粤电力B:2019年半年度报告摘要(英文版)

                                       Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2019



Stock code: 000539,200539              Stock Abbreviation: Yue Dian Li A, Yue Dian Li B
Announcement No.: 2019-38




                            Guangdong Electric power Development Co., Ltd.

                                   Summary of the Semi-Annual Report 2019

I. Important notes

The summary is abstract from full-text of summary of the semi-annual report, for more details information ,
investors should found in the full-text of summary of the semi-annual report that published on website of
Shenzhen Stock Exchange and other website appointed by CSRC.
Objections of the directors, supervisors and senior management
                 Name                                       Title                                       Content
Statement
Directors other than the following ones have attended the Board meeting to review the interim report.
         Name of director absent             Title for absent director        Reasons for absent                  Attorney
              Wen Shufei                             Director                   Due to business                   Wang Jin
              Wen Lianhe                             Director                   Due to business                Zheng Yunpeng
              Liang Peilu                            Director                   Due to business                 Yin Zhongyu
             Mao Qinghan                             Director                   Due to business                   Sha Qilin
              Ma Xiaoqian                     Independent Director              Due to business                 Shen Hongtao
Non-standard auditor’s opinion
□ Applicable √Not applicable
Preliminary plan for profit distribution to the common shareholders or turning the capital reserve into the share
    capital for the reporting period, which has been reviewed and approved at the board meeting
□ Applicable √Not applicable
The company will distribute no cash dividends or bonus shares and has no reserve capitalization plan.
The preference share profit distribution pre-plan approved by the Board of Directors
□ Applicable √Not applicable
II. Basic information about the company
1. Company profile
Stock abbreviation         Yue Dian Li A, Yue Dian Li B                  Stock code                   000539、200539

  Stock exchange for
                           Shenzhen Stock Exchange
        listing
Contact person       and
                                             Board secretary                               Securities affairs Representative
contact manner
Name                       Liu Wei                                              Qin Xiao
                           35/F, South Tower, Yudean Plaza, No.2 Tianhe         36/F, South Tower, Yudean Plaza, No.2 Tianhe
Address
                           Road East, Guangzhou,Guangdong Province              Road East, Guangzhou,Guangdong Province
Tel                        (020)87570276                                        (020)87570251
E-mail                     liuw@ged.com.cn                                      qinxiao@ged.com.cn



                                                                                                                               1
                                         Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2019



2. Major accounting data and financial indicators
May the Company make retroactive adjustment or restatement of the accounting data of the previous years
□ Yes√ No
                                                      Reporting period          Same period of last year         YoY+/-(%)
Operating income(RMB)                                        12,874,181,250              13,894,985,179                   -7.35%
Net profit attributable to the shareholders
                                                                  581,569,383                 448,833,518                   29.57%
of the listed company(RMB)
Net profit after deducting of non-recurring
gain/loss attributable to the shareholders of                     588,588,917                 413,141,718                   42.47%
listed company(RMB)
Cash flow generated by business operation,
                                                                3,803,441,801                3,795,532,708                     0.21%
net(RMB)
Basic earning per share(RMB/Share)                                     0.1108                       0.0855                  29.59%
Diluted gains per
                                                                       0.1108                       0.0855                  29.59%
share(RMB/Share)(RMB/Share)
Weighted average ROE(%)                                                2.37%                         1.88%                     0.49%
                                                    As at the end of the
                                                                                As at the end of last year       YoY+/-(%)
                                                     reporting period
Gross assets (RMB)                                             72,888,042,485              73,329,662,306                   -0.60%
Net assets attributable to shareholders of
                                                               24,551,367,214              24,227,302,288                      1.34%
the listed company (RMB)


3.Shareholders and shareholding

                                                                                                                           In Shares
                                                                         Number of shareholders of
Total Number of common
                                                                         preferred stocks of which
shareholders at the end of the                                    98,303                                                          0
                                                                         voting rights recovered in the
reporting period
                                                                         report period(If any)
                                                   Shareholdings of Top 10 shareholders

                                                                                                  Amount         of Number or share
              Shareholders                                         Proportion                                        pledged/frozen
                                                  Nature of                   Number of shares
                                                                    of shares                     restricted shares
                                                 shareholder                  held at period -end                   State of Amou
                                                                   held(%)
                                                                                                  held                share      nt
                                              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                                                                0.61%          31,932,923
                                              person
                                              Domestic Natural
Zheng Jianxiang                                                        0.43%          22,625,098
                                              person
                                              Domestic
Harbin Hali Industry Co., Ltd.                Non-State owned          0.41%          21,758,045
                                              legal person
                                              Domestic
National Social Security Fund 103
                                              Non-State owned          0.36%          18,994,982
portfolio
                                              legal person
CHINA INT'L CAPITAL CORP HONG Overseas Legal                           0.29%          15,316,066



                                                                                                                                       2
                                               Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2019



KONG SECURITIES LTD                              person
                                                 Domestic
Harbin Daoli District Charity
                                                 Non-State owned           0.26%         13,730,793
Foundation
                                                 legal person
                                                           The fourth largest shareholder Guangdong Electric Power
                                                           Development Corporation is the wholly-owned subsidiaries of the
Explanation on associated relationship among the aforesaid
                                                           largest shareholder Yudean Group. These two companies have
shareholders
                                                           relationships; whether the other shareholders have relationships or
                                                           unanimous acting was unknown
                                                                    The Fifth largest shareholder Li Zhuo holds425,600 A shares of the
                                                                    Company through A shares ordinary stock account,and holds
                                                                    31,507,323A shares of the Company through stock account with
                                                                    credit transaction and guarantee, hold 31,932,923 shares of the
                                                                    Company's stock totally.
                                                                    The Seventh largest shareholder Harbin Hali Industry Co., Ltd.
                                                                    holds815,400 A shares of the Company through A shares ordinary
Explanation on shareholders participating in the margin
                                                                    stock account, and holds 20,942,645A shares of the Company through
trading business(if any )(See Notes 4)
                                                                    stock account with credit transaction and guarantee, hold21,758,045
                                                                    shares of the Company's stock totally.
                                                                     The Tenth largest shareholder Harbin Daoli District Charity
                                                                    Foundation holds80,187 A shares of the Company through A shares
                                                                    ordinary stock account, and holds 13,650,606A shares of the
                                                                    Company through stock account with credit transaction and
                                                                    guarantee, hold 13,730,793 shares of the Company's stock totally.


IV. 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.

5.Number of preference shareholders and shareholdings of top 10 of them

□ Applicable √ Not applicable
No preference shareholders in the reporting period

6.Corporate bonds

Are there any corporate bonds publicly offered and listed on the stock exchange, which were undue before the
 approval date of this report or were due but could not be redeemed in full?
Yes

1.Basic information of corporate bonds

                                                                                                       Bond balance(ten
              Bond name                      Bond short name       Bond code            Due day                             Interest rate
                                                                                                          thousand)
2012 Corporate bonds of Guangdong Electric
                                             12 Yudean Bond    112162.SZ           March 17,2020                 4,030.65         4.95%
Power Development Co., Ltd..


(2) As at the end of the reporting period , the company's major financial indicators

                                                                                                                            Ten thousands



                                                                                                                                            3
                                     Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2019




                                 As at the end of the reporting
             Items                                                 As at the end of last year      YoY+/-(%)
                                             period
Debt ratio                                              55.92%                          57.02%                    -1.10%
             Items                     Reporting period            Same period of last year        YoY+/-(%)
EBITDA interest coverage ratio                              2.41                            2.56                  -5.86%


III. Performance discussion & analysis

1.Performance Review for Reporting period

Is the company subject to any disclosure requirements for special industries?
No
In the first half of 2019,the total electricity consumption of Guangdong Province was 302.61 billion kWh, a YOY
increase of 6%, the growth rate dropped by 6% compared with the same period of last year. The annual output of
West-area Power to Guangdong reached 91.85 billion kWh-over-delivering 22.57 billion kWh, an increase of
20.7%.Affected by the YOY growth of 20.7% from Western Power supply, the 28% growth of nuclear power (new
installed capacity of nuclear power of 2.84 million kilowatts) and the province's hydropower units, the on-grid
power of Gangdong's unified management for core-fired power units declined by nearly 15%, the Company's
on-grid power of the core-fired power units also fell by 13.65% YOY. In the first half of 2019, The Company
completed the on-grid power supply of 31.523 billion kWh, down 13.18% YOY; the average utilization hours of
holding coal-fired units was 1,824 hours, down 390 hours YOY; the average utilization hours of gas-fired units
was 1,984 hours, an increase of 324 hours; the average utilization hours of wind turbines was 1,136 hours, an
increase of 311 hours YOY.

In 2019, the scale of marketization transaction in Guangdong Province continued to expand, with the total volume
reached 200 billion kWh (an increase of 27% over 2018). According to the data released by the Guangdong
Electric Power Trading Center, the 2019 annual bilateral negotiation transaction volume organized by the
Guangdong Electric Power Trading Center was 118.9 billion kWh, and the average transaction price difference
was -4.509 Cent(RMB)/kWh. In the first half of 2019, the monthly concentrated bidding transaction power was
27.211 billion kWh, and the average clearing spread was -3.2 Cent(RMB)/kWh. In 2019, the Company's
budgetary on-grid electricity was 70.981 billion kWh, of which the base electricity was 21.12 billion kWh,
accounting for about 30%; the annual long-term contracted was 35.66 billion kWh, accounting for about 50%; the
rest was monthly bidding volume, accounting for about 20%. In the first half of 2019, the average selling price of
the Company's consolidated statements was 459.74 yuan / thousand kWh (excluding tax), an increase of 20.16
yuan / thousand kWh.

In the first half of 2019, by the comprehensive impact of the year-on-year decline in the price of coal, the dividend
from the implementation of tax reduction and fee reduction policy and the Company's effective control of various
costs and expenses, the Company's profit went up YOY. As of June 2019, the total assets of the Company's
consolidated statements were 72.888 billion yuan, a decrease of 0.6% from the beginning of the year, and the
equity attributable to shareholders of the parent company was 24.551 billion yuan, an increase of 1.34% over the
beginning of the year. The company achieved a consolidated statement operating income of 12.874 billion yuan,
down 7.35% year-on-year; the net profit attributable to shareholders of the parent company was 582 million yuan,
an increase of 29.57%; the earnings per share was 0.1108 yuan. The total liabilities in the Company's consolidated
statement were 40.758 billion yuan and the asset-liability ratio was 55.92%.

In the first half of 2019, the #6 machine of Huizhou Natural Gas Power Generation Project, which was controlled
by the Company, was put into commercial operation, increasing the controllable installed capacity of 460,000
kilowatts. As of June 2019, the Company's controllable installed capacity was 21.42 million kilowatts, of which:
the controllable installed capacity of coal-fired power was 17.14 million kilowatts, accounting for 80.03%; the
controllable installed capacity of gas-power was 3.72 million kilowatts, accounting for 17.37%; the controllable
installed capacity of wind power, hydropower and other renewable energy power was 560,000 kilowatts,
accounting for 2.60%.



                                                                                                                           4
                                        Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2019



2.Maters related to financial report


(1) Reason for changes in accounting policies, accounting estimates and accounting methods as compared to the
financial report for the prior year
√Applicable □ Not applicable
Since January 1, 2019, the company has adjusted the depreciation period of fixed assets of Shajiao A Power Plant.
The 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 owners' 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.
The above matters is available as Announcement No. 2019-03 released by China Securities Journal, Securities
Times, as well as http://www.cninfo.com.cn on the date of January 26,2019,2019.

2. According to the Ministry of Finance's Notice on Revising and Issuing the Format of Financial Statements for
General Enterprises in 2018 (CK [2018] No.15) and notices on the relevant accounting standards for new
financial instruments, the company's accounting policies will be changed. The above matters is available as
Announcement No. 2019-18 released by China Securities Journal, Securities Times, as well as
http://www.cninfo.com.cn on the date of April 12,2019.


  (2) Reason for retrospective restatement to correct major accounting errors during the reporting period
□ Applicable √ Not applicable
No such cases in the reporting period.
(3) Reason for changes in scope of the consolidated financial statements as compared to the financial report for
the prior year
√ Applicable □Not applicable
New Subsidiary Establishment of the Year

           Name                  Business place    Registered address     Nature      Registered    Proportion   Acquired
                                                                                       capital         (%)
 Guangdong Yudean
                                  Dongguan,           Dongguan,           Electric
 Binhai Bay Energy Co.,                                                                30,000,000       100%     Establish
                                  Guangdong           Guangdong           Power
 Ltd.




                                            The Board of Directors of Guangdong Electric Power Development Co., Ltd.
                                                             Chairman of the board: Wang Jin
                                                                August 31,2019




                                                                                                                             5

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