   2,522,662,973
liabilities
Total of liability                       5,554,859,651                   5,554,859,651
Owners’ equity
    Share capital                    5,250,283,986                   5,250,283,986
                                                                                             The First Quarterly Report 2019
  Capital reserves                            5,605,794,601                  5,605,794,601
   Other comprehensive
                                               550,010,133                     550,010,133
income
Surplus reserves                              7,834,155,143                  7,834,155,143
     Retained profit                          4,472,241,538                  4,472,241,538
Total of owners’ equity                     23,712,485,401                 23,712,485,401
Total of liabilities and
                                             29,267,345,052                 29,267,345,052
owners’ equity
Adjustment statement
According to the relevant requirements of the Ministry of Finance's new financial instruments standards, domestic
listed enterprises will implement the accounting standards related to new financial instruments as of January 1,
2019, so the Company will adjust the \"available-for-sale financial assets\" to the \"investment in other equity
instruments\" account at the beginning of this year.
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of any New
Standards Governing Financial Instruments or Leases
□ Applicable √ Not applicable
III. Auditor’ report
Is the First Quarterly Report be audited?
□ Yes √No
The First Quarterly report is not audited.
                            The Board of Directors of Guangdong Electric Power Development Co., Ltd.
                                                         Chairman of the Board: Wang Jin
                                                                   April 30, 2019

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