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粤电力B：2022年年度报告(英文版) （下载公告）
公告日期:2023-04-01

2022AnnualReport

GuangdongElectricPowerDevelopmentCo.,Ltd.

2022AnnualReport

March2023

2022AnnualReport

I.ImportantNotice,TableofContentsandDefinitionsTheBoardofDirectors,SupervisoryCommittee,Directors,SupervisorsandSeniorExecutivesoftheCompanyherebyguaranteesthattherearenomisstatement,misleadingrepresentationorimportantomissionsinthisreportandshallassumejointandseveralliabilityfortheauthenticity,accuracyandcompletenessofthecontentshereof.Mr.ZhengYunpeng,Thecompanyleader,Mr.LiuWei,chieffinancialofficerandtheMr.MengFei,thepersoninchargeoftheaccountingdepartment(thepersoninchargeoftheaccounting)herebyconfirmtheauthenticityandcompletenessofthefinancialreportenclosedinthisAnnualreport.DirectorsotherthanthefollowingoneshaveattendedtheBoardmeetingtoreviewtheannualreport.

Thenameofdirectorwhodidnotattendthemeetinginperson

ThenameofdirectorwhodidnotattendthemeetinginpersonPositionofabsentdirectorReasonThenameofdirectorwhowasauthorized
LiFangjiDirectorDuetobusinessZhengYunpeng

Thisannualreportinvolvestheforecastingdescriptionsuchasthefutureplans,anddoesnotconstitutetheactualcommitmentsofthecompanytotheinvestors.Investorsandstakeholdersshouldallmaintainsufficientawarenessofrisksforthisandunderstandthedifferencesbetweenplans,forecastsandcommitments.Thecompanyismainlyengagedinthermalpowergeneration.Thebusinessofthermalpowergenerationisgreatlyaffectedbyfactorsincludingelectricpowerdemandandfuelprice.Fordetails,pleaserefertothepossibleriskfactorsthatthecompanymayfaceinthe"Risksfacingthecompanyandcountermeasures"intheSectionIII"ManagementDiscussion&Analysis".Thecompanywillnotdistributecashdividendorbonusshares,neithercapitalizingofcommonreserves.

2022AnnualReport

TableofContents

I.ImportantNotice,TableofcontentsandDefinitionsII.CompanyProfile&FinancialHighlights.III.ManagementDiscussion&AnalysisIV.CorporateGovernanceV.Environmental&SocialResponsibilityVI.ImportantEventsVII.ChangeofShareCapitalandShareholdingofPrincipalShareholdersVIII.SituationofthePreferredSharesIX.CorporateBondX.FinancialReport

2022AnnualReport

Documentsavailableforinspection

1.Financialstatementsbearingthesealandsignatureoflegalrepresentative,financialcontrollerandthepersoninchargeoftheaccountingorgan;

2.OriginalauditreportsealwithaccountingfirmsandsignatureandsealfromCPA;

3.Alloriginalcopiesofofficialdocumentsandnotices,whichweredisclosedinSecuritiesTimes,ChinaSecuritiesandHongKongCommercialDaily(BothEnglishandChineseversion);

4.Chineseversionofthesemi-annualreport.Thedocumentsmentionedabovearekeptinoffice,andarereadyforreferenceatanytime(exceptpublicholidays,SaturdayandSunday).

2022AnnualReport

Definition

Termstobedefined

TermstobedefinedReferstoDefinition
GuangdongEnergyGroupReferstoGuangdongEnergyGroupCo.,Ltd.
ShaAPowerplantReferstoGuangdongElectricPowerDevelopmentCo.,Ltd.ShaAPowerplant
XinjiangBranchReferstoGuangdongElectricPowerDevelopmentCo.,Ltd.XinjiangBranch
QinghaiBranchReferstoGuangdongElectricPowerDevelopmentCo.,Ltd.QinghaiBranch
ZhanjiangElectricPowerReferstoZhanjiangElectricPowerCo.,Ltd.
YuejiaCompanyReferstoGuangdongYuejiaElectricPowerCo.,Ltd.
ShaoguanPowerGenrationPlantReferstoGuangdongYudeanShaoguanPowerGenerationCo.,Ltd.
MaomingThermalPowerPlantReferstoGuangdongEnergyMaomingThermalPowerPlantCo.,Ltd.
JinghaiCompanyReferstoGuangdongYudeanJinghaiPowerCo.,Ltd.
HumenPowerCompanyReferstoGuangdongYudeanHumenPowerCo.,Ltd.
TechnologyEngineeringCompanyReferstoGuangdongYudeanTechnologyEngineeringManagementCo.,Ltd
ZhanjiangZhongyueReferstoZhanjiangZhongyueEnergyCo.,Ltd.
BoheCompanyReferstoGuangdongYudeanEnergyCo.,Ltd.
HuaduCompanyReferstoGuangdongHuaduNaturalGasThermalPowerCo.,Ltd.
DapuPowerPlantReferstoGuangdongDapuPowerGenerationCo.,Ltd.
WindPowerCompanyReferstoGuangdongWindPowerCo.,Ltd.
GuangqianCompanyReferstoShenzhenGuangqianElectricPowerCo.,Ltd.
ElectricPowerSalesCompanyReferstoGuangdongYudeanElectricPowerSalesCo.,Ltd.
HuizhouNaturalGasCompanyReferstoGuangdongHuizhouNaturalGasPowerCo.,Ltd.
RedBayCompanyReferstoGuangdongRedBayPowerCo.,Ltd.
PinghaiPowerPlantReferstoGuangdongHuizhouPinghaiPowerCo.,Ltd.
LincangCompanyReferstoLincangYudeanEnergyCo.,Ltd.
YonganCompanyReferstoGuangdongYudeanYonganNaturalGasThermalPowerCo.,Ltd.
BinhaiwanEnergyCompanyReferstoGuangdongYudeanBinhaiwanEnergyCo.,Ltd.
DayawanEnergyReferstoGuangdongYudeanDayawanIntegratedEnergyCo.,Ltd.
QimingEnergyReferstoGuangdongYudeanQimingEnergyCo.,Ltd.
HuaguoquanCompanyReferstoShenzhenHuaguoquanElectricIndustryServiceCo.,Ltd.
DananhaiCompanyReferstoGuangdongYudeanDananhaiIntelligenceEnergyCo.,Ltd.
YudeanBaihuaReferstoGuangdongYudeanBaihuaIntegratedEnergyCo.,Ltd.
BijieEnergyReferstoGuangdongBijieNewEnergyCo.,Ltd.
ShaoguanNewEnergyReferstoGuangdongShaoguanYuedianliNewEnergyCo.,Ltd.
HenanNewEnergyReferstoHenanYudeanNewEnergyCo.,Ltd.
ShaCCompanyReferstoGuangdongShajiao(plantC)PowerGenerationCo.,Ltd.
YuehuaPowerGenerationReferstoGuangdongYuehuaPowerGenerationCo.,Ltd.
YunhePowerGenerationReferstoGuangdongYudeanYunhePowerGenerationCo.,Ltd.
TumuThermalPowerReferstoTumushukeThermalPowerCo.,Ltd.
HanhaiEnergyReferstoTumushukeYudeanHanhaiNewEnergyCo.,Ltd.
HuiboEnergyReferstoGuangdongHuiboNewEnergyCo.,Ltd.
JinxiuEnergyReferstoYuedeanJinxiuEnergyCo.,Ltd.

2022AnnualReport

SongshanhuCompany

SongshanhuCompanyReferstoDongguanSongshanhuYudeanEnergyServiceCo.,Ltd.
SenhongEnergyReferstoNanjingSenhongNewEnergyCo.,Ltd.
LinyuanSenhaiEnergyReferstoNanjingLinyuanSenhaiNewEnergyCo.,Ltd.
ZhennanEnergyReferstoYunfuZhennanNewEnergyCo.,Ltd.
LuodingEnergyReferstoYunfuLuodingYudeanNewEnergyCo.,Ltd.
AlxaLeagueEnergyReferstoAlxaLeagueYudeanNewEnergyCo.,Ltd.
SanmenxiaGuangnengReferstoSanmenxiaGuangnengNewEnergyCo.,Ltd.
LiangguangEnergyReferstoHuazhouYudeanLiangguangNewEnergyCo.,Ltd.
CaojiangEnergyReferstoGaozhouYudeanCaojiangNewEnergyCo.,Ltd.
DongrunZhongnengReferstoTaishanDongrunZhongnengNewEnergyCo.,Ltd.
MaomingNaturalGasReferstoGuangdongYudeanMaomingNaturalGasCo.,Ltd.
XingyueEnergyReferstoMeizhouXingyueNewEnergyCo.,Ltd.
XinguangyaoEnergyReferstoLaixiXinguangyaoNewEnergyTechnologyCo.,Ltd.
ShacheEnergyReferstoYudeanShacheComprehensiveEnergyCo.,Ltd.
ZhenyunEnergyReferstoYunfuYudeanZhenyunNewEnergyCo.,Ltd.
ZhennengEnergyReferstoYunfuYudeanNewEnergyCo.,Ltd.
ZhuhaiEnergyReferstoZhuhaiYudeanNewEnergyCo.,Ltd.
LiuzhouEnergyReferstoGuangxiLiuzhouYudeanNewEnergyCo.,Ltd.
LvnengEnergyReferstoGuangdongYudeanLvnengNewEnergyCo.,Ltd.
DianbaiEnergyReferstoMaomingDianbaiNewEnergyCo.,Ltd,
TuoqianEnergyReferstoHuanggangTuoqianNewEnergyCo.,Ltd.
GaozhouIntelligenceNewEnergyReferstoGaozhouYudeanIntelligenceNewEnergyCo.,Ltd.
HainanGuangnengReferstoHainanGuangnengYudeanNewEnergyCo.,Ltd.
GuangzhouNewEnergyReferstoGuangdongYudeanNewEnergyDevelopmentCo.,Ltd.
ChanghaEnergyReferstoTumushukeYudeanChangheNewEnergyCo.,Ltd.
CaohuEnergyReferstoTumushukeYudeanCaohuNewEnergyCo.,Ltd.
XingnengEnergyReferstoQinghaiYudeanXingnengNewEnergyCo.,Ltd.
ZhanjiangGuangnengReferstoZhanjiangGuangnengYudeanNewEnergyCo.,Ltd.
BaoheEnergyReferstoGaozhouYudeanBaoheNewEnergyCo.,Ltd.
FushunEnergyReferstoFushunYudeanNewEnergyCo.,Ltd.
LeizhouPowerGenerationReferstoGuangdongYudeanLeizhouPowerGenerationCo.,Ltd.
JiuzhouNewEnergyReferstoJiuzhouNewEnergy(Zhaoqing)Co.,Ltd.
ChangshanWindPowerReferstoXiangtanXiangdianChanshanWindPowerGenerationCo.,Ltd.
GuangxiXinyueReferstoGuangxiXinyueNewEnergyCo.,Ltd.
ZhanjiangBiomassPowerGenerationCompanyReferstoGuangdongYudeanZhanjiangBiomassPowerGenerationCo.,Ltd.
ShibeishanWindPowerReferstoGuangdongYudeanShibeishanWindEnergyDevelopmentCo.,Ltd.
DianbaiWindPowerCompanyReferstoGuangdongYudeanDianbaiWindPowerCo.,Ltd.
HuilaiWindPowerCompanyReferstoHuilaiWindPowerGenerationCo.,Ltd.
YangjiangWindPowerCompanyReferstoGuangdongYudeanYangjiangOffshoreWindPowerCo.,Ltd.
HepingWindPowerCompanyReferstoGuangdongYudeanHepingWindPowerCo.,Ltd.
PingyuanWindPowerCompanyReferstoGuangdongYudeanPingyuanWindPowerCo.,Ltd.
WuxuanWindPowerCompanyReferstoGuangxiWuxuanYudeanNewEnergyCo.,Ltd.
XupuWindPowerCompanyReferstoHunanXupuYuefengNewEnergyCo.,Ltd.

2022AnnualReport

PingdianIntegratedEnergyCompany

PingdianIntegratedEnergyCompanyReferstoHuizhouPingdianIntegratedEnergyCo.,Ltd.
ZhuhaiWindPowerCompanyReferstoGuangdongYudeanZhuhaiOffshoreWindPowerCo.,Ltd.
ZhanjiangWindPowerCompanyReferstoGuangdongYudeanZhanjiangWindPowerGenerationCo.,Ltd.
QujieWindPowerCompanyReferstoGuangdongYudeanQujieWindPowerGenerationCo.,Ltd.
LeizhouWindPowerCompanyReferstoGuangdongYudeanLeizhouWindPowerGenerationCo.,Ltd.
TongdaoWindPowerCompanyReferstoTongdaoYuexinWindPowerGenerationCo.,Ltd.
YudeanFuelCompanyReferstoGuangdongPowerIndustryFuelCo.,Ltd.
GuangdongEnergyInsuranceCaptiveCompanyReferstoGuangdongEnergyPropertyInsuranceCaptiveCo.,Ltd.
ShanxiEnergyCompanyReferstoShanxiYudeanEnergyCo.,Ltd.
YudeanShippingCompanyReferstoGuangdongYudeanShippingCo.,Ltd.
YueqianCompanyReferstoGuizhouYueqianElectricCo.,Ltd.
GuangdongEnergyFinanceCompanyReferstoGuangdongEnergyGroupFinanceCo.,Ltd.
EnergyFinancialLeasingCompanyReferstoGuangdongEnergyFinancialLeasingCo.,Ltd.
GuonengTaishanCompanyReferstoGuonengYudeanTaishanPowerGenerationCo.,Ltd.
WeixinEnergyCo.,Ltd.ReferstoYunnanYuntouWeixinEnergyCo.,Ltd.
ZhongxinkenghydropowerstationReferstoYangshanZhongxinkengPowerCo.,Ltd.
JiangkenghydropowerstationReferstoYangshanJiangkenghydropowerstation
SouthernOffshorewindpowerReferstoSouthernOffshorewindpowerUnionDevelopmentCo.,Ltd.
SunshineInsuranceReferstoSunshineInsuranceGroupCo.,Ltd.
ShenzhenCapitalReferstoShenzhenCapitalGroupCo.,Ltd.
GMGReferstoGMGInternationalTenderingCo.,Ltd.
ShenzhenEnergyReferstoShenzhenEnergyGroupCo.,Ltd.
ShenergyCompanyReferstoShenergyCompanyLimited
EnvironmentalProtectionCompanyReferstoGuangdongYudeanEnvironmentalProtectionCo.,Ltd.

2022AnnualReport

II.CompanyProfile&FinancialHighlights.

1.Companyprofile

Stockabbreviation

StockabbreviationYueDianLiA,YueDianLiBStockcode：000539,200539
StockexchangeforlistingShenzhenStockExchange
NameinChinese广东电力发展股份有限公司
AbbreviationofRegisteredCompanyNameinChinese(粤电力
Englishname(Ifany)GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD
Englishabbreviation(Ifany)GED
LegalRepresentativeZhengYunpeng
Registeredaddress33-36/F,SouthTower,YudeanPlaza,No.2TianheRoadEast,Guangzhou,GuangdongProvince
PostalcodeoftheRegisteredAddress510630
Historicalchangeofthecompany'sregisteredaddressNo
OfficeAddress33-36/F,SouthTower,YudeanPlaza,No.2TianheRoadEast,Guangzhou,GuangdongProvince
Postalcodeoftheofficeaddress510630
InternetWebSitehttp://www.ged.com.cn
E-mailged@ged.com.cn

2.Contactpersonandcontactmanner

BoardsecretarySecuritiesaffairsRepresentative
NameLiuWeiHuangXiaowen
Contactaddress35/F,SouthTower,YudeanPlaza,No.2TianheRoadEast,Guangzhou,GuangdongProvince35/F,SouthTower,YudeanPlaza,No.2TianheRoadEast,Guangzhou,GuangdongProvince
Tel(020)87570251(020)87570251
Fax(020)85138084(020)85138084
E-mailliuw@ged.com.cnhuangxiaowen@ged.com.cn

3.Informationdisclosureandplaced

NewspapersselectedbytheCompanyforinformationdisclosureChinaSecuritiesDaily,SecuritiesTimesandHongKongCommercialDaily(overseasnewspaperforEnglishversion)
InternetwebsitedesignatedbyCSRCforpublishingtheannualreportoftheCompanyhttp://www.cninfo.com.cn
TheplacewheretheAnnualreportispreparedandplacedAffairDept.OftheBoardofdirectorsoftheCompany

4.Changesinregistration

Unifiedsocialcreditcode91440000617419493W
Changesinprincipalbusinessactivitiessincelisting(ifany)OnAugust25,2021,Thecompany'smainbusinessconsistsof"investment,constructionandoperationmanagementofpowerprojects,productionandsalesofpower,technicalconsultingandservicesinthepowerindustry,leasingofterminalfacilities,generalcargowarehousing,loadingandunloading,andtransportationservices.(projectssubjecttoapprovalaccordingtolaw,businessactivitiescanonlybecarriedoutafterbeingapprovedbytherelevantdepartments)”ischangedto“investment,constructionandoperationmanagementofpower

2022AnnualReport

projectsandnewenergyprojects;productionandsalesofelectricpower;technicalconsultingandservicesinthepowerindustry;leasingofterminalfacilities;generalcargostorage,loadingandunloading,shipmentservice.(projectssubjecttoapprovalaccordingtolaw,businessactivitiescanonlybecarriedoutafterbeingapprovedbytherelevantdepartments)".

projectsandnewenergyprojects;productionandsalesofelectricpower;technicalconsultingandservicesinthepowerindustry;leasingofterminalfacilities;generalcargostorage,loadingandunloading,shipmentservice.(projectssubjecttoapprovalaccordingtolaw,businessactivitiescanonlybecarriedoutafterbeingapprovedbytherelevantdepartments)".
Changesisthecontrollingshareholderinthepast(isany)Nochange

5.OtherRelevantInformationCPAsengaged

NameoftheCPAsPWCCertifiedPublicAccountants(specialgeneralpartnership)
Officeaddress11/F,PricewaterhouseCoopersCenter,2CorporateAvenue202HuBinRoad,HuangpuDistrict,Shanghai
NamesofthecertifiedpublicaccountantsasthesignatoriesLiXiaolei,FanXin

Thesponsorperformingpersistantsupervisiondutiesengagedbythecompanyinthereportingperiod.

□Applicable√NotApplicableTheFinancialadvisorperformingpersistantsupervisiondutiesengagedbythecompanyinthereportingperiod

□Applicable√NotApplicable

6.SummaryofaccountingdataandfinancialindexWhetherithasretroactiveadjustmentorre-statementonpreviousaccountingdata

√Yes□NoRetroactiveadjustmentorrestatementofcausesAccountingpolicychange

20222021ChangesofthisperiodoversameperiodofLastyear(%)2020
BeforeadjustmentAfteradjustmentAfteradjustmentBeforeadjustmentAfteradjustment
Operatingincome（Yuan）52,661,088,43644,167,223,88744,457,866,54218.45%33,602,895,86533,602,895,865
Netprofitattributabletotheshareholdersofthelistedcompany（Yuan）-3,003,916,572-3,147,754,234-2,928,171,731-2.59%2,053,909,9562,053,909,956
Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany（Yuan）-2,936,757,038-2,905,313,714-2,685,731,211-9.35%1,551,209,6481,551,209,648
Cashflowgeneratedbybusinessoperation,net（Yuan）1,479,864,774-40,304,011122,174,6681,111.27%7,754,798,6367,754,798,636
Basicearningpershare(Yuan/Share)-0.5721-0.5995-0.5577-2.59%0.39120.3912
Dilutedgainsper-0.5721-0.5995-0.5577-2.59%0.39120.3912

2022AnnualReport

share(Yuan/Share)

share(Yuan/Share)
WeightedaverageROE(%)-13.77%-10.72%-9.94%-3.83%6.95%6.95%
Endof2022Endof2021Changedoverlastyear（％）Endof2020
BeforeadjustmentAfteradjustmentAfteradjustmentBeforeadjustmentAfteradjustment
Grossassets（Yuan）131,504,274,884114,271,451,479114,493,083,59814.86%99,479,773,16299,479,773,162
Netassetsattributabletoshareholdersofthelistedcompany（Yuan）20,241,872,47923,185,079,80523,386,185,436-13.45%31,820,079,62131,820,079,621

ReasonsofaccountingpolicychangeandcorrectionofaccountingerrorsIn2021,theMinistryofFinanceissuedtheNoticeonPrintingandDistributingthe"InterpretationofAccountingStandardsforBusinessEnterprisesNo.15"(hereinafterreferredtoas"InterpretationNo.15").ThecompanyimplementedtheprovisionsrelatedtothetrialoperationsalesoffixedassetsintheInterpretationNo.15fromJanuary1,2022,andretroactivelyadjustedthetrialoperationsalesrevenueincurredbetweenJanuary1,2021andtheimplementationdate.Thecomparativefinancialstatementsfor2021wererestatedaccordingly.TheaboveaccountingpolicychangeshavenoimpactonthebalancesheetasofJanuary1,2021.

□Yes√NoThelowerofthenetprofitbeforeandafterthedeductionofthenon-recurringgainsandlossesisnegative.

√Yes□No

Items20222021Note
Operatingincome(Yuan）52,661,088,43644,457,866,542Includingelectricitysalesincome,steamincome,laborserviceincomeandafewotherbusinessincomeunrelatedtothemainbusiness
Operatingincomeafterdeduction(Yuan）440,345,0994,784,789,993Itisotherbusinessincomeunrelatedtothemainbusiness.
Operatingincomeafterdeduction(Yuan)52,220,743,33739,673,076,549Includingelectricitysalesincome,steamincomeandlaborserviceincome

7.Thedifferencesbetweendomesticandinternationalaccountingstandards1）SimultaneouslypursuanttobothChineseaccountingstandardsandinternationalaccountingstandardsdisclosedinthefinancialreportsofdifferencesinnetincomeandnetassets.

□Applicable□√NotapplicableNone2）DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasandChineseaccountingstandards.

□Applicable√NotapplicableNone

8.Mainfinancialindexbyquarters

InRMB

FirstquarterSecondquarterThirdquarterFourthquarter
Operatingincome11,389,443,59211,221,796,14116,875,114,20213,174,734,501

2022AnnualReport

Netprofitattributabletotheshareholdersofthelistedcompany

Netprofitattributabletotheshareholdersofthelistedcompany-449,739,596-925,999,569-343,808,193-1,284,369,214
Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany-461,615,643-937,994,191-350,046,170-1,187,101,034
Netcashflowgeneratedbybusinessoperation-620,286,887411,928,3772,777,296,829-1,089,073,545

Whethersignificantvariancesexistbetweentheabovefinancialindexortheindexwithitssumandthefinancialindexofthequarterlyreportaswellassemi-annualreportindexdisclosedbythecompany.

□Yes?No

2022AnnualReport

9.Itemsandamountofnon-currentgainsandlosses

√Applicable□Notapplicable

InRMB

Items

ItemsAmount(2022)Amount(2021)Amount(2020)Notes
Non-currentassetdisposalgain/loss(includingthewrite-offpartforwhichassetsimpairmentprovisionismade)30,802,83782,842,178340,976,361ItismainlyYuejiaisduetothesettlementofhousesandbuildings
Governmentsubsidyrecognizedincurrentgainandloss(excludingthosecloselyrelatedtotheCompany’sbusinessandgrantedunderthestate’spolicies)51,267,27237,606,57830,457,198Itisvariousgovernmentfundsreceivedbybranchesandsubsidies.

GainequaltotheamountbywhichinvestmentcostsfortheCompanytoacquiresubsidiaries,associatesandjointventuresarelowerthantheCompany’senjoyablefairvalueofidentifiablenetassetsofinvesteeswhenmakinginvestments

009,784,791
AssetimpairmentprovisionsdueactsofGodsuchasnaturaldisasters-83,358,69400ItismainlybecausethesomeassetsinYangjiangWindPowerwasseriouslydamagedbytyphoon,causingoperationfailure.TheCompanyevaluatestherecoverablevalueofthedamagedassetsandmakesprovisionforimpairmentaccordingtotheevaluationresults.
Netgainandlossofthesubsidiaryunderthecommoncontrolandproducedfromenterpriseconsolidationfromthebeginningoftheperiodtotheconsolidationdate0-658,714,842559,324,501
Operatingincomeandexpensesotherthantheaforesaiditems46,299,37616,979,17236,323,955
Othergains/lossesincompliancewiththedefinitionofnon-recurringgain/loss-57,924,95382,674,7435,001,523Itismainlythelossofassetretirement,claimsettlementandcompensationincomeofbranchesandsubsidiaries.
Less:Influencedamountofincometax38,582,62455,885,342106,635,578
Influencedamountofminorshareholders’equity(aftertax)15,662,748-252,056,993372,532,443
Total-67,159,534-242,440,520502,700,308--

Detailsofotherprofitandlossitemsthatmeetthenon-recurringprofitandlossdefinition

□Applicable√NotapplicableNoneForthecompany’snon-recurringgain/lossitemsasdefinedintheExplanatoryAnnouncementNo.1oninformationdisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationDisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason.

2022AnnualReport

√Applicable□Notapplicable

Items

ItemsAmountinvolved(RMB)Reason
Value-addedtaxwillberefundedimmediately28,893,040AccordingtotheVATrefundpolicy,thecompanyanditscontrolledsubsidiariesareincompliancewithrelevantregulationsandcontinuetoenjoytheVATrefundimmediately
Carbonemissionquotausedtofulfilltheemissionreductionobligation-306,786,693Complywithnationalpoliciesandregulations,andcontinuetooccur.

2022AnnualReport

III.ManagementDiscussion&AnalysisI.IndustryinformationofthecompanyduringthereportingperiodThecompanyshallcomplywiththedisclosurerequirementsofpower-relatedindustriesintheGuidelineNo.3forSelf-regulationofListedCompaniesofShenzhenStockExchange-IndustryInformationDisclosure.Accordingtothestatisticsofthenationalpowerindustryin2022publishedbytheNationalEnergyAdministration,theelectricityconsumptionofthewholesocietyinChinain2022was8.64trillionkWh,withayear-on-yearincreaseof3.6%.Theelectricityconsumptionoftheprimaryindustrywas114.6billionkWh,withayear-on-yearincreaseof10.4%;Theelectricityconsumptionofthesecondaryindustrywas5.7trillionkWh,withayear-on-yearincreaseof1.2%;Theelectricityconsumptionofthetertiaryindustrywas1.49trillionkWh,withayear-on-yearincreaseof4.4%;Thedomesticelectricityconsumptionofurbanandruralresidentswas

1.34trillionkWh,withayear-on-yearincreaseof13.8%.

Intermsofpowersupply,withthegoalof"carbonpeakingandcarbonneutrality"andthedevelopmentrequirementsofbuildinganewpowersystem,newenergysourcessuchaswindpowerandsolarpowerhaveenteredthe"fastlane"ofhigh-qualitydevelopment,andtheinstalledcapacityhasincreasedyearbyyearinthetotalinstalledcapacityofpowergenerationinChina,withremarkableresultsofgreenandlow-carbontransformationinthepowerindustry.Bytheendof2022,thecumulativeinstalledpowergenerationcapacityinChinawasabout2.56billionkilowatts,withayear-on-yearincreaseof7.8%,inwhichtheinstalledcapacityofwindpowerisabout370millionkilowatts,withayear-on-yearincreaseof11.2%;Theinstalledpowergenerationcapacityofsolarpowerisabout390millionkilowatts,withayear-on-yearincreaseof28.1%;Theinstalledcapacityofcoal-firedpowerisabout1.121billionkilowatts,withayear-on-yearincreaseof1%,andthepowergenerationofcoal-firedpowerisup0.7%year-on-year,accountingfor58.4%ofthetotalpowergeneration.Combinedwiththeinstalledcapacityandpowergeneration,coal-firedpowerisstillthemostimportantpowersupplyinChina,anditisalsothe"ballaststone"toensurethesafeandstablesupplyofelectricityinChina.

In2022,thefuelpriceremainshigh,andtheoperationofthermalpowerenterprisesisfacinggreatchallenges.AccordingtothetransactionresultsannouncedbyGuangdongPowerExchangeCenterinDecember2022,theaveragetransactionpriceofbilateralnegotiationtransactions,annuallistingtransactionsandannualcentralizedcompetitiontransactionsintheprovincein2023increasedyearonyear,withtheaveragetransactionpriceofbilateralnegotiationbeingRMB553.88/thousandkWh,whichwasRMB56.84/thousandkWhhigherthanthepreviousyear.Atthesametime,theEnergyBureauofGuangdongProvinceandtheSouthChinaEnergyRegulatoryOfficeofNationEnergyAdministrationjointlyissuedtheNoticeonMattersRelatedtoElectricityMarketTransactionsin2023,proposingthatwhenthepricefluctuationofprimaryenergyexceedsacertainrange,theprimaryenergypricefluctuationtransmissionmechanismshallbestartedaccordingtothemarketoperationtopromotethetransmissionofcostpressuretothedownstream.Inaddition,inthefirsthalfof2022,theNationalDevelopmentandReformCommissionsuccessivelyissuedtheNoticeonFurtherImprovingthePriceFormationMechanismoftheCoalMarketandrelateddocumentstostrengthentheregulationandsupervisionofthecoalmarketprice,guidethecoalpricewithinareasonablerange,promotethecoordinateddevelopmentofcoalandelectricityupstreamanddownstream,andensurethesafeandstablesupplyofenergy.Tosumup,theincreaseoftransactionpriceinthemediumandlong-termmarketisconducivetothereasonablediversionoftheupstreamcoalpricecostpressuretothedownstream.Meanwhile,ifthecoalpricecanfallbacktoareasonablerangeundertheguidanceofnationalpolicies,thecompany'soperatingpressurewillbereleasedtoacertainextent,anditsprofitoutlookwillbeimproved.

2022AnnualReport

II.MainBusinesstheCompanyisEngagedinDuringtheReportPeriodThecompanyshallcomplywiththedisclosurerequirementsofpower-relatedindustriesintheGuidelineNo.3forSelf-regulationofListedCompaniesofShenzhenStockExchange-IndustryInformationDisclosure.Thecompanyismainlyengagedintheinvestment,construction,andoperationmanagementofelectricpowerprojectsandnewenergyprojects,aswellastheproductionandsalesofelectricpower.Itbelongstothepower,heatproductionandsupplyindustryclassifiedinthe“GuidelinesfortheIndustryClassificationofListedCompanies”bytheChinaSecuritiesRegulatoryCommission.Sinceitsfoundation,thecompanyhasalwaysadheredtothebusinesstenetof“Capitalfromthepeople,usingitforelectricity,andbenefitingthepublic”andadherestothebusinesspolicyof“Centeringonthemainbusinessofelectricity,withdiversifieddevelopment”,focusingonthemainbusinessofpowerandmakingthepowerstructuregodiversified.Inadditiontothedevelopment,constructionandoperationoflarge-scalecoal-firedpowerplants,italsohascleanenergyprojectssuchasLNGpowergeneration,windpowergenerationandhydropowergeneration,whichprovidesreliableandcleanenergytousersthroughthegridcompany.Asoftheendof2022,thecompanyhascontrollableinstalledcapacityof31.444millionkilowatts,includingholdinginstalledcapacityof29.6962millionkilowattsandequityparticipationinstalledcapacityof1.7478millionkilowatts.Including:Theholdinginstalledcapacityforcoal-firedpowergenerationwas20.55millionkilowatts,accountingfor69.2%;theholdinginstalledcapacityforgasandelectricityof6.392millionkilowatts,accountingfor21.52%；andrenewableenergygenerationlikewindpowerandhydropowerof2.7542millionkilowatts,accountingfor9.27%..Inaddition,thecompanyisentrustedwithmanagingtheinstalledcapacityof8.854millionkilowatts.Theabovecontrollableinstalledcapacityandentrustedmanagementinstalledcapacitytotaled39.986millionkilowatts.Incomesourceisprimarilycontributedbypowerproductionandsales,andmainbusinessincomeisderivedfromGuangdongprovince.ThecompanyelectricitysalespriceissubjecttothebenchmarkpriceverifiedbythepriceauthorityperrelevantpoliciesbasedonNationalDevelopmentandReformCommission(NDRC)andtheelectricitytransactionpricethroughthemarkettradeimplementationperGuangdongElectricityMarketTradeBasicRulesandsupportingfiles.Inthereportingperiod,theelectricitysoldis107.679billionkilowatt-hours,anincreaseof2.16%YOY;averagepricestatedintheconsolidatedstatementsis545.55Yuan/thousandskilowatt-hours(taxincluded,thesamebelow),anincreaseof78.44yuan/thousandskilowatt-hoursoranincreastof16.8%YOY;thetotaloperatingincomewasRMB52,661.09million,anincreaseofRMB8,203.22millionoranincreaseof18.45%YOY.Thecompany'sbusinessisdominatedbycoal-firedpowergeneration,andthefuelcostsaccountforalargeportionofoperatingcosts,thusthefluctuationsincoalpriceshaveasignificantimpactonthecompany'soperatingperformance.Duringthereportingperiod,affectedbytheincreaseinpowergenerationandthecontinuousincreaseincoalprices,thecompany’sfuelcostswere43,252.48millionyuan,whichaccountedfor

81.84%ofthemainbusinesscosts,affectedbythesharpincreaseofpowergenerationandcoalprice,thefuelcostincreasedbyRMB4,588.78millionyearonyear.anincreaseof11.87%.

Duringthereportingperiod,benefitingfromtheYOYincreaseinon-gridelectricitypricesandtheorderlypromotionofproductionofnewenergyprojectssuchaswindpowerandphotovoltaicsprojects,thecompany'soperatingincomeincreasedsignificantly.However,affectedbyavarietyoffactorsandthehigh-levelfuelprices,thecompany'sthermalpowerplantsrecordedseriouslosses,andthecompanyachievedanetprofitattributabletotheparentcompanyof-3,003.92millionyuanin2022,down2.59%YOY.Inwhich,thecompany'scoalpowerbusinessachievedanetprofitattributabletotheparentcompanyof-3,950.78millionyuan;Thenetprofitattributabletotheparentcompanyofthegaspowerbusinesswas186.04millionyuan;Thenetprofit

2022AnnualReport

attributabletotheparentcompanyfromthehydropowerbusinesswas-27.23millionyuan;Thenewenergybusinessachievedanetprofitattributabletotheparentcompanyof325.68millionyuan;Theinvestmentbusinessofthecompany'sheadquartersachievedanetprofitattributabletotheparentcompanyof1042.98millionyuan.MainProductionandOperationInformation

Items

ItemsThisreportingperiodSameperiodlastyear
Totalinstalledcapacity('0,000kW)2,969.622,822.52
Installedcapacityofunitsthatarenewlyputintoproduction('0,000kW)147.10218.12
Plannedinstalledcapacityofapprovedprojects('0,000kW)1,803.50925.23
Plannedinstalledcapacityofprojectsunderconstruction('0,000kW)1,077.15696.80
Powergeneration('00,000,000kWh)1,140.591,111.77
On-gridelectricityorelectricitysales('00,000,000kWh)1,076.791,053.98
Averageon-gridpriceorsellingprice(RMB/'00,000,000kWh,includingtax)0.550.47
Averagepowerconsumptionrateofpowerplant(%)5.715.23
Powerplantutilizationhours(h)3,9804,219

（1）OperationInformationofthermalpower

ItemsThisreportingperiodSameperiodlastyear
Totalinstalledcapacity('0,000kW)2,694.22,602.2
Installedcapacityofunitsthatarenewlyputintoproduction('0,000kW)9282
Plannedinstalledcapacityofapprovedprojects('0,000kW)852664.8
Plannedinstalledcapacityofprojectsunderconstruction('0,000kW)745.60570.80
Powergeneration('00,000,000kWh)1,086.731,077.46
On-gridelectricityorelectricitysales('00,000,000kWh)1,025.631,021.45
Averageon-gridpriceorsellingprice(RMB/'00,000,000kWh,includingtax)0.540.46
Averagepowerconsumptionrateofpowerplant(%)5.625.23
Powerplantutilizationhours(h)4,1104,606

（2）OperationInformationofwindpower

ItemsThisreportingperiodSameperiodlastyear
Totalinstalledcapacity('0,000kW)234.50197.04
Installedcapacityofunitsthatarenewlyputintoproduction('0,000kW)37.46136.12
Plannedinstalledcapacityofapprovedprojects('0,000kW)11.500
Plannedinstalledcapacityofprojectsunderconstruction('0,000kW)100104
Powergeneration('00,000,000kWh)42.9923.06
On-gridelectricityorelectricitysales('00,000,000kWh)41.1521.89
Averageon-gridpriceorsellingprice(RMB/'00,000,000kWh,includingtax)0.730.68
Averagepowerconsumptionrateofpowerplant(%)4.274.61
Powerplantutilizationhours(h)2,1682,044

（3）OperationInformationofwaterpower

ItemsThisreportingperiodSameperiodlastyear
Totalinstalledcapacity('0,000kW)13.2813.28
Installedcapacityofunitsthatarenewlyputintoproduction('0,000kW)00
Plannedinstalledcapacityofapprovedprojects('0,000kW)00

2022AnnualReport

Plannedinstalledcapacityofprojectsunderconstruction('0,000kW)

Plannedinstalledcapacityofprojectsunderconstruction('0,000kW)00
Powergeneration('00,000,000kWh)3.763.44
On-gridelectricityorelectricitysales('00,000,000kWh)3.703.39
Averageon-gridpriceorsellingprice(RMB/'00,000,000kWh,includingtax)0.210.21
Averagepowerconsumptionrateofpowerplant(%)1.661.44
Powerplantutilizationhours(h)2,8332,589

（4）OperationInformationofBiomassbusiness

ItemsThisreportingperiodSameperiodlastyear
Totalinstalledcapacity('0,000kW)1010
Installedcapacityofunitsthatarenewlyputintoproduction('0,000kW)00
Plannedinstalledcapacityofapprovedprojects('0,000kW)00
Plannedinstalledcapacityofprojectsunderconstruction('0,000kW)00
Powergeneration('00,000,000kWh)7.097.89
On-gridelectricityorelectricitysales('00,000,000kWh)6.287.25
Averageon-gridpriceorsellingprice(RMB/'00,000,000kWh,includingtax)0.750.75
Averagepowerconsumptionrateofpowerplant(%)11.378.11
Powerplantutilizationhours(h)7,0877,890

（5）OperationInformationofphotovoltaicbusiness

ItemsThisreportingperiodSameperiodlastyear
Totalinstalledcapacity('0,000kW)17.640
Installedcapacityofunitsthatarenewlyputintoproduction('0,000kW)17.640
Plannedinstalledcapacityofapprovedprojects('0,000kW)940260.43
Plannedinstalledcapacityofprojectsunderconstruction('0,000kW)231.5522
Powergeneration('00,000,000kWh)0.030
On-gridelectricityorelectricitysales('00,000,000kWh)0.030
Averageon-gridpriceorsellingprice(RMB/'00,000,000kWh,includingtax)0.54/
Averagepowerconsumptionrateofpowerplant(%)1.11/
Powerplantutilizationhours(h)146/

Note：1.Thetotalinstalledcapacityistheholdinginstalledcapacity,In2021,theCompany'sphotovoltaic

powergenerationwasonlyusedinthefactory.ElectricitysalesbusinessoftheCompany

√Applicable□NotapplicableGuangdongYudeanElectricPowerSalesCo.,Ltd.("Salescompany"),awholly-ownedsubsidiaryofthecompany,foundedinJuly2015,isthefirstpowersalescompanyinGuangdongprovince,anditspowersalesqualificationcodeisSD01.Basedonthebusinessofpurchasingandsellingelectricity,thesalescompanyfocusesonimprovingelectricityefficiency,providescustomerswithservicessuchasdemandresponsestrategy,energysavingrenovation,energyconsumptionstrategyconsultation,contractedenergymanagement,powerenergystorage,etc.,andcarriesoutcomprehensiveenergyserviceprojects(smartenergymanagement,carbonassetmanagement,energytrusteeship,energyaudit,etc.)invertical(industry)fields,largegroupenterprisesandlargeparks.In2022,theelectricityconsumptionofthesalescompanywas49.193billionkWh,withayear-on-yeardecreaseof8.59%,inwhichtheelectricityoftheholdingsubsidiaryoftheagencycompanyis41.084billionkWh,accountingfor38.15%ofthecompany'son-gridelectricity.

2022AnnualReport

Reasonsforthesignificantchangesintherelevantdata

□Applicable√NotapplicableRelatednewenergypowergenerationbusiness

Duringthe"14thFive-YearPlan"period,thecompanyinitiallyplannedtoaddabout14millionkilowattsofnewenergyinstalledcapacity,including1.6millionkilowattsofonshorewindpower,2.8millionkilowattsofoffshorewindpowerand9.6millionkilowattsofphotovoltaicpower(theabove-mentionedplannedinstalledcapacityandpowergenerationtypewillbedeterminedaccordingtotheactualsituationofprojectapprovalforfiling,investmentanddevelopment,andbesubjecttosomeadjustmentinspecificimplementation.)Bytheendof2022,thecompanyhadatotalinstalledcapacityofabout2,521,400kilowattsofnewenergysuchaswindpowerandphotovoltaicpower,includingabout1.2millionkilowattsofoffshorewindpower,1.145millionkilowattsofonshorewindpowerand176,400kilowattsofphotovoltaicpower;InJianyangJiangqingzhouNo.1andNo.2offshorewindpowerprojectsandXinjiangHanhaiphotovoltaicprojects,thetotalinstalledcapacityis3,315,500millionkilowatts;ThescaleofnewenergyprojectsthattheCompanyhasapprovedforfilingisabout10millionkilowatts.Inthefuture,thecompanywillcontinuetoactivelygraspthedevelopmenttrendofacceleratingenergytransformationunderthegoalof"emissionpeak"and"carbonneutrality",implementthestrategyof"1+2+3+X",activelyexpandtheresourcesofnewenergyprojectsthroughself-constructionandacquisition,fullypromotetheleap-forwarddevelopmentofnewenergy,andbuildanecologicalandcivilizedpowerenterprise.

1.AsofDecember31,2022,thenewenergypowergenerationprojectscontrolledbythecompanythathavebeenputintoproductionareasfollows:

Projecttype

ProjecttypeProjectnameInstalledcapacity('0,000kilowatts)Shareholdingratio
WindPowerZhanjiangXuwenYangqian4.9570%
WindPowerZhanjiangXuwenYongshi4.9570%
WindPowerJieyangHuilaiShibeishan10.070%
WindPowerJieyangHuilaiHaiwanshi1.490%
WindPowerMaomingDianbaiHotWater4.95100%
WindPowerZhanjiangLeizhouHongxinlou4.9594%
WindPowerZhanjiangXuwenShibanling4.95100%
WindPowerZhanjiangXuwenQujie4.95100%
WindPowerWailuoIoffshorewindpower19.8100%
WindPowerXuwenWutushanWindPower4.9551%
WindPowerXuwenDengjiaolouWindPower4.9551%
WindPowerPingyuanMaoping4.8100%
WindPowerZhuhaiJinwanoffshoreWindpower3074.49%
WindPowerZhanjiangXuwenWailuoIIOffshoreWindPower20100%
WindPowerZhanjiangXuwenXinliaooffshorewindpower20.35100%
WindPowerYangjiangShapaoffshorewindpower3091.41%
WindPowerGuangxiWuxuan5100%
WindPowerYangjiangShapaoffshorewind5100%

2022AnnualReport

power

power
WindPowerGuangxiWuxuan5100%
WindPowerDecentralizedWindPowerinShanweiPowerPlant1.0865%
WindPowerNanxiongZhuanvillage4.99100%
WindPowerXiangtanChangshan4.4100%
WindPowerPingyuanSishui4100%
WindPowerHenanXihuaWindPower1.53100%
WindPowerHenanWuzhiWindpower2.5100%
WindPowerHebeiZiyahe1080%
WindPowerZhanjiangLeigao15.0351%
PhotovoltaicBaojiaPowergeneration0.1290%
PhotovoltaicDapuPowerplant0.20100%
PhotovoltaicJiuzhouNewEnergy1.73100%
PhotovoltaicXinhuiPowerPlant1.0646%
PhotovoltaicYuehuaCompany0.0651%
PhotovoltaicShandongGaotang4.05100%
PhotovoltaicJinxiuWudeng0.1490%
PhotovoltaicRedBayPowerPlant165%
PhotovoltaicWushiWudeng0.014100%
PhotovoltaicSanheXihua0.46100%
PhotovoltaicHaiyanShalan1100%
PhotovoltaicShanxiHongdong4.8100%
PhotovoltaicMeizhouWuhua3100%
Total252.14

III.AnalysisOncoreCompetitiveness

1.ThelargestlistedcompanyofpowerinGuangdongThecompany'smainpowergenerationassetsarelocatedinGuangdongprovince,withatotalassetsizeofmorethan131.504billion.ItisthelargestlistedcompanyofpowerinGuangdongprovince.Itistheonlylistedcompanywithover100billionassetscontrolledbystate-ownedholdingsinGuangdongprovince.AsofDecember31,2022,thecompany,asthelargestlistedpowercompanyinGuangdongProvince,hasatotalof

39.986millionkilowattsofcontrollableinstalledcapacityandentrustedmanagedinstalledcapacity,accountingforaboutaquarterofthetotalinstalledcapacityinGuangdongprovince.

2.StrongbackgroundandresourceadvantagesGuangdongEnergyGroup,thecontrollingshareholderofthecompany,asaprovincialkeyenergyenterprise,hasbeenactivelysupportinglistedcompaniestobecomebetterandstrongerbyusingtheadvantagesofitsresources,technologyandassetscale.AstheonlylistedcompanyandmainforceofGuangdongEnergyGroup,thecompanyhasalwaysbeensubordinatedtoservingtheoverallsituationofthereformanddevelopmentofGuangdongProvinceandGuangdongYudeanGroup.Ithasdeeplycultivatedthemainpowerindustry,activelyplayedthevaluediscoveryfunctionandresourceallocationfunctionofthecapitalmarket,andassistedthereformanddevelopmentofGuangdongprovince'senergyresources.

3.ComprehensiveadvantagesofmainbusinessDuringthe14thfive-yearperiod,guidedbythenationalenergydevelopmentstrategy,thecompanyis

2022AnnualReport

implementingthe"1+2+3+X"strategy-tobuildafirst-classgreenandlow-carbonpowerlistedcompany,coordinatesafetyanddevelopment,optimizeandstrengthencoal,gasandbiomasspowergenerationservices,andvigorouslydevelopnewenergy,energystorage,hydrogenenergyandlandparkdevelopment.Thecompanyhasabundantprojectreservesandbroaddevelopmentprospects;Withclearmainbusiness,reasonablestructure,outstandingindustrialpositionandmarketshare,ithasstrongcomprehensivestrengthandbroaddevelopmentprospects.

4.CompetitiveadvantageinelectricitymarketThecompany'sgeneratorsethashighparameters,largecapacity,highoperationefficiency,lowcoalconsumption,stableoperation,superiorenvironmentalprotectionperformanceandstrongmarketcompetitiveadvantage.In2022,thecompanycompletedatotalof102.834billionkilowatt-hoursofelectricityinthemarket,andthescaleofelectricitysalescontinuedtorankfirstintheprovince,withelectricitysalespricessuperiortotheprovince'saverage.Thecompanygivesfullplaytoitsthreeadvantagesofscale,brandandservice.Withitsmarketingservicenetworkallovertheprovinceanditstechnicalaccumulationandcomprehensiveresourcesinthepowerindustry,thecompanyprovidesauxiliaryvalue-addedservicessuchaspeakregulation,frequencymodulationandbackupforthepowergrid,andprovideshigh-qualityvalue-addedservicessuchascomprehensiveenergysavingandpowerconsumptionconsultationforusers,thusrealizingthetransformationfromapowergenerationenterprisetoanenergycomprehensiveserviceenterprise.

5.AdvantageoffinancialresourcesAtpresent,thecompany'stotalassetsreach100billion,andthecashflowofitsstockbusinessisabundant,whichprovidesagoodsupportforthecompany'ssustainabledevelopment.Thecompany'sfinancialpositionisgood,withgoodfinancingchannelssuchasbankcredit,bondsandsecuritiesmarketsandrichfinancingmethods.Thecompanywillmakefulluseofinternalandexternalfinancialresourcestoprovidestrongfinancialguaranteefortheproductionandoperationofenterprises,theconstructionofkeyprojectsandtherapiddevelopmentofnewenergyindustry.

6.RegionaldevelopmentadvantagesAsthemainenergysourceinGuangdongprovince,thecompanyshoulderstheimportanttaskofhelpingGuangdongProvincetobuildaclean,low-carbon,safeandefficientmodernenergysystem.ThecompanywillactivelyintegrateintotheconstructionofGuangdong-HongKong-MacaoGreaterBayArea,Shenzhen'sadvanceddemonstrationzoneandthedevelopmentofGuangdong's"onecore,onebeltandonearea".Itwillsteadilypushforwardtheconstructionofkeyenergyprojectsandthedevelopmentofnewenergyresourcesintheprovinceandactivelyseektoexpandintoregionswithbetterresourceconditionsandhigherpowerdemand,helpsthe"30·60"targettobeimplemented.IV.MainbusinessanalysisⅠ.GeneralIn2022,affectedbytheincreasingdownwardpressureontheeconomy,theoveralldemandforelectricityinGuangdongprovinceremainedalmostflattenedasthepreviousyear,reaching787.034billionkWh-aYOYincreaseof0.05%.Intermsofinstalledcapacity,bytheendof2022,theregulatedinstalledcapacityofGuangdongwas171millionkilowatts,withayear-on-yearincreaseof7.9%,ofwhichtheinstalledcapacityofcoal-firedpowerwas68.577millionkilowatts,withayear-on-yearincreaseof1%;Theinstalledcapacityofgasandelectricitywas34.233millionkilowatts,withayear-on-yearincreaseof12.1%;Thetotalinstalledcapacityofwindpowerandsolarpowergenerationwas28.351millionkilowatts,withayear-on-yearincreaseof27.3%.Duringthereportingperiod,thecompanyaccumulated107.679billionkWhofon-gridelectricityin

2022AnnualReport

consolidatedstatements,withayear-on-yearincreaseof2.16%,inwhich,theon-gridelectricityofcoalmachineis87.805billionkWh,theon-gridelectricityofgasmachineis14.758billionkWh,andtheon-gridelectricityofhydropower,windpowerandphotovoltaicpoweris5.116billionkWh.

In2022,withthedeepeningofelectricitymarketizationreform,andthecontinuousexpansioninthescaleofmarket-orientedtransactionsinGuangdongprovince,accordingtothedataofGuangdongPowerExchangeCenter,theelectricitydirectlytradedintheprovince'smarketin2022was298.57billionkWh,ofwhichtheelectricitynegotiatedbilaterallywas252.924billionkWh,withayear-on-yearincreaseof17.62%,andtheaveragetransactionpriceisRMB0.498/kWh;Theaverageon-gridtariffoftheconsolidatedstatementofthecompanywasRMB545.55/thousandkWh(includingtax,thesamebelow),withayear-on-yearincreaseofRMB78.44/thousandkWh,i.e.16.8%.

In2022,facingthearduoustestofbalancingthemultiplegoalsofensuringsupply,adjustingstructureandstabilizinggrowthinthepowerenergyindustry,thecompanyresolutelyfulfilledtheeconomic,politicalandsocialresponsibilitiesofstate-ownedenterprises,andmadeeveryefforttoensurethesafeproductionandstablesupplyofelectricity.DespitethepositivefactorssuchastheYOYincreaseinon-gridelectricitypricesandtheorderlypromotionofproductionofnewenergyprojectssuchaswindpowerandphotovoltaicsproject,it’sstilldifficulttocoverhighfuelcosts,andthecompany'spowergenerationbusinesscontinuedtolosemoney.Bytheendof2022,thecompany'stotalassetsinconsolidatedstatementswere131.504billionyuan,aYOYincreaseof14.86%;Thetotalliabilitiesintheconsolidatedstatementswere102.782billionyuan,withanasset-liabilityratioof78.16%;Theequityattributabletoshareholdersoftheparentcompanywas20.242billionyuan,aYOYdecreaseof13.45%.Thecompanyachievedaconsolidatedoperatingincomeof52.661billionyuan,aYOYincreaseof18.45%;andrealizedthatthenetprofitattributabletoshareholdersoftheparentcompanywas-

3.004billionyuan,withearningspersharewas-0.57yuan.

In2022,thecompanyadded920,000kilowattsforHuaduThermalPower,44,000kilowattsforXiangtanChangshanWindPower,40,000kilowattsforPingyuanSishuiWindPower,100,000kilowattsforHebeiZiyaheWindPower,17,000kilowattsforZhaoqingJiuzhoudistributedphotovoltaicpower,Thecleanenergyprojectsincludedtheregulationwindpowerof150,000kilowattsproject,andithadatotalinstalledcapacityofabout1.471millionkilowatts;Bytheendof2022,theCompanyhasaholdinginstalledcapacityof9,146,200kilowattsofcleanenergypowergenerationsuchasgaspower,windpower,hydropower,photovoltaic,andbiomasspower,andtheproportionincreasedto30.79%.Inaddition,theCompanyactivelypromotedtheconstructionofDayaBayIntegratedEnergyStation,NingzhouAlternativePowerSource,ZhaoqingYonganNaturalGasThermalPower,YangjiangQingzhouOffshoreWindPower,XinjiangHanhaiPhotovoltaicandotherprojects,continuouslyoptimizedthepowersupplystructure,andpromotedthecompany'sgreenandlow-carbontransformation.

2.Revenueandcost

(1)ComponentofBusinessIncome

InRMB

2022

20222021Increase/decrease
AmountProportionAmountProportion
Totaloperatingrevenue52,661,088,436100%44,457,866,542100%18.45%
OnIndustry
Electricpower,Steamsalesandlaborincome52,220,743,33799.16%43,864,972,61398.67%19.05%

2022AnnualReport

Other

Other440,345,0990.84%592,893,9291.33%-25.73%
Onproducts
SalesElectricPower51,889,521,59698.53%43,568,666,57598.00%19.10%
Steamincome202,658,6110.38%167,971,8430.38%20.65%
Laborincome128,563,1300.24%128,334,1950.29%0.18%
Comprehensiveutilizationofflyash365,533,2000.69%495,095,8111.11%-26.17%
Leaserevenue42,581,9550.08%48,557,6190.11%-12.31%
Other32,229,9440.06%49,240,4990.11%-34.55%
Area
Guangdong51,738,933,17698.25%44,292,665,51999.63%16.81%
Xinjiang724,019,4361.37%60,100,4620.14%1,104.68%
Hunan81,219,9840.15%26,527,6170.06%206.17%
Yunnan70,173,9960.13%64,581,6230.15%8.66%
Guangxi46,017,6810.09%13,991,3210.03%228.90%
Henan,Hebei724,1630%00%/
Sub-salemodel
Directselling52,661,088,436100%44,457,866,542100%18.45%

(2)SituationofIndustry,ProductandDistrictOccupyingtheCompany’sBusinessIncomeandOperatingProfitwithProfitover10%

√Applicable□NotapplicableThecompanyshallcomplywiththedisclosurerequirementsofpower-relatedindustriesintheGuidelineNo.3forSelf-regulationofListedCompaniesofShenzhenStockExchange-IndustryInformationDisclosure.

InRMB

TurnoverOperationcostGrossprofitrate(%)Increase/decreaseofrevenueinthesameperiodofthepreviousyear(%)Increase/decreaseofbusinesscostoverthesameperiodofpreviousyear(%)Increase/decreaseofgrossprofitrateoverthesameperiodofthepreviousyear(%)
Onproducts
SalesElectricPower51,889,521,59652,503,713,101-1.17%19.10%12.78%5.68%
Including：
FirecoalGenerationPower40,624,681,75243,377,979,331-6.78%15.14%9.93%5.06%
GasGenerationPower8,110,431,9357,419,474,6358.52%27.26%21.97%3.97%
WindGenerationPower2,660,095,2571,276,137,62852.03%94.30%118.65%-5.34%
BiomassGenerationPower414,276,939374,369,7389.63%-13.37%0.62%-12.57%
HydroelectricGenerationpower70,172,85354,756,19321.97%8.66%-2.47%8.90%
PhotovoltaicGenerationpower9,862,860995,57689.91%///
Area
Guangdong51,738,933,17651,870,231,552-0.25%16.81%11.15%5.11%

Reasonsforgreatchangesinrelatedfinancialindicators

√Applicable□Notapplicable

2022AnnualReport

1)Thecompany'soperatingincomeinXinjiangincreasedby1104.68%yearonyear,mainlybecausethecompanyacquiredTumushukeThermalPowerCompanyinDecember2021,andtheoperatingincomeinXinjiangin2021wasonlytheoperatingincomegeneratedaftertheactualcontrolofTumushukeThermalPowerCompanywasacquired.

2)Thecompany'soperatingincomeinHunanincreasedby206.17%yearonyear,mainlyduetothetrialoperationofXupuandTongdaowindpowerinthesecondhalfof2021,withlesspowergenerationin2021,andtheacquisitionofChangshanwindpowerin2022,whichresultedintheyear-on-yearincreaseinelectricitysalesinthisregion;

3)Thecompany'soperatingincomeinGuangxiincreasedby228.90%yearonyear,mainlyduetothetrialoperationofWuxuanWindPowerin2021.Duetotheinfluenceoftrialoperationanddebugging,thepowergenerationin2021wassmall,andtheelectricitysalesinthisregionincreasedyearonyear.

(3)WhethertheCompany’sPhysicalSalesIncomeExceededServiceIncome

√Yes□No

Classification

ClassificationItemsUnit20222021Changes
Electricpower,thermalproductionandsupplySalesvolume'00,000,000kWh1,076.791,053.982.16%
Production'00,000,000kWh1,140.591,111.772.59%

Explanationforayear-on–yearchangeofover30%

□Applicable√Notapplicable

(4)Performanceofthemajorsalescontract,majorprocurementcontractsignedbythecompanytillendofthePeriod

√Applicable□NotapplicableImplementationofSignedMajorSalesContractsasofthisReportingPeriod

√Applicable□Notapplicable

InRMB10,000

ContractobjectCounterpartyTotalcontractamountTotalfulfilledamountAmountfulfilledduringthereportingperiodAmounttobefulfilledWhetherfulfilledproperlyDescriptionofthefailuretofulfillthecontractproperly
QuantityofelectricityCHINASOUTHERNPOWERGRID4,928,894.34Yes

ImplementationofSignedMajorPurchaseContractsasofthisReportingPeriod

□Applicable√Notapplicable

(5)ComponentofbusinesscostIndustryclassification

InRMB

IndustryItems20222021Increase/Decrease
AmountProportionintheoperatingcosts(%)AmountProportionintheoperatingcosts(%)
Electricpower,thermalproductionandsupplyFuelcost43,252,482,32281.84%38,663,701,63082.57%11.87%
Electricpower,thermalproductionandsupplyDepreciationexpense4,708,493,0608.91%4,094,729,5268.74%14.99%
Electricpower,thermalLaborcost1,780,084,0833.37%1,815,101,5503.88%-1.93%

2022AnnualReport

productionandsupply

productionandsupply
Electricpower,thermalproductionandsupplyOther3,111,250,7165.89%2,253,972,7674.81%38.03%

NoteThecompanyisinpowersectorandmainlyengagedinpowergenerationatpresent.Thecostiscomposedoffuelcost,depreciationexpenses,labourcostandotherexpenses.Fuelcostaccountsforabout81.84%oftotalcost,affectedbythehighfuelpricein2022,thefuelcostfurtherincreased.

(6)WhetherChangesOccurredinConsolidationScopeintheReportPeriod

√Yes□No

NameNatureNewinvestmentamountinthisperiod(Yuan)Paid-incapitalattheendofperiod(Yuan)Proportion(%)Acquired
YudeanJinxiuIntegratedEnergyCo.,Ltd.Photovoltaicpowergeneration2,621,8002,913,11490%Invested
GuangdongYudeanHuiboNewEnergyCo.,Ltd.Photovoltaicpowergeneration15,492,36015,492,360100%Invested
NanjingLinyuanSenhaiNewEnergyCo.,Ltd.Photovoltaicpowergeneration120,495,920120,495,920100%Invested
NanjingSenhongNewEnergyCo.,Ltd.Photovoltaicpowergeneration120,495,920120,495,920100%Invested
TumushukeYudeanHanhaiNewEnergyCo.,Ltd.Photovoltaicpowergeneration324,050,000324,050,000100%Invested
TaishanDongrunZhongnengNewEnergyCo.,Ltd.Photovoltaicpowergeneration45,063,02045,063,020100%Assetacquisition
MeizhouXingyueNewEnergyCo.,Ltd.Photovoltaicpowergeneration9,977,5009,977,500100%Invested
GuangdongYudeanHuixinThermalPowerCo.,Ltd.CHP104,975,000123,500,000100%Invested
GuangdongYudeanMaomingNaturalgasThermalPowerCo.,Ltd.CHP115,345,000118,345,00085%Invested
GuangdongShaoguanYudeanNewEnergyCo.,Ltd.Photovoltaicpowergeneration33,473,00033,473,000100%Invested
YudeanShacheIntegratedEnergyCo.,Ltd.Photovoltaicpowergeneration1,206,110,4701,206,110,470100%Invested
LaixiXinguangyaoNewEnergyCo.,Ltd.Photovoltaicpowergeneration32,923,00033,255,55599%Assetacquisition
JiuzhouNewEnergy(Zhaoqing)Co.,Ltd.Photovoltaicpowergeneration39,000,00040,680,000100%Assetacquisition
XiangtanXiangdianChangshanWindPowerGenerationCo.,Ltd.WindPowergeneration89,524,00380,000,000100%Assetacquisition
YunfuLuodingYudeanNewEnergyCo.,Ltd.Photovoltaicpowergeneration1,844,5201,844,520100%Invested

(7)RelevantSituationofSignificantChangesorAdjustmentoftheBusiness,ProductorServiceintheCompany’sReportPeriod

□Applicable√Notapplicable

(8)SituationofMainCustomersandMainSupplierInformationofthecompany’stop5salescustomers

2022AnnualReport

Totalsalesamounttotop5customers(Yuan)

Totalsalesamounttotop5customers(Yuan)50,381,452,707
Proportionofsalestotop5customersintheannualsales(%)95.67%
Proportionofthesalesvolumetothetopfivecustomersinthetotalsalestotherelatedpartiesintheyear0.49%

Informationofthecompany’stop5customers

NoNameAmount（RMB）Proportion
1GPGC49,288,943,41693.60%
2StateGridXinjiangElectricPowerCo.,Ltd667,525,3691.27%
3GuangdongYudeanEnvironmentalProtectionCo.,Ltd259,669,9370.49%
4StateGridHunanElectricPowerCo.,Ltd108,007,3840.21%
5YunnanPowerGridCo.,Ltd.57,306,6000.11%
Total--50,381,452,70795.67%

Otherexplanation:

√Applicable□NotapplicableGuangdongYudeanEnvironmentalProtectionCo.,Ltd.isawholly-ownedsubsidiaryofGuangdongElectricPowerIndustrialFuelCo.,Ltd.,ajointventurecompanyofthecompany.Therefore,GuangdongYudeanEnvironmentalProtectionCo.,Ltd.isrelatedtothecompany.Principalsuppliers

Totalpurchaseoftop5Suppliers（Yuan）46,658,788,875
Percentageoftotalpurchaseoftop5suppliersIntotalannualpurchase(%)81.78%
Proportionofpurchaseamountfromthetop5suppliersinthetotalpurchaseamountfromtherelatedpartiesintheyear66.59%

Informationaboutthetop5suppliers

NoNameAmount（Yuan）Proportion
1GuangdongEnergyGroup37,994,814,56366.59%
2ChinaEnergyConstructionGroup,GuangdongElectricPowerDesign&ResearchInstituteCo.,Ltd.3,484,742,1356.11%
3GuangdongZhujiangInvestmentElectricFuelCo.,Ltd.2,140,672,7903.75%
4GuangdongDapengINGCo.,Ltd1,850,639,3873.24%
5DongfangElectricGroup,DongfangBoilerCo.,Ltd.1,187,920,0002.08%
Total--46,658,788,87581.78%

Otherexplanation:

√Applicable□NotapplicableGuangdongEnergyGroupCo.,Ltd.(hereinafterreferredtoas"GuangdongEnergyGroup")isthecontrollingshareholderofthecompany,andhasanassociatedrelationshipwiththecompany.TheamountofrelatedsuppliersbetweenthecompanyandGuangdongEnergyGrouplistedherecoversallrelatedtransactionsbetweenthecompanyandGuangdongEnergyGroupanditssubsidiaries.

2022AnnualReport

3.Expenses

InRMB

2022

20222021Increase/Decrease(%)Notes
Saleexpenses69,108,60365,407,0405.66%
Administrationexpenses1,192,506,9311,101,123,2878.30%
Financialexpenses2,135,900,0121,371,365,94555.75%Itismainlycausedbytheincreaseofcompanyinvestmentandworkingcapitaldemandandtheexpansionofdebtfinancingscale.
R&Developmentexpenses1,229,311,572584,714,979110.24%ItismainlybecausedthatthecompanyanditssubordinateunitsincreaseR&DinvestmentandimprovethecentralizedmanagementofR&Dexpenses.

4.R&DExpenses

√Applicable□Notapplicable

NameofmainR&DprojectProjectpurposeProjectprogressGoaltobeachievedExpectedimpactonthefuturedevelopmentoftheCompany
Researchonchlorinemigrationandtransformationlawandenergy-savingoperationoptimizationtechnologyofbypassflueevaporationsystemincoal-firedpowerplantImprovethesafetyandreliabilityofthesystemoperationandpromotetheenergy-savingandlow-carboneconomicoperationofthesystem.InoperationFormaresearchreportonchlorinemigrationandtransformationlawandenergy-savingoperationoptimizationtechnologyofbypassflueevaporationsystemincoal-firedpowerplant,compileoperationguidelinesofbypassflueevaporationsystem,andbuildacalculationsoftwarepackagethatcanprovideguidanceforoptimaloperationofbypassflueevaporationsysteminpowerplant,andprovidetheoreticalbasisandpracticalexperienceforengineeringapplication.Promotethesafe,stable,energy-savingandlow-carbonoperationoftherotaryatomizingevaporationsystemofthehigh-temperaturebypassflue,andpromoteandapplytheobtainedresultstoothersimilarprocessunitsofthecompany.
ResearchonintelligentmonitoringandearlywarningtechnologyofashconveyingsystemformillionsofunitsThroughthecomprehensivestudyofcompressedairfromproductiontouse,evaluateandanalyzeitsenergy-savingpotential,soastocarryouttargetedtestsandtransformation.InoperationAccordingtothedifferentoperationconditionsofthecurrentashconveyingsystem,itisestimatedthattheenergyconsumptionoftheaircompressorcanbereducedby20~30%.Combinedwithadvancedmonitoringtechnology,bystudyingthemainprocessofashconveyingsystem,developanintelligentearlywarningsystemforashaccumulationinashhopperandblockageofsilopumpinashconveyingsystem.Predictthedustaccumulationintheashhopperandtheblockageofthewarehousepumpinadvance,finditintheearlystageanddealwithitassoonaspossibletoavoidmoreseriousconsequences.
DevelopmentoferosionresistanceandSolvetheseriousblowdamageofthevalveelementInoperationSolvetheproblemoffrequenterosionofImprovetheeconomyandsafetyoftheunit.

2022AnnualReport

temperaturereductiontechnologyforreheaterofultra-supercriticalgeneratorset

temperaturereductiontechnologyforreheaterofultra-supercriticalgeneratorsetandvalveseatsealingsurfaceoftheregulatingvalve.desuperheatingwaterregulatingvalveofreheaterandimprovethereliabilityofequipment.
ResearchanddemonstrationonkeytechnologiesofMWnaturalgaschemicalloopingcombustionpowergenerationResearchonthedemonstrationandapplicationofMWnaturalgaszerocarbonemissionpowergenerationtechnologybasedonnaturalgaschemicalloopingcombustiontechnology.InoperationCompletetheR&Danddemonstrationverificationofkeytechnologiesof3MWthnaturalgaschemicalloopcombustiondevice.ThroughthedemonstrationandapplicationofMWnaturalgaszero-carbonemissionpowergenerationtechnology,provideaneffectivemeanstoachievethegoalofcarbonpeakingandcarbonneutrality.
ResearchandapplicationofintelligentmonitoringandanalysissystemforwatersavinginthewholeplantEstablishthemodel,databasesystemandapplicationplatformofintelligentmonitoringandanalysissystemforwatersavinginthewholeplant.CompletedTheaverageannualpowergenerationwaterconsumptionofthewholeplantdecreasedby5%yearonyear.Savewaterresourcesandreducetheproductioncostofthecompany.
ResearchondiversifiedfuelcouplingpowergenerationtechnologyoflargecirculatingfluidizedbedboilerDeterminethefuelcompositionandcomponentratiothatisreliable,stableandsafewithmaximumeconomicbenefits.InoperationExploreasetofdiversifiedfuelblendingmodesuitableforYunhePowerGenerationCo.,Ltd.toreducethefuelcost.Realizelong-termstableandsafeco-burning.
ResearchandapplicationofkeytechnologiesofoffshorewindpoweroperationandmaintenanceEstablishahealthmanagementsystemforwindpoweroperationandmaintenance.InoperationRealizeequipmenthealthstatemanagementandlifeprediction.Establishahealthmanagementsystemforwindpoweroperationandmaintenance.
ResearchandapplicationofintelligentunmanneddrivingtechnologyforshipunloaderDeveloptheunmannedoperationmodeofwharfgrabshipunloadertorealizeautomaticshipunloadingoperation.CompletedAchievefull-automaticshipunloadingoperation.Reducethelaborinputofshipunloadingoperationandreducetheproductioncost.
Detailedapplicationofambientintelligencemonitoringsystemincoalyardbasedon5G+industrialInternetTimelydiscovertheabnormalityintemperature,oxidesandsulfidescausedbyspontaneouscombustionofcoalyard,andgiveearlywarningintime.Inoperation.Remindrelatedpersonneltotakecoolingmeasurestoreducespontaneouscombustiontimesofcoalbunker;2.Reducethepotentialsafetyhazardoffireincoalconveyingsystem.Reducethenaturallossofcoalduringstorageandreducetheemissionofatmosphericpollutants.
Researchandapplicationofnewprocessingtechnologyforwelddefectsofdrumdowncomer.1.Developandapplyavarietyofinnovativeweldingtechnologiestocompletethedefecttreatmentofmetalparts;2.Innovateandapplypost-weldheattreatmenttechnologyforlargethick-walledsteamdrum;3.Optimizetheheattreatmentprocessandreducethedeformationofsteamdrum.CompletedProvidereferenceandexperiencefordealingwiththedefectsofimportantcontainerpartsinthefuture.Reducetheriskofsafeoperationoftheunit.

2022AnnualReport

Company'sresearchanddevelopmentpersonnelsituation

2022

20222021Increase/decrease
NumberofResearchandDevelopmentpersons(persons)1,3331,07524%
ProportionofResearchandDevelopmentpersons15.08%11.65%3.43%
AcademicstructureofR&Dpersonnel
Bachelor96175527.28%
Master87104-16.35%
Doctor220%
AgecompositionofR&Dpersonnel
Under30yearsold1278451.19%
30-40yearsold45537122.64%
Over40yearsold75162021.13%

Thecompany'sR&Dinvestmentsituation

20222021Increase/decrease
AmountofResearchandDevelopmentInvestment(Yuan)1,229,311,572584,714,979110.24%
ProportionofResearchandDevelopmentInvestmentofOperationRevenue2.33%1.32%1.01%
AmountofResearchandDevelopmentInvestmentCapitalization(Yuan)000%
ProportionofCapitalizationResearchandDevelopmentInvestmentofResearchandDevelopmentInvestment0%0%0%

ReasonsandinfluenceofsignificantchangesinR&Dpersonnelcompositionofthecompany

□Applicable√NotapplicableTheReasonoftheProminentChangeinTotalAmountofResearchandDevelopmentInputOccupyingtheBusinessIncomeYearonYear

□Applicable√NotapplicableReasonsforthedrasticchangeofcapitalizationrateofR&Dinvestmentanditsrationalityexplanation

□Applicable√Notapplicable

5.CashFlow

InRMB

Items20222021Increase/Decrease(%)
Subtotalofcashinflowreceivedfromoperationactivities61,684,580,74248,934,312,73626.06%
Subtotalofcashoutflowreceivedfromoperationactivities60,204,715,96848,812,138,06823.34%
Netcashflowarisingfromoperatingactivities1,479,864,774122,174,6681,111.27%
Subtotalofcashinflowreceivedfrominvestingactivities2,063,345,6232,047,927,0080.75%
Subtotalofcashoutflowforinvestmentactivities15,215,449,73011,341,567,10934.16%
Netcashflowarisingfrominvestmentactivities-13,152,104,107-9,293,640,101-41.52%
Subtotalcashinflowreceivedfromfinancingactivities51,212,894,58639,504,863,35529.64%
Subtotalcashoutflowforfinancingactivities36,129,964,66431,715,363,28313.92%

2022AnnualReport

Netcashflowarisingfromfinancingactivities

Netcashflowarisingfromfinancingactivities15,082,929,9227,789,500,07293.63%
Netincreaseincashandcashequivalents3,410,691,561-1,381,965,670346.80%

Notestotheyear-on-yearchangeoftherelevantdata

√Applicable□Notapplicable

(1)Thecashinflowfromoperatingactivitiesincreasedby26.06%,mainlyduetotheyear-on-yearincreaseintheon-gridtariff.

(2)Thecashoutflowfromoperatingactivitiesincreasedby23.34%,mainlyduetotheincreaseinfuelcostcausedbytheincreaseincoalandgaspricesthisyear.

(3)Thenetcashflowfromoperatingactivitiesincreasedby1,112.27%yearonyear,mainlyduetothefactthattheincomethisyearincreasedmorethanthefuelcost,andthenetcashinflowin2021was120million,whichwascausedbyasmallcomparativebase.

(4)Thecashoutflowfrominvestmentactivitiesincreasedby34.16%,mainlyduetotheyear-on-yearincreaseinfixedassetsandintangibleassetspurchasedandbuiltbyinfrastructureunitssuchasHanhaiandYong'anandthesecond-phaseprojectssuchasJinghai,BoheandDapu.

(5)Thecashinflowfromfund-raisingactivitiesincreasedby29.64%,andthenetcashflowfromfund-raisingactivitiesincreasedby93.63%,mainlyduetotheincreaseininvestmentandworkingcapitaldemandandtheexpansionofdebtfinancingthisyear.

(6)Thenetincreaseincashandcashequivalentsincreasedby346.8%,mainlyduetotheyear-on-yearincreaseincashflowfromoperatingactivitiesaswellastheincreasingborrowedfunds.Reasonsforthesignificantdifferencebetweenthenetcashflowgeneratedbythecompany'soperatingactivitiesduringthereportingperiodandthenetprofitofthisyear

□Applicable√NotapplicableV.AnalysisofNon-coreBusiness

□Applicable√NotapplicableVI.ConditionofAssetandLiabilities

1.ConditionofAssetCausingSignificantChange

InRMB

Endof2022Endof2021Proportionincrease/decreaseNotestothesignificantchange
AmountProportioninthetotalassets(%)
Monetaryfund11,503,523,6188.75%8,105,320,9537.08%1.67%
Accountsreceivable7,578,636,2445.76%7,030,685,3576.14%-0.38%
Contractassets4,910,2630.004%4,754,8200.004%0%
Inventories3,376,868,1002.57%2,998,894,5392.62%-0.05%
Investmentrealestate365,285,3010.28%378,796,9320.33%-0.05%
Long-termequityinvestment9,198,053,1836.99%8,074,149,8367.05%-0.06%
Fixedassets62,400,175,05747.45%57,145,099,42349.91%-2.46%

2022AnnualReport

Constructioninprocess

Constructioninprocess11,768,828,1618.95%8,710,691,7667.61%1.34%
Userightassets7,352,044,9665.59%5,256,124,9794.59%1.00%
Short-termloans16,261,444,86012.37%12,360,296,42910.80%1.57%
Contractliabilities4,960,9740%5,864,8110.01%-0.01%
Long-termborrowing42,860,932,62832.59%28,940,577,85625.28%7.31%Itismainlytheexpansionofdebtfinancingscaleduetotheincreaseofcompanyinvestmentandworkingcapitaldemand.
Leaseliabilities6,870,820,0175.22%4,728,167,1424.13%1.09%

Overseasassetsaccountforarelativelyhighproportion.

□Applicable√Notapplicable

2.AssetandLiabilitiesMeasuredbyFairValue

√Applicable□Notapplicable

InRMB

ItemsOpeningamountGain/LossonfairvaluechangeinthereportingperiodCumulativefairvaluechangerecordedintoequityImpairmentprovisionsinthereportingperiodPurchasedamountinthereportingperiodSoldamountinthereportingperiodOtherchangesClosingamount
Financialassets
OtherequityInstrumentInvestment3,232,028,682-175,957,6282,115,908,4382,000,0003,058,071,054
Subtotaloffinancialassets3,232,028,682-175,957,6282,115,908,4382,000,0003,058,071,054
Total3,232,028,682-175,957,6282,115,908,4382,000,0003,058,071,054
FinancialLiability0000

Otherchanges

None

3.RestrictedassetrightsasoftheendofthisReportingPeriodOnDecember31,2022,somesubsidiariesoftheGrouppledgedtherighttochargeelectricityfeestothebankstoobtainthelong-termloansofRMB6,052,250,122,ofwhichthebalanceoflong-termloansduewithinoneyearwasRMB512,741,564(asofDecember31,2021:thelong-termloanswereRMB6,002,119,898,ofwhichthebalanceoflong-termloansduewithinoneyearwasRMB386,056,214).

2022AnnualReport

VII.Investmentsituation

1.General

√Applicable□Notapplicable

Investmentoftheperiod

InvestmentoftheperiodInvestmentofsameperiodoflastyearScaleofchange
8,056,177,8024,542,474,73077.35%

2.ConditionofAcquiringSignificantShareRightInvestmentduringtheReportPeriod

√Applicable□Notapplicable

InRMB

NameofthecompanyInvestedMainBusinessInvestmentWayInvestmentAmountShareProportion%CapitalSourcePartnerInvestmentHorizonProductTypeProgressuptoBalanceSheetDateAnticipatedIncomeGainorLessortheCurrentInvestmentWhethertoInvolveinLawsuitDateofDisclosure(ifany)DisclosureIndex(ifany)
GuangdongWindPowerGenerationCo.,Ltd.WindPowerGenerationCapitalincrease832,000,000100%SelfFundsNoLong-termElectricPowerInnormaloperation327,934,905NoNovember9,2021,August31,2022,December1,2022.PublishedinChinaSecuritiesDaily,SecuritiesTimes,ShanghaiSecuritiesNews,SecuritiesDailyandhttp//.www.cninfo.com.cn.(AnnouncementNo.:2021-78,2022-37and2022-60）
GuangdongYudeanBoheCoalpowerCo.,Ltd.ThermalpowerCapitalincrease321,600,00067%SelfFundsGuangdongEnergyGroup（ShareProportion：33%）Long-termElectricPowerInnormaloperation5,932,120NoSeptember17,2022PublishedinChinaSecuritiesDaily,SecuritiesTimes,ShanghaiSecuritiesNews,SecuritiesDailyandhttp//.www.cninfo.com.cn.(AnnouncementNo.:2022-47）
YudeanJinxiuInteligenceEnergyCo.,Ltd.SolarpowergenerationNewestablishment2,621,80090%SelfFundsJinxiuJinhengNewEnergyTechnologyCo.,Ltd.（ShareProportion：Long-termElectricPowerInnormaloperation50,567NoNotapplicableNotapplicable

2022AnnualReport

10%）

10%）
MeizhouXingyueNewEnergyCo.,Ltd.SolarpowergenerationNewestablishment9,977,500100%SelfFundsNoLong-termElectricPowerInnormaloperation0NoNotapplicableNotapplicable
YunfuLuodingYudeanNewEnergyCo.,Ltd.SolarpowergenerationNewestablishment1,844,520100%SelfFundsNoLong-termElectricPowerInnormaloperation-408NoNotapplicableNotapplicable
LaixiXinguangyaoNewEnergyTechnologyCo.,Ltd.SolarpowergenerationPurchase32,923,00099%SelfFundsQingdaoLianteNewTechnologyCo.,Ltd.（ShareProportion：1%）Long-termElectricPowerInnormaloperation-15,320NoNotapplicableNotapplicable
GuangdongYudeanMaomingNaturalgasThermalPowerCo.,Ltd.ThermalpowerCapitalincrease115,345,00085%SelfFundsMaomingMaonanChengjianIntelligenceDevelopmentCo.,Ltd.（ShareProportion：15%）Long-termElectricPowerInnormaloperation-21,075NoNotapplicableNotapplicable
YudeanShacheIntelligenceEnergyCo.,Ltd.SolarpowergenerationNewestablishment1,206,110,470100%SelfFundsNoLong-termElectricPowerInnormaloperation-46,915NoDecember1,2022PublishedinChinaSecuritiesDaily,SecuritiesTimes,ShanghaiSecuritiesNews,SecuritiesDailyandhttp//.www.cninfo.com.cn.(AnnouncementNo.:2022-60）
TaishanDongrunZhongnengNewEnergyCo.,Ltd.SolarpowergenerationPurchase45,063,020100%SelfFundsNoLong-termElectricPowerInnormaloperation-97,554NoNotapplicableNotapplicable
GuangdongSolarNew104,975,000100%SelfNoLong-ElectriInnormal-119,560NoNotNotapplicable

2022AnnualReport

YudeanHuixinThermalpowerCo.,Ltd.

YudeanHuixinThermalpowerCo.,Ltd.powergenerationestablishmentFundstermcPoweroperationapplicable
NanjingLinyuanSenhaiNewEnergyCo.,Ltd.SolarpowergenerationPurchase120,495,920100%SelfFundsNoLong-termElectricPowerInnormaloperation-150,081NoNotapplicableNotapplicable
NanjingSenhongNewEnergyCo.,Ltd.SolarpowergenerationPurchase120,495,920100%SelfFundsNoLong-termElectricPowerInnormaloperation-153,982NoNotapplicableNotapplicable
GuangdongShaoguanYudeanNewEnergyCo.,Ltd.SolarpowergenerationNewestablishment33,473,000100%SelfFundsNoLong-termElectricPowerInnormaloperation-181,362NoNotapplicableNotapplicable
GuangdongYudeanHuiboNewEnergyCo.,Ltd.SolarpowergenerationNewestablishment15,492,360100%SelfFundsNoLong-termElectricPowerInnormaloperation-321,876NoNotapplicableNotapplicable
TumushukeYudeanHanhaiNewEnergyCo.,Ltd.SolarpowergenerationNewestablishment324,050,000100%SelfFundsNoLong-termElectricPowerInnormaloperation-384,601NoMarch26,2022PublishedinChinaSecuritiesDaily,SecuritiesTimes,ShanghaiSecuritiesNews,SecuritiesDailyandhttp//.www.cninfo.com.cn.(AnnouncementNo.:2022-11）
XiangtanXiangdianChangshanWindPowerGenerationCo.,Ltd.WindPowerGenerationPurchase89,524,003100%SelfFundsNoLong-termElectricPowerInnormaloperation-870,557NoNotapplicableNotapplicable
JiuzhouNewEnergy（Zhaoqing）SolarpowergeneratioPurchase29,819,878100%SelfFundsNoLong-termElectricPowerInnormaloperation-1,331,073NoNotapplicableNotapplicable

2022AnnualReport

Co.,Ltd.

Co.,Ltd.n
GuangdongYudeanDananhaiSmartEnergyCo.,LtdThermalpowerCapitalincrease156,000,000100%SelfFundsNoLong-termElectricPowerInnormaloperation-2,681,463NoApril22,2022PublishedinChinaSecuritiesDaily,SecuritiesTimes,ShanghaiSecuritiesNews,SecuritiesDailyandhttp//.www.cninfo.com.cn.(AnnouncementNo.:2022-16）
GuangdongYudeanBijieNewEnergyCo.,Ltd.SolarpowergenerationCapitalincrease9,500,000100%SelfFundsNoLong-termElectricPowerInnormaloperation-7,339,672NoNotapplicableNotapplicable
GuangdongYudeanYonganNaturalGasThermalpowerCo.,Ltd.ThermalpowerCapitalincrease180,000,00090%SelfFundsZhaoqingHejiangElectricPowerDevelopmentCo.,ltd.（ShareProportion：10%）Long-termElectricPowerInnormaloperation-7,036,717NoOctober13,2020《PublishedinChinaSecuritiesDaily,SecuritiesTimes,ShanghaiSecuritiesNews,SecuritiesDailyandhttp//.www.cninfo.com.cn.(AnnouncementNo.:2022-52）
GuangdongYudeanBinhaiwanEnergyCo.,Ltd.ThermalpowerCapitalincrease100,000,000100%SelfFundsNoLong-termElectricPowerInnormaloperation-12,097,004NoApril11,2020PublishedinChinaSecuritiesDaily,SecuritiesTimes,ShanghaiSecuritiesNews,SecuritiesDailyandhttp//.www.cninfo.com.cn.(AnnouncementNo.:2020-13）
GuangdongYudeanDananhaiIntelligenceEnergyCo.,Ltd.ThermalpowerCapitalincrease84,729,50070%SelfFundsHuizhouDayawanPetrochemicalInvestmentGroupCo.,Ltd（ShareProportion：20%），HuizhouPortInvestmentGroupCo.,Ltd.（ShareLong-termElectricPowerInnormaloperation-9,483,850NoJuly17,2021PublishedinChinaSecuritiesDaily,SecuritiesTimes,ShanghaiSecuritiesNews,SecuritiesDailyandhttp//.www.cninfo.com.cn.(AnnouncementNo.:2021-43）

2022AnnualReport

Proportion：

10%）

Proportion：10%）
GuangdongYudeanQimingEnergyCo.,Ltd.ThermalpowerCapitalincrease18,000,000100%SelfFundsNoLong-termElectricPowerInnormaloperation-14,732,505NoNotapplicableNotapplicable
GuangdongYudeanYunhePowerGenerationCo.,Ltd.ThermalpowerCapitalincrease785,236,67590%SelfFundsYunfuYundaInvestmentHoldingsCo.,Ltd.（ShareProportion：10%）Long-termElectricPowerInnormaloperation-189,268,096NoOctober8,2021PublishedinChinaSecuritiesDaily,SecuritiesTimes,ShanghaiSecuritiesNews,SecuritiesDailyandhttp//.www.cninfo.com.cn.(AnnouncementNo.:2021-64）
GuangdongYudeanDapuPowerGenerationCo.,Ltd.ThermalpowerCapitalincrease867,100,000100%SelfFundsNoLong-termElectricPowerInnormaloperation-348,122,830NoSeptember17,2022PublishedinChinaSecuritiesDaily,SecuritiesTimes,ShanghaiSecuritiesNews,SecuritiesDailyandhttp//.www.cninfo.com.cn.(AnnouncementNo.:2022-47）
GuangdongYudeanJinghaiPowerGenerationCo.,Ltd.ThermalpowerCapitalincrease520,000,00065%SelfFundsGuangdongQichuangInvestmentDevelopmentCo.,Ltd.（ShareProportion：25%），GuangzhouDevelopmentPowerGroup（ShareProportion：10%）Long-termElectricPowerInnormaloperation-228,346,057NoSeptember17,2022PublishedinChinaSecuritiesDaily,SecuritiesTimes,ShanghaiSecuritiesNews,SecuritiesDailyandhttp//.www.cninfo.com.cn.(AnnouncementNo.:2022-47）
GuangdongYuehuaPowerGenerationCo.,Ltd.ThermalpowerPurchase522,234,38451%SelfFundsChinaHuanengGroup（ShareProportion：49%）Long-termElectricPowerInnormaloperation-185,022,315NoOctober8,2021PublishedinChinaSecuritiesDaily,SecuritiesTimes,ShanghaiSecuritiesNews,SecuritiesDailyand

2022AnnualReport

3.SituationoftheSignificantNon-equityInvestmentUndergoingintheReportPeriod

□Applicable√Notapplicable

4.InvestmentofFinancialAsset

（1）Securitiesinvestment

√Applicable□Notapplicable

InRMB

Securitycategory

SecuritycategorySecuritycodeStockAbbreviation:InitialinvestmentcostModeofaccountingmeasurementBookvaluebalanceatthebeginningofthereportingperiodChangesinfairvalueofthethisperiodCumulativefairvaluechangesinequityPurchaseamountinthethisperiodSaleamountinthethisperiodGain/lossofthereportingperiodBookvaluebalanceattheendofthereportingperiodAccountingitemsSourceoftheshares

http//.www.cninfo.com.cn.(AnnouncementNo.:2021-64,2022-01）

http//.www.cninfo.com.cn.(AnnouncementNo.:2021-64,2022-01）
GuangdongShajiao(C)ThermalpowerPurchase1,275,565,85251%SelfFundsGuangdongEnergyGroup（ShareProportion：49%）Long-termElectricPowerInnormaloperation-466,057,894NoOctober8,2021PublishedinChinaSecuritiesDaily,SecuritiesTimes,ShanghaiSecuritiesNews,SecuritiesDailyandhttp//.www.cninfo.com.cn.(AnnouncementNo.:2021-64）
ShanxiYudeanEnergyCo.,Ltd.PowergenerationandcoalminedevelopmentCapitalincrease130,000,00040%SelfFundsGuangdongEnergyGroup（ShareProportion：60%）Long-termElectricityandcoalInnormaloperation526,175,689NoNotapplicableNotapplicable
XinjiangYuejianNewEnergyCo.,Ltd.FacilitymanufacturingNewestablishment2,000,00010%SelfFundsGuangdongHydropowerEquipmentGroupCo.,Ltd（ShareProportion：90%）Long-termMetalInnormaloperation0NoNotapplicableNotapplicable
Total----8,056,177,802------------0-613,789,486------

2022AnnualReport

Domesticandforeignstocks

Domesticandforeignstocks000027ShenzhenEnergy15,890,628FVM122,472,000-26,308,80080,272,57200096,163,200OtherequityinstrumentInvestmentSelffunds
Domesticandforeignstocks600642Shenergy235,837,988FVM409,272,682-104,400,63069,034,064000304,872,052OtherequityinstrumentInvestmentSelffunds
Domesticandforeignstocks831039NEEQ3,600,000FVM15,984,000-7,452,0004,932,0000008,532,000OtherequityinstrumentInvestmentSelffunds
DomesticandforeignstocksHK6963Sunshineinsurance356,000,000FVM1,653,500,00042,203,8021,339,703,8020001,695,703,802OtherequityinstrumentInvestmentSelffunds
Total611,328,616--2,201,228,682-95,957,6281,493,942,4380002,105,271,054----

2022AnnualReport

（2）InvestmentinDerivatives

□Applicable√NotapplicableThecompanyhadnoinvestmentinderivativesinthereportingperiod.

5.Applicationoftheraisedcapital

□Applicable√NotapplicableThecompanyhadnoapplicationoftheraisedcapitalinthereportingperiod.VIII.Salesofmajorassetsandequity

1.SituationofSignificantAssetSale

□Applicable√Notapplicable

None

2.Salesofmajorequity

□Applicable√Notapplicable

2.Salesofmajorequity

□Applicable√NotapplicableIX.AnalysisoftheMainShareHoldingCompaniesandShareParticipatingCompanies

√Applicable□NotapplicableSituationofMainSubsidiariesandtheJoint-stockcompanywithover10%netprofitinfluencingtothecompany

InRMB

Company

Name

CompanyNameCompanytypeSectorsengagedinRegisteredcapitalTotalassetsNetassetsTurnoverOperatingprofitNetProfit
GuangqianElectricPowerCompanySubsidiaryPowergenerationandpowerstationconstruction1,030,292,5002,323,945,5142,120,392,9431,855,652,467645,563,626483,783,920
WindPowerGenerationCompanySubsidiaryPowergenerationandpowerstationconstruction2,801,252,90036,506,474,7568,391,187,5032,657,392,548478,241,449378,955,775
HuizhouNaturalGasCompanySubsidiaryPowergenerationandpowerstationconstruction1,499,347,5003,247,488,2992,105,862,6773,250,426,792257,801,418206,626,438
PinghaiPowerGenerationCompanySubsidiaryPowergenerationandpowerstationconstruction1,370,000,0004,500,781,5121,829,701,4605,210,093,742-14,169,597116,092,947
BoheEnergyCompanySubsidiaryPowergenerationandpower6,200,891,3909,344,286,5274,623,477,5044,246,193,38015,973,6418,853,910

2022AnnualReport

stationconstruction

stationconstruction
ZhanjiangElectricPowerCompanySubsidiaryPowergenerationandpowerstationconstruction2,875,440,0003,711,371,5353,388,420,1592,527,747,682-352,327,595-316,547,774
RedBayPowerGenerationCompanySubsidiaryPowergenerationandpowerstationconstruction2,749,750,0006,265,611,2242,393,430,1165,565,503,172-383,893,013-327,351,941
DapuPowerGenrationCompanySubsidiaryPowergenerationandpowerstationconstruction1,907,100,0004,788,048,351865,887,1912,490,196,938-424,015,354-348,122,830
JinghaiPowerGenerationCo.,Ltd.SubsidiaryPowergenerationandpowerstationconstruction2,919,272,0008,376,697,4952,631,645,0056,996,344,270-439,776,070-351,301,626
YuehuaPowerGenrationCompanySubsidiaryPowergenerationandpowerstationconstruction1,004,714,0003,510,282,504573,181,3471,339,461,805-391,222,030-363,681,512
MaomingThermalpowerPlantSubsidiaryPowergenerationandpowerstationconstruction1,437,985,1002,654,286,406286,671,1442,288,380,934-474,361,478-527,375,955
ZhongyueEnergyCompanySubsidiaryPowergenerationandpowerstationconstruction1,454,300,0003,337,678,505-215,919,5411,826,121,216-619,516,888-708,545,498
ShaoguanPowerGenerationCompanySubsidiaryPowergenerationandpowerstationconstruction1,070,000,0005,177,449,723-1,091,061,0402,820,816,898-844,059,353-922,264,795
ShajiaoCCompanySubsidiaryPowergenerationandpowerstationconstruction2,500,000,0005,846,009,0962,039,262,6555,330,603,384-830,059,486-913,839,007
ShanxiYudeanEnergyCo.,Ltd.ShareingCompanyInvestmentinelectricpower,mining,newenergyandotherprojects1,620,749,00010,010,740,6797,706,474,053193,310,9331,320,834,4641,319,342,256

AcquirementanddisposalofsubsidiariesintheReportingperiod

√Applicable□Notapplicable

CompanynameWayofacquiringandImpactonthewholeproducingoperationandperformance

2022AnnualReport

disposingofsubsidiarycorporationswithinthereportingperiod

disposingofsubsidiarycorporationswithinthereportingperiod
GuangdongShaoguanYudeanNewEnergyCo.,Ltd.InvestedDuringthereportingperiod,thephotovoltaicprojectintheplantisinthepreliminarystageandconstructionhasnotstarted;thedistributedPVprojectinWushiTownisunderconstruction.
TumushukeYudeanHanhaiNewEnergyCo.,Ltd.InvestedDuringthereportingperiod,theprojectwasintheprocessofinfrastructureconstruction.
YudeanJinxiuIntelligenceEnergyCo.,Ltd.InvestedDuringthereportingperiod,theprojectwasintheprocessofinfrastructureconstruction.
NanjingSenhongNewEnergyCo.,Ltd.PurchaseDuringthereportingperiod,theprojectwasintheprocessofinfrastructureconstruction.
NanjingLinyuanSenhaiNewEnergyCo.,Ltd.PurchaseDuringthereportingperiod,theprojectwasintheprocessofinfrastructureconstruction.
GuangdongYudeanHuiboNewEnergyCo.,Ltd.InvestedDuringthereportingperiod,theprojectwasintheprocessofinfrastructureconstruction.
TaishanDongrunZhongnengNewEnergyCo.,Ltd.PurchaseDuringthereportingperiod,theprojectwasintheprocessofinfrastructureconstruction.
GuangdongYudeanMaomingNaturalGasThermalpowerCo.,Ltd.InvestedDuringthereportingperiod,thisprojectwasinthepreliminarystage,andtheconstructionwasnotcommenced.
MeizhouXingyueNewEnergyCo.,Ltd.InvestedDuringthereportingperiod,theprojectwasintheprocessofinfrastructureconstruction.
GuangdongYudeanHuixinThermalpowerCo.,Ltd.InvestedDuringthereportingperiod,thisprojectwasinthepreliminarystage,andtheconstructionwasnotcommenced.
YudeanShacheIntelligenceEnergyCo.,Ltd.InvestedDuringthereportingperiod,theprojectwasintheprocessofinfrastructureconstruction.
LaixiXinguangyaoNewEnergyTechnologyCo.,Ltd.PurchaseDuringthereportingperiod,theprojectwasintheprocessofinfrastructureconstruction.
JiuzhouNewEnergy（Zhaoqing）Co.,Ltd.PurchaseDuringthereportingperiod,theprojectachievedanoperatingincomeof7.27millionyuanandanetprofitof-1.33millionyuan,whichhadnosignificantimpactonthecompany'soverallproductionandoperationandperformance.
XiangtanXiangdianChangshanWindPowerGenerationCo.,Ltd.PurchaseDuringthereportingperiod,theprojectachievedanoperatingincomeof2.7millionyuanandanetprofitof-870,000yuan,whichhadnosignificantimpactonthecompany'soverallproductionandoperationandperformance.
YunfuLuodingYudeanNewEnergyCo.,Ltd.InvestedDuringthereportingperiod,thisprojectwasinthepreliminarystage,andtheconstructionwasnotcommenced.

Note

1.Duringthereportingperiod,duetothehighpriceofcoalandgas,thecompany'spowergenerationcostremainedhigh,andsomethermalpowerplantscontinueddeficit.

2.In2022,duetothecommissioningofYangjiang,Xinliao,Wailuoandotherprojects,thewindpowerrevenueincreasedyearonyear.

3.Mainlybecausethecoalpriceremainedhighthisyear,andtheinvestmentincomeinShanxienergyincreasedyearonyear.

X．StructuredvehiclecontrolledbytheCompany

□Applicable√Notapplicable

2022AnnualReport

XI.ProspectforfuturedevelopmentoftheCompany（I）TheDevelopmentTrendoftheIndustryInJanuary2023,theBlueBookofNewPowerSystemDevelopment(DraftforComment)issuedbytheNationalEnergyAdministrationpointedoutthatChinawouldpromotenewenergyasthemainresourceforincrementalpowergeneration.By2030,theinstalledcapacitywillaccountformorethan40%,andthepowergenerationwillaccountformorethan20%.However,China'scoal-basedenergyresourceendowmentdeterminesthatcoalwillstilloccupyahighproportionintheenergysupplystructureforalongtime.Asoneofthecleanandefficientutilizationwaysofcoal,coal-firedpowerisstillthebasicguaranteepowersupplyinthepowersystem.Therefore,before2030,theinstalledcapacityandpowergenerationofcoal-firedpowerwillstillincreasemoderately,andthelayoutwillbeoptimizedaroundthelarge-scalenewenergybase,mainloadcenterandimportantnodesofthepowergrid.Coal-firedgeneratingunitsgraduallytransformintothecleanandlow-carbontypethroughflexibilitytransformationandenergy-savingandemission-reductiontransformation,whichfurtherenhancestheregulationability,bettersupportthe"carbonpeakingandcarbonneutrality"strategyandthestableoperationofthepowersystem.Meanwhile,thecleanandefficientgasgeneratorsetisconducivetoenhancingthepeak-shavingcapacityandsafetyreliabilityofthenewpowersystemwithnewenergyasthemainbody,andtobuildingaclean,low-carbon,safeandefficientenergysystem,withcertaindevelopmentspace.Tosumup,inthefuture,thethermalpowerindustrywillmainlyrelyondevelopingcoalpowerwithlargecapacity,highparameters,advancedenergy-saving,andacceleratingthedevelopmentofgaspowertooptimizethepowersupplystructure,promotethequalityimprovementandefficiencyincreasebyenhancingthetechnicalR&Dstrength,striveforhighelectricityquantityandpricebyactivemarketing,andreducethecostbyrefinedmanagement.Inaddition,thecompanywilladheretothenewdevelopmentconcept,continuetopromotetheoptimizationandadjustmentofpowersupplystructure,actively,steadilyandorderlypromotethecompletionandcommissioningofnewenergypowergenerationprojects,andcontributetobuildingaclean,low-carbon,safeandefficientenergysystem.(II)CorporatedevelopmentstrategyInthefuture,itwillfocusonenergyproductionandsupply,withconsiderationofcomprehensiveenergyservices,centeredbythegoalsofcarbonpeakingandcarbonneutralization.BasedonGuangdongandtargetedatthewholecountry,itwillimplementthe"1+2+3+X"strategy-tobuildafirst-classgreenlow-carbonpowerlistedcompany,coordinatesafetyanddevelopment,optimizeandstrengthenthecoalpower,gaspowerandbiomasspowergenerationbusiness,andvigorouslydevelopnewenergy,energystorage,hydrogenenergyandlandparkdevelopment.Itwillfullypromotetheleap-forwarddevelopmentofnewenergy;Graspthewindowphaseofthermalpowerdevelopmentandacceleratethedevelopmentandconstructionofkeyprojects;Explorethedistributionofmulti-energyjointsupplyprojectof"integrationofsourcenetwork,loadandstorage",promotetheintegrateddevelopmentof"integrationofwind,lightandfirehydrogenstorage",andbuildanecologicalandcivilizedpowergenerationenterprise.(III)ProductionandoperationplansIn2023,thecompany'sconsolidatedstatementhasabudgettargetvalueof120.356billionkilowatthoursofon-gridelectricity,whichis11.77%higherthantheactualon-gridpowerin2022;ThebudgetarytargetvalueofthemainbusinessrevenueisRMB61.287billion,andanincreaseof9.071billionyuancomparedtotheactualamountofmainbusinessoperatingrevenueofRMB52.216billion;TheannualplannedinvestmentbudgetoftheparentcompanyisRMB6.275billion,withadecreaseofRMB1.781billioncomparedwiththeactualinvestmentofRMB8.056billionin2022.

2022AnnualReport

(Note:Theaboveoperatingplandoesnotrepresentthecompany'sprofitforecastfor2023,whetheritcanbeachieveddependingonvariousfactorssuchaschangesintheelectricitymarketandcoalmarketconditions,thusthereisconsiderableuncertainty,andinvestorsshouldpayspecialattentiontoit.)（IV）Possiblerisksandcountermeasures

1.SafetyproductionrisksTheincreasinglyfrequentoccurrenceofextremeweathereventshasbroughtcertainadverseeffectstothenormalproductionandoperationofenterprises,andthecompanyneedstofurtherstrengthenthedefenseworkagainstnaturaldisasters;Duetothelongrunningyearsofsomeofthecompany'sthermalpowerunits,thereareproblemssuchasreducedefficiencylevel,agingequipment,anddeclineinoperationsafetyandreliability;Inaddition,somecontractorsmayhaveinsufficientsafetyawarenessandsafetymanagementmaynotinplace.Countermeasures:First,paycloseattentiontorainandfloodconditions,anddowellinfloodpreventionandtyphoonpreventioninastrictanddown-to-earthmanner;Thesecondistostrengthenequipmentmaintenanceandoperationmanagement,seriouslycarryoutmaintenancework,operationmanagementandtechnicalsupervision,improvetheequipmentmanagementsystem,dowellinequipmentdefectelimination,andimprovethereliabilityofunitequipment;Thethirdistostrictlymanagecontractors,wellmanagethe"threshold",resolutelyrootoutillegalsubcontractingandillegalsubcontracting,encouragetheevaluationactivityofoutstandingcontractors,strengthenthesafetyeducationandtrainingofcontractors,andcontinuouslyimprovethesafetymanagementofcontractors.

2.FuelcostriskDomesticcoalproductioncapacitycontinuestobereleasedunderthepolicyofensuringsupplyandstableprice,butseasonalandregionalsupplyanddemandtensionsstillexist,andcoalpricesremainhigh.Atthesametime,duetotheintensificationofgeopoliticalgamingintheinternationalenergymarket,globalcoalandnaturalgassupplyexpectationsareunclear,andthefuturetrendofoverseasfuelpricesisincreasinglyuncertain.Fuelcostsaccountforalargeproportionofthecompany'smainbusinesscosts,andfluctuationsinfuelpriceshaveasignificantimpactonthecompany'soperatingperformance.Iffuelpricesremainhigh,thecompany'soperatingefficiencywillcontinuetobeunderseriouspressure.Countermeasures:First,thecompanyshalloptimizethefuelprocurement,reducecoststhroughthe"precisioninventory"strategy,increasethemixingofeconomiccoal,optimizetheenergyconsumptionofunits,etc.;Thesecondistobroadencoalprocurementchannels,comprehensivelyconsiderdomestictradecoalandimportedcoalsuchasRussiancoal,AustraliancoalandMongoliancoalaccordingtotheguidanceofnationalpolicies,adheretothattheprocurementprincipleofeconomicefficiencyisfirst,andreducefuelcosts;Thethirdistotrackthepricetrendofnaturalgasinrealtime,optimizethepowergenerationbusinessstrategy,generatemorecost-effectiveelectricity,andactivelyseeksubsidiesforgasandelectricityfromsuperiordepartments,strengthensafetyproductionmanagementandcostcontrol,andstrivetoachieveastablesupplyofgasandelectricity.

3.RiskofpowersupplystructureadjustmentUnderthebackgroundofthe"30?60"goalofcarbonpeakingandcarbonneutrality,thetransitiontolow-carbonenergyproductionandconsumptionhasbeenaccelerated.Accordingtotherequirementsofthestatetooptimizetheenergystructure,thethermalpowerwillgraduallychangefromthemainpowersupplytothebasicpower

2022AnnualReport

supplyofpeakregulationandfrequencyregulation,andtheinstalledcapacityandpowergrowthofnewenergysuchaswindpowerandphotovoltaicpowerwillfurthersqueezethelivingspaceofcoal-firedpowerunits.AsoftheendofDecember2022,thecompany'sholdingcapacityofcoalpoweraccountsfor69.2%,thatisarelativelyhighproportion,andthepressureoftransformationofpowertocleanandlow-carbonenergyishigh.Countermeasures:

Thefirstistosteadilypromotethetransformationandupgradingofthepowersupplystructure,strivetoachievegreaterbreakthroughsinstructuraladjustment,acceleratetheprogressofkeyenergyprojects,andsolidlypromotetheDayaBayIntegratedEnergyStation,ZhaoqingYonganNaturalGasThermalPowerProject,XinjiangHanhaiPhotovoltaicProject,andYunfuNaturalGasCogenerationProject,YangjiangQingzhouoffshorewindpowerproject,etc.,toensurethatprojectinvestmentandconstructionplansarecompletedonschedule.Thesecondistocontinuetoenrichthereserveofnewenergyprojects,activelyexplorenewenergydevelopmentspaceinotherprovincesandregionsinChina,andincreasethedevelopmentofnewenergyinXinjiang,Guizhou,Hebei,Qinghai,Guangxiandotherregions.Thethirdistodeeplyexplorethedistributedenergysupplyofcold,heat,electricityandgas,aswellastheconstructionofinfrastructuresuchaspowerexchange,chargingpilesandenergystorage,andthedevelopmentandutilizationofhydrogenenergy.Thefourthistocontinuouslyoptimizecarbonassetmanagement,makefulluseofinternalandexternalresources,strengthencarbonemissiondatamanagementandcarbonassetmanagement,promoteenergyconservationandcarbonreduction,andrealizethevalue-addedandincomeofcarbonassets.XII.Particularsaboutresearches,visitsandinterviewsreceivedinthisreportingperiod

√Applicable□Notapplicable

Reception

time

ReceptiontimePlaceofreceptionWayofreceptionTypesofvisitorsVisitorsreceivedMaincontentsdiscussedandinformationprovidedBasicindex
February17,2022MeetingroomofthecompanyFieldresearchOrganizationZhongjinCompany,SenjinInvestment,LingzeInvestment,HuameiInvestment,ZhengxiguCapital,HuachuangSecurities,GuangfaFund,RuitianInvestment,GuotaiFundPleaserefertotheinvestoractivityrecordformfordetailsofthediscussion.NoinformationisprovidedbythecompanyFordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongElectricPowerDevelopmentCo.,Ltd."disclosedbytheinteractiveplatform（2022001）
March21,2022OnlineresearchOtherOrganizationIndustrialSecurities,MaxwealthFund,FuguoFund,TaipingAsset,ShenwanHongyuanSecurities,BankofChinaInvestmentManagement,YangtzeRiverendowmentinsurancePleaserefertotheinvestoractivityrecordformfordetailsofthediscussion.NoinformationisprovidedbythecompanyFordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongElectricPowerDevelopmentCo.,Ltd."disclosedbytheinteractiveplatform（2022002）
May5,2022OnlineresearchOtherOrganizationIndustrialSecurities,YinhuaFund,Southernfund,JinglinAsset,Pleaserefertotheinvestoractivityrecordformfordetailsofthediscussion.NoFordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongElectricPower

2022AnnualReport

CCBPrincipalAssetManagement,XinchengFund,BoshiFund

CCBPrincipalAssetManagement,XinchengFund,BoshiFundinformationisprovidedbythecompanyDevelopmentCo.,Ltd."disclosedbytheinteractiveplatform（2022003）
May13,2022ThepanoramicnetworkOtherOtherInvestorswhoparticipatedintheCompany'sperformancebriefingthroughthepanoramicnetworkplatformPleaserefertotheinvestoractivityrecordformfordetailsofthediscussion.NoinformationisprovidedbythecompanyFordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongElectricPowerDevelopmentCo.,Ltd."disclosedbytheinteractiveplatform（2022004）
May23,2022OnlineresearchOtherOrganizationHuataiAssetPleaserefertotheinvestoractivityrecordformfordetailsofthediscussion.NoinformationisprovidedbythecompanyFordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongElectricPowerDevelopmentCo.,Ltd."disclosedbytheinteractiveplatform（2022005）
May24,2022OnlineresearchOtherOrganizationIndustrialSecurities,(HSBCGlobalAssetManagementPleaserefertotheinvestoractivityrecordformfordetailsofthediscussion.NoinformationisprovidedbythecompanyFordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongElectricPowerDevelopmentCo.,Ltd."disclosedbytheinteractiveplatform（2022006）
June21,2022OnlineresearchOtherOrganizationIndustrialSecurities,ZhongrongFundPleaserefertotheinvestoractivityrecordformfordetailsofthediscussion.NoinformationisprovidedbythecompanyFordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongElectricPowerDevelopmentCo.,Ltd."disclosedbytheinteractiveplatform（2022007）
June30,2022MeetingroomofthecompanyFieldresearchOrganizationZhengyuanInvestment,HuachuangSecuritiesPleaserefertotheinvestoractivityrecordformfordetailsofthediscussion.NoinformationisprovidedbythecompanyFordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongElectricPowerDevelopmentCo.,Ltd."disclosedbytheinteractiveplatform（2022008）
July22,2022OnlineresearchOtherOrganizationDongbeiSecurities,Southernfund,ChangjiangSecurities,BOCOMSchrodersPleaserefertotheinvestoractivityrecordformfordetailsofthediscussion.NoinformationisprovidedbythecompanyFordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongElectricPowerDevelopmentCo.,Ltd."disclosedbytheinteractiveplatform（2022009）
July26,2022MeetingroomofthecompanyFieldresearchOrganizationBongbeiSecurities,BoshiFund,HuataiSecuritiesPleaserefertotheinvestoractivityrecordformfordetailsofthediscussion.NoinformationisFordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongElectricPowerDevelopmentCo.,

2022AnnualReport

providedbythecompany

providedbythecompanyLtd."disclosedbytheinteractiveplatform（2022010）
September2,2022OnlineresearchOtherOrganizationCaitongFund,GuotaiJunanSecuritiesPleaserefertotheinvestoractivityrecordformfordetailsofthediscussion.NoinformationisprovidedbythecompanyFordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongElectricPowerDevelopmentCo.,Ltd."disclosedbytheinteractiveplatform（2022011）
September22,2022ThepanoramicnetworkOtherOtherInvestorswhoparticipatedinthecompany'sperformancebriefingthroughthepanoramicnetworkplatformPleaserefertotheinvestoractivityrecordformfordetailsofthediscussion.NoinformationisprovidedbythecompanyFordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongElectricPowerDevelopmentCo.,Ltd."disclosedbytheinteractiveplatform（2022012）
September23,2022MeetingroomofthecompanyOtherOrganizationJiashiFund,GuotaiJunan,CITICSecurities,WangfangAsset,InvescoGreatwall,ZhengyuanInvestment,LuojiaFangyuan,TianchuangCapitalPleaserefertotheinvestoractivityrecordformfordetailsofthediscussion.NoinformationisprovidedbythecompanyFordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongElectricPowerDevelopmentCo.,Ltd."disclosedbytheinteractiveplatform（2022013）
September28,2022MeetingroomofthecompanyOtherOrganizationYinhuaFund,PenghuaFund,CSRichlandAsset,JinglinAsset,XitaiInvestment,IndustrialSecurities,GuangfaSecurities,AXASPDBInvestmentManagers,UBSSDIC,AnxinFund,GuoxinSecuritiesPleaserefertotheinvestoractivityrecordformfordetailsofthediscussion.NoinformationisprovidedbythecompanyFordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongElectricPowerDevelopmentCo.,Ltd."disclosedbytheinteractiveplatform（2022014）
October31,2022OnlineresearchOtherOrganizationGuoxinSecurities,CaitongFund,FuguoFundPleaserefertotheinvestoractivityrecordformfordetailsofthediscussion.NoinformationisprovidedbythecompanyFordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongElectricPowerDevelopmentCo.,Ltd."disclosedbytheinteractiveplatform（2022015）
November11,2022OnlineresearchOtherOrganizationInvescoGreatwall,DongbeiSecurities,GreatWallFund,TFSecurities,CITICAMC,HuachuangSecuritiesPleaserefertotheinvestoractivityrecordformfordetailsofthediscussion.NoinformationisprovidedbythecompanyFordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongElectricPowerDevelopmentCo.,Ltd."disclosedbytheinteractiveplatform（2022016）
NovemberOnlineOtherOrganizaIndustrialPleaserefertotheFordetails,pleasereferto

2022AnnualReport

23,2022

23,2022researchtionSecurities,CCBPrincipalAssetmanagement,GuangfaFund,CINDAFUND,AnxinSecurities,PenghuaFund,MIRAEAssetinvestoractivityrecordformfordetailsofthediscussion.Noinformationisprovidedbythecompanythe"RecordFormofInvestorRelationsActivitiesofGuangdongElectricPowerDevelopmentCo.,Ltd."disclosedbytheinteractiveplatform（2022017）
November28,2022OnlineresearchOtherOrganizationGuoxinSecurities,ZhonggengFund,YangtzeRiverendowmentinsurance,HuaanFund,ZhongjiaFundPleaserefertotheinvestoractivityrecordformfordetailsofthediscussion.NoinformationisprovidedbythecompanyFordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongElectricPowerDevelopmentCo.,Ltd."disclosedbytheinteractiveplatform（2022018）
November30,2022OnlineresearchOtherOrganizationGuangfaSecuritiesPleaserefertotheinvestoractivityrecordformfordetailsofthediscussion.NoinformationisprovidedbythecompanyFordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongElectricPowerDevelopmentCo.,Ltd."disclosedbytheinteractiveplatform（2022019）
December7,2022OnlineresearchOtherOrganizationShenwanHongyuanSecurities,Pleaserefertotheinvestoractivityrecordformfordetailsofthediscussion.NoinformationisprovidedbythecompanyFordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongElectricPowerDevelopmentCo.,Ltd."disclosedbytheinteractiveplatform（2022020）
December20,2022OnlineresearchOtherOrganizationMAXWEALTHFund,GuangfaSecuritiesPleaserefertotheinvestoractivityrecordformfordetailsofthediscussion.NoinformationisprovidedbythecompanyFordetails,pleaserefertothe"RecordFormofInvestorRelationsActivitiesofGuangdongElectricPowerDevelopmentCo.,Ltd."disclosedbytheinteractiveplatform（2022021）

2022AnnualReport

IV.CorporateGovernanceI.GeneralsituationThecompanyisstrictlyinaccordancewith“CompanyLaw”,“SecuritiesLaw”,“GovernanceStandardsofListedCompany”,“ListingRulesofStocks”andotherlawsandregulationsrequirements,constantlyperfectsthecorporategovernancestructure,standardizescorporateoperationsandfurtherenhancesthelevelofcorporategovernance.Thecompanyhasestablishedthecorporate“ArticlesofAssociation”,therulesofprocedureofthreemeetings’operation,theworkingrulesoftheboardofdirectorsspecialcommittee,theworkingrulesofthegeneralmanagerofcompanyandworkingconditionsandinternalcontrolsystemwhichbasicallycoversallaspectsoftheoperationmanagementlikefinancialmanagement,investmentmanagement,informationdisclosure,associatedtrade,externalguaranteesandfund-raising.Thesesystemsareimplementedbetter.Duringthereportingperiod,thecompanyhasamendedpartoftheclausesin“InsideInformationManagementSystem”basedontheoriginalsystemsandtherequirementsoftheCSRC.In2022,thecompanycontinueimplementtheGuidelinesforCorporateGovernanceofListedCompaniesandtherelevantrequirementsofChinaSecuritiesRegulatoryCommissiononimprovingthequalityoflistedcompanies,andearnestlyachievedasteadyandprudentmanagement,abidedbylawsandregulations,highlightedandrefineditsmainbusiness,respectedinvestors,andconstantlyimprovedthecorporategovernancelevelandthedevelopmentqualityoflistedcompanies.TheBoardofDirectorsorganized6on-sitemeetingsand5communicationmeetings,andcompletedtheexaminationandapprovalof65proposalsoftheBoardofDirectors,includingregularreports,internalcontrolevaluation,comprehensiveriskmanagement,profitdistributionplan,majorinvestmentandfinancing,majorrelatedpartytransactions,etc.,allofwhichwerepassedandeffectivelyimplemented.TheBoardofDirectorsalsoconvened4generalmeetingofshareholders,andall19proposalssubmittedatthegeneralmeetingofshareholderswerepassedandeffectivelyimplemented.Thecompanysuccessfullycompletedthepreparationanddisclosureofregularreportsandtemporaryannouncements,andissued104announcementsthroughouttheyear.Theinformationdisclosurehasbeenassessedas"A"byShenzhenStockExchangeforeightconsecutiveyears.Doesthereexistanydifferenceincompliancewiththecorporategovernance,thePRCCompanyLawandtherelevantprovisionsofCSRC,

□Yes√NoThereexistnodifferenceincompliancewiththecorporategovernance,thePRCCompanyLawandtherelevantprovisionsofCSRC.II.IndependenceandCompletenessinbusiness,personnel,assets,organizationandfinanceThecompanyhasimplementedseparationofoperation,separationofhumanresource,separationofassets,separationoforganizationandfinancialindependencebetweencontrollingshareholder.Andithasacompletebusinessandoperationsmanagementability.1.Separationofoperation:thecompanyisprincipallyengagedintheelectricitygenerationandsalestoGuangdongElectricPowerHoldingCo.(“GPHC”)orcustomersdirectly.ThecompanyhassubcontractedthesubsidiaryofYudean,theholdingcompany,topurchasethefuels,whichissolelyforthepurposeofbetterutilizationoflarge-scalepurchaseandcostcontrol.2.Separationofhumanresource:theGeneralManagerandallhissubordinates,SecretarytotheBoardofDirectors,FinancialManagerarepaidbythecompanyandtakenopositionintheholdingcompany.3.Separationofassets:thecompanyhasindependentproductionsystem,supportingsystemandotherfacilities.Thecompanyownsitsintangibleassetssuchas

2022AnnualReport

intellectualpropertyrights,trademarksandnon-patenttechnology;4.Separationoforganization:thecompanyhasestablishedintegratedoperatinginstitutionofitsown.5..Financialindependence:thecompanyhasanindependentfinancialdepartmentandhasestablishedindependentaccountingsystemandfinancialmanagementsystem.Itopenedindependentbankaccountsforitsownoperation.III.Competitionsituationsoftheindustry

√Applicable□NotApplicable

Problem

Types

ProblemTypesTypesofrelationshipwithlistedcompaniesNameoftheControllingShareholdersPropertyoftheControllingShareholdersProblemsandCausesCountermeasuresTimeScheduleofWorksandFollow-upProgram
HorizontalcompetitionsControllingshareholderGuangdongEnergyGroupCo.,Ltd.LocalSASACEnergyGroupwasestablishedwhenGuangdongProvincialGovernmenttooktheleadintheimplementationofthe“plantandnetworkseparation”powersystemreforminChina,andwasseparatedandformedfromGuangdongProvincialPowerGroupCorporation.ItisthelargestandmostpowerfulpowergenerationenterpriseinGuangdongProvince.YudeanPoweristheonlylistedcompanyundertheEnergyGroupandisengagedinpowerproductionbusiness.Atpresent,EnergyGroupstillhassomeremainingpowergenerationassetsthathavenotbeenincludedinYudeanPowertemporarily.Consideringthesituationofthesepowergenerationassets,itistemporarilynotinlinewiththelistingconditions,anditisdifficulttosolvetheseproblemsintheshortterm.Therefore,thereisacertaindegreeofOnJanuary3,2018,thecompanydisclosedAnnouncementonControllingShareholders'CommitmenttoPerformRelatedMatters(publicnoticeNo.:2018-01);onJanuary13,2018,thecompanydisclosedAnnouncementofRelatedTransactionsonthe"EquityCustodyAgreement"signedwithGuangdongEnergyGroupCo.,Ltd.(publicnoticeNo.:2018-04).Inordertoavoidcompetitioninthesameindustryandtofulfilltherelevanthorizontalcompetitioncommitments,EnergyGrouphassignedtheEntrustedManagementAgreementwiththecompany,andalltheshareholders'rightsotherthantheownership,income,anddisposalrightsofthecompanythattemporarilyfailstomeetthelistingconditionsinthecompany'scustodyareaoftheEnergyGroupareescrowedtoourcompany.Ourcompanywillactivelyfulfillthetrusteeshipandresponsibilitiesaccordingtothe“EquityCustodyAgreement”andparticipateinthemanagementanddecision-makingandinspectionandsupervisionofthecustodytarget.ThecompanywillcooperatewithEnergyGrouptopushforwardthedefectrectificationoftheunderlyingassets,studytherectificationandsolutiontothedefectsandobstaclesintherelevantassetsthatdonotmeetthelistingconditions,promoterelevantrectificationworkfromtheaspectsofimprovingprojectapprovalorapprovalprocedures,clarifyinglandandpropertyownership,enhancingassetprofitability,andimplementinglegalcompliance.Forcustodyassetsthatmeetthelistingconditionsinthefuture,EnergyGroupwill,inaccordancewiththeunifieddeploymentoftheGuangdongProvincialPartyCommitteeandtheprovincialgovernmentandtheoverallrequirementsforthereformofstate-ownedenterprises,activelycreateconditionsfortheinjectionintolistedcompaniesinaccordancewiththestatusoftheassetsundercustody,combinedwithenterprise

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horizontalcompetition.

horizontalcompetition.restructuring,structuraladjustmentarrangements,electricitymarketandcapitalmarketconditions.

IV.AnnualGeneralMeetingandExtraordinaryShareholders’MeetingsintheReportingPeriod

1.AnnualGeneralMeeting

SessionsTypeInvestorparticipationratioMeetingDateDisclosuredateDisclosureindex
Thefirstprovisionalshareholders’Generalmeetingin2022Provisionalshareholders’GeneralMeeting72.75%February22,2022February23,2022《AnnouncementofResolutionofthefirstProvisionalshareholders’generalmeetingin2022，AnnouncementNo.:2022-10,PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn
2021Shareholders’generalmeetingAnnualGeneralMeeting72.68%May20,2022May21,2022AnnouncementofResolutionof2021shareholders’generalmeeting，AnnouncementNo.:2022-29.PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn
TheSecondprovisionalshareholders’Generalmeetingin2022Provisionalshareholders’GeneralMeeting73.29%September16,2022September17,2022AnnouncementofResolutionoftheSecondProvisionalshareholders’generalmeetingin2022，AnnouncementNo.:2022-46,PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn
TheThirdprovisionalshareholders’Generalmeetingin2022Provisionalshareholders’GeneralMeeting74.29%November16,2022November17,2022AnnouncementofResolutionoftheThirdProvisionalshareholders’generalmeetingin2022，AnnouncementNo.:2022-57PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn

2.Requestforextraordinarygeneralmeetingbypreferredstockholderswhosevotingrightsrestore

□Applicable√NotapplicableV.InformationaboutDirectors,SupervisorsandSeniorExecutives

1.Basicsituation

NamePositionsOfficestatusSexAgeStartingdateoftenureExpirydateoftenureSharesheldattheyear-begin(share)Amountofsharesincreasedatthereportingperiod(share)Amountofsharesdecreasedatthereportingperiod(share)Otherchanges(shares)Numberofsharesheldattheendoftheperiod(shares)Reasonsforincreaseordecreaseofshares
WangJinBoardchairmanInofficeMale59June11,2018February20,2023
ZhengYunpengViceBoardchairmanInofficeMale54June28,2018
ZhengGeneralInMale54June

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Yunpeng

YunpengManageroffice11,2018
LiFangjiDirectorInofficeMale55June28,2018
LiXiaoqingDirectorInofficeFemale51May20,2022March16,2023
LiBaobingDirectorInofficeMale48November19,2019
ChenYanzhiEmployeedirectorInofficeMale47August2,2021
MaoQinghanDirectorInofficeMale48August2,2019
MaXiaoqianIndependentdirectorInofficeMale58September18,2017
ZhangHanyuIndependentdirectorInofficeFemale57September16,2022
WuZhanchiIndependentdirectorInofficeMale47September16,2022
CaiGuoweiIndependentdirectorInofficeMale43September16,2022
ZhouZhijianChairmanoftheSupervisoryCommitteeInofficeMale50August2,2021
LiRuimingEmployeesupervisorInofficeMale59August2,2021
ShiYanSupervisorInofficeFemale45November19,2019
LiQingEmployeesupervisorInofficeMale45May20,2014
ShaQilinIndependentdirectorInofficeMale62August2,2021
GuoYongxiongDeputyGMInofficeMale48April27,2021
LiuWeiDeputyGM,FinancemanagerInofficeMale43September18,2017
LiuWeiBoardsecretaryInofficeMale43October24,2006
ShenHongtaoIndependentdirectorDimissionFemale55May20,2016September16,2022
WangXiIndependentdirectorDimissionMale52May20,2016September16,2022
YinZhongyuIndependentdirectorDimissionMale53September18,2017September16,2022
TangYongguangDeputyGMDimissionMale60November28,2019December31,2022
Total------------00000--

Indicatewhetheranydirector,supervisororseniormanagementresignedbeforetheexpiryoftheirtenureduringtheReportingPeriod

√Yes□No

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1.Duetotheexpirationoftheirtermsofofficeandpersonalreasons,theindependentdirectorsofthecompany-Ms.ShenHongtao,Mr.WangXiandMr.YinZhongyu-submittedresignationapplicationstotheboardofdirectorsrespectively;

2.Becausehavingreachedthestatutoryretirementage,Mr.TangYongguangwillnolongerserveasthedeputygeneralmanagerofthecompany,andwillnolongerholdanypositioninthecompanyanditssubsidiariesafterleavinghispost.Changesofdirectors,supervisorsandseniorexecutives

√Applicable□Notapplicable

Name

NamePositionsTypesDateReason
LiXiaoqingDirectorElectedMay20,2022
ZhangHanyuIndependentdirectorElectedSeptember16,2022
WuZhanchiIndependentdirectorElectedSeptember16,2022
CaiGuoweiIndependentdirectorElectedSeptember16,2022
ShenHongtaoIndependentdirectorLeftfortermexpirationSeptember16,2022
WangXiIndependentdirectorLeftfortermexpirationSeptember16,2022
YinZhongyuIndependentdirectorDimissionSeptember16,2022Personalreasons
TangYongguangDeputyGMDimissionDecember31,2022Retire
WangJinBoardchairmanDimissionFebruary20,2023WorkAdjustment
ZhengYunpengBoardchairmanElectedFebruary20,2023
LiXiaoqingDirectorDimissionMarch16,2023Personalreasons

2.PostsholdingWorkExperienceinthepastfiveyearsofDirectors,supervisorsandseniorExecutivesinCurrentofficeMr.WangJin,borninMay1963.HeholdsaBachelorofEngineeringfromNanjingInstituteofTechnologyandaMasterofBusinessAdministrationfromJinanUniversity.Heisnowaseniorengineer,andcurrentlyservesasFull-timeexternaldirectorsofGuangdongWindPowerGenerationCo.,Ltd.,GuangdongEnergyGroupScienceandTechnologyResearchInstituteCo.,LtdandShanxiYuedianEnergyCo.,Ltd,.HeonceservedasdirectorofboilermaintenanceworkshopinShaoguanPowerPlant,directorofEngineeringTechnologyDepartmentofZhuhaiPowerPlant’sPlanningandConstructionDepartment,deputydirectorofZhuhaiPowerPlant,executivedeputygeneralmanagerofGuangzhuPowerGenerationCo.,Ltd.andgeneralmanagerofZhuhaiPowerPlantCo.,Ltd.,generalmanagerandsecretaryofthePartyCommitteeofGuangdongZhuhaiJinwanPowerGenerationCo.,Ltd.,generalmanagerofGuangzhuPowerGenerationCo.,Ltd.,thedeputychiefengineerandthemanageroftheDepartmentofManagementandthesecretaryofthePartyBranchofGuangdongEnergyGroupCo.,Ltd.,andDeputyChiefEngineerofGuangdongEnergyGroupCo.,Ltd.,SecretaryofthePartyCommitteeandChairmanofGuangdongElectricPowerDevelopmentCo.,Ltd.

Mr.ZhengYunpeng,borninOctober1968,BachelorofSouthChinaUniversityofTechnologyandMBAofJinanUniversity,isaseniorengineer.Currently,heservesaschairmanandthegeneralmanagerofGuangdongElectricPowerDevelopmentCo.,Ltd.HehadservedasDeputyMinisterofStrategyDevelopmentDepartmentofGuangdongYudeanAssetManagementCo.,Ltd.,DeputyMinisterofStrategyDevelopmentDepartmentofGuangdongEnergyGroupCo.,Ltd.,MinisterofStrategyDevelopmentDepartmentofGuangdongEnergyGroupCo.,Ltd.,SecretaryofthePartyBranchandGeneralManagerofBranchcompanyofGuangdongYudeanEnvironmentalProtectionEngineeringManagementcompany,FactoryDirectorandSecretaryoftheParty

2022AnnualReport

CommitteeofHuangpuPowerPlant,GeneralManagerofYuehuaPowerGenerationcompany,GeneralManagerandSecretaryofthePartyBranchofGuangdongYudeanNaturalGasCo.,Ltd.Mr.LiFangji,borninNovember1967,isaseniorengineer.HeholdsabachelordegreefromBeijingInstituteofWaterResourcesandElectricPowerEconomicsandManagementandamasterdegreeinengineeringfromTianjinUniversity.HecurrentlyservesasDeputyChiefEngineerofGuangdongEnergyGroupCo.,Ltd.andconcurrentlyservesasMinisterofStrategyDevelopmentDepartmentandSecretaryofPartyBranchofEnergyGroupCorporation,DirectorofGuangdongElectricPowerDevelopmentCo.,Ltd.HehadservedasEngineerofShenzhenEnergyCorporation,AssistanttoGeneralManagerandDeputyGeneralManagerofShenzhenQianwanElectricPowerDevelopmentCo.,Ltd.,AssistanttoGeneralManager,ChairmanoftheLaborUnion,DeputyGeneralManager,GeneralManager,andSecretaryofthePartyCommitteeofShenzhenGuangqianElectricPowerCo.,Ltd.,SecretaryofPartyCommitteeandGeneralManagerofGuangdongYudeanJinghaiPowerGenerationCo.,Ltd.，MinisterofstrategyDevelopmentDeptandpartybranchsecretaryofEnergyGroup.

Ms.LiXiaoqing,borninSeptember1971,wasgraduatedfromChongqingUniversitywithamaster'sdegree.Sheisasenioreconomist.Sheusedtobesecretaryclerkofgeneralmanager'soffice,managerassistant,boardsecretaryandmanagerofboardaffairsdepartment,deputygeneralmanagerofGuangdongElectricPowerDevelopmentCo.,Ltd,andsheconcurrentlyseveredasthegeneralmanagerofGuangdongYudeanFinancialLeasingCo.,Ltd;shewasthepartybranchsecretaryandgeneralmanagerofGuangdongYudeanFinancialLeasingCo.,Ltd;andsheservedassecretaryoftheGeneralPartyBranchlandchairmanofGuangdongEnergyGroupFinanceCo.,Ltd,andshewasthesecretaryoftheHeadquarterPartyBranchoftheofGuangdongEnergyGroupFinanceCo.,Ltd,andthesecretaryoftheboardofdirectors,thesecretaryandgeneralmanagerofthepartybranchofthelegalaffairsandcapitaloperationdepartment,andthedirectorofthegeneralmanagerofficeandthedirectoroftheboardofficeofGuangdongEnergyGroupCo.,Ltd,DirectorofGuangdongElectricPowerDevelopmentCo.,Ltd.

Mr.LiBaobing,borninSeptember1974,graduatedfromXi'anJiaotongUniversitywithamasterdegree,isasenioreconomist.CurrentlyheistheMinisterofFinanceDepartmentandSecretaryofthePartyBranchofGuangdongEnergyGroupCo.,Ltd.,DirectorofGuangdongElectricPowerDevelopmentCo.,Ltd.HeservedasAssistanttoGeneralManagerofBudgetandFinanceDepartmentandDirectorofAssetManagementDepartmentofGuangzhouLingnanInternationalEnterpriseGroupCo.,Ltd.,ManagerofInvestmentDepartmentandDeputyGeneralManagerofGuangdongYudeanFinanceCo.,Ltd.,andhadconcurrentlyservedasGeneralManagerofShenzhenTianxinInsuranceBrokersCo.,Ltd.andViceMinister，MinisterandSecretaryofthePartyBranchofFinanceDepartmentofGuangdongEnergyGroupCo.,Ltd.

Mr.MaoQinghan,borninOctober1974,BachelorofHunanUniversityandMasterofEngineeringfromSouthChinaUniversityofTechnology.Engineer.HeonceservedasthesecretaryanddirectorofthepartybranchofXicunThermalPowerPlantinGuangzhoupowerplant,thedeputygeneralmanagerofGuangzhouPowerPlant,thesecretaryofthepartybranchofGuangzhouPowerPlantCo.,Ltd.,thesecretaryandgeneralmanagerofthepartybranchofGuangzhouWanglongThermalPowerCo.,Ltd.,thesafetydirectorandgeneralmanageroftheHealthandSafetyManagementDepartmentofGuangzhouDevelopmentGroupCo.,Ltd.,andthesecretaryandgeneralmanagerofthePartyCommitteeofGuangzhouDevelopmentPowerGroupCo.,Ltd.

Ms.ZhangHanyuwasborninJanuary1965,withaDoctorofPhilosophyfromRenminUniversityofChina.SheiscurrentlythevicechairmanofShenzhenHualingDeruiEquityInvestmentFundManagementcompany,andconcurrentlyholdsanindependentdirectorofJSTIGroupCo.,LtdandGuangdongElectricPowerDevelopmentCo.,Ltd.SheusedtoserveasLectureratCapitalUniversityofEconomicsandBusiness,SectionChiefofChinaSecuritiesRegulatoryCommission,AssistantGeneralManagerofChinaSecuritiesDepositoryand

2022AnnualReport

ClearingCorporation,andDeputyGeneralManagerofPingAnSecurities.

Mr.WuZhanchiwasborninOctober1975,withaDoctorofManagementfromSouthwesternUniversityofFinanceandEconomics.HeisaProfessoranddoctoralsupervisor,andheisnon-practicingmemberofChineseInstituteofCertifiedPublicAccountants.HeiscurrentlyaprofessorofJinanUniversity,anexpertoftheGuangdongProvincialDepartmentofFinanceandtheState-ownedAssetsSupervisionandAdministrationCommission,anindependentdirectorofJitaiCo.,Ltd,anindependentdirectorofJiaheIntelligentCo.,Ltd,anindependentdirectorofShenzhenBaiguoyuanCo.,Ltd,andanindependentdirectorofMinbangOptoelectronicsCo.,Ltd,anindependentdirectorofGuangdongElectricPowerDevelopmentCo.,Ltd.HeusedtobetheauditorofHunanYingteAccountingFirmandtheexecutivedirectoroftheAccountingMasterEducationCenterofJinanUniversity.

Mr.CaiGuoweiwasborninNovember1979,withaDoctorofEconomicsfromSunYat-SenUniversity.Heisprofessoranddoctoralsupervisor.HeiscurrentlyaprofessoranddoctoralsupervisorofLingnanCollegeofSunYat-senUniversity,andheistheheadoftheInstituteofDigitalEconomyandPolicyofSunYat-senUniversity.HeisalsotheexecutivedirectoroftheChinaWorldEconomicsAssociation,thedeputysecretary-generalanddirectoroftheGuangdongEconomicAssociation,thedirectoroftheChinaInstitutionalEconomicsForum,thememberoftheYouthCommitteeoftheChinaOptimalLawCoordinationLawandEconomicMathematicsResearchAssociation,theconsultantexpertoftheGuangzhouandHuizhouMunicipalGovernments,andtheevaluationexpertoftheNationalNaturalScienceFoundationofChinaandtheNationalSocialScienceFund,andindependentdirectorofGuangdongElectricPowerDevelopmentCo.,Ltd.HeusedtobetheassistantdeanandvicedeanofLingnanCollegeofSunYat-SenUniversity.

Mr.MaXiaoqian,borninMarch1964,isPh.D.ofengineeringthermophysicsfromSouthChinaUniversityofTechnology.HeisaprofessorandcurrentlyservingasthedirectoroftheKeyLaboratoryoftheElectricPowerSchoolofSouthChinaUniversityofTechnologyandconcurrentlyservingasthedeputydirectorofteachingguidingcommitteeofenergyandpowerprofessionalofhigheducationoftheMinistryofEducation,thechairmanoftheGuangzhouEnergyInstitute,theoutsidedirectorofGuangzhouEnvironmentalProtectionInvestmentGroupCo.,Ltd.,andtheindependentdirectorofGuangzhouDevelopmentGroupCo.,LtdandGuangdongElectricPowerDevelopmentCo.,Ltd.HeusedtobethedeanandvicepresidentofElectricPowerCollegeoftheSouthChinaUniversityofTechnology.

Mr.ShaQilin,borninOctober1960.MasterofWuhanInstituteofTechnology.AssociateProfessor,practicinglawyer.HeiscurrentlyalawyerofGuangdongNanguoDesaiLawFirm,memberoftheProfessionalCommitteeofFinancialandSecuritiesofGuangzhouLawyersAssociation,andconcurrentlyanindependentdirectorofGuangdongElectricPowerDevelopmentCo.,Ltd.HewasanassociateprofessorofWuhanInstituteofTechnology(nowWuhanUniversityofTechnology),headofinvestmentanddevelopmentdepartmentofChinaHuandaoGroupcompany,deputychiefengineerofgroupandchiefmanagerofoverseaslistedleadinggroup.

Mr.ChenYanzhi,borninJuly1975,graduatedfromGuangdongUniversityofTechnologywithabachelor'sdegree,SeniorPoliticalEngineer.HeiscurrentlytheDeputySecretaryofthePartyCommitteeandChairmanoftheTradeUnionandEmployeeDirectorofGuangdongElectricPowerDevelopmentCo.,Ltd.HeusedtobetheAssistantEngineeroftheTechnicalImprovementcompanyofGuangdongElectricPowerIndustryBureau,thespecialpersoninchargeoftheLaborandWageDivision,thespecialpersoninchargeofthepersonnelofTianshengqiaoFirst-classHydropowerDevelopmentCo.,Ltd.,thespecialpersoninchargeoftheHumanResourcesDepartmentandtheManagerandDeputyHeadofthePersonnelDivisionofGuangdongYudeanGroupCo.,Ltd.

Mr.ZhouZhijian,wasborninOctober1972,withbachelorofEconomicsfromZhongnanUniversityof

2022AnnualReport

FinanceandEconomicsandMasterofBusinessAdministrationfromJinanUniversity,andheissenioraccountant.HeiscurrentlytheChiefAuditor,GeneralManagerandSecretaryofthePartyBranchoftheAuditDepartmentofGuangdongEnergyGroupCo.,Ltd,andChairmanoftheSupervisoryBoardofGuangdongElectricPowerDevelopmentCo.,Ltd.HeservedasManageroftheAssetOperationDivisionoftheStrategicDevelopmentDepartmentofGuangdongYudeanAssetManagementCo.,Ltd,DeputyMinisteroftheFinanceDepartmentofGuangdongYudeanAssetManagementCo.,Ltd,DeputyMinisterandMinisteroftheFinanceDepartmentofGuangdongYudeanGroupCo.,Ltd,andDeputySecretaryandGeneralManageroftheGeneralPartyBranchofGuangdongEnergyGroupFinanceCo.,Ltd.Ms.ShiYan,borninDecember1977,MastergraduatefromSunYat-senUniversity,Senioraccountant.Currently,sheisthemanagerofthecomprehensivebranchoftheFinanceDepartmentofGuangdongEnergyGroupCo.,LtdandSupervisorofGuangdongElectricPowerDevelopmentCo.,Ltd.Previously,shewasthespecialmanager,directorandgeneralmanageroftheCostAccountingDivisionoftheFinanceDepartmentofGuangdongEnergyGroupCo.,Ltd.

Mr.LiRuiming,borninDecember1963.BachelordegreefromGuangdongAdministrationCollege,MasterofPowerEngineeringfromZhejiangUniversity,Professor-levelSeniorEngineer.HeiscurrentlytheDeputySecretaryofthePartyCommitteeandSecretaryofCommitteeforDisciplineInspectionandEmployeeSupervisorofGuangdongElectricPowerDevelopmentCo.,Ltd.HeusedtobeOperationWorkshopDirectorandBranchSecretary,AssistanttoPlantManagerandDirectorofCoalWaterSlurryProjectOfficeofMaomingThermalPowerPlant,DeputySecretaryofPartyCommittee,SecretaryofCommitteeforDisciplineInspection,ChairmanofTradeUnionofMaomingThermalPowerPlant,PlantManager,SecretaryofPartyCommittee,SecretaryofCommitteeforDisciplineInspectionandChairmanofTradeUnionofMaomingThermalPowerPlant,HeadofPreparatoryGroupofBoheCoalandElectricityCompany,PlantManagerandSecretaryofPartyCommitteeofYunfuPowerPlant,GeneralManagerandSecretaryofPartyCommitteeofYunhePowerPlant,SecretaryofPartyCommittee,SecretaryofPartyCommittee,SecretaryofCommitteeforDisciplineInspectionandChairmanofTradeUnionofShajiaoCPowerPlant.

Mr.LiQing,borninMay1977.BachelorofEconomics,ShanghaiUniversityofFinanceandEconomics.senioraccountant.ThecurrentGuangdongElectricPowerDevelopmentCo.,Ltd.employeesupervisor,directoroftheauditroom.FormerYunfuPowerPlantFinanceDepartmentAccounting,GuangdongYuelongPowerCo.,Ltd.

Mr.GuoYongxiong,borninJanuary1974,BachelorofEngineeringfromHehaiUniversity,MasterofEngineeringfromSouthChinaUniversityofTechnology,isSeniorEngineer.Currently,heisdeputygeneralmanagerofGuangdongElectricPowerDevelopmentCo.,Ltd.HeusedtobeinchargefortheproductionpreparationdepartmentofZhuhaiGuangzhuPowerGenerationCo.,Ltd,speciallyinchargeofEngineeringDepartmentforsteamturbinesofGuangdongZhuhaiPowerGenerationCo.,LtdasaloanedstaffborrowedbyZhuhaiPowerPlant,andusedtobeteamleaderandplanningsupervisorofZhuhaiPowerPlantMaintenanceDepartment,EngineerofZhuhaiGuangzhuPowerGenerationCo.,Ltd,PlanningDirectorofPlanningandContractDepartmentandPlanningDirectorofZhuhaiPowerPlantUnit3and4ExtensionOffice,DeputyManagerofPlanningandContractDepartmentandPlanningDirectorofJinwanPowerGenerationCompany,ManagerofHumanResourcesDepartment,ManagerofEquipmentDepartment,PartyCommitteeMember,ChiefEngineerofGuangdongZhuhaiJinwanPowerGenerationCo.,Ltd,andservedasDeputyGeneralManagerofGuangdongRedBayPowerGenerationCo.,Ltd.

Mr.LiuWei,borninApril1979,isBacheloroffinancefromZhongnanUniversityofEconomicsandLaw.HeisaneconomistandcurrentlyservesastheCompany’sdeputygeneralmanager,chieffinancialofficer,

2022AnnualReport

secretaryoftheboardofdirectors,hadservedasthespecialistofthefinancialdepartmentofGuangdongElectricPowerGroupCo.,Ltd,thespecialistandtheprincipalofficerfortheboardaffairsdepartment,therepresentativeofthecompany'ssecuritiesaffairsofGuangdongYudeanGroupCo.,Ltd,themanageroftheboardaffairsdepartment.Officetakinginshareholdercompanies

√Applicable□Notapplicable

Namesofthepersonsinoffice

NamesofthepersonsinofficeNamesoftheshareholdersTitlesengagedintheshareholdersSharingdateofofficetermExpirydateofofficetermDoeshe/shereceiveremunerationorallowancefromtheshareholder
LiFangjiGuangdongEnergyGroupCo.,Ltd.Vicechiefengineer,GeneralManagerofOperatingManagementDeptandSecretaryofPartyBranchApril1,2018Yes
LiBaobingGuangdongEnergyGroupCo.,Ltd.ViceChiefaccountant,GeneralManageroftheFinanceDepartmentandSecretaryofthePartyBranchSeptember1,2019Yes
ZhouZhijianGuangdongEnergyGroupCo.,Ltd.GeneralAuditor,GeneralManageroftheAuditDepartment,secretaryofPartyBranchJanuary1,2021Yes
ShiYanGuangdongEnergyGroupCo.,Ltd.DeputyGMofFinanceDeptJune1,2020Yes
MaoQinghanGuangzhouDevelopmentGroupCo.,Ltd.AssistantgeneralmanagerJuly1,2021No
Notestopost-holdinginshareholder’sunitWheretherearemorethanonepost,thestartingtimeofappointmentshallbethestartingtimeofthemainpost.

Officestakeninotherorganizations

√Applicable□Notapplicable

NameOtherunitTitleStartdateofofficetermEnddateofofficetermDrawingremunerationandallowancefromofotherunit(Y/N)
WangJinGuangdongEnergyMaomingThermalPowerPlantCo.,Ltd.BoardchairmanMarch1,2022No
WangJinGuangdongRedBayPowerGenerationCo.,Ltd.BoardchairmanDecember1,2020No
WangJinGuangdongYudeanJinghaiPowerGenerationCo.,Ltd.BoardchairmanDecember1,2021No
WangJinGuangdongHuizhouNaturalGasPowerGenerationCo.,Ltd.BoardchairmanMay1,2021No
WangJinGuizhouYueqianElectricPowerCo.,Ltd.BoardchairmanMarch1,2021No
WangJinGuangdongHuizhouPinghaiPowerGenerationCo.,Ltd.BoardchairmanApril1,2021No
ZhengYunpengGuangdongYudeanHuaduNaturalGasThermalPowerCo.,Ltd.BoardchairmanJune1,2021No

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ZhengYunpeng

ZhengYunpengGuangdongYudeanBoheCoalPowerCo.,Ltd.BoardchairmanJune1,2021No
ZhengYunpengGuangdongYudeanBinhaiwanEnergyCo.,Ltd.ExecutivedirectorJune1,2019No
ZhengYunpengGuangdongYudeanDayawanIntegratedEnergyCo.,LtdBoardchairmanFebruary1,2020No
ZhengYunpengGuangdongYudeanDananhaiIntelligentEnergyCo.,Ltd.ExecutivedirectorJanuary1,2021No
ZhengYunpengGuangdongYudeanBaihuaIntegratedEnergyCo.,LtdExecutivedirectorFebruary1,2021No
ZhengYunpengGuangdongYudeanQimingEnergyCo.,Ltd.ExecutivedirectorApril1,2021No
ZhengYunpengGuangdongYudeanTechnologyEngineeringCo.,Ltd.BoardchairmanSeptember1,2022No
ZhengYunpengGuangdongYudeanHuixinthermalPowerCo.,Ltd.BoardchairmanAugust1,2022No
LiBaobingCSPGEnergyCo.,Ltd.SupervisorJune1,2018No
LiBaobingGuangdongYudeanFinanceLeaseCo.,Ltd.BoardchairmanSeptember1,2020No
LiBaobingGuangdongEnergyGroupFinanceCo.,Ltd.DirectorGuangdongYudeanFinanceLeaseCo.,Ltd.No
ChenYanzhiShanxiYudeanEnergyCo.,Ltd.ViceBoardchairmanJune1,2022No
ChenYanzhiGuangdongYudeanShippingCo.,Ltd.DirectorApril1,2021No
ChenYanzhiGuangdongEnergyGroupXinjingCompanyDirectorDecember1,2022No
ChenYanzhiGuangdongYudeanTechnologyManagementCo.,Ltd.DirectorSeptember1,2022No
MaoQinghanGuangzhouDevelopmentElectricPowerEnterpriseCo.,Ltd.Executivedirector（legalrepresentative）,secretaryofthepartycommitteeDecember1,2017Yes
MaoQinghanGuangzhouDevelopmentElectricPowerEnterpriseCo.,Ltd.Executivedirector,GenearlManager（legalrepresentative）April1,2018No
ShaQilinGuangdongGuangyueLawfirmAlawyer,PartnerJuly1,2022Yes
MaXiaoqianProvincialKeyLaboratory,SchoolofElectricPower,SouthChinaUniversityofTechnologyDirectorJuly1,2014Yes
MaXiaoqianGuangzhouEnvironmentalprotectionInvestmentGroupCo.,Ltd.ExternaldirectorSeptember1,2016Yes
MaXiaoqianGuangzhouDevelopmentGroupCo.,Ltd.IndependentDirectorJune1,2016Yes
MaXiaoqianGuangzhouHengyunEnterpriseGroupCo.,Ltd.IndependentDirectorMarch1,2021Yes
MaXiaoqianGuangzhouSteelGasEnergyCo.,LtdIndependentDirectorJuly1,2021Yes
ZhangHanyuShenzhenHualingDeruiInvestmentFundManagementCompanyViceChairmanJanuary1,2020Yes
ZhangHanyuJSTIIndependentDirectorSeptember1,2021Yes
WuZhanchiJinanUniversityProfessorJuly1,2006Yes

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WuZhanchi

WuZhanchiGuangzhouJitaiChemicalCo.,Ltd.IndependentDirectorApril1,2021Yes
WuZhanchiJiaheIntelligentTechnologyCo.,LTDIndependentDirectorSeptember1,2016September1,2022Yes
WuZhanchiShenzhenBaiuoyuanIndustrial(Group)Co.,LtdIndependentDirectorApril1,2020Yes
WuZhanchiShenzhenMinbaoPhotoelectricityCo.,Ltd.IndependentDirectorJuly1,2019Yes
CaiGuoweiSunYat-senUniversityProfessorJuly1,2008Yes
ZhouZhijianYangjiangNuclearPowerCo.,Ltd.ChairmanoftheSupervisoryCommitteeFebruary1,2020No
ZhouZhijianTaishanNuclearPowerIndustryInvestmentCo.,Ltd.SupervisorFebruary1,2021No
ZhouZhijianGuangdongEnergyGroupFinanceCo.,Ltd.DirectorJanuary1,2020No
ShiYanGuangdongElectricPowerDevelopmentCorporationChairmanoftheSupervisoryCommitteeFebruary1,2021No
ShiYanGuangdongEnergyGroupGuizhouCo.,Ltd.DirectorAugust1,2020No
LiQingZhanjiangElectricPowerCo.,LtdConvenoroftheBoardofSupervisorsOctober1,2022No
LiQingGuangdongYudeanTechnologyManagementCo.,Ltd.ChairmanoftheSupervisoryCommitteeSeptember1,2022No
LiQingGuangdongYudeanHuixinCo.,Ltd.ChairmanoftheSupervisoryCommitteeAugust1,2022No
LiQingGuangdongYudeanBoheEnergyCo.,Ltd.ChairmanoftheSupervisoryCommitteeJune1,2021No
LiQingGuangdongYudeanYonganNaturalGasthermalPowerCo.,Ltd.ChairmanoftheSupervisoryCommitteeMarch1,2022No
LiQingYunnanNengtouWeixinEnergyCo.,Ltd.ConvenoroftheBoardofSupervisorsMarch1,2022No
LiQingShenzhenGuangqianElectricPowerCo.,ltd.ConvenoroftheBoardofSupervisorsJuly1,2022No
LiQingZhanjiangZhongyueEnergyCo.,Ltd.ChairmanoftheSupervisoryCommitteeAugust1,2019No
LiQingGuangdongYudeanBaihuaIntegratedEnergyCo.,LtdSupervisorFebruary1,2021No
LiQingGuangdongYudeanShippingCo.,Ltd.ConvenoroftheBoardofSupervisorsApril1,2021No
LiQingGuangdongEnergyFinanceleaseCo.,Ltd.SupervisorNovember1,2020No
GuoYongxiongZhanjiangElectricPowerCo.,Ltd.BoardchairmanOctober1,2022No
GuoYongxiongGuonengYudeanTaishanPowerGenerationCo.,Ltd.DirectorDecember1,2021No
GuoGuangdongYuelongPowerGenerationBoardchairmanJanuary1,2022No

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Yongxiong

YongxiongCo.,Ltd.
GuoYongxiongGuangdongYudeanYonganNaturalGasthermalPowerCo.,Ltd.BoardchairmanMarch1,2022No
GuoYongxiongGuangdongYudeanMaomingNaturalGasthermalPowerCo.,Ltd.BoardchairmanSeptember1,2022No
GuoYongxiongGuangdongYudeanLeizhouPowerGenerationCo.,Ltd.ExecutivedirectorNovember1,2022No
GuoYongxiongGuangdongYudeanBijieNewEnergyCo.,Ltd.ExecutivedirectorOctober1,2021No
GuoYongxiongZhuhaiYudeanNewEnergyCo.,Ltd.ExecutivedirectorJune1,2022No
GuoYongxiongGuandongEnergyGroupXinjiangCo.,Ltd.DirectorDecember1,2022No
LiuWeiGuangdongWindPowerGenerationCo.,Ltd.DirectorMay1,2022No
LiuWeiGuangdongEnergyGroupFinanceCo.,Ltd.DirectorJune1,2022No
LiuWeiGuangdongYudeanElectricPowerSalesCo.,Ltd.DirectorApril1,2020No
LiuWeiShenzhenCapitalGroupCo.,Ltd.SupervisorOctober1,2019No
LiuWeiGuangdongYuejiaElectricPowerCo.,Ltd.ViceBoardchairmanMarch1,2019No
LiuWeiGuangzhouZhujiangNaturalGasPowerGenerationCo.,Ltd.ViceBoardchairmanApril1,2022No
LiuWeiGuangdongEnergyFinanceleaseCo.,Ltd.DirectorNovember1,2020No
LiuWeiGuangdongYudeanZhongshanThermalPowerPlantCo.,Ltd.BoardchairmanApril1,2021No
LiuWeiTumushukeThermalPowerCo.,Ltd.DirectorDecember1,2021No
LiuWeiGuangdongEnergyGroupXinjiangCo.,Ltd.ChairmanoftheSupervisoryCommitteeDecember1,2022No
LiuWeiGuangdongYudeanHumenPowerGenerationCo.,Ltd.DirectorApril1,2021No
LiuWeiYunnanNengtouWeixinEnergyCo.,Ltd.ViceBoardchairmanMarch1,2022No

Punishmentstothecurrentandleavingboarddirectors,supervisorsandseniormanagersduringthereportperiodbysecuritiesregulatorsintherecentthreeyears

□Applicable√Notapplicable

3.Remunerationtodirectors,supervisorsandseniorexecutivesDecision-makingprocedures,basisfordeterminationandactualpaymentoftheremunerationtodirectors,supervisorsandseniorexecutivesDirectors,supervisorsandseniorexecutivesofthecompanyshallobtainlaborremunerationandenjoycorrespondingemployeebenefitsaccordingtotheirpositionandthecompany'swagesystem.Exceptsuchremunerationandbenefits,nootherremunerationandfringebenefitsshallbeadditionallyprovided；Theallowancefortheindependentdirectorsandindependentsupervisorsofthecompanyshallbepaidaccordingtothestandardsapprovedbytheshareholders'generalmeeting.Attheendofthereportperiod,thedirectors,supervisorsandseniorexecutivesreceivedtheactualremunerationbeforetaxwastotalRMB6.1244million.Remunerationtodirectors,supervisorsandseniorexecutivesinthereportingperiod

InRMB10,000

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Name

NamePositionsSexAgeOfficestatusTotalremunerationreceivedfromtheshareholderRemunerationactuallyreceivesattheendofthereportingperiod
WangJinBoardchairmanMale59Inoffice85.34No
ZhengYunpengDirector,GeneralManagerMale54Inoffice84.6No
LiFangjiDirectorMale55InofficeYes
LiBaobingDirectorMale48InofficeYes
LiXiaoqingDirectorFemale51InofficeYes
ChenYanzhiEmployeedirectorMale47Inoffice63.71No
MaoQinghanDirectorMale48InofficeYes
MaXiaoqianIndependentdirectorMale58Inoffice12.17No
CaiGuoweiIndependentdirectorMale43Inoffice2.68No
ZhangHanyuIndependentdirectorFemale57Inoffice3.21No
WuZhanchiIndependentdirectorMale47Inoffice2.68No
ZhouZhijianChairmanoftheSupervisoryCommitteeMale50InofficeYes
LiRuimingEmployeesupervisorMale59Inoffice71.96No
ShiYanSupervisorFemale45InofficeYes
LiQingEmployeesupervisorMale45Inoffice41.65No
ShaQilinIndependentsupervisorMale62Inoffice7.14No
GuoYongxiongDeputyGMMale48Inoffice70.03No
LiuWeiDeputyGeneralmanager,FinanceManager,BoardsecretaryMale43Inoffice71.27No
TangYongguangDeputyGMMale60Dimission72.68No
ShenHongtaoIndependentdirectorFemale55Dimission8.48No
WangXiIndependentdirectorMale52Dimission9.02No
YinZhongyuIndependentdirectorMale53Dimission5.82No
Total--------612.44--

VI.Performanceofdirectors'dutiesduringthereportingperiod

1.Informationoftheboardmeetingsduringthereportingperiod

SessionConveningdateDisclosuredateMeetingresolution
TheFirstmeetingoftheTenthBoardofDirectorsJanuary20,2022January22,2022Announcement:No.::2022-04,PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn
TheSecondmeetingoftheTenthBoardofDirectorsMarch25,2022March26,2022AnnouncementNo.::2022-11,PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn
The6thmeetingoftheTenthBoardofDirectorsApril20,2022April22,2022AnnouncementNo.::2022-16,PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn
The3rdMeetingoftheTenthBoardofDirectorsbyCorrespondenceof2022April27,2022April28,2022AnnouncementNo.::2022-24,PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn
The7thmeetingoftheTenthBoardofDirectorsJune22,2022June23,2022AnnouncementNo.::2022-30,PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn

2022AnnualReport

The8thmeetingoftheTenthBoardofDirectors

The8thmeetingoftheTenthBoardofDirectorsAugust29,2022August31,2022AnnouncementNo.::2022-37,PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn
The9thmeetingoftheTenthBoardofDirectorsSeptember16,2022September17,2022AnnouncementNo.::2022-47,PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn
The10thmeetingoftheTenthBoardofDirectorsOctober27,2022October29,2022AnnouncementNo.::2022-53,PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn
TheFourthMeetingoftheTenthBoardofDirectorsbyCorrespondenceof2022November16,2022November17,2022AnnouncementNo.::2022-58,PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn
The11thmeetingoftheTenthBoardofDirectorsNovember29,2022December1,2022AnnouncementNo.::2022-60,PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn
TheFifthMeetingoftheTenthBoardofDirectorsbyCorrespondenceof2022December16,2022December17,2022AnnouncementNo.::2022-62,PublishedinChinaSecuritiesDaily,SecuritiesTimesandhttp//.www.cninfo.com.cn

2.Attendanceofdirectorsattheboardmeetingsandthegeneralmeetingofshareholders

Attendanceofdirectorsattheboardmeetingsandthegeneralmeetingofshareholders
NameofdirectorNumberofboardmeetingsattendedduringthereportingperiodNumberofboardmeetingsattendedinpersonNumberofboardmeetingsattendedbymeansofcommunicationNumberofboardmeetingsattendedbyproxyNumberofboardmeetingsabsentfromWhethertoattendtheboardmeetinginpersontwiceinarowGeneralmeetingsofshareholdersattended
WangJin116500No3
ZhengYunpeng115510No4
LiFangji114520No4
LiXiaoqing74210No3
LiBaobing115510No3
ChenYanzhi115510No4
MaoQinghan113530No1
MaXiaoqian116500No4
ZhangHanyu53200No2
WuZhanchai53200No2
CaiGuowei53200No2
ShenHongtao63300No2
WangXi63300No2
YinZhongyu61320Yes0

Explanationoffailuretoattendtheboardmeetinginpersontwiceinarow

Duringthereportingperiod,YinZhongyuisanindependentdirectorduetotrafficrestrictions,Failuretoattendboardmeetingsinpersonfortwoconsecutiveoccasions,howeverheentrustedotherindependentdirectortoattendandvoteinallmeetings.

3.Directors'objectionstorelatedmattersoftheCompanyWhetherthedirectorraisesanyobjectiontotherelevantmattersoftheCompany

□Yes√No

2022AnnualReport

Duringthereportingperiod,thedirectorsdidnotraiseanyobjectiontotherelevantmattersofthecompany.

4.Otherdescriptionsofdirectors'performanceofdutiesWhetherthedirectors'suggestionsonthecompanyhavebeenadopted

√Yes□NoThedirector'sstatementonwhethertherelevantsuggestionsofthecompanyhavebeenadoptedornotIn2022,thedirectorsofthecompanyfaithfullyanddiligentlyperformedtheircorrespondingdutiesinstrictaccordancewiththeCompanyLaw,SecuritiesLaw,ListingRulesforStocksofShenzhenStockExchangeandotherrelevantlawsandregulations,aswellastheArticlesofAssociationandtheRulesofProcedureoftheBoardofDirectors,paidcloseattentiontothecompany'sstandardizedoperation,productionandmanagement,carefullyreviewedthereportsandrelateddocumentssubmittedbythecompany,activelyattendedthecompany'sboardmeetings,specialcommitteemeetingsandgeneralmeetingofshareholders,carefullyconsideredallproposals,madeprofessional,independent,objectiveandfairjudgments,andputforwardconstructiveopinionsandsuggestionsonthecompany'sdevelopmentstrategy,corporategovernanceandbusinessdecisions,whichplayedanimportantroleinthecompany'sscientificdecision-makingandsteadydevelopment.Duringthereportingperiod,thecompany'sdirectorsperformedtheirdutiesdiligently,honestlyandfaithfully,ensuredscientific,timelyandefficientdecision-makingthroughcontinuoussupervisionandpromotionoftheimplementationoftheresolutionsoftheBoardofDirectors,andearnestlyprotectedtheoverallinterestsofthecompanyandthelegitimaterightsandinterestsofminorityshareholders.

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VII.SituationofspecialcommitteesundertheBoardofDirectorsduringthereportingperiod

Committeename

CommitteenameMemberinformationNumberofmeetingsconvenedConveningdateMeetingcontentPutforwardimportantopinionsandsuggestionsOtherinformationofdutyperformanceDetailsofobjections(ifany)
AuditandComplianceCommitteeShenHongtao,LiXiaoqing,LiBaobing,WangXi,YinZhongyu2April2,20221.Itreviewedtheaccountingstatementsandnotesinthe2021,2021FinancialReport;.2.ItreviewedtheproposalofthereportontheevaluationoftheCompany’sinternalcontrolfor2021;3.ItreviewedtheProposalofinternalcontrolself-evaluationworkplanin2022;4.ItreviewedtheProposalonthe2021annualRiskmanagementreport;5.ItreviewedtheProposaloftheprovisionforimpairmentofassets;6.ItreviewedtheProposalontheWrite-offsAsset;7.ItreviewedtheProposalforHiringtheAnnualFinancialReportAuditAgency.TheAuditComplianceCommitteeworkedinstrictaccordancewiththeCompanyLaw,theregulatoryrulesofChinaSecuritiesRegulatoryCommission,theArticlesofAssociationandotherrelevantregulations,performeditsdutiesdiligentlyandconscientiously,andunanimouslypassedallproposalsaccordingtotheactualsituationofthecompany
AuditandComplianceCommitteeShenHongtao,LiXiaoqing,LiBaobing,WangXi,YinZhongyu2August19,20221.ItreviewedtheProposalonChangeintheAccountingPolicy;2.ItreviewedtheproposalConcerningFinancialReportforthesemi-annualof2022;Itreviewedtheaccountingstatementsandnotesforthesemi-annualof2022;4.ItreviewedtheProposalonFormulating"GuangdongElectricPowerDevelopmentCo.,Ltd’sInternalControlSelf-AssessmentManagementMeasures;5.ItreviewedtheProposalonFormulatingtheManagementMeasuresforComprehensiveRiskManagementandInternalControlofGuangdongElectricPowerDevelopmentCo.,Ltd.;6.ItreviewedtheProposalontheCompany's2021AnnualComplianceManagementReport.TheAuditComplianceCommitteeworkedinstrictaccordancewiththeCompanyLaw,theregulatoryrulesofChinaSecuritiesRegulatoryCommission,theArticlesofAssociationandotherrelevantregulations,performeditsdutiesdiligentlyandconscientiously,andunanimouslypassedallproposalsaccordingtotheactualsituationofthecompany
AuditandComplianceCommitteeWuZhanchiLiXiaoqing,LiBaobing,Zhang1December23,20221.ItreviewedtheProposalontheWorkPlanofFinancialFinalAccountsin2022;2.ItreviewedtheProposalon<AdministrativeMeasuresforComplianceofGuangdongElectricPowerDevelopmentCo.,Ltd.>;3.Itreviewedthe2022AnnualAuditReport.TheAuditComplianceCommitteeworkedinstrictaccordancewiththeCompanyLaw,theregulatoryrulesofChinaSecuritiesRegulatoryCommission,theArticlesofAssociationandotherrelevantregulations,performedits

2022AnnualReport

Hanyu,CaiGuowei

Hanyu,CaiGuoweidutiesdiligentlyandconscientiously,andunanimouslypassedallproposalsaccordingtotheactualsituationofthecompany
BudgetCommitteeWangJin,ZhengYunpeng,LiFangji,LiBaobing,ShenHongtao1April2,20221.Itreviewedthecompany's2021BudgetImplementationReport;2.Itreviewedthecompany's2021BudgetReport.TheBudgetCommitteeworkedinstrictaccordancewiththeCompanyLaw,theregulatoryrulesofChinaSecuritiesRegulatoryCommission,theArticlesofAssociationandotherrelevantregulations,performeditsdutiesdiligentlyandconscientiously,andunanimouslypassedallproposalsaccordingtotheactualsituationofthecompany.
NominationCommitteeMaXiaoqing,WangJin,ChenYanzhi,ShenHongtao,YinZhongyu2April27,2022ItreviewedtheProposalonRecommendingLiXiaoqingasacandidatefordirectorofthecompanyTheNominationCommitteeworkedinstrictaccordancewiththeCompanyLaw,theregulatoryrulesofChinaSecuritiesRegulatoryCommission,theArticlesofAssociationandotherrelevantregulations,performeditsdutiesdiligentlyandconscientiously,andunanimouslypassedallproposalsaccordingtotheactualsituationofthecompany.
NominationCommitteeMaXiaoqian,WangXi,ChenYanzhi,ShenHongtao,YinZhongyu2August29,2022ItreviewedtheProposalonRecommendingsomecandidatesforindependentdirectorsofthe10thBoardofDirectors.TheNominationCommitteeworkedinstrictaccordancewiththeCompanyLaw,theregulatoryrulesofChinaSecuritiesRegulatoryCommission,theArticlesofAssociationandotherrelevantregulations,performeditsdutiesdiligentlyandconscientiously,andunanimouslypassedallproposalsaccordingtotheactualsituationofthecompany.
RemunerationandAssessmenWangXi,LiFangji,2April2,20221.ItreviewedtheproposalondeterminingthesalaryandpositioncoefficientofmanagersofGuangdongElectricPowerDevelopmentCo.,Ltd.in2021;2.ItreviewedtheProposalondeterminingthebusinessperformanceassessmentTheRemunerationandAssessmentCommitteeworkedinstrictaccordancewiththeCompanyLaw,

2022AnnualReport

tCommittee

tCommitteeMaoQinghan,MaXiaoqian,YinZhongyuscoresofmanagersofGuangdongElectricPowerDevelopmentCo.,Ltdin2021;3.ItreviewedtheproposalontheBudgetManagementMeasuresofGuangdongElectricPowerDevelopmentCo.,Ltd.theregulatoryrulesofChinaSecuritiesRegulatoryCommission,theArticlesofAssociationandotherrelevantregulations,performeditsdutiesdiligentlyandconscientiously,andunanimouslypassedallproposalsaccordingtotheactualsituationofthecompany.
RemunerationandAssessmentCommitteeWangXi,LiFangji,MaoQinghan,MaXiaoqian,YinZhongyu2June22,2022Itreviewedtheproposalonthe2022AnnualBusinessPerformanceResponsibilityLetterfortheManagementMembersofGuangdongElectricPowerDevelopmentCo.,Ltd.”TheRemunerationandAssessmentCommitteeworkedinstrictaccordancewiththeCompanyLaw,theregulatoryrulesofChinaSecuritiesRegulatoryCommission,theArticlesofAssociationandotherrelevantregulations,performeditsdutiesdiligentlyandconscientiously,andunanimouslypassedallproposalsaccordingtotheactualsituationofthecompany.
StrategicDevelopmentCommitteeWangJin,ZhengYunpeng,LiXiaoqing,MaXiaoqian,ZhangHanyu1October26,2022ItreviewedtheProposaloftheOutlineofthecompany'sFourteenFivePlanTheStrategicDevelopmentCommitteeworkedinstrictaccordancewiththeCompanyLaw,theregulatoryrulesofChinaSecuritiesRegulatoryCommission,theArticlesofAssociationandotherrelevantregulations,performeditsdutiesdiligentlyandconscientiously,andunanimouslypassedallproposalsaccordingtotheactualsituationofthecompany.

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VIII.TheworkingstatusoftheboardofsupervisorsTheboardofsupervisorsfindsoutwhetherthecompanyhasrisksduringthemonitoringactivitiesduringthereportingperiod

□Yes√NoTheSupervisoryCommitteehasnoobjectiontothesupervisionmattersduringthereportingperiod.IX.Particularsaboutemployees.

1.Numberofstaff,professionalstructureandeducationalbackground

Numberofin-servicestaffoftheparentcompany（person）

Numberofin-servicestaffoftheparentcompany（person）850
Numberofin-servicestaffofthemainsubsidiaries（person）7,987
Totalnumberofthein-servicestaff（person）8,837
Totalnumberofstaffreceivingremunerationinthecurrentperiod（person）9,139
Thenumberoftheparentcompanyandthemainsubsidiary’sretiredstaffswhoneedtobearthecost（person）3,108
Professional
ClassifiedaccordingbyProfessionsNumberofpersons（person）
Production5,244
Sales185
Technical1,704
Financial267
Administrative1,437
Total8,837
Education
ClassifiedaccordingbyeducationbackgroundNumberofpersons（person）
Doctor2
Master318
Universities4,756
Colleges2,294
Technicalsecondaryschool329
HighschoolandBelow1,138
Total8,837

2.RemunerationpoliciesThecompany’sstaffreceivedthesalariesandenjoyedthebenefitsaccordingtotherelevantprovisionsstipulatedinthecompany’sSalaryManagementApproach.Thesalaryofthecompany’sstaff(Exceptthemanagementstaffwhocategorizedintheannualsalarysystem)basicallyconstitutedbythebasicsalary,postsalary,performancesalary,allowanceandspecialbountiesandsoon.

3.TrainingplanThecompanyformulatedtheTemporaryProvisionsfortheManagementofStaffEducationandTraining.Thestafftrainingwasadheredtotheprincipleoflearningintegratedwithapplication,learningbytheneedsandstressingofpracticaleffect,focusedonthemaincontentsofthepostandthepracticaloperationskills.Thetrainingcontentsincludedthenewstafforientationtraining,posttraining,continuingeducation,overseastrainingandothertrainings.

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4.Outsourcingsituation

□Applicable√NotapplicableX.SpecificationofprofitdistributionandcapitalizingofcommonreservesFormulation,implementationoradjustmentoftheprofitdistributionpolicy,especiallythecashdividendpolicyduringthereportingperiod

□Applicable√NotapplicableDuringthereportingperiod,thecompanymadeaprofitandtheprofitavailabletoshareholdersoftheparentcompanywaspositive,butnocashdividenddistributionplanwasputforward.

□Applicable√NotapplicableProfitdistributionandcapitalizationofcapitalreserveduringthereportingperiod

□Applicable√NotapplicableThecompanyWillnotdistributecashdividendorbonusshares,neithercapitalizingofcommonreserves.XI.ImplementationSituationofStockIncentivePlanoftheCompany,EmployeeStockOwnershipPlanorOtherEmployeeIncentiveMeasures

□Applicable√NotapplicableNoneXII.Constructionandimplementationofinternalcontrolsystemduringthereportingperiod

1.Constructionandimplementationofinternalcontrol(I)Organizationsetupandoperation

Thecompanyhasestablishedaperfectorganizationalstructuresystem,anditscorporategovernancestructure,internalorganizationdesignandoperationmechanismmeettherequirementsofmodernenterprisesystem.TheBoardofDirectorsofthecompanyshallbeartheultimateresponsibilityfortheevaluationofinternalcontrol;TheAuditandComplianceCommitteeshallberesponsiblefororganizing,leadingandsupervisingtheinternalcontrolevaluation,reviewingtheinternalcontrolevaluationreport,andexaminingandapprovingtherectificationopinionsofmajorandimportantdefectsininternalcontrol.Themanagementofthecompanyisresponsiblefororganizingtheimplementationoftheinternalcontrolevaluation,proposingthebusinessormattersthatshouldbefocusedonintheinternalcontrolevaluation,andexaminingandapprovingtheinternalcontrolevaluationplanandtheinternalcontrolevaluationreport.

Asthecentralizeddepartmentofinternalcontrolmanagement,theBoardAffairsDepartmentofthecompanyisresponsiblefororganizingtheinternalcontrolself-inspection,testingandevaluationinthecompany,proposingrectificationschemesandspecificrectificationplansforthedesignandoperationdefectsfound,supervisingthecompletionofrectification,andcooperatingwiththeinternalauditdepartmentandexternalauditorstocarryoutinternalcontrolevaluationattheenterpriselevel.

TheBoardofDirectors,theAuditandComplianceCommittee,themanagementandfunctionaldepartmentsofthecompanyearnestlyperformtheirdutiesofinternalcontrolandmanagement.Everyyear,thecompanyconductsacomprehensiveself-evaluationontheeffectivenessoftheinternalcontrolsystem,timelycorrectstheinternalcontroldefects,continuouslyoptimizestheinternalcontrolsystem,andeffectivelyimprovesthe

2022AnnualReport

company'smanagementlevelandriskpreventionability.(II)EstablishmentandimplementationofinternalcontrolsystemAccordingtotheBasicStandardsforInternalControlofEnterprisesanditssupportingguidelines,GuidelineNo.1forSelf-disciplineSupervisionofListedCompaniesofShenzhenStockExchange-StandardizedOperationofListedCompaniesonMainBoard,ListingRulesforStocksofShenzhenStockExchangeandrelevantlawsandregulations,combinedwiththeactualsituationofthecompany,fromtheperspectiveofbusinessmanagement,functionmanagementandpostmanagement,thecompanyformulatesbasicmanagementsystemsincludingfinancialaccountingsystem,procurementsystem,assetmanagementsystem,engineeringprojectmanagementsystem,humanresourcemanagementsystem,administrativemanagementsystem,internalauditsystem,guaranteemanagementsystem,relatedpartytransactionsystem,investmentandfinancingmanagementsystem,andsubsidiarymanagementsystem,tomakedecisionsandmanagementonmajorissuesofthecompany.(III)OverallevaluationIn2022,thecompanyconscientiouslyimplementedthenationalandindustrylawsandregulations,thelatestsupervisionstandardsandtheregulatorystandardsandnormativerequirementsofstate-ownedassetsandthegroupcompany,constantlyimprovedthecomplianceofthestandardsystem,andwellensuredrevising,improvingandupgradingtheinternalcontrolsystem;strictlyimplementedthe"threeimportantandonemajor"system,standardizedmajordecision-makingbehaviors,effectivelypreventeddecision-makingrisks,enhancedscientificdecision-makingandavoideddecision-makingmistakes;carriedoutin-depthinternalcontrolself-evaluation,continuouslystrengthenedtherectificationofinternalcontroldefects,formedaneffectiveinternalcontrolmanagementclosedloopof"control-evaluation-improvement-control",continuouslyanddynamicallyimprovedtheinternalcontrolmanagementsystem,andensuredthatthecompanymaintainedeffectiveinternalcontrolinallmajoraspectsaccordingtotherequirementsoftheenterpriseinternalcontrolstandardsystemandrelevantregulations,andnofactorsthataffecttheevaluationconclusionofinternalcontroleffectivenesswouldoccur.

2.Detailsofmajorinternalcontroldefectsfoundduringthereportingperiod

□Yes√NoXIII.ManagementandcontroloftheCompany'ssubsidiariesduringthereportingperiod

Companyname

CompanynameIntegrationplanIntegrationprogressProblemsencounteredinintegrationMeasurestakenforsolutionSolutionprogressSubsequentplannedsolution
NanjingLinyuanSenhaiNewEnergyCo.,Ltd.Acquired100%equityofthecompany.MergecompletedNoNotapplicableNotapplicableNotapplicable
NanjingSenhongNewEnergyCo.,Ltd.Acquired100%equityofthecompany.MergecompletedNoNotapplicableNotapplicableNotapplicable
TaishanDongrunZhongnengNewEnergyCo.,Ltd.Acquired100%equityofthecompany.MergecompletedNoNotapplicableNotapplicableNotapplicable
LaixiXinguangyaoNewEnergyTechnologyCo.,Ltd.Acquired99%equityofthecompany.MergecompletedNoNotapplicableNotapplicableNotapplicable
JiuzhouNewEnergy（Zhaoqing）Co.,Acquired100%equityofthecompany.MergecompletedNoNotapplicableNotapplicableNotapplicable

2022AnnualReport

Ltd.

Ltd.
XiangtanXiangdianWindPowerGenerationCo.,Ltd.Acquired100%equityofthecompany.MergecompletedNoNotapplicableNotapplicableNotapplicable
ZhanjingShangyangEnergyTechnologyCo.,Ltd.lAcquired100%equityofthecompany.MergecompletedNoNotapplicableNotapplicableNotapplicable

XIV.Internalcontrolself-evaluationreportorinternalcontrolauditreport

1.Self-evaluationreportoninternalcontrol

DisclosuredateofappraisalreportoninternalcontrolApril1,2023
DisclosureindexofappraisalreportoninternalcontrolJuchaoWebsite:（http://www.cninfo.com.cn）,Self-evaluationreportofinternalcontrolin2022
Theratioofthetotalassetsofunitsincludedinthescopeofevaluationaccountingforthetotalassetsonthecompany'sconsolidatedfinancialstatements92.81%
Theratiooftheoperatingincomeofunitsincludedinthescopeofevaluationaccountingfortheoperatingincomeonthecompany'sconsolidatedfinancialstatements99.76%
StandardsofDefectsEvaluation
CategoryFinancialReportNon-financialReport
QualitativecriteriaA.significantdeficiency：①theineffectiveenvironmentalcontrol;②irregularitiesappearingbetweencompanydirectors,supervisorsandseniorexecutives;③seriousmistakesinthefinancialstatementsofthecurrentperiodfoundbyexternalauditbutnottheinnercontrolintheprocessofoperating;④ineffectivesupervisionofinnercontrolfromdirectorateandinnerauditinstitution.B.significantdeficiency：①accountingpolicychosenandappliedisnotbasedontheGAAP;②anti-irregularityprocedureandcontrolmeasuresarenotestablished;③veryfewrelativecontrolmeasuresareestablishedorimplementedintermsoftheaccountingtreatmentrelatedtounconventionalorspecialtransaction;C.commondeficiencymeans,apartfromtheabove“significantdeficiency”and“seriousdeficiency”,otherdeficienciesexistintheinnercontrolprocess.A.significantdeficiency：(1)Thecompanylacksdemocraticandscientificdecision-makingprocedures;(2)Seriousviolationofnationallawsandregulations;(3)Thecompany'simportantbusinesslacksinstitutionalcontrolorthesystemcontrolfails.B.Importantdefects:(1)Large-scaleandlong-terminterruptionofimportantbusinessmaycausethecompanytodeviatefromthecontrolgoalinthefield;(2)Theimportantdefectsofthepreviousyearhavenotbeenrectified;(3)Therearedeficienciesinthecompany'simportantbusinesssystems.C.Generaldefects:otherinternalcontroldeficienciesinfinancialreportingthatdonotconstitutematerialdefectsorimportantdefects.
QuantitativestandardA.Quantitativestandardsformaterialdefects:(1)Theamountofmisstatement≥0.5%ofoperatingincome;(2)theamountofmisstatement≥5%ofthetotalprofit;(3)Theamountofmisstatement≥0.5%ofthetotalassets.B.Quantitativestandardsfor(1)Asignificantdeficiencymeansthatthedirectpropertylossisbetween50millionyuan.(2)thesignificantdeficiencymeanshatthedirectpropertylossisbetween30millionyuan(including30millionyuan);theserious

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importantdefects:(1)0.2%ofoperatingincome≤misstatementamount<0.5%ofoperatingincome;(2)5%oftotalprofits≤misstatementamount<1%oftotalprofits;(3)0.2%oftotalassets≤misstatementamount<0.5%oftotalassets.C.Generaldefectquantitativestandards:(1)Theamountofmisstatement<0.2%ofoperatingincome;(2)theamountofmisstatement<1%ofthetotalprofit;(3)Theamountofmisstatement<0.2%oftotalassets.

importantdefects:(1)0.2%ofoperatingincome≤misstatementamount<0.5%ofoperatingincome;(2)5%oftotalprofits≤misstatementamount<1%oftotalprofits;(3)0.2%oftotalassets≤misstatementamount<0.5%oftotalassets.C.Generaldefectquantitativestandards:(1)Theamountofmisstatement<0.2%ofoperatingincome;(2)theamountofmisstatement<1%ofthetotalprofit;(3)Theamountofmisstatement<0.2%oftotalassets.deficiencymeansthatthedirectpropertylossisbetween30million.
Numberofmajordefectsinfinancialreporting（a）0
Numberofmajordefectsinnonfinancialreporting(a)0
Numberofimportantdefectsinfinancialreporting（a）0
Numberofimportantdefectsinnonfinancialreporting（a）0

2.InternalControlauditreport

√Applicable□Notapplicable

Reviewopinionsintheinternalcontrolauditreport
WebelievethatGuangdongElectricPowerDevelopmentCo.,Ltd.hasmaintainedeffectiveinternalcontroloverfinancialreportinginallmaterialrespectsasof31December2022aspertheBasicRulesforEnterpriseInternalControlandrelevantregulations.
Disclosuredateofauditreportofinternalcontrol(full-text)Disclosure
Indexofauditreportofinternalcontrol(full-text)April1,2023
Internalauditreport’sopinionJuchaoWebsite:（http://www.cninfo.com.cn）2022Auditreportofinternalcontrol
TypeofauditreportoninternalcontrolUnqualifiedauditor’sreport
Whetherthereissignificantdefectinnon-financialreportNo

HastheCPAsissuedaqualifiedauditor’sreportofinternalcontrol.

□Yes√NoDoestheinternalcontrolauditreportissuedbytheCPAsagreewiththeself-assessmentreportoftheBoardofDirectors

√Yes□NoXV.Rectificationofself-examinationproblemsinspecialgovernanceactionsoflistedcompaniesInaccordancewiththerelevantrequirementsoftheNoticeonWellImplementationinSelf-InspectionandSelf-CorrectionofSpecialActionsfortheGovernanceofListedCompanies(No.156-[2020]GuangdongSecuritiesRegulatoryIssuance),thecompanysubmittedtheSpecialSelf-InspectionListfortheGovernanceofListedCompaniesonApril8,2021.Thecompanyattachedgreatimportancetothedeficienciesandproblemsfoundintheself-inspection,activelycarriedoutrectificationinaccordancewiththeestablishedrectificationmeasures,andreportedthe"RectificationReportonCorporateGovernanceforSelf-InspectionIssues"onAugust31,2021.Aspresent,issuesfoundbythecompany'sself-inspectionwereallrectified.

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V.Environmental&SocialResponsibilityI.SignificantenvironmentalissuesWhetherthecompanyoranyofitssubsidiariesisidentifiedasakeypolluterbytheenvironmentauthorities

√Yes□NoEnvironmentalprotectionrelatedpoliciesandindustrystandardsThecompanyanditssubordinateunitsstrictlyabidebythe"EnvironmentalProtectionLawofthePeople'sRepublicofChina","AtmosphericPollutionPreventionandControlLawofthePeople'sRepublicofChina","WaterPollutionPreventionandControlLawofthePeople'sRepublicofChina","LawofthePeople'sRepublicofChinaonthePreventionandControlofEnvironmentalPollutionofSolidWaste","AirPollutantEmissionStandardsforThermalPowerPlants"(GB13223),"ComprehensiveSewageDischargeStandards"(GB8978)andotherrelevantlaws,regulationsandindustrystandardstocarryoutproductionandbusinessactivities.

EnvironmentalprotectionadministrativelicensingThecompanyanditssubsidiariesallhaveobtainedenvironmentalprotectionadministrativepermitsinaccordancewithregulations,andthepollutiondischargepermitsarecurrentlywithinthevalidityperiod.Industrialemissionstandardsandthespecificsituationofthepollutantemissioninvolvedintheproductionandbusinessactivities

Company

orsubsidiary

name

CompanyorsubsidiarynameMainpollutantandspecificpollutanttypeMainpollutantandspecificpollutantnameEmissionwayEmissionportnumberEmissionportdistributionconditionEmissionconcentrationImplementedpollutantemissionstandardsTotalemissionVerifiedtotalemissionExcessiveemissioncondition
ShajiaoApowerplantAirpollutantSmokeConcentratedemissionthroughchimney1Withinthefactory1.64EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)24.83121.90No
ShajiaoApowerplantAirpollutantSO2Concentratedemissionthroughchimney1Withinthefactory16.94EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)256.93426.65No
ShajiaoApowerplantAirpollutantNOXConcentratedemissionthroughchimney1Withinthefactory30.51EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)462.74609.5No
BoheCompanyAirpollutantSmokeConcentratedemissionthroughchimney2Withinthefactory2.07EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)50.9272No
BoheCompanyAirpollutantSO2Concentratedemissionthroughchimney2Withinthefactory10.2EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)413.04974No
BoheCompanyAirpollutantNOXConcentratedemissionthroughchimney2Withinthefactory33.45EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)1071.201195No
DapuPowerPlantAirpollutantSmokeConcentratedemissionthrough2Withinthefactory2.29EmissionStandardofAirPollutantsforThermalPowerPlants53.473593No

2022AnnualReport

chimney

chimney(GB13223-2011)
DapuPowerPlantAirpollutantSO2Concentratedemissionthroughchimney2Withinthefactory14.03EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)328.1531447No
DapuPowerPlantAirpollutantNOXConcentratedemissionthroughchimney2Withinthefactory39.03EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)912.7101502No
RedBayCompanyAirpollutantSmokeConcentratedemissionthroughchimney4Withinthefactory2.13EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)90.251512No
RedBayCompanyAirpollutantSO2Concentratedemissionthroughchimney4Withinthefactory9.61EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)513.824851No
RedBayCompanyAirpollutantNOXConcentratedemissionthroughchimney4Withinthefactory33.28EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)1254.954851No
JinghaiCompanyAirpollutantSmokeConcentratedemissionthroughchimney4Withinthefactory2.28EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)151.631770No
JinghaiCompanyAirpollutantSO2Concentratedemissionthroughchimney4Withinthefactory15.34EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)1008.16449.52No
JinghaiCompanyAirpollutantNOXConcentratedemissionthroughchimney4Withinthefactory32.72EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)2156.153395.39No
MaomingPowerPlantAirpollutantSmokeConcentratedemissionthroughchimney2Withinthefactory1.17EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)24.60168.12No
MaomingPowerPlantAirpollutantSO2Concentratedemissionthroughchimney2Withinthefactory14.29EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)326.56385.51No
MaomingPowerPlantAirpollutantNOXConcentratedemissionthroughchimney2Withinthefactory24.88EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)568.76751.82No
PinghaiPowerPlantAirpollutantSmokeConcentratedemissionthroughchimney2Withinthefactory3.21EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)112.25700No
PinghaiPowerPlantAirpollutantSO2Concentratedemissionthroughchimney2Withinthefactory23.29EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)811.171670No
PinghaiPowerPlantAirpollutantNOXConcentratedemissionthroughchimney2Withinthefactory38.61EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)1316.402423No

2022AnnualReport

ShaoguanPowerGenerationPlant

ShaoguanPowerGenerationPlantAirpollutantSmokeConcentratedemissionthroughchimney2Withinthefactory2.01EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)46.57717.78No
ShaoguanPowerGenerationPlantAirpollutantSO2Concentratedemissionthroughchimney2Withinthefactory17.85EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)412.522303.55No
ShaoguanPowerGenerationPlantAirpollutantNOXConcentratedemissionthroughchimney2Withinthefactory38.20EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)883.082254.42No
YunhePowerGenerationPlantAirpollutantSmokeConcentratedemissionthroughchimney1Withinthefactory1.72EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)17.83360No
YudeanYunhePowerGenerationPlantAirpollutantSO2Concentratedemissionthroughchimney1Withinthefactory8.06EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)88.812400No
YunhePowerGenerationPlantAirpollutantNOXConcentratedemissionthroughchimney1Withinthefactory33.95EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)335.772400No
ZhanjiangElectricAirpollutantSmokeConcentratedemissionthroughchimney2Withinthefactory1EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)36528No
ZhanjiangElectricAirpollutantSO2Concentratedemissionthroughchimney2Withinthefactory14EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)3901320No
ZhanjiangElectricAirpollutantNOXConcentratedemissionthroughchimney2Withinthefactory35EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)9881990.7No
ZhanjiangZhongyueAirpollutantSmokeConcentratedemissionthroughchimney2Withinthefactory0.99EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)17.14480No
ZhanjiangZhongyue.AirpollutantSO2Concentratedemissionthroughchimney2Withinthefactory14.80EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)257.371200No
ZhanjiangZhongyueAirpollutantNOXConcentratedemissionthroughchimney2Withinthefactory28.48EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)495.291290.08No
GuangqianCompanyAirpollutantNOXConcentratedemissionthroughchimney3Withinthefactory11.19EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)180.961312.5No
HuizhouNaturalGasAirpollutantSmokeConcentratedemissionthroughchimney6Withinthefactory0.22EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)8.39242.61No

2022AnnualReport

HuizhouNaturalGas

HuizhouNaturalGasAirpollutantNOXConcentratedemissionthroughchimney6Withinthefactory26.58EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)9771774.98No
YuehuaPowerGenerationAirpollutantSO2Concentratedemissionthroughchimney2Withinthefactory0.149EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)1.58627.54No
YuehuaPowerGenerationAirpollutantNOXConcentratedemissionthroughchimney2Withinthefactory38.297EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)493.131367.55No
XinhuiPowerGenerationAirpollutantSmokeConcentratedemissionthroughchimney2Withinthefactory0EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)0.585.6No
XinhuiPowerGenerationAirpollutantSO2Concentratedemissionthroughchimney2Withinthefactory0.12EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)1.545No
XinhuiPowerGenerationAirpollutantNOXConcentratedemissionthroughchimney2Withinthefactory13.36EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)303.51104No
TumushukeThermoelectricAirpollutantSmokeConcentratedemissionthroughchimney2Withinthefactory2.072EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)25.28135No
TumushukeThermoelectricCo.,LtdAirpollutantSO2Concentratedemissionthroughchimney2Withinthefactory14.572EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)175.56474No
TumushukeThermoelectricAirpollutantNOXConcentratedemissionthroughchimney2Withinthefactory27.451EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)329.21675No
ShajiaCAirpollutantSmokeConcentratedemissionthroughchimney3Withinthefactory2.16EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)59.56277.8No
ShajiaoCAirpollutantSO2Concentratedemissionthroughchimney3Withinthefactory12.51EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)345.66972.3No
ShajiaoCAirpollutantNOXConcentratedemissionthroughchimney3Withinthefactory32.66EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)902.41389No
HuaduCompanyAirpollutantSmokeConcentratedemissionthroughchimney3Withinthefactory5EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)0.108392.39No
HuaduCompanyAirpollutantSO2Concentratedemissionthroughchimney3Withinthefactory20EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)0.22256.7No
HuaduAirpollutantNOXConcentrated3Withinthe50EmissionStandardof87.5777586.6No

2022AnnualReport

Company

CompanyemissionthroughchimneyfactoryAirPollutantsforThermalPowerPlants(GB13223-2011)
ZhanjiangBiomassPowerGenerationAirpollutantSmokeConcentratedemissionthroughchimney2Withinthefactory8EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)26.680.94无
ZhanjiangBiomassPowerGenerationAirpollutantSO2Concentratedemissionthroughchimney2Withinthefactory8EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)33.8183No
ZhanjiangBiomassPowerGenerationAirpollutantNOXConcentratedemissionthroughchimney2Withinthefactory120EmissionStandardofAirPollutantsforThermalPowerPlants(GB13223-2011)293.6397No

TreatmentofcontaminantsIn2022,thecompanytookthelarge-scaledevelopmentofnewenergyandenergyconservationandcarbonreductionasanimportantstartingpointtoacceleratetheconstructionofecologicalcivilizationandpollutionpreventionandcontrol,andcontinuouslyimprovedtheenergysecurityandcleanandlow-carbonlevels,andallemissionindicatorswerebetterthantheindustryaverage.Thecompanyadheredtothegoalofbuildingaresource-savingandenvironment-friendlyenterprise,andstep-by-stepactivelypromotedtheupgradingandtransformationofexistingcoal-firedgeneratorsetsbyaplannedmannerthroughtheformulationandimplementationofmeasuressuchasenergyconsumptionmanagementimprovement,operationoptimization,equipmentmanagement,maintenanceandtechnologicaltransformation,andstrivedtoreducetheemissionintensityofcoal-firedunits.EmergencyplanforemergencyenvironmentalincidentsCombiningwiththeEnvironmentalProtectionLawofthePeople'sRepublicofChinaandtheOpinionsoftheMinistryofEnvironmentalProtectiononStrengtheningEnvironmentalEmergencyManagementWorkandotherlawsandregulationsonthemonitoringofenvironmentalrisks,thecompany’ssubordinatepowergenerationenterpriseshaveformulatedtheEmergencyPlanforEmergencyEnvironmentalIncidentsaccordingtotheiractualconditions,whichhasstandardizedandimprovedthehandlingofemergentenvironmentaleventsfromtheaspectsofenvironmentalaccidentriskanalysis,emergencycommandorganizationandresponsibilities,disposalprocedures,anddisposalmeasures,improvedtheabilitytorespondtounexpectedenvironmentalevents,andensuredthatafteranoutbreakofanenvironmentalincident,thecompanycanorganizeemergencyrescueworkinatimely,orderlyandefficientmannertopreventpollutionofthesurroundingenvironment,minimizethedamageandsocialharmcausedbytheincident,maintainsocialstability,andprotectpublichealthandpropertysafety.Environmentalself-monitoringprogramDuringthereportingperiod,thecompany’ssubordinatepowergenerationcompaniesorganizedannualenvironmentalself-monitoringprogramsinaccordancewiththenationalAdministrativeMeasuresonAutomaticMonitoringofPollutionSourcesandotherlawsandregulations,andconductedself-monitoringoftheenvironmentinaccordancewiththemonitoringprogram,andannounceditsownmonitoringresultsinGuangdongProvince'skeypollutionsourceregulatoryinformationplatformandthenationalpollutionsourcemonitoringinformationandsharingplatform.Boththeannouncedrateandcompletionratehadreached100%.

Investmentinenvironmentalgovernanceandprotectionandpaymentofenvironmentalprotectiontax

2022AnnualReport

In2022,Thecompanypurchaseddesulfurizationanddenitrationmaterialstotalingabout297.7089millionyuan,Thecompanypaidenvironmentalprotectiontaxof20.78millionyuan.Measurestakentoreducetheircarbonemissionsduringthereportingperiod?Applicable□NotapplicableIn2022,thecompanyaddedatotalof19newenergyprojects,including6windpowerprojectsand13photovoltaicprojects,withatotalinstalledcapacityof551,000kilowatts,which’sexpectedtocontributeabout

1.027billionkilowatt-hoursofcleanenergyperyear,savingabout321,000tonsofstandardcoalandreducingcarbondioxideemissionsbyabout863,700tons,equivalenttorecreating2,183hectaresofforest;itadded1newgaspowerproject,withatotalinstalledcapacityof920,000kilowatts,andit’sexpectedtohaveanannualon-gridelectricityofmorethan3.8billionkilowatthours.Comparedwithcoal-firedpowerplants,itcansaveabout440,000tonsofstandardcoalconsumptionperyear,reducecarbondioxideemissionsbyabout1.76milliontons,andprovideabout8.15millionGJofannualheat,which’sofgreatsignificanceforoptimizingtheregionalenergystructureandlayoutandpromotingthecompanytobuildaclean,low-carbon,safeandefficientenergysystem.Meanwhile,thecompanyactivelypromotedthehigh-qualitydevelopmentofcoalpower,activelycarriedoutenergy-savingandcarbon-reductiontransformation,formulatedanactionplanforenergyconservationandefficiencyimprovement,centeredonthesteamturbineflowtransformationfor15unitsof600,000kWgradeandabove,andstrivedtoreducethecoalconsumptionforcoal-firedpowerunits.In2022,1steamturbineflowtransformationhasbeencompleted,4unitshaveenteredtheequipmentmanufacturingstageandit’splannedtoimplementthetransformationinthesecondhalfof2023,aswellastheother10unitswillbecompletedbytheendof2025,andeachunitisexpectedtosave8~10g/kWhofcoalafterthecompletionofthetransformation.Administrativepenaltiesforenvironmentalproblemsduringthereportingperiod

NoneOtherenvironmentalinformationthatshouldbedisclosedNone.OtherenvironmentalprotectionrelatedinformationNoneThecompanyshallcomplywiththedisclosurerequirementsofpower-relatedindustriesintheGuidelineNo.3forSelf-regulationofListedCompaniesofShenzhenStockExchange-IndustryInformationDisclosure.

1.ThecompanystrictlyabidesbytheEnvironmentalProtectionLawofthePeople'sRepublicofChina,AirPollutionPreventionLawofthePeople'sRepublicofChina,WaterPollutionPreventionLawofthePeople'sRepublicofChinaandLawofthePeople'sRepublicofChinaonPreventionandControlofEnvironmentalPollutionbySolidWaste,andthecurrentenvironmentalprotectionpoliciesandregulationshavenoimpactonthecompany.In2022,theoperatingexpensesrequiredbythecompany'sthermalpowerplantstoimplementenvironmentalprotectionpoliciesandregulationsaremainlytopurchaselimestoneanddenitrationmaterials,totalingaboutRMB297.7089million.

2.In2022,accordingtothestandard,thecoalconsumptionforcomprehensivepowersupplyofthecompany'sthermalpowerplantsis302.85g/kWhofcoal,thesulfurdioxideemissionperformancevalueis0.048g/kWh,nitrogenoxideemissionperformancevalueis0.120g/kWh,andsootemissionperformancevalueis0.006g/kWh.Where,thecommissioningrateofdesulfurizationdeviceis100%,andtheaveragedesulfurizationefficiencyis

99.21%;Theaverageoperationrateofdenitrationdeviceis99.82%,andtheaveragedenitrationefficiencyis

89.39%;Theaverageoperationrateofwetelectricdustremovalis99.98%,andtheaveragedustremoval

2022AnnualReport

efficiencyis99.84%.InformationrelatedtoenvironmentalaccidentsofthelistedcompanyIn2022,therewerenoenvironmentalaccidentsinthecompany.II.Socialresponsibilities

Fordetailsofthecompany'ssocialresponsibilityreport,pleaserefertotheSocialResponsibilityReport2022publishedbythecompanyonCNINF(http://www.cninfo.com.cn)III.Consolidateandexpandtheachievementsofpovertyalleviationandruralrevitalization

In2022,thecompanyconscientiouslyimplementedthenationalruralrevitalizationstrategy,anditssubordinateunitsactivelycarriedoutconsumptionassistanceincombinationwithlocaldevelopment,andsetupaspecialworkinggrouptocarryoutfieldvisitsandassistance,investedfundsandresourcestohelpruralconstructionofinfrastructure,improverurallivingstandards,andhelpruralrevitalizationworkfurtherelevated.

1.ShaoguanPowerGenerationcompany’sCounterpart-assistancetoRuyuanDongpingTownIn2022,ShaoguanPowerGenerationcompanyvigorouslypromotedtheconsumptionassistance,strictlyabidedbythebottomlineofnotlettingreturningtopovertyonalargescaletobehappened,strengthenedthedynamicmonitoringofpreventingpovertyreturn,reasonablyformulatedassistanceprojectplans,andsoundlydidwellinconsolidatingandexpandingtheachievementsofpovertyalleviationandeffectivelinkingofruralrevitalization.Thecompany'slaborunionactivelycarriedoutconsumptionassistanceprocurementactivities,expandedconsumptionassistancechannels,broadenedthesaleschannelsoflocalagriculturalandsidelineproducts,andincreasedfarmers'income.Sofar,thecumulativeconsumptionassistancehasbeenmorethan160,000yuan,effectivelysolvingtheproblemoffarmers'troublesomeofincomeincreasingandlayingasolidfoundationfortheindustrialrevitalizationofDongpingTown.

2.ZhanjiangElectricPowercompany’sCounterpart-assistancetoXuwenXilianTownIn2022,ZhanjiangElectricPowercompanyresolutelyimplementedthenationalruralrevitalizationstrategy.Asalways,ithelpedtheruralrevitalizationofXilianTown,andpracticedtheresponsibilityofstate-ownedenterprises.ThestaffofthecompanystationedinXilianTowntohelpthetownandsupportthevillagewerecourageoustotakeresponsibility,activelyplannedmeasuresaccordingtolocalconditions,soundlyimplementedtheworkofruralrevitalizationindetail,andasthemainforceparticipatedinthepreparationoftheoverallplanningplanofXilianTownfrom2021to2026.Theworkresultswonthe"ExcellentAward"ofExcellentTownRuralRevitalizationPlanofGuangdongProvinceinthe2022.Inaddition,thecompany'slaborunionhelpedpurchase303boxesofdriedgoldenpomfretbyconsumptionassistance,effectivelyhelpingthepeoplewhowereliftedoutofpovertytoexpandthesaleschannelsofagriculturalandmarineproducts,leadingthepeopleinthepovertyalleviationareastoincreaseincomeandbeingconduciveruralrevitalization.

3.TaiPuPowerGenerationcompany’sCounterpart-assistancetoHuilaiJinghaiTown

2022AnnualReport

Inordertodoagoodjobinhelpingtownsandvillages,TaiPuPowerGenerationcompanyselectedComradeGuoJie,deputygeneralmanagerofthecompany,stationedasthefirstsecretaryofthevillageandamemberofthetownshiphelpandsupportteam,madepairing-offassistancetohelpJinghaiTown,HuilaiCounty,JieyangCity,andactivelypromotedtheruralrevitalization.OntheGuangdongPovertyAlleviationDayin2022,thecompanyactivelycarriedoutpovertyalleviationandreliefactivities,raisingatotalof63,200yuantosupportruralrevitalization.

4.ZhongyueEnergycompany'sCounterpart-assistancetoLeizhouJijiaTownIn2022,theruralrevitalizationteamdispatchedbyZhanjiangZhongyueEnergycompanytoJijiaTown,Leizhou,Zhanjiang,withthethemeofruralindustryrevitalizationassistance,carriedoutspecialresearchmainlyaimedatintegratingcooperationoflandresourcesandsolvingexistingproblemsandholdingdiscussionsandexchangeswithvillagecommitteecadresandvillagers.Onthebasisofrespectingthewillofthemasses,itproposedtoestablishlandcooperatives,thatfarmersinvestinbyscatteredlandsandselectthepromisingprojectstoactivelyexplore"landshareholding+large-scaleplanting","decentralizedproduction+unifiedoperation","largehouseholdsleadsmallhouseholds,professionalhouseholdsleadindividualfarmers"andotherdevelopmentmodelstocontinuouslyenhancethevitalityandstrengthofcollectiveeconomicdevelopment.

5.MaomingThermalPowercompanyCounterpart-assistancetoXiaoliangTown,JijiaTown,LeizhouIntheworkofhelpingruralrevitalization,MaomingThermalPowerPlantselectedaparty-membercadreasavillage-basedteammemberstationedtoXiaoliangTown,DianbaiDistricttocarryoutruralrevitalizationandassistancework.In2022,thecompanydonatedatotalof122,570yuantoXiaoliangTown,DianbaiDistrictforruralrevitalizationrelatedworksuchasthetreatmentofthelivingenvironmentofXiaoliangTownandthehelpofmonitoringpovertyreturnhouseholds.Meanwhile,throughthefieldresearch,thecompanyplannedtobuildaphotovoltaiccompoundprojectinXiaoliangTown.IthasregisteredandestablishedMaomingElectricWhiteIntelligentNewEnergyCo.,LtdinDianbaiDistrictandsubstantiallycarriedoutthepreliminarywork,theprojecthasbeenapprovedbyMaomingPowerSupplyBureauwiththepreliminaryconnectopinion,andithasbeenincludedinMaomingCity'skeyconstructionprojectsin2023byMaomingDevelopmentandReformBureau.

6.YuefengNewEnergy'sCounterpart-assistancetoNanxiongBaishunTownInordertoactivelypromotetheintegrateddevelopmentofnewenergydevelopmentandruralrevitalization,in2022,ShaoguanNanxiongYuefengNewEnergy-asubsidiaryofProvincialWindElectronicscompanysignedanewenergycooperativedevelopmentframeworkagreementwiththeNanxiongPeople'sGovernmenttohelpinlocalruralrevitalizationbydevelopinglocalrooftopphotovoltaic,grounddistributedphotovoltaicandgrounddistributedwindpowerprojects.YetthepreliminaryworkofthepilotprojectofruralrevitalizationofdistributedwindpowerinNanxiongBaishunTownwasstarted.

2022AnnualReport

VI.ImportantEvents

I.Commitmentstofulfillthesituation

1.Thefulfilledcommitmentsinthereportingperiodandunder-fulfillmentcommitmentsbytheendofthereportingperiodmadebythecompany,shareholder,actualcontroller,acquirer,director,supervisor,seniormanagementpersonnelandotherrelatedparities.

□Applicable√NotapplicableThereisnocommitmentthathasnotbeenfulfilledbyactualcontroller,shareholders,relatedparties,acquirersofthecompany

2.Theexistenceofthecompany'sassetsorprojectsearningsforecastsandearningsreportingperiodisstillintheforecastperiod,thecompanyhasassetsorprojectsmeettheoriginalprofitforecastmadeandthereasonsexplained

□Applicable√NotapplicableII.Particularsaboutthenon-operatingoccupationoffundsbythecontrollingshareholder

□Applicable√NotapplicableNosuchcasesinthereportingperiod.III.Illegalprovisionofguaranteesforexternalparties

□Applicable√NotapplicableNosuchcasesinthereportingperiod.IV.ExplanationoftheBoardofDirectorsonthelatest"Non-standardAuditReport"

□Applicable√NotapplicableV.Notesfor“non-standardauditreport”ofCPAsfirmduringtheReportingPeriodbyboardofdirectorsandsupervisoryboard

□Applicable√NotapplicableVI.Explainchangeoftheaccountingpolicy,accountingestimateandmeasurementmethodsascomparedwiththefinancialreportingoflastyear.

√Applicable□NotapplicableIn2021,theMinistryofFinanceissuedtheNoticeonPrintingandDistributingthe"InterpretationofAccountingStandardsforBusinessEnterprisesNo.15"(hereinafterreferredtoas"InterpretationNo.15").ThecompanyimplementedtheprovisionsrelatedtothetrialoperationsalesoffixedassetsintheInterpretationNo.15fromJanuary1,2022,andretroactivelyadjustedthetrialoperationsalesrevenueincurredbetweenJanuary1,2021andtheimplementationdate.Thecomparativefinancialstatementsfor2021wererestatedaccordingly.TheaboveaccountingpolicychangeshavenoimpactonthebalancesheetasofJanuary1,2021.

2022AnnualReport

ThecompanyhasadoptedtheabovenoticeandtheQ&AontheImplementationtopreparethe2022annualfinancialstatements,andtheaboveamendmentshavenosignificantimpactonthecompany'sfinancialstatements,exceptfortherelevantprovisionsonthetrialoperationandsalesoffixedassets.VII.Explainchangeoftheconsolidationscopeascomparedwiththefinancialreportingoflastyear.

√Applicable□Notapplicable

Name

NameNatureNewinvestmentamountinthisperiod(Yuan)Paid-incapitalattheendofperiod(Yuan)Proportion(%)Acquired
YudeanJinxiuintelligenceEnergyCo.,Ltd.Photovoltaicpowergeneration2,621,8002,913,11490%Newlyestablished
GuangdongYudeanHuiboNewEnergyCo.,Ltd.Photovoltaicpowergeneration15,492,36015,492,360100%Newlyestablished
NanjingLinyuanSenhaiNewEnergyCo.,Ltd.Photovoltaicpowergeneration120,495,920120,495,920100%Purchase
NanjingSenhongNewEnergyCo.,Ltd.Photovoltaicpowergeneration120,495,920120,495,920100%Purchase
TumushukeYudeanHanhaiNewEnergyCo.,Ltd.Photovoltaicpowergeneration324,050,000324,050,000100%Newlyestablished
TaishanDongrunNewEnergyCo.,Ltd.Photovoltaicpowergeneration45,063,02045,063,020100%Purchase
MeizhouXingyueNewEnergyCo.,Ltd.Photovoltaicpowergeneration9,977,5009,977,500100%Newlyestablished
GuangdongYudeanHuixinThermalPowerCo.,Ltd.Naturalgaspowergeneration104,975,000123,500,000100%Newlyestablished
GuangdongYudeanMaomingNaturalGasThermalPowerCo.,Ltd.Naturalgaspowergeneration115,345,000118,345,00085%Newlyestablished
GuangdongShaoguanYudeanNewEnergyCo.,Ltd.Photovoltaicpowergeneration33,473,00033,473,000100%Newlyestablished
YudeanShasheIntelligenceEnergyCo.,Ltd.Photovoltaicpowergeneration1,206,110,4701,206,110,470100%Newlyestablished
LaixiXinguangyaoNewEnergyTechnologyCo.,Ltd.Photovoltaicpowergeneration32,923,00033,255,55599%Purchase
JiuzhouNewEnergy（Zhaoqing）Co.,Ltd.Photovoltaicpowergeneration39,000,00040,680,000100%Purchase
XiangtanXiangdianChangshanWindPowerGenerationCo.,Ltd.Windpowergeneration89,524,00380,000,000100%Purchase
YunfuLuodingYudeanNewEnergyCo.,Ltd.Photovoltaicpowergeneration1,844,5201,844,520100%Newlyestablished

VIII.Engagement/DisengagementofCPAsCPAscurrentlyengaged

NameofthedomesticCPAsPWCCertifiedPublicAccountants(specialgeneralpartnership)
Remunerationfordomesticaccountingfirm(RMB0',000)799
SuccessiveyearsofthedomesticCPAsofferingauditingservices7
NameofCPALiXiaolei,FanXin
ContinuousyearsofauditservicesofcertifiedpublicaccountantsofdomesticpublicaccountingfirmsLiXiaolei(2years),FanXin(1year)

HastheCPAsbeenchangedinthecurrentperiod

2022AnnualReport

□Yes√NoDescriptionoftheCPAs,financialadvisersorsponsorsengagedforinternalcontrolauditing

√Applicable□NotapplicableInthereportyear,thecompanyengagedPWCCertifiedPublicAccountants(specialgeneralpartnership)asthecertifiedpublicaccountantsandinternalcontrolauditbodyin2022.TheauditremunerationwasRMB7.99millionIX.SituationofFacingListingSuspensionandListingTerminationaftertheDisclosureoftheYearlyReport

□Applicable√NotapplicableX.RelevantMattersofBankruptcyReorganization

□Applicable√NotapplicableNosuchcasesinthereportingperiod.XI.MattersofImportantLawsuitandArbitration

□Applicable√NotapplicableNosuchcasesinthereportingperiod.XII.SituationofPunishmentandRectification

□Applicable√NotapplicableNosuchcasesinthereportingperiod.XIII.CreditConditionoftheCompanyanditsControllingShareholdersandActualControllers

□Applicable√NotapplicableXIV.Materialrelatedtransactions

1.Relatedtransactionsinconnectionwithdailyoperation

√Applicable?NotapplicableForrelatedpartytransactionsrelatedtodailyoperationsduringthereportingperiod,pleasesee"7.OtherMajorRelatedPartyTransactions"

2.Related-partytransactionsarisingfromassetacquisitionorsale

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

3.Relatedpartytransactionsofjointoutboundinvestment

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

4.Creditsandliabilitieswithrelatedparties

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

2022AnnualReport

5.Transactionswithrelatedfinancecompany,especiallyonethatiscontrolledbythecompany

√Applicable□Notapplicable

Depositbusiness

Relatedparty

RelatedpartyRelationshipMaximumdailydepositlimit(RMB'0,000)DepositinterestraterangeBeginningbalance(RMB'0,000)TheamountofthisperiodTheamountofthisperiodTotalamountiswithdrawnforthisperiod(RMB'0,000)
Totaldepositamount(RMB'0,000)Totaldepositamount(RMB'0,000)
GuangdongEnergyGroupFinanceCo.,Ltd.ControlledbyGuangdongEnergyGroupCo.,Ltd.1,100,0000.25%-0.35%647,48211,814,21411,587,634874,062

Loanbusiness

RelatedpartyRelationshipLoanlimit(RMB'0,000)LoantinterestraterangeBeginningbalance(RMB'0,000)TheamountofthisperiodEndingbalance(RMB'0,000)
Totalloanamountofthecurrentperiod(RMB'0,000)Totalrepaymentamountofthecurrentperiod(RMB'0,000)
GuangdongEnergyGroupFinanceCo.,Ltd.ControlledbyGuangdongEnergyGroupCo.,Ltd.3,500,0002.7%-4.11%934,4171,370,0001,313,608990,809

Creditextensionorotherfinancialservices

RelatedpartyRelationshipBusinesstypeTotalamount(RMB'0,000)Actualamountincurred(RMB'0,000)
GuangdongCommunicationsGroupFinanceCo.,LtdControlledbythesameparentcompanyCreditextension3,500,000990,809

6.Transactionsbetweenthefinancialcompanycontrolledbythecompanyandrelatedparties

□Applicable√NotapplicableThereisnodeposit,loan,creditorotherfinancialbusinessbetweenthefinancialcompanycontrolledbythecompanyandrelatedparties.

7.Othersignificantrelated-partytransactions

√Applicable□Notapplicable

（1）2022dailyrelatedtransactionswerecarriedoutafterexaminationandapprovalby2022firstprovisionalshareholders'generalmeeting.Referto(5)RelatedtransactionsofXII.RelationshipbetweenrelatedpartiesandthetransactionsbetweenthemoftheFinancialReportofthisreportfordetails.

(2)OnJanuary20,2022,thefirstmeetingoftheTenthBoardofDirectorsofthecompanyreviewedandapprovedtheProposalonDailyRelatedPartyTransactionsbetweenthecompanyandGuangdongEnergyGroupCo.,Ltd.in2022,theProposalonSigningthe<FinancialServicesFrameworkAgreement>betweenthecompanyandGuangdongYudeanFinanceCo.,Ltd.,theProposalonSigningthe<FinancialLeasingCooperationFramework

2022AnnualReport

Agreement>betweenthecompanyandGuangdongYudeanFinancialLeasingCo.,Ltd.Theaboverelatedpartytransactionswerereviewedandapprovedatthecompany'sfirstprovisionalgeneralmeetingofshareholdersin2022.

（3）OnAugust29,2022,the8thmeetingoftheTenthBoardofDirectorsofthecompanyreviewedandapprovedontheProposalConcerningRiskAssessmentReportonGuangdongEnergyFinanceCo.,Ltd.fortheFirstHalfof2022

（4）OnSeptember16,2022,Inordertoincreasethescaleofcleancoalpowerandrealizethesustainabledevelopmentofthecompany,the9thmeetingoftheTenthBoardofDirectorsofthecompanyreviewedandapprovedontheProposalontheInvestmentandConstructionofthe2×1000MWUnitsProjectoftheNo.3andNo.4UnitsofMaomingBohePowerPlantandProposalonInvestmentandConstructionofHuilaiPowerPlantUnit5andUnit6ExpansionProject(2×1000MWProject),AgreetoBoheEnergycompanytoinvestintheconstructionof2×1000MWunitofNo.3and4ofMaomingBohePowerPlant.Theprojectis2×1000MWultra-supercriticalsecondaryreheatcoal-firedgeneratingunitwithatotalinvestmentof7,483.51millionyuan;JinghaiPowerGenerationcompanyagreestoinvestintheexpansionprojectofUnit5and6unitsofHuilaiPowerPlant.Theprojectis2×1000MWultra-supercriticalsecondaryreheatcoalpowerunitwithatotalinvestmentof8,049.77millionyuan.Websitefortemporarydisclosureoftheconnectedtransaction

Announcement

AnnouncementDateofdisclosureWebsitefordisclosure
EstimatesannouncementoftheDailyRelatedPartyTransactionsof2022January22,2022http//www.cninfo.com.cn.
AnnouncementofRelatedTransactionsonSigningoftheFinancialServicesFrameworkAgreement,FrameworkAgreementonFinancingLeasingCooperationandFrameworkAgreementonCooperationinInsuranceandRiskManagementServicesJanuary22,2022http//www.cninfo.com.cn.
The9thmeetingoftheTenthBoardofDirectorsAugust31,2022http//www.cninfo.com.cn.
The8thmeetingoftheTenthBoardofDirectorsSeptember17,2022http//www.cninfo.com.cn.

XV.Significantcontractsandexecution

1.Entrustments,contractingandleasing

（1）Entrustment

√Applicable□NotapplicableStatementofTrusteeshipSituation:

AccordingtothestatementofGuangdongEnergyGrouponfulfillingrelevantmatters,andtoavoidthehorizontalcompetitionandfulfilltherelevantcommitmentofthehorizontalcompetition,thecompanysignedStockTrusteeshipAgreementwithGuangdongEnergyGroup,whereintheshareholder'srightswithinthetrusteeship

2022AnnualReport

range,excepttheownership,rightofearningandrightofdisposition,willbetrustedtothecompany,Thecustodyfeecollectedfromeachcompanydirectlyholdingthefirst-classtargetofGuangdongEnergyGroupisRMB100,000/year;ThecustodyfeecollectedfromeachcompanyindirectlyholdingthesecondarytargetisRMB50,000/year.publishedbythecompanyinChinaSecuritiesDaily,SecuritiesTimesandhttp://www.cninfo.com.cnonJanuary13,2018(AnnouncementNo.2018-04).thecustodyfeeactually

collectedbythecompanywasRMB1.6981million.Gains/lossestothecompanyfromprojectsthatreachedover10%intotalprofitofthecompanyinreportingperiod

□Applicable√NotapplicableNogainsorlossestothecompanyfromprojectsthatreachedover10%intotalprofitofthecompanyinreportingperiod

(2)Contract

□Applicable√NotapplicableNoanycontractforthecompanyinthereportingperiod.

(3)Lease

□Applicable√Notapplicable

Note

Asthelessee,thecompanyhasincurredarentalfeeofRMB27,805,836inthisyear.

2022AnnualReport

Projectwhichgeneratesprofitorlossreachingover10%oftotalprofitsofthecompanyduringtheReportingPeriod

□Applicable√NotapplicableTherewerenoleaseswitha10%orgreaterimpactonthecompany’sgrossprofitintheReportingPeriod.

2.SignificantGuarantees

√Applicable□Notapplicable

InRMB10,000

Guaranteeofthecompanyforthecontrollingsubsidiaries(Excludecontrolledsubsidiaries)

Guaranteeofthecompanyforthecontrollingsubsidiaries(Excludecontrolledsubsidiaries)
NameofthecompanyRelevantdisclosuredate/No.oftheguaranteedamountAmountofGuaranteeDateofhappening(Dateofsigningagreement)ActualmountofguaranteeGuaranteetypeGuaranty（Ifany）Counter-guarantee（Ifany）GuaranteetermCompleteimplementationornotGuaranteeforassociatedparties(Yesorno)
GuangdongEnergyGroupCo.,Ltd.October29,2020200,000November19,2020200,000Guaranteeingofjointliabilities.GuangdongYudeanYangjiangOffshorewindpowerCo.,Ltd.providesjointandseveralliabilityguaranteecounter-guarantee23yearsand9monthsNoYes
YunnanBaoshanBinlangjiangHydroelectricityDevelopmentCo.,Ltd.December19,20074,350November30,20070Guaranteeingofjointliabilities.GuangdongYudeanYangjiangOffshorewindpowerCo.,Ltd.providesjointandseveralliabilityguaranteecounter-guarantee15yearsNoNo
YunnanBaoshanBinlangjiangHydroelectricityDevelopmentCo.,Ltd.May27,20099,367June22,20090Guaranteeingofjointliabilities.GuangdongYudeanYangjiangOffshorewindpowerCo.,Ltd.providesjointandseveralliabilityguaranteecounter-guarantee18yearsNoNo

2022AnnualReport

XinjiangJintaiElectricPowerCo.,Ltd.

XinjiangJintaiElectricPowerCo.,Ltd.Notapplicable3,775December20,20190Guaranteeingofjointliabilities.3YearsNoNo
Totalamountofapprovedexternalguaranteeinthereportperiod(A1)0Totalactuallyamountofexternalguaranteeinthereportperiod(A2)29,607
Totalamountofapprovedexternalguaranteeattheendofthereportperiod(A3)425,459Totalactuallyamountofexternalguaranteeattheendofthereportperiod(A4)200,000
Guaranteeofthecompanyforitssubsidiaries
NameofthecompanyRelevantdisclosuredate/No.oftheguaranteedamountAmountofGuaranteeDateofhappening(Dateofsigningagreement)ActualmountofguaranteeGuaranteetypeGuaranty（Ifany）Counter-guarantee（Ifany）GuaranteetermCompleteimplementationornotGuaranteeforassociatedparties(Yesorno)
ZhanjiangWindPowerGenerationCo.,Ltd.April29,200918,572October9,20104,872Guaranteeingofjoint18yearsNoNo
Totalofguaranteeforsubsidiariesapprovedintheperiod(B1)300,000Totalofactualguaranteeforsubsidiariesintheperiod(B2)-210
Totalofguaranteeforsubsidiariesapprovedatperiod-end(B3)441,536Totalofactualguaranteeforsubsidiariesatperiod-end(B4)4,872
Guaranteeofthesubsidiariesforthecontrollingsubsidiaries
NameofthecompanyRelevantdisclosuredate/No.oftheguaranteedamountAmountofGuaranteeDateofhappening(Dateofsigningagreement)ActualmountofguaranteeGuaranteetypeGuaranty（Ifany）Counter-guarantee（Ifany）GuaranteetermCompleteimplementationornotGuaranteeforassociatedparties(Yesorno)
Thecompany’stotalguarantee(i.e.totalofthefirstthreemainitems)
Totalguaranteequotaapprovedinthereportingperiod（A1+B1+C1）300,000Totalamountofguaranteeactuallyincurredinthereportingperiod（A2+B2+C2）29,397

2022AnnualReport

Totalguaranteequotaalreadyapprovedattheendofthereportingperiod（A3+B3+C3）

Totalguaranteequotaalreadyapprovedattheendofthereportingperiod（A3+B3+C3）866,995Totalbalanceoftheactualguaranteeattheendofthereportingperiod（A4+B4+C4）204,872
Theproportionofthetotalamountofactuallyguaranteeinthenetassetsofthecompany(thatisA4+B4+C4）%10.12%
Including：
Amountofguaranteesprovidedforshareholders,theactualcontrollerandtheirrelatedparties(D)200,000
Amountofdebtguaranteesprovideddirectlyorindirectlyforentitieswithaliability-to-assetratioover70%(E)0
Proportionoftotalamountofguaranteeinnetassetsofthecompanyexceed50%（F）0
Totalamountofthethreekindsofguaranteesabove(D+E+F)200,000

Note:1.ThenewguaranteeaddedtoXinjiangJintaiElectricPowerCo.,Ltdin2021bythecompanywasajointandseveralliabilityguaranteeforXinjiangJintaiElectricPowerCo.,Ltdduetothecompany'sacquisitionofTushiThermalPowercompany.ThepaymentwassettledinMay2022andtheguaranteeobligationwasreleased;2.Thecompany'sjointandseveralliabilityguaranteeforYunnanBaoshanBinglangjiangHydropowerDevelopmentCo.,LtdhasbeenliftedinDecember2022.

2022AnnualReport

3.Financemanagementoncommission

(1)SituationofEntrustedFinance

□Applicable√NotapplicableNoanyEntrustedFinanceforthecompanyinthereportingperiod..

（2）SituationofEntrustedLoans

□Applicable√NotapplicableNoanyEntrustedloansforthecompanyinthereportingperiod..

4.Othersignificantcontract

□Applicable√NotapplicableNoothersignificantcontractsforthecompanyinreportingperiod.XVI.Explanationonothersignificantevents

√Applicable□Notapplicable

Summaryofimportantmatters

SummaryofimportantmattersNameDateofdisclosureWebsitefordisclosure
InordertoimplementthedeploymentofaidtoXinjiang,deepenstrategiccooperationwithkeyregions,furtheroptimizethepowersupplystructure,andincreasetheproportionofcleanenergy,thecompany'sboardofdirectorsagreedtothecompany'swholly-ownedestablishmentofTumusukeYudeanHanhaiNewEnergyCo.,Ltd(hereinafterreferredtoas"HanhaiNewEnergycompany”)toinvestintheconstructionofa400,000-kilowattphotovoltaicpowergenerationprojectinthe45thRegimentoftheThirdDivisionoftheXinjiangProductionandConstructionCorps.Thetotalinvestmentoftheprojectis2,226,851,400yuan,andthecapitalissetat445,370,000yuanaccordingto20%ofthetotalprojectinvestment,whichwillbesolvedbythecompany'scapitalincreasetoHanhaiNewEnergycompanyinbatches.ResolutionsoftheSecondmeetingoftheTenthBoardofdirectorsbyCorrespondenceof2022March26,2022http//www.cninfo.com.cn.
InordertomeettheheatloaddemandofYunfuIndustrialParkandperipheralenterprises,furtheroptimizethecompany'spowersupplystructure,andpromotethecompany'ssustainabledevelopment,theboardofdirectorsagreestoinvestintheconstructionofYunhePowerGenerationcompanyNaturalGasCogenerationProject(2×460MW),andGuangdongYudeanYunheCo.,Ltd.isresponsibleforthespecificconstructionandoperationoftheproject.Thetotalinvestmentoftheprojectis2,809.70millionyuan(includingtheheatingnetworkproject),andtheprojectcapitaliscalculatedas561.94millionyuanaccordingto20%ofthetotalprojectinvestment.Thecompanyinvests505.75millionyuanaccordingtotheproportionof90%equityratio.Thecapitalrequiredfortheprojectwillbesolvedbythecompany'scapitalincreasetoYunhePowerGenerationcompanyinbatchesaccordingtotheactualconstructionprogressandcapitalneedsoftheproject.Resolutionsofthe6thmeetingoftheTenthBoardofdirectorsApril22,2022http//www.cninfo.com.cn.
Inordertoimprovethepowersupplyguaranteecapacity,improvethescaleofadvancedcleancoal-firedpowergenerationandpromotethesustainabledevelopmentofthecompany,theNinthMeetingoftheTenthBoardofDirectorsdeliberatedandagreedonthefollowingmatters:1.GuangdongYudeanDabuPowerGenerationCo.,Ltd.investedintheconstructionofGuangdongYudeanDabuPowerPlantPhaseIIProject,withatotalinvestmentofRMB8,122,320,000;2.GuangdongYudeanBoheEnergyCo.,Ltd.investedintheconstructionofNo.3andNo.42×1000MWunitsofMaomingBohePowerPlant,whichisa2×1000MWultra-supercriticalsecondaryreheatcoal-firedgeneratingunitwithatotalinvestmentofRMB7,483.51million;3.GuangdongYudeanJinghaiPowerGenerationCo.,Ltd.investedintheconstructionoftheexpansionprojectofNo.5andNo.6unitsinHuilaiPowerPlant,whichisa2×1000MWultra-supercriticalsecondaryreheatcoal-firedgeneratingunitwithatotalinvestmentofResolutionsofthe6thmeetingoftheTenthBoardofdirectorsApril22,2022http//www.cninfo.com.cn.

2022AnnualReport

RMB8,049.77million.InordertomeettheelectricityloadgrowthinJieyangCityandtheheatloaddemandofDananhaiPetrochemicalIndustrialZone,andfurtherincreasetheproportionofcleanenergyofthecompany,theboardofdirectorsagreestoinvestintheconstructionoftheJieyangDananhaiNaturalGasCogenerationProject(2×480MW),andGuangdongYudeanDananhaiSmartEnergyCo.,Ltd.-awholly-ownedsubsidiary-isresponsibleforthespecificconstructionandoperationoftheproject.Thetotalinvestmentoftheprojectis2,855.45millionyuan(includingtheheatingnetworkproject),andtheprojectcapitaliscalculatedas571.09millionyuanaccordingto20%ofthetotalprojectinvestment.Thecapitalrequiredbytheprojectwillbesolvedbythecompany'scapitalincreasetoDananhaiSmartEnergycompanyinbatchesaccordingtotheactualconstructionprogressandcapitalneedsoftheproject.

RMB8,049.77million.InordertomeettheelectricityloadgrowthinJieyangCityandtheheatloaddemandofDananhaiPetrochemicalIndustrialZone,andfurtherincreasetheproportionofcleanenergyofthecompany,theboardofdirectorsagreestoinvestintheconstructionoftheJieyangDananhaiNaturalGasCogenerationProject(2×480MW),andGuangdongYudeanDananhaiSmartEnergyCo.,Ltd.-awholly-ownedsubsidiary-isresponsibleforthespecificconstructionandoperationoftheproject.Thetotalinvestmentoftheprojectis2,855.45millionyuan(includingtheheatingnetworkproject),andtheprojectcapitaliscalculatedas571.09millionyuanaccordingto20%ofthetotalprojectinvestment.Thecapitalrequiredbytheprojectwillbesolvedbythecompany'scapitalincreasetoDananhaiSmartEnergycompanyinbatchesaccordingtotheactualconstructionprogressandcapitalneedsoftheproject.
Inordertofurtherincreasethecompany'scleanenergyratioandfurtheroptimizethepowersupplystructure,theboardofdirectorsagreedthatthecompanywillincreasecapitaltoGuangdongWindPowerCo.,Ltd.toinvestintheconstructionoftwophotovoltaicprojectsof300MWinQingshuiheinInnerMongoliaand200MWPhaseIofZhuhaiSanzao,inwhichRMB314.55millionwillbeinvestedfortheQingshuihe300MWprojectandRMB209.7758millionwillbeinvestedforthe200MWprojectofZhuhaiSanzaoPhaseI,andthecapitalwillbeincreasedinbatchesaccordingtotheactualprogressoftheprojectandcapitalneeds.Resolutionsofthe8thmeetingoftheTenthBoardofdirectorsAugust31,2022http//www.cninfo.com.cn.
Inordertoimprovethepowersupplyguaranteecapacity,improvethescaleofadvancedcleancoal-firedpowergenerationandpromotethesustainabledevelopmentofthecompany,theNinthMeetingoftheTenthBoardofDirectorsdeliberatedandagreedonthefollowingmatters:1.GuangdongYudeanDabuPowerGenerationCo.,Ltd.investedintheconstructionofGuangdongYudeanDabuPowerPlantPhaseIIProject,withatotalinvestmentofRMB8,122,320,000;2.GuangdongYudeanBoheEnergyCo.,Ltd.investedintheconstructionofNo.3andNo.42×1000MWunitsofMaomingBohePowerPlant,whichisa2×1000MWultra-supercriticalsecondaryreheatcoal-firedgeneratingunitwithatotalinvestmentofRMB7,483.51million;3.GuangdongYudeanJinghaiPowerGenerationCo.,Ltd.investedintheconstructionoftheexpansionprojectofNo.5andNo.6unitsinHuilaiPowerPlant,whichisa2×1000MWultra-supercriticalsecondaryreheatcoal-firedgeneratingunitwithatotalinvestmentofRMB8,049.77millionResolutionsofthe9thmeetingoftheTenthBoardofdirectorsSeptember17,2022http//www.cninfo.com.cn.
Inordertofullyintegrateandenhancethecompany'smanagementstrengthandlevelinXinjiang,andcoordinatethedevelopment,construction,productionandoperationofnewenergyandtraditionalenergyinXinjiang,afterdeliberationattheEleventhMeetingoftheTenthBoardofDirectorsofthecompany,itwasagreedtoestablishawholly-ownedXinjiangRegionalcompanyinUrumqi,XinjiangUygurAutonomousRegion(thenameofthecompanywillbesubjecttoindustrialandcommercialregistration),withtheinitialregisteredcapitalofRMB300million.Resolutionsofthe11thmeetingoftheTenthBoardofdirectorsDecember1,2022http//www.cninfo.com.cn.
Inordertofurtherincreasetheproportionofcleanenergyandsmoothlypromotethedevelopmentstrategy,afterdeliberationattheEleventhMeetingoftheTenthBoardofDirectors,itwasagreedtoincreasethecapitalofGuangdongWindPowerGenerationCo.,Ltd.byRMB380.07million,whichwillbeusedtoinvestintheconstructionof50MWPhotovoltaicPowerGenerationProjectofLianjiangChangshanFarm,20MWPhotovoltaicPowerGenerationProjectofLianjiangLimingFarm,50MWPhotovoltaicPowerGenerationProjectofLianjiangDongshengFarm,andtheacquisitionof100%equityofJianhaoPhotovoltaicTechnologyCo.,Ltd.ofQinglongManchuAutonomousCounty.Thecapitalwillbeincreasedinbatchesaccordingtotheactualprogressoftheprojectandthecapitaldemand.Resolutionsofthe11thmeetingoftheTenthBoardofdirectorsDecember1,2022http//www.cninfo.com.cn.
Inordertospeedupthedevelopmentofnewenergy,increasetheproportionofcleanenergyandoptimizethepowersupplystructure,afterdeliberationattheEleventhMeetingoftheTenthBoardofDirectorsofthecompany,itwasagreedthatawholly-ownedsubsidiary,YudeanShacheComprehensiveEnergyCo.,Ltd.(hereinafterreferredtoas"YudeanShachecompany"),asthemaininvestor,wouldinvestintheconstructionofa2millionKWlightstorageintegrationprojectofGuangdongEnergyShacheCounty(withaphotovoltaicconstructionscaleofResolutionsofthe11thmeetingoftheTenthBoardofdirectorsDecember1,2022http//www.cninfo.com.cn.

2022AnnualReport

2,000MWandanenergystorageconstructionscaleof500MW/2000MWh).ThetotalinvestmentoftheprojectisRMB12,917,064,600.Matchingtransaction,clicktransaction,inquirytransaction,biddingtransactionandnegotiationtransaction.

XVII.SignificanteventofsubsidiaryoftheCompany

□Applicable√Notapplicable

2022AnnualReport

VII.ChangeofsharecapitalandshareholdingofPrincipalShareholders

I.Changesinsharecapital

1.Changesinsharecapital

Inshares

Beforethechange

BeforethechangeIncrease/decrease（+，-）AftertheChange
AmountProportionShareallotmentBonussharesCapitalizationofcommonreservefundOtherSubtotalQuantityProportion
I.Sharewithconditionalsubscription1,897,966,11736.15%-2,8301,897,963,28736.15%
1.State-ownedshares
2.State-ownedlegalpersonshares1,893,342,62136.06%31,8961,893,374,51736.06%
3.Otherdomesticshares4,623,4960.09%-34,7264,588,7700.09%
Ofwhich：Domesticlegalpersonshares4,620,6660.09%-1,084,8963,535,7700.07%
Domesticnaturalpersonshares2,8300%1,050,1701,053,0000.02%
4.Foreignshares
Ofwhich：Foreignlegalpersonshares
Foreignnaturalpersonshares
II.Shareswithunconditionalsubscription3,352,317,86963.85%2,8303,352,320,69963.85%
1.CommonsharesinRMB2,553,909,86948.64%2,8302,553,912,69948.64%
2.Foreignsharesindomesticmarket798,408,00015.21%798,408,00015.21%
3.Foreignsharesinforeignmarket
4.Other
III.Totalofcapitalshares5,250,283,9865,250,283,986

Reasonsforsharechanged

√Applicable□Notapplicable

1.OnFebruary2,2022,thelock-upperiodofthe2,830restrictedsharesheldbyMr.WenLianhe,aformerdirectorofthecompany,hasexpiredithasbeenconvertedintotradableshareswhthoutrestiiction.therefore,thenumberofrestrictedsharesofthecompanyhasalsoincreasedaccordingly;

2.231,896ArestrictedsharesheldbytheTradeUnionCommitteeofGuangdongPrisonAdministrationwerechangedtobeheldbyGuangdongEnergyGroupCo.,Ltd.duetotheadvancerepaymentproceduresfortheshare-tradingreform;

3.InNovember2022,accordingtotherulingofthePeople'sCourtofChangshaCounty,HunanProvince([2022]X0121ZNo.7422),the1,053,000ArestrictedsharesheldbyGuangdongRuralTelephonecompanywerechangedtobeheldbyLuoGuoliang.Bytheendof2022,thesharetransferhasbeencompleted;ApprovalofChangeofShares

□Applicable√NotapplicableOwnershiptransferofsharechangesInfluenceonthebasicEPSanddilutedEPSaswellasotherfinancialindexesofnetassetspershareattributable

2022AnnualReport

tocommonshareholdersofcompanyinlatestyearandperiod

□Applicable√NotapplicableOtherinformationnecessarytodiscloseforthecompanyorneedtodisclosedunderrequirementfromsecurityregulators

□Applicable√Notapplicable

2.Changeofshareswithlimitedsalescondition

√Applicable□Notapplicable

InRMB

Shareholder

ShareholderNumberofrestrictedsharesatthebeginningNumberofrestrictedsharesinincreasedthisperiodNumberofrestrictedsharesreleasedinthisperiodNumberofrestrictedsharesattheendoftheperiodReasonsforsalesrestrictionReleasedateofsalesrestriction
WenLianhe2,83002,8300ChangeofdirectorFebruary2,2022
Total2,83002,8300----

Ⅱ.Issuingandlisting

1.ExplanationoftheSituationoftheSecurityIssue(NoPreferredShares)intheReportPeriod

□Applicable√Notapplicable

2.Changeofassetandliabilitystructurecausedbychangeoftotalcapitalsharesandstructure

□Applicable√Notapplicable

3.Abouttheexistingemployees’shares

□Applicable√NotapplicableⅢ.Shareholdersandactualcontrollingshareholder

1.Numberofshareholdersandshareholding

InShares

Totalnumberofcommonshareholdersattheendofthereportingperiod83,855Totalshareholdersattheendofthemonthfromthedateofdisclosing82,700Thetotalnumberofpreferredshareholdersvotingrights(ifany)(SeeNotes8)0Totalpreferredshareholdersattheendofthemonthfromthedateofdisclosingtheannualreport(ifany)(SeeNotes8)0
Particularsaboutsharesheldabove5%byshareholdersortoptenshareholders
ShareholdersNatureofshareholderProportionofsharesheld（%）Numberofsharesheldatperiod-endChangesinreportingperiodAmountofrestrictedsharesheldAmountofun-restrictedsharesheldNumberofsharepledged/frozen
StateofshareAmount
GuangdongEnergyGroupCo.,Ltd.State-ownedlegalperson67.39%3,538,037,18131,8961,893,374,5171,644,662,664

2022AnnualReport

GuangzhouDevelopmentGroupCo.,Ltd.

GuangzhouDevelopmentGroupCo.,Ltd.State-ownedlegalperson2.22%116,693,60200116,693,602
GuangdongElectricPowerDevelopmentCorporationState-ownedlegalperson1.80%94,367,3410094,367,341
ICBC－FirstSeafrontfundNewEconomyflexibleallocationofhybridsecuritiesinvestmentfundDomesticNon-Stateownedlegalperson0.96%50,593,39950,593,399050,593,399
ICBC－CaitongvaluemomentumhybridsecuritiesinvestmentfundDomesticNon-Stateownedlegalperson0.71%37,076,75437,076,754037,076,754
ZhengJianxiangDomesticNaturalperson0.50%26,234,500719,600026,234,500
ICBC－QianhaiopensourceneweconomyflexibleallocationofhybridsecuritiesinvestmentfundDomesticNon-Stateownedlegalperson0.45%23,641,155-21,076,763023,641,155
ICBC－CaitonggrowthpreferredhybridsecuritiesinvestmentfundDomesticNon-Stateownedlegalperson0.39%20,214,86020,214,860020,214,860
ChinaSecuritiesFinanceCo.,Ltd.State-ownedlegalperson0.35%18,246,045-33,781,100018,246,045
VANGUARDTOTALINTERNATIONALSTOCKINDEXFUNDOverseasLegalperson0.30%15,855,5120015,855,512
Strategyinvestorsorgenerallegalpersonbecomestop10shareholdersduetorightsissued(ifapplicable)（SeeNotes3）Notapplicable
ExplanationonassociatedrelationshipamongtheaforesaidshareholdersTheThirdlargestshareholderGuangdongElectricPowerDevelopmentCorporationisthewholly-ownedsubsidiariesofthelargestshareholderEnergyGroup.Thesetwocompanieshaverelationships;whethertheothershareholdershaverelationshipsorunanimousactingwasunknown
Aboveshareholdersentrustingorentrustedwithvotingrights,orwaivingvotingrightsNotapplicable
Top10shareholdersincludingthespecialaccountforrepurchase(ifany)(seenote10)Notapplicable
Shareholdingoftop10shareholdersofunrestrictedshares
NameoftheshareholderQuantityofunrestrictedsharesheldattheendofthereportingperiodSharetype
SharetypeQuantity
GuangdongEnergyGroupCo.,Ltd.1,644,662,664RMBCommonshares1,644,662,664
GuangzhouDevelopmentGroupCo.,Ltd.116,693,602RMBCommon116,693,602

2022AnnualReport

shares

shares
GuangdongElectricPowerDevelopmentCorporation94,367,341RMBCommonshares94,367,341
ICBC－FirstSeafrontfundNewEconomyflexibleallocationofhybridsecuritiesinvestmentfund50,593,399RMBCommonshares50,593,399
ICBC－Caitongvaluemomentumhybridsecuritiesinvestmentfund37,076,754RMBCommonshares37,076,754
ZhengJianxiang26,234,500Foreignsharesplacedindomesticexchange26,234,500
ICBC－Qianhaiopensourceneweconomyflexibleallocationofhybridsecuritiesinvestmentfund23,641,155RMBCommonshares23,641,155
ICBC－Caitonggrowthpreferredhybridsecuritiesinvestmentfund20,214,860RMBCommonshares20,214,860
ChinaSecuritiesFinanceCo.,Ltd.18,246,045Foreignsharesplacedindomesticexchange18,246,045
VANGUARDTOTALINTERNATIONALSTOCKINDEXFUND15,855,512Foreignsharesplacedindomesticexchange15,855,512
Explanationonassociatedrelationshiporconsistentactionamongthetop10shareholdersofnon-restrictednegotiablesharesandthatbetweenthetop10shareholdersofnon-restrictednegotiablesharesandtop10shareholdersTheThirdlargestshareholderGuangdongElectricPowerDevelopmentCorporationisthewholly-ownedsubsidiariesofthelargestshareholderEnergyGroup.Thesetwocompanieshaverelationships;whethertheothershareholdershaverelationshipsorunanimousactingwasunknown.
Explanationonshareholdersparticipatinginthemargintradingbusiness(ifany)(SeeNotes4)Notapplicable

Whethertoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldhaveabuy-backagreementdealinginreportingperiod.

□Yes√NoThetoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldofthecompanyhavenobuy–backagreementdealinginreportingperiod.

2.ControllingshareholderNatureofControllingShareholders:LocalstateholdingTypeofControllingShareholders:Legalperson

NameoftheControllingshareholderLegalrepresentative/LeaderDateofincorporationOrganizationcodePrincipalbusinessactivities
GuangdongEnergyGroupCo.,Ltd.LiZhuoxianAugust3,200191440000730486022GManagementandsalesoftheelectricityinvestmentconstructionoperationmanagement，electricitypower(ThermalPower)，Theindustryoftransportationresourcesenvironmentalprotection，newsourceofenergyelectricityinvestment;investmentplanningandconsulting;informationconsultingservice;salesofproductionmaterials.
TheequityofthecontrollingshareholderinotherdomesticandUnknown

2022AnnualReport

foreignlistedcompaniesheldorpartlyheldbyitinthereportperiod

Changeoftheactualcontrollerinthereportingperiod

□Applicable√NotapplicableNosuchcasesintheReportingPeriod.3．InformationaboutthecontrollingshareholderofthecompanyActualcontrollernature：LocalstateownedassetsmanagementActualcontrollertype：Legalperson

foreignlistedcompaniesheldorpartlyheldbyitinthereportperiod

Nameofthecontrollingshareholder

NameofthecontrollingshareholderLegalrepresentative/personinchargeDateofestablishmentOrganizationcodePrincipalbusinessactivities
State-ownedAssetssupervisionandadministrationCommissionofGuangdongProvincialPeople’sGovernment/June26,2004114400007583361658AsthespecialinstitutiondirectlysubordinatetoGuangdongProvincialPeople'sGovernment,performedtheobligationofprovincialstate-assetcontributorentrustedbytheprovincialgovernment.
Equityofotherdomestic/foreignlistedcompanywithsharecontrollingandshareparticipationbycontrollingshareholderinreportingperiodUnknown

Changesoftheactualcontrollerinthereportingperiod

□Applicable√NotapplicableNoChangesoftheactualcontrollerinthereportingperiodBlockDiagramoftheownershipandcontrolrelationsbetweenthecompanyandtheactualcontroller

Theactualcontrollercontrolsthecompanybymeansoftrustormanagingtheassetsinotherway

□Applicable√Notapplicable

2022AnnualReport

4.Thecumulativenumberofsharespledgedbythecontrollingshareholderorthelargestshareholderofthecompanyanditspersonactinginconcertaccountsfor80%ofthenumberofsharesheldbythecompany

□Applicable√Notapplicable

5.Particularsaboutotherlegalpersonshareholderswithover10%shareheld

□Applicable√Notapplicable

6.SituationofShareLimitationReductionofControllingShareholders,ActualControllers,RestructuringPartyandOtherCommitmentSubjects

□Applicable√NotapplicableIV.SpecificimplementationofsharerepurchaseduringthereportingperiodProgressinimplementationofsharerepurchase

□Applicable√NotapplicableImplementationprogressofreducingrepurchasedsharesbycentralizedbidding

□Applicable√Notapplicable

2022AnnualReport

VIII.SituationofthePreferredShares

□Applicable√NotapplicableThecompanyhadnopreferredsharesinthereportingperiod.

2022AnnualReport

IX.CorporateBond

√Applicable□NotapplicableI.Enterprisebond

□Applicable√NotapplicableNosuchcasesinthereportingperiod.II.Corporatebond

√Applicable□Notapplicable

1).Basicinformationofcorporatebonds

InRMB

Bondname

BondnameBondshortnameBondcodeIssuedayValuedateDuedayBondbalance(RMB'0,000)InterestrateServicingwayTrading
PublicIssuanceofCorporateBondstoQualifiedInvestorsin2020(PhaseI)ofGuandongElectricPowerDevelopmentCo.,Ltd.20Yudean01149113.SZApril29,2020April29,2020April29,20251,500,000,0002.45%Usingsimpleinterestrateonayearlybasis,regardlessofcompoundinterest.Duepaymentsonceayear,maturingdebtatatime.Inthefinalphase,interestispaidtogetherwiththeprincipalredemption.ShenzhenStockExchange
PublicIssuanceofCorporateBondstoQualifiedInvestorsin2021(PhaseI)ofGuandongElectricPowerDevelopmentCo.,Ltd.21Yudean01149369.SZJanuary27,2021January27,2021January27,20241,000,000,0003.57%Usingsimpleinterestrateonayearlybasis,regardlessofcompoundinterest.Duepaymentsonceayear,maturingdebtatatime.Inthefinalphase,interestispaidtogetherwiththeprincipalredemption.ShenzhenStockExchange
PublicIssuanceofCorporateBondstoQualifiedInvestorsin2021(PhaseII)ofGuandongElectricPowerDevelopmentCo.,Ltd.21Yudean02149418.SZApril28,2021April28,2021April28,20261,500,000,0003.50%Usingsimpleinterestrateonayearlybasis,regardlessofcompoundinterest.Duepaymentsonceayear,maturingdebtatatime.Inthefinalphase,interestispaidtogetherShenzhenStockExchange

2022AnnualReport

withtheprincipalredemption.

withtheprincipalredemption.
PublicIssuanceofCorporateBondstoProfessionalInvestorsin2021(PhaseI)ofGuandongElectricPowerDevelopmentCo.,Ltd.21Yedean03149711.SZNovember24,2021November24,2021November24,2021November24,20263.41%Usingsimpleinterestrateonayearlybasis,regardlessofcompoundinterest.Duepaymentsonceayear,maturingdebtatatime.Inthefinalphase,interestispaidtogetherwiththeprincipalredemption.ShenzhenStockExchange
PublicIssuanceofCorporateBondstoProfessionalInvestorsin2021(PhaseI)ofGuandongHuizhouPinghaiPowerGenerationCo.,Ltd.21Pinghai01188197.SHJune4,2021June4,2021June4,2023200,000,0003.57%Usingsimpleinterestrateonayearlybasis,regardlessofcompoundinterest.Duepaymentsonceayear,maturingdebtatatime.Inthefinalphase,interestispaidtogetherwiththeprincipalredemption.ShanghaiStockexchange
Duringthereportingperiod,interestpaymentsituationofthecompanybonds（Ifany）20Yudean01,21Yudean01and21Yudean02arebondsforqualifiedinvestors,21Yudean03and21Pinghai01arebondsforprofessionalinvestors.
ApplicabletradingmechanismMatchingtransaction,clicktransaction,inquirytransaction,biddingtransaction,negotiationtransaction
Whethertherearerisksandcountermeasuresforterminatinglistingtransactions（Ifany)No

Overdueandunpaidbonds

□Applicable√Notapplicable

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2).Triggerandimplementationofoptionclausesandinvestorprotectionclausesoftheissuerorinvestor

□Applicable√Notapplicable

3).Informationofintermediaryagency

Nameofbond

project

NameofbondprojectNameofintermediaryagencyOfficeAddressNameofsigningaccountantContactpersonofintermediaryagencyTel
PublicIssuanceofCorporateBondstoQualifiedInvestorsin2020(PhaseI)ofGuandongElectricPowerDevelopmentCo.,Ltd.ChinaSecuritiesCo.,Ltd.(leadprincipalunderwriter/bookkeepingmanager/trustee)2/F,BlockB,KaihengCenter,No.2ChaoyangmenneiStreet,DongchengDistrict,BeijingNotapplicableLiuRenshuo010-86451370
CITICSecuritiesCo.,Ltd.(jointleadunderwriter)22/F,CITICSecuritiesBuilding,No.48LiangmaqiaoRoad,ChaoyangDistrict,BeijingNotapplicableSongYilan010-60836755
BeijingZhongLunLawFirm23/F,R&FCenter,No.10HuaxiaRoad,ZhujiangNewTown,TianheDistrict,GuangzhouNotapplicableLingQinghua020-28261689
PricewaterhouseCoopersZhongtianCertifiedPublicAccountants(SpecialGeneralPartnership)18/F,PricewaterhouseCoopersCenter,No.10ZhujiangWestRoad,ZhujiangNewTown,TianheDistrict,Guangzhou,ChinaWangBin,LiYanhua（2019）；WangBin,GuoBiyu（2018）；WangBin,ChenJunjun（2017）WangBin020-38192000
ChinaChengXinInternationalCreditRatingCo.Ltd.Building6,YinheSOHO,No.2NanzhuganHutong,DongchengDistrict,BeijingNotapplicableFangZibin010-66428877
PublicIssuanceofCorporateBondstoQualifiedInvestorsin2021(PhaseI)ofGuandongElectricPowerDevelopmentCo.,Ltd.ChinaSecuritiesCo.,Ltd.(leadprincipalunderwriter/bookkeepingmanager/trustee)2/F,BlockB,KaihengCenter,No.2ChaoyangmenneiStreet,DongchengDistrict,BeijingNotapplicableLiuRenshuo010-86451370
CITICSecuritiesCo.,Ltd.(jointleadunderwriter)22/F,CITICSecuritiesBuilding,No.48LiangmaqiaoRoad,ChaoyangDistrict,BeijingNotapplicableSongYilan010-60836755
BeijingZhongLunLawFirm23/F,R&FCenter,No.10HuaxiaRoad,ZhujiangNewTown,TianheDistrict,GuangzhouNotapplicableLiangQinghua020-28261689
PricewaterhouseCoopersZhongtianCertifiedPublicAccountants(SpecialGeneralPartnership)18/F,PricewaterhouseCoopersCenter,No.10ZhujiangWestRoad,ZhujiangNewTown,TianheDistrict,Guangzhou,ChinaWamgBin,LiYanhua（2019）；WangBin,GuoBiyu（2018）；WangBin,ChenJunjun（2017）WangBin020-38192000
ChinaChengXinInternationalCreditRatingCo.Ltd.Building6,YinheSOHO,No.2NanzhuganHutong,NotapplicableFangZibin010-66428877

2022AnnualReport

DongchengDistrict,Beijing

DongchengDistrict,Beijing
PublicIssuanceofCorporateBondstoProfessionalInvestorsin2021(PhaseII)ofGuandongElectricPowerChinaSecuritiesCo.,Ltd.(leadprincipalunderwriter/bookkeepingmanager/trustee)2/F,BlockB,KaihengCenter,No.2ChaoyangmenneiStreet,DongchengDistrict,BeijingNotapplicableLiuRenshuo010-86451370
CITICSecuritiesCo.,Ltd.(jointleadunderwriter)22/F,CITICSecuritiesBuilding,No.48LiangmaqiaoRoad,ChaoyangDistrict,BeijingNotapplicableSongYilan010-60836755
BeijingZhongLunLawFirm23/F,R&FCenter,No.10HuaxiaRoad,ZhujiangNewTown,TianheDistrict,GuangzhouNotapplicableLiangQinghua020-28261689
PricewaterhouseCoopersZhongtianCertifiedPublicAccountants(SpecialGeneralPartnership)18/F,PricewaterhouseCoopersCenter,No.10ZhujiangWestRoad,ZhujiangNewTown,TianheDistrict,Guangzhou,ChinaWngBin,LiYanhua（2019-2020）；WangBin,GuoBiyu（2018）WangBin020-38192000
ChinaChengXinInternationalCreditRatingCo.Ltd.Building6,YinheSOHO,No.2NanzhuganHutong,DongchengDistrict,BeijingNotapplicableFangZibin010-66428877
PublicIssuanceofCorporateBondstoProfessionalInvestorsin2021(PhaseI)ofGuandongElectricPowerDevelopmentCo.,Ltd.ChinaSecuritiesCo.,Ltd.(principalunderwriter/bookkeepingmanager/trustee)2/F,BlockB,KaihengCenter,No.2ChaoyangmenneiStreet,DongchengDistrict,BeijingNotapplicableLiuRenshuo010-86451370
ETRLawFirm29/F,10/Fand11/F(01-04units),ChowTaiFookFinanceCentre,NO.6ZhujiangDongRoad,TianheDistrictGuangzhouCity,GuangdongProvinceNotapplicableWangXing020-37181333
PricewaterhouseCoopersZhongtianCertifiedPublicAccountants(SpecialGeneralPartnership)18/F,PricewaterhouseCoopersCenter,No.10ZhujiangWestRoad,ZhujiangNewTown,TianheDistrict,Guangzhou,ChinaWangBin,LiYanhua（2019-2020）；WangBin,GuoBiyu（2018）ChinJunjun020-38192645
ChinaChengXinInternationalCreditRatingCo.Ltd.Building5,YinheSOHO,No.2NanzhuganHutong,DongchengDistrict,BeijingNotapplicableShengLei010-66428877
PublicIssuanceofCorporateBondstoProfessionalInvestorsin2021(PhaseI)ofGuandongHuizhouPinghaiPowerGenerationCITICSecuritiesCo.,LtdNorthBlock,TimesSquareExcellence(PhaseII),No.8ZhongxinThirdRoad,FutianDistrict,ShenzhenCity,GuangdongProvinceNotapplicableJianQiongwen13539997160
ZhongxiCertifiedPublicAccountants11/F,BlockA,XinchengCultureWeiShuzhen,FanFengweiFanFengwei18520643032

2022AnnualReport

Co.,Ltd.

Co.,Ltd.(SpecialGeneralPartnership)Building,No.11ChongwenmenwaiStreet,Beijing
ShanghaiBrillianceCreditRating&InvestorsServiceCo.,Ltd.14/F,HuashengBuilding,No.398,HankouRoad,ShanghaiNotapplicableYuLiping13641825613
BeijingDentonsLawOffices,LLP7/F,BlockD,QiaofufangGrassland,No.9DongdaqiaoRoad,ChaoyangDistrict,BeijingNotapplicableLvSihui13692899924

Whethertheaboveagencychangesduringthereportingperiod

□Yes√No

4).Useofraisedfunds

InRMB

NameofbondprojectTotalamountofraisedfundsUsedamountUnusedamountOperationofspecialaccountforraisedfunds(ifany)Rectificationofillegaluseofraisedfunds(ifany)Whetheritisconsistentwiththepurpose,useplanandotheragreementsstipulatedintheprospectus
PublicIssuanceofCorporateBondstoQualifiedInvestorsin2020(PhaseI)ofGuandongElectricPowerDevelopmentCo.,Ltd.1,500,000,0001,500,000,0000Thespecialfund-raisingaccountoperatesproperlyNoYes
PublicIssuanceofCorporateBondstoQualifiedInvestorsin2021(PhaseI)ofGuandongElectricPowerDevelopmentCo.,Ltd.1,000,000,0001,000,000,0000Thespecialfund-raisingaccountoperatesproperlyNoYes
PublicIssuanceofCorporateBondstoProfessionalInvestorsin2021(PhaseII)ofGuandongElectricPowerDevelopmentCo.,Ltd.1,500,000,0001,500,000,0000Thespecialfund-raisingaccountoperatesproperlyNoYes
PublicIssuanceofCorporateBondstoProfessionalInvestorsin2021(PhaseI)ofGuandongElectricPowerDevelopmentCo.,Ltd.800,000,000800,000,0000Thespecialfund-raisingaccountoperatesproperlyNoYes
PublicIssuanceofCorporateBondstoProfessionalInvestorsin2021(PhaseI)ofGuandongHuizhouPinghaiPowerGenerationCo.,Ltd.200,000,000200,000,0000Thespecialfund-raisingaccountoperatesproperlyNoYes

Theraisedfundsareusedforconstructionprojects

□Applicable√NotapplicableDuringthereportingperiod,thecompanychangedtheuseoffundsraisedfromtheabovebonds

□Applicable√Notapplicable

2022AnnualReport

5).Adjustmentofcreditratingresultsduringthereportingperiod

□Applicable√Notapplicable

6)Theimplementationandchangesofguarantee,debtrepaymentplanandotherdebtrepaymentguaranteemeasuresduringthereportingperiodandtheirimpactontherightsandinterestsofbondinvestors

√Applicable□Notapplicable

(1).Creditenhancementmechanism:20Yudean01,21Yudean01,21Yudean02,21Yudean03and21Pinghaicompany01bondsarenotguaranteed.

(2).Debtrepaymentplanandotherdebtrepaymentguaranteemeasures:20Yudean01,21Yudean01,21Yudean02,21Yudean03and21Pinghai01debtrepaymentplansandotherdebtrepaymentguaranteemeasureshavenotchangedduringthereportingperiod,andthepaymentoftheirprincipalandinterestwillbehandledbythebondregistrationinstitutionandrelevantinstitutions.ThespecificmattersofpaymentwillbeelaboratedintheannouncementdisclosedbytheissuerinthemediaspecifiedbyChinaSecuritiesRegulatoryCommission,ShenzhenStockExchange,ShanghaiStockExchangeandChinaSecuritiesIndustryAssociationinaccordancewithrelevantregulations.

2022AnnualReport

III.Debtfinancinginstrumentsofnon-financialenterprises

√Applicable□Notapplicable

1.Debtfinancinginstrumentsofnon-financialenterprises

InRMB

Bondname

BondnameBondshortnameBondcodeIssuedayValuedateDuedayBondbalanceInterestrateServicingwayTrading
2021MTN(PhaseI)ofGuangdongElectricPowerDevelopmentCo.,Ltd.21YudeanFaMTN001102101339.IBJuly19,2021July21,2021July21,20241,200,000,0003.17%Usingsimpleinterestrateonayearlybasis,regardlessofcompoundinterest.Duepaymentsonceayear,maturingdebtatatime.Inthefinalphase,interestispaidtogetherwiththeprincipalredemption.Interbankmarket
2021MTN(PhaseII)ofGuangdongElectricPowerDevelopmentCo.,Ltd.21YudeanFaMTN002102102318.IBNovember15,2021November17,2021November17,20242,200,000,0003.13%Usingsimpleinterestrateonayearlybasis,regardlessofcompoundinterest.Duepaymentsonceayear,maturingdebtatatime.Inthefinalphase,interestispaidtogetherwiththeprincipalredemption.Interbankmarket
2022MTN(PhaseI)ofGuangdongElectricPowerDevelopmentCo.,Ltd.22YudeanFaMTN001102281929.IBAugust24,2022August26,2022August26,2027600,000,0002.90%Usingsimpleinterestrateonayearlybasis,regardlessofcompoundinterest.Duepaymentsonceayear,maturingdebtatatime.Inthefinalphase,interestispaidtogetherwiththeprincipalredemption.Interbankmarket
2023MTN(PhaseI)ofGuangdongElectricPowerDevelopmentCo.,Ltd.23YudanFaMTN001102380558.IBMarch15,2023March17,2023March17,20231,600,000,0003.35%Usingsimpleinterestrateonayearlybasis,regardlessofcompoundinterest.Duepaymentsonceayear,maturingdebtatatime.Inthefinalphase,interestispaidtogetherwiththeprincipalredemption.Interbankmarket
GuangdongElectricPowerDevelopmentCo.,Ltd.Co.,Ltd.2022IIIphaseUltra-shorttermfinancingbills22YudeanFaSCP003012284265.IBDecember9,2022December12,2022June7,20232,000,000,0002.34%OnetimerepaymentofprincipalandinterestdueInterbankmarket
GuangdongElectricPowerDevelopmentCo.,Ltd.Co.,Ltd.2022IVphaseUltra-short22YudeanFaSCP004012284408.IBDecember22,2022December23,2022March23,20231,500,000,0002.52%OnetimerepaymentofprincipalandinterestdueInterbankmarket

2022AnnualReport

termfinancingbills

termfinancingbills
2021MTN(PhaseI)ofGuangdongHuizhouPinghaiPowerGenerationtCo.,Ltd.21PnghaiFaMTN001102102049.IBOctober15,2021October15,2021October15,2024300,000,0003.72%Usingsimpleinterestrateonayearlybasis,regardlessofcompoundinterest.Duepaymentsonceayear,maturingdebtatatime.Inthefinalphase,interestispaidtogetherwiththeprincipalredemption.Interbankmarket
Duringthereportingperiod,interestpaymentsituationofthecompanybonds（Ifany）No
ApplicabletradingmechanismCirculationandtransferinthenationalinter-bankbondmarket,itslistingandcirculationwillbecarriedoutinaccordancewiththerelevantregulationspromulgatedbytheNationalInterbankFundingCenter
Whethertherearerisksandcountermeasuresforterminatinglistingtransactions（Ifany)No

Overdueandunpaidbonds

□Applicable√Notapplicable

2022AnnualReport

2.Triggerandimplementationofoptionclausesandinvestorprotectionclausesoftheissuerorinvestor

□Applicable√Notapplicable

3.Informationofintermediaryagency

Nameofbond

project

NameofbondprojectNameofintermediaryagencyOfficeAddressNameofsigningaccountantContactpersonofintermediaryagencyTel
2021MTN(PhaseI)ofGuangdongElectricPowerDevelopmentCo.,Ltd.IndustryBank(leadprincipalunderwriter/bookkeepingmanagerNo.154,HudongRoad,Fuzhou,FujianNotapplicableZhaoXinle,LiuJingyi010-89926570、020-38160153
ICBC(jointleadunderwriter)No.55,Fuxingmennei,Street,XichengDistrict,BeijingNotapplicableShengXue010-66106736
BeijingZhongLunLawFirm31,33,36and37/F,SKBuilding,A6,JianguomenwaiStreet,ChaoyangDistrict,BeijingNotApplicableLiangQinghua020-28262689
PricewaterhouseCoopersZhongtianCertifiedPublicAccountants(SpecialGeneralPartnership)11/F,PricewaterhouseCoopers,No.2,EnterpristBuilding,No.202,HubinRoad,HuangpuDistrictShanghaiWangBin,LiYanhua（2019-2020）；WangBin,GuoBiyu（2018）LiXiaolei021-23238888
ShanghaiBrillianceCreditRating&InvestorsServiceCo.,Ltd.14/f,HuashengBuilding,No.398HankouRoad,ShanghaiNotapplicableZhangJie18600048666
2021MTN(PhaseII)ofGuangdongElectricPowerDevelopmentCo.,Ltd.IndustryBank(leadprincipalunderwriter/bookkeepingmanagerNo.154,HudongRoad,Fuzhou,FujianNotapplicableZhaoXinle,YeHuishan010-89926570、020-38160153
ICBC(jointleadunderwriter)No.55,Fuxingmennei,Street,XichengDistrict,BeijingNotapplicableShengXue010-66106736
BeijingZhongLunLawFirm31,33,36and37/F,SKBuilding,A6,JianguomenwaiStreet,ChaoyangDistrict,BeijingNotApplicableLiangQinghua020-28262689
PricewaterhouseCoopersZhongtianCertifiedPublicAccountants(SpecialGeneralPartnership)11/F,PricewaterhouseCoopers,No.2,EnterpristBuilding,No.202,HubinRoad,HuangpuDistrictShanghaiWangBin,LiYanhua（2019-2020）；WangBin,GuoBiyu（2018）LiXiaolei021-23238888
2022MTN(PhaseI)ofGuangdongElectricPowerDevelopmentCo.,IndustryBank(leadprincipalunderwriter/bookkeepingmanagerNo.154,HudongRoad,Fuzhou,FujianNotapplicableZhaoXinle,YeHuishan010-89926570、020-38160153
ICBC(jointleadNo.55,NotapplicableShengXue010-66106736

2022AnnualReport

Ltd.

Ltd.underwriter)Fuxingmennei,Street,XichengDistrict,Beijing
BeijingZhongLunLawFirm31,33,36and37/F,SKBuilding,A6,JianguomenwaiStreet,ChaoyangDistrict,BeijingNotApplicableLiangQinghua020-28262689
PricewaterhouseCoopersZhongtianCertifiedPublicAccountants(SpecialGeneralPartnership)11/F,PricewaterhouseCoopers,No.2,EnterpristBuilding,No.202,HubinRoad,HuangpuDistrictShanghaiWangBin,LiYanhua（2019-2020）；WangBin,GuoBiyu（2018）LiXiaolei021-23238888
2023MTN(PhaseI)ofGuangdongElectricPowerDevelopmentCo.,Ltd.IndustryBank(leadprincipalunderwriter/bookkeepingmanagerNo.154,HudongRoad,Fuzhou,FujianNotapplicableZhaoXinle,YeHuishan020-38988015
AgriculturalBankofChinaCorporationLimited(co-leadunderwriter)No.69,JianguoMenneiStreet,ChaoyangDistrict,BeijingNotapplicableAnLiwei010-85109045
BeijingZhongLunLawFirm31,33,36and37/F,SKBuilding,A6,JianguomenwaiStreet,ChaoyangDistrict,BeijingNotApplicableLiangQinghua020-28262689
PricewaterhouseCoopersZhongtianCertifiedPublicAccountants(SpecialGeneralPartnership)11/F,PricewaterhouseCoopers,No.2,EnterpristBuilding,No.202,HubinRoad,HuangpuDistrictShanghaiChenJunjun,LiXiaolei（2021）；WangBin,LiYanhua（2019-2020)LiXiaolei021-23238888
GuangdongElectricPowerDevelopmentCo.,Ltd.2022IIIphaseUltra-shorttermfinancingbillsChinaConstructionBank(leadprincipalunderwriter/bookkeepingmanagerNo.25,FinanceStreet,XichengDistrictBeijingNotapplicableZhouPeng010-67596478
IndustrialBankCo.,Ltd.(jointleadunderwriter)No.154,HudongRoad,Fuzhou,FujianNotapplicableZhaoXinle,LiuJingyi010-89926570、020-38160153
ETRLawFirm10&11/f,ChowTaiFookFinanceCertireNo.6ZhujiangDongRoad,TianheDistrictGuangzhouNotapplicableWangXing020-37181333
PricewaterhouseCoopersZhongtianCertifiedPublicAccountants(SpecialGeneralPartnership)11/F,PricewaterhouseCoopers,No.2,EnterpristBuilding,No.202,HubinRoad,HuangpuDistrictChenJunjun,LiXiaolei（2021）；WangBin,LiYanhua（2019-2020)LiXiaolei021-23238888

2022AnnualReport

Shanghai

Shanghai
GuangdongElectricPowerDevelopmentCo.,Ltd.2022IVphaseUltra-shorttermfinancingbillsSPDBank（principalunderwriter/bookkeepingmanager）No.12,Zhongshan1Road,ShanghaiNotapplicableLinJie021-31886388
ETRLawFirm10&11/f,ChowTaiFookFinanceCertireNo.6ZhujiangDongRoad,TianheDistrictGuangzhouNotapplicableWangXing020-37181333
PricewaterhouseCoopersZhongtianCertifiedPublicAccountants(SpecialGeneralPartnership)11/F,PricewaterhouseCoopers,No.2,EnterpristBuilding,No.202,HubinRoad,HuangpuDistrictShanghaiChenJunjun,LiXiaolei（2021）；WangBin,LiYanhua（2019-2020)LiXiaolei021-23238888
2021MTN(PhaseII)ofGuangdongHuizhouPinghaiPowerGenrationCo.,Ltd.（Sustainablepeg）ICBC(jointleadunderwriter)No.55,Fuxingmennei,Street,XichengDistrict,BeijingNotapplicableDaiYing010-66109649
IndustryBank(leadprincipalunderwriter/bookkeepingmanagerNo.154,HudongRoad,Fuzhou,FujianNotapplicableZhaoXinle010-89926570
ZhongxiCPAs(SpecialGeneralPartnership)11/F,BlockA,XinchengCultureBuilding,No.11ChongwenmenwaiStreet,BeijingWeiShuzhen,FanFengweiFanFengwei18520643032
ShanghaiBrillianceCreditRating&InvestorsServiceCo.,Ltd14/F,HuashengBuilding,No.398,HankouRoad,ShanghaiYuLiping,LinQiaoyunYuLiping13641825613
BeijingDentonsLawOffices,LLP7/F,BlockD,QiaofufangGrassland,No.9DongdaqiaoRoad,ChaoyangDistrict,BeijingNiJieyun,ChenShiyiLvSihui13692899924

Whethertheaboveagencychangesduringthereportingperiod

□Yes√No

4.Useofraisedfunds

InRMB

Nameofbondproject

NameofbondprojectTotalamountofraisedfundsUsedamountUnusedamountOperationofspecialaccountforraisedfunds(ifany)Rectificationofillegaluseofraisedfunds(ifany)Whetheritisconsistentwiththepurpose,useplanandotheragreementsstipulatedintheprospectus
2021MTN(PhaseI)ofGuangdongElectricPowerDevelopmentCo.,Ltd.1,200,000,0001,200,000,0000Thespecialfund-raisingaccountoperatesproperlyNoYes
2021MTN(PhaseII)ofGuangdongElectricPowerDevelopmentCo.,Ltd.2,200,000,0002,200,000,0000NotapplicableNoYes
2022MTN(PhaseI)ofGuangdongElectricPowerDevelopmentCo.,Ltd.600,000,000600,000,0000NotapplicableNoYes
2023MTN(PhaseI)ofGuangdongElectricPowerDevelopmentCo.,Ltd.1,600,000,0001,600,000,0000NotapplicableNoYes
GuangdongElectricPowerDevelopmentCo.,Ltd.2022IIIphaseUltra-shorttermfinancingbills2,000,000,0002,000,000,0000NotapplicableNoYes
GuangdongElectricPowerDevelopmentCo.,Ltd.2022IVphaseUltra-shorttermfinancingbills1,500,000,0001,500,000,0000NotapplicableNoYes
2021MTN(PhaseI)ofGuangdongHuizhouPinghaiPowerGenrationCo.,Ltd.（Sustainablepeg）300,000,000300,000,0000NotapplicableNoYes

Theraisedfundsareusedforconstructionprojects

√Applicable□Notapplicable21YudeanfaMTN001raisedRMB1.2billion,ofwhichRMB375millionwasusedtoreplacetheincreasedcapitalofitsholdingsubsidiaries,thatis,itwasfinallyusedtoreplacethepaid-incapitalofkeyconstructionprojects.RMB250millionisusedtoreplacetheincreasedcapitalofGuangdongYudeanMarinaBayEnergyCo.,Ltd.,andfinallyusedforthecapitalofthealternativepowersupplyprojectatNingzhouplantsiteinDongguan;RMB125millionisusedtoreplacetheincreasedcapitalofGuangdongYudeanQujieWindPowerGenerationCo.,Ltd.,andfinallyusedforthecapitalofphaseIIofGuangdongYudeanZhanjiangWailuoOffshoreWindPowerProject.InthemainbuildinginstallationprojectofthealternativepowersupplyprojectatNingzhouplantsiteinDongguan,thefirstconcreteofthemainplantfoundationwaspouredinSeptember2021.Theconstructionoftheprojectisprogressingasplanned.ByFebruary28,2023,thestructureofthemainworkshophasbeenbuilttotheroof,inwhichthemainstructureofNo.1mainworkshophasbeencompleted,andtheNo.2andNo.3machineislandshavebeendeliveredforinstallation;TheauxiliarytransformerandmaintransformerofUnit#2havebeenputinplace.ItisexpectedthatthefirstunitwillbeputintooperationinApril2023,andthesecondandthirdunitswillbeputintooperationinJuneandSeptemberofthesameyear.ThePhaseIIofGuangdongYudeanZhanjiangWailuoOffshoreWindPowerProjectwasput

intooperationinDecember2021,andtheprojectwasingoodoperation.In2022,itrealizedanoperatingincomeofRMB244,873,100andanoperatingprofitofRMB-48,906,600.Duringthereportingperiod,thecompanychangedtheuseoffundsraisedfromtheabovebonds

□Applicable√Notapplicable

5.Adjustmentofcreditratingresultsduringthereportingperiod

□Applicable√Notapplicable6Theimplementationandchangesofguarantee,debtrepaymentplanandotherdebtrepaymentguaranteemeasuresduringthereportingperiodandtheirimpactontherightsandinterestsofbondinvestors

√Applicable□Notapplicable

1).21YudeanfaMTN001,21YudeanfaMTN002,and22YudeanfaMTN001,23YudeanfaMTN001,22YudeanfaSCP003,22YudeanfaSCP004and21PinghaiFDMTN001arenotguaranteed.

2).Thedebtrepaymentplanoftheabove-mentioneddebtfinancinginstrumentsandotherdebtrepaymentguaranteemeasuresofthecompanyhavenotchangedduringthereportingperiod.IV.Convertiblebond

□Applicable√NotapplicableNosuchcasesinthereportingperiod.V.Thelosswithinthescopeofconsolidatedstatementsinthereportingperiodexceeded10%ofthenetassetsattheendofthepreviousyear?Notapplicable□Notapplicable

Losssituation

LosssituationReasonsforlossInfluenceonthecompany'soperationandsolvency
Duringthereportingperiod,thenetprofitwithinthescopeofthecompany'sconsolidatedstatementwasRMB-4,514,989,124.95whichaccountedfor13.70%ofthenetassetsattheendofthepreviousyearDuringthereportingperiod,coalandgaspriceswerestillhigh.Thecompanyactivelystrivedforfavorableelectricitypricesandstrictlyimplementedcostcontrol,butitcouldnotcovertheincreaseinfuelcosts,andthethermalpowerbusinesscontinuedtosufferlosses.Withassetsof100billionyuanandstrongsolvency,companyhasabundantfinancingchannelsandsufficientcredit,andcanmakefulluseofinternalandexternalfinancialresourcestoensurecapitalneeds

VI.Overdueinterest-bearingdebtsexceptbondsattheendofthereportingperiod

□Applicable√Notapplicable

VII.Whetherthereareanyviolationsofrulesandregulationsduringthereportingperiod

□Yes√NoVIII.Mainaccountingdataandfinancialindicatorsofthecompanyinrecenttwoyearsbytheendofthereportingperiod

InRMB10,000

Items

ItemsAttheendofthereportingperiodAttheendoflastyearAtthesametimerateofchange
Currentratio0.610.610%
Debtratio78.16%71.21%6.95%
Quickratio0.530.530%
AmountofthisperiodAmountoflastperiodAtthesametimerateofchange
Netprofitafterdeductingnon-recurringprofitandloss-446,349.23-375,656.56-18.82%
EBITDAtotaldebtratio3.43%1.67%1.76%
Timeinterestearnedratio-0.94-2.1856.94%
Cashinterestguaranteetimes0.660.08725%
EBITDATimeinterestearnedratio1.300.6891.18%
Repaymentofdebt(%)100%100%0%
Paymentofinterest(%)100%100%0%

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.FINANCIALSTATEMENTSANDAUDITOR'SREPORTFORTHEYEARENDED31DECEMBER2022[Englishtranslationforreferenceonly.ShouldtherebeanyinconsistencybetweentheChineseandEnglishversions,theChineseversionshallprevail.]

GuangdongElectricPowerDevelopmentCo.,Ltd.FinancialStatementsandAuditor'sReportFortheYearEnded31December2022[Englishtranslationforreferenceonly]

GuangdongElectricPowerDevelopmentCo.,Ltd.FinancialStatementsandAuditor'sReportFortheYearEnded31December2022[Englishtranslationforreferenceonly]Content

ContentPage

Auditor’sReport

Auditor’sReport113-120

Financialstatementsfortheyearended31December2022

Financialstatementsfortheyearended31December2022Consolidatedandcompanybalancesheets

Consolidatedandcompanybalancesheets121-125

Consolidatedandcompanyincomestatements

Consolidatedandcompanyincomestatements126-127

Consolidatedandcompanycashflowstatements

Consolidatedandcompanycashflowstatements128-130

Consolidatedstatementofchangesinshareholders’equity

Consolidatedstatementofchangesinshareholders’equity131-132

Companystatementofchangesinshareholders’equity

Companystatementofchangesinshareholders’equity133-134

Notestothefinancialstatements

Notestothefinancialstatements135-290

Supplementaryinformationtothefinancialstatements

Supplementaryinformationtothefinancialstatements291-292

[EnglishTranslationforReferenceOnly]

Auditor’sReport

PwCZTShenZi(2023)No.10033

(Page1of8)TotheshareholdersofGuangdongElectricPowerDevelopmentCo.,Ltd.,

OpinionWhatwehaveaudited

WehaveauditedtheaccompanyingfinancialstatementsofGuangdongElectricPowerDevelopmentCo.,Ltd.(hereinafter“GuangdongElectricPower”),whichcomprise:

?theconsolidatedandcompanybalancesheetsasat31December2022;?theconsolidatedandcompanyincomestatementsfortheyearthenended;?theconsolidatedandcompanycashflowstatementsfortheyearthenended;

theconsolidatedandcompanystatementsofchangesinshareholders’equityfortheyearthenended;and?notestothefinancialstatements.OuropinionInouropinion,theaccompanyingfinancialstatementspresentfairly,inallmaterialrespects,theconsolidatedandcompany’sfinancialpositionofGuangdongElectricPowerasat31December2022,andtheirfinancialperformanceandcashflowsfortheyearthenendedinaccordancewiththerequirementsofAccountingStandardsforBusinessEnterprises(“CASs”).

BasisforOpinion

WeconductedourauditinaccordancewithChinaStandardsonAuditing(“CSAs”).OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditor’sResponsibilitiesfortheAuditoftheFinancialStatementssectionofourreport.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.WeareindependentofGuangdongElectricPowerinaccordancewiththeCodeofEthicsforProfessionalAccountantsoftheChineseInstituteofCertifiedPublicAccountants(“CICPACode”),andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeCICPACode.

KeyAuditMatter

Keyauditmattersarethosemattersthat,inourprofessionaljudgement,wereofmostsignificanceinourauditofthefinancialstatementsofthecurrentperiod.Thesematters

wereaddressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopiniononthesematters.

PwCZTShenZi(2023)No.10033

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KeyAuditMatter(Cont’d)Keyauditmattersidentifiedinourauditaresummarisedasfollows:

(1)Impairmentofpowerrelatedfixedassets

(2)Recognitionofdeferredtaxassetsrelatedtodeductiblelosses

KeyAuditMatter

KeyAuditMatterHowourauditaddressedtheKeyAuditMatter
(1)ImpairmentofpowerrelatedfixedassetsRefertoNote2(29)(b)(i)andNote4(10)(a)(iv)tothefinancialstatements.CertainsubsidiariesofGuangdongElectricPowerhavebeenexperiencingcontinuousoperatinglossesinrecentyears.Takingintoaccountpossiblefuturerisks,suchastheinstabilityofelectricitydemand,theunstablepriceofcoalusedinpowergeneration,themacro-economyandotherriskfactors,managementcontinuouslyassessestheimpairmentofthefixedassetsoftheabovesubsidiaries.Asat31December2022,managementconductedimpairmenttestsforthefixedassetsoftheaforesaidsubsidiaries,andmadeaprovisionforimpairmentattheexcessofthecarryingamountofassetgroupsofgeneratorunitsovertheirrecoverableamount.Therecoverableamountoftheassetgroupswasthehigherofthefairvalue,lesscoststosell,oftheassetgroupsandthepresentvalueofthefuturecashflowsexpectedtobederivedfromthem.Thecalculationsofthepresentvalueofthefuturecashflowsexpectedtobederivedfromtheminvolvemanagement’ssignificantestimatesandjudgements,includingthediscountrate,thegrowthrateoftheestimatedon-gridelectricityprice,thegrowthrateoftheestimatedelectricitysaleandthevarabilityrateoftheestimatedpriceofcoalusedinpowergeneration.Ourauditproceduresfortheimpairmentofpowerrelatedfixedassetsmainlyinclude:?Weunderstoodandevaluatedtheinternalcontrolrelevanttotheimpairmenttestoffixedassetsandtestedtheoperatingeffectivenessofkeycontrol;?Weinvolvedinternalvaluerstoreviewandanalysetheappropriatenessofthemethodappliedbymanagementfortheimpairmenttest;?Basedonourunderstandingofthebusinessesofthesubsidiariesaswellastheindustryinwhichtheyoperate,weevaluatedtherationalityofassumptionsadoptedbymanagementincalculationofthepresentvalueofestimatedfuturecashflows,includingthediscountrate,thegrowthrateoftheestimatedon-gridprice,thegrowthrateoftheestimatedelectricitysale,andthevarabilityrateoftheestimatedpriceofcoalusedinpowergeneration:-Forthediscountrate,weinvolvedinternalvaluerstoevaluatetheappropriatenessincombinationwithindustrysituation;-Forthegrowthrateoftheestimatedon-gridelectricitypriceandthevarabilityrateoftheestimatedpriceofcoalusedinpowergeneration,wecomparedhistoricalvarabilityratesandindustrydata,andconsideredmarkettrend;

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KeyAuditMatter(Cont’d)

KeyAuditMatter(Cont’d)

KeyAuditMatter(Cont’d)HowourauditaddressedtheKeyAuditMatter(Cont’d)
(1)Impairmentofpowerrelatedfixedassets(Cont’d)AsthecarryingamountsoffixedassetswithindicationofimpairmentaresignificanttotheconsolidatedfinancialstatementsofGuangdongElectricPower,andtheimpairmenttestofassetgroupsofgeneratorunitsinvolvesmanagement’ssignificantestimatesandjudgements,impairmentofpowerrelatedfixedassetsisidentifiedasakeyauditmatter.Ourauditproceduresfortheimpairmentofpowerrelatedfixedassets(Cont’d):-Forthegrowthrateoftheestimatedelectricitysale,wehavecomparedhistoricaldata,approvedbudgetsandbusinessplans,andcheckedthecorrespondingsupportingdocuments;?Wecheckedtheinputdataandformulasusedinthecalculationofthepresentvalueoffuturecashflowsexpectedtobederivedfromthem,andevaluatedthemathematicaccuracy;?Wecomparedthekeyassumptionsusedbymanagementinestimatingthepresentvalueoffuturecashflowsinthepreviousyearwiththeactualoperationofthecurrentyeartoevaluateifthere’sanyindicationofmanagementbias;?Weconductedsensitivityanalysisonthediscountrateandotherkeyassumptionsappliedbymanagement,andevaluatedhowthechangesinkeyassumptions(individuallyorinaggregate)willgiverisetodifferentresultstofurtherevaluateifthere’sanyindicationofmanagementbiasinselectingparametersofkeyassumptions.Basedontheresultsoftheaforesaidwork,wefoundthatmanagement'sjudgementsandestimatesontheimpairmentoffixedassetsaresupportedbyappropriateevidence.

PwCZTShenZi(2023)No.10033

(Page4of8)KeyAuditMatter(Cont’d)

KeyAuditMatter(Cont’d)

KeyAuditMatter(Cont’d)HowourauditaddressedtheKeyAuditMatter(Cont’d)
(2)RecognitionofdeferredtaxassetsrelatedtodeductiblelossesRefertoNote2(29)(b)(iii)andNote4(16)tothefinancialstatements.Asat31December2022,GuangdongElectricPowerrecognisedthecorrespondingdeferredtaxassetsforthedeductiblelossesincurredbyindividualsubsidiariesatatotalofRMB968,337,573.DeductiblelossesthatwerenotrecognisedasdeferredtaxassetstotalledRMB11,033,478,760.Accordingtothefinancialforecastoftheaforesaidsubsidiariesinfutureperiods,managementrecognisesdeferredtaxassetswithinthelimitsofwhichtheaforesaidsubsidiariesarelikelytoobtainfuturetaxableincometooffsetthedeductiblelosses.Thefinancialforecastoftheaforesaidsubsidiariesinfutureperiodsinvolvessignificantmanagement’ssignificantestimatesandjudgements,includingestimatedelectricitysale,estimatedon-gridelectricityprice,estimatedpriceofcoalusedinpowergenerationandotheroperatingexpenses.Ourauditproceduresfortherecognitionofdeferredtaxassetsrelatedtodeductiblelossesmainlyinclude:?Weobtainedmanagement'scalculationsheetforthefinancialforecastinfutureperiods,checkedtheinputdataandformulasusedinthecalculation,andevaluatedthemathematicaccuracy;?Weobtainedsupportingdocumentssuchastheincometaxsettlementreport,taxreturnsandaccountingrecordsoftheaforesaidsubsidiaries,andreviewedfortheexistenceofdeductiblelossesandtheaccuracyoftheamountandperiod;?Basedonourunderstandingofthebusinessesoftheaforesaidsubsidiariesandtheindustryinwhichtheyoperate,andcombinedwithindustrydevelopmenttrendandhistoricaloperatingperformance,weevaluatedthekeyassumptionsusedbymanagementtocalculatetheexpectedtaxableincomeforfutureperiods,includingthereasonablenessofassumptionsonestimatedelectricitysale,estimatedon-gridelectricityprice,estimatedfuelprice,andotheroperatingexpenses;

PwCZTShenZi(2023)No.10033

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KeyAuditMatter(Cont’d)

KeyAuditMatter(Cont’d)

KeyAuditMatter(Cont’d)HowourauditaddressedtheKeyAuditMatter(Cont’d)
(2)Recognitionofdeferredtaxassetsrelatedtodeductiblelosses(Cont’d)AsthedeferredtaxassetsrelatedtodeductiblelossesaresignificanttotheconsolidatedfinancialstatementsofGuangdongElectricPower,andthefinancialforecastforfutureperiodsinvolvesmanagement’ssignificantestimatesandjudgements,therecognitionofthedeferredtaxassetsrelatedtodeductiblelossesisidentifiedasakeyauditmatter.Ourauditproceduresfortherecognitionofdeferredtaxassetsrelatedtodeductiblelossesmainlyinclude(Cont’d):?Wecomparedthetaxableincomeestimatedbymanagementlastyearwiththeactualtaxableincomeforthecurrentyeartoaccessthehistoricalaccuracyofmanagement’sforecast;?Wereviewedwhetherthedeferredtaxassetswererecognisedwithinthelimitsofwhichthetaxableincomewaslikelytobeobtainedinthefuturetooffsetdeductiblelossesanddeductibletemporarydifferences.?Basedontheresultsoftheabovework,wefoundthatmanagement'sestimatesregardingtherecognitionofdeferredtaxassetsrelatedtodeductiblelossesweresupportedbyappropriateevidence.

PwCZTShenZi(2023)No.10033

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OtherInformation

ManagementofGuangdongElectricPowerisresponsiblefortheotherinformation.Theotherinformationcomprisesalloftheinformationincludedin2022annualreportofGuangdongElectricPowerotherthanthefinancialstatementsandourauditor’sreportthereon.Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.

ResponsibilitiesofManagementandAuditandComplianceCommitteefortheFinancialStatements

ManagementofGuangdongElectricPowerisresponsibleforthepreparationandfairpresentationofthesefinancialstatementsinaccordancewiththeCASs,andforsuchinternalcontrolasmanagementdeterminesisnecessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.Inpreparingthesefinancialstatements,managementisresponsibleforassessingGuangdongElectricPower’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessmanagementeitherintendstoliquidateGuangdongElectricPowerortoceaseoperations,orhasnorealisticalternativebuttodoso.TheAuditandComplianceCommitteeisresponsibleforoverseeingGuangdongElectricPower’sfinancialreportingprocess.Auditor’sResponsibilitiesfortheAuditoftheFinancialStatements

Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthesefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithCSAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.

PwCZTShenZi(2023)No.10033

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Auditor’sResponsibilitiesfortheAuditoftheFinancialStatements(Cont’d)

AspartofanauditinaccordancewithCSAs,weexerciseprofessionaljudgementandmaintainprofessionalscepticismthroughouttheaudit.Wealso:

?Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.?Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances.?Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessof

accountingestimatesandrelateddisclosuresmadebymanagement.?Concludeontheappropriatenessofmanagement’suseofthegoingconcernbasisof

accountingand,basedontheauditevidenceobtained,whetheramaterialuncertainty

existsrelatedtoeventsorconditionsthatmaycastsignificantdoubtonGuangdong

ElectricPower’sabilitytocontinueasagoingconcern.Ifweconcludethatamaterial

uncertaintyexists,wearerequiredtodrawattentioninourauditor’sreporttothe

relateddisclosuresinthesefinancialstatementsor,ifsuchdisclosuresareinadequate,

tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtainedupto

thedateofourauditor’sreport.However,futureeventsorconditionsmaycause

GuangdongElectricPowertoceasetocontinueasagoingconcern.?Evaluatetheoverallpresentation(includingthedisclosures),structureandcontentof

thefinancialstatements,andwhetherthefinancialstatementsrepresentthe

underlyingtransactionsandeventsinamannerthatachievesfairpresentation.?Obtainsufficientappropriateauditevidenceregardingthefinancialinformationofthe

entitiesorbusinessactivitieswithinGuangdongElectricPowertoexpressanopinion

onthefinancialstatements.Weareresponsibleforthedirection,supervisionand

performanceofthegroupaudit.Weremainsolelyresponsibleforourauditopinion.WecommunicatewiththeAuditandComplianceCommitteeregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditfindings,includinganysignificantdeficienciesininternalcontrolthatweidentifyduringouraudit.

PwCZTShenZi(2023)No.10033

(Page8of8)Auditor’sResponsibilitiesfortheAuditoftheFinancialStatements(Cont’d)WealsoprovidetheAuditandComplianceCommitteewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.FromthematterscommunicatedwiththeAuditandComplianceCommittee,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor’sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.

PricewaterhouseCoopersZhongTianLLP

PricewaterhouseCoopersZhongTianLLPSigningCPA
LiXiaolei(EngagementPartner)

Shanghai,thePeople’sRepublicofChina

Shanghai,thePeople’sRepublicofChinaSigningCPA
30March2023FanXin

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.CONSOLIDATEDBALANCESHEETASAT31DECEMBER2022

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

ASSETS

ASSETSNote31December202231December2021
(Restated)

Currentassets

Currentassets
Cashatbankandonhand4(1)11,503,523,6188,105,320,953
Notesreceivables2,644,300165,603
Accountsreceivables4(2)7,578,636,2447,030,685,357
Advancestosuppliers4(3)1,534,982,252892,771,238
Otherreceivables4(4)934,784,1522,429,475,558
Inventories4(5)3,376,868,1002,998,894,539
Contractassets4,910,2634,754,820
Othercurrentassets4(6)875,605,8051,417,985,608
Totalcurrentassets25,811,954,73422,880,053,676

Non-currentassets

Non-currentassets
Long-termequityinvestments4(7)9,198,053,1838,074,149,836
Investmentsinotherequityinstruments4(8)3,058,071,0543,232,028,682
Investmentproperties4(9)365,285,301378,796,932
Fixedassets4(10)62,400,175,05757,145,099,423
Constructioninprogress4(11)11,768,828,1618,710,691,766
Right-of-useassets4(12)7,352,044,9665,256,124,979
Intangibleassets4(13)3,346,735,4962,658,726,346
Goodwill4(14)128,097,553139,983,037
Long-termprepaidexpenses4(15)109,485,74630,335,301
Deferredtaxassets4(16)1,359,025,0811,176,841,986
Othernon-currentassets4(17)6,606,518,5524,810,251,634
Totalnon-currentassets105,692,320,15091,613,029,922

TOTALASSETS

TOTALASSETS131,504,274,884114,493,083,598

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.CONSOLIDATEDBALANCESHEET(CONT’D)ASAT31DECEMBER2022

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

LIABILITIESANDSHAREHOLDERS’EQUITY

LIABILITIESANDSHAREHOLDERS’EQUITYNote31December202231December2021
(Restated)

Currentliabilities

Currentliabilities
Short-termborrowings4(19)16,261,444,86012,360,296,429
Notespayables4(20)1,495,778,0761,908,780,000
Accountspayables4(21)5,938,254,0136,626,567,064
Contractliabilities4,960,9745,864,811
Employeebenefitspayable4(22)447,421,417422,013,230
Taxespayable4(23)302,484,915502,303,075
Otherpayables4(24)9,403,658,03110,569,763,778
Currentportionofnon-currentliabilities4(25)3,975,249,9703,697,619,753
Othercurrentliabilities4(26)4,174,850,3741,658,449,006
Totalcurrentliabilities42,004,102,63037,751,657,146

Non-currentliabilities

Non-currentliabilities
Long-termborrowings4(27)42,860,932,62828,940,577,856
Debenturespayable4(28)9,094,489,9098,693,083,422
Leaseliabilities4(29)6,870,820,0174,728,167,142
Long-termpayables4(30)666,297,028121,779,223
Deferredincome4(31)142,292,215163,611,515
Long-termemployeebenefitspayable4(32)429,265,269415,480,262
Deferredtaxliabilities4(16)584,116,265635,754,761
Othernon-currentliabilities4(33)129,428,16775,469,729
Totalnon-currentliabilities60,777,641,49843,773,923,910

Totalliabilities

Totalliabilities102,781,744,12881,525,581,056

Shareholders’equity

Shareholders’equity
Sharecapital4(34)5,250,283,9865,250,283,986
Capitalsurplus4(35)4,257,046,5054,276,952,183
Othercomprehensiveincome4(36)1,629,837,9571,750,011,571
Specificreserve520,379-
Surplusreserve4(37)8,903,515,1358,903,515,135
Undistributedprofits4(38)200,668,5173,205,422,561
TotalequityattributabletoshareholdersoftheCompany20,241,872,47923,386,185,436
Minorityinterests8,480,658,2779,581,317,106

Totalshareholders’equity

Totalshareholders’equity28,722,530,75632,967,502,542

TOTALLIABILITIESAND

SHAREHOLDERS’EQUITY

TOTALLIABILITIESANDSHAREHOLDERS’EQUITY131,504,274,884114,493,083,598

Theaccompanyingnotesformanintegralpartofthesefinancialstatements.

Legalrepresentative:Principalinchargeofaccounting:Headofaccountingdepartment:
ZhengYunpengLiuWeiMengFei

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.COMPANYBALANCESHEETASAT31DECEMBER2022

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

ASSETS

ASSETSNote31December202231December2021

Currentassets

Currentassets
Cashatbankandonhand879,381,053708,028,634
Accountsreceivables14(1)191,716,383192,707,778
Advancestosuppliers26,568,27226,368,250
Otherreceivables14(2)568,099,765415,990,566
Inventories85,079,898216,808,997
Othercurrentassets1,198,61521,453,621
Totalcurrentassets1,752,043,9861,581,357,846

Non-currentassets

Non-currentassets
Long-termreceivables1,160,000,000627,000,000
Long-termequityinvestments14(3)41,709,796,16736,539,978,077
Investmentsinotherequityinstruments3,057,271,0543,231,228,683
Investmentproperties5,118,6505,754,247
Fixedassets340,983,004436,327,041
Constructioninprogress1,052,7861,201,126
Right-of-useassets6,443,7208,125,410
Intangibleassets77,808,43280,670,784
Long-termprepaidexpenses1,595,480-
Othernon-currentassets218,100,000136,500,000
Totalnon-currentassets46,578,169,29341,066,785,368

TOTALASSETS

TOTALASSETS48,330,213,27942,648,143,214

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.COMPANYBALANCESHEET(CONT’D)ASAT31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

LIABILITIESANDOWNERS’

EQUITY

LIABILITIESANDOWNERS’EQUITYNote31December202231December2021

Currentliabilities

Currentliabilities
Short-termborrowings3,522,986,2722,442,508,111
Accountspayables169,028,547214,080,378
Contractliabilities-1,083,950
Employeebenefitspayable115,457,391105,045,040
Taxespayable17,655,5888,288,884
Otherpayables60,615,9992,535,329,957
Currentportionofnon-currentliabilities751,166,231125,174,953
Othercurrentliabilities3,525,551,2741,030,040,123
Totalcurrentliabilities8,162,461,3026,461,551,396

Non-currentliabilities

Non-currentliabilities
Long-termborrowings4,498,800,000-
Debenturespayable8,794,981,6078,193,949,060
Leaseliabilities610,5274,251,838
Deferredincome9,996,20219,992,404
Long-termemployeebenefitspayable76,074,60368,648,773
Deferredtaxliabilities520,442,187562,112,354
Totalnon-currentliabilities13,900,905,1268,848,954,429

Totalliabilities

Totalliabilities22,063,366,42815,310,505,825

Shareholders’equity

Shareholders’equity
Sharecapital5,250,283,9865,250,283,986
Capitalsurplus4,834,675,7724,834,039,575
Othercomprehensiveincome1,640,520,6841,764,421,309
Surplusreserve8,903,515,1358,903,515,135
Undistributedprofits5,637,851,2746,585,377,384

Totalshareholders’equity

Totalshareholders’equity26,266,846,85127,337,637,389

TOTALLIABILITIESAND

SHAREHOLDERS’EQUITY

TOTALLIABILITIESANDSHAREHOLDERS’EQUITY48,330,213,27942,648,143,214

Theaccompanyingnotesformanintegralpartofthesefinancialstatements.

Legalrepresentative:Principalinchargeofaccounting:Headofaccountingdepartment:
ZhengYunpengLiuWeiMengFei

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.CONSOLIDATEDINCOMESTATEMENTFORTHEYEARENDED31DECEMBER2022

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

Item

ItemNote20222021
(Restated)

Revenue

Revenue4(39)52,661,088,43644,457,866,542
Less:Costofsale4(39)(52,852,310,181)(46,827,505,473)
Taxesandsurcharges4(40)(245,262,277)(293,980,076)
Sellingexpenses4(41)(69,108,603)(65,407,040)
Generalandadministrativeexpenses4(42)(1,192,506,931)(1,101,123,287)
Researchanddevelopmentexpenses4(43)(1,229,311,572)(584,714,979)
Financialexpenses4(44)(2,135,900,012)(1,371,365,945)
Including:Interestexpenses2,257,705,8431,499,997,783
Interestincome132,632,800133,800,923
Add:Otherincome4(48)80,160,31272,653,517
Investmentincome4(49)1,061,876,396835,945,827
Including:Shareofprofitofassociatesandjointventures960,006,337743,767,471
Creditimpairmentreversal/(loss)4(47)1,563,130(21,767,857)
Assetimpairmentlosses4(46)(173,772,140)(29,330,461)
Gainsondisposalsofassets4(50)30,802,837184,589,025

Operatingloss

Operatingloss(4,062,680,605)(4,744,140,207)
Add:Non-operatingincome4(51)125,490,287139,092,875
Less:Non-operatingexpenses4(52)(443,902,556)(171,458,731)

Totalloss

Totalloss(4,381,092,874)(4,776,506,063)
Less:Incometax(expenses)/Credits4(53)(133,896,253)525,442,914

Netloss

Netloss(4,514,989,127)(4,251,063,149)
Including:Netlossoftheacquireeinabusinesscombinationundercommoncontrolbeforethecombinationdate-(658,714,842)

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.CONSOLIDATEDINCOMESTATEMENT(CONT’D)FORTHEYEARENDED31DECEMBER2022

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

Item

ItemNote20222021
(Restated)

Classifiedbycontinuityofoperations

Classifiedbycontinuityofoperations
Netlossfromcontinuingoperations(4,514,989,127)(4,251,063,149)
Netprofitfromdiscontinuedoperations--

Classifiedbyownershipoftheequity

Classifiedbyownershipoftheequity
NetlossattributabletoshareholdersoftheCompany(3,003,916,572)(2,928,171,731)
Minorityinterests(1,511,072,555)(1,322,891,418)

Othercomprehensiveincome,netoftax

Othercomprehensiveincome,netoftax(118,919,844)(222,990,915)
AttributabletoshareholdersoftheCompany4(36)(120,173,614)(206,788,258)
Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorloss
Changesarisingfromremeasurementofdefinedbenefitplans-(37,296,993)
Shareofothercomprehensiveincomeoftheinvesteeaccountedforusingequitymethodthatwillnotbereclassifiedtoprofitorloss9,938,69315,609,735
Changesinfairvalueofinvestmentsinotherequityinstruments(131,968,221)(184,768,848)
Othercomprehensiveincomethatwillbereclassifiedtoprofitorloss
Shareofothercomprehensiveincomeoftheinvesteeaccountedforusingequitymethodthatwillbereclassifiedtoprofitorloss1,855,914(332,152)
Attributabletominorityinterests1,253,770(16,202,657)

Totalcomprehensiveincome

Totalcomprehensiveincome(4,633,908,971)(4,474,054,064)

AttributabletoshareholdersoftheCompany

AttributabletoshareholdersoftheCompany(3,124,090,186)(3,134,959,989)
Attributabletominorityinterests(1,509,818,785)(1,339,094,075)

Earningspershare

Earningspershare
Basicearningspershare(RMBYuan)4(54)(0.57)(0.56)
Dilutedearningspershare(RMBYuan)4(54)(0.57)(0.56)

Theaccompanyingnotesformanintegralpartofthesefinancialstatements.

Legalrepresentative:Principalinchargeofaccounting:Headofaccountingdepartment:
ZhengYunpengLiuWeiMengFei

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.COMPANYINCOMESTATEMENTFORTHEYEARENDED31DECEMBER2022

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

Item

ItemNote20222021

Revenue

Revenue14(4)1,533,266,9821,593,822,545
Less:Costofsale14(4)(1,849,774,728)(1,911,951,135)
Taxesandsurcharges(9,648,354)(7,710,134)
Sellingexpenses(2,412,869)(2,842,664)
Generalandadministrativeexpenses(171,586,927)(145,466,208)
Researchanddevelopmentexpenses(29,788,257)(20,455,799)
Financialexpenses(432,576,281)(264,631,340)
Including:Interestexpenses441,545,281267,141,416
Interestincome12,627,1856,119,603
Add:Otherincome11,028,48410,117,324
Investmentincome14(5)1,115,058,9483,419,054,733
Including:Shareofprofitofassociatesandjointventures880,732,739697,838,523
Creditimpairment(loss)/reversal(67,605)58,102
Assetimpairmentlosses14(6)(1,101,203,999)(29,321,084)

Operating(loss)/profit

Operating(loss)/profit(937,704,606)2,640,674,340
Add:Non-operatingincome11,982,760242,648,802
Less:Non-operatingexpenses(19,485,023)(2,738,153)

Total(loss)/profit

Total(loss)/profit(945,206,869)2,880,584,989
Less:Incometaxexpenses(2,319,241)(2,319,241)

Net(loss)/profit

Net(loss)/profit(947,526,110)2,878,265,748

Classifiedbycontinuityofoperations

Classifiedbycontinuityofoperations
Net(loss)/profitfromcontinuingoperations(947,526,110)2,878,265,748
Netprofitfromdiscontinuedoperations--

Othercomprehensiveincome,netoftax

Othercomprehensiveincome,netoftax(123,900,625)(181,508,634)
Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorloss
Changesarisingfromremeasurementofdefinedbenefitplans-(9,126,313)
Shareofothercomprehensiveincomeoftheinvesteeaccountedforusingequitymethodthatwillnotbereclassifiedtoprofitorloss6,211,68212,718,679
Changesinfairvalueofinvestmentsinotherequityinstruments(131,968,221)(184,768,848)
Othercomprehensiveincomethatwillbereclassifiedtoprofitorloss
Shareofothercomprehensiveincomeoftheinvesteeaccountedforusingequitymethodthatwillbereclassifiedtoprofitorloss1,855,914(332,152)

Totalcomprehensiveincome

Totalcomprehensiveincome(1,071,426,735)2,696,757,114

Theaccompanyingnotesformanintegralpartofthesefinancialstatements.

Legalrepresentative:Principalinchargeofaccounting:Headofaccountingdepartment:
ZhengYunpengLiuWeiMengFei

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.CONSOLIDATEDCASHFLOWSTATEMENTFORTHEYEARENDED31DECEMBER2022

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

Item

ItemNote20222021
(Restated)

Cashflowsfromoperatingactivities

Cashflowsfromoperatingactivities
Cashreceivedfromsaleofgoodsorrenderingofservices58,985,187,82448,542,309,080
Refundoftaxesandsurcharges2,436,660,341119,312,074
Cashreceivedrelatingtootheroperatingactivities4(55)(a)262,732,577272,691,582
Sub-totalofcashinflows61,684,580,74248,934,312,736

Cashpaidforgoodsandservices

Cashpaidforgoodsandservices(54,729,703,233)(43,630,281,266)
Cashpaidtoandonbehalfofemployees(2,736,395,371)(2,571,733,835)
Paymentsoftaxesandsurcharges(1,722,416,617)(1,699,308,834)
Cashpaidrelatingtootheroperatingactivities4(55)(b)(1,016,200,747)(910,814,133)
Sub-totalofcashoutflows(60,204,715,968)(48,812,138,068)
Netcashflowsfromoperatingactivities4(56)(a)1,479,864,774122,174,668

Cashflowsfrominvestingactivities

Cashflowsfrominvestingactivities
Cashreceivedfromdisposalsofinvestments2,033,756-
Cashreceivedfromreturnsoninvestments257,724,562388,877,407
Netcashreceivedfromdisposalsoffixedassets,intangibleassetsandotherlong-termassets1,734,284,4381,656,570,070
Netcashreceivedfromdisposalsofsubsidiariesandotherbusinessunits2,510,0002,479,531
Cashreceivedrelatingtootherinvestingactivities4(55)(c)66,792,867-
Sub-totalofcashinflows2,063,345,6232,047,927,008

Cashpaidtoacquirefixedassets,

intangibleassetsandotherlong-termassets

Cashpaidtoacquirefixedassets,

intangibleassetsandotherlong-termassets(14,599,355,445)

(14,599,355,445)(10,732,326,573)
Cashpaidtoacquireinvestments(306,328,518)(343,850,820)
Netcashpaidtoacquiresubsidiariesandotherbusinessunits4(56)(c)(93,901,448)(76,574,154)
Cashpaidrelatingtootherinvestingactivities4(55)(d)(215,864,319)(188,815,562)
Sub-totalofcashoutflows(15,215,449,730)(11,341,567,109)
Netcashflowsusedininvestingactivities(13,152,104,107)(9,293,640,101)

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.CONSOLIDATEDCASHFLOWSTATEMENT(CONT'D)FORTHEYEARENDED31DECEMBER2022

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

Item

ItemNote20222021
(Restated)

Cashflowsfromfinancingactivities

Cashflowsfromfinancingactivities
Cashreceivedfromcapitalcontributions466,806,611131,187,000
Including:Cashreceivedfromcapitalcontributionsbyminorityshareholdersofsubsidiaries466,806,611131,187,000
Cashreceivedfromborrowings50,147,797,97532,180,925,115
Cashreceivedfromissuanceofdebentures598,290,0007,192,751,240
Sub-totalofcashinflows51,212,894,58639,504,863,355

Cashrepaymentsofborrowings

Cashrepaymentsofborrowings(30,388,831,183)(25,537,837,322)
Cashpaymentsfordistributionofdividends,profitsorinterestexpenses(2,267,620,075)(4,635,028,385)
Including:Dividendsorprofitspaidtominorityshareholdersbysubsidiaries(35,299,408)(1,548,524,814)
Cashpaidrelatingtootherfinancingactivities4(55)(e)(3,473,513,406)(1,542,497,576)
Sub-totalofcashoutflows(36,129,964,664)(31,715,363,283)
Netcashflowsfromfinancingactivities15,082,929,9227,789,500,072

Effectofforeignexchangerate

changesoncashandcashequivalents

Effectofforeignexchangeratechangesoncashandcashequivalents972(309)

Netincrease/(decrease)incashand

cashequivalents

Netincrease/(decrease)incashandcashequivalents4(56)(a)3,410,691,561(1,381,965,670)
Add:Cashandcashequivalentsatthebeginningoftheyear8,023,116,9399,405,082,609

Cashandcashequivalentsattheend

oftheyear

Cashandcashequivalentsattheendoftheyear4(56)(b)11,433,808,5008,023,116,939

Theaccompanyingnotesformanintegralpartofthesefinancialstatements.

Legalrepresentative:Principalinchargeofaccounting:Headofaccountingdepartment:
ZhengYunpengLiuWeiMengFei

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.COMPANYCASHFLOWSTATEMENTFORTHEYEARENDED31DECEMBER2022

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

Item

Item20222021

Cashflowsfromoperatingactivities

Cashflowsfromoperatingactivities
Cashreceivedfromsaleofgoodsorrenderingofservices1,704,886,9111,751,398,147
Refundoftaxesandsurcharges48,773,944-
Cashreceivedrelatingtootheroperatingactivities29,357,37833,327,861
Sub-totalofcashinflows1,783,018,2331,784,726,008

Cashpaidforgoodsandservices

Cashpaidforgoodsandservices(1,663,501,651)(1,815,409,475)
Cashpaidtoandonbehalfofemployees(313,707,873)(318,336,325)
Paymentsoftaxesandsurcharges(32,727,086)(38,149,853)
Cashpaidrelatingtootheroperatingactivities(58,467,469)(57,513,608)
Sub-totalofcashoutflows(2,068,404,079)(2,229,409,261)
Netcashflowsusedinoperatingactivities(285,385,846)(444,683,253)

Cashflowsfrominvestingactivities

Cashflowsfrominvestingactivities
Cashreceivedfromdisposalsofinvestments50,000,000240,000,000
Cashreceivedfromreturnsoninvestments334,042,0532,005,221,164
Netcashreceivedfromdisposalsoffixedassets,intangibleassetsandotherlong-termassets262,854,3031,539,098
Sub-totalofcashinflows646,896,3562,246,760,262

Cashpaidtoacquirefixedassets,intangibleassets

andotherlong-termassets

Cashpaidtoacquirefixedassets,intangibleassetsandotherlong-termassets(15,738,158)(25,572,026)
Cashpaidtoacquireinvestments(6,403,397,010)(2,771,449,351)
Netcashpaidtoacquirethesubsidiary(2,622,780,791)(2,042,164,731)
Sub-totalofcashoutflows(9,041,915,959)(4,839,186,108)
Netcashflowsusedininvestingactivities(8,395,019,603)(2,592,425,846)

Cashflowsfromfinancingactivities

Cashflowsfromfinancingactivities
Cashreceivedfromborrowings16,131,600,0004,838,375,167
Cashreceivedfromissuanceofdebentures598,290,0006,699,600,000
Sub-totalofcashinflows16,729,890,00011,537,975,167

Cashrepaymentsofborrowings

Cashrepaymentsofborrowings(7,440,000,000)(7,300,000,001)
Cashpaymentsfordistributionofdividends,profitsorinterestexpenses(434,052,090)(824,679,178)
Cashpaidrelatingtootherfinancingactivities(7,983,067)(6,524,929)
Sub-totalofcashoutflows(7,882,035,157)(8,131,204,108)
Netcashflowsfromfinancingactivities8,847,854,8433,406,771,059

Effectofforeignexchangeratechangesoncashand

cashequivalents

Effectofforeignexchangeratechangesoncashandcashequivalents976(309)

Netincreaseincashandcashequivalents

Netincreaseincashandcashequivalents167,450,370369,661,651
Add:Cashandcashequivalentsatthebeginningoftheyear707,707,282338,045,631

Cashandcashequivalentsattheendoftheyear

Cashandcashequivalentsattheendoftheyear875,157,652707,707,282

Theaccompanyingnotesformanintegralpartofthesefinancialstatements.

Legalrepresentative:Principalinchargeofaccounting:Headofaccountingdepartment:
ZhengYunpengLiuWeiMengFei

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.CONSOLIDATEDSTATEMENTOFCHANGESINSHAREHOLDERS’EQUITYFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

Note

NoteAttributabletoshareholdersoftheCompany
SharecapitalCapitalsurplusOthercomprehensiveincomeSpecificreserveSurplusreserveUndistributedprofitsMinorityinterestsTotalshareholders’equity

Balanceat1January2022

(Restated)

Balanceat1January2022(Restated)5,250,283,9864,276,952,1831,750,011,571-8,903,515,1353,205,422,5619,581,317,10632,967,502,542

Movementsfortheyear

ended31December2022

Movementsfortheyearended31December2022
Totalcomprehensiveincome
Netloss-----(3,003,916,572)(1,511,072,555)(4,514,989,127)
Othercomprehensiveincome4(36)--(120,173,614)---1,253,770(118,919,844)
Totalcomprehensiveincomefortheyear--(120,173,614)--(3,003,916,572)(1,509,818,785)(4,633,908,971)
Capitalcontributionandwithdrawalbyshareholders
Capitalcontributionbyshareholders------265,147,196265,147,196
Transactionswithminorityshareholders-(19,288,105)----167,047,220147,759,115
Profitdistribution
Appropriationtosurplusreserve4(37)--------
Distributiontoshareholders4(38)(b)------(53,852,929)(53,852,929)
Specificreserve
Appropriationinthecurrentyear---58,277,883--22,825,44081,103,323
Utilisationinthecurrentyear---(57,757,504)--(22,687,361)(80,444,865)
Shareofinterestsinassociatesinproportiontotheshareholding4(35)-636,197-----636,197
Acquisitionofsubsidiaries------32,000,00032,000,000
Others-(1,253,770)---(837,472)(1,319,610)(3,410,852)

Balanceat31December2022

Balanceat31December20225,250,283,9864,257,046,5051,629,837,957520,3798,903,515,135200,668,5178,480,658,27728,722,530,756

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.CONSOLIDATEDSTATEMENTOFCHANGESINSHAREHOLDERS’EQUITY(CONT'D)FORTHEYEARENDED31DECEMBER2022

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

Note

NoteAttributabletoshareholdersoftheCompany
SharecapitalCapitalsurplusOthercomprehensiveincomeSpecificreserveSurplusreserveUndistributedprofitsMinorityinterestsTotalshareholders’equity

Balanceat1January2021

Balanceat1January20215,250,283,9868,014,211,2781,957,175,481-8,515,360,6388,083,048,23811,808,648,21943,628,727,840

Movementsfortheyearended

31December2021

Movementsfortheyearended31December2021
Totalcomprehensiveincome
Netloss(Restated)-----(2,928,171,731)(1,322,891,418)(4,251,063,149)
Othercomprehensiveincome4(36)--(206,788,258)---(16,202,657)(222,990,915)
Totalcomprehensiveincomefortheyear--(206,788,258)--(2,928,171,731)(1,339,094,075)(4,474,054,064)
Capitalcontributionandwithdrawalbyshareholders
Capitalcontributionbyshareholders------249,001,517249,001,517
Others-958,923----411,286,259412,245,182
Businesscombinationinvolvingenterprisesundercommoncontrol-(3,743,601,641)-----(3,743,601,641)
Profitdistribution
Appropriationtosurplusreserve4(37)----388,154,497(388,154,497)--
Distributiontoshareholders-----(1,560,317,476)(1,548,524,814)(3,108,842,290)
Shareofinterestsinassociatesinproportiontotheshareholding4(35)-5,383,623-----5,383,623
Transferwithinshareholders'equity
Transferfromothercomprehensiveincometoretainedearnings--(375,652)--375,652--
Others-----(1,357,625)-(1,357,625)

Balanceat31December2021

(Restated)

Balanceat31December2021(Restated)5,250,283,9864,276,952,1831,750,011,571-8,903,515,1353,205,422,5619,581,317,10632,967,502,542

Theaccompanyingnotesformanintegralpartofthesefinancialstatements.

Legalrepresentative:Principalinchargeofaccounting:Headofaccountingdepartment:
ZhengYunpengLiuWeiMengFei

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.COMPANYSTATEMENTOFCHANGESINSHAREHOLDERS’EQUITYFORTHEYEARENDED31DECEMBER2022

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

Note

NoteSharecapitalCapitalsurplusOthercomprehensiveincomeSpecificreserveSurplusreserveUndistributedprofitsTotalshareholders’equity

Balanceat1January2022

Balanceat1January20225,250,283,9864,834,039,5751,764,421,309-8,903,515,1356,585,377,38427,337,637,389

Movementsfortheyear

ended31December2022

Movementsfortheyearended31December2022
Totalcomprehensiveincome
Netloss-----(947,526,110)(947,526,110)
Othercomprehensiveincome--(123,900,625)---(123,900,625)
Totalcomprehensiveincomefortheyear--(123,900,625)--(947,526,110)(1,071,426,735)
Specificreserve
Appropriationinthecurrentyear---3,991,586--3,991,586
Utilisationinthecurrentyear---(3,991,586)--(3,991,586)
Shareofinterestsinassociatesinproportiontotheshareholding4(35)-636,197----636,197

Balanceat31December

2022

Balanceat31December20225,250,283,9864,834,675,7721,640,520,684-8,903,515,1355,637,851,27426,266,846,851

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.COMPANYSTATEMENTOFCHANGESINSHAREHOLDERS’EQUITY(CONT'D)FORTHEYEARENDED31DECEMBER2022

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

Note

NoteSharecapitalCapitalsurplusOthercomprehensiveincomeSpecificreserveSurplusreserveUndistributedprofitsTotalshareholders’equity

Balanceat1January2021

Balanceat1January20215,250,283,9865,405,326,6431,946,305,595-8,515,360,6384,724,248,21125,841,525,073

Movementsfortheyearended

31December2021

Movementsfortheyearended31December2021
Totalcomprehensiveincome
Netprofit-----2,878,265,7482,878,265,748
Othercomprehensiveincome--(181,508,634)---(181,508,634)
Totalcomprehensiveincomefortheyear--(181,508,634)--2,878,265,7482,696,757,114
Capitalcontributionandwithdrawalbyshareholders
Capitalwithdrawalbyshareholders-(576,670,691)----(576,670,691)
Profitdistribution-
Appropriationtosurplusreserve4(37)----388,154,497(388,154,497)-
Distributiontoshareholders-----(630,034,078)(630,034,078)
Shareofinterestsinassociatesinproportiontotheshareholding4(35)-5,383,623----5,383,623
Transferwithinshareholders'equity-
Transferfromothercomprehensiveincometoretainedearnings--(375,652)--375,652-
Others-----676,348676,348

Balanceat31December2021

Balanceat31December20215,250,283,9864,834,039,5751,764,421,309-8,903,515,1356,585,377,38427,337,637,389

Theaccompanyingnotesformanintegralpartofthesefinancialstatements.

Legalrepresentative:Principalinchargeofaccounting:Headofaccountingdepartment:
ZhengYunpengLiuWeiMengFei

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

1Generalinformation

GuangdongElectricPowerDevelopmentCo.,Ltd.(“theCompany”)isalimitedliabilitycompanyjointlyestablishedbyGuangdongElectricPowerHoldingCompany,ChinaConstructionBank,GuangdongProvinceTrustInvestmentCompany,GuangdongPowerDevelopmentCo.,Ltd.,GuangdongInternationalTrustandChinaGuangfaBank(currentlynamedasGuangdongGuangkongGroupCo.,Ltd.).TheaddressoftheCompany’sregisteredofficeandheadofficeisF33~F36SouthTowerBuildingofYudeanSquareon2ndTianheEastRoad,Guangzhou,GuangdongProvince,thePeople’sRepublicofChina(“thePRC”).TheCompany’sparentcompanyisGuangdongEnergyGroupCo.,Ltd.(“GEGC”)anditsultimatecontrollingshareholderistheState-ownedAssetsSupervisionandAdministrationCommissionofthePeople’sGovernmentofGuangdongProvince.

GuangdongElectricPowerDevelopmentCo.,Ltd.(“theCompany”)isalimitedliabilitycompanyjointlyestablishedbyGuangdongElectricPowerHoldingCompany,ChinaConstructionBank,GuangdongProvinceTrustInvestmentCompany,GuangdongPowerDevelopmentCo.,Ltd.,GuangdongInternationalTrustandChinaGuangfaBank(currentlynamedasGuangdongGuangkongGroupCo.,Ltd.).TheaddressoftheCompany’sregisteredofficeandheadofficeisF33~F36SouthTowerBuildingofYudeanSquareon2ndTianheEastRoad,Guangzhou,GuangdongProvince,thePeople’sRepublicofChina(“thePRC”).TheCompany’sparentcompanyisGuangdongEnergyGroupCo.,Ltd.(“GEGC”)anditsultimatecontrollingshareholderistheState-ownedAssetsSupervisionandAdministrationCommissionofthePeople’sGovernmentofGuangdongProvince.TheCompany’sRMBordinaryshares(“A-share”)anddomesticlistedforeignshares(“B-share”)issuedwerelistedfortransactionsinShenzhenStockExchangerespectivelyon26November1993and28June1995.Asat31December2022,thetotalsharecapitaloftheCompanywasRMB5,250,283,986withfacevalueofRMB1pershare.

TheCompany’sRMBordinaryshares(“A-share”)anddomesticlistedforeignshares(“B-share”)issuedwerelistedfortransactionsinShenzhenStockExchangerespectivelyon26November1993and28June1995.Asat31December2022,thetotalsharecapitaloftheCompanywasRMB5,250,283,986withfacevalueofRMB1pershare.TheCompanyanditssubsidiaries(collectivelyreferredtoas“theGroup”)areprincipallyengagedinthebusinessesofdevelopingandoperatingelectricpowerprojectsinGuangdongProvince,YunnanProvince,XinjiangUygurAutonomousRegion,HunanProvinceandGuangxiZhuangAutonomousRegionofthePRC.FortheinformationoftheCompany’smajorsubsidiariesincludedintheconsolidationscopeinthecurrentyear,pleaserefertoNote6(1).

TheCompanyanditssubsidiaries(collectivelyreferredtoas“theGroup”)areprincipallyengagedinthebusinessesofdevelopingandoperatingelectricpowerprojectsinGuangdongProvince,YunnanProvince,XinjiangUygurAutonomousRegion,HunanProvinceandGuangxiZhuangAutonomousRegionofthePRC.FortheinformationoftheCompany’smajorsubsidiariesincludedintheconsolidationscopeinthecurrentyear,pleaserefertoNote6(1).ThesefinancialstatementswereauthorisedforissuebytheCompany'sBoardofDirectorson30March2023.

ThesefinancialstatementswereauthorisedforissuebytheCompany'sBoardofDirectorson30March2023.

2Summaryofsignificantaccountingpoliciesandaccountingestimates

TheGroupdeterminesspecificaccountingpoliciesandaccountingestimatesbasedonthecharacteristicsofproductionandoperation,whicharemainlyreflectedinthemeasurementofexpectedcreditlosses(“ECL”)ofreceivablesandcontractassets(Note2(9)),costingofinventory(Note2(10)),investmentproperties,depreciationoffixedassetandright-of-useassetsandamortisationofintangibleassets(Notes2(12),2(13),2(25)and2(16)),impairmentoflong-termassets(Note2(18)),timingofrevenuerecognition(Note2(22)),deferredtaxassetsanddeferredtaxliabilities(Note2(24)),etc.DetailsoftheGroup’scriticaljudgements,criticalaccountingestimatesandkeyassumptionsusedindeterminingsignificantaccountingpoliciesaresetforthinNote2(29).

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

(1)

(1)Basisofpreparation

ThefinancialstatementsarepreparedinaccordancewiththeAccountingStandardforBusinessEnterprises-BasicStandard,andthespecificaccountingstandardsandotherrelevantregulationsissuedbytheMinistryofFinanceon15February2006andinsubsequentperiods(hereinaftercollectivelyreferredtoas“theAccountingStandardsforBusinessEnterprises”or“CAS”)andthedisclosurerequirementsinthePreparationConventionofInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.15–GeneralRulesonFinancialReportingissuedbytheChinaSecuritiesRegulatoryCommission(“theCSRC”).

ThefinancialstatementsarepreparedinaccordancewiththeAccountingStandardforBusinessEnterprises-BasicStandard,andthespecificaccountingstandardsandotherrelevantregulationsissuedbytheMinistryofFinanceon15February2006andinsubsequentperiods(hereinaftercollectivelyreferredtoas“theAccountingStandardsforBusinessEnterprises”or“CAS”)andthedisclosurerequirementsinthePreparationConventionofInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.15–GeneralRulesonFinancialReportingissuedbytheChinaSecuritiesRegulatoryCommission(“theCSRC”).

Asat31December2022,theGroup’snetcurrentliabilitiesamountedtoRMB16,192million,capitalcommitmentsamountedtoRMB27,199million,amongwhichtheamountexpectedtobesettledwithinoneyearwasRMB14,199million.Therefore,theGroupistosomeextentexposedtoliquidityrisk.ThereasonsfornetcurrentliabilitieswerethataportionoftheGroup’scapitalexpenditurewasbackedbyshort-termborrowingsandthesignificantriseofcoalpricesfrom2021to2022.

Asat31December2022,theGroup’snetcurrentliabilitiesamountedtoRMB16,192million,capitalcommitmentsamountedtoRMB27,199million,amongwhichtheamountexpectedtobesettledwithinoneyearwasRMB14,199million.Therefore,theGroupistosomeextentexposedtoliquidityrisk.ThereasonsfornetcurrentliabilitieswerethataportionoftheGroup’scapitalexpenditurewasbackedbyshort-termborrowingsandthesignificantriseofcoalpricesfrom2021to2022.Inviewoftheabove,theBoardofDirectorsoftheCompanyhascarefullyconsideredtheGroup'sfutureworkingcapital,operatingconditionsandavailablefinancingsourceswhenassessingtheGroup'sabilitytocontinueasagoingconcern.TheGrouphasformulatedthefollowingplansandmeasurestoreducepressureofworkingcapitalandimproveitsfinancialposition:

Inviewoftheabove,theBoardofDirectorsoftheCompanyhascarefullyconsideredtheGroup'sfutureworkingcapital,operatingconditionsandavailablefinancingsourceswhenassessingtheGroup'sabilitytocontinueasagoingconcern.TheGrouphasformulatedthefollowingplansandmeasurestoreducepressureofworkingcapitalandimproveitsfinancialposition:

(i)

(i)TheGroupmaintainsgoodrelationsoflong-termcooperationwithfinancialinstitutions(includingtheCompany’sassociateGuangdongEnergyGroupFinanceCo.,Ltd.(“EnergyGroupFinanceCompany”)andGuangdongEnergyFinanceLeasingCompany(“EnergyFinanceLeasingCompany”))inordertoobtainsufficientfinancingcreditlines.Asat31December2022,theGroup’savailablecreditlineandapproveddebtinsurancefromfinancialinstitutionsamountedtoapproximatelyRMB76,698million,withRMB26,823millionfromEnergyGroupFinanceCompany,RMB14,105millionfromEnergyFinanceLeasingCompany,RMB24,770millionfromothercommercialbanks,RMB2,000millionofcorporatedebenturesapprovedforissuancebytheCSRCandRMB9,000millionofquotaofmedium-termnotesfinancingobtainedaftertheregistrationintheInterbankMarketinChina.AmongtheGroup’savailablecreditlinefromfinancialinstitutions,approximatelyRMB3,016millionisduebefore31December2023.InviewoftheGroup’sbusinessoperationaswellasgoodandlong-termcooperativerelationshipswithfinancialinstitutions,managementexpectedthecreditlineduebefore31December2023couldberenewedforanother12months.

(ii)

(ii)TheGroupwillactivelyseekmorefavourablelong-termelectricitypriceandwillstrivetoeffectivelyreducecoalprocurementcostsbygivingfullplaytoitsadvantagesinscale.Managementbelievesthatbasedontheactualtrendofcoalandelectricitypricesasattheissuedateofthefinancialstatementsandtheexpectedgradualimplementationofrelevantnationalregulatorypolicies,thecoalprocurementsituationisexpectedtoimprovetoacertainextentandtheGroup'scashflowsfromoperatingactivitiesin2023areexpectedtoimprovesignificantly.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

(1)

(1)Basisofpreparation(Cont’d)

TheBoardofDirectorsoftheCompanyhasreviewedtheGroup'scashflowforecastingfor2023preparedbymanagement.Thecashflowforecastingisbasedonmanagement'sjudgementsandassumptionsregardinganumberoffutureeventsandissubjecttothesuccessfulcompletionofaseriesofplansandmeasuresplannedandbeingimplementedbytheGroup,including:(1)TheGroupwillcontinuouslymonitorthefinancialindicatorsofitssubsidiariesandimprovetheoperationandfinancingstructureofitssubsidiariesthroughvariousmeasures,includingbutnotlimitedtoprovidingfinancingsupportandcapitalinjection,sothatthesubsidiarieswithintheGroupcancontinuetomeettherequirementsoftheborrowingagreementsinforeseeablefuture;

(2)theGroupcancontinuetomeettheconditionsofexistingbankfinancingandobtainnecessaryborrowingrenewalsandnewborrowings,includingfinancingfromEnergyGroupFinanceCompanyandEnergyFinanceLeasingCompany,anditcansuccessfullyconductexternalfinancingbyissuingcorporatedebentures,medium-termnotes,andultra-short-termfinancingbondswhennecessary;and(3)theGroupwillobtainmorefavourablelong-termelectricitypriceandeffectiveadoptiontolowerfuelprocurementcostssoastoimproveoperatingcashflows.TakingintofullconsiderationoftheabovemeasuresbeingimplementedorplannedbytheGroup,managementbelievesthattheGroupcanobtainsufficientfundstopayitsoperatingexpenses,capitalcommitmentwithinoneyearandrepayitsmatureddebtobligationswithinthenext12monthsfrom31December2022.Therefore,managementbelievesthatitisappropriatetopreparethesefinancialstatementsonagoingconcernbasis.

TheBoardofDirectorsoftheCompanyhasreviewedtheGroup'scashflowforecastingfor2023preparedbymanagement.Thecashflowforecastingisbasedonmanagement'sjudgementsandassumptionsregardinganumberoffutureeventsandissubjecttothesuccessfulcompletionofaseriesofplansandmeasuresplannedandbeingimplementedbytheGroup,including:(1)TheGroupwillcontinuouslymonitorthefinancialindicatorsofitssubsidiariesandimprovetheoperationandfinancingstructureofitssubsidiariesthroughvariousmeasures,includingbutnotlimitedtoprovidingfinancingsupportandcapitalinjection,sothatthesubsidiarieswithintheGroupcancontinuetomeettherequirementsoftheborrowingagreementsinforeseeablefuture;

(2)theGroupcancontinuetomeettheconditionsofexistingbankfinancingandobtainnecessaryborrowingrenewalsandnewborrowings,includingfinancingfromEnergyGroupFinanceCompanyandEnergyFinanceLeasingCompany,anditcansuccessfullyconductexternalfinancingbyissuingcorporatedebentures,medium-termnotes,andultra-short-termfinancingbondswhennecessary;and(3)theGroupwillobtainmorefavourablelong-termelectricitypriceandeffectiveadoptiontolowerfuelprocurementcostssoastoimproveoperatingcashflows.TakingintofullconsiderationoftheabovemeasuresbeingimplementedorplannedbytheGroup,managementbelievesthattheGroupcanobtainsufficientfundstopayitsoperatingexpenses,capitalcommitmentwithinoneyearandrepayitsmatureddebtobligationswithinthenext12monthsfrom31December2022.Therefore,managementbelievesthatitisappropriatetopreparethesefinancialstatementsonagoingconcernbasis.(2)

(2)StatementofcompliancewiththeAccountingStandardsforBusinessEnterprises

ThefinancialstatementsoftheGroupandtheCompanyfortheyearended31December2022areincompliancewiththeAccountingStandardsforBusinessEnterprises,andtrulyandcompletelypresenttheconsolidatedandthecompany’sfinancialpositionoftheGroupandtheCompanyasat31December2022andtheirfinancialperformance,cashflowsandotherinformationfortheyearthenended.

ThefinancialstatementsoftheGroupandtheCompanyfortheyearended31December2022areincompliancewiththeAccountingStandardsforBusinessEnterprises,andtrulyandcompletelypresenttheconsolidatedandthecompany’sfinancialpositionoftheGroupandtheCompanyasat31December2022andtheirfinancialperformance,cashflowsandotherinformationfortheyearthenended.(3)

(3)Accountingyear

TheCompany’saccountingyearstartson1Januaryandendson31December.

TheCompany’saccountingyearstartson1Januaryandendson31December.(4)

(4)Recordingcurrency

TheCompany’srecordingcurrencyisRenminbi(RMB).

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2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

(5)

(5)Businesscombinations

(a)

(a)Businesscombinationsinvolvingenterprisesundercommoncontrol

TheconsiderationpaidandnetassetsobtainedbytheGroupinabusinesscombinationaremeasuredatthecarryingamount.Iftheacquireeisacquiredfromathirdpartybytheultimatecontrollingpartyinaprioryear,theconsiderationpaidandnetassetsobtainedbytheGrouparemeasuredbasedonthecarryingamountsoftheacquiree’sassetsandliabilities(includingthegoodwillarisingfromtheacquisitionoftheacquireebytheultimatecontrollingparty)presentedintheconsolidatedfinancialstatementsoftheultimatecontrollingparty.Thedifferencebetweenthecarryingamountofthenetassetsobtainedfromthecombinationandthecarryingamountoftheconsiderationpaidforthecombinationistreatedasanadjustmenttocapitalsurplus(sharepremium).Ifthecapitalsurplus(sharepremium)isnotsufficienttoabsorbthedifference,theremainingbalanceisadjustedagainstretainedearnings.Costsdirectlyattributabletothecombinationareincludedinprofitorlossintheperiodinwhichtheyareincurred.Transactioncostsassociatedwiththeissueofequityordebtsecuritiesforthebusinesscombinationareincludedintheinitiallyrecognisedamountsoftheequityordebtsecurities.

TheconsiderationpaidandnetassetsobtainedbytheGroupinabusinesscombinationaremeasuredatthecarryingamount.Iftheacquireeisacquiredfromathirdpartybytheultimatecontrollingpartyinaprioryear,theconsiderationpaidandnetassetsobtainedbytheGrouparemeasuredbasedonthecarryingamountsoftheacquiree’sassetsandliabilities(includingthegoodwillarisingfromtheacquisitionoftheacquireebytheultimatecontrollingparty)presentedintheconsolidatedfinancialstatementsoftheultimatecontrollingparty.Thedifferencebetweenthecarryingamountofthenetassetsobtainedfromthecombinationandthecarryingamountoftheconsiderationpaidforthecombinationistreatedasanadjustmenttocapitalsurplus(sharepremium).Ifthecapitalsurplus(sharepremium)isnotsufficienttoabsorbthedifference,theremainingbalanceisadjustedagainstretainedearnings.Costsdirectlyattributabletothecombinationareincludedinprofitorlossintheperiodinwhichtheyareincurred.Transactioncostsassociatedwiththeissueofequityordebtsecuritiesforthebusinesscombinationareincludedintheinitiallyrecognisedamountsoftheequityordebtsecurities.(b)

(b)Businesscombinationsinvolvingenterprisesnotundercommoncontrol

Forbusinesscombinationsinvolvingenterprisesnotundercommoncontrol,theGroupadoptsconcentrationtesttojudgewhethertheacquiredproductionandoperationactivitiesorassetgroupsconstituteabusiness.Iftheconcentrationtestispassed,theGroupconductsaccountingtreatmentaccordingtotherelevantassetpurchaseprinciple;iftheconcentrationtestfails,theGroupwillfurtherjudgewhetheritconstitutesabusinessbasedonwhethertherelevantgroupsobtainedinthemergerhaveatleastoneinputandonesubstantiveprocessingprocess,andthecombinationofthetwohasasignificantcontributiontotheoutputcapacity.

Forbusinesscombinationsinvolvingenterprisesnotundercommoncontrol,theGroupadoptsconcentrationtesttojudgewhethertheacquiredproductionandoperationactivitiesorassetgroupsconstituteabusiness.Iftheconcentrationtestispassed,theGroupconductsaccountingtreatmentaccordingtotherelevantassetpurchaseprinciple;iftheconcentrationtestfails,theGroupwillfurtherjudgewhetheritconstitutesabusinessbasedonwhethertherelevantgroupsobtainedinthemergerhaveatleastoneinputandonesubstantiveprocessingprocess,andthecombinationofthetwohasasignificantcontributiontotheoutputcapacity.

ThecostofcombinationandidentifiablenetassetsobtainedbytheGroupinabusinesscombinationaremeasuredatfairvalueattheacquisitiondate.WherethecostofthecombinationexceedstheGroup’sinterestinthefairvalueoftheacquiree’sidentifiablenetassets,thedifferenceisrecognisedasgoodwill;wherethecostofcombinationislowerthantheGroup’sinterestinthefairvalueoftheacquiree’sidentifiablenetassets,thedifferenceisrecognisedinprofitorlossforthecurrentperiod.Costsdirectlyattributabletothecombinationareincludedinprofitorlossintheperiodinwhichtheyareincurred.Transactioncostsassociatedwiththeissueofequityordebtsecuritiesforthebusinesscombinationareincludedintheinitiallyrecognisedamountsoftheequityordebtsecurities.

ThecostofcombinationandidentifiablenetassetsobtainedbytheGroupinabusinesscombinationaremeasuredatfairvalueattheacquisitiondate.WherethecostofthecombinationexceedstheGroup’sinterestinthefairvalueoftheacquiree’sidentifiablenetassets,thedifferenceisrecognisedasgoodwill;wherethecostofcombinationislowerthantheGroup’sinterestinthefairvalueoftheacquiree’sidentifiablenetassets,thedifferenceisrecognisedinprofitorlossforthecurrentperiod.Costsdirectlyattributabletothecombinationareincludedinprofitorlossintheperiodinwhichtheyareincurred.Transactioncostsassociatedwiththeissueofequityordebtsecuritiesforthebusinesscombinationareincludedintheinitiallyrecognisedamountsoftheequityordebtsecurities.(6)

(6)Preparationofconsolidatedfinancialstatements

TheconsolidatedfinancialstatementscomprisethefinancialstatementsoftheCompanyandallofitssubsidiaries.

TheconsolidatedfinancialstatementscomprisethefinancialstatementsoftheCompanyandallofitssubsidiaries.

SubsidiariesareconsolidatedfromthedateonwhichtheGroupobtainscontrolandarede-consolidatedfromthedatethatsuchcontrolceases.Forasubsidiarythatisacquiredinabusinesscombinationinvolvingenterprisesundercommoncontrol,itisincludedintheconsolidatedfinancialstatementsfromthedatewhenit,togetherwiththeCompany,comesundercommoncontroloftheultimatecontrollingparty.Theportionofthenetprofitrealisedbeforethecombinationdateispresentedseparatelyintheconsolidatedincomestatement.

SubsidiariesareconsolidatedfromthedateonwhichtheGroupobtainscontrolandarede-consolidatedfromthedatethatsuchcontrolceases.Forasubsidiarythatisacquiredinabusinesscombinationinvolvingenterprisesundercommoncontrol,itisincludedintheconsolidatedfinancialstatementsfromthedatewhenit,togetherwiththeCompany,comesundercommoncontroloftheultimatecontrollingparty.Theportionofthenetprofitrealisedbeforethecombinationdateispresentedseparatelyintheconsolidatedincomestatement.

Inpreparingtheconsolidatedfinancialstatements,wheretheaccountingpoliciesandtheaccountingperiodsoftheCompanyandsubsidiariesareinconsistent,thefinancialstatementsofthesubsidiariesareadjustedinaccordancewiththeaccountingpoliciesandtheaccountingperiodoftheCompany.Forsubsidiariesacquiredfrombusinesscombinationsinvolvingenterprisesnotundercommoncontrol,theindividualfinancialstatementsofthesubsidiariesareadjustedbasedonthefairvalueoftheidentifiablenetassetsattheacquisitiondate.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

(6)

(6)Preparationofconsolidatedfinancialstatements(Cont'd)

Allsignificantintra-groupbalances,transactionsandunrealisedprofitsareeliminatedintheconsolidatedfinancialstatements.Theportionofsubsidiaries’shareholders’equityandtheportionofsubsidiaries’netprofitsandlossesandcomprehensiveincomesfortheperiodnotattributabletotheCompanyarerecognisedasminorityinterests,netprofitorlossattributabletominorityinterestsandtotalcomprehensiveincomeattributabletominorityinterests,andpresentedseparatelyintheconsolidatedfinancialstatementsundershareholders’equity,netprofitandtotalcomprehensiveincomerespectively.Whentheamountoflossforthecurrentperiodattributabletotheminorityshareholdersofasubsidiaryexceedstheminorityshareholders’portionoftheopeningbalanceofowners’equityofthesubsidiary,theexcessisallocatedagainstthebalanceofminorityinterests.UnrealisedprofitsandlossesresultingfromthesaleofassetsbytheCompanytoitssubsidiariesarefullyeliminatedagainstnetprofitattributabletoownersoftheparent.UnrealisedprofitsandlossesresultingfromthesaleofassetsbyasubsidiarytotheCompanyareeliminatedandallocatedbetweennetprofitattributabletoownersoftheparentandnetprofitattributabletominorityinterestsinaccordancewiththeallocationproportionoftheparentinthesubsidiary.Unrealisedprofitsandlossesresultingfromthesaleofassetsbyonesubsidiarytoanotherareeliminatedandallocatedbetweennetprofitattributabletoownersoftheparentandnetprofitattributabletominorityinterestsinaccordancewiththeallocationproportionoftheparentinthesubsidiary.IftheaccountingtreatmentofatransactionisinconsistentinthefinancialstatementsattheGrouplevelandattheCompanyoritssubsidiarylevel,adjustmentwillbemadefromtheperspectiveoftheGroup.

Allsignificantintra-groupbalances,transactionsandunrealisedprofitsareeliminatedintheconsolidatedfinancialstatements.Theportionofsubsidiaries’shareholders’equityandtheportionofsubsidiaries’netprofitsandlossesandcomprehensiveincomesfortheperiodnotattributabletotheCompanyarerecognisedasminorityinterests,netprofitorlossattributabletominorityinterestsandtotalcomprehensiveincomeattributabletominorityinterests,andpresentedseparatelyintheconsolidatedfinancialstatementsundershareholders’equity,netprofitandtotalcomprehensiveincomerespectively.Whentheamountoflossforthecurrentperiodattributabletotheminorityshareholdersofasubsidiaryexceedstheminorityshareholders’portionoftheopeningbalanceofowners’equityofthesubsidiary,theexcessisallocatedagainstthebalanceofminorityinterests.UnrealisedprofitsandlossesresultingfromthesaleofassetsbytheCompanytoitssubsidiariesarefullyeliminatedagainstnetprofitattributabletoownersoftheparent.UnrealisedprofitsandlossesresultingfromthesaleofassetsbyasubsidiarytotheCompanyareeliminatedandallocatedbetweennetprofitattributabletoownersoftheparentandnetprofitattributabletominorityinterestsinaccordancewiththeallocationproportionoftheparentinthesubsidiary.Unrealisedprofitsandlossesresultingfromthesaleofassetsbyonesubsidiarytoanotherareeliminatedandallocatedbetweennetprofitattributabletoownersoftheparentandnetprofitattributabletominorityinterestsinaccordancewiththeallocationproportionoftheparentinthesubsidiary.IftheaccountingtreatmentofatransactionisinconsistentinthefinancialstatementsattheGrouplevelandattheCompanyoritssubsidiarylevel,adjustmentwillbemadefromtheperspectiveoftheGroup.(7)

(7)Cashandcashequivalents

Cashandcashequivalentscomprisecashonhand,depositsthatcanbereadilydrawnondemand,andshort-termandhighlyliquidinvestmentsthatarereadilyconvertibletoknownamountsofcashandwhicharesubjecttoaninsignificantriskofchangesinvalue.

Cashandcashequivalentscomprisecashonhand,depositsthatcanbereadilydrawnondemand,andshort-termandhighlyliquidinvestmentsthatarereadilyconvertibletoknownamountsofcashandwhicharesubjecttoaninsignificantriskofchangesinvalue.(8)

(8)Foreigncurrencytranslation

ForeigncurrencytransactionsaretranslatedintoRMBusingtheexchangeratesprevailingatthedatesofthetransactions.

ForeigncurrencytransactionsaretranslatedintoRMBusingtheexchangeratesprevailingatthedatesofthetransactions.

Atthebalancesheetdate,monetaryitemsdenominatedinforeigncurrenciesaretranslatedintoRMBusingthespotexchangeratesonthebalancesheetdate.Exchangedifferencesarisingfromthesetranslationsarerecognisedinprofitorlossforthecurrentperiod,exceptforthoseattributabletoforeigncurrencyborrowingsthathavebeentakenoutspecificallyforacquisitionorconstructionofqualifyingassets,whicharecapitalisedaspartofthecostofthoseassets.Non-monetaryitemsdenominatedinforeigncurrenciesthataremeasuredathistoricalcostsaretranslatedatthebalancesheetdateusingthespotexchangeratesatthedateofthetransactions.Theeffectofexchangeratechangesoncashispresentedseparatelyinthecashflowstatement.

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

(9)

(9)Financialinstruments

Afinancialinstrumentisanycontractthatgivesrisetoafinancialassetofoneentityandafinancialliabilityorequityinstrumentofanotherentity.AfinancialassetorafinancialliabilityisrecognisedwhentheGroupbecomesapartytothecontractualprovisionsoftheinstrument.

Afinancialinstrumentisanycontractthatgivesrisetoafinancialassetofoneentityandafinancialliabilityorequityinstrumentofanotherentity.AfinancialassetorafinancialliabilityisrecognisedwhentheGroupbecomesapartytothecontractualprovisionsoftheinstrument.(a)

(a)Financialassets

(i)

(i)Classificationandmeasurement

BasedontheGroup’sbusinessmodelformanagingthefinancialassetsandthecontractualcashflowcharacteristicsofthefinancialassets,financialassetsareclassifiedas:(1)financialassetsatamortisedcost;(2)financialassetsatfairvaluethroughothercomprehensiveincome;(3)financialassetsatfairvaluethroughprofitorloss.

BasedontheGroup’sbusinessmodelformanagingthefinancialassetsandthecontractualcashflowcharacteristicsofthefinancialassets,financialassetsareclassifiedas:(1)financialassetsatamortisedcost;(2)financialassetsatfairvaluethroughothercomprehensiveincome;(3)financialassetsatfairvaluethroughprofitorloss.

Atinitialrecognition,thefinancialassetsaremeasuredatfairvalue.Transactioncoststhatareincrementalanddirectlyattributabletotheacquisitionofthefinancialassetsareincludedintheinitiallyrecognisedamounts,exceptforthefinancialassetsatfairvaluethroughprofitorloss,therelatedtransactioncostsofwhichareexpensedinprofitorlossforthecurrentperiod.Accountsreceivablesarisingfromsaleofproductsorrenderingofservices(excludingorwithoutregardtosignificantfinancingcomponents)areinitiallyrecognisedattheconsiderationthatisentitledtobereceivedbytheGroupasexpected.

Atinitialrecognition,thefinancialassetsaremeasuredatfairvalue.Transactioncoststhatareincrementalanddirectlyattributabletotheacquisitionofthefinancialassetsareincludedintheinitiallyrecognisedamounts,exceptforthefinancialassetsatfairvaluethroughprofitorloss,therelatedtransactioncostsofwhichareexpensedinprofitorlossforthecurrentperiod.Accountsreceivablesarisingfromsaleofproductsorrenderingofservices(excludingorwithoutregardtosignificantfinancingcomponents)areinitiallyrecognisedattheconsiderationthatisentitledtobereceivedbytheGroupasexpected.Debtinstruments

DebtinstrumentsThedebtinstrumentsheldbytheGrouprefertotheinstrumentsthatmeetthedefinitionoffinancialliabilitiesfromtheperspectiveoftheissuer,andaremeasuredinthefollowingcategories:

ThedebtinstrumentsheldbytheGrouprefertotheinstrumentsthatmeetthedefinitionoffinancialliabilitiesfromtheperspectiveoftheissuer,andaremeasuredinthefollowingcategories:

Measuredatamortisedcost:

Measuredatamortisedcost:

TheobjectiveoftheGroup’sbusinessmodelistoholdthefinancialassetstocollectthecontractualcashflows,andthecontractualcashflowcharacteristicsareconsistentwithabasiclendingarrangement,whichgivesriseonspecifieddatestothecontractualcashflowsthataresolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.Theinterestincomeofsuchfinancialassetsisrecognisedusingtheeffectiveinterestmethod.Suchfinancialassetsmainlycomprisecashatbankandonhand,notesreceivables,accountsreceivables,otherreceivables,andlong-termreceivables,etc.Long-termreceivablesthatareduewithinoneyear(inclusive)asfromthebalancesheetdateareincludedinthecurrentportionofnon-currentassets.

TheobjectiveoftheGroup’sbusinessmodelistoholdthefinancialassetstocollectthecontractualcashflows,andthecontractualcashflowcharacteristicsareconsistentwithabasiclendingarrangement,whichgivesriseonspecifieddatestothecontractualcashflowsthataresolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.Theinterestincomeofsuchfinancialassetsisrecognisedusingtheeffectiveinterestmethod.Suchfinancialassetsmainlycomprisecashatbankandonhand,notesreceivables,accountsreceivables,otherreceivables,andlong-termreceivables,etc.Long-termreceivablesthatareduewithinoneyear(inclusive)asfromthebalancesheetdateareincludedinthecurrentportionofnon-currentassets.Equityinstruments

Equityinstruments

Investmentsinequityinstruments,overwhichtheGrouphasnocontrol,jointcontrolorsignificantinfluence,aremeasuredatfairvaluethroughprofitorlossunderfinancialassetsheldfortrading.Inaddition,atinitialrecognition,aportionofcertaininvestmentsinequityinstrumentsnotheldfortradingaredesignatedasfinancialassetsatfairvaluethroughothercomprehensiveincomeunderotherinvestmentsinequityinstruments.Therelevantdividendincomeofsuchfinancialassetsisrecognisedinprofitorlossforthecurrentperiod.

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2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

(9)

(9)Financialinstruments(Cont’d)

(a)

(a)Financialassets(Cont’d)

(ii)

(ii)Impairment

TheGrouprecognisesthelossprovisiononthebasisoftheECLforfinancialassetsandcontractassetsmeasuredatamortisedcost.

TheGrouprecognisesthelossprovisiononthebasisoftheECLforfinancialassetsandcontractassetsmeasuredatamortisedcost.

Givingconsiderationtoreasonableandsupportableinformationthatisavailablewithoutunduecostoreffortatthebalancesheetdateonpastevents,currentconditionsandforecastsoffutureeconomicconditionsweightedbytheprobabilityofdefault,theGrouprecognisestheECLastheprobability-weightedamountofthepresentvalueofthedifferencebetweenthecashflowsreceivablefromthecontractandthecashflowsexpectedtocollect.Foraccountsreceivablesandcontractassetsarisingfromsaleofgoodsandrenderingofservicesintheordinarycourseofoperatingactivities,theGrouprecognisesthelifetimeECLregardlessofwhetherthereexistsasignificantfinancingcomponent.

Givingconsiderationtoreasonableandsupportableinformationthatisavailablewithoutunduecostoreffortatthebalancesheetdateonpastevents,currentconditionsandforecastsoffutureeconomicconditionsweightedbytheprobabilityofdefault,theGrouprecognisestheECLastheprobability-weightedamountofthepresentvalueofthedifferencebetweenthecashflowsreceivablefromthecontractandthecashflowsexpectedtocollect.Foraccountsreceivablesandcontractassetsarisingfromsaleofgoodsandrenderingofservicesintheordinarycourseofoperatingactivities,theGrouprecognisesthelifetimeECLregardlessofwhetherthereexistsasignificantfinancingcomponent.

Exceptfortheaboveaccountsreceivablesandcontractassets,ateachbalancesheetdate,theECLoffinancialinstrumentsatdifferentstagesismeasuredrespectively.12-monthECLisrecognisedforfinancialinstrumentsinStage1whichdon’thaveasignificantincreaseincreditrisksinceinitialrecognition;lifetimeECLisrecognisedforfinancialinstrumentsinStage2whichhavehadasignificantincreaseincreditrisksinceinitialrecognitionbutarenotdeemedtobecredit-impaired;andlifetimeECLisrecognisedforfinancialinstrumentsinStage3thatarecredit-impaired.

Exceptfortheaboveaccountsreceivablesandcontractassets,ateachbalancesheetdate,theECLoffinancialinstrumentsatdifferentstagesismeasuredrespectively.12-monthECLisrecognisedforfinancialinstrumentsinStage1whichdon’thaveasignificantincreaseincreditrisksinceinitialrecognition;lifetimeECLisrecognisedforfinancialinstrumentsinStage2whichhavehadasignificantincreaseincreditrisksinceinitialrecognitionbutarenotdeemedtobecredit-impaired;andlifetimeECLisrecognisedforfinancialinstrumentsinStage3thatarecredit-impaired.Forthefinancialinstrumentswithlowcreditriskasatthebalancesheetdate,theGroupassumesthereisnosignificantincreaseincreditrisksinceinitialrecognition.TheGroupdeterminesthemasthefinancialinstrumentsinStage1andrecognisesthe12-monthECL.

Forthefinancialinstrumentswithlowcreditriskasatthebalancesheetdate,theGroupassumesthereisnosignificantincreaseincreditrisksinceinitialrecognition.TheGroupdeterminesthemasthefinancialinstrumentsinStage1andrecognisesthe12-monthECL.ForthefinancialinstrumentsinStage1andStage2,theinterestincomeiscalculatedbyapplyingtheeffectiveinterestratetothebookbalance(beforenetofECLprovision).ForthefinancialinstrumentinStage3,theinterestincomeiscalculatedbyapplyingtheeffectiveinterestratetotheamortisedcost(netofECLprovision).

ForthefinancialinstrumentsinStage1andStage2,theinterestincomeiscalculatedbyapplyingtheeffectiveinterestratetothebookbalance(beforenetofECLprovision).ForthefinancialinstrumentinStage3,theinterestincomeiscalculatedbyapplyingtheeffectiveinterestratetotheamortisedcost(netofECLprovision).IncasetheECLofanindividuallyassessedfinancialassetcannotbeevaluatedwithreasonablecost,theGroupclassifiesthereceivablesintocertaingroupsonthebasisofsharedriskcharacteristics,andcalculatestheECLforeachgrouprespectively.Basisfordetermininggroupsandmethodforprovisionareasfollows:

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

(9)

(9)Financialinstruments(Cont’d)

(a)

(a)Financialassets(Cont’d)

(ii)

(ii)Impairment(Cont’d)

Group1ofnotesreceivables

Group1ofnotesreceivablesNotesreceivables

Group1ofaccountsreceivables

Group1ofaccountsreceivablesReceivablesfromsaleofelectricity
Group2ofaccountsreceivablesReceivablesfromrelatedparties
Group3ofaccountsreceivablesReceivablesfromsaleofsteamandothers

Group1ofcontractassets

Group1ofcontractassetsReceivablesfromrelatedparties
Group2ofcontractassetsOthercontractassets

Group1ofotherreceivables

Group1ofotherreceivablesReceivablesfrombusinessunits,reservesreceivableandotherreceivables

Foraccountsreceivablesthatareclassifiedintogroups,theGrouppreparesacomparisontableoftheoverduedaysofreceivablesandthelifetimeECLrate,andcalculatesECLwithreferencetothehistoricalcreditlossexperience,thecurrentsituationandtheforecastoffutureeconomicconditions.Forotherreceivablesthatareclassifiedintogroups,theGroupcalculatestheECLwithreferencetohistoricalcreditlossexperience,currentconditionsandforecastsoffutureeconomicconditions,andbasedontheexposureatdefaultandthe12-monthorlifetimeECLrates.

Foraccountsreceivablesthatareclassifiedintogroups,theGrouppreparesacomparisontableoftheoverduedaysofreceivablesandthelifetimeECLrate,andcalculatesECLwithreferencetothehistoricalcreditlossexperience,thecurrentsituationandtheforecastoffutureeconomicconditions.Forotherreceivablesthatareclassifiedintogroups,theGroupcalculatestheECLwithreferencetohistoricalcreditlossexperience,currentconditionsandforecastsoffutureeconomicconditions,andbasedontheexposureatdefaultandthe12-monthorlifetimeECLrates.TheGrouprecognisesthelossprovisionmadeorreversedintoprofitorlossforthecurrentperiod.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

(9)

(9)Financialinstruments(Cont’d)

(a)

(a)Financialassets(Cont’d)

(iii)

(iii)Derecognition

Afinancialassetisderecognisedwhenoneofthefollowingcriteriaissatisfied:(i)thecontractualrightstoreceivethecashflowsfromthefinancialassetareexpired,(ii)thefinancialassethasbeentransferredandtheGrouptransferssubstantiallyalltherisksandrewardsofownershipofthefinancialassettothetransferee,or(iii)thefinancialassethasbeentransferredandtheGrouphasnotretainedcontrolofthefinancialasset,althoughtheGroupneithertransfersnorretainssubstantiallyalltherisksandrewardsofownershipofthefinancialasset.Whenafinancialassetisderecognised,thedifferencebetweenthecarryingamountandtheconsiderationreceivedaswellasthecumulativechangesinfairvaluethatarepreviouslyrecogniseddirectlyinothercomprehensiveincomeisrecognisedinprofitorlossforthecurrentperiod,exceptforthosemeasuredatfairvaluethroughothercomprehensiveincome,thedifferenceaforementionedisrecognisedinretainedearningsinstead.

Afinancialassetisderecognisedwhenoneofthefollowingcriteriaissatisfied:(i)thecontractualrightstoreceivethecashflowsfromthefinancialassetareexpired,(ii)thefinancialassethasbeentransferredandtheGrouptransferssubstantiallyalltherisksandrewardsofownershipofthefinancialassettothetransferee,or(iii)thefinancialassethasbeentransferredandtheGrouphasnotretainedcontrolofthefinancialasset,althoughtheGroupneithertransfersnorretainssubstantiallyalltherisksandrewardsofownershipofthefinancialasset.Whenafinancialassetisderecognised,thedifferencebetweenthecarryingamountandtheconsiderationreceivedaswellasthecumulativechangesinfairvaluethatarepreviouslyrecogniseddirectlyinothercomprehensiveincomeisrecognisedinprofitorlossforthecurrentperiod,exceptforthosemeasuredatfairvaluethroughothercomprehensiveincome,thedifferenceaforementionedisrecognisedinretainedearningsinstead.(b)

(b)Financialliabilities

Financialliabilitiesareclassifiedasfinancialliabilitiesatamortisedcostandfinancialliabilitiesatfairvaluethroughprofitorlossatinitialrecognition.FinancialliabilitiesoftheGroupmainlycomprisefinancialliabilitiesatamortisedcost,includingnotespayables,accountspayables,otherpayables,borrowingsanddebenturespayable,etc.Suchfinancialliabilitiesareinitiallyrecognisedatfairvalue,netoftransactioncostsincurred,andsubsequentlymeasuredusingtheeffectiveinterestmethod.Financialliabilitieswithmaturitiesofnomorethanoneyear(inclusive)arepresentedascurrentliabilities,andthosewithmaturitiesofoveroneyearbutduewithinoneyear(inclusive)asfromthebalancesheetdatearepresentedascurrentportionofnon-currentliabilities;andothersarepresentedasnon-currentliabilities.

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

(9)

(9)Financialinstruments(Cont’d)

(b)

(b)Financialliabilities(Cont’d)

Afinancialliabilityisderecognisedorpartlyderecognisedwhentheunderlyingpresentobligationisdischargedorpartlydischarged.Thedifferencebetweenthecarryingamountofthederecognisedpartofthefinancialliabilityandtheconsiderationpaidisrecognisedinprofitorlossforthecurrentperiod.

Afinancialliabilityisderecognisedorpartlyderecognisedwhentheunderlyingpresentobligationisdischargedorpartlydischarged.Thedifferencebetweenthecarryingamountofthederecognisedpartofthefinancialliabilityandtheconsiderationpaidisrecognisedinprofitorlossforthecurrentperiod.(c)

(c)Determinationoffairvalueoffinancialinstruments

Thefairvalueofafinancialinstrumentthatistradedinanactivemarketisdeterminedatthequotedpriceintheactivemarket.Thefairvalueofafinancialinstrumentthatisnottradedinanactivemarketisdeterminedbyusingavaluationtechnique.Invaluation,theGroupadoptsvaluationtechniquesapplicableinthecurrentsituationandsupportedbyadequateavailabledataandotherinformation,selectsinputswiththesamecharacteristicsasthoseofassetsorliabilitiesconsideredinrelevanttransactionsofassetsorliabilitiesbymarketparticipants,andgivesprioritytotheuseofrelevantobservableinputs.Whenrelevantobservableinputsarenotavailableorfeasible,unobservableinputsareadopted.

Thefairvalueofafinancialinstrumentthatistradedinanactivemarketisdeterminedatthequotedpriceintheactivemarket.Thefairvalueofafinancialinstrumentthatisnottradedinanactivemarketisdeterminedbyusingavaluationtechnique.Invaluation,theGroupadoptsvaluationtechniquesapplicableinthecurrentsituationandsupportedbyadequateavailabledataandotherinformation,selectsinputswiththesamecharacteristicsasthoseofassetsorliabilitiesconsideredinrelevanttransactionsofassetsorliabilitiesbymarketparticipants,andgivesprioritytotheuseofrelevantobservableinputs.Whenrelevantobservableinputsarenotavailableorfeasible,unobservableinputsareadopted.(10)

(10)Inventories

(a)

(a)Classification

Inventoriesmainlycomprisefuelandspareparts,andaremeasuredatthelowerofcostandnetrealisablevalue.

Inventoriesmainlycomprisefuelandspareparts,andaremeasuredatthelowerofcostandnetrealisablevalue.(b)

(b)Valuationofinventories

Costoffueliscalculatedusingtheweightedaveragemethod.Sparepartsareamortisedinfullamountwhenissuedforuse.

Costoffueliscalculatedusingtheweightedaveragemethod.Sparepartsareamortisedinfullamountwhenissuedforuse.(c)

(c)Basisfordeterminingnetrealisablevaluesofinventoriesandmethodformakingprovisionfordeclineinthevalueofinventories

Provisionfordeclineinthevalueofinventoriesisdeterminedattheexcessamountofthecarryingamountoftheinventoriesovertheirnetrealisablevalue.Netrealisablevalueisdeterminedbasedontheestimatedsellingpriceintheordinarycourseofbusiness,lesstheestimatedcostsnecessarytomakethesaleandrelatedtaxes.

Provisionfordeclineinthevalueofinventoriesisdeterminedattheexcessamountofthecarryingamountoftheinventoriesovertheirnetrealisablevalue.Netrealisablevalueisdeterminedbasedontheestimatedsellingpriceintheordinarycourseofbusiness,lesstheestimatedcostsnecessarytomakethesaleandrelatedtaxes.(d)

(d)TheGroupadoptstheperpetualinventorysystem.

(e)

(e)Amortisationmethodsoflow-valueconsumables

Lowvalueconsumablesareamortisedinfullamount.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

(11)

(11)Long-termequityinvestments

Long-termequityinvestmentscomprisetheCompany’slong-termequityinvestmentsinitssubsidiaries,andtheGroup’slong-termequityinvestmentsinitsjointventuresandassociates.

Long-termequityinvestmentscomprisetheCompany’slong-termequityinvestmentsinitssubsidiaries,andtheGroup’slong-termequityinvestmentsinitsjointventuresandassociates.

SubsidiariesaretheinvesteesoverwhichtheCompanyisabletoexercisecontrol.AjointventureisajointarrangementwhichisstructuredthroughaseparatevehicleoverwhichtheGrouphasjointcontroltogetherwithotherpartiesandonlyhasrightstothenetassetsofthearrangementbasedonlegalforms,contractualtermsandotherfactsandcircumstances.AnassociateisaninvesteeoverwhichtheGrouphassignificantinfluenceonitsfinancialandoperatingpolicydecisions.

SubsidiariesaretheinvesteesoverwhichtheCompanyisabletoexercisecontrol.AjointventureisajointarrangementwhichisstructuredthroughaseparatevehicleoverwhichtheGrouphasjointcontroltogetherwithotherpartiesandonlyhasrightstothenetassetsofthearrangementbasedonlegalforms,contractualtermsandotherfactsandcircumstances.AnassociateisaninvesteeoverwhichtheGrouphassignificantinfluenceonitsfinancialandoperatingpolicydecisions.InvestmentsinsubsidiariesarepresentedintheCompany’sfinancialstatementsusingthecostmethod,andareadjustedtotheequitymethodwhenpreparingtheconsolidatedfinancialstatements.Investmentsinjointventuresandassociatesareaccountedforusingtheequitymethod.

InvestmentsinsubsidiariesarepresentedintheCompany’sfinancialstatementsusingthecostmethod,andareadjustedtotheequitymethodwhenpreparingtheconsolidatedfinancialstatements.Investmentsinjointventuresandassociatesareaccountedforusingtheequitymethod.(a)

(a)Determinationofinvestmentcost

Forlong-termequityinvestmentsacquiredthroughabusinesscombinationinvolvingenterprisesundercommoncontrol,theinvestmentcostshallbetheabsorbingparty’sshareofthecarryingamountofowners’equityofthepartybeingabsorbedintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyatthecombinationdate;forlong-termequityinvestmentsacquiredthroughabusinesscombinationinvolvingenterprisesnotundercommoncontrol,theinvestmentcostshallbethecombinationcost.Forlong-termequityinvestmentsacquirednotthroughabusinesscombination:forlong-termequityinvestmentsacquiredbypaymentincash,theinitialinvestmentcostshallbethepurchasepriceactuallypaid;forlong-termequityinvestmentsacquiredbyissuingequitysecurities,theinitialinvestmentcostshallbethefairvalueoftheequitysecuritiesissued.

Forlong-termequityinvestmentsacquiredthroughabusinesscombinationinvolvingenterprisesundercommoncontrol,theinvestmentcostshallbetheabsorbingparty’sshareofthecarryingamountofowners’equityofthepartybeingabsorbedintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyatthecombinationdate;forlong-termequityinvestmentsacquiredthroughabusinesscombinationinvolvingenterprisesnotundercommoncontrol,theinvestmentcostshallbethecombinationcost.Forlong-termequityinvestmentsacquirednotthroughabusinesscombination:forlong-termequityinvestmentsacquiredbypaymentincash,theinitialinvestmentcostshallbethepurchasepriceactuallypaid;forlong-termequityinvestmentsacquiredbyissuingequitysecurities,theinitialinvestmentcostshallbethefairvalueoftheequitysecuritiesissued.(b)

(b)Subsequentmeasurementandrecognitionofprofitorloss

Long-termequityinvestmentsaccountedforusingthecostmethodaremeasuredatinitialinvestmentcost.Cashdividendorprofitdistributiondeclaredbytheinvesteesisrecognisedasinvestmentincomeinprofitorlossforthecurrentperiod.

Long-termequityinvestmentsaccountedforusingthecostmethodaremeasuredatinitialinvestmentcost.Cashdividendorprofitdistributiondeclaredbytheinvesteesisrecognisedasinvestmentincomeinprofitorlossforthecurrentperiod.

Forlong-termequityinvestmentsaccountedforusingtheequitymethod,wheretheinitialinvestmentcostexceedstheGroup’sshareofthefairvalueoftheinvestee’sidentifiablenetassetsatthetimeofacquisition,theinvestmentisinitiallymeasuredatthatcost;wheretheinitialinvestmentcostislessthantheGroup’sshareofthefairvalueoftheinvestee’sidentifiablenetassetsatthetimeofacquisition,thedifferenceisincludedinprofitorlossforthecurrentperiodandthecostofthelong-termequityinvestmentisadjustedupwardsaccordingly.

Forlong-termequityinvestmentsaccountedforusingtheequitymethod,wheretheinitialinvestmentcostexceedstheGroup’sshareofthefairvalueoftheinvestee’sidentifiablenetassetsatthetimeofacquisition,theinvestmentisinitiallymeasuredatthatcost;wheretheinitialinvestmentcostislessthantheGroup’sshareofthefairvalueoftheinvestee’sidentifiablenetassetsatthetimeofacquisition,thedifferenceisincludedinprofitorlossforthecurrentperiodandthecostofthelong-termequityinvestmentisadjustedupwardsaccordingly.

Forlong-termequityinvestmentsaccountedforusingtheequitymethod,theGrouprecognisestheinvestmentincomeaccordingtoitsshareofnetprofitorlossoftheinvestee.TheGroupdoesnotrecognisefurtherlosseswhenthecarryingamountofthelong-termequityinvestmenttogetherwithanylong-termintereststhat,insubstance,formpartoftheGroup’snetinvestmentintheinvesteeisreducedtozero.However,iftheGrouphasobligationsforadditionallossesandthecriteriawithrespecttorecognitionofprovisionsaresatisfied,theGroupcontinuesrecognisingtheinvestmentlossesandtheprovisionsattheamountitexpectstoundertake.TheGroup’sshareofchangesintheinvestee’sowners’equityotherthanthosearisingfromthenetprofitorloss,othercomprehensiveincomeandprofitdistributionisrecognisedincapitalsurpluswithacorrespondingadjustmenttothecarryingamountofthelong-termequityinvestment.ThecarryingamountoftheinvestmentisreducedbytheGroup’sshareoftheprofitdistributionorcashdividendsdeclaredbytheinvestee.UnrealisedgainsorlossesontransactionsbetweentheGroupanditsinvesteesareeliminatedtotheextentoftheGroup’sequityinterestintheinvestees,basedonwhichtheinvestmentincomeorlossesarerecognised.AnylossesresultingfromtransactionsbetweentheGroupanditsinvestees,whichareattributabletoasset

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

impairmentlossesarenoteliminated.

impairmentlossesarenoteliminated.

2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

(11)

(11)Long-termequityinvestments(Cont’d)

(c)

(c)Basisfordeterminingexistenceofcontrol,jointcontrolorsignificantinfluenceoverinvestees

Controlisthepoweroverinvesteesthatcanbringvariablereturnsthroughinvolvementinrelatedactivitiesofinvesteesandtheabilitytoinfluencethereturnsbyusingsuchpoweroverinvestees.

Controlisthepoweroverinvesteesthatcanbringvariablereturnsthroughinvolvementinrelatedactivitiesofinvesteesandtheabilitytoinfluencethereturnsbyusingsuchpoweroverinvestees.Jointcontrolistheagreedsharingofcontroloveranarrangement,andthedecisionofactivitiesrelatingtosucharrangementrequirestheunanimousconsentoftheGroupandotherpartiessharingcontrol.

Jointcontrolistheagreedsharingofcontroloveranarrangement,andthedecisionofactivitiesrelatingtosucharrangementrequirestheunanimousconsentoftheGroupandotherpartiessharingcontrol.Significantinfluenceisthepowertoparticipateinmakingthedecisionsonfinancialandoperatingpoliciesoftheinvestee,butisnotcontrolorjointcontrolovermakingthosepolicies.

Significantinfluenceisthepowertoparticipateinmakingthedecisionsonfinancialandoperatingpoliciesoftheinvestee,butisnotcontrolorjointcontrolovermakingthosepolicies.(d)

(d)Impairmentoflong-termequityinvestments

Thecarryingamountsoflong-termequityinvestmentsinsubsidiaries,jointventuresandassociatesarereducedtotherecoverableamountswhentherecoverableamountsarebelowtheircarryingamounts(Note2(18)).

Thecarryingamountsoflong-termequityinvestmentsinsubsidiaries,jointventuresandassociatesarereducedtotherecoverableamountswhentherecoverableamountsarebelowtheircarryingamounts(Note2(18)).(12)

(12)Investmentproperties

Investmentproperties,includinglanduserightsthathavealreadybeenleasedoutandbuildingsthatareheldforthepurposeofleasing,aremeasuredinitiallyatcost.SubsequentexpendituresincurredinrelationtoaninvestmentpropertyareincludedinthecostoftheinvestmentpropertywhenitisprobablethattheassociatedeconomicbenefitswillflowtotheGroupandtheircostscanbereliablymeasured;otherwise,theexpendituresarerecognisedinprofitorlossfortheperiodinwhichtheyareincurred.

Investmentproperties,includinglanduserightsthathavealreadybeenleasedoutandbuildingsthatareheldforthepurposeofleasing,aremeasuredinitiallyatcost.SubsequentexpendituresincurredinrelationtoaninvestmentpropertyareincludedinthecostoftheinvestmentpropertywhenitisprobablethattheassociatedeconomicbenefitswillflowtotheGroupandtheircostscanbereliablymeasured;otherwise,theexpendituresarerecognisedinprofitorlossfortheperiodinwhichtheyareincurred.TheGroupadoptsthecostmodelforsubsequentmeasurementofinvestmentproperties.Buildingsandlanduserightsaredepreciatedoramortisedtotheirestimatednetresidualvaluesovertheirestimatedusefullives.Theestimatedusefullives,thenetresidualvaluesthatareexpressedasapercentageofcostandtheannualdepreciation(amortisation)ratesofinvestmentpropertiesareasfollows:

TheGroupadoptsthecostmodelforsubsequentmeasurementofinvestmentproperties.Buildingsandlanduserightsaredepreciatedoramortisedtotheirestimatednetresidualvaluesovertheirestimatedusefullives.Theestimatedusefullives,thenetresidualvaluesthatareexpressedasapercentageofcostandtheannualdepreciation(amortisation)ratesofinvestmentpropertiesareasfollows:

Estimatedusefullives

EstimatedusefullivesEstimatednetresidualvaluesAnnualdepreciation(amortisation)rates

Buildings

Buildings20to40years0%to5%2.38%to4.75%
Landuserights60years0%1.67%

Theinvestmentproperty’sestimatedusefullife,estimatednetresidualvalueanddepreciation(amortisation)methodappliedarereviewedandadjustedasappropriateateachyear-end.

Theinvestmentproperty’sestimatedusefullife,estimatednetresidualvalueanddepreciation(amortisation)methodappliedarereviewedandadjustedasappropriateateachyear-end.Whenaninvestmentpropertyistransferredtoowner-occupiedproperty,itisreclassifiedtofixedassetandintangibleassetswiththecarryingamountsdeterminedatthecarryingamountsoftheinvestmentpropertyatthedateofthetransfer.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

(12)

(12)Investmentproperties(Cont’d)

Aninvestmentpropertyisderecognisedondisposalorwhentheinvestmentpropertyispermanentlywithdrawnfromuseandnofutureeconomicbenefitsareexpectedfromitsdisposal.Thenetamountofproceedsfromsale,transfer,retirementordamageofaninvestmentpropertyafteritscarryingamountandrelatedtaxesandexpensesisrecognisedinprofitorlossforthecurrentperiod.

Aninvestmentpropertyisderecognisedondisposalorwhentheinvestmentpropertyispermanentlywithdrawnfromuseandnofutureeconomicbenefitsareexpectedfromitsdisposal.Thenetamountofproceedsfromsale,transfer,retirementordamageofaninvestmentpropertyafteritscarryingamountandrelatedtaxesandexpensesisrecognisedinprofitorlossforthecurrentperiod.Thecarryingamountofaninvestmentpropertyisreducedtotherecoverableamountiftherecoverableamountisbelowthecarryingamount(Note2(18)).

Thecarryingamountofaninvestmentpropertyisreducedtotherecoverableamountiftherecoverableamountisbelowthecarryingamount(Note2(18)).(13)

(13)Fixedassets

(a)

(a)Recognitionandinitialmeasurementoffixedassets

Fixedassetscomprisebuildings,powergenerationequipment,motorvehicles,andotherequipment.

Fixedassetscomprisebuildings,powergenerationequipment,motorvehicles,andotherequipment.FixedassetsarerecognisedwhenitisprobablethattherelatedeconomicbenefitswillflowintotheGroupandthecostscanbereliablymeasured.FixedassetspurchasedorconstructedbytheGroupareinitiallymeasuredatcostatthetimeofacquisition.ThefixedassetscontributedbytheStateshareholdersatthereorganisationoftheCompanyintoacorporationentityarerecognisedbasedontheevaluatedamountsapprovedbythestate-ownedassetsadministrationdepartment.

FixedassetsarerecognisedwhenitisprobablethattherelatedeconomicbenefitswillflowintotheGroupandthecostscanbereliablymeasured.FixedassetspurchasedorconstructedbytheGroupareinitiallymeasuredatcostatthetimeofacquisition.ThefixedassetscontributedbytheStateshareholdersatthereorganisationoftheCompanyintoacorporationentityarerecognisedbasedontheevaluatedamountsapprovedbythestate-ownedassetsadministrationdepartment.SubsequentexpendituresincurredforafixedassetareincludedinthecostofthefixedassetwhenitisprobablethattheassociatedeconomicbenefitswillflowtotheGroupandtherelatedcostcanbereliablymeasured.Thecarryingamountofthereplacedpartisderecognised.Alltheothersubsequentexpendituresarerecognisedinprofitorlossfortheperiodinwhichtheyareincurred.

SubsequentexpendituresincurredforafixedassetareincludedinthecostofthefixedassetwhenitisprobablethattheassociatedeconomicbenefitswillflowtotheGroupandtherelatedcostcanbereliablymeasured.Thecarryingamountofthereplacedpartisderecognised.Alltheothersubsequentexpendituresarerecognisedinprofitorlossfortheperiodinwhichtheyareincurred.(b)

(b)Depreciationmethodsforfixedassets

Exceptforfixedassetspurchasedusingworksafetyfunds(Note2(26)),otherfixedassetsaredepreciatedusingthestraight-linemethodtoallocatethecostoftheassetstotheirestimatednetresidualvaluesovertheirestimatedusefullives.Forthefixedassetsthathavebeenprovidedforimpairmentloss,therelateddepreciationchargeisprospectivelydeterminedbasedupontheadjustedcarryingamountsovertheirremainingusefullives.

Exceptforfixedassetspurchasedusingworksafetyfunds(Note2(26)),otherfixedassetsaredepreciatedusingthestraight-linemethodtoallocatethecostoftheassetstotheirestimatednetresidualvaluesovertheirestimatedusefullives.Forthefixedassetsthathavebeenprovidedforimpairmentloss,therelateddepreciationchargeisprospectivelydeterminedbasedupontheadjustedcarryingamountsovertheirremainingusefullives.Theestimatedusefullives,theestimatednetresidualvaluesexpressedasapercentageofcostandtheannualdepreciationratesoffixedassetsareasfollows:

Theestimatedusefullives,theestimatednetresidualvaluesexpressedasapercentageofcostandtheannualdepreciationratesoffixedassetsareasfollows:

Estimateduseful

lives

EstimatedusefullivesEstimatednetresidualvaluesAnnualdepreciationrates

Buildings

Buildings10to50years0%to5%1.90%to9.50%
Powergenerationequipment5to30years0%to5%3.17%to20.00%
Motorvehicles5to10years0%to5%9.50%to20.00%
Otherequipment5to22years0%to5%4.32%to20.00%

Theestimatedusefullifeandtheestimatednetresidualvalueofafixedassetandthedepreciationmethodappliedtotheassetarereviewed,andadjustedasappropriateateachyear-end.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

(13)

(13)Fixedassets(Cont’d)

(c)

(c)Thecarryingamountsoffixedassetsarereducedtotherecoverableamountswhentherecoverableamountsarebelowtheircarryingamounts(Note2(18)).

(d)

(d)Disposalsoffixedassets

Afixedassetisderecognisedondisposalorwhennofutureeconomicbenefitsareexpectedfromitsuseordisposal.Theamountofproceedsfromdisposalsonsale,transfer,retirementordamageofafixedassetnetofitscarryingamountandrelatedtaxesandexpensesisrecognisedinprofitorlossforthecurrentperiod.

Afixedassetisderecognisedondisposalorwhennofutureeconomicbenefitsareexpectedfromitsuseordisposal.Theamountofproceedsfromdisposalsonsale,transfer,retirementordamageofafixedassetnetofitscarryingamountandrelatedtaxesandexpensesisrecognisedinprofitorlossforthecurrentperiod.(14)

(14)Constructioninprogress

Constructioninprogressismeasuredatactualcost.Actualcostcomprisesconstructioncosts,installationcosts,borrowingcoststhatareeligibleforcapitalisationandothercostsnecessarytobringtheconstructioninprogressreadyforitsintendeduse.Constructioninprogressistransferredtofixedassetswhentheassetisreadyforitsintendeduse,anddepreciationischargedstartingfromthefollowingmonth.Thecarryingamountofconstructioninprogressisreducedtotherecoverableamountwhentherecoverableamountisbelowitscarryingamount(Note2(18)).

Constructioninprogressismeasuredatactualcost.Actualcostcomprisesconstructioncosts,installationcosts,borrowingcoststhatareeligibleforcapitalisationandothercostsnecessarytobringtheconstructioninprogressreadyforitsintendeduse.Constructioninprogressistransferredtofixedassetswhentheassetisreadyforitsintendeduse,anddepreciationischargedstartingfromthefollowingmonth.Thecarryingamountofconstructioninprogressisreducedtotherecoverableamountwhentherecoverableamountisbelowitscarryingamount(Note2(18)).(15)

(15)Borrowingcosts

Theborrowingcoststhataredirectlyattributabletoacquisitionandconstructionofanassetthatneedsasubstantiallylongperiodoftimeforitsintendedusecommencetobecapitalisedandrecordedaspartofthecostoftheassetwhenexpendituresfortheassetandborrowingcostshavebeenincurred,andtheactivitiesrelatingtotheacquisitionandconstructionthatarenecessarytopreparetheassetforitsintendedusehavecommenced.Thecapitalisationofborrowingcostsceaseswhentheassetunderacquisitionorconstructionbecomesreadyforitsintendeduseandtheborrowingcostsincurredthereafterarerecognisedinprofitorlossforthecurrentperiod.Capitalisationofborrowingcostsissuspendedduringperiodsinwhichtheacquisitionorconstructionofanassetisinterruptedabnormallyandtheinterruptionlastsformorethan3months,untiltheacquisitionorconstructionisresumed.

Theborrowingcoststhataredirectlyattributabletoacquisitionandconstructionofanassetthatneedsasubstantiallylongperiodoftimeforitsintendedusecommencetobecapitalisedandrecordedaspartofthecostoftheassetwhenexpendituresfortheassetandborrowingcostshavebeenincurred,andtheactivitiesrelatingtotheacquisitionandconstructionthatarenecessarytopreparetheassetforitsintendedusehavecommenced.Thecapitalisationofborrowingcostsceaseswhentheassetunderacquisitionorconstructionbecomesreadyforitsintendeduseandtheborrowingcostsincurredthereafterarerecognisedinprofitorlossforthecurrentperiod.Capitalisationofborrowingcostsissuspendedduringperiodsinwhichtheacquisitionorconstructionofanassetisinterruptedabnormallyandtheinterruptionlastsformorethan3months,untiltheacquisitionorconstructionisresumed.Forspecialborrowingsfortheacquisitionandconstructionofqualifyingassets,thecapitalisedamountofthespecialborrowingsisdeterminedbytheinterestexpensesincurredintheperiodlessinterestincomeoftheunusedborrowingsdepositedatbankorinvestmentincomefromtemporaryinvestment.

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2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

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(15)Borrowingcosts(Cont'd)

Thecapitalisedamountofgeneralborrowingsintendedtobeusedfortheacquisitionandconstructionofqualifyingassetsisdeterminedbytheweightedaverageoftheexcessofaccumulatedcapitalexpenditureovercapitalexpenditureofthespecialborrowingsmultipliedbytheweightedaverageeffectiveinterestrateoftheutilisedgeneralborrowings.Theeffectiveinterestrateistherateatwhichthefuturecashflowsoftheborrowingsovertheexpectedlifetimeorashorterapplicableperiodarediscountedintotheinitialrecognisedamountoftheborrowings.

Thecapitalisedamountofgeneralborrowingsintendedtobeusedfortheacquisitionandconstructionofqualifyingassetsisdeterminedbytheweightedaverageoftheexcessofaccumulatedcapitalexpenditureovercapitalexpenditureofthespecialborrowingsmultipliedbytheweightedaverageeffectiveinterestrateoftheutilisedgeneralborrowings.Theeffectiveinterestrateistherateatwhichthefuturecashflowsoftheborrowingsovertheexpectedlifetimeorashorterapplicableperiodarediscountedintotheinitialrecognisedamountoftheborrowings.(16)

(16)Intangibleassets

Intangibleassetsincludelanduserights,seauserightsandsoftware,andaremeasuredatcost.Theintangibleassetscontributedbythestate-ownedshareholdersuponthereorganisationoftheGroupintoacorporationandfavourablecontractarerecognisedbasedontheevaluatedamountsasapprovedbythestate-ownedassetsadministrationdepartment.

Intangibleassetsincludelanduserights,seauserightsandsoftware,andaremeasuredatcost.Theintangibleassetscontributedbythestate-ownedshareholdersuponthereorganisationoftheGroupintoacorporationandfavourablecontractarerecognisedbasedontheevaluatedamountsasapprovedbythestate-ownedassetsadministrationdepartment.(a)

(a)Landuserightsandseauserights

Landuserightsareamortisedonthestraight-linebasisovertheirapproveduseperiodof20to70years.Iftheacquisitioncostsofthelanduserightsandthebuildingslocatedthereoncannotbereasonablyallocatedbetweenthelanduserightsandthebuildings,alloftheacquisitioncostsarerecognisedasfixedassets.Allottedlandwithundeterminedusefullivesisnotamortised.

Landuserightsareamortisedonthestraight-linebasisovertheirapproveduseperiodof20to70years.Iftheacquisitioncostsofthelanduserightsandthebuildingslocatedthereoncannotbereasonablyallocatedbetweenthelanduserightsandthebuildings,alloftheacquisitioncostsarerecognisedasfixedassets.Allottedlandwithundeterminedusefullivesisnotamortised.Seauserightsareamortisedonthestraight-linebasisovertheirapproveduseperiodof25to50years.

Seauserightsareamortisedonthestraight-linebasisovertheirapproveduseperiodof25to50years.(b)

(b)Otherintangibleassets

Intangibleassetsotherthanlanduserightsandseauserightsareamortisedonastraight-line-basisovertheexpectedusefullivesof2to60years.

Intangibleassetsotherthanlanduserightsandseauserightsareamortisedonastraight-line-basisovertheexpectedusefullivesof2to60years.(c)

(c)Periodicalreviewofusefullifeandamortisationmethod

Foranintangibleassetwithafiniteusefullife,reviewofitsusefullifeandamortisationmethodisperformedateachyear-end,withadjustmentmadeasappropriate.

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2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

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(16)Intangibleassets(Cont’d)

(d)

(d)Researchanddevelopment

Theexpenditureonaninternalresearchanddevelopmentprojectisclassifiedintoexpenditureontheresearchphaseandexpenditureonthedevelopmentphasebasedonitsnatureandwhetherthereismaterialuncertaintythattheresearchanddevelopmentactivitiescanformanintangibleassetattheendoftheproject.

Theexpenditureonaninternalresearchanddevelopmentprojectisclassifiedintoexpenditureontheresearchphaseandexpenditureonthedevelopmentphasebasedonitsnatureandwhetherthereismaterialuncertaintythattheresearchanddevelopmentactivitiescanformanintangibleassetattheendoftheproject.Expenditureontheresearchphaseisrecognisedinprofitorlossintheperiodinwhichitisincurred.Expenditureonthedevelopmentphaseiscapitalisedonlyifallofthefollowingconditionsaresatisfied:

Expenditureontheresearchphaseisrecognisedinprofitorlossintheperiodinwhichitisincurred.Expenditureonthedevelopmentphaseiscapitalisedonlyifallofthefollowingconditionsaresatisfied:

?managementintendstocompletetheintangibleasset,anduseorsellit;?itcanbedemonstratedhowtheintangibleassetwillgenerateeconomicbenefits:productswiththeapplicationofintangibleassetsortheintangibleassetsthemselvescanprovetohavemarketvalue,intangibleassetsforinternaluseapplicationcanprovetobeofusefulness;?thereareadequatetechnical,financialandotherresourcestocompletethedevelopmentandtheabilitytouseorselltheintangibleasset;?itistechnicallyfeasibletocompletetheintangibleassetsothatitwillbeavailableforuseorsale;?theexpenditureattributabletotheintangibleassetduringitsdevelopmentphasecanbe

reliablymeasured.

?managementintendstocompletetheintangibleasset,anduseorsellit;?itcanbedemonstratedhowtheintangibleassetwillgenerateeconomicbenefits:productswiththeapplicationofintangibleassetsortheintangibleassetsthemselvescanprovetohavemarketvalue,intangibleassetsforinternaluseapplicationcanprovetobeofusefulness;?thereareadequatetechnical,financialandotherresourcestocompletethedevelopmentandtheabilitytouseorselltheintangibleasset;?itistechnicallyfeasibletocompletetheintangibleassetsothatitwillbeavailableforuseorsale;?theexpenditureattributabletotheintangibleassetduringitsdevelopmentphasecanbe

reliablymeasured.Otherdevelopmentexpendituresthatdonotmeettheconditionsabovearerecognisedinprofitorlossintheperiodinwhichtheyareincurred.Developmentcostspreviouslyrecognisedasexpensesarenotrecognisedasanassetinasubsequentperiod.Capitalisedexpenditureonthedevelopmentphaseispresentedasdevelopmentcostsinthebalancesheetandtransferredtointangibleassetsatthedatethattheassetisreadyforitsintendeduse.

Otherdevelopmentexpendituresthatdonotmeettheconditionsabovearerecognisedinprofitorlossintheperiodinwhichtheyareincurred.Developmentcostspreviouslyrecognisedasexpensesarenotrecognisedasanassetinasubsequentperiod.Capitalisedexpenditureonthedevelopmentphaseispresentedasdevelopmentcostsinthebalancesheetandtransferredtointangibleassetsatthedatethattheassetisreadyforitsintendeduse.(e)

(e)Impairmentofintangibleassets

Thecarryingamountofintangibleassetsisreducedtotherecoverableamountwhentherecoverableamountisbelowthecarryingamount(Note2(18)).

Thecarryingamountofintangibleassetsisreducedtotherecoverableamountwhentherecoverableamountisbelowthecarryingamount(Note2(18)).(17)

(17)Long-termprepaidexpenses

Long-termprepaidexpensesincludetheexpenditureforimprovementstoright-of-useassets,andotherexpendituresthathavebeenincurredbutshouldberecognisedasexpensesovermorethanoneyearinthecurrentandsubsequentperiods.Long-termprepaidexpensesareamortisedonthestraight-linebasisovertheexpectedbeneficialperiodandarepresentedatactualexpenditurenetofaccumulatedamortisation.

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2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

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(18)Impairmentoflong-termassets

Fixedassets,constructioninprogress,right-of-useassets,intangibleassetswithfiniteusefullives,investmentpropertiesthataremeasuredatcostandlong-termequityinvestmentsinsubsidiaries,jointventuresandassociatesaretestedforimpairmentifthereisanyindicationthattheassetsmaybeimpairedatthebalancesheetdate.Iftheresultoftheimpairmenttestindicatesthattherecoverableamountofanassetislessthanitscarryingamount,aprovisionforimpairmentandanimpairmentlossarerecognisedfortheamountbywhichtheasset’scarryingamountexceedsitsrecoverableamount.Therecoverableamountofanassetisthehigherofthefairvaluelesscoststosellandthepresentvalueofthefuturecashflowsexpectedtobederivedfromit.Provisionforassetimpairmentisdeterminedandrecognisedontheindividualassetbasis.Ifitisnotpossibletoestimatetherecoverableamountofanindividualasset,therecoverableamountofagroupofassetstowhichtheassetbelongsisdetermined.Agroupofassetsisthesmallestgroupofassetsthatisabletogenerateindependentcashinflows.Goodwillthatisseparatelypresentedinthefinancialstatementsistestedatleastannuallyforimpairment,irrespectiveofwhetherthereisanyindicationthatitmaybeimpaired.Inconductingthetest,thecarryingamountofgoodwillisallocatedtotherelatedassetgroupsorgroupsofassetgroupswhichareexpectedtobenefitfromthesynergiesofthebusinesscombination.Iftheresultofthetestindicatesthattherecoverableamountofanassetgrouporagroupofassetgroups,includingtheallocatedgoodwill,islowerthanitscarryingamount,thecorrespondingimpairmentlossisrecognised.Theimpairmentlossisfirstdeductedfromthecarryingamountofgoodwillthatisallocatedtotheassetgrouporgroupofassetgroups,andthendeductedfromthecarryingamountsofotherassetswithintheassetgrouporgroupofassetgroupsinproportiontothecarryingamountsofassetsotherthangoodwill.

Fixedassets,constructioninprogress,right-of-useassets,intangibleassetswithfiniteusefullives,investmentpropertiesthataremeasuredatcostandlong-termequityinvestmentsinsubsidiaries,jointventuresandassociatesaretestedforimpairmentifthereisanyindicationthattheassetsmaybeimpairedatthebalancesheetdate.Iftheresultoftheimpairmenttestindicatesthattherecoverableamountofanassetislessthanitscarryingamount,aprovisionforimpairmentandanimpairmentlossarerecognisedfortheamountbywhichtheasset’scarryingamountexceedsitsrecoverableamount.Therecoverableamountofanassetisthehigherofthefairvaluelesscoststosellandthepresentvalueofthefuturecashflowsexpectedtobederivedfromit.Provisionforassetimpairmentisdeterminedandrecognisedontheindividualassetbasis.Ifitisnotpossibletoestimatetherecoverableamountofanindividualasset,therecoverableamountofagroupofassetstowhichtheassetbelongsisdetermined.Agroupofassetsisthesmallestgroupofassetsthatisabletogenerateindependentcashinflows.Goodwillthatisseparatelypresentedinthefinancialstatementsistestedatleastannuallyforimpairment,irrespectiveofwhetherthereisanyindicationthatitmaybeimpaired.Inconductingthetest,thecarryingamountofgoodwillisallocatedtotherelatedassetgroupsorgroupsofassetgroupswhichareexpectedtobenefitfromthesynergiesofthebusinesscombination.Iftheresultofthetestindicatesthattherecoverableamountofanassetgrouporagroupofassetgroups,includingtheallocatedgoodwill,islowerthanitscarryingamount,thecorrespondingimpairmentlossisrecognised.Theimpairmentlossisfirstdeductedfromthecarryingamountofgoodwillthatisallocatedtotheassetgrouporgroupofassetgroups,andthendeductedfromthecarryingamountsofotherassetswithintheassetgrouporgroupofassetgroupsinproportiontothecarryingamountsofassetsotherthangoodwill.Oncetheaboveassetimpairmentlossisrecognised,itwillnotbereversedforthevaluerecoveredinthesubsequentperiods.

Oncetheaboveassetimpairmentlossisrecognised,itwillnotbereversedforthevaluerecoveredinthesubsequentperiods.(19)

(19)Employeebenefits

EmployeebenefitsrefertoallformsofconsiderationorcompensationgivenbytheGroupinexchangeforservicerenderedbyemployeesorforterminationofemploymentrelationship,whichincludeshort-termemployeebenefits,post-employmentbenefits,terminationbenefitsandotherlong-termemployeebenefits.

EmployeebenefitsrefertoallformsofconsiderationorcompensationgivenbytheGroupinexchangeforservicerenderedbyemployeesorforterminationofemploymentrelationship,whichincludeshort-termemployeebenefits,post-employmentbenefits,terminationbenefitsandotherlong-termemployeebenefits.(a)

(a)Short-termemployeebenefits

Short-termemployeebenefitsincludewagesorsalaries,bonus,allowancesandsubsidies,staffwelfare,premiumsorcontributionsonmedicalinsurance,workinjuryinsuranceandmaternityinsurance,housingfunds,unionrunningcostsandemployeeeducationcostsandshort-termpaidabsences,etc.Theshort-termemployeebenefitsactuallyoccurredarerecognisedasaliabilityintheaccountingperiodinwhichtheserviceisrenderedbytheemployees,withacorrespondingchargetotheprofitorlossforthecurrentperiodorthecostofrelevantassets.Non-monetarybenefitsaremeasuredatfairvalue.

Short-termemployeebenefitsincludewagesorsalaries,bonus,allowancesandsubsidies,staffwelfare,premiumsorcontributionsonmedicalinsurance,workinjuryinsuranceandmaternityinsurance,housingfunds,unionrunningcostsandemployeeeducationcostsandshort-termpaidabsences,etc.Theshort-termemployeebenefitsactuallyoccurredarerecognisedasaliabilityintheaccountingperiodinwhichtheserviceisrenderedbytheemployees,withacorrespondingchargetotheprofitorlossforthecurrentperiodorthecostofrelevantassets.Non-monetarybenefitsaremeasuredatfairvalue.(b)

(b)Post-employmentbenefits

TheGroupclassifiespost-employmentbenefitplansaseitherdefinedcontributionplansordefinedbenefitplans.Definedcontributionplansarepost-employmentbenefitplansunderwhichtheGrouppaysfixedcontributionsintoaseparatefundandwillhavenoobligationtopayfurthercontributions;anddefinedbenefitplansarepost-employmentbenefitplansotherthandefinedcontributionplans.Duringthereportingperiod,theGroup'spost-employmentbenefitsmainlyincludebasicpensions,unemploymentinsuranceandsupplementarypensions,andallofthembelongtothedefinedcontributionplans;non-plannedexpensesprovidedtoretiredemployeesfall

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underdefinedbenefitplans.

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2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

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(19)Employeebenefits(Cont'd)

(b)

(b)Post-employmentbenefits(Cont'd)

Basicpensions

BasicpensionsTheGroup’semployeesparticipateinthebasicpensionplansetupandadministeredbylocalauthoritiesofMinistryofHumanResourceandSocialSecurity.Monthlypaymentsofpremiumsonthebasicpensionsarecalculatedaccordingtothebasesandpercentageprescribedbytherelevantlocalauthorities.Whenemployeesretire,therelevantlocalauthoritiesareobligedtopaythebasicpensionstothem.

TheGroup’semployeesparticipateinthebasicpensionplansetupandadministeredbylocalauthoritiesofMinistryofHumanResourceandSocialSecurity.Monthlypaymentsofpremiumsonthebasicpensionsarecalculatedaccordingtothebasesandpercentageprescribedbytherelevantlocalauthorities.Whenemployeesretire,therelevantlocalauthoritiesareobligedtopaythebasicpensionstothem.Supplementarypensions

SupplementarypensionsTheGrouppurchasessupplementarypensionsforemployees,andpaysinsurancepremiumaccordingtothepoliciesoftheparentcompany,GEGC.

TheGrouppurchasessupplementarypensionsforemployees,andpaysinsurancepremiumaccordingtothepoliciesoftheparentcompany,GEGC.Theamountsbasedontheabovecalculationsarerecognisedasliabilitiesintheaccountingperiodinwhichtheservicehasbeenrenderedbytheemployees,withacorrespondingchargetotheprofitorlossforthecurrentperiodorthecostofrelevantassets.

Theamountsbasedontheabovecalculationsarerecognisedasliabilitiesintheaccountingperiodinwhichtheservicehasbeenrenderedbytheemployees,withacorrespondingchargetotheprofitorlossforthecurrentperiodorthecostofrelevantassets.Definedbenefitplan

DefinedbenefitplanFordefinedbenefitplan,theGroupusestheprojectedunitcreditmethodandincludestheobligationofthedefinedbenefitplanintheaccountingperiodinwhichtheservicehasbeenrenderedbytheemployees,withacorrespondingchargetotheprofitorlossfortheperiod.Thecostofemployeebenefitsarisingfromdefinedbenefitplansareclassifiedintothefollowingparts:

Fordefinedbenefitplan,theGroupusestheprojectedunitcreditmethodandincludestheobligationofthedefinedbenefitplanintheaccountingperiodinwhichtheservicehasbeenrenderedbytheemployees,withacorrespondingchargetotheprofitorlossfortheperiod.Thecostofemployeebenefitsarisingfromdefinedbenefitplansareclassifiedintothefollowingparts:

—servicecost(includingcurrentservicecostaswellasgainsandlossesoncurtailmentsand

settlements);—netinterestexpensesonnetliabilitiesofthedefinedbenefitplan(includinginterestexpenses

forobligationsofthedefinedbenefitplan);and—Changesarisingfromremeasurementonnetliabilitiesofdefinedbenefitplans.

—servicecost(includingcurrentservicecostaswellasgainsandlossesoncurtailmentsand

settlements);—netinterestexpensesonnetliabilitiesofthedefinedbenefitplan(includinginterestexpenses

forobligationsofthedefinedbenefitplan);and—Changesarisingfromremeasurementonnetliabilitiesofdefinedbenefitplans.Servicecostandnetinterestexpensesonnetliabilitiesofdefinedbenefitplansareincludedinprofitorlossforthecurrentperiod.Changesarisingfromremeasurementonnetliabilitiesofdefinedbenefitplans(includingactuarialgainsorlosses)areincludedinothercomprehensiveincome.

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2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

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(19)Employeebenefits(Cont'd)

(c)

(c)Terminationbenefits

TheGroupprovidescompensationforterminatingtheemploymentrelationshipwithemployeesbeforetheendoftheemploymentcontractsorasanoffertoencourageemployeestoacceptvoluntaryredundancybeforetheendoftheemploymentcontracts.TheGrouprecognisesaliabilityarisingfromcompensationforterminationoftheemploymentrelationshipwithemployees,withacorrespondingchargetoprofitorlossforthecurrentperiodattheearlierofthefollowingdates:1)whentheGroupcannotunilaterallywithdrawanemploymentterminationplanoracurtailmentproposal;2)whentheGrouprecognisescostsorexpensesforarestructuringthatinvolvesthepaymentofterminationbenefits.

TheGroupprovidescompensationforterminatingtheemploymentrelationshipwithemployeesbeforetheendoftheemploymentcontractsorasanoffertoencourageemployeestoacceptvoluntaryredundancybeforetheendoftheemploymentcontracts.TheGrouprecognisesaliabilityarisingfromcompensationforterminationoftheemploymentrelationshipwithemployees,withacorrespondingchargetoprofitorlossforthecurrentperiodattheearlierofthefollowingdates:1)whentheGroupcannotunilaterallywithdrawanemploymentterminationplanoracurtailmentproposal;2)whentheGrouprecognisescostsorexpensesforarestructuringthatinvolvesthepaymentofterminationbenefits.Earlyretirementbenefits

Earlyretirementbenefits

TheGroupoffersearlyretirementbenefitstothoseemployeeswhoacceptearlyretirementarrangements.TheearlyretirementbenefitsrefertothesalariesandsocialsecuritycontributionstobepaidtoandfortheemployeeswhoacceptvoluntaryretirementbeforethenormalretirementdateprescribedbytheState,asapprovedbythemanagement.TheGrouppaysearlyretirementbenefitstothoseearlyretiredemployeesfromtheearlyretirementdateuntilthenormalretirementdate.TheGroupaccountsfortheearlyretirementbenefitsinaccordancewiththetreatmentforterminationbenefits,inwhichthesalariesandsocialsecuritycontributionstobepaidtoandfortheearlyretiredemployeesfromtheoff-dutydatetothenormalretirementdatearerecognisedasliabilitieswithacorrespondingchargetotheprofitorlossforthecurrentperiod.Thedifferencesarisingfromthechangesintherespectiveactuarialassumptionsoftheearlyretirementbenefitsandtheadjustmentsofbenefitstandardsarerecognisedinprofitorlossintheperiodinwhichtheyoccur.

TheGroupoffersearlyretirementbenefitstothoseemployeeswhoacceptearlyretirementarrangements.TheearlyretirementbenefitsrefertothesalariesandsocialsecuritycontributionstobepaidtoandfortheemployeeswhoacceptvoluntaryretirementbeforethenormalretirementdateprescribedbytheState,asapprovedbythemanagement.TheGrouppaysearlyretirementbenefitstothoseearlyretiredemployeesfromtheearlyretirementdateuntilthenormalretirementdate.TheGroupaccountsfortheearlyretirementbenefitsinaccordancewiththetreatmentforterminationbenefits,inwhichthesalariesandsocialsecuritycontributionstobepaidtoandfortheearlyretiredemployeesfromtheoff-dutydatetothenormalretirementdatearerecognisedasliabilitieswithacorrespondingchargetotheprofitorlossforthecurrentperiod.Thedifferencesarisingfromthechangesintherespectiveactuarialassumptionsoftheearlyretirementbenefitsandtheadjustmentsofbenefitstandardsarerecognisedinprofitorlossintheperiodinwhichtheyoccur.Theterminationbenefitsexpectedtobesettledwithinoneyearsincethebalancesheetdateareclassifiedasemployeebenefitspayable.

Theterminationbenefitsexpectedtobesettledwithinoneyearsincethebalancesheetdateareclassifiedasemployeebenefitspayable.(20)

(20)Dividenddistribution

Cashdividendsarerecognisedasliabilitiesintheperiodinwhichthedividendsareapprovedbytheshareholders’meeting.

Cashdividendsarerecognisedasliabilitiesintheperiodinwhichthedividendsareapprovedbytheshareholders’meeting.(21)

(21)Provisions

ProvisionsforproductwarrantiesarerecognisedwhentheGrouphasapresentobligation,itisprobablethatanoutflowofeconomicbenefitswillberequiredtosettletheobligation,andtheamountoftheobligationcanbemeasuredreliably.

ProvisionsforproductwarrantiesarerecognisedwhentheGrouphasapresentobligation,itisprobablethatanoutflowofeconomicbenefitswillberequiredtosettletheobligation,andtheamountoftheobligationcanbemeasuredreliably.

Aprovisionisinitiallymeasuredatthebestestimateoftheexpenditurerequiredtosettletherelatedpresentobligation.Factorssurroundingacontingency,suchastherisks,uncertaintiesandthetimevalueofmoney,aretakenintoaccountasawholeinreachingthebestestimateofaprovision.Wheretheeffectofthetimevalueofmoneyismaterial,thebestestimateisdeterminedbydiscountingtherelatedfuturecashoutflows.Theincreaseinthediscountedamountoftheprovisionarisingfrompassageoftimeisrecognisedasinterestexpense.

Aprovisionisinitiallymeasuredatthebestestimateoftheexpenditurerequiredtosettletherelatedpresentobligation.Factorssurroundingacontingency,suchastherisks,uncertaintiesandthetimevalueofmoney,aretakenintoaccountasawholeinreachingthebestestimateofaprovision.Wheretheeffectofthetimevalueofmoneyismaterial,thebestestimateisdeterminedbydiscountingtherelatedfuturecashoutflows.Theincreaseinthediscountedamountoftheprovisionarisingfrompassageoftimeisrecognisedasinterestexpense.Thecarryingamountofprovisionsisreviewedateachbalancesheetdateandadjustedtoreflectthecurrentbestestimate.

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

LossprovisionforfinancialguaranteecontractswhicharerecognisedonthebasisofECLarepresentedasprovisions.

LossprovisionforfinancialguaranteecontractswhicharerecognisedonthebasisofECLarepresentedasprovisions.Theprovisionsexpectedtobesettledwithinoneyearsincethebalancesheetdateareclassifiedascurrentliabilities.

Theprovisionsexpectedtobesettledwithinoneyearsincethebalancesheetdateareclassifiedascurrentliabilities.

2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

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(22)Revenuerecognition

TheGrouprecognisesrevenueattheamountoftheconsiderationwhichtheGroupexpectstobeentitledtoreceivewhenthecustomerobtainscontroloverrelevantgoodsorservices.

TheGrouprecognisesrevenueattheamountoftheconsiderationwhichtheGroupexpectstobeentitledtoreceivewhenthecustomerobtainscontroloverrelevantgoodsorservices.(a)

(a)Revenuefromsaleofelectricityandheatenergy

Revenueisrecognisedwhenelectricityandheatenergyaresuppliedtogridcompaniesorcustomers,andtheyobtaincontroloverelectricity.

Revenueisrecognisedwhenelectricityandheatenergyaresuppliedtogridcompaniesorcustomers,andtheyobtaincontroloverelectricity.(b)

(b)Revenuefromsaleofby-products

RevenuefromthesaleofgoodsisrecognisedwhentheGrouptransfersby-products(suchascoalash)producedbyelectricitygenerationstothedesignateddeliveryplacepursuanttothecontractoragreement,theresourceutilisationenterpriseconfirmsreceiptandobtainscontrolovertheby-products.

RevenuefromthesaleofgoodsisrecognisedwhentheGrouptransfersby-products(suchascoalash)producedbyelectricitygenerationstothedesignateddeliveryplacepursuanttothecontractoragreement,theresourceutilisationenterpriseconfirmsreceiptandobtainscontrolovertheby-products.(c)

(c)Provisionofelectricpowertransactionservice

FortheelectricpowertransactionserviceprovidedbytheGrouptoexternalparties,uponthereceiptoftheservice,revenueisrecognisedbasedonthedifferencebetweenthepurchasepriceandthesellingpriceofelectricity.

FortheelectricpowertransactionserviceprovidedbytheGrouptoexternalparties,uponthereceiptoftheservice,revenueisrecognisedbasedonthedifferencebetweenthepurchasepriceandthesellingpriceofelectricity.(d)

(d)Renderingofservices

TheGroupprovidesmaintenanceservicestoexternalparties.Therelatedrevenueisrecognisedbasedonthestageofcompletionwithinacertainperiod,whichisdeterminedbasedonproportionofcostsincurredtodatetotheestimatedtotalcosts.Onthebalancesheetdate,theGroupre-estimatesthestageofcompletiontoreflecttheactualstatusofcontractfulfilment.

TheGroupprovidesmaintenanceservicestoexternalparties.Therelatedrevenueisrecognisedbasedonthestageofcompletionwithinacertainperiod,whichisdeterminedbasedonproportionofcostsincurredtodatetotheestimatedtotalcosts.Onthebalancesheetdate,theGroupre-estimatesthestageofcompletiontoreflecttheactualstatusofcontractfulfilment.

WhentheGrouprecognisesrevenuebasedonthestageofcompletion,theamountwithunconditionalcollectionrightobtainedbytheGroupisrecognisedasaccountsreceivables,andtherestisrecognisedascontractassets.Meanwhile,lossprovisionsforaccountsreceivablesandcontractassetsarerecognisedonthebasisofECL(Note2(9)).Ifthecontractpricereceivedorreceivableexceedstheamountforthecompletedservice,theexcessportionwillberecognisedascontractliabilities.Contractassetsandcontractliabilitiesunderthesamecontractarepresentedonanetbasis.

WhentheGrouprecognisesrevenuebasedonthestageofcompletion,theamountwithunconditionalcollectionrightobtainedbytheGroupisrecognisedasaccountsreceivables,andtherestisrecognisedascontractassets.Meanwhile,lossprovisionsforaccountsreceivablesandcontractassetsarerecognisedonthebasisofECL(Note2(9)).Ifthecontractpricereceivedorreceivableexceedstheamountforthecompletedservice,theexcessportionwillberecognisedascontractliabilities.Contractassetsandcontractliabilitiesunderthesamecontractarepresentedonanetbasis.Contractcostsincludecontractfulfilmentcostsandcontractacquisitioncosts.Costsincurredforprovisionofmaintenanceservicesarerecognisedascontractfulfilmentcosts,whichisrecognisedasthecostofsaleofmainoperationsbasedonthestageofcompletionwhenrecognisingrevenue.

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2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

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(23)Governmentgrants

Governmentgrantsrefertothemonetaryornon-monetaryassetsobtainedbytheGroupfromthegovernment,includingtaxreturnandfinancialsubsidy,etc.

Governmentgrantsrefertothemonetaryornon-monetaryassetsobtainedbytheGroupfromthegovernment,includingtaxreturnandfinancialsubsidy,etc.GovernmentgrantsarerecognisedwhenthegrantscanbereceivedandtheGroupcancomplywithallattachedconditions.Ifagovernmentgrantisamonetaryasset,itwillbemeasuredattheamountreceivedorreceivable.Ifagovernmentgrantisanon-monetaryasset,itwillbemeasuredatitsfairvalue.Ifitisunabletoobtainitsfairvaluereliably,itwillbemeasuredatitsnominalamount.

GovernmentgrantsarerecognisedwhenthegrantscanbereceivedandtheGroupcancomplywithallattachedconditions.Ifagovernmentgrantisamonetaryasset,itwillbemeasuredattheamountreceivedorreceivable.Ifagovernmentgrantisanon-monetaryasset,itwillbemeasuredatitsfairvalue.Ifitisunabletoobtainitsfairvaluereliably,itwillbemeasuredatitsnominalamount.GovernmentgrantsrelatedtoassetsrefertogovernmentgrantswhichareobtainedbytheGroupforthepurposesofpurchase,constructionoracquisitionofthelong-termassets.Governmentgrantsrelatedtoincomerefertothegovernmentgrantsotherthanthoserelatedtoassets.

GovernmentgrantsrelatedtoassetsrefertogovernmentgrantswhichareobtainedbytheGroupforthepurposesofpurchase,constructionoracquisitionofthelong-termassets.Governmentgrantsrelatedtoincomerefertothegovernmentgrantsotherthanthoserelatedtoassets.Governmentgrantsrelatedtoassetsarerecordedasdeferredincomeandrecognisedinprofitorlossonareasonableandsystemicbasisovertheusefullivesoftheassets.

Governmentgrantsrelatedtoassetsarerecordedasdeferredincomeandrecognisedinprofitorlossonareasonableandsystemicbasisovertheusefullivesoftheassets.

Governmentgrantsrelatedtodailyoperationthatcompensatefuturecosts,expensesorlossesarerecordedasdeferredincomeandrecognisedinprofitorlossinreportingtherelatedcosts,expensesorlosses;governmentgrantsrelatedtoincomethatcompensateincurredcosts,expensesorlossesarerecognisedinprofitorlossdirectlyinthecurrentperiod.Forothergovernmentgrantsrelatedtoincomethatcompensatethefuturecosts,expensesorlossesarerecordedasdeferredincomeanddeductedagainstrelatedcostsinreportingtherelatedcosts,expensesorlosses;governmentgrantsrelatedtoincomethatcompensatetheincurredcosts,expensesorlossesaredeductedagainstrelatedcosts.TheGroupappliesthepresentationmethodconsistentlytothesimilargovernmentgrantsinthefinancialstatements.

Governmentgrantsrelatedtodailyoperationthatcompensatefuturecosts,expensesorlossesarerecordedasdeferredincomeandrecognisedinprofitorlossinreportingtherelatedcosts,expensesorlosses;governmentgrantsrelatedtoincomethatcompensateincurredcosts,expensesorlossesarerecognisedinprofitorlossdirectlyinthecurrentperiod.Forothergovernmentgrantsrelatedtoincomethatcompensatethefuturecosts,expensesorlossesarerecordedasdeferredincomeanddeductedagainstrelatedcostsinreportingtherelatedcosts,expensesorlosses;governmentgrantsrelatedtoincomethatcompensatetheincurredcosts,expensesorlossesaredeductedagainstrelatedcosts.TheGroupappliesthepresentationmethodconsistentlytothesimilargovernmentgrantsinthefinancialstatements.Governmentgrantsthatarerelatedtoordinaryactivitiesareincludedinoperatingprofit,otherwise,theyarerecordedinnon-operatingincomeorexpenses.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

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(24)Deferredtaxassetsanddeferredtaxliabilities

Deferredtaxassetsanddeferredtaxliabilitiesarecalculatedandrecognisedbasedonthedifferencesarisingbetweenthetaxbasesofassetsandliabilitiesandtheircarryingamounts(temporarydifferences).Deferredtaxassetisrecognisedforthedeductiblelossesthatcanbecarriedforwardtosubsequentyearsfordeductionofthetaxableprofitinaccordancewiththetaxlaws.Nodeferredtaxliabilityisrecognisedforatemporarydifferencearisingfromtheinitialrecognitionofgoodwill.Nodeferredtaxassetordeferredtaxliabilityisrecognisedforatemporarydifferencearisingfromtheinitialrecognitionofassetsorliabilitiesduetoatransactionotherthanabusinesscombination,whichaffectsneitheraccountingprofitnortaxableprofit(ordeductibleloss).Atthebalancesheetdate,deferredtaxassetsanddeferredtaxliabilitiesaremeasuredatthetaxratesthatareexpectedtoapplytotheperiodwhentheassetisrealisedortheliabilityissettled.

Deferredtaxassetsanddeferredtaxliabilitiesarecalculatedandrecognisedbasedonthedifferencesarisingbetweenthetaxbasesofassetsandliabilitiesandtheircarryingamounts(temporarydifferences).Deferredtaxassetisrecognisedforthedeductiblelossesthatcanbecarriedforwardtosubsequentyearsfordeductionofthetaxableprofitinaccordancewiththetaxlaws.Nodeferredtaxliabilityisrecognisedforatemporarydifferencearisingfromtheinitialrecognitionofgoodwill.Nodeferredtaxassetordeferredtaxliabilityisrecognisedforatemporarydifferencearisingfromtheinitialrecognitionofassetsorliabilitiesduetoatransactionotherthanabusinesscombination,whichaffectsneitheraccountingprofitnortaxableprofit(ordeductibleloss).Atthebalancesheetdate,deferredtaxassetsanddeferredtaxliabilitiesaremeasuredatthetaxratesthatareexpectedtoapplytotheperiodwhentheassetisrealisedortheliabilityissettled.Deferredtaxassetsareonlyrecognisedfordeductibletemporarydifferences,deductiblelossesandtaxcreditstotheextentthatitisprobablethattaxableprofitwillbeavailableinthefutureagainstwhichthedeductibletemporarydifferences,deductiblelossesandtaxcreditscanbeutilised.

Deferredtaxassetsareonlyrecognisedfordeductibletemporarydifferences,deductiblelossesandtaxcreditstotheextentthatitisprobablethattaxableprofitwillbeavailableinthefutureagainstwhichthedeductibletemporarydifferences,deductiblelossesandtaxcreditscanbeutilised.

Deferredtaxliabilitiesarerecognisedfortemporarydifferencesarisingfrominvestmentsinsubsidiaries,associatesandjointventures,exceptwheretheGroupisabletocontrolthetimingofreversalofthetemporarydifferences,anditisprobablethatthetemporarydifferenceswillnotbereversedintheforeseeablefuture.Whenitisprobablethatthetemporarydifferencesarisingfrominvestmentsinsubsidiaries,associatesandjointventureswillbereversedintheforeseeablefutureandthatthetaxableprofitwillbeavailableinthefutureagainstwhichthetemporarydifferencescanbeutilised,thecorrespondingdeferredtaxassetsarerecognised.

Deferredtaxliabilitiesarerecognisedfortemporarydifferencesarisingfrominvestmentsinsubsidiaries,associatesandjointventures,exceptwheretheGroupisabletocontrolthetimingofreversalofthetemporarydifferences,anditisprobablethatthetemporarydifferenceswillnotbereversedintheforeseeablefuture.Whenitisprobablethatthetemporarydifferencesarisingfrominvestmentsinsubsidiaries,associatesandjointventureswillbereversedintheforeseeablefutureandthatthetaxableprofitwillbeavailableinthefutureagainstwhichthetemporarydifferencescanbeutilised,thecorrespondingdeferredtaxassetsarerecognised.Deferredtaxassetsandliabilitiesareoffsetwhen:

Deferredtaxassetsandliabilitiesareoffsetwhen:

?thedeferredtaxassetsandliabilitiesarerelatedtothesametaxpayerwithintheGroupand

thesametaxationauthority;and,?thattaxpayerwithintheGrouphasalegallyenforceablerighttooffsetcurrenttaxassetsagainstcurrenttaxliabilities.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

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(25)Leases

Acontractis,orcontains,aleaseifthecontractconveystherighttocontroltheuseofanidentifiedassetforaperiodoftimeinexchangeforconsideration.

Acontractis,orcontains,aleaseifthecontractconveystherighttocontroltheuseofanidentifiedassetforaperiodoftimeinexchangeforconsideration.TheGroupasthelessee

TheGroupasthelessee

Attheleasecommencementdate,theGrouprecognisestheright-of-useassetandmeasurestheleaseliabilityatthepresentvalueoftheleasepaymentsthatarenotpaidatthatdate.Leasepaymentsincludefixedpayments,theexercisepriceofapurchaseoptionorterminationpenaltyifthelesseeisreasonablycertaintoexercisethatoptionetc.Variableleasepaymentsinproportiontosalesareexcludedfromleasepaymentsandrecognisedinprofitorlossasincurred.Leaseliabilitiesthatareduewithinoneyear(inclusive)asfromthebalancesheetdateareincludedinthecurrentportionofnon-currentliabilities.

Attheleasecommencementdate,theGrouprecognisestheright-of-useassetandmeasurestheleaseliabilityatthepresentvalueoftheleasepaymentsthatarenotpaidatthatdate.Leasepaymentsincludefixedpayments,theexercisepriceofapurchaseoptionorterminationpenaltyifthelesseeisreasonablycertaintoexercisethatoptionetc.Variableleasepaymentsinproportiontosalesareexcludedfromleasepaymentsandrecognisedinprofitorlossasincurred.Leaseliabilitiesthatareduewithinoneyear(inclusive)asfromthebalancesheetdateareincludedinthecurrentportionofnon-currentliabilities.

Right-of-useassetsoftheGroupcompriseleasedlanduserights,buildings,machineryandequipment,motorvehicles,etc.Right-of-useassetsaremeasuredinitiallyatcostwhichcomprisestheamountoftheinitialmeasurementofleaseliabilities,anyleasepaymentsmadeatorbeforethecommencementdateandanyinitialdirectcosts,lessanyleaseincentivesreceived.IfthereisreasonablecertaintythattheGroupwillobtainownershipoftheunderlyingassetbytheendoftheleaseterm,theassetisdepreciatedoveritsremainingusefullife;otherwise,theassetisdepreciatedovertheshorteroftheleasetermanditsremainingusefullife.Thecarryingamountoftheright-of-useassetisreducedtotherecoverableamountwhentherecoverableamountisbelowthecarryingamount.

Right-of-useassetsoftheGroupcompriseleasedlanduserights,buildings,machineryandequipment,motorvehicles,etc.Right-of-useassetsaremeasuredinitiallyatcostwhichcomprisestheamountoftheinitialmeasurementofleaseliabilities,anyleasepaymentsmadeatorbeforethecommencementdateandanyinitialdirectcosts,lessanyleaseincentivesreceived.IfthereisreasonablecertaintythattheGroupwillobtainownershipoftheunderlyingassetbytheendoftheleaseterm,theassetisdepreciatedoveritsremainingusefullife;otherwise,theassetisdepreciatedovertheshorteroftheleasetermanditsremainingusefullife.Thecarryingamountoftheright-of-useassetisreducedtotherecoverableamountwhentherecoverableamountisbelowthecarryingamount.Forshort-termleaseswithatermof12monthsorlessandleasesofanindividualasset(whennew)oflowvalue,theGroupchoosestoincludetheleasepaymentsinthecostoftheunderlyingassetsorintheprofitorlossforthecurrentperiodonastraight-linebasisovertheleaseterm,insteadofrecognisingright-of-useassetsandleaseliabilities.

Forshort-termleaseswithatermof12monthsorlessandleasesofanindividualasset(whennew)oflowvalue,theGroupchoosestoincludetheleasepaymentsinthecostoftheunderlyingassetsorintheprofitorlossforthecurrentperiodonastraight-linebasisovertheleaseterm,insteadofrecognisingright-of-useassetsandleaseliabilities.TheGroupaccountsforaleasemodificationasaseparateleaseifboth:(1)themodificationincreasesthescopeoftheleasebyaddingtherighttouseoneormoreunderlyingassets;(2)theconsiderationfortheleaseincreasesbyanamountcommensuratewiththestand-alonepricefortheincreaseinscopeandanyappropriateadjustmentstothatstand-alonepricetoreflectthecircumstancesofthecontract.

TheGroupaccountsforaleasemodificationasaseparateleaseifboth:(1)themodificationincreasesthescopeoftheleasebyaddingtherighttouseoneormoreunderlyingassets;(2)theconsiderationfortheleaseincreasesbyanamountcommensuratewiththestand-alonepricefortheincreaseinscopeandanyappropriateadjustmentstothatstand-alonepricetoreflectthecircumstancesofthecontract.

Foraleasemodificationthatisnotaccountedforasaseparatelease,theGroupredeterminestheleasetermattheeffectivedateoftheleasemodification,andremeasurestheleaseliabilitybydiscountingtherevisedleasepaymentsusingareviseddiscountrate,exceptthatthecontractchangesdirectlyresultingfromsituationsprescribedbytheMinistryofFinancethatcanbeusedthesimplifiedmethod.Foraleasemodificationwhichdecreasesthescopeoftheleaseorshortenstheleaseterm,theGroupdecreasesthecarryingamountoftheright-of-useasset,andrecognisesinprofitorlossanygainorlossrelatingtothepartialorfullterminationofthelease.Forotherleasemodificationswhichleadtotheremeasurementofleaseliabilities,theGroupcorrespondinglyadjuststhecarryingamountoftheright-of-useasset.

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

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(25)Leases(Cont'd)

TheGroupasthelessor

TheGroupasthelessorAleaseisclassifiedasafinanceleaseifittransferssubstantiallyalltherisksandrewardsincidentaltoownershipofanunderlyingasset.Anoperatingleaseisaleaseotherthanafinancelease.

Aleaseisclassifiedasafinanceleaseifittransferssubstantiallyalltherisksandrewardsincidentaltoownershipofanunderlyingasset.Anoperatingleaseisaleaseotherthanafinancelease.(a)

(a)Operatingleases

WheretheGroupleasesoutself-ownedbuildingsandlanduserightsunderoperatingleases,rentalincometherefromisrecognisedonastraight-linebasisovertheleaseterm.Variablerentalthatislinkedtoacertainpercentageofsalesisrecognisedinrentalincomeasincurred.

WheretheGroupleasesoutself-ownedbuildingsandlanduserightsunderoperatingleases,rentalincometherefromisrecognisedonastraight-linebasisovertheleaseterm.Variablerentalthatislinkedtoacertainpercentageofsalesisrecognisedinrentalincomeasincurred.Fortherentconcessionsagreedonexistingleasecontracts,theGroupappliesthepracticalexpedienttoaccountfortheconcessionsasvariableleasepaymentsandrecordtheconcessionsinprofitorlossduringthewaivingperiodwhentheGroupselectsthesimplifiedmethod.

Fortherentconcessionsagreedonexistingleasecontracts,theGroupappliesthepracticalexpedienttoaccountfortheconcessionsasvariableleasepaymentsandrecordtheconcessionsinprofitorlossduringthewaivingperiodwhentheGroupselectsthesimplifiedmethod.ExceptthattheabovecontractchangesprescribedbytheMinistryofFinancethatcanbeusedthesimplifiedmethod,foraleasemodification,theGroupaccountsforitasanewleasefromtheeffectivedateofthemodification,andconsidersanyleasepaymentsreceivedinadvanceandreceivablerelatingtotheleasebeforemodificationasreceivablesofthenewlease.

ExceptthattheabovecontractchangesprescribedbytheMinistryofFinancethatcanbeusedthesimplifiedmethod,foraleasemodification,theGroupaccountsforitasanewleasefromtheeffectivedateofthemodification,andconsidersanyleasepaymentsreceivedinadvanceandreceivablerelatingtotheleasebeforemodificationasreceivablesofthenewlease.(26)

(26)Worksafetyfunds

SubsidiariesoftheGroupengagedinpowergenerationbusinessshallappropriateworksafetyfundsbasedontheactualrevenueinthepreviousyearandatthefollowingpercentages:

SubsidiariesoftheGroupengagedinpowergenerationbusinessshallappropriateworksafetyfundsbasedontheactualrevenueinthepreviousyearandatthefollowingpercentages:

?3%fortheproportionofrevenueuptoRMB10millioninthepreviousyear;?1.5%fortheproportionofrevenuebetweenRMB10millionandRMB100millioninthepreviousyear;?1%fortheproportionofrevenuebetweenRMB100millionandRMB1,000millioninthe

previousyear;?0.8%fortheproportionofrevenuebetweenRMB1,000millionandRMB5,000millionin

thepreviousyear;?0.6%fortheproportionofrevenuebetweenRMB5,000millionandRMB10,000millionin

thepreviousyear;?

0.2%fortheproportionofrevenueexceedingRMB10,000millioninthepreviousyear.

?3%fortheproportionofrevenueuptoRMB10millioninthepreviousyear;?1.5%fortheproportionofrevenuebetweenRMB10millionandRMB100millioninthe

previousyear;?1%fortheproportionofrevenuebetweenRMB100millionandRMB1,000millioninthe

previousyear;?0.8%fortheproportionofrevenuebetweenRMB1,000millionandRMB5,000millionin

thepreviousyear;?0.6%fortheproportionofrevenuebetweenRMB5,000millionandRMB10,000millionin

thepreviousyear;?

0.2%fortheproportionofrevenueexceedingRMB10,000millioninthepreviousyear.

Worksafetyfundsaremainlyusedfortheimprovement,modificationandmaintenanceofsafetyprotectionfacilities,aswellassafetyproductioninspection,evaluation,consultation,standardisedconstruction,etc.Worksafetyfundsarerecognisedinprofitorlossasthe"Specialreserve"itemforthecurrentperiodwhenappropriated.Whenusingthespecialreserve,iftheexpendituresareexpensesinnature,theexpensesincurredareoffsetagainstthespecialreservedirectlywhenincurred.Iftheexpendituresarecapitalexpenditures,whenprojectsarecompletedandtransferredtofixedassets,thespecialreserveshouldbeoffsetagainstthecostoffixedassets,andacorrespondingaccumulateddepreciationisrecognised.Suchfixedassetsarenotdepreciatedinsubsequentperiods.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

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(27)Carbonemissionuserights

CategorisedasanEnterprisewithHighEmissions,theGroupneedstofulfilitsemissionreductionobligationsandrecognisecarbonemissionrelatedassetsandexpendituresperrelevantregulations:

CategorisedasanEnterprisewithHighEmissions,theGroupneedstofulfilitsemissionreductionobligationsandrecognisecarbonemissionrelatedassetsandexpendituresperrelevantregulations:

(i)

(i)ThepresentobligationsincurredbytheGroupinfulfillingitsemissionreductionobligationsaremeasuredatthebestestimateoftheexpenditurerequiredandrecognisedasotherpayablesandnon-operatingexpenses.

(ii)

(ii)TheGrouppurchasescarbonemissionallowancesandrecognisesrelatedcarbonemissionrightsassetsbasedonthecostpaidorpayableattheacquisitiondate,andthebalanceisincludedinothercurrentassets;theGroupmakesnoaccountingtreatmentforcarbonemissionallowancespurchasedatnilconsideration;

(iii)

(iii)TheGroupusesthepurchasedcarbonemissionallowancestofulfilitsemissionreductionobligationsandrecognisesthebookbalanceoftheallowancesusedasareductionofcarbonemissionrightsassets;theGroupmakesnoaccountingtreatmentifitusescarbonemissionallowancespurchasedatnilconsiderationtofulfilitsobligations;

(iv)

(iv)TheGroupsellscarbonemissionallowancesandrecognisesrelatednon-operatingincomeornon-operatingexpensesbasedonthedifferencebetweentheamountreceivedorreceivableatthedateofsaleandthebookbalanceoftheallowancessold.

(28)

(28)Segmentinformation

TheGroupidentifiesoperatingsegmentsbasedontheinternalorganisationstructure,managementrequirementsandinternalreportingsystem,anddisclosessegmentinformationofreportablesegmentswhichisdeterminedonthebasisofoperatingsegments.

TheGroupidentifiesoperatingsegmentsbasedontheinternalorganisationstructure,managementrequirementsandinternalreportingsystem,anddisclosessegmentinformationofreportablesegmentswhichisdeterminedonthebasisofoperatingsegments.

AnoperatingsegmentisacomponentoftheGroupthatsatisfiesallofthefollowingconditions:(a)thecomponentisabletoearnrevenueandincurexpensesfromitsordinaryactivities;(b)whoseoperatingresultsareregularlyreviewedbytheGroup’smanagementtomakedecisionsaboutresourcestobeallocatedtothesegmentandtoassessitsperformance,and(c)forwhichtheinformationonfinancialposition,operatingresultsandcashflowsisavailabletotheGroup.Twoormoreoperatingsegmentsthathavesimilareconomiccharacteristicsandsatisfycertainconditionscanbeaggregatedintoonesingleoperatingsegment.

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

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(29)Criticalaccountingestimatesandjudgements

TheGroupcontinuallyevaluatesthecriticalaccountingestimatesandkeyjudgementsappliedbasedonhistoricalexperienceandotherfactors,includingexpectationsoffutureeventsthatarebelievedtobereasonableunderthecircumstances.

TheGroupcontinuallyevaluatesthecriticalaccountingestimatesandkeyjudgementsappliedbasedonhistoricalexperienceandotherfactors,includingexpectationsoffutureeventsthatarebelievedtobereasonableunderthecircumstances.(a)

(a)Criticaljudgementsinapplyingtheaccountingpolicies

(i)

(i)Classificationoffinancialassets

SignificantjudgementsmadebytheGroupintheclassificationoffinancialassetsincludeanalysisonbusinessmodelsandcontractualcashflowcharacteristics.

SignificantjudgementsmadebytheGroupintheclassificationoffinancialassetsincludeanalysisonbusinessmodelsandcontractualcashflowcharacteristics.TheGroupdeterminesthebusinessmodelforfinancialassetmanagementatthelevelofdifferentgroups,andfactorstobeconsideredincludethemethodsofevaluationonfinancialassetperformanceandreportingoffinancialassetperformancetokeymanagementpersonnel,risksaffectingfinancialassetperformanceandmanagementmethodsforsuchrisks,thewaysinwhichrelatedbusinessmanagementpersonnelareremunerated,etc.

TheGroupdeterminesthebusinessmodelforfinancialassetmanagementatthelevelofdifferentgroups,andfactorstobeconsideredincludethemethodsofevaluationonfinancialassetperformanceandreportingoffinancialassetperformancetokeymanagementpersonnel,risksaffectingfinancialassetperformanceandmanagementmethodsforsuchrisks,thewaysinwhichrelatedbusinessmanagementpersonnelareremunerated,etc.

Whenassessingwhethercontractualcashflowcharacteristicsoffinancialassetsareconsistentwithbasiclendingarrangement,keyjudgementsmadebytheGroupinclude:thepossibilityofchangesintimingoramountoftheprincipalduringthedurationduetoreasonssuchasearlyrepayment;whetherinterestonlyincludetimevalueofmoney,creditrisks,otherbasiclendingrisksandconsiderationsforcostsandprofits.Forexample,whethertheamountofprepaymentonlyreflectstheprincipaloutstandingandtheinterestbasedontheprincipaloutstanding,aswellasthereasonablecompensationduetotheearlyterminationofthecontract.

Whenassessingwhethercontractualcashflowcharacteristicsoffinancialassetsareconsistentwithbasiclendingarrangement,keyjudgementsmadebytheGroupinclude:thepossibilityofchangesintimingoramountoftheprincipalduringthedurationduetoreasonssuchasearlyrepayment;whetherinterestonlyincludetimevalueofmoney,creditrisks,otherbasiclendingrisksandconsiderationsforcostsandprofits.Forexample,whethertheamountofprepaymentonlyreflectstheprincipaloutstandingandtheinterestbasedontheprincipaloutstanding,aswellasthereasonablecompensationduetotheearlyterminationofthecontract.(ii)

(ii)Determinationofsignificantincreaseincreditrisk

WhentheGroupclassifiesfinancialinstrumentsintodifferentstages,itscriteriaforsignificantincreaseincreditriskandcredit-impairedareasfollows:

WhentheGroupclassifiesfinancialinstrumentsintodifferentstages,itscriteriaforsignificantincreaseincreditriskandcredit-impairedareasfollows:

JudgementoftheGroupforsignificantincreaseincreditriskismainlybasedonwhetheroneormoreofthefollowingindicatorschangedsignificantly:businessenvironmentofthedebtor,internalandexternalcreditrating,significantchangesinactualorexpectedoperatingresults,significantdecreaseinvalueofcollateralorcreditrateofguarantor,etc.

JudgementoftheGroupforsignificantincreaseincreditriskismainlybasedonwhetheroneormoreofthefollowingindicatorschangedsignificantly:businessenvironmentofthedebtor,internalandexternalcreditrating,significantchangesinactualorexpectedoperatingresults,significantdecreaseinvalueofcollateralorcreditrateofguarantor,etc.JudgementoftheGroupontheoccurredcreditimpairmentismainlybasedonwhetheritmeetsoneormoreofthefollowingconditions:thedebtorissufferingsignificantfinancialdifficulties,engagedinotherdebtrestructuring,oritisprobablethatthedebtorwillenterbankruptcy,etc.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

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(29)Criticalaccountingestimatesandjudgements(Cont’d)

(a)

(a)Criticaljudgementsinapplyingtheaccountingpolicies(Cont’d)

(iii)

(iii)Timingofrevenuerecognition

Withregardtosaleofelectricitytogridcompanies,theGroupsupplieselectricitytogridcompaniesinaccordancewiththecontract.Thereafter,thegridcompanieshavetherighttosellelectricityandthediscretioninpricing,andtaketherisksofanypricefluctuationorlossoftheproducts.TheGroupbelievesthatthegridcompaniesobtaincontroloverelectricpoweruponthereceivingoftheelectricpower.Therefore,revenueisrecogniseduponthereceivingoftheelectricpowerofgridcompanies.

Withregardtosaleofelectricitytogridcompanies,theGroupsupplieselectricitytogridcompaniesinaccordancewiththecontract.Thereafter,thegridcompanieshavetherighttosellelectricityandthediscretioninpricing,andtaketherisksofanypricefluctuationorlossoftheproducts.TheGroupbelievesthatthegridcompaniesobtaincontroloverelectricpoweruponthereceivingoftheelectricpower.Therefore,revenueisrecogniseduponthereceivingoftheelectricpowerofgridcompanies.(b)

(b)Criticalaccountingestimatesandkeyassumptions

Thecriticalaccountingestimatesandkeyassumptionsthathaveasignificantriskofcausingamaterialadjustmenttothecarryingamountsofassetsandliabilitieswithinthenextaccountingyearareoutlinedbelow:

Thecriticalaccountingestimatesandkeyassumptionsthathaveasignificantriskofcausingamaterialadjustmenttothecarryingamountsofassetsandliabilitieswithinthenextaccountingyearareoutlinedbelow:

(i)

(i)Assessmentonimpairmentoffixedassets

AfixedassetistestedforimpairmentbytheGroupifthereisanyindicationthatitmaybeimpairedatthebalancesheetdatebycalculatingandcomparingtherecoverableamountofthefixedassetwithitscarryingamounttocheckthedifference.Iftheresultoftheimpairmenttestindicatesthattherecoverableamountofanassetislessthanitscarryingamount,aprovisionforimpairmentandanassetimpairmentlossarerecognisedfortheamountbywhichtheasset’scarryingamountexceedsitsrecoverableamount.Therecoverableamountisthehigherofanasset’sfairvaluelesscoststosellandthepresentvalueofthefuturecashflowsexpectedtobederivedfromtheasset.Thedeterminationoftherecoverableamountinvolvesaccountingestimates.

AfixedassetistestedforimpairmentbytheGroupifthereisanyindicationthatitmaybeimpairedatthebalancesheetdatebycalculatingandcomparingtherecoverableamountofthefixedassetwithitscarryingamounttocheckthedifference.Iftheresultoftheimpairmenttestindicatesthattherecoverableamountofanassetislessthanitscarryingamount,aprovisionforimpairmentandanassetimpairmentlossarerecognisedfortheamountbywhichtheasset’scarryingamountexceedsitsrecoverableamount.Therecoverableamountisthehigherofanasset’sfairvaluelesscoststosellandthepresentvalueofthefuturecashflowsexpectedtobederivedfromtheasset.Thedeterminationoftherecoverableamountinvolvesaccountingestimates.Whenassessingwhethertheaboveassetsareimpaired,managementmainlyevaluatesandanalyses:(i)whethereventsaffectingassetimpairmentoccurred;(ii)whetherthepresentvalueofexpectedcashflowsarisingfromthecontinuinguseordisposalsoftheassetislowerthanitscarryingamount;and(iii)whetherthesignificantassumptionsusedinthecalculationofthepresentvalueoftheestimatedcashflowsareappropriate.

Whenassessingwhethertheaboveassetsareimpaired,managementmainlyevaluatesandanalyses:(i)whethereventsaffectingassetimpairmentoccurred;(ii)whetherthepresentvalueofexpectedcashflowsarisingfromthecontinuinguseordisposalsoftheassetislowerthanitscarryingamount;and(iii)whetherthesignificantassumptionsusedinthecalculationofthepresentvalueoftheestimatedcashflowsareappropriate.

Thecalculationofthepresentvalueoffuturecashflowsinvolvesmanagement’ssignificantestimatesandjudgements,includingthediscountrate,thegrowthrateoftheestimatedon-gridelectricityprice,thegrowthrateoftheestimatedelectricitysaleandthevarabilityrateoftheestimatedpriceofcoalusedinpowergeneration.Changesintheseassumptionsmayhavematerialimpactonthepresentvalueusedintheimpairmenttest,andcauseimpairmentintheabove-mentionedlong-termassetsoftheGroup.

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

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(29)Criticalaccountingestimatesandjudgements(Cont’d)

(b)

(b)Criticalaccountingestimatesandkeyassumptions(Cont’d)

(ii)

(ii)MeasurementofECL

TheGroupcalculatesECLthroughexposureatdefaultandECLrates,anddeterminestheECLratesbasedonprobabilityofdefaultandlossgivendefault.IndeterminingtheECLrates,theGroupusesdatasuchasinternalhistoricalcreditlossexperience,etc.,andadjustshistoricaldatabasedoncurrentconditionsandforward-lookinginformation.Whenconsideringforward-lookinginformation,theGroupconsidereddifferentmacroeconomicscenarios.SignificantmacroeconomicassumptionsandparametersrelatedtotheestimationofECLincludetheriskofeconomicdownturn,externalmarketenvironment,technologicalenvironment,changesincustomerconditions,GrossDomesticProduct(“GDP”)andConsumerPriceIndex(“CPI”),etc.TheGroupregularlymonitorsandreviewsassumptionsandparametersrelatedtothecalculationofECL.

TheGroupcalculatesECLthroughexposureatdefaultandECLrates,anddeterminestheECLratesbasedonprobabilityofdefaultandlossgivendefault.IndeterminingtheECLrates,theGroupusesdatasuchasinternalhistoricalcreditlossexperience,etc.,andadjustshistoricaldatabasedoncurrentconditionsandforward-lookinginformation.Whenconsideringforward-lookinginformation,theGroupconsidereddifferentmacroeconomicscenarios.SignificantmacroeconomicassumptionsandparametersrelatedtotheestimationofECLincludetheriskofeconomicdownturn,externalmarketenvironment,technologicalenvironment,changesincustomerconditions,GrossDomesticProduct(“GDP”)andConsumerPriceIndex(“CPI”),etc.TheGroupregularlymonitorsandreviewsassumptionsandparametersrelatedtothecalculationofECL.(iii)

(iii)Incometaxesanddeferredincometaxes

TheGroupissubjecttoincometaxesinnumerousjurisdictions.Therearesometransactionsandeventsforwhichtheultimatetaxdeterminationisuncertainduringtheordinarycourseofbusiness.SignificantjudgementisrequiredfromtheGroupindeterminingtheprovisionforincometaxineachofthesejurisdictions.Wherethefinaltaxoutcomesofthesemattersaredifferentfromtheamountsthatwereinitiallyrecorded,suchdifferenceswillimpacttheincometaxanddeferredincometaxprovisionsintheperiodinwhichsuchdeterminationismade.

TheGroupissubjecttoincometaxesinnumerousjurisdictions.Therearesometransactionsandeventsforwhichtheultimatetaxdeterminationisuncertainduringtheordinarycourseofbusiness.SignificantjudgementisrequiredfromtheGroupindeterminingtheprovisionforincometaxineachofthesejurisdictions.Wherethefinaltaxoutcomesofthesemattersaredifferentfromtheamountsthatwereinitiallyrecorded,suchdifferenceswillimpacttheincometaxanddeferredincometaxprovisionsintheperiodinwhichsuchdeterminationismade.

AsstatedinNote3(2),somesubsidiariesoftheGrouparehigh-techenterprises.Thehigh-techenterprisecertificateiseffectiveforthreeyears.Uponexpiration,applicationforhigh-techenterpriseidentificationshouldbesubmittedagaintotherelevantgovernmentauthorities.Basedonthehistoricalexperienceofreassessmentforhigh-techenterpriseuponexpirationandtheactualconditionofthesubsidiaries,theGroupconsidersthatthesubsidiariesareabletoobtainthequalificationforhigh-techenterprisesinfutureyears,andthereforeapreferentialtaxrateof15%isusedtocalculatethecorrespondingdeferredincometax.Ifsomesubsidiariescannotobtainthequalificationforhigh-techenterpriseuponexpiration,thenthesubsidiariesaresubjecttoastatutorytaxrateof25%forthecalculationoftheincometax,whichfurtherinfluencestherecogniseddeferredtaxassets,deferredtaxliabilitiesandincometaxexpenses.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

(29)

(29)Criticalaccountingestimatesandjudgements(Cont’d)

(b)

(b)Criticalaccountingestimatesandkeyassumptions(Cont’d)

(iii)

(iii)Incometaxesanddeferredincometaxes(Cont’d)

Adeferredtaxassetisrecognisedforthecarryforwardofunuseddeductiblelossestotheextentthatitisprobablethatfuturetaxableprofitswillbeavailableagainstwhichthedeductiblelossescanbeutilised.Futuretaxableprofitsincludetaxableprofitsthatcanbeachievedthroughnormaloperationsandtheincreaseintaxableprofitsduetothereversaloftaxabletemporarydifferencesarisingfrompreviousperiodinfutureperiod.TheGroupdeterminesthefuturetaxableprofitsbasedonthefuturefinancialforecast,whichrequiresmanagement’ssignificantestimatesandjudgements,includingtheestimatedelectricitysale,estimatedon-gridelectricityprice,theestimatedpriceofcoalusedinpowergenerationandotheroperatingexpenses.Ifthereisanydifferencebetweentheactualandtheestimates,adjustmentmaybemadetothecarryingamountofdeferredtaxassets.

Adeferredtaxassetisrecognisedforthecarryforwardofunuseddeductiblelossestotheextentthatitisprobablethatfuturetaxableprofitswillbeavailableagainstwhichthedeductiblelossescanbeutilised.Futuretaxableprofitsincludetaxableprofitsthatcanbeachievedthroughnormaloperationsandtheincreaseintaxableprofitsduetothereversaloftaxabletemporarydifferencesarisingfrompreviousperiodinfutureperiod.TheGroupdeterminesthefuturetaxableprofitsbasedonthefuturefinancialforecast,whichrequiresmanagement’ssignificantestimatesandjudgements,includingtheestimatedelectricitysale,estimatedon-gridelectricityprice,theestimatedpriceofcoalusedinpowergenerationandotheroperatingexpenses.Ifthereisanydifferencebetweentheactualandtheestimates,adjustmentmaybemadetothecarryingamountofdeferredtaxassets.(30)

(30)Significantchangesinaccountingpolicies

TheMinistryofFinancereleasedtheCircularonIssuingInterpretationNo.15ofAccountingStandardsforBusinessEnterprises(InterpretationNo.15)in2021andQ&AonImplementationofAccountingStandardsforBusinessEnterprisesandotherdocumentsin2022.Thefinancialstatementsfortheyearended31December2022havebeenpreparedbytheGroupandtheCompanyinaccordancewiththeabovecircularsandQ&A.TherevisionshavenosignificantimpactsonthefinancialstatementsoftheGroupandtheCompanyexceptforthefollowing.

TheMinistryofFinancereleasedtheCircularonIssuingInterpretationNo.15ofAccountingStandardsforBusinessEnterprises(InterpretationNo.15)in2021andQ&AonImplementationofAccountingStandardsforBusinessEnterprisesandotherdocumentsin2022.Thefinancialstatementsfortheyearended31December2022havebeenpreparedbytheGroupandtheCompanyinaccordancewiththeabovecircularsandQ&A.TherevisionshavenosignificantimpactsonthefinancialstatementsoftheGroupandtheCompanyexceptforthefollowing.(a)

(a)Fixedassets-Accountingtreatmentofsalesproceedsbeforeintendeduse

TheGroupandtheCompanyappliedtheInterpretationNo.15relatedtofixedassets-accountingtreatmentofsalesproceedsbeforeintendedusefrom1January2022.Forthesaleproceedsbeforeintendeduseoccurredbetween1January2021andtheimplementationdate,theGroupappliedtheamendmentsretrospectively,andthecomparativefinancialstatementsof2021havebeenrestatedaccordingly.Theabovechangesinaccountingpolicieshavenoimpactonthebalancesheetasof1January2021.

TheGroupandtheCompanyappliedtheInterpretationNo.15relatedtofixedassets-accountingtreatmentofsalesproceedsbeforeintendedusefrom1January2022.Forthesaleproceedsbeforeintendeduseoccurredbetween1January2021andtheimplementationdate,theGroupappliedtheamendmentsretrospectively,andthecomparativefinancialstatementsof2021havebeenrestatedaccordingly.Theabovechangesinaccountingpolicieshavenoimpactonthebalancesheetasof1January2021.TheCompanyhadnosaleproceedsbeforeintendeduseoccurredbetween1January2021andtheimplementationdate,andtheabovechangesinaccountingpolicieshavenoimpactonthefinancialstatementsoftheCompanyfortheyearended31December2021.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

2Summaryofsignificantaccountingpoliciesandaccountingestimates(Cont’d)

(30)

(30)Significantchangesinaccountingpolicies(Cont’d)

(a)

(a)Fixedassets-Accountingtreatmentofsalesproceedsbeforeintendeduse(Cont’d)

Thelineitemsaffected

ThelineitemsaffectedTheamountsaffected
(i)31December2021
TheGroup(positivenumbersfordebitandnegativenumbersforcredit)

TheGroup’swindpowerplantprojectsweretestedforitsintendedusein2021.TheGrouprecognisedthesaleproceedsandrelatedcostincurredbeforeintendeduseinrevenueandcostofsalerespectively,andadjustedconstructioninprogressaccordingly.ThewindpowerplantprojectsbecameavailableforuseinJune2021.Forprojectstransferredtofixedassetsin2021,theGroupadjustedfixedassetsandchargeddepreciationexpensesaccordingly.TheGroupretrospectivelyamendedinvestmentincomeandlong-termequityinvestmentsforassociates’saleproceedsbeforeintendeduseaccountedforusingtheequitymethod.Forequitydilutioncausedbyminorityshareholders’capitalincreasewhilepreparingtheproductionlineforitsintendeduse,theGroupadjustedcapitalsurplusaccordinglybasedonretrospectivelyadjustednetassets.

TheGroup’swindpowerplantprojectsweretestedforitsintendedusein2021.TheGrouprecognisedthesaleproceedsandrelatedcostincurredbeforeintendeduseinrevenueandcostofsalerespectively,andadjustedconstructioninprogressaccordingly.ThewindpowerplantprojectsbecameavailableforuseinJune2021.Forprojectstransferredtofixedassetsin2021,theGroupadjustedfixedassetsandchargeddepreciationexpensesaccordingly.TheGroupretrospectivelyamendedinvestmentincomeandlong-termequityinvestmentsforassociates’saleproceedsbeforeintendeduseaccountedforusingtheequitymethod.Forequitydilutioncausedbyminorityshareholders’capitalincreasewhilepreparingtheproductionlineforitsintendeduse,theGroupadjustedcapitalsurplusaccordinglybasedonretrospectivelyadjustednetassets.Long-termequityinvestments1,941,486
Fixedassets201,973,167
Constructioninprogress75,964,697
Deferredtaxassets(58,247,231)
Capitalsurplus18,476,872
Undistributedprofits(219,582,503)
Minorityinterests(20,526,488)
2021
Revenue(290,642,655)
Costofsale12,704,791
Investmentincome(1,941,486)
Incometaxexpenses58,247,231

Inadditiontotheaboveadjustments,theGroupalsoreclassifiedthecashinflowandoutflowderivedfromtheproceedsbeforeintendeduseoffixedassetsfromcashflowsfrominvestingactivitiestocashflowsfromoperatingactivitiesin2021,ofwhichthecashreceivedfromsaleofgoodsorrenderingofservicesincreasedbyRMB162,478,679.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

3Taxation

(1)

(1)ThemaincategoriesandratesoftaxesapplicabletotheGrouparesetoutbelow:

Category

CategoryTaxbaseTaxrate/levyingrate

Value-addedtax

(“VAT”)(a)

Value-addedtax(“VAT”)(a)Taxablevalue-addedamount(TaxpayableiscalculatedusingthetaxablesaleamountmultipliedbytheapplicabletaxratelessdeductibleinputVATofthecurrentperiod)5%,6%,9%and13%
Revenuefromhydropowersales3%
CitymaintenanceandconstructiontaxAmountofVATpaid5%to7%
EducationalsurchargeAmountofVATpaid3%
LocaleducationalsurchargeAmountofVATpaid2%
EnterpriseincometaxTaxableincome12.5%,15%,20%and25%
PropertytaxRealestate’srentalincomeortheresidualvaluefromoriginalvaluelessthedeductingproportion12%and1.2%
Environmentalprotectiontax(b)CalculatedandpaidbasedonthepollutionequivalentvaluesorthedischargeoftaxablepollutantsmultipliedbytheapplicabletaxamountsCalculatedandpaidbasedontheapplicabletaxamountsofdifferentpollutants

(a)

(a)PursuanttotheAnnouncementonRelevantPoliciesforDeepeningtheValue-addedTaxReform(CaiShuiHaiguan[2019]No.39)jointlyissuedbytheMinistryofFinance,theStateTaxationAdministrationandtheGeneralAdministrationofCustomsandrelevantregulations,theGroup’srevenuefromsaleofelectricity,saleofby-products,maintenanceandrepairservices,etc.andrevenuearisingfromsaleofheatenergyissubjecttoVATattherateof13%and9%from1April2019.TheGroup’srevenuefromentrustedloanbusinessamongcompaniesandtrainingserviceissubjecttoVATattherateof6%.TheoperatingleasesoftherealestatesundersimplifiedtaxationmethodissubjecttoVATatarateof5%.

PursuanttoNoticeonthePolicyofStreamliningandCombinationofValue-addedTaxLevyRatesjointlyissuedbytheMinistryofFinanceandtheStateTaxationAdministration,revenuefromsaleofelectricitygeneratedfromsmallhydropowerunitsatthecountylevelorbelowissubjecttoVATattherateof3%.ThreesmallhydropowerplantsofLincangYudeanEnergyCo.,Ltd.(“LincangEnergy”),asubsidiaryoftheGroup,aresubjecttoVATattherateof3%.

PursuanttoNoticeonthePolicyofStreamliningandCombinationofValue-addedTaxLevyRatesjointlyissuedbytheMinistryofFinanceandtheStateTaxationAdministration,revenuefromsaleofelectricitygeneratedfromsmallhydropowerunitsatthecountylevelorbelowissubjecttoVATattherateof3%.ThreesmallhydropowerplantsofLincangYudeanEnergyCo.,Ltd.(“LincangEnergy”),asubsidiaryoftheGroup,aresubjecttoVATattherateof3%.

PursuanttotheprovisionsincludingtheCircularonEnterpriseIncomeTaxPolicyconcerningDeductionsforEquipmentandAppliances(CaiShui[2018]No.54)andtheAnnouncementonExtendingtheImplementationPeriodofCertainPreferentialTaxPolicies(CaiShui[2021]No.6)issuedbytheStateTaxationAdministration,duringtheperiodfrom1January2018to31December2023,thecostofequipmentwiththeoriginalcostlessthanRMB5,000,000newlypurchasedbyGuangdongYudeanPowerSalesCo.,Ltd.(“PowerSales”),asubsidiaryoftheGroup,canbefullydeductedagainsttaxableprofitinthenextmonthaftertheassetisputintouse,insteadofbeingdepreciatedannuallyfortaxfiling.

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

3Taxation(Cont’d)

(1)

(1)ThemaincategoriesandratesoftaxesapplicabletotheGrouparesetoutbelow(Cont’d):

(b)

(b)AccordingtotheEnvironmentalProtectionTaxLawofthePeople’sRepublicofChina,theGrouphasappliedtheenvironmentalprotectiontaxsince1January2018.Thetaxationobjectsincludeairpollutants,waterpollutants,solidwasteandnoise.Taxationisbasedontheamountofpollutants’emissions.

(2)

(2)Taxpreference

(a)

(a)Pursuanttotheapprovaldocuments(CaiShui[2008]No.46andGuoShuiFa[2009]No.80),theCompanyandseveralsubsidiariesareapprovedtoengageinwindpowerprojectsandphotovoltaicprojectssince1January2008andareexemptedfromenterpriseincometaxinthefirstthreeyearscountingfromtheyearwhenrevenuefromproductionandoperationsofthoseprojectsisrecordedforthefirsttime,andcanenjoyhalfratereductioninthefollowingthreeyears(“three-yearexemptionsandthree-yearhalves”).

PursuanttotheSupplementaryNoticeonIssuesConcerningthePreferentialEnterpriseIncomeTaxPoliciesforPublicInfrastructureProjects(CaiShui[2014]No.55),enterprisesinvestandoperatepublicinfrastructureprojectsincompliancewiththeListofPublicInfrastructureProjectsEnjoyingEnterpriseIncomeTaxPreferential,thosewhichadoptone-offapprovalandaresubjecttoconstructioninbatches(suchasterminals,berths,airportterminals,runways,sections,generatorunits,etc.)aresubjecttoincometaxcalculatedinunitsofeachbatchandenjoythetaxpreferentialpolicyof“three-yearexemptionsandthree-yearhalves”whenthefollowingconditionsaresatisfied:(i)differentbatchesarespace-independent;(ii)eachbatchhasitsownrevenuefunction;(iii)theyareaccountedforinunitsofeachbatchandaresubjecttoincometaxindividually,whiletheperiodexpensesareallocatedrationally.In2022,theGroup’ssubsidiaryGuangdongYudeanQujieWindPowerCo.,Ltd.(“QujieWindPower”)andGuangdongYudeanPingyuanWindPowerCo.,Ltd.(“PingyuanWindPower”)mettheaboveconditions.Therefore,QujieYouhaowindpowerproject(thefirsttimeforwhichrevenuefromsaleofpowerwaspostedwas2017),QujieWailuooffshorewindpowerproject(PhaseI)(thefirsttimeforwhichrevenuefromsaleofpowerwaspostedwas2019),QujieWailuooffshorewindpowerproject(PhaseII)(thefirsttimeforwhichrevenuefromsaleofpowerwaspostedwas2021)andXinliaooffshorewindpowerproject(thefirsttimeforwhichprofitswerepostedwas2021),Pingyuanmaopingproject(thefirsttimeforwhichrevenuefromsaleofpowerwaspostedwas2020)andPingyuanSishuiproject(thefirsttimeforwhichrevenuefromsaleofpowerwaspostedwas2021)ofQujieWindPowerSystemandPingyuanWindPowerareentitledtothetaxpreferentialpolicyof“three-yearexemptionsandthree-yearhalves”respectivelyaccordingtoeachwindpowerproject.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

3Taxation(Cont’d)

(2)

(2)Taxpreference(Cont’d)

(b)

(b)In2020and2022,ZhanjiangElectricCo.,Ltd.(“ZhanjiangElectric”)andGuangdongYudeanZhanjiangBiomassPowerGenerationCo.,Ltd.(“BiomassPowerGeneration”),subsidiariesoftheGroup,weregrantedHigh-techEnterpriseCertificate(CertificateNo.GR202044010003andCertificateNo.GR202244008597)bytheDepartmentofScienceandTechnologyofGuangdongProvince,DepartmentofFinanceofGuangdongProvinceandGuangdongProvincialOfficeoftheStateTaxationBureauon9December2020and22December2022respectively.Thecertificatesarevalidforthreeyears.UnderArticle28oftheEnterpriseIncomeTaxLawofthePeople’sRepublicofChina,theenterpriseincometaxrateapplicabletoZhanjiangElectricandBiomassPowerGenerationfortheyearof2022is15%.

(c)

(c)InaccordancewithregulationsoftheNoticeonImplementingtheInclusiveTaxDeductionandExemptionPoliciesforMicroandSmallEnterprises(CaiShui[2019]No.13),AnnouncementoftheStateTaxationAdministrationonMattersConcerningtheImplementationofPreferentialIncomeTaxPoliciesSupportingtheDevelopmentofSmallLow-ProfitEnterprisesandIndividualIndustrialandCommercialHouseholds(STAAnnouncement[2021]No.8)andAnnouncementonFurtherImplementingPreferentialIncomeTaxPoliciesforSmallandMicroEnterprises([2022]No.13),forasmallenterprisewithlowprofits,forthepartoftheannualtaxableincomenotexceedingRMB1,000,000,theamountoftaxableincomeisreducedto12.5%ofincomeandissubjecttotheenterpriseincomeatthetaxrateof20%;forthepartbetweenRMB1,000,000andRMB3,000,000,theamountoftaxableincomeisreducedto25%ofincomeandissubjecttotheenterpriseincomeatthetaxrateof20%.Theaforementionedsmalllow-profitenterpriseengagesinindustriesnotrestrictedorprohibitedbythestateandconcurrentlymeetthethreeconditions,thatis,theannualtaxableamountisnotmorethanRMB3,000,000,thenumberofitsemployeesisnotmorethan300,andtheirtotalassetsdonotexceedRMB50,000,000.In2022,someoftheCompany'ssubsidiarieswereentitledtotheaforesaidpreferentialtaxpolicy.

(d)

(d)PursuanttoNoticeonIssuesConcerningtheImplementationofthePreferentialCatalogueofEnterpriseIncomeTaxforIntegratedUtilisationofResources(CaiShui[2008]No.47),since1January2008,enterprisesusetheresourceslistedinthePreferentialCatalogueofEnterpriseIncomeTaxforIntegratedUtilisationofResources(2008Edition)asthemainrawmaterialstoproduceproductsintheabovecataloguethatmeetnationalorindustryrelatedstandards,andtheincomefromaboveproductsisreducedto90%ofthetotalincomeoftheenterprisesfortheyear.TheGroup’ssubsidiariesZhanjiangElectricandGuangdongHuizhouPinghaiPowerPlantCo.,Ltd.(“PinghaiPowerPlant”)usecoalashtoproducecommercialcoalash,whichmeetstheabove-mentionedpreferentialtaxconditionsforintegratedutilisationofresources.TheGroup’ssubsidiariesZhanjiangElectricandGuangdongHuizhouPinghaiPowerPlantCo.,Ltd.(“PinghaiPowerPlant”)usecoalashtoproducecommercialcoalash,whichmeetstheabove-mentionedpreferentialtaxconditionsforintegratedutilisationofresources.Therefore,in2022,revenuefromsaleofcoalashfromZhanjiangElectricandPingHaiPowerPlantwasreducedto90%ofthetotalincomefortheyear.

(e)

(e)PursuanttotheNoticeonIssuingtheCatalogueofValue-AddedTaxPreferencesforProductsandLabourServicesInvolvingtheComprehensiveUtilisationofResources(CaiShui[2015]No.78),VATleviedonself-producedproductsandservicesforcomprehensiveutilisationofresourceswillberefundedimmediately,towhichBiomassPowerGeneration’sVATafteroffsettingoutputVATfromrevenueagainstinputVATfromcostofsalefrommainoperationsisentitledto.BiomassPowerGenerationisasubsidiarymainlyengagedinpowergenerationusingbiomassmaterials.

Inaddition,50%ofVATleviedonthesaleofelectricitygeneratedbyGuangdongYudeanShibeishanWindPowerCo.,Ltd.(“ShibeishanWindPower”),GuangdongYudeanZhanjiangWindPowerGenerationCo.,Ltd.(“ZhanjiangWindPower”),GuangdongYudeanXuwenWindPowerElectricityCo.,Ltd.(“XuwenWindPower”),GuangdongYudeanDianbaiWindPowerCo.,Ltd.(“DianbaiWindPower”),HuilaiWindPowerCo.,Ltd.(“HuilaiWindPower”)andGuangdongYuenengWindPowerCo.,Ltd.(“YuenengWindPower”)willberefundedimmediatelyinaccordancewiththeNoticeConcerningValue-addedTaxPoliciesonWindPowerGeneration(CaiShui[2015]No.74).

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements

(1)

(1)Cashatbankandonhand

31December2022

31December202231December2021

Cashonhand

Cashonhand46,43583,108
Cashatbank2,705,136,8121,554,213,074
EnergyGroupFinanceCompany(b)8,777,022,0276,514,354,377
-Deposits8,728,625,2536,468,820,757
-Interestreceivable36,396,77439,533,620
-Othercashbalances(c)12,000,0006,000,000
Othercashbalances(c)21,318,34436,670,394
11,503,523,6188,105,320,953

(a)

(a)Asat31December2022,theGrouphadnooffshoredeposit(31December2021:Nil).

(b)

(b)DepositswithEnergyGroupFinanceCompanyrefertothedepositsplacedinEnergyGroupFinanceCompany(Note8(6)).EnergyGroupFinanceCompanyisafinancialinstitutionestablishedwiththeapprovalofthePeople’sBankofChina.BoththeCompanyandEnergyGroupFinanceCompanyarecontrolledbyGEGC.

(c)

(c)Asat31December2022,othercashbalancesofRMB33,318,344(31December2021:RMB42,670,394)mainlyrepresenteddepositsforecologicalprotectionandperformanceguarantees,amongwhichothercashbalancesplacedinEnergyGroupFinanceCompanywasRMB12,000,000(31December2021:RMB6,000,000)(Note8(6)).

(2)

(2)Accountsreceivables

31December2022

31December202231December2021

Accountsreceivables

Accountsreceivables7,579,203,1037,030,948,863
Less:Provisionforbaddebts(566,859)(263,506)
7,578,636,2447,030,685,357

(a)

(a)Theageingofaccountsreceivablesisanalysedasfollows:

31December2022

31December202231December2021

Within1year

Within1year6,943,600,5566,602,371,992
1to2years364,750,508306,931,561
2to3years243,473,499119,940,421
Over3years27,378,5401,704,889
7,579,203,1037,030,948,863

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(2)

(2)Accountsreceivables(Cont’d)

(b)

(b)Asat31December2022,thefivelargestaccountsreceivablesaggregatedbydebtorsareanalysedasfollows:

Balance

BalanceProvisionforbaddebts%oftotalbalance

Totalamountofthefivelargestaccountsreceivables

Totalamountofthefivelargestaccountsreceivables7,436,142,873-98.11%

(c)

(c)Provisionforbaddebts

Foraccountsreceivables,theGrouprecognisesthelifetimeECLregardlessofwhetherthereexistsasignificantfinancingcomponent.

Foraccountsreceivables,theGrouprecognisesthelifetimeECLregardlessofwhetherthereexistsasignificantfinancingcomponent.Asat31December2022,provisionforbaddebtsmadeonacollectivebasisforaccountsreceivablesisanalysedasfollows:

Asat31December2022,provisionforbaddebtsmadeonacollectivebasisforaccountsreceivablesisanalysedasfollows:

Group1:

Group1:

Asat31December2022,theGroup’sreceivablesfromsaleofelectricityamountedtoRMB7,491,837,601(31December2021:RMB6,974,790,832),whichmainlycomprisedreceivablesofRMB7,357,403,891fromChinaSouthernPowerGridCo.,Ltd.anditssubsidiaries(collectivelyreferredtoas“ChinaSouthernPowerGrid”)andRMB134,433,710fromStateGridCorporationofChina(“StateGrid”)anditssubsidiaries.ConsideringthefavourablecredithistoryofChinaSouthernPowerGridandStateGrid,theGroupheldthattherewasnosignificantcreditriskarisingfromreceivablesfromsaleofelectricity.SincethepossibilityofmateriallossesduetothedefaultbyChinaSouthernPowerGridandStateGridwasextremelylow,theGroupmadenoprovisionfortheECLofthereceivablesfromsaleofelectricity(31December2021:Nil).

Asat31December2022,theGroup’sreceivablesfromsaleofelectricityamountedtoRMB7,491,837,601(31December2021:RMB6,974,790,832),whichmainlycomprisedreceivablesofRMB7,357,403,891fromChinaSouthernPowerGridCo.,Ltd.anditssubsidiaries(collectivelyreferredtoas“ChinaSouthernPowerGrid”)andRMB134,433,710fromStateGridCorporationofChina(“StateGrid”)anditssubsidiaries.ConsideringthefavourablecredithistoryofChinaSouthernPowerGridandStateGrid,theGroupheldthattherewasnosignificantcreditriskarisingfromreceivablesfromsaleofelectricity.SincethepossibilityofmateriallossesduetothedefaultbyChinaSouthernPowerGridandStateGridwasextremelylow,theGroupmadenoprovisionfortheECLofthereceivablesfromsaleofelectricity(31December2021:Nil).Group2:

Group2:

Asat31December2022,theGroup’sreceivablesfromrelatedpartiesamountedtoRMB39,546,687(31December2021:RMB32,237,080),andthehistoricallossratewasextremelylow.Therefore,TheGroupheldthattherewasnosignificantcreditriskarisingfromreceivablesfromrelatedparties.Sincethepossibilityofmateriallossesduetothedefaultbyrelatedpartieswasextremelylow,theGroupmadenoprovisionfortheECLforthereceivablesfromrelatedparties(31December2021:Nil).

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(2)

(2)Accountsreceivables(Cont’d)

(c)

(c)Provisionforbaddebts(Cont’d)

Group3:

Group3:

31December2022

31December202231December2021
BookbalanceProvisionforbaddebtsBookbalanceProvisionforbaddebts
AmountLifetimeECLratesAmountAmountLifetimeECLratesAmount

Within1year

Within1year46,948,0570.95%(445,712)23,836,1360.97%(231,175)
1to2years805,94310.00%(80,594)35,56810.00%(3,557)
2to3years35,56831.79%(11,306)29,24730.00%(8,774)
Over3years29,247100.00%(29,247)20,000100.00%(20,000)
47,818,815(566,859)23,920,951(263,506)

(d)

(d)Asat31December2022,therighttocollectelectricchargesoftheGroup’scertainsubsidiaries,werepledgedtobankstoobtainlong-termborrowingsofRMB6,052,250,122,includingcurrentportionoflong-termborrowingsofRMB512,741,564(31December2021:long-termborrowingsofRMB6,002,119,898,includingcurrentportionoflong-termborrowingsofRMB386,056,214).

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(3)

(3)Advancestosuppliers

31December2022

31December202231December2021

Advancestosuppliers

Advancestosuppliers1,535,097,252892,886,238
Less:Provisionforimpairment(115,000)(115,000)
1,534,982,252892,771,238

(a)

(a)Theageingofadvancestosuppliersisanalysedasfollows:

31December2022

31December202231December2021
Amount%oftotalbalanceAmount%oftotalbalance

Within1year

Within1year1,532,647,17099.84%890,361,04499.72%
1to2years1,525,2360.10%1,256,2630.14%
2to3years370,4070.02%563,2760.06%
Over3years554,4390.04%705,6550.08%
1,535,097,252100.00%892,886,238100.00%

Asat31December2022,advancestosupplierswithageingoveroneyearamountedtoRMB2,450,082(31December2021:RMB2,525,194),mainlyincludingprepaymentsforsparepartsandmaterials.

Asat31December2022,advancestosupplierswithageingoveroneyearamountedtoRMB2,450,082(31December2021:RMB2,525,194),mainlyincludingprepaymentsforsparepartsandmaterials.(b)

(b)Provisionforimpairmentaccruedinthecurrentyear

2022

20222021

Openingbalance

Openingbalance(115,000)(803,017)
Write-offinthecurrentyear-688,017
Reversalinthecurrentyear--
Endingbalance(115,000)(115,000)

(c)

(c)Asat31December2022,thefivelargestadvancestosuppliersaggregatedbydebtorsareanalysedasfollows:

Amount

Amount%oftotalbalance

Totalamountofadvancestofivelargestdebtors

Totalamountofadvancestofivelargestdebtors1,420,215,45692.52%

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(4)

(4)Otherreceivables

31December2022

31December202231December2021

Landwithdrawalreceivable

Landwithdrawalreceivable285,763,798302,530,718
Currentaccountsreceivablesfromrelatedparties(Note8(6))258,446,0961,740,236,196
Receivablesfromsaleofby-products142,602,48795,418,898
Including:Receivablesfromrelatedparties(Note8(6))131,141,18976,772,719
Supplementarymedicalinsurancefundreceivable102,914,38798,784,664
Receivablesfrombusinessunits75,047,046118,932,979
Landdepositsreceivable23,446,00023,446,000
Compensationreceivableforelectricitychargesduringthedemolitionandconstructionperiod7,099,20015,824,336
Pettycashreceivable3,460,8682,646,600
Others71,308,10269,403,144
970,087,9842,467,223,535

Less:Provisionforbaddebts

Less:Provisionforbaddebts(35,303,832)(37,747,977)
934,784,1522,429,475,558

(a)

(a)Theageingofotherreceivablesisanalysedasfollows:

31December2022

31December202231December2021

Within1year

Within1year512,250,8212,226,475,458
1to2years249,175,803168,657,304
2to3years153,072,1855,694,340
Over3years55,589,17566,396,433
970,087,9842,467,223,535

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(4)

(4)Otherreceivables(Cont’d)

(b)

(b)Lossprovisionandchangesinbookbalance

Stage1

Stage1Stage3
12-monthECL(group)12-monthECL(individual)Sub-totalLifetimeECL(creditimpaired)Total
BookbalanceProvisionforbaddebtsBookbalanceProvisionforbaddebtsProvisionforbaddebtsBookbalanceProvisionforbaddebtsProvisionforbaddebts

31December2021

31December2021135,587,452(18,131,497)2,312,019,603-(18,131,497)19,616,480(19,616,480)(37,747,977)
Increaseinthecurrentyear80,560,005(6,252,264)4,129,723-(6,252,264)--(6,252,264)
Reversalinthecurrentyear(60,565,705)7,787,920(1,520,351,085)-7,787,920(330,827)330,8278,118,747
Write-offinthecurrentyear(27,250)27,250--27,250(550,412)550,412577,662
TransfertoStage3(2,926,022)2,926,022--2,926,0222,926,022(2,926,022)-
31December2022152,628,480(13,642,569)795,798,241-(13,642,569)21,661,263(21,661,263)(35,303,832)

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(4)

(4)Otherreceivables(Cont’d)

(b)

(b)Lossprovisionandchangesinbookbalance(Cont’d)

Asat31December2022and31December2021,theGroupdidnothaveotherreceivablesatStage

2.OtherreceivablesatStage1andStage3areanalysedasfollows:

Asat31December2022and31December2021,theGroupdidnothaveotherreceivablesatStage

2.OtherreceivablesatStage1andStage3areanalysedasfollows:

(i)

(i)Asat31December2022,otherreceivablesforwhichtherelatedprovisionforbaddebtswasprovidedontheindividualbasisareanalysedasfollows:

Bookbalance

Bookbalance12-monthECLratesProvisionforbaddebtsReason
Stage1
Receivablesfromrelatedparties389,587,285--Thecounterpartyisarelatedparty,withahistoricallossrateof0%;therefore,theriskofECLisextremelylow.
Landwithdrawalreceivable271,989,298--ThecounterpartyisagovernmentunitandtheriskofECLisextremelylow.
Supplementarymedicalinsurancefundreceivable102,914,387--ThecounterpartyisTaikangPensionCo.,Ltd.GuangdongBranch(“TaikangPension”),whichmainlyprovidescustodyservicesfortheGroup’ssupplementarymedicalinsurancefund.Thehistoricallossrateis0%,andtheriskofECLisextremelylow.
Landdepositsreceivable23,446,000--ThecounterpartyisagovernmentunitandtheriskofECLisextremelylow.
Compensationreceivableforelectricitychargesduringthedemolitionandconstructionperiod7,099,200--Thedemolitionandconstructionprojectisinitiatedbythestate-ownedindustrialpark,whichpayscompensationexpenses,andtheriskofECLisextremelylow.
Others762,071--Thecounterpartyisagovernmentunit,withahistoricallossrateof0%;therefore,theriskofECLisextremelylow.
795,798,241-

Bookbalance

BookbalanceLifetimeECLratesProvisionforbaddebtsReason
Stage3
Receivablesfrombusinessunits16,591,996100%(16,591,996)Unrecoverablebyestimationsincethecounterpartyisfinanciallydifficult.
Others5,069,267100%(5,069,267)Unrecoverablebyestimationsincethecounterpartyisfinanciallydifficult.
21,661,263(21,661,263)

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(4)

(4)Otherreceivables(Cont’d)

(b)

(b)Lossprovisionandchangesinbookbalance(Cont’d)

(i)

(i)Asat31December2021,otherreceivablesforwhichtherelatedprovisionforbaddebtswasprovidedontheindividualbasisareanalysedasfollows(Cont’d):

Bookbalance

Bookbalance12-monthECLrateProvisionforbaddebtsReason
Stage1
Receivablesfromrelatedparties1,817,008,915--Thecounterpartyisarelatedparty,withahistoricallossrateof0%;therefore,theriskofECLisextremelylow.
Landwithdrawalreceivable288,756,218--ThecounterpartyisagovernmentunitandtheriskofECLisextremelylow.
Supplementarymedicalinsurancefundreceivable98,784,664--ThecounterpartyisTaikangPension,whichmainlyprovidescustodyservicesfortheGroup’ssupplementarymedicalinsurancefund.Thehistoricallossrateis0%,andtheriskofECLisextremelylow.
Receivablesfrombusinessunits58,920,000--TheamounthastheperformanceguaranteeissuedbybankwithanextremelylowriskofECL.
Landdepositsreceivable23,446,000--ThecounterpartyisagovernmentunitandtheriskofECLisextremelylow.
Compensationreceivableforelectricitychargesduringthedemolitionandconstructionperiod15,824,336--Thedemolitionandconstructionprojectisinitiatedbythestate-ownedindustrialpark,whichpayscompensationexpenses,andtheriskofECLisextremelylow.
Others9,279,470--Thecounterpartyisagovernmentunit,withahistoricallossrateof0%;therefore,theriskofECLisextremelylow.
2,312,019,603-

Bookbalance

BookbalanceLifetimeECLratesProvisionforbaddebtsReason
Stage3
Receivablesfrombusinessunits13,889,589100%(13,889,589)Unrecoverablebyestimationsincethecounterpartyisfinanciallydifficult.
Others5,726,891100%(5,726,891)Unrecoverablebyestimationsincethecounterpartyisfinanciallydifficult.
19,616,480(19,616,480)

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(4)

(4)Otherreceivables(Cont’d)

(b)

(b)Lossprovisionandchangesinbookbalance(Cont’d)

(ii)

(ii)Asat31December2022and31December2021,otherreceivablesforwhichtherelatedprovisionforbaddebtswasprovidedonacollectivebasisareallwithinStage1,whichareanalysedasfollows:

31December2022

31December2022
BookbalanceLossprovision
AmountAmountProvisionratio

Group1

Group1
Within1year77,606,733(4,014,982)5.17%
1to2years63,120,629(1,263,279)2.00%
2to3years2,357,477(466,557)19.79%
Over3years9,543,641(7,897,751)61.40%
152,628,480(13,642,569)8.94%

31December2021

31December2021
BookbalanceLossprovision
AmountAmountProvisionratio

Group1

Group1
Within1year112,414,194(909,472)0.81%
1to2years6,183,553(807,222)13.05%
2to3years860,422(288,519)33.53%
Over3years16,129,283(16,126,284)99.98%
135,587,452(18,131,497)13.37%

(c)

(c)TheamountofprovisionforbaddebtsofotherreceivablesinthecurrentyearwasRMB6,252,264(2021:RMB22,488,667),andtheamountofreversedprovisionforbaddebtsofotherreceivablesinthecurrentyearwasRMB8,118,747(2021:RMB692,002),withcorrespondingbookbalanceofRMB60,896,532(2021:RMB54,151,642).

ThebalanceofotherreceivablesthatwerewrittenoffinthecurrentyearwasRMB577,662,andtheprovisionforbaddebtswasRMB577,662.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(4)

(4)Otherreceivables(Cont’d)

(d)

(d)Asat31December2022,thefivelargestotherreceivablesaggregatedbydebtorsareanalysedasfollows:

Nature

NatureBalanceAgeing%oftotalbalanceProvisionforbaddebts

EnergyFinancialLeasing

Company

EnergyFinancialLeasingCompanyCurrentaccountsreceivablesfromrelatedparties240,453,119Within2years24.79%-
People’sGovernmentofChengjiangTown,MeixianDistrict,MeizhouCityLandwithdrawalreceivable136,885,4002to3years14.11%-
GuangdongYudeanEnvironmentalProtectionCo.,Ltd.(“YudeanEnvironmental”)Receivablesfromsaleofby-productstorelatedparties131,141,189Within1year13.52%-
People’sGovernmentofYamenTown,XinhuiDistrict,JiangmenCityLandwithdrawalreceivable109,094,0181to2years11.25%-
TaikangPensionSupplementarymedicalinsurancefundreceivable102,914,387Within5years10.61%-
720,488,11374.27%-

(5)

(5)Inventories

(a)

(a)Inventoriesaresummarisedbycategoriesasfollows:

31December2022

31December202231December2021
BookbalanceProvisionfordeclineinthevalueofinventoriesCarryingamountBookbalanceProvisionfordeclineinthevalueofinventoriesCarryingamount

Fuel

Fuel2,451,751,083-2,451,751,0832,189,710,739-2,189,710,739
Spareparts930,548,565(34,044,608)896,503,957817,710,542(34,044,608)783,665,934
Others28,613,060-28,613,06025,517,866-25,517,866
3,410,912,708(34,044,608)3,376,868,1003,032,939,147(34,044,608)2,998,894,539

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(5)

(5)Inventories(Cont’d)

(b)

(b)Provisionfordeclineinthevalueofinventoriesisanalysedasfollows:

31December2021

31December2021Writtenoffinthecurrentyear31December2022

Spareparts

Spareparts(34,044,608)-(34,044,608)

(c)

(c)Provisionfordeclineinthevalueofinventoriesisasfollows:

Specificbasisfordeterminingnet

realisablevalue

SpecificbasisfordeterminingnetrealisablevalueReasonforwrite-off

Spareparts

SparepartsThecarryingamountishigherthantheamountofnetrealisablevalueofthedisposalproceedslesscoststosellNil

(6)

(6)Othercurrentassets

31December2022

31December202231December2021

InputVATtobededucted

InputVATtobededucted822,610,1591,238,295,329
Carbonemissionrightsassets(a)35,890,568295,315
Prepaymentofincometax15,213,902174,867,263
Others1,891,1764,527,701
875,605,8051,417,985,608

(7)

(7)Long-termequityinvestments

31December2022

31December202231December2021
(Restated)

Jointventures(a)

Jointventures(a)891,570,923654,820,514
Associates(b)8,423,629,3947,536,476,456
9,315,200,3178,191,296,970

Less:Provisionforimpairmentoflong-term

equityinvestments

Less:Provisionforimpairmentoflong-termequityinvestments(117,147,134)(117,147,134)
9,198,053,1838,074,149,836

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(7)

(7)Long-termequityinvestments(Cont’d)

(a)

(a)Jointventures

Movementsinthecurrentyear

Movementsinthecurrentyear
31December2021IncreaseininvestmentsShareofnetprofit/(loss)underequitymethodShareofothercomprehensiveincomeCashdividendsdeclaredOthers31December2022Endingbalanceofprovisionforimpairmentloss

IndustryFuel

IndustryFuel645,470,514-64,928,489---710,399,003-
ChinaAviationShenxinWindPowerCo.,Ltd.(“ChinaAviationShenxin”)(i)-174,328,518----174,328,518-
ZhanjiangYuexinDistributedEnergyandTechniqueCo.,Ltd.(“YuexinEnergy”)9,350,000-(2,506,598)---6,843,402-
654,820,514174,328,51862,421,891---891,570,923-

PleaserefertoNote6(2)forrelatedinformationofinterestinjointventures.

PleaserefertoNote6(2)forrelatedinformationofinterestinjointventures.

(i)

(i)On29December2022,theGroup'ssubsidiaryGuangdongWindPowerGenerationCoLtd.("ProvincialWind")acquired51%equityofChinaAviationShenxinataconsiderationofRMB174,328,518,whichwasoriginallyheldbyChinaAviationIndustryRenewableEnergyCorporation("AviationIndustryRenewableEnergy").Asat31December2022,theGroup'ssubsidiaryProvincialWindheld51%equityofChinaAviationShenxin.AccordingtothearticlesofassociationofChinaAviationShenxin,theresolutionoftheshareholders'meetingmustbeunanimouslyadoptedbyshareholdersrepresentingmorethan2/3ofthevotingrights.Therefore,ChinaAviationShenxinisjointlycontrolledbytheGroup'ssubsidiaryProvincialWindandInnerMongoliaElectricPowerSurvey&DesignInstituteCo.,Ltd.,whichholds49%equity.

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(7)

(7)Long-termequityinvestments(Cont’d)

(b)

(b)Associates

Movementsinthecurrentyear

Movementsinthecurrentyear
31December2021IncreaseininvestmentsDecreaseininvestmentsShareofnetprofit/(loss)underequitymethodShareofothercomprehensiveincome(Note4(36))Shareofotherchangesinequity(ii)Cashdividendsorprofitsdeclared31December2022Endingbalanceofprovisionforimpairmentloss
(Restated)

ShanxiYudeanEnergyCo.,

Ltd.(“ShanxiYudeanEnergy”)(i)

ShanxiYudeanEnergyCo.,Ltd.(“ShanxiYudeanEnergy”)(i)2,363,177,253130,000,000-526,175,689---3,019,352,942-
GuangdongGuohuaYudeanTaishanElectricCo.,Ltd.(“TaishanElectric”)1,784,468,086--116,886,446---1,901,354,532-
EnergyGroupFinanceCompany1,666,774,664--151,630,6739,938,693-(123,894,709)1,704,449,321-
EnergyFinancialLeasingCompany532,306,787--23,242,646--(18,292,179)537,257,254-
GEGProperty&CasualtyCaptiveInsuranceCo.,Ltd.(“GEGPropertyInsurance”)276,532,777--11,597,609--(2,426,770)285,703,616-
GuangdongYudeanShippingCo.,Ltd.(“YudeanShipping”)247,954,895--26,726,3211,855,914636,197-277,173,327-
GuizhouYueqianPowerCo.,Ltd.(“YueqianPower”)161,325,870--70,648,616---231,974,486-
SouthSeaWindElectricityDevelopmentCo.,Ltd.(“SouthSeaWindElectricity”)169,753,693--25,405,459--(102,550)195,056,602-
YunnanEnergyInvestmentWeixinCo.,Ltd.(“WeixinYuntou”)138,810,051--(52,510,020)---86,300,031(96,327,854)
Sub-totalfornextpage7,341,104,076130,000,000-899,803,43911,794,607636,197(144,716,208)8,238,622,111(96,327,854)

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(7)

(7)Long-termequityinvestments(Cont’d)

(b)

(b)Associates(Cont’d)

Movementsinthecurrentyear

Movementsinthecurrentyear
31December2021IncreaseininvestmentsDecreaseininvestmentsShareofnetprofit/(loss)underequitymethodShareofothercomprehensiveincome(Note4(36))Shareofotherchangesinequity(ii)Cashdividendsorprofitsdeclared31December2022Endingbalanceofprovisionforimpairmentloss
(Restated)

HuanengShantouWind

PowerCo.,Ltd.(“HuanengShantouWindPower”)

HuanengShantouWindPowerCo.,Ltd.(“HuanengShantouWindPower”)60,691,152--5,061,794--(5,530,034)60,222,912-
YunfuPowerPlant(BPowerPlant)Co.,Ltd.(“YunfuB”)9,596,285--(9,596,285)----(20,819,280)
Others7,937,809-(2,033,756)2,315,498--(582,314)7,637,237-
Total7,419,329,322130,000,000(2,033,756)897,584,44611,794,607636,197(150,828,556)8,306,482,260(117,147,134)

PleaserefertoNote6(2)forrelatedinformationofequityinassociates.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(7)

(7)Long-termequityinvestments(Cont’d)

(b)

(b)Associates(Cont’d)

(i)

(i)Asat29August2022,theCompanyandGEGCincreasedacapitalofRMB325,000,000toShanxiYudeanEnergyinproportionoftheshareholding,fortheinvestmentinwindfarmphaseII100MWprojectinXiyanTown,Mengxian,Wuxiang100MWintegratedphotovoltaicenergyintegrationproject,Qinshui100MWparityphotovoltaicproject,DabuXianeng100MWagriculturalphotovoltaiccomplementaryproject,DongfengYuedaKIA36MWdistributedphotovoltaicpowergenerationprojectinYanchengCity,JiangsuProvince,amongwhichtheCompanycontributedRMB130,000,000attheshareholdingproportionof40%.

(ii)

(ii)In2022,otherchangesinequityfromlong-termequityinvestmentsinassociateswerechangesincapitalsurplusofRMB636,197(2021:changesincapitalsurplusofRMB5,383,623).

(8)

(8)Investmentsinotherequityinstruments

31December2022

31December202231December2021Cashdividendsinthecurrentyear

Investmentsinequityinstrumentnotheldfortrading

Investmentsinequityinstrumentnotheldfortrading
-Equityoflistedcompanies2,105,271,054547,728,68266,846,450
-Equityofunlistedcompanies952,800,0002,684,300,00034,416,139
3,058,071,0543,232,028,682101,262,589

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(8)

(8)Investmentsinotherequityinstruments(Cont’d)

Including:

Including:

31December

2021

31December2021Movementsinthecurrentyear31December2022%ofshareholdingininvesteeCashdividendsinthecurrentyear

Investmentsinotherequityinstruments-cost

Investmentsinotherequityinstruments-cost
-ShanghaiShenergyCo.,Ltd.(“ShanghaiShenergy”)(a)235,837,988-235,837,9881.13%11,106,450
-SunshineInsurance(e)356,000,000-356,000,0003.04%52,500,000
-ShenzhenCapitalGroupCo.,Ltd.(“SCG”)(c)328,034,000-328,034,0003.67%34,416,139
-Others20,290,6282,000,00022,290,628-3,240,000
940,162,6162,000,000942,162,616101,262,589

Investmentsinotherequityinstruments-accumulatedchangesinfairvalue

Investmentsinotherequityinstruments-accumulatedchangesinfairvalue
-ShanghaiShenergy(a)173,434,694(104,400,630)69,034,064
-SunshineInsurance(e)1,297,500,00042,203,8021,339,703,802
-SCG(c)701,966,000(80,000,000)621,966,000
-Others118,965,372(33,760,800)85,204,572
2,291,866,066(175,957,628)2,115,908,438

Total

Total3,232,028,682(173,957,628)3,058,071,054

TheGroupdoesnotparticipateinorinfluencethefinancialandoperatingdecisionsoftheaboveinvesteesinanyways.Therefore,theGrouphasnosignificantinfluenceontheaboveinvestees,andaccordinglytheyareaccountedforasinvestmentsinotherequityinstruments.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(8)

(8)Investmentsinotherequityinstruments(Cont’d)

(a)

(a)Asat31December2022,theCompanyheld55,532,250tradableAsharesinShanghaiShenergywithfairvalueofRMB304,872,052,andtheinvestmentcostwasRMB235,837,988.Theinvestmentwasstatedatfairvaluewithreferencetothemarketprice.Duringtheyear,lossesonfairvalueamountedtoRMB104,400,630(2021:GainsofRMB119,394,337),andothercomprehensiveincomewasadjusteddownwardsaccordingly.

(b)

(b)Asat31December2022,theCompanyheld350,000,000tradableHsharesinSunshineInsurancewithfairvalueofRMB1,695,703,802,andtheinvestmentcostwasRMB356,000,000.Theinvestmentwasstatedatfairvaluewithreferencetothemarketprice.Duringtheyear,gainsonfairvalueamountedtoRMB42,203,800(2021:LossesofRMB382,500,000),andothercomprehensiveincomewasadjustedupwardsaccordingly.

(c)

(c)Asat31December2022,thefairvalueoftheequitythattheCompanyheldinSCGamountedtoRMB950,000,000,andtheinvestmentcostwasRMB328,034,000.Duringtheyear,lossesonfairvalueamountedtoRMB80,000,000(2021:LossesofRMB18,000,000),andothercomprehensiveincomewasadjusteddownwardsaccordingly.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(9)

(9)Investmentproperties

Buildings

BuildingsLanduserightsTotal

Cost

Cost
-Openingbalance508,730,77746,042,801554,773,578
-Additionsinthecurrentyear438,747-438,747
-Transferoutinthecurrentyear(6,646,703)-(6,646,703)
-Endingbalance502,522,82146,042,801548,565,622

Accumulateddepreciation

Accumulateddepreciation
-Openingbalance(164,834,616)(11,142,030)(175,976,646)
-Increaseinthecurrentyear(a)(8,382,937)(903,659)(9,286,596)
-Transferoutinthecurrentyear1,982,921-1,982,921
-Endingbalance(171,234,632)(12,045,689)(183,280,321)

Carryingamount

Carryingamount
-Endingbalance331,288,18933,997,112365,285,301
-Openingbalance343,896,16134,900,771378,796,932

(a)

(a)In2022,depreciationchargedtoinvestmentpropertiesamountedtoRMB9,286,596(2021:RMB9,980,869)amongwhichdepreciationexpenseschargedtocostofsale,andgeneralandadministrativeexpenseswereRMB8,650,998andRMB635,598(2021:RMB9,345,271andRMB635,598)respectively.

(10)

(10)Fixedassets

31December2022

31December202231December2021
(Restated)

Fixedassets(a)

Fixedassets(a)62,273,985,18257,047,122,800
Disposalsoffixedassets(b)126,189,87597,976,623
62,400,175,05757,145,099,423

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(10)

(10)Fixedassets(Cont’d)

(a)

(a)Fixedassets

Buildings

BuildingsPowergenerationequipmentMotorvehiclesOtherequipmentTotal
Self-useSelf-useSelf-useSelf-use

Cost

Cost
31December2021(restated)30,461,761,42389,377,001,367662,435,8521,477,718,227121,978,916,869
Increaseinthecurrentyear
Purchase134,349,033592,158,86330,097,30239,528,359796,133,557
Transfersfromconstructioninprogress(ii)4,242,193,6765,602,827,77516,329,41924,673,1769,886,024,046
Transfersfrominvestmentpropertiesinthecurrentyear6,646,703---6,646,703
Adjustmentduetodifferencesinprojectsettlement---344,828344,828
Decreaseinthecurrentyear
Disposalandscrap(54,322,334)(1,010,811,239)(23,399,532)(27,594,568)(1,116,127,673)
Decreaseindisposalsofsubsidiariesinthecurrentyear-(589,568)(946,774)(155,678)(1,692,020)
Adjustmentduetodifferencesinprojectsettlement(173,882,730)(373,906,790)(1,318,463)-(549,107,983)
31December202234,616,745,77194,186,680,408683,197,8041,514,514,344131,001,138,327

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(10)

(10)Fixedassets(Cont’d)

(a)

(a)Fixedassets

Buildings

BuildingsPowergenerationequipmentMotorvehiclesOtherequipmentTotal
Self-useSelf-useSelf-useSelf-use

Accumulateddepreciation

Accumulateddepreciation
31December2021(restated)(11,937,538,940)(50,281,958,185)(477,541,422)(1,064,855,631)(63,761,894,178)
Increaseinthecurrentyear
Provision(i)(788,100,674)(3,684,084,079)(36,843,550)(109,796,801)(4,618,825,104)
Transfersfrominvestmentpropertiesinthecurrentyear(1,982,921)---(1,982,921)
Decreaseinthecurrentyear
Disposalandscrap26,147,085712,018,40121,891,12226,026,064786,082,672
Decreaseindisposalsofsubsidiariesinthecurrentyear-406,884908,682152,4221,467,988
31December2022(12,701,475,450)(53,253,616,979)(491,585,168)(1,148,473,946)(67,595,151,543)

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(10)

(10)Fixedassets(Cont’d)

(a)

(a)Fixedassets

Buildings

BuildingsPowergenerationequipmentMotorvehiclesOtherequipmentTotal
Self-useSelf-useSelf-useSelf-use

Provisionforimpairment

Provisionforimpairment
31December2021(236,527,567)(932,674,173)(422,918)(275,233)(1,169,899,891)
Increaseinthecurrentyear
Provision(iii)(155,592,876)---(155,592,876)
Others(4,519,416)---(4,519,416)
Decreaseinthecurrentyear---
Disposalandscrap1,277,211192,205,656-8,298193,491,165
Otherdecreases-4,519,416--4,519,416
31December2022(395,362,648)(735,949,101)(422,918)(266,935)(1,132,001,602)

Carryingamount

Carryingamount
31December202221,519,907,67340,197,114,328191,189,718365,773,46362,273,985,182
31December2021(restated)18,287,694,91638,162,369,009184,471,512412,587,36357,047,122,800

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(10)

(10)Fixedassets(Cont’d)

(a)

(a)Fixedassets(Cont’d)

Asat31December2021and31December2022,nopowergenerationequipmentorbuildingswerepledgedascollateralforlong-termborrowings.

Asat31December2021and31December2022,nopowergenerationequipmentorbuildingswerepledgedascollateralforlong-termborrowings.(i)

(i)In2022,depreciationoffixedassetschargedintocostofsale,generalandadministrativeexpenses,constructioninprogress,researchanddevelopmentexpensesandsellingexpensesaresetoutasfollows:

2022

20222021
(Restated)

Costofsale

Costofsale4,404,866,1393,916,896,479
Researchanddevelopmentexpenses145,433,53136,944,538
Generalandadministrativeexpenses66,063,83663,638,815
Constructioninprogress1,929,4484,583,607
Sellingexpenses532,150737,724
4,618,825,1044,022,801,163

(ii)

(ii)ThecostsoffixedassetstransferredfromconstructioninprogressinthecurrentyearamountedtoRMB9,886,024,046(2021:RMB9,445,047,480)(Note4(11)(a)(i)).

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(10)

(10)Fixedassets(Cont’d)

(a)

(a)Fixedassets(Cont’d)

(iii)

(iii)Impairmentoffixedassets

In2022,movementsofprovisionforimpairmentoffixedassetsareasfollows:

In2022,movementsofprovisionforimpairmentoffixedassetsareasfollows:

31December

2021

31December2021IncreaseinthecurrentyearDecreaseinthecurrentyear31December2022

GuangdongYuehuaPowerCo.,Ltd.("YuehuaPower")(Note1)

GuangdongYuehuaPowerCo.,Ltd.("YuehuaPower")(Note1)538,763,955-(164,847,347)373,916,608
GuangdongYudeanBoheEnergyCo.,Ltd.("BoheEnergy")(Note2)208,000,000--208,000,000
LincangEnergy(Note3)200,601,657-(461,200)200,140,457
GuangdongYudeanShaoguanPowerPlantCo.,Ltd.(ShaoguanPowerPlant)(Note4)39,598,36075,133,692(108,588)114,623,464
GuangdongYudeanYangjiangOffshoreWindPowerCo.,Ltd.(“YangjiangWindPower”)(Note5)-80,459,184-80,459,184
GuangdongElectricPowerDevelopmentCo.,Ltd.ShajiaoAPowerPlant(“ShajiaoAPowerPlant”)50,656,655-(8,298)50,648,357
GuangdongEnergyMaomingThermalPowerStationCo.,Ltd.(“MaomingThermal”)29,751,684--29,751,684
GuangdongRedBayPowerGenerationCo.,Ltd.(“RedBayPower”)45,049,547-(23,821,407)21,228,140
GuangdongYudeanJinghaiPowerCo.,Ltd.(“JinghaiPower”)22,228,873-(2,856,886)19,371,987
ZhanjiangElectric18,822,875--18,822,875
GuangdongYudeanYunhePowerCo.,Ltd.("YunhePower")10,388,437--10,388,437
GuangdongHuizhouNaturalGasPowerCo.,Ltd.(“HuizhouNaturalGas”)3,230,570--3,230,570
ZhanjiangZhongyueEnergyCo.,Ltd.(“ZhongyueEnergy”)2,807,278-(1,387,439)1,419,839
1,169,899,891155,592,876(193,491,165)1,132,001,602

Note1

Note1YuehuaPowershutdown5#generatorunitattheendof2019and6#generatorunitattheendofNovember2020.TheGrouptestedtherecoverableamountoftheassetgroupsof5#and6#generatorunitsthathadbeenshutdown,andmadeprovisionforimpairmentaccordingly.Attheendof2019,aprovisionforimpairmentoftherelatedassetgroupof5#generatorunitamountingtoRMB317,686,700andaprovisionforimpairmentoftherelatedassetgroupof6#generatorunitamountingtoRMB251,426,700weremade.In2022,YunhuaPowerpartlydisposedoftherelatedassetsof5#and6#generatorunitsthathadbeenshutdown,theaccumulatedprovisionforimpairmentwrittenoffonsuchdisposalsamountedtoRMB164,847,347,andthebalanceofprovisionforimpairmentamountedtoRMB373,916,608.

Note2

Note2In2020,BoheEnergyobtainedapprovalfromGuangdongProvincialDevelopmentandReformCommittee.Asthealternativecapacityofsomegeneratorunitscouldnotbeapproved,managementexpectedthatthealternativecapacityoftheseunitswouldnotbeavailableforsubsequentprojectconstructionorsale.Therefore,aprovisionofRMB208,000,000forimpairmentoffixedassetswasmadetothecapitalisedacquisitioncostofthealternativecapacityofthesegeneratorunits.

Note3

Note3DuetothefiercecompetitioninthehydroelectricpowermarketinYunnanProvince,LincangEnergy,asubsidiaryoftheGroup,sufferedfromcontinuousoperatingloss.Inpreviousyears,theGrouphadmadeaprovisionofRMB200,601,657fortheimpairmentoffixedassetsfortherelevantassetgroupsofgeneratorunitsofLincangEnergy.

Note4

Note4In2022,theassetgroupofthespecialrailwaylinedockingstationfortransferringcoalforboilercombustioninShaoguanPowerPlantwasexpectedtobeunabletobeusedforfutureoperationbecauseofthegradualdeclineofrailwaycoaltransportcapacity.Therefore,aprovisionofRMB75,133,692forimpairmentofthisassetgroupwasmadein2022.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(10)

(10)Fixedassets(Cont’d)

(a)

(a)Fixedassets(Cont’d)

(iii)

(iii)Impairmentoffixedassets

Note5

Note5In2022,partofwindturbinegeneratorunitsofYangjiangWindPowerwerehitbytyphoons,andpartoftheirinfrastructurewasseriouslydamagedandcouldnotoperatenormally.ManagementevaluatedtherecoverablevalueofthispartofthedamagedassetsandmadeaprovisionforimpairmentamountingtoRMB80,459,184accordingtotheevaluationresults.

(iv)

(iv)Impairmentofrelatedassetgroupsofcertainsubsidiariesthathavesufferedcontinuousoperatinglossinrecentyears

Inrecentyears,certainsubsidiariesoftheGroupsufferedcontinuousoperatinglossandindicationsofimpairmentofrelatedassetgroupswereobserved.Takingintoconsiderationrisksthatmayexistinthefuture,suchastheinstabilityofelectricitydemandandpriceofcoalforpowergeneration,macroeconomyandotherfactors,theGroupcontinuouslyassessedtheimpairmentoftheabove-mentionedsubsidiaries’powergenerationassetgroups(mainlyincludingfixedassets)in2022(refertoNote2(29)(b)(i)fortheassessmentmethodandaccountingestimtatesinvolved).Theassessmentresultsindicatedthattheestimatedrecoverableamountsoftheaboveassetgroupswerehigherthantheircarryingamounts.Therefore,managementconsideredthatnoprovisionforimpairmentshouldbemade.

Inrecentyears,certainsubsidiariesoftheGroupsufferedcontinuousoperatinglossandindicationsofimpairmentofrelatedassetgroupswereobserved.Takingintoconsiderationrisksthatmayexistinthefuture,suchastheinstabilityofelectricitydemandandpriceofcoalforpowergeneration,macroeconomyandotherfactors,theGroupcontinuouslyassessedtheimpairmentoftheabove-mentionedsubsidiaries’powergenerationassetgroups(mainlyincludingfixedassets)in2022(refertoNote2(29)(b)(i)fortheassessmentmethodandaccountingestimtatesinvolved).Theassessmentresultsindicatedthattheestimatedrecoverableamountsoftheaboveassetgroupswerehigherthantheircarryingamounts.Therefore,managementconsideredthatnoprovisionforimpairmentshouldbemade.(iv)

(iv)Fixedassetswithpendingcertificatesofownership:

Carryingamount

CarryingamountReasonsfornotobtainingcertificatesofownership

Buildings

Buildings2,121,250,891Awaitinggovernmentapproval

Asat31December2022,afterconsultingtheGroup’slegalconsultant,managementbelievedthattherewerenosubstantiallegalobstaclesinobtainingthecertificatesandnomaterialadverseimpactonnormaloperationoftheGroupwouldoccur.

Asat31December2022,afterconsultingtheGroup’slegalconsultant,managementbelievedthattherewerenosubstantiallegalobstaclesinobtainingthecertificatesandnomaterialadverseimpactonnormaloperationoftheGroupwouldoccur.(b)

(b)Disposalsoffixedassets

31December2022

31December202231December2021

Partsofpowergenerationequipment

Partsofpowergenerationequipment124,038,52093,602,122
Otherequipment2,151,3554,374,501
126,189,87597,976,623

(11)

(11)Constructioninprogress

31December2022

31December202231December2021
(Restated)

Constructioninprogress(a)

Constructioninprogress(a)11,766,944,4248,707,685,036
Constructionmaterials1,883,7373,006,730
11,768,828,1618,710,691,766

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(11)

(11)Constructioninprogress(Cont’d)

(a)

(a)Constructioninprogress

31December2022

31December202231December2021(Restated)
BookbalanceProvisionforimpairmentCarryingamountBookbalanceProvisionforimpairmentCarryingamount

Qingzhouoffshorewindpowerproject

Qingzhouoffshorewindpowerproject2,342,070,500-2,342,070,50027,475,461-27,475,461
ShajiaoNingzhougaspowerproject1,969,185,872-1,969,185,872253,652,368-253,652,368
GuangdongEnergyXinjiang400,000kWphotovoltaicproject1,448,198,206-1,448,198,206---
Dachengwindpowerproject683,097,937-683,097,937---
YuehuaPowersubstitutionofnaturalgasforcoalpowerproject616,219,696-616,219,69657,514,981-57,514,981
ZhaoqingDinghunaturalgasthermalpowercogenerationproject582,964,452-582,964,452120,337,569-120,337,569
DayaBaypetrochemicalwesternthermalpowercogenerationproject504,579,892-504,579,89237,759,737-37,759,737
InnerMongoliaYuefeng300MWphotovoltaicparkproject409,218,078-409,218,078---
DabuPhaseIIExpansionProject238,826,677-238,826,67725,214,002-25,214,002
JinchangMuhongJinchangDistrictWestSlope100MWphotovoltaicpowergenerationproject216,333,499-216,333,499---
HongdongCounty200MWcentralisedphotovoltaicpowergenerationproject207,718,654-207,718,6542,559,959-2,559,959
Qiantang100MWfisheryandsolarcomplementaryprojectinPotou,Zhanjiang194,269,709-194,269,70972,146-72,146
JinchangMujinJinchangDistrictWestSlope100MWphotovoltaicpowergenerationproject179,642,763-179,642,763---
LaishuiConservancyEnergyLaishuiCounty80MWaffordableon-gridphotovoltaicpowergenerationproject149,824,672-149,824,672---
WuhuaHuangnizhaiProject130,793,897-130,793,897---
DongshengFarmagriculturalphotovoltaicpowergenerationproject(PhaseI)inLianjiang,Zhanjiang122,913,806-122,913,8062,825,114-2,825,114
ChangshanFarmagriculturalphotovoltaicpowergenerationprojectinLianjiang,Zhanjiang109,540,517-109,540,5172,532,711-2,532,711
Huaduthermalandpowercogenerationproject100,715,497-100,715,4971,054,889,800-1,054,889,800
Sub-totalfornextpage10,206,114,324-10,206,114,3241,584,833,848-1,584,833,848

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(11)

(11)Constructioninprogress(Cont’d)

(a)

(a)Constructioninprogress(Cont’d)

31December2022

31December202231December2021(Restated)
BookbalanceProvisionforimpairmentCarryingamountBookbalanceProvisionforimpairmentCarryingamount

HunanTongdaoDagaoshanwindpowerplantproject

HunanTongdaoDagaoshanwindpowerplantproject---320,622,384-320,622,384
WuxuanHequnproject---413,866,414-413,866,414
YangjiangShapaoffshorewindpowerproject---4,417,942,531-4,417,942,531
Otherinfrastructureconstructionprojects1,254,443,125(273,214,618)981,228,5071,423,911,853(272,760,361)1,151,151,492
Technologyimprovementandotherprojects588,231,904(8,630,311)579,601,593827,898,678(8,630,311)819,268,367
12,048,789,353(281,844,929)11,766,944,4248,989,075,708(281,390,672)8,707,685,036

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(11)

(11)Constructioninprogress(Cont’d)

(a)

(a)Constructioninprogress(Cont’d)

(i)

(i)Movementsofmajorconstructioninprogress

Projectname

ProjectnameBudget31December2021IncreaseinthecurrentyearTransfertofixedassetsinthecurrentyear(Note4(10)(a)(ii))ProvisionforimpairmentOthermovements(i)31December2022Proportionofinvestmenttothebudget(%)ProjectprogressCapitalisedborrowingcostsIncluding:CapitalisedborrowingcostsfortheyearCapitalisationrateofborrowingcostSourceoffund
(Restated)

Qingzhouoffshorewindpower

project

Qingzhouoffshorewindpowerproject17,107,250,00027,475,4612,314,595,039---2,342,070,50015.13%24.90%30,900,08130,900,0812.75%Borrowingandownfunds
ShajiaoNingzhougaspowerproject5,927,600,000253,652,3681,716,265,813--(732,309)1,969,185,87233.25%68.63%50,614,90842,963,3163.27%Borrowingandownfunds
GuangdongEnergyXinjiang40,0000kWphotovoltaicproject2,226,851,400-1,448,198,206---1,448,198,20671.73%65.03%11,502,01211,502,0122.94%Borrowingandownfunds
Dachengwindpowerproject800,000,000-683,097,937---683,097,93796.00%100.00%---Borrowingandownfunds
YuehuaPowersubstitutionofnaturalgasforcoalpowerproject1,532,190,00057,514,981558,704,715---616,219,69635.36%36.50%13,558,33213,558,3324.18%Borrowingandownfunds
ZhaoqingDinghuNaturalGasThermalPowerCogenerationProject2,998,180,000120,337,569462,626,883---582,964,45257.94%49.86%35,172,64730,462,3263.77%Borrowingandownfunds
DayaBaypetrochemicalwesternthermalpowercogenerationproject3,820,000,00037,759,737466,820,155---504,579,89232.15%37.86%10,861,42210,861,4222.92%Borrowingandownfunds
InnerMongoliaYuefeng300MWphotovoltaicparkproject1,572,760,000-409,218,078---409,218,07825.16%22.42%1,726,6961,726,6962.45%Borrowingandownfunds
DabuPhaseIIExpansionProject8,134,220,00025,214,002217,448,925---242,662,9275.58%4.02%3,836,2503,836,2503.10%Borrowingandownfunds
JinchangMuhongJinchangDistrictWestSlope100MWphotovoltaicpowergenerationproject598,705,600-216,333,499---216,333,49941.09%47.00%502,510502,5102.45%Borrowingandownfunds
HongdongCounty200MWcentralisedphotovoltaicpowergenerationproject516,560,0002,559,959205,158,695---207,718,65441.31%43.86%1,904,0531,904,0533.10%Borrowingandownfunds
Qiantang100MWfisheryandsolarcomplementaryprojectinPotou,Zhanjiang500,232,00072,146194,197,563---194,269,70942.90%43.55%2,565,2072,565,2073.37%Borrowingandownfunds
Sub-totalfornextpage524,586,2238,892,665,508--(732,309)9,416,519,422163,144,118150,782,205

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(11)

(11)Constructioninprogress(Cont’d)

(a)

(a)Constructioninprogress(Cont’d)

(i)

(i)Movementsofmajorconstructioninprogress(Cont’d)

Projectname

ProjectnameBudget31December2021IncreaseinthecurrentyearTransfertofixedassetsinthecurrentyear(Note4(10)(a)(ii))ProvisionforimpairmentOthermovements(i)31December2022Proportionofinvestmenttothebudget(%)ProjectprogressCapitalisedborrowingcostsIncluding:CapitalisedborrowingcostsfortheyearCapitalisationrateofborrowingcostSourceoffund
(Restated)

JinchangMujinJinchang

DistrictWestSlope100MWphotovoltaicpowergenerationproject

JinchangMujinJinchangDistrictWestSlope100MWphotovoltaicpowergenerationproject598,705,600-179,642,763---179,642,76334.03%44.00%668,245668,2452.42%Borrowingandownfunds
LaishuiConservancyEnergyLaishuiCounty80MWaffordableon-gridphotovoltaicpowergenerationproject376,000,000-149,824,672---149,824,67238.27%38.26%533,607533,6073.00%Borrowingandownfunds
WuhuaHuangnizhaiproject336,020,000-130,793,897---130,793,89746.00%41.67%721,326721,3263.44%Borrowingandownfunds
DongshengFarmagriculturalphotovoltaicpowergenerationproject(PhaseI)inLianjiang,Zhanjiang299,020,0002,825,114120,088,692---122,913,80645.40%65.74%3,420,9543,420,9543.10%Borrowingandownfunds
ChangshanFarmagriculturalphotovoltaicpowergenerationprojectinLianjiang,Zhanjiang294,690,0002,532,711107,007,806---109,540,51741.18%62.93%1,980,8101,980,8103.10%Borrowingandownfunds
Huaduthermalandpowercogenerationproject3,536,710,0001,054,889,800485,867,256(1,440,041,559)--100,715,49769.94%97.80%92,845,05854,388,9443.94%Borrowingandownfunds
HunanTongdaoDagaoshanwindpowerplantproject531,740,000320,622,38450,942,006(371,564,390)---96.61%100.00%19,727,14510,010,8794.12%Borrowingandownfunds
WuxuanHequnPlantProject485,000,000413,866,41412,239,666(426,106,080)---99.66%100.00%20,264,0098,245,1774.28%Borrowingandownfunds
YangjiangShapaoffshorewindpowerproject5,963,270,0004,417,942,5311,199,702,277(5,617,644,808)---95.29%100.00%221,735,73165,673,5583.25%Borrowingandownfunds
Otherinfrastructureconstructionprojects-1,151,151,492886,127,085(1,059,432,063)(454,257)-977,392,257--56,036,23135,931,335-Borrowingandownfunds
Technologyimprovementandotherprojects-819,268,367765,199,514(971,235,146)-(33,631,142)579,601,593--1,335,162--Borrowingandownfunds
8,707,685,03612,980,101,142(9,886,024,046)(454,257)(34,363,451)11,766,944,424582,412,396332,357,040

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(11)

(11)Constructioninprogress(Cont’d)

(a)

(a)Constructioninprogress(Cont’d)

(i)

(i)Movementsofmajorconstructioninprogress(Cont’d)

OthermovementsofconstructioninprogressfortheyearmainlyincludeconstructioninprogressofRMB34,363,451thatwascompletedandtransferredtointangibleassets.

OthermovementsofconstructioninprogressfortheyearmainlyincludeconstructioninprogressofRMB34,363,451thatwascompletedandtransferredtointangibleassets.(ii)

(ii)Provisionforimpairmentofconstructioninprogress

Item

Item31December2021Increaseinthecurrentyear31December2022Reasonforprovision
(Restated)

HumenElectric2*1000MWproject

HumenElectric2*1000MWproject(137,373,040)-(137,373,040)Stoppageofconstruction
Impairmentofupfrontexpensesfor5#and6#generatorunitsofJinghai(55,389,093)-(55,389,093)Impairmentofupfrontexpensesforconstructioninprogress
ImpairmentofupfrontexpensesforGuangdongwindpowerproject(43,138,231)-(43,138,231)Impairmentofupfrontexpensesforconstructioninprogress
Impairmentofupfrontexpensesfor5#and6#generatorunitsofRedBay(26,446,447)-(26,446,447)Impairmentofupfrontexpensesforconstructioninprogress
Others(19,043,861)(454,257)(19,498,118)Impairmentofupfrontexpensesforconstructioninprogress
(281,390,672)(454,257)(281,844,929)

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(12)

(12)Right-of-useassets

Landuserights

LanduserightsBuildingsMachineryandequipmentMotorvehiclesTotal

Cost

Cost
31December2021-59,726,1885,800,549,9828,434,5455,868,710,715
Increaseinthecurrentyear
Newleasecontracts361,855,74610,328,1782,087,418,7657,797,7262,467,400,415
Decreaseinthecurrentyear
Modificationofleases-(909,835)(854,267)(5,421,630)(7,185,732)
Leasestransferredoutuponmaturity-(6,656,395)-(1,434,787)(8,091,182)
31December2022361,855,74662,488,1367,887,114,4809,375,8548,320,834,216

Accumulateddepreciation

Accumulateddepreciation
31December2021-(17,358,410)(593,074,160)(2,153,166)(612,585,736)
Increaseinthecurrentyear
Provision(a)(8,387,293)(21,791,767)(331,125,537)(2,249,943)(363,554,540)
Decreaseinthecurrentyear
Modificationofleases-504,728676,138978,4882,159,354
Leasestransferredoutuponmaturity-6,656,395-1,434,7878,091,182
31December2022(8,387,293)(31,989,054)(923,523,559)(1,989,834)(965,889,740)

Provisionforimpairment

Provisionforimpairment
31December2021-----
Increaseinthecurrentyear
Provision--(2,899,510)-(2,899,510)
31December2022--(2,899,510)-(2,899,510)

Carryingamount

Carryingamount
31December2022353,468,45330,499,0826,960,691,4117,386,0207,352,044,966
31December2021-42,367,7785,207,475,8226,281,3795,256,124,979

(a)

(a)In2022,depreciationchargedtoright-of-useassetswasRMB363,554,540(2021:RMB244,546,772),amongwhichdepreciationexpenseschargedtocostofsale,generalandadministrativeexpenses,sellingexpensesandconstructioninprogresswereRMB294,975,923,RMB18,031,393,RMB2,736,644andRMB47,810,580(2021:RMB168,487,776,RMB11,428,272,RMB2,747,235andRMB61,883,489)respectively.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(13)

(13)Intangibleassets

Landuserightsand

seauserights

LanduserightsandseauserightsUserightsofassociatedprojectsforelectricitytransmissionandtransformationSoftwareNon-patenttechnologyandothersTotal

Cost

Cost
31December20213,155,681,252260,331,315214,052,59991,714,5793,721,779,745
Increaseinthecurrentyear
Purchase738,127,331-18,999,616101,145757,228,092
Transfersfromconstructioninprogress--33,631,142732,30934,363,451
Decreaseinthecurrentyear
Disposal--(4,581,951)-(4,581,951)
31December20223,893,808,583260,331,315262,101,40692,548,0334,508,789,337

Accumulatedamortisation

Accumulatedamortisation
31December2021(575,637,956)(260,331,315)(138,064,496)(32,517,259)(1,006,551,026)
Increaseinthecurrentyear
Provision(a)(77,523,591)-(19,748,237)(5,901,618)(103,173,446)
Decreaseinthecurrentyear
Disposal--4,173,004-4,173,004
31December2022(653,161,547)(260,331,315)(153,639,729)(38,418,877)(1,105,551,468)

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(13)

(13)Intangibleassets(Cont’d)

Landuserightsand

seauserights

LanduserightsandseauserightsUserightsofassociatedprojectsforelectricitytransmissionandtransformationSoftwareNon-patenttechnologyandothersTotal

Provisionforimpairment

Provisionforimpairment
31December2021(56,502,373)---(56,502,373)
Decreaseinthecurrentyear-----
31December2022(56,502,373)---(56,502,373)

Carryingamount

Carryingamount
31December20223,184,144,663-108,461,67754,129,1563,346,735,496
31December20212,523,540,923-75,988,10359,197,3202,658,726,346

(a)

(a)In2022,amortisationchargedtointangibleassetswasRMB103,173,446,withcostofsaleofRMB13,917,919,generalandadministrativeexpensesofRMB71,440,393,constructioninprogressofRMB15,582,846andresearchanddevelopmentexpensesofRMB2,232,288respectively(In2021,amortisationchargedtointangibleassetswasRMB83,576,878,withcostofsaleofRMB4,225,762,generalandadministrativeexpensesofRMB71,354,033andconstructioninprogressofRMB7,581,319andresearchanddevelopmentexpensesofRMB415,764respectively).

(b)

(b)Asat31December2022,forthelanduserightswithacarryingamountofRMB224,004,105(31December2021:RMB40,485,578)andacostofRMB233,461,861(31December2021:RMB48,689,959),thecertificateshadnotbeenobtainedduetoincompletefilingdocumentsortheregistrationprocedureswereunderprocessing.

(c)

(c)In2022,theGroup’sexpendituresonresearchanddevelopmentamountingtoRMB1,229,311,572(2021:RMB584,714,979)wereallrecognisedasresearchanddevelopmentexpensesinthecurrentperiod(Note4(43)).Asat31December2022,therewerenointangibleassetsarisingfrominternalresearchanddevelopmentoftheGroup.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(14)

(14)Goodwill

31December2022

31December202231December2021

Goodwill-

Goodwill-
TumxukThermalPowerCo.,Ltd.(“TumxukThermalPower”)119,488,672119,488,672
Others45,531,25945,531,259
165,019,931165,019,931

Less:Provisionforimpairment-

Less:Provisionforimpairment-
Others(36,922,378)(25,036,894)
128,097,553139,983,037

(15)

(15)Long-termprepaidexpenses

31December

2021

31December2021IncreaseinthecurrentyearAmortisationinthecurrentyear31December2022

Improvementstoright-

of-useassets

Improvementstoright-of-useassets7,965,1219,577,332(12,845,788)4,696,665
Insuranceexpenses-79,363,798(23,051,376)56,312,422
Roaduserights-32,028,855(850,181)31,178,674
Others22,370,18038,720(5,110,915)17,297,985
30,335,301121,008,705(41,858,260)109,485,746

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(16)

(16)Deferredtaxassetsanddeferredtaxliabilities

(a)

(a)Deferredtaxassetsbeforeoffsetting

31December2022

31December202231December2021(Restated)
DeductibletemporarydifferencesanddeductibletaxlossesDeferredtaxassetsDeductibletemporarydifferencesanddeductibletaxlossesDeferredtaxassets

Deductiblelosses

Deductiblelosses4,176,626,660968,337,5733,189,847,440758,900,259
Provisionforassetimpairment392,229,11496,899,577444,961,087109,842,258
Depreciationoffixedassets291,680,43371,206,998309,188,45174,032,411
Unrealisedprofitsfromintra-grouptransactions656,830,968164,207,742685,896,928171,474,232
Employeebenefitspayable293,456,52170,088,187305,163,06173,089,625
Governmentgrants76,328,52718,673,46695,459,26023,306,593
Amortisationofintangibleassets3,328,432832,1084,028,4071,007,101
5,890,480,6551,390,245,6515,034,544,6341,211,652,479

Including:

Including:
Expectedtoberecoveredwithin1year(inclusive)89,773,324115,084,638
Expectedtoberecoveredafter1year1,300,472,3271,096,567,841
1,390,245,6511,211,652,479

(b)

(b)Deferredtaxliabilitiesbeforeoffsetting

31December2022

31December202231December2021
TaxabletemporarydifferencesDeferredtaxliabilitiesTaxabletemporarydifferencesDeferredtaxliabilities

Changesinfairvalueof

investmentsinotherequityinstrumentsincludedinothercomprehensiveincome

Changesinfairvalueofinvestmentsinotherequityinstrumentsincludedinothercomprehensiveincome(2,115,908,438)(528,977,110)(2,291,866,066)(572,966,517)
Depreciationoffixedassets(85,028,556)(21,257,139)(92,116,411)(23,029,104)
Revaluationreserveofbusinesscombinationsinvolvingenterprisesnotundercommoncontrol(235,501,692)(58,875,422)(272,521,240)(68,130,309)
Amortisationoflanduserights(15,302,244)(3,825,561)(15,685,439)(3,921,360)
Interestreceivable(9,606,414)(2,401,603)(10,071,856)(2,517,964)
(2,461,347,344)(615,336,835)(2,682,261,012)(670,565,254)

Including:

Including:
Expectedtoberecoveredwithin1year(inclusive)(12,535,987)(10,368,799)
Expectedtoberecoveredafter1year(602,800,848)(660,196,455)
(615,336,835)(670,565,254)

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(16)

(16)Deferredtaxassetsanddeferredtaxliabilities(Cont’d)

(c)

(c)Deductibletemporarydifferencesanddeductiblelossesthatarenotrecognisedasdeferredtaxassetsareanalysedasfollows:

31December2022

31December202231December2021
(Restated)

Deductibletemporarydifferences

Deductibletemporarydifferences1,987,366,9981,831,235,286
Deductiblelosses11,033,478,7605,808,689,992
13,020,845,7587,639,925,278

(d)

(d)Deductibletaxlossesthatarenotrecognisedasdeferredtaxassetswillexpireinfollowingyears:

31December2022

31December202231December2021

2022

2022-679,470,193
20231,171,683,402810,630,290
2024173,024,661173,024,661
2025760,600,486598,674,880
20263,992,021,4303,546,889,968
20274,936,148,781-
11,033,478,7605,808,689,992

Managementbelievedthatasatthematuritydatefortheabovedeductiblelosses,therelevantsubjectoftaxpaymenthasnosufficienttaxableprofitstodeducttheabovedeductiblelosses;therefore,norelateddeferredtaxassetwasrecognised.

Managementbelievedthatasatthematuritydatefortheabovedeductiblelosses,therelevantsubjectoftaxpaymenthasnosufficienttaxableprofitstodeducttheabovedeductiblelosses;therefore,norelateddeferredtaxassetwasrecognised.(e)

(e)Thenetbalancesofdeferredtaxassetsanddeferredtaxliabilitiesafteroffsettingareasfollows:

31December2022

31December202231December2021(Restated)
OffsettingamountBalanceafteroffsettingOffsettingamountBalanceafteroffsetting

Deferredtaxassets

Deferredtaxassets(31,220,570)1,359,025,081(34,810,493)1,176,841,986
Deferredtaxliabilities31,220,570(584,116,265)34,810,493(635,754,761)

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(17)

(17)Othernon-currentassets

31December2022

31December202231December2021

Advancesforengineeringandequipment

Advancesforengineeringandequipment4,483,822,2632,294,733,606
InputVATtobededucted1,813,240,9672,207,784,437
Prepaymentforlanduserights198,089,693166,211,424
Depositsprepaidforequityacquisition(a)93,426,00080,000,000
Prepaymentsforpurchaseofbuildings11,623,30558,318,764
Others6,316,3243,203,403
6,606,518,5524,810,251,634

(a)

(a)InAugust2022,GuangdongWindPowerandShanxiHengyangNewEnergyCo.,Ltd.("HengyangNewEnergy")signedtheFrameworkAgreementforAcquiringEquityofWuxiangLvheng100MWPhotovoltaicPowerGenerationProject,andGuangdongWindPowerpaidadepositofRMB52,200,000asagreedintheagreement.

InSeptember2022,GuangdongWindPowerandShandongFengxuNewEnergyCo.,Ltd.("ShandongFengxu")signedtheFrameworkAgreementforAcquiring100%EquityofGaotangFengxuNewEnergyCo.,Ltd.,andGuangdongWindPowerpaidadepositofRMB41,226,000asagreedintheagreement.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(18)

(18)Provisionforassetimpairmentandlosses

31December2021

31December2021IncreaseinthecurrentyearReversalinthecurrentyearWrite-off/Charge-offinthecurrentyear31December2022

Provisionforbaddebtsofaccountsreceivables

Provisionforbaddebtsofaccountsreceivables(263,506)(546,710)243,357-(566,859)
Including:Provisionforbaddebtsonacollectivebasis(263,506)(546,710)243,357-(566,859)
Provisionforbaddebtsofotherreceivables(37,747,977)(6,252,264)8,118,747577,662(35,303,832)
Sub-total(38,011,483)(6,798,974)8,362,104577,662(35,870,691)

Provisionforimpairmentofadvancestosuppliers

Provisionforimpairmentofadvancestosuppliers(115,000)---(115,000)
Provisionfordeclineinthevalueofinventories(34,044,608)---(34,044,608)
Provisionforimpairmentofcontractassets(21,889)-9,360-(12,529)
Provisionforimpairmentoflong-termequityinvestments(117,147,134)---(117,147,134)
Provisionforimpairmentoffixedassets(1,169,899,891)(155,592,876)-193,491,165(1,132,001,602)
Provisionforimpairmentofconstructioninprogress(281,390,672)(454,257)--(281,844,929)
Provisionforimpairmentofright-of-useassets-(2,899,510)--(2,899,510)
Provisionforimpairmentofintangibleassets(56,502,373)---(56,502,373)
Provisionforimpairmentofgoodwill(25,036,894)(11,885,484)--(36,922,378)
Sub-total(1,684,158,461)(170,832,127)9,360193,491,165(1,661,490,063)

(1,722,169,944)

(1,722,169,944)(177,631,101)8,371,464194,068,827(1,697,360,754)

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(19)

(19)Short-termborrowings

31December2022

31December202231December2021

Creditloan

Creditloan16,201,278,60012,062,948,533
Guaranteedloan60,166,260297,347,896
16,261,444,86012,360,296,429

(a)

(a)Asat31December2022,theannualinterestratesoftheshort-termborrowingsrangedfrom2.00%to3.85%(31December2021:2.77%to3.85%).

(b)

(b)Asat31December2022,theprincipalofshort-termcreditloanprovidedbyrelatedpartyEnergyGroupFinanceCompanyamountedtoRMB5,723,903,012(31December2021:RMB4,977,136,729)(Note8(6)).Interestpayableofshort-termborrowingstoEnergyGroupFinanceCompanyamountedtoRMB5,323,466(31December2021:RMB3,142,408).

(c)

(c)Asat31December2022,short-termborrowingsofRMB60,000,000(31December2021:RMB297,000,000)wereguaranteedbyXinjiangJintaiElectricPowerCo.,Ltd.,aminorityshareholderofthesubsidiaryTumxukThermalPower.

(20)

(20)Notespayables

31December2022

31December202231December2021

Bankacceptancenotes

Bankacceptancenotes1,019,206,0001,728,780,000
Tradeacceptancenotes476,572,076180,000,000
1,495,778,0761,908,780,000

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(21)

(21)Accountspayables

31December2022

31December202231December2021

Fuelpayable

Fuelpayable5,182,454,6485,731,957,639
Materialsandsparepartspayable417,506,141501,756,882
Repairexpensespayable98,126,08399,748,099
Desulfurisationanddenitrificationexpensespayable67,846,62050,427,110
Contractedoperationexpensespayable62,414,344166,296,490
Managementfeespayableforfrequencymodulationandenergystorage25,898,303319,986
Others84,007,87476,060,858
5,938,254,0136,626,567,064

(a)

(a)Asat31December2022,accountspayableswithageingoveroneyearamountedRMB56,448,384(31December2021:RMB51,399,876),mainlyincludingunsettledfuelpayableandmaterialspayable.

(22)

(22)Employeebenefitspayable

31December2022

31December202231December2021

Short-termemployeebenefitspayable(a)

Short-termemployeebenefitspayable(a)368,880,069348,069,102
Definedcontributionplanspayable(b)3,128,8253,092,268
Earlyretirementbenefitspayable(c)67,170,98262,450,865
Definedbenefitplanspayable(c)8,241,5418,400,995
447,421,417422,013,230

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(22)

(22)Employeebenefitspayable(Cont’d)

(a)

(a)Short-termemployeebenefits

31December

2021

31December2021IncreaseinthecurrentyearDecreaseinthecurrentyear31December2022

Wagesandsalaries,

bonus,allowancesandsubsidies

Wagesandsalaries,bonus,allowancesandsubsidies11,143,8101,715,775,659(1,723,132,997)3,786,472
Staffwelfare5,035,644180,750,141(181,390,687)4,395,098
Socialsecuritycontributions184,406,723163,862,622(142,101,008)206,168,337
Including:Medicalinsurance184,406,603157,254,700(135,541,925)206,119,378
Workinjuryinsurance1204,243,006(4,242,888)238
Maternityinsurance-2,364,916(2,316,195)48,721
Housingfunds4,800179,950,828(179,929,654)25,974
Labourunionfundsandemployeeeducationfunds140,396,64766,507,488(61,901,191)145,002,944
Othershort-termemployeebenefits7,081,478100,314,325(97,894,559)9,501,244
348,069,1022,407,161,063(2,386,350,096)368,880,069

(b)

(b)Definedcontributionplans

31December

2021

31December2021IncreaseinthecurrentyearDecreaseinthecurrentyear31December2022

Basicpensions

Basicpensions4,800214,025,762(213,975,805)54,757
Unemploymentinsurance1505,245,900(5,239,042)7,008
Enterpriseannuitycontribution3,087,318124,098,888(124,119,146)3,067,060
3,092,268343,370,550(343,333,993)3,128,825

(c)

(c)TheremunerationforearlyretirementandtheGroup’sspecialretirementpensionsthatareexpectedtobepaidwithinoneyearfromthedateofthebalancesheetarelistedastheearlyretirementbenefitspayableandthedefinedbenefitplanpayable,respectively.PleaserefertoNote4(32)(a)and(b)fordetails.

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(23)

(23)Taxespayable

31December2022

31December202231December2021

Enterpriseincometaxpayable

Enterpriseincometaxpayable142,673,95591,420,743
LandVATpayable80,216,70080,216,700
UnpaidVAT33,926,459145,874,436
Individualincometaxpayable28,187,41429,777,458
Citymaintenanceandconstructiontaxpayable1,306,42616,340,357
Educationalsurchargepayable1,088,90612,684,138
Propertytaxpayable924,45877,307,640
Landusetaxpayable217,54221,588,871
Others13,943,05527,092,732
302,484,915502,303,075

(24)

(24)Otherpayables

31December2022

31December202231December2021

Constructionandequipmentexpenses

payable

Constructionandequipmentexpensespayable8,097,497,0107,210,562,333
Carbonemissionallowancespayable382,721,278103,819,285
Generatorunitcapacitypayable(b)249,056,604219,849,057
Projectwarrantypayable236,415,770228,942,252
Advancespayabletothirdparties98,388,118-
Payablesforequityacquisition(c)68,180,1222,501,436,910
Dividendspayable(d)18,553,521-
Administrativefinespayable11,531,70011,531,700
Others241,313,908293,622,241
9,403,658,03110,569,763,778

(a)

(a)Asat31December2022,otherpayablesofRMB2,403,143,193(31December2021:RMB2,564,331,490)agedoveroneyearmainlyrepresentedconstructionandequipmentexpensespayableandwarrantypayablenotbeingsettledbecausethecomprehensiveacceptanceandsettlementofrelevantprojectswereyettobecompletedorprojectswerestillwithintheirwarrantyperiods.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(24)

(24)Otherpayables(Cont’d)

(b)

(b)Asat31December2022,1#and2#generatorunitsofBoheEnergyhadbeencompletedandweretemporarilytransferredtofixedassets.GeneratorunitcapacitypayablebyBoheEnergywasestimatedtobeRMB249,056,604basedonthecapacityindexofthermalpowergeneratorunits.

(c)

(c)In2022,theCompanyacquired100%equityofGaotangShihuiNewEnergyCo.,Ltd.("GaotangNewEnergy"),80%equityofDachengCountyDun'AnNewEnergyCo.,Ltd.("Dun'AnNewEnergy")and100%equityofJiuzhouNewEnergy(Zhaoqing)Co.,Ltd.("JiuzhouNewEnergy"),withthetransactionpriceofRMB178,000,000intotal(seeNote5(1)fordetails).Asat31December2022,therewerestillpayablesforequityacquisitionamountingtoRMB68,180,122thathadnotyetbeenpaid.Accordingtotheequityacquisitionagreement,theremainingequityacquisitionpaymentwillbemadewithinoneyear.

(d)

(d)In2022,GuangdongYudeanZhuhaiOffshoreWindPowerCo.,Ltd.(“ZhuhaiWindPower”),asubsidiaryoftheGroup,declaredtodistributeadividendofRMB18,553,521totheminorityshareholderZhuhaiSpecialEconomicZonePowerDevelopmentGroupCo.,Ltd.ataresolutionoftheshareholders'meeting.Asat31December2022,thedividendwasstillnotpaid.

(25)

(25)Currentportionofnon-currentliabilities

31December2022

31December202231December2021

Currentportionoflong-termborrowings(Note

4(27))

Currentportionoflong-termborrowings(Note4(27))2,685,540,8722,705,229,515
Currentportionoflong-termpayables(Note4(30))18,508,453-
Currentportionofdebenturespayable334,056,607121,526,171
Currentportionofleaseliabilities(Note4(29))937,144,038870,864,067
3,975,249,9703,697,619,753

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(26)

(26)Othercurrentliabilities

31December2022

31December202231December2021

Short-termdebenturespayable

Short-termdebenturespayable3,503,496,4381,007,871,233
OutputVATtobewrittenoff671,353,936650,577,773
4,174,850,3741,658,449,006

Relatedinformationofshort-termdebenturespayableisasfollows:

Relatedinformationofshort-termdebenturespayableisasfollows:

Facevalue

FacevalueIssuancedateMaturityperiodIssuanceamount31December2021IssuedinthecurrentyearInterestatfacevalueAmortisationofdiscountsorpremiumRepaymentsfortheyear31December2022

Secondbatchofsupershort-termfinancingnotesissuedbyGuangdongElectricPowerDevelopmentCo.,Ltd.,2021

Secondbatchofsupershort-termfinancingnotesissuedbyGuangdongElectricPowerDevelopmentCo.,Ltd.,20211,000,000,00023/8/2021178days1,000,000,0001,007,871,233-2,906,301-(1,010,777,534)-
Firstbatchofsupershort-termfinancingnotesissuedbyGuangdongElectricPowerDevelopmentCo.,Ltd.,20221,000,000,00014/2/2022178days1,000,000,000-1,200,000,00011,762,630-(1,211,762,630)-
Secondbatchofsupershort-termfinancingnotesissuedbyGuangdongElectricPowerDevelopmentCo.,Ltd.,20221,000,000,00016/6/2022178days1,000,000,000-1,500,000,00014,630,137-(1,514,630,137)-
Thirdbatchofsupershort-termfinancingnotesissuedbyGuangdongElectricPowerDevelopmentCo.,Ltd.,20222,000,000,0009/12/2022177days2,000,000,000-2,000,000,0002,564,383--2,002,564,383
Fourthbatchofsupershort-termfinancingnotesissuedbyGuangdongElectricPowerDevelopmentCo.,Ltd.,20221,500,000,00022/12/202290days1,500,000,000-1,500,000,000932,055--1,500,932,055
6,500,000,0006,500,000,0001,007,871,2336,200,000,00032,795,506-(3,737,170,301)3,503,496,438

In2022,theinterestrateofsupershort-termfinancingnotesissuedbytheCompanywasfrom2.00%to2.52%(2021:1.80%to2.21%).

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(27)

(27)Long-termborrowings

31December2022

31December202231December2021

Creditloan

Creditloan36,895,757,24723,906,374,506
Pledgedloan(a)6,067,812,0486,007,416,837
Guaranteedloan(b)2,582,904,2051,732,016,028
45,546,473,50031,645,807,371
Less:Currentportionoflong-termborrowings(Note4(25))
Creditloan(2,004,935,172)(2,181,560,334)
Pledgedloan(528,303,490)(391,353,153)
Guaranteedloan(152,302,210)(132,316,028)
42,860,932,62828,940,577,856

(a)

(a)Pledgedloan

Asat31December2022,thechargerightforelectricitywastreatedaspledgeforlong-termpledgedloanforsomesubsidiaries.

Asat31December2022,thechargerightforelectricitywastreatedaspledgeforlong-termpledgedloanforsomesubsidiaries.(b)

(b)Guaranteedloan

Asat31December2022,theprincipalbalanceoftheGroup’ssubsidiaryXuwenWindPower’slong-termborrowingsfromEnergyGroupFinanceCompanywasRMB6,400,000,includingcurrentportionoflong-termborrowingsamountingtoRMB1,400,000,whichwassecuredbyZhanjiangWindPower(2021:RMB7,100,000,includingcurrentportionoflong-termborrowingsamountingtoRMB1,400,000).Theannualinterestrateoftheloanis4.06%(2021:4.26%),andtheremainingprincipalwillmatureininstallmentsby28November2031.

Asat31December2022,theprincipalbalanceoftheGroup’ssubsidiaryXuwenWindPower’slong-termborrowingsfromEnergyGroupFinanceCompanywasRMB6,400,000,includingcurrentportionoflong-termborrowingsamountingtoRMB1,400,000,whichwassecuredbyZhanjiangWindPower(2021:RMB7,100,000,includingcurrentportionoflong-termborrowingsamountingtoRMB1,400,000).Theannualinterestrateoftheloanis4.06%(2021:4.26%),andtheremainingprincipalwillmatureininstallmentsby28November2031.Asat31December2022,theprincipalbalanceoftheGroup’ssubsidiaryQujieWindPower’slong-termborrowingsfromChinaCleanDevelopmentMechanismFundwasRMB69,000,000(2021:69,000,000),whichwasguaranteedbyEnergyGroupFinanceCompany.Theannualinterestrateoftheloanis3.26%(2021:3.26%),andtheseborrowingswillmatureininstallmentsby7May2025.

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(27)

(27)Long-termborrowings(Cont’d)

(b)

(b)Guaranteedloan(Cont'd)

Asat31December2022,theprincipalbalanceoftheGroup’ssubsidiaryDun'AnNewEnergy’slong-termborrowingsfromIndustrialBankCo.,Ltd.HohhotBranchwasRMB529,386,987,includingcurrentportionoflong-termborrowingsamountingtoRMB13,234,675,whichwassecuredbyBeijingGuangdunNewEnergyCo.Ltd.(2021:Nil).Theannualinterestrateoftheloanis4.40%(2021:Nil),andtheremainingprincipalwillmatureininstallmentsby11December2037.

Asat31December2022,theprincipalbalanceoftheGroup’ssubsidiaryDun'AnNewEnergy’slong-termborrowingsfromIndustrialBankCo.,Ltd.HohhotBranchwasRMB529,386,987,includingcurrentportionoflong-termborrowingsamountingtoRMB13,234,675,whichwassecuredbyBeijingGuangdunNewEnergyCo.Ltd.(2021:Nil).Theannualinterestrateoftheloanis4.40%(2021:Nil),andtheremainingprincipalwillmatureininstallmentsby11December2037.Asat31December2022,theprincipalbalanceoftheGroup’ssubsidiaryGuangdongYudeanXinhuiPowerGenerationCo.,Ltd.(“XinhuiPower”)’slong-termborrowingsfromChinaCleanDevelopmentMechanismFundwasRMB69,000,000(2021:69,000,000),whichwasguaranteedbyEnergyGroupFinanceCompany.Theannualinterestrateoftheloanis3.21%(2021:3.26%),andtheseborrowingswillmatureininstallmentsby27July2025.

Asat31December2022,theprincipalbalanceoftheGroup’ssubsidiaryGuangdongYudeanXinhuiPowerGenerationCo.,Ltd.(“XinhuiPower”)’slong-termborrowingsfromChinaCleanDevelopmentMechanismFundwasRMB69,000,000(2021:69,000,000),whichwasguaranteedbyEnergyGroupFinanceCompany.Theannualinterestrateoftheloanis3.21%(2021:3.26%),andtheseborrowingswillmatureininstallmentsby27July2025.

Asat31December2022,theprincipalbalanceoftheGroup'ssubsidiaryTumxukThermalPower’slong-termborrowingsfromShanghaiPudongDevelopmentBank,ChinaGuangfaBankandUrumqiwasRMB1,375,000,000,includingcurrentportionoflong-termborrowingsamountingtoRMB130,000,000(2021:RMB1,500,000,000,includingcurrentportionoflong-termborrowingsamountingtoRMB125,000,000),whichwasguaranteedbytheThirdDivisionofXinjiangProductionandConstructionCorps.Theannualinterestrateoftheloanis4.90%(2021:

4.90%)andtheremainingprincipalwillmatureininstallmentsby27June2032.

Asat31December2022,theprincipalbalanceoftheGroup'ssubsidiaryTumxukThermalPower’slong-termborrowingsfromShanghaiPudongDevelopmentBank,ChinaGuangfaBankandUrumqiwasRMB1,375,000,000,includingcurrentportionoflong-termborrowingsamountingtoRMB130,000,000(2021:RMB1,500,000,000,includingcurrentportionoflong-termborrowingsamountingtoRMB125,000,000),whichwasguaranteedbytheThirdDivisionofXinjiangProductionandConstructionCorps.Theannualinterestrateoftheloanis4.90%(2021:

4.90%)andtheremainingprincipalwillmatureininstallmentsby27June2032.Asat31December2022,theprincipalbalanceoftheGroup'ssubsidiaryTumxukThermalPower’slong-termborrowingsfromBankofChinawasRMB32,649,966,includingcurrentportionoflong-termborrowingsamountingtoRMB6,200,000(2021:Nil),whichwasguaranteedbyXinjiangJintaiElectricPowerCo.,Ltd.Theannualinterestrateoftheloanis4.30%(2021:Nil),andtheremainingprincipalwillmatureininstallmentsby15December2031.

Asat31December2022,theprincipalbalanceoftheGroup'ssubsidiaryTumxukThermalPower’slong-termborrowingsfromBankofChinawasRMB32,649,966,includingcurrentportionoflong-termborrowingsamountingtoRMB6,200,000(2021:Nil),whichwasguaranteedbyXinjiangJintaiElectricPowerCo.,Ltd.Theannualinterestrateoftheloanis4.30%(2021:Nil),andtheremainingprincipalwillmatureininstallmentsby15December2031.(c)

(c)Asat31December2022,theannualinterestratesoflong-termborrowingsrangedfrom0.75%to4.90%(31December2021:0.80%to4.90%).

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(28)

(28)Debenturespayable

31December

2021

31December2021IssuedinthecurrentyearAmortisationofdiscountsorpremiumTransferredtocurrentportionofnon-currentliabilities31December2022

21PinghaiBond01(a)

21PinghaiBond01(a)199,921,484-60,679(199,982,163)-
21PinghaiPowerMTN001(b)299,212,878-295,424-299,508,302
20YudeanBond01(c)1,499,648,572-105,660-1,499,754,232
21YudeanBond01(d)999,924,528-37,736-999,962,264
21YudeanBond02(e)1,499,855,660-33,962-1,499,889,622
21YudeanBond03(f)799,635,220-75,472-799,710,692
21YudeanFanengMTN001(g)1,198,296,858-1,075,472-1,199,372,330
21YudeanFanengMTN002(g)2,196,588,222-1,183,019-2,197,771,241
22YudeanFanengMTN001(g)-600,000,000(1,478,774)-598,521,226
8,693,083,422600,000,0001,388,650(199,982,163)9,094,489,909

(a)

(a)AsapprovedbyCSRCCircularSFCLicense[2020]No.1771,theGroup’ssubsidiaryPinghaiPowerissued2-yearbook-entrycorporatedebenturesinreal-namesystemwithfacevalueofRMB200,000,000(“21PinghaiBond01”)tothepublicon4June2021.TheGroupaltogetherraisedRMB199,880,000afterdeductinganissueexpenseofRMB120,000.Thedebentureissubjecttoanannualinterestrateof3.57%startingfrom4June2021andshouldbepayableannuallyonsimpleinterest.Asat31December2022,debenturespayableweremeasuredatamortisedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof3.60%(31December2021:3.60%).

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(28)

(28)Debenturespayable(Cont’d)

(b)

(b)On15October2021,PinghaiPowerissued3-yearmiddle-termnoteswithfacevalueofRMB300,000,000intheinterbankmarket(“21PinghaiPowerMTN001”).TheGroupaltogetherraisedRMB299,100,000afterdeductinganissueexpenseofRMB900,000.Thedebentureissubjecttoanannualinterestrateof3.72%startingfrom15October2021andshouldbepayableannuallyonsimpleinterest.Asat31December2022,debenturespayableweremeasuredatamortisedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof3.83%(31December2021:3.83%).

(c)

(c)AsapprovedbyCSRCCircularSFCLicense[2019]No.2477,theCompanyissued5-yearbook-entrycorporatedebenturesinreal-namesystemwithfacevalueofRMB1,500,000,000(“20YudeanBond01”)tothepublicon29April2020.TheCompanyaltogetherraisedRMB1,499,471,698afterdeductinganissueexpenseofRMB528,302.Thedebentureissubjecttoanannualinterestrateof2.45%startingfrom29April2020andshouldbepayableannuallyonsimpleinterest.Asat31December2022,debenturespayableweremeasuredatamortisedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof2.46%(31December2021:2.46%).

(d)

(d)AsapprovedbyCSRCCircularSFCLicense[2019]No.2477,theCompanyissued3-yearbook-entrycorporatedebenturesinreal-namesystemwithfacevalueofRMB1,000,000,000(“21YudeanBond01”)tothepublicon27January2021.TheCompanyaltogetherraisedRMB999,848,386afterdeductinganissueexpenseofRMB151,614.Thedebentureissubjecttoanannualinterestrateof3.57%startingfrom27January2021andshouldbepayableannuallyonsimpleinterest.Asat31December2022,debenturespayableweremeasuredatamortisedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof3.58%(31December2021:3.58%).

(e)

(e)AsapprovedbyCSRCCircularSFCLicense[2019]No.2477,theCompanyissued5-yearbook-entrycorporatedebenturesinreal-namesystemwithfacevalueofRMB1,500,000,000(“21YudeanBond02”)tothepublicon28April2021.TheCompanyaltogetherraisedRMB1,499,791,783afterdeductinganissueexpenseofRMB208,217.Thedebentureissubjecttoanannualinterestrateof3.50%startingfrom28April2021andshouldbepayableannuallyonsimpleinterest.Asat31December2022,debenturespayableweremeasuredatamortisedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof3.50%(31December2021:3.50%).

(f)

(f)AsapprovedbyCSRCCircularSFCLicense[2021]No.3142,theCompanyissued5-yearbook-entrycorporatedebenturesinreal-namesystemwithfacevalueofRMB800,000,000(“21YudeanBond03”)tothepublicon24November2021.TheCompanyaltogetherraisedRMB799,565,033afterdeductinganissueexpenseofRMB434,967.Thedebentureissubjecttoanannualinterestrateof3.41%startingfrom24November2021andshouldbepayableannuallyonsimpleinterest.Asat31December2022,debenturespayableweremeasuredatamortisedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof3.42%(31December2021:3.42%).

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(28)

(28)Debenturespayable(Cont’d)

(g)

(g)TheCompany’sapplicationforregistrationofmiddle-termnoteshasbeenacceptedbytheNationalAssociationofFinancialMarketInstitutionalInvestorsatits51stmeetingin2021.TheregisteredamountofRMB4,000,000,000wouldbevalidfor2yearsstartingfrom29June2021.On19July2021,theCompanyissued3-yearmiddle-termnoteswithfacevalueofRMB1,200,000,000intheinterbankmarket("21YudeanFanengMTN001").TheCompanyaltogetherraisedRMB1,197,948,000afterdeductinganissueexpenseofRMB2,052,000,whichshouldbepaidinthreeyears.In2022,theissueexpenseofRMB684,000waspaid.Thedebentureissubjecttoanannualinterestrateof3.17%startingfrom21July2021andshouldbepayableannuallyonsimpleinterest.Asat31December2022,debenturespayableweremeasuredatamortisedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof3.23%(31December2021:3.23%).

On15November2021,theCompanyissued3-yearmiddle-termnoteswithfacevalueofRMB2,200,000,000intheinterbankmarket("21YudeanFanengMTN002").TheCompanyaltogetherraisedRMB2,196,238,000afterdeductinganissueexpenseofRMB3,762,000,whichshouldbepaidinthreeyears.In2022,theissueexpenseofRMB1,254,000waspaid.Thedebentureissubjecttoanannualinterestrateof3.13%startingfrom17November2021andshouldbepayableannuallyonsimpleinterest.Asat31December2022,debenturespayableweremeasuredatamortisedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof

3.19%(31December2021:3.19%).

On15November2021,theCompanyissued3-yearmiddle-termnoteswithfacevalueofRMB2,200,000,000intheinterbankmarket("21YudeanFanengMTN002").TheCompanyaltogetherraisedRMB2,196,238,000afterdeductinganissueexpenseofRMB3,762,000,whichshouldbepaidinthreeyears.In2022,theissueexpenseofRMB1,254,000waspaid.Thedebentureissubjecttoanannualinterestrateof3.13%startingfrom17November2021andshouldbepayableannuallyonsimpleinterest.Asat31December2022,debenturespayableweremeasuredatamortisedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof

3.19%(31December2021:3.19%).

On24August2022,theCompanyissued5-yearmiddle-termnoteswithfacevalueofRMB600,000,000intheinterbankmarket(“22YudeanFanengMTN001”).TheCompanyaltogetherraisedRMB598,290,000afterdeductinganissueexpenseofRMB1,710,000,whichshouldbepaidinfiveyears.In2022,theissueexpenseofRMB342,000waspaid.Thedebentureissubjecttoanannualinterestrateof2.90%startingfrom26August2022andshouldbepayableannuallyonsimpleinterest.Asat31December2022,debenturespayableweremeasuredatamortisedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof2.96%.

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(29)

(29)Leaseliabilities

31December2022

31December202231December2021

Leaseliabilities

Leaseliabilities7,807,964,0555,599,031,209
Less:Currentportionofnon-currentliabilities(Note4(25))(937,144,038)(870,864,067)
6,870,820,0174,728,167,142

(a)

(a)Asat31December2022,thefutureminimumleasepaymentsofshort-termleasesandlowvalueassetleasesadoptingthepracticalexpedientaccordingtothenewleasestandardwereRMB5,449,828andRMB387,098(31December2021:RMB3,339,680andRMB102,983)respectively,whichshouldbepaidwithinoneyear.

(30)

(30)Long-termpayables

31December2022

31December202231December2021

Seaareausagefeepayable

Seaareausagefeepayable389,004,362-
Equipmentandconstructionexpensespayable270,841,11996,819,223
Others24,960,00024,960,000

Less:Currentportionoflong-termpayables

Less:Currentportionoflong-termpayables(18,508,453)-
666,297,028121,779,223

(31)

(31)Deferredincome

31December

2021

31December2021IncreaseinthecurrentyearDecreaseinthecurrentyear31December2022

Governmentgrants(a)

Governmentgrants(a)163,611,5157,156,948(28,476,248)142,292,215

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(31)

(31)Deferredincome(Cont’d)

(a)

(a)Governmentgrants

Governmentgrants

Governmentgrants31December2021IncreaseinthecurrentyearRecognisedinotherincomeinthecurrentyear31December2022Assetrelated/Incomerelated

Specialfundsfor1-3#generators’desulfurisationproject

Specialfundsfor1-3#generators’desulfurisationproject15,107,198-(1,303,568)13,803,630Assetrelated
Specialfinancialfundsforenergyconservation12,407,220-(1,383,567)11,023,653Assetrelated
Specialtreasurybond-basedgovernmentgrantsfordesulfurisationprojects12,079,169-(1,342,130)10,737,039Assetrelated
CompensationforrelocationandrenovationofShajiaoAZhenkoupumphouse11,122,717-(5,561,358)5,561,359Assetrelated
TaxrefundforPRC-madeequipment8,036,728-(2,296,208)5,740,520Assetrelated
EnvironmentalgrantsforSCRdenitrationproject7,559,528-(1,764,615)5,794,913Assetrelated
Provincialspecialfundsforenterprises’technologyimprovement7,707,105-(2,997,831)4,709,274Assetrelated
Comprehensivetechnologyupgradingfortheenergysavingof1&2#generatorunitsturbinebyZhongyueEnergy6,923,077-(769,230)6,153,847Assetrelated
Secondincentivesforcomprehensiveandtypicaldemonstrationprojectsunderfinancialpoliciesofenergysaving6,300,000-(450,000)5,850,000Assetrelated
DevelopmentandcompetitivenessfundsfromSASAC6,000,000-(666,666)5,333,334Assetrelated
Postrewardingsubsidiesforultra-lowemissionsof1&2#generators5,012,766-(633,191)4,379,575Assetrelated
Grantsforenergysavingandconsumptionreductionof6#generatorflowreconstruction4,698,723-(478,188)4,220,535Assetrelated
Grantsforcomprehensivetechnicaltransformationprojectforgeneratortransformationandupgrading4,200,416-(526,385)3,674,031Assetrelated
IncentivesforenergyefficiencyofpowerplantbyDongguan3,295,375-(1,647,687)1,647,688Assetrelated
Specialfundsfortechnicaltransformationofultra-lowemissionsof5&6#generators-5,133,400(311,115)4,822,285Assetrelated
Others53,161,4932,023,548(6,344,509)48,840,532Assetrelated
163,611,5157,156,948(28,476,248)142,292,215

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(32)

(32)Long-termemployeebenefitspayable

31December2022

31December202231December2021

Earlyretirementbenefitspayable(a)

Earlyretirementbenefitspayable(a)366,776,366343,077,437
Definedbenefitplanspayable(b)91,612,969100,097,967
Otherlong-termemployeebenefitspayable(c)61,903,98755,536,676
Less:Payablewithinoneyear(91,028,053)(83,231,818)
429,265,269415,480,262

Theemployeebenefitspayablewithinoneyearareincludedintheemployeebenefitspayable(Note4(22)).

Theemployeebenefitspayablewithinoneyearareincludedintheemployeebenefitspayable(Note4(22)).

(a)

(a)AccordingtotheGroup’sregulationsforearlyretirementofemployees,theemployeeswhoseearlyretirementrequestsareapprovedbytheGroupcouldhaveearlyretirementbeforestatutoryretirementage.Employeescanobtainsalaryonamonthlybasisbyacertainratiooftheoriginalsalaryuntiltheyreachthestatutoryretirementage.Managementexpectstheterminationbenefitstobepaidinthefuturearedeterminedbythepresentvalueofcashflow,whenaccruedtheaboveterminationbenefits.Asat31December2022,theGroupcalculatedtheexpectedexpenseforeachemployeeeligibleforearlyretirementineachyearbeforethestatutoryretirementageinaccordancewiththerelatedregulationsforearlyretirement,takingintoaccountlocalsalarygrowthrate,andestimatedthepresentvalueoffutureterminationbenefitsbytreasurybondinterestrateof3.22%(2021:3.57%)ofthesameperiod.Asat31December2022,theGroupaccruedterminationbenefitsofRMB366,776,366(31December2021:RMB343,077,437)andrecognisedtheminlong-termemployeebenefitspayable.TheactualterminationbenefitsduewithinoneyeartotallingRMB67,170,982(31December2021:RMB62,450,865)wererecognisedinemployeebenefitspayable.

(b)

(b)InaccordancewiththeFAQonSocialManagementofRetiredEmployeesinState-ownedEnterprises(GuoZiTingFaGaiGe[2020]No.36)issuedbytheState-ownedAssetsSupervisionandAdministrationCommissionoftheStateCouncil,theGroupmadeaone-timeprovisionfortheexpectedpaymentstoretiredemployeeseligiblefortheGroup’sspecialretirementpensionsin2020,andmadethepaymentonamonthlybasis.TheexpectedpresentvaluesofcashflowsoftheGroup’sspecialretirementpensionsduringtheexpectedremaininglifeoftheretiredemployeesarerecognisedaslong-termemployeebenefitspayableandrecordedinprofitorlossforthecurrentperiod.TheGroup’sspecialretirementpensionsmainlyincluderetirementsubsidies,militarytransfersubsidiesandlivingallowancesforretiredprimaryandsecondaryschoolteachers.Asat31December2022,theGroupcalculatedtheexpectedspecialretirementpensionseachyearduringretirees’expectedremaininglife,andestimatedthepresentvalueofspecialretirementpensionsinthefuturebytreasurybondinterestrateof3.22%(2021:3.57%)ofthesameperiod.Asat31December2022,theGroupaccrueddefinedbenefitplansofRMB91,612,969andrecognisedtheminlong-termemployeebenefitspayable(31December2021:RMB100,097,967).TheactualdefinedbenefitplansduewithinoneyeartotallingRMB8,241,541arerecognisedinemployeebenefitspayable(31December2021:RMB8,400,995).

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(32)

(32)Long-termemployeebenefitspayable(Cont’d)

(b)

(b)(Cont’d)

Asat31December2022and31December2021,significantactuarialassumptionsforthedeterminationofthepresentvalueoftheobligationsofthedefinedbenefitplanareasfollows:

Asat31December2022and31December2021,significantactuarialassumptionsforthedeterminationofthepresentvalueoftheobligationsofthedefinedbenefitplanareasfollows:

31December2022

31December202231December2021

Discountrates

Discountrates3.22%3.57%
Growthratesonmilitarytransfersubsidies2%to12%2%to12%
Estimatedaveragelife7675

Thesensitivityanalysisbelowhasbeencarriedoutbasedonreasonablypossiblechangesoftherespectiveassumptionsoccurringattheendofthereportingperiod,whileallotherassumptionsareheldconstant:

Thesensitivityanalysisbelowhasbeencarriedoutbasedonreasonablypossiblechangesoftherespectiveassumptionsoccurringattheendofthereportingperiod,whileallotherassumptionsareheldconstant:

Ifthediscountratedecreasesby0.5%,thepresentvalueoftheGroup’sobligationsofthedefinedbenefitplanwoulddecreasebyRMB5,139,168.

Ifthediscountratedecreasesby0.5%,thepresentvalueoftheGroup’sobligationsofthedefinedbenefitplanwoulddecreasebyRMB5,139,168.Thesensitivityanalysispresentedabovemaynotreflecttheactualchangesintheobligationsofthedefinedbenefitplanbecauseitisunlikelythatchangesinoneassumptionwouldoccurinisolationofoneanotherassomeoftheassumptionsmaybecorrelated.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(32)

(32)Long-termemployeebenefitspayable(Cont’d)

(c)

(c)AccordingtorelevantregulationsonsocialmedicalinsuranceinplaceswherethesubsidiariesoftheCompanyandtheGrouplocate,ifindividualemployeesparticipatingbasicmedicalinsuranceforurbanresidentsareundertheirstatutoryagesofretirement,buttheirestimatedcontributionyearsfailtomeetthelocalstandards,theGroupneedstomakecontinuouscontributionfortheemployeesperannumtillthestandardsaremetevenaftertheirretirement.Theexpectedpresentvaluesofcashflowsthatshallbepaidformedicalinsurancefortheremainingcontributionyearsofretiredemployeesarerecognisedaslong-termemployeebenefitspayableandrecordedinprofitorlossforthecurrentperiod.Asat31December2022,thebalanceoftheGroup’sotherlong-termemployeebenefitspayablewasmainlytheadditionalpaymentofmedicalinsurancemadeforretiredemployees.TheGroupcalculatedtheexpectedexpensesforeachyearfromtheendofthecurrentyeartoregulatedcontributionyearsbasedonthelocalmonthlyaveragesalaryoftheyear,andestimatedthepresentvalueofcashexpensesmadebyretiredemployeesformedicalinsuranceinthefuture,withatreasurybondinterestrateof3.22%(2021:3.57%)asdiscountrate.Asat31December2022,theGroupaccruedotherlong-termemployeebenefitspayableofRMB61,903,987(31December2021:RMB55,536,676),withactualpaymentofotherlong-termemployeebenefitspayableduewithinoneyearofRMB15,615,530(31December2021:RMB12,379,958)recognisedinemployeebenefitspayable.

(d)

(d)Long-termemployeebenefitspayableincludedinprofitorlossforthecurrentperiodin2022and2021areasfollows:

2022

20222021

Generalandadministrativeexpenses

Generalandadministrativeexpenses121,071,303188,816,127

(33)

(33)Othernon-currentliabilities

31December2022

31December202231December2021

Capitalinjection(a)

Capitalinjection(a)128,400,00074,499,700
Housingworkingfund1,028,167970,029
129,428,16775,469,729

(a)

(a)In2018,theGroup’ssubsidiaryQujieWindPowerreceivedacapitalinjectionofRMB50,000,000fromGEGC.ThecapitalwillbeusedforQujieWailuooffshorewindpowerplantproject.Asat31December2022,asQujieWindPower’sregistrationforchangesofbusinesslicensehadnotbeencompleted,thecapitalincreasewasrecognisedinothernon-currentliabilities.

In2022,theGroup’ssubsidiaryYuehuaPowerreceivedacapitalinjectionofRMB78,400,000fromChinaHuanengGroupCo.,Ltd.Thecapitalwillbeusedforconstructionofsubstitutionofnaturalgasforcoalpowerproject.Thesecondprojectcapitalwillbeinjectedinthefirstquarterof2023.Asat31December2022,asYuehuaPower’sregistrationforchangesofbusinesslicensehadnotbeencompleted,thecapitalincreasewasrecognisedinothernon-currentliabilities.

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(34)

(34)Sharecapital

31December2021

31December2021Movementsinthecurrentyear31December2022
IssuanceofnewsharesBonussharesHousingfundtransferredtosharesOthersSub-total

Sharessubjecttotradingrestriction

Sharessubjecttotradingrestriction
-Sharesheldbydomesticstate-ownedlegalperson1,893,342,621-----1,893,342,621
-Otherdomesticshares
Including:Sharesheldbydomesticnon-state-ownedlegalperson4,620,666-----4,620,666
Sharesheldbydomesticnaturalperson5,659-----5,659

Sharesnotsubjecttotrading

restriction

Sharesnotsubjecttotradingrestriction
-RMB-denominatedordinaryshares2,553,907,040-----2,553,907,040
-Domestically-listedforeignshares798,408,000-----798,408,000

5,250,283,986

5,250,283,986-----5,250,283,986

31December2020

31December2020Movementsinthecurrentyear31December2021
IssuanceofnewsharesBonussharesHousingfundtransferredtosharesOthersSub-total

Sharessubjecttotradingrestriction

Sharessubjecttotradingrestriction
-Sharesheldbydomesticstate-ownedlegalperson1,893,342,621-----1,893,342,621
-Otherdomesticshares
Including:Sharesheldbydomesticnon-state-ownedlegalperson4,620,666-----4,620,666
Sharesheldbydomesticnaturalperson5,659-----5,659

Sharesnotsubjecttotrading

restriction

Sharesnotsubjecttotradingrestriction
-RMB-denominatedordinaryshares2,553,907,040-----2,553,907,040
-Domestically-listedforeignshares798,408,000-----798,408,000

5,250,283,986

5,250,283,986-----5,250,283,986

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(35)

(35)Capitalsurplus

31December

2021

31December2021IncreaseinthecurrentyearDecreaseinthecurrentyear31December2022
(Restated)

Capitalpremium(a)

Capitalpremium(a)3,991,835,030-(19,288,105)3,972,546,925
Revaluationreserve119,593,718--119,593,718
InvestmentfromGEGC395,000,000--395,000,000
Shareofinterestsintheinvesteeinproportiontotheshareholding(b)(174,299,153)636,197-(173,662,956)
Transferofcapitalsurplusrecognisedunderthepreviousaccountingsystem20,474,592--20,474,592
Others(75,652,004)-(1,253,770)(76,905,774)
4,276,952,183636,197(20,541,875)4,257,046,505

31December

2020

31December2020IncreaseinthecurrentyearDecreaseinthecurrentyear31December2021
(Restated)(Restated)

Capitalpremium

Capitalpremium7,734,477,748958,923(3,743,601,641)3,991,835,030
Revaluationreserve119,593,718--119,593,718
InvestmentfromGEGC395,000,000--395,000,000
Shareofinterestsintheinvesteeinproportiontotheshareholding(b)(179,682,776)5,383,623-(174,299,153)
Transferofcapitalsurplusrecognisedunderthepreviousaccountingsystem20,474,592--20,474,592
Others(75,652,004)--(75,652,004)
8,014,211,2786,342,546(3,743,601,641)4,276,952,183

(a)

(a)In2022,thecapitalsurplusoftheGroupdecreasedbyRMB19,288,105duetothedilutionoftheproportionofequityheldbytheGrouparisingfromcapitalincreasebyminorityshareholdersofcertainsubsidiariesoftheGroup.

(b)

(b)In2022,capitalsurplusofassociatescalculatedbasedonproportionofequityacquiredincreasedbyRMB636,197(Note4(7)(b)).

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(36)

(36)Othercomprehensiveincome

Othercomprehensiveincomeinthebalancesheet

OthercomprehensiveincomeinthebalancesheetOthercomprehensiveincomeintheincomestatementfortheyearended31December2022
31December2021AttributabletotheparentcompanyaftertaxTransferofothercomprehensiveincometoretainedearnings31December2022AmountincurredbeforetaxLess:IncometaxexpensesAttributabletotheparentcompanyaftertaxAttributabletominorityshareholdersaftertax

Othercomprehensiveincomethatwillnotbe

reclassifiedtoprofitorloss

Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorloss
Shareofothercomprehensiveincomeoftheinvesteeaccountedforusingequitymethodthatwillnotbereclassifiedtoprofitorloss69,199,4679,938,693-79,138,1609,938,693-9,938,6931,253,770
Changesinfairvalueofinvestmentsinotherequityinstruments1,718,622,133(131,968,221)-1,586,653,912(175,957,628)43,989,407(131,968,221)-
Changesarisingfromremeasurementofdefinedbenefitplans(37,296,993)--(37,296,993)----
Othercomprehensiveincomethatwillbereclassifiedtoprofitorloss
Shareofothercomprehensiveincomeoftheinvesteeaccountedforusingequitymethodthatwillbereclassifiedtoprofitorloss(513,036)1,855,914-1,342,8781,855,914-1,855,914-
1,750,011,571(120,173,614)-1,629,837,957(164,163,021)43,989,407(120,173,614)1,253,770

Othercomprehensiveincomeinthebalancesheet

OthercomprehensiveincomeinthebalancesheetOthercomprehensiveincomeintheincomestatementfortheyearended31December2021
31December2020AttributabletotheparentcompanyaftertaxTransferofothercomprehensiveincometoretainedearnings31December2021AmountincurredbeforetaxLess:IncometaxexpensesAttributabletotheparentcompanyaftertaxAttributabletominorityshareholdersaftertax

Othercomprehensiveincomethatwillnotbe

reclassifiedtoprofitorloss

Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorloss
Shareofothercomprehensiveincomeoftheinvesteeaccountedforusingequitymethodthatwillnotbereclassifiedtoprofitorloss53,589,73215,609,735-69,199,46715,609,735-15,609,735-
Changesinfairvalueofinvestmentsinotherequityinstruments1,903,766,633(184,768,848)(375,652)1,718,622,133(246,358,463)61,589,615(184,768,848)-
Changesarisingfromremeasurementofdefinedbenefitplans-(37,296,993)-(37,296,993)(53,499,650)-(37,296,993)(16,202,657)
Othercomprehensiveincomethatwillbereclassifiedtoprofitorloss
Shareofothercomprehensiveincomeoftheinvesteeaccountedforusingequitymethodthatwillbereclassifiedtoprofitorloss(180,884)(332,152)-(513,036)(332,152)-(332,152)-
1,957,175,481(206,788,258)(375,652)1,750,011,571(284,580,530)61,589,615(206,788,258)(16,202,657)

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(37)

(37)Surplusreserve

31December

2021

31December2021IncreaseinthecurrentyearDecreaseinthecurrentyear31December2022

Statutorysurplusreserve

Statutorysurplusreserve3,016,893,870--3,016,893,870
Discretionarysurplusreserve5,886,621,265--5,886,621,265
8,903,515,135--8,903,515,135

31December

2020

31December2020IncreaseinthecurrentyearDecreaseinthecurrentyear31December2021

Statutorysurplusreserve

Statutorysurplusreserve2,905,992,585110,901,285-3,016,893,870
Discretionarysurplusreserve5,609,368,053277,253,212-5,886,621,265
8,515,360,638388,154,497-8,903,515,135

InaccordancewiththeCompanyLawofthePeople'sRepublicofChinaandtheCompany’sArticlesofAssociation,theCompanyshouldappropriate10%ofnetprofitfortheyeartothestatutorysurplusreserve,andtheCompanycanceaseappropriationwhenthestatutorysurplusreserveaccumulatestomorethan50%oftheregisteredcapital.TheCompanyappropriatesforthediscretionarysurplusreserveaftertheshareholders’meetingapprovestheproposalfromtheBoardofDirectors.Thesurplusreservecanbeusedtomakeupforthelossorincreasethesharecapitalafterapprovalfromtheappropriateauthorities.Asat31December2022,theaccumulatedstatutorysurplusreserveoftheCompanyexceeded50%oftheregisteredcapital.Accordingtotheresolutionattheshareholders’meetingdated20May2022,noappropriationofstatutorysurplusreserveanddiscretionarysurplusreserveisappropriated(2021:theCompanyappropriated10%ofnetprofitfor2020,amountingtoRMB110,901,285,tothestatutorysurplusreserveand25%ofnetprofitfor2020,amountingtoRMB277,253,212,tothediscretionarysurplusreserve).

InaccordancewiththeCompanyLawofthePeople'sRepublicofChinaandtheCompany’sArticlesofAssociation,theCompanyshouldappropriate10%ofnetprofitfortheyeartothestatutorysurplusreserve,andtheCompanycanceaseappropriationwhenthestatutorysurplusreserveaccumulatestomorethan50%oftheregisteredcapital.TheCompanyappropriatesforthediscretionarysurplusreserveaftertheshareholders’meetingapprovestheproposalfromtheBoardofDirectors.Thesurplusreservecanbeusedtomakeupforthelossorincreasethesharecapitalafterapprovalfromtheappropriateauthorities.Asat31December2022,theaccumulatedstatutorysurplusreserveoftheCompanyexceeded50%oftheregisteredcapital.Accordingtotheresolutionattheshareholders’meetingdated20May2022,noappropriationofstatutorysurplusreserveanddiscretionarysurplusreserveisappropriated(2021:theCompanyappropriated10%ofnetprofitfor2020,amountingtoRMB110,901,285,tothestatutorysurplusreserveand25%ofnetprofitfor2020,amountingtoRMB277,253,212,tothediscretionarysurplusreserve).(38)

(38)Undistributedprofits

2022

20222021
(Restated)

Undistributedprofitsatthebeginningoftheyear

Undistributedprofitsatthebeginningoftheyear3,205,422,5618,083,048,238
Add:NetprofitattributabletoequityownersoftheCompany(3,003,916,572)(2,928,171,731)
Less:Appropriationtostatutorysurplusreserve(Note4(37))-(110,901,285)
Appropriationtodiscretionarysurplusreserve(Note4(37))-(277,253,212)
Dividendspayableonordinaryshares(b)-(630,034,078)
AllocatedtoGEGC(c)-(930,283,398)
Others(837,472)(981,973)
Undistributedprofitsattheendoftheyear200,668,5173,205,422,561

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(38)

(38)Undistributedprofits(Cont’d)

(a)

(a)AsdisclosedinNote2(30),theamountofundistributedprofitsasat31December2021hasbeenrestatedasaresultofapplicationoftheInterpretationNo.15relatedtofixedassets–accountingtreatmentofsaleproceedsbeforeintendeduse.

(b)

(b)Inaccordancewiththeresolutionattheshareholders’meetingdated20May2022,theCompanydidnotdistributecashdividendtotheshareholders.

(c)

(c)Asthebusinesscombinationundercommoncontrolwascompletedin2021,thedividendsallocatedbythepurchasedsubsidiarytoGEGCin2021weredeemedtohavebeendistributedbytheCompanytoGEGCwhilepreparingtheconsolidatedfinancialstatements.

(39)

(39)Revenueandcostofsale

2022

20222021
(Restated)

Revenuefrommainoperations

Revenuefrommainoperations52,220,743,33743,864,972,613
Revenuefromotheroperations440,345,099592,893,929
52,661,088,43644,457,866,542

2022

20222021
(Restated)

Costofsalefrommainoperations

Costofsalefrommainoperations52,819,129,58246,798,109,870
Costofsalefromotheroperations33,180,59929,395,603
52,852,310,18146,827,505,473

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(39)

(39)Revenueandcostofsale(Cont’d)

(a)

(a)Revenueandcostofsalefrommainoperations

2022

20222021(Restated)
RevenuefrommainoperationsCostofsalefrommainoperationsRevenuefrommainoperationsCostofsalefrommainoperations

Revenuefromsaleofelectricity

Revenuefromsaleofelectricity51,889,521,59652,503,713,10143,568,666,57546,554,479,693
Revenuefromsteam202,658,611202,979,909167,971,843137,147,673
Renderingofservices128,563,130112,436,572128,334,195106,482,504
52,220,743,33752,819,129,58243,864,972,61346,798,109,870

(b)

(b)Revenueandcostofsalefromotheroperations

2022

20222021(Restated)
RevenuefromotheroperationsCostofsalefromotheroperationsRevenuefromotheroperationsCostofsalefromotheroperations

Revenuefromintegratedutilisationofcoalash

Revenuefromintegratedutilisationofcoalash365,533,2004,741,667495,095,8117,603,191
Rentalincome42,581,95514,431,89248,557,61914,560,409
Others32,229,94414,007,04049,240,4997,232,003
440,345,09933,180,599592,893,92929,395,603

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(39)

(39)Revenueandcostofsale(Cont’d)

(c)

(c)TheGroup'srevenueisbrokendownasfollows:

2022

2022
Saleofelectricity,steamandcoalashServicesRentOthersTotal

Revenuefrommain

operations

Revenuefrommainoperations
Including:Recognisedatapointintime52,092,180,2073,389,244--52,095,569,451
Recognisedoveraperiodoftime-125,173,886--125,173,886
Revenuefromotheroperations
Including:Recognisedatapointintime365,533,200--31,527,646397,060,846
Recognisedoveraperiodoftime---702,298702,298
Rentalincome--42,581,955-42,581,955
52,457,713,407128,563,13042,581,95532,229,94452,661,088,436

2021(Restated)

2021(Restated)
Saleofelectricity,steamandcoalashServicesRentOthersTotal

Revenuefrommain

operations

Revenuefrommainoperations
Including:Recognisedatapointintime43,736,638,4183,099,971--43,739,738,389
Recognisedoveraperiodoftime-125,234,224--125,234,224
Revenuefromotheroperations
Including:Recognisedatapointintime495,095,811--46,929,178542,024,989
Recognisedoveraperiodoftime---2,311,3212,311,321
Rentalincome--48,557,619-48,557,619
44,231,734,229128,334,19548,557,61949,240,49944,457,866,542

Asat31December2022,theamountofrevenuecorrespondingtotheperformanceobligationoftheGroupthathasbeencontractedbutnotyetperformedornotfulfilledwasRMB114,186,101,ofwhichRMB23,537,608wasexpectedtoberecognisedin2023.

Asat31December2022,theamountofrevenuecorrespondingtotheperformanceobligationoftheGroupthathasbeencontractedbutnotyetperformedornotfulfilledwasRMB114,186,101,ofwhichRMB23,537,608wasexpectedtoberecognisedin2023.(d)

(d)In2022,theGroup'srevenueandcostofsaleincurredfromsellingproductsproducedwhilepreparingtheproductionlineforitsintendedusewereRMB458,713,027andRMB135,577,216(2021:RMB290,642,655andRMB12,704,791)respectively.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(40)

(40)Taxesandsurcharges

2022

20222021Taxbase

Propertytax

Propertytax109,180,72796,327,360Note3
Stamptax37,493,97036,790,843
Landusetax30,161,90126,564,472
Citymaintenanceandconstructiontax26,958,50562,927,128Note3
Environmentalprotectiontax20,789,15521,251,165Note3
Educationalsurcharge20,352,88149,811,245Note3
Others325,138307,863
245,262,277293,980,076

(41)

(41)Sellingexpenses

2022

20222021

Employeebenefits

Employeebenefits44,598,61441,365,789
Labourinsurance10,044,5068,106,497
Entertainmentexpenses3,591,2872,921,288
Depreciationexpenses3,268,7943,484,959
Travellingexpenses1,315,0651,431,025
Others6,290,3378,097,482
69,108,60365,407,040

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(42)

(42)Generalandadministrativeexpenses

2022

20222021

Employeebenefits

Employeebenefits589,588,003576,664,439
Labourinsurance123,747,30493,526,218
Depreciationexpenses84,730,83175,702,685
Amortisationofintangibleassets71,440,39371,354,033
Firesafetyexpenses47,415,88243,910,145
Propertymanagementexpenses46,166,69438,807,702
Agencyfee45,804,59241,705,254
Officeexpenses34,911,35130,729,609
Rentalexpenses16,814,7229,419,598
Afforestationfee11,755,68611,640,359
Labourcosts11,402,49910,690,272
Trafficexpenses11,050,1609,687,185
Maintenancecost9,723,8777,593,392
Travellingexpenses8,796,2557,928,361
Entertainmentexpenses8,373,0235,888,643
Insuranceexpenses5,254,0175,281,139
Others65,531,64260,594,253
1,192,506,9311,101,123,287

(43)

(43)Researchanddevelopmentexpenses

2022

20222021

Materialexpenses

Materialexpenses824,545,759332,438,285
Employeebenefits210,632,851176,230,301
Depreciationandamortisationexpenses147,665,81937,360,302
Outsourcedresearchanddevelopmentexpenses41,811,59126,650,129
Others4,655,55212,035,962
1,229,311,572584,714,979

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(44)

(44)Financialexpenses

2022

20222021

Interestcosts

Interestcosts2,283,281,3551,652,673,654
Add:Interestcostsonleaseliabilities306,781,528182,484,109
Less:Amountscapitalisedonqualifyingassets(332,357,040)(335,159,980)
Subtotalofinterestexpenses2,257,705,8431,499,997,783
Amortisationofdiscountsorpremiumofdebenturespayable3,001,8572,202,952
Less:Interestincome(132,632,800)(133,800,923)
Exchangegains-net(971,955)(1,001,673)
Bankchargesandothers8,797,0673,967,806
2,135,900,0121,371,365,945

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(45)

(45)Expensesbynature

Thecostofsale,sellingexpenses,generalandadministrativeexpensesandresearchanddevelopmentexpensesintheincomestatementarelistedasfollowsbynature:

20222021
(Restated)

Consumedfuel,lowvalueconsumables,

etc.

Consumedfuel,lowvalueconsumables,etc.44,076,541,20439,046,440,428
Depreciationandamortisationexpenses4,741,747,3414,120,630,665
Employeebenefits2,764,337,6612,721,685,066
Maintenance,repairandoperationexpenses1,819,598,6591,252,369,160
Depreciationofright-of-useassets315,743,960179,638,516
Transactioncosts315,386,943165,684,575
Insuranceexpenses208,434,264147,982,370
Managementfeesforfrequencymodulationandenergystorage94,379,32782,235,157
Utilityfees85,575,19488,367,556
Outsourcingfeesformaintenanceprojects74,999,60851,215,122
Firesafetyexpenses58,324,67455,247,715
Propertymanagementexpenses53,252,53838,807,702
Channeldredgingandsanitarycharges50,670,98344,062,837
Officeexpenses41,905,15635,559,262
Trafficexpenses37,545,49733,409,825
Desulfurisationexpenses32,305,2133,127,647
Leasedlabourexpenses28,198,18723,705,386
Rentalexpenses27,805,83617,146,349
Tugservicefees25,313,71035,804,563
Operationexpensesofultra-lowemissions19,013,423761,947
Otherexpenses472,157,909434,868,931
55,343,237,28748,578,750,779

(i)

(i)TheGroupdirectlyrecognisesthedailymaintenanceandrepairexpensesoffixedassetsthatdonotmeetthecriteriaofcapitalisationasthecostofsale,andincludedthecostsrelatedtotheresearchanddevelopmentdepartment,theadministrativedepartmentandthesaledepartmentinresearchanddevelopmentexpenses,generalandadministrativeexpensesandsellingexpenses,respectively.

(ii)

(ii)AsdisclosedinNote2(25),theGroupdirectlyrecognisestheleasepaymentsofshort-termleasesandlowvalueleasesinprofitorlossforthecurrentperiod.In2022,theamountwasRMB27,805,836(2021:RMB17,146,349).

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(46)

(46)Assetimpairmentlosses

2022

20222021

Impairmentoffixedassets

Impairmentoffixedassets158,542,24929,321,084
Impairmentofgoodwill11,885,484-
Impairmentofconstructioninprogress454,257-
Otherassetimpairmentlosses2,890,1509,377
173,772,14029,330,461

(47)

(47)(Reversalof)/Lossesoncreditimpairment

2022

20222021

(Reversalof)/Lossesonbaddebtsofother

receivables(Note4(4)(b))

(Reversalof)/Lossesonbaddebtsofotherreceivables(Note4(4)(b))(1,866,483)21,796,665
Losseson/(Reversalof)baddebtsofaccountsreceivables(Note4(2)(c))303,353(28,808)
(1,563,130)21,767,857

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(48)

(48)Otherincome

2022

20222021Assetrelated/Incomerelated

IncomefromVATrefunduponcollection

IncomefromVATrefunduponcollection28,893,04028,991,960Incomerelated
CompensationforrelocationandrenovationofShajiaoAZhenkoupumphouse5,561,3585,561,358Assetrelated
Subsidiesforemploymentstabilisationprovidedbyunemploymentinsurance5,136,7572,058,912Incomerelated
Provincialspecialfundsforenterprises’technologyimprovement2,997,8312,997,831Assetrelated
Productionincentivesforproductionexpansionofindustrialenterprises2,680,000-Incomerelated
One-timesubsidyforretainedworkers2,638,271-Incomerelated
Incentivesforproductionstabilisation,increaseandexpansionofindustrialenterprises2,520,000-Incomerelated
TaxrefundforPRC-madeequipment2,296,2082,296,208Assetrelated
EnvironmentalgrantsforSCRdenitrationproject1,764,6151,764,615Assetrelated
IncentivesforenergyefficiencyofpowerplantbyDongguan1,647,6871,647,687Assetrelated
Othergovernmentgrantsrelatedtoassets14,208,54913,626,883Assetrelated
Othergovernmentgrantsrelatedtoincome9,815,99613,708,063Incomerelated
80,160,31272,653,517

(49)

(49)Investmentincome

2022

20222021
(Restated)

Investmentincomefromlong-termequity

investmentsunderequitymethod(Note4(7))

Investmentincomefromlong-termequityinvestmentsunderequitymethod(Note4(7))960,006,337743,767,471
Dividendincomeearnedduringtheholdingperiodofinvestmentsinotherequityinstruments(Note4(8))101,262,58987,731,408
Others607,4704,446,948
1,061,876,396835,945,827

TherewasnosignificantrestrictiononremittanceofinvestmentincomeoftheGroup.

TherewasnosignificantrestrictiononremittanceofinvestmentincomeoftheGroup.(50)

(50)Gainsondisposalsofassets

2022

20222021Amountrecognisedinnon-recurringprofitorlossin2022

Gainsondisposalsoffixedassets

Gainsondisposalsoffixedassets30,527,95790,856,37130,527,957
Gainsondisposalsofintangibleassets-84,060,264-
Others274,8809,672,390274,880
30,802,837184,589,02530,802,837

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(51)

(51)Non-operatingincome

2022

20222021Amountrecognisedinnon-recurringprofitorlossin2022

Gainsonscrapofnon-currentassets

Gainsonscrapofnon-currentassets47,885,41295,182,63747,885,412
Waivedpayables20,398,5183,896,12820,398,518
Claimsandcompensationincome20,345,9206,505,94020,345,920
Taxreductionandexemptionforthosehavingdifficultyinpayingtaxes6,846,367-6,846,367
Compensationforelectricitychargesduringthedemolitionandconstructionperiod6,533,12018,040,8516,533,120
Incomefrompenaltiesandfines4,100,2218,005,0314,100,221
Incomefromsalesofwasteproducts3,259,709785,2253,259,709
Others16,121,0206,677,06316,121,020
125,490,287139,092,875125,490,287

(52)

(52)Non-operatingexpenses

2022

20222021Amountrecognisedinnon-recurringprofitorlossin2022

Carbonemissionallowancesusedtofulfiltheemissionreductionobligation(a)

Carbonemissionallowancesusedtofulfiltheemissionreductionobligation(a)306,786,693135,013,051-
Lossesonscrapofnon-currentassets73,508,69225,804,19573,508,692
Penaltiesandoverduefines59,233,3105,859,19759,233,310
Others4,373,8614,782,2884,373,861
443,902,556171,458,731137,115,863

(a)

(a)InaccordancewiththeInterimProvisionsontheAccountingTreatmentRegardingCarbonEmissionsRightTradingandtheInterimMeasuresfortheAdministrationofTradingofCarbonEmissionRights(CaiKuai[2019]No.22),subsidiarieswithintheGroupthatwereidentifiedaskeyemissionunitsrecognisedtheexpectedperformanceobligationsofcarbonemissionin2022asnon-operatingexpensesonanaccrualbasis,andincludedrelatedprovisionforcarbonemissionallowancespayableinotherpayables.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(53)

(53)Incometaxexpenses/(credits)

2022

20222021
(Restated)

Currentincometaxcalculatedbasedontaxlaw

andrelatedregulations

Currentincometaxcalculatedbasedontaxlawandrelatedregulations323,728,437144,706,928
Deferredincometax(189,832,184)(670,149,842)
133,896,253(525,442,914)

Thereconciliationfromincometaxcalculatedbasedontheapplicabletaxratesandtotalprofitpresentedintheconsolidatedincomestatementtotheincometaxexpensesislistedbelow:

Thereconciliationfromincometaxcalculatedbasedontheapplicabletaxratesandtotalprofitpresentedintheconsolidatedincomestatementtotheincometaxexpensesislistedbelow:

2022

20222021
(Restated)

Totalloss

Totalloss(4,381,092,874)(4,776,506,063)
Incometaxcalculatedatapplicabletaxrates(1,095,273,219)(1,194,126,516)
Effectofpreferentialtaxratesofsubsidiaries(50,514,396)(81,523,102)
Effectofchangeinthetaxrates(155,561)4,530,204
Incomenotsubjecttotax(270,470,833)(210,039,107)
Costs,expensesandlossesnotdeductiblefortaxpurposes92,867,59153,267,075
Deductiblelossesforwhichnodeferredtaxassetwasrecognised1,233,642,457892,481,832
Transfer-outofdeductiblelossesforwhichdeferredtaxassetwasrecognised241,960,42312,702,380
Deductibletemporarydifferencesforwhichnodeferredtaxassetwasrecognised65,687,62334,804,647
Utilisationofpreviouslyunrecogniseddeductiblelosses(4,499,885)(9,829,508)
Utilisationofpreviouslyunrecogniseddeductibletemporarydifferences(57,301,647)(12,792,715)
Others(22,046,300)(14,918,104)
Incometaxexpenses/(credits)133,896,253(525,442,914)

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(54)

(54)Earningspershare

(a)

(a)Basicearningspershare

Basicearningspersharearecalculatedbydividingconsolidatednetprofitattributabletoordinaryshareholdersoftheparentcompanybytheweightedaveragenumberofordinarysharesoutstanding:

Basicearningspersharearecalculatedbydividingconsolidatednetprofitattributabletoordinaryshareholdersoftheparentcompanybytheweightedaveragenumberofordinarysharesoutstanding:

2022

20222021
(Restated)

Consolidatednetlossattributabletoordinary

shareholdersoftheparentcompany

Consolidatednetlossattributabletoordinaryshareholdersoftheparentcompany(3,003,916,572)(2,928,171,731)
WeightedaveragenumberofoutstandingordinarysharesoftheCompany5,250,283,9865,250,283,986
Basicearningspershare(0.57)(0.56)
Including:
-Basicearningspersharefromcontinuingoperations:(0.57)(0.56)
-Basicearningspersharefordiscontinuedoperations:--

(b)

(b)Dilutedearningspershare

Dilutedearningspersharearecalculatedbydividingconsolidatednetprofitattributabletoordinaryshareholdersoftheparentcompanyadjustedbasedonthedilutivepotentialordinarysharesbytheadjustedweightedaveragenumberofordinarysharesoutstanding.In2022,therewerenodilutivepotentialordinaryshares(2021:Nil),andhencedilutedearningspershareareequaltobasicearningspershare.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(55)

(55)Notestothecashflowstatement

(a)

(a)Cashreceivedrelatingtootheroperatingactivities

2022

20222021

Interestincome

Interestincome131,645,194139,255,889
Rentalincome42,581,95548,557,619
Governmentgrants29,947,97223,486,977
Incomefromclaimsandfines24,446,14114,510,971
Others34,111,31546,880,126
262,732,577272,691,582

(b)

(b)Cashpaidrelatingtootheroperatingactivities

2022

20222021

Insuranceexpenses

Insuranceexpenses220,648,827153,146,648
Utilityfees85,575,19492,086,938
Administrativepenaltiesandoverduefines59,233,3105,859,197
Firesafetyexpenses58,324,67455,247,715
Propertymanagementexpenses53,252,53843,911,232
Carbonemissionallowances50,784,41470,390,672
Sewageandsanitarycharges50,670,98344,087,589
Outsourcedresearchanddevelopmentexpenses46,467,14338,686,091
Agencyfee45,804,59241,705,254
Officeexpenses41,905,15635,524,383
Trafficexpenses37,545,49734,651,955
Rentalexpenses27,805,83617,146,349
Travellingexpenses17,958,28717,201,473
Others220,224,296261,168,637
1,016,200,747910,814,133

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(55)

(55)Notestothecashflowstatement(Cont’d)

(c)

(c)Cashreceivedrelatingtootherinvestingactivities

2022

20222021
(Restated)

Recoveryofadvancesforprojectpayment

Recoveryofadvancesforprojectpayment58,920,000-
Others7,872,867-
66,792,867-

(d)

(d)Cashpaidrelatingtootherinvestingactivities

2022

20222021

Depositsprepaidforequityacquisition

Depositsprepaidforequityacquisition93,426,000-
Advancesforbusinessunits122,438,319188,784,979
Depositsforecologicalprotection-30,583
215,864,319188,815,562

(e)

(e)Cashpaidrelatingtootherfinancingactivities

2022

20222021

Considerationpaidforbusinesscombinationsinvolvingenterprisesundercommoncontrol(i)

Considerationpaidforbusinesscombinationsinvolvingenterprisesundercommoncontrol(i)2,501,436,9101,242,164,731
Repaymentsofleaseliabilitiesandlong-termpayables969,796,495300,181,939
Agencyfeefordebentureissuance2,280,001150,906
3,473,513,4061,542,497,576

In2022,totalcashoutflowsforleasespaidbytheGroupamountedtoRMB971,977,756,exceptfortherepaymentsofleaseliabilitiesclassifiedascashpaidrelatingtofinancingactivities,theremainingwasclassifiedascashpaidrelatingtooperatingactivities.

In2022,totalcashoutflowsforleasespaidbytheGroupamountedtoRMB971,977,756,exceptfortherepaymentsofleaseliabilitiesclassifiedascashpaidrelatingtofinancingactivities,theremainingwasclassifiedascashpaidrelatingtooperatingactivities.(i)

(i)In2022,theGrouppaidconsiderationofRMB2,501,436,910foracquisitionoftheremainingequityarisingfromtheprioryear’sbusinesscombinationsinvolvingenterprisesundercommoncontrol.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(56)

(56)Supplementaryinformationtothecashflowstatement

(a)

(a)Supplementaryinformationtothecashflowstatement

Reconciliationfromnetprofittocashflowsfromoperatingactivities

Reconciliationfromnetprofittocashflowsfromoperatingactivities2022

20222021
(Restated)

Netloss

Netloss(4,514,989,127)(4,251,063,149)
Add:Lossesonprovisionforassetimpairment173,772,14029,330,461
(Reversalof)/Provisionforcreditimpairmentloss(1,563,130)21,767,857
Depreciationofright-of-useassets315,743,960179,638,516
Depreciationoffixedassets4,626,792,7564,034,654,237
Depreciationofinvestmentproperties9,286,5969,980,869
Amortisationofintangibleassets87,590,60075,995,559
Amortisationoflong-termprepaidexpenses18,077,3894,716,826
Amortisationofdeferredincome(28,476,248)(27,894,582)
Gainsondisposalsoffixedassets,intangibleassetsandotherlong-termassets(30,802,837)(184,589,025)
Losses/(Gains)onscrappingofnon-currentassets25,623,280(69,378,442)
Financialexpenses2,255,611,2931,501,349,968
Investmentincome(1,061,876,396)(835,945,827)
Increaseindeferredincometaxes(189,832,184)(670,149,843)
Increaseininventories(377,923,028)(1,283,963,976)
Increaseinoperatingreceivables(1,246,175,995)(1,721,046,384)
Increaseinoperatingpayables1,417,526,5223,318,079,673
Decrease/(Increase)inrestrictedcash1,479,183(9,308,070)
Netcashflowsfromoperatingactivities1,479,864,774122,174,668

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(56)

(56)Supplementaryinformationtothecashflowstatement(Cont’d)

(a)

(a)Supplementaryinformationtothecashflowstatement(Cont’d)

Significantoperating,investingandfinancingactivitiesthatdonotinvolvecashreceiptsandpayments

Significantoperating,investingandfinancingactivitiesthatdonotinvolvecashreceiptsandpayments2022

20222021

Right-of-useassetsandseauserights

increasedinthecurrentperiod

Right-of-useassetsandseauserightsincreasedinthecurrentperiod2,523,522,8272,042,941,963
Long-termequityinvestmentsincreasedinthecurrentperiod-245,776,161
2,523,522,8272,288,718,124

Netincrease/(decrease)incashandcashequivalents

Netincrease/(decrease)incashandcashequivalents2022

20222021

Cashattheendoftheyear

Cashattheendoftheyear11,433,808,5008,023,116,939
Less:Cashatthebeginningoftheyear(8,023,116,939)(9,405,082,609)
Netincrease/(decrease)incashandcashequivalents3,410,691,561(1,381,965,670)

(b)

(b)Cashandcashequivalents

31December2022

31December202231December2021

Cash

Cash11,503,523,6188,105,320,953
Less:Restrictedcashatbank(33,318,344)(42,670,394)
Less:Interestreceivable(36,396,774)(39,533,620)
Cashandcashequivalentsattheendoftheyear(i)11,433,808,5008,023,116,939

(i)

(i)Cashandcashequivalentsattheendoftheyear

31December2022

31December202231December2021

Cashonhand

Cashonhand46,43583,108
Cashatbankthatcanbereadilydrawnondemand11,433,762,0658,023,033,831
11,433,808,5008,023,116,939

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

4Notestotheconsolidatedfinancialstatements(Cont’d)

(56)

(56)Supplementaryinformationtothecashflowstatement(Cont’d)

(c)

(c)Acquisitionofthesubsidiaries

(i)

(i)Acquisitionofthesubsidiaries

2022

2022Cashandcashequivalentspaidinthecurrentyearforbusinesscombinations

incurredinthecurrentyear

Cashandcashequivalentspaidinthecurrentyearforbusinesscombinationsincurredinthecurrentyear
Including:XiangtanXEMCChangshanWindPowerCo.,Ltd.(“ChangshanWindPower”)89,524,002
JiuzhouNewEnergy29,819,878
Others956,065
Less:Cashandcashequivalentsheldbysubsidiariesattheacquisitiondate
Including:ChangshanWindPower(22,982,426)
JiuzhouNewEnergy(976,937)
Others(2,439,134)
Netcashpaidtoacquirethesubsidiaries93,901,448

(57)

(57)Monetaryitemsdenominatedinforeigncurrency

31December2022

31December2022
BalanceinforeigncurrenciesExchangerateBalanceinRMB

Long-termborrowings-

Long-termborrowings-
USD6,020,0906.964641,927,519

Currentportionofnon-current

liabilities-

Currentportionofnon-currentliabilities-
USD975,6816.96466,795,228

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

5Changesofconsolidationscope

(1)

(1)Subsidiariesestablishedduringtheyear:

Subsidiaries

SubsidiariesMajorbusinesslocationPlaceofregistrationNatureofbusinessRegisteredcapitalShareholding(%)Acquisitionmethod
DirectIndirect

ZhanjiangShangyang

EnergyTechnologyCo.,Ltd.(“ShangyangEnergy”)

ZhanjiangShangyangEnergyTechnologyCo.,Ltd.(“ShangyangEnergy”)ZhanjiangZhanjiangElectricitygenerationRMB1,000,000-100.00%Acquisitionofassets
ZhanjiangPotouDistrictGuidianEnergyTechnologyCo.,Ltd.(“GuidianEnergy”)ZhanjiangZhanjiangElectricitygenerationRMB1,000,000-100.00%Acquisitionofassets
XihuaCountyShunfengNewEnergyCo.,Ltd.(“ShunfengNewEnergy”)ZhoukouZhoukouElectricitygenerationRMB22,293,880-100.00%Acquisitionofassets
WuzhiJindianNewEnergyTechnologyCo.,Ltd.(“JindianNewEnergy”)JiaozuoJiaozuoElectricitygenerationRMB31,350,000-100.00%Acquisitionofassets
LianjiangYuefengNewEnergyCo.,Ltd.(“LianjiangNewEnergy”)ZhanjiangZhanjiangElectricitygenerationRMB140,070,000-100.00%Investment
YunfuLuodingYuefengNewEnergyCo.,Ltd.(“LuodingYuefeng”)LuodingLuodingElectricitygenerationRMB100,000-100.00%Investment
LinfenZhaochengYuefengNewEnergyCo.,Ltd.(“ZhaochengYuefeng”)LinfenLinfenElectricitygenerationRMB100,000-100.00%Investment
MeizhouWuhuaYuefengNewEnergyCo.,Ltd.(“WuhuaNewEnergy”)MeizhouMeizhouElectricitygenerationRMB1,000,000-100.00%Investment
LaishuiYingyangNewEnergyTechnologyCo.,Ltd.(“YingyangNewEnergy”)BaodingBaodingElectricitygenerationRMB77,050,000-100.00%Acquisitionofassets
LaishuiLinengNewEnergyTechnologyCo.,Ltd.(“LinengNewEnergy”)BaodingBaodingElectricitygenerationRMB77,050,000-100.00%Acquisitionofassets
HuizhouLongmenYuefengNewEnergyCo.,Ltd.(“LongmenNewEnergy”)HuizhouHuizhouElectricitygenerationRMB100,000-100.00%Investment
InnerMongoliaYuefengNewEnergyCo.,Ltd.(“InnerMongoliaNewEnergy”)HohhotHohhotElectricitygenerationRMB314,550,000-100.00%Investment
ZhuhaiYuefengNewEnergyCo.,Ltd.(“ZhuhaiNewEnergy”)ZhuhaiZhuhaiElectricitygenerationRMB1,000,000-100.00%Investment
Dun’AnNewEnergyLangfangLangfangElectricitygenerationRMB160,000,000-80.00%Acquisitionofassets
GaotangNewEnergyLiaochengLiaochengElectricitygenerationRMB36,096,000-100.00%Acquisitionofassets
GuangdongShaoguanGuangdongElectricPowerNewEnergyCo.,Ltd.(“ShaoguanNewEnergy”)ShaoguanShaoguanElectricitygenerationRMB5,000,000100.00%-Investment
TumxukYudeanHanhaiNewEnergyCo.,Ltd.(“HanhaiNewEnergy”)TumxukTumxukElectricitygenerationRMB5,000,000100.00%-Investment
YudeanJinxiuIntegratedEnergyCo.,Ltd.(“JinxiuIntegratedEnergy”)LaibinLaibinElectricitygenerationRMB1,000,00090.00%-Investment
NanjingSenhongNewEnergyCo.,Ltd.(“SenhongNewEnergy”)NanjingNanjingElectricitygenerationRMB10,000,000100.00%-Acquisitionofassets
JinchangMuhongNewEnergyCo.,Ltd.(“MuhongNewEnergy”)JinchangJinchangElectricitygenerationRMB1,000,000-100.00%Acquisitionofassets

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

5Changesofconsolidationscope

(1)

(1)Subsidiariesestablishedduringtheyear(Cont’d):

Subsidiaries

SubsidiariesMajorbusinesslocationPlaceofregistrationNatureofbusinessRegisteredcapitalShareholding(%)Acquisitionmethod
DirectIndirect

NanjingLinyuanSenhaiNew

EnergyCo.,Ltd.(“SenhaiNewEnergy”)

NanjingLinyuanSenhaiNewEnergyCo.,Ltd.(“SenhaiNewEnergy”)NanjingNanjingElectricitygenerationRMB1,000,000100.00%-Acquisitionofassets
JinchangJieyuanMujinNewEnergyCo.,Ltd.(“MujinNewEnergy”)JinchangJinchangElectricitygenerationRMB1,000,000-100.00%Acquisitionofassets
GuangdongYudeanHuiboNewEnergyCo.,Ltd.(“HuiboNewEnergy”)HuizhouHuizhouElectricitygenerationRMB5,000,000100.00%-Investment
TaishanDongrunZhongnengNewEnergyCo.,Ltd.(“DongrunZhongnengNewEnergy”)TaishanTaishanElectricitygenerationRMB1,000,000100.00%-Acquisitionofassets
TaishanDongrunQingnengNewEnergyCo.,Ltd.(“DongrunQingnengNewEnergy”)TaishanTaishanElectricitygenerationRMB22,304,520-100.00%Acquisitionofassets
TaishanRunzeJieyuanNewEnergyCo.,Ltd.(“RunzeJieyuanNewEnergy”)TaishanTaishanElectricitygenerationRMB22,758,500-100.00%Acquisitionofassets
GuangdongYudeanMaomingNaturalGasThermalPowerCo.,Ltd.(“MaomingNaturalGas”)MaomingMaomingElectricitygenerationRMB135,700,00085.00%-Investment
MeizhouXingyueNewEnergyCo.,Ltd.(“XingyueNewEnergy”)MeizhouMeizhouElectricitygenerationRMB9,977,500100.00%-Investment
GuangdongYudeanHuixinThermalPowerCo.,Ltd.(“HuixinThermalPower”)HuizhouHuizhouElectricitygenerationRMB13,500,00085.00%-Investment
YudeanShacheIntegratedEnergyCo.,Ltd.(“ShacheIntegratedEnergy”)KashiPrefecture,XinjiangKashiPrefecture,XinjiangElectricitygenerationRMB1,206,110,470100.00%-Investment
LaixiXinguangyaoNewEnergyTechnologyCo.,Ltd.(“XinguangyaoNewEnergy”)QingdaoQingdaoElectricitygenerationRMB1,000,00099.00%-Acquisitionofassets
LaixiTelianNewEnergyTechnologyCo.,Ltd.(“TelianNewEnergy”)QingdaoQingdaoElectricitygenerationRMB1,000,000-99.00%Acquisitionofassets
PingduLianyaoNewEnergyTechnologyCo.,Ltd.(“LianyaoNewEnergy”)QingdaoQingdaoElectricitygenerationRMB1,000,000-99.00%Acquisitionofassets
JiuzhouNewEnergyZhaoqingZhaoqingElectricitygenerationRMB39,000,000100.00%-Acquisitionofassets
ChangshanWindPowerXiangtanXiangtanElectricitygenerationRMB80,000,000100.00%-Acquisitionofassets
YunfuLuodingYudeanNewEnergyCo.,Ltd.(“LuodingNewEnergy”)LuodingLuodingElectricitygenerationRMB500,000100.00%-Investment

TheabovecompaniesthatwereacquiredbyacquisitionofassetsaresubsidiariesacquiredbytheCompanyanditssubsidiariesthroughacquisitionofassetsfromrelatedparties.Asattheacquisitiondate,theabovecompanieshadnootherbusinessesorassetsotherthanconstructioninprogress,fixedassetsandright-of-useassets,andtheacquisitiondidnotinvolveemployees.Theacquisitionofassetsdidnotconstituteabusinessastherewasnotanyoutputattheacquisitiondate.

TheabovecompaniesthatwereacquiredbyacquisitionofassetsaresubsidiariesacquiredbytheCompanyanditssubsidiariesthroughacquisitionofassetsfromrelatedparties.Asattheacquisitiondate,theabovecompanieshadnootherbusinessesorassetsotherthanconstructioninprogress,fixedassetsandright-of-useassets,andtheacquisitiondidnotinvolveemployees.Theacquisitionofassetsdidnotconstituteabusinessastherewasnotanyoutputattheacquisitiondate.(2)

(2)FortheinformationoftheCompany’sdisposalsofsubsidiariesinthecurrentyear,pleaserefertoNote6(1)(a).

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

6Interestsinotherentities

(1)

(1)Interestsinsubsidiaries

(a)

(a)ConstitutionoftheGroup

Subsidiaries

SubsidiariesMajorbusinesslocationPlaceofregistrationNatureofbusinessShareholding(%)Acquisitionmethod
DirectIndirect

MaomingThermal(i)

MaomingThermal(i)MaomingMaomingElectricitygeneration46.54%-Investment
JinghaiPowerJieyangJieyangElectricitygeneration65.00%-Investment
ZhanjiangWindPowerZhanjiangZhanjiangElectricitygeneration-70.00%Investment
GuangdongYudeanTechnologyEngineeringManagementCo.,Ltd.(“TechnologyEngineeringCompany”)DongguanDongguanElectricitygeneration100.00%-Investment
GuangdongYudeanHumenElectricCo.,Ltd.(“HumenElectric”)DongguanDongguanElectricitygeneration60.00%-Investment
BoheEnergyMaomingMaomingElectricitygeneration67.00%-Investment
XuwenWindPowerZhanjiangZhanjiangElectricitygeneration-70.00%Investment
GuangdongYudeanHuaduNaturalGasThermalPowerCo.,Ltd.(“HuaduNaturalGas”)GuangzhouGuangzhouElectricitygeneration65.00%-Investment
GuangdongYuedeanDabuPowerGenerationCo.,Ltd.(“DabuPowerGeneration”)MeizhouMeizhouElectricitygeneration100.00%-Investment
GuangdongYudeanLeizhouWindPowerCo.,Ltd.(“LeizhouWindPower”)LeizhouLeizhouElectricitygeneration94.00%Investment
DianbaiWindPowerMaomingMaomingElectricitygeneration-100.00%Investment
ZhanjiangElectricZhanjiangZhanjiangElectricitygeneration-76.00%Businesscombinationsinvolvingenterprisesundercommoncontrol
GuangdongYuejiaElectricCo.,Ltd.(“YuejiaElectric”)MeizhouMeizhouElectricitygeneration58.00%-Businesscombinationsinvolvingenterprisesundercommoncontrol
ShaoguanPowerPlantShaoguanShaoguanElectricitygeneration90.00%-Businesscombinationsinvolvingenterprisesundercommoncontrol
ZhongyueEnergyZhanjiangZhanjiangElectricitygeneration90.00%-Businesscombinationsinvolvingenterprisesundercommoncontrol
PowerSalesGuangzhouGuangzhouElectricitygeneration100.00%-Investment
QujieWindPowerZhanjiangZhanjiangElectricitygeneration-100.00%Investment
YangjiangWindPowerYangjiangYangjiangElectricitygeneration-91.41%Investment
LincangEnergyLincang,YunnanProvinceLincangElectricitygeneration100.00%-Businesscombinationsinvolvingenterprisesnotundercommoncontrol
ShenzhenGuangqianElectricCo.,Ltd.(“GuangqianElectric”)ShenzhenShenzhenElectricitygeneration100.00%-Businesscombinationsinvolvingenterprisesundercommoncontrol
HuizhouNaturalGasHuizhouHuizhouElectricitygeneration67.00%-Businesscombinationsinvolvingenterprisesundercommoncontrol
PinghaiPower(ii)HuizhouHuizhouElectricitygeneration45.00%-Businesscombinationsinvolvingenterprisesundercommoncontrol

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

6Interestsinotherentities(Cont’d)

(1)

(1)Interestsinsubsidiaries(Cont’d)

(a)

(a)ConstitutionoftheGroup(Cont’d)

Subsidiaries

SubsidiariesMajorbusinesslocationPlaceofregistrationNatureofbusinessShareholding(%)Acquisitionmethod
DirectIndirect

ShibeishanWindPower

ShibeishanWindPowerJieyangJieyangElectricitygeneration-70.00%Businesscombinationsinvolvingenterprisesundercommoncontrol
RedBayPowerShanweiShanweiElectricitygeneration65.00%-Businesscombinationsinvolvingenterprisesundercommoncontrol
GuangdongWindPowerGuangzhouGuangzhouElectricitygeneration100.00%-Businesscombinationsinvolvingenterprisesnotundercommoncontrol
TongdaoYuexinWindPowerGenerationCo.,Ltd.(“TongdaoCompany”)Huaihua,HunanProvinceHuaihuaElectricitygeneration-100.00%Investment
PingyuanWindPowerMeizhouMeizhouElectricitygeneration-100.00%Investment
GuangdongYudeanHepingWindPowerCo.,Ltd.(“HepingWindPower”)HeyuanHeyuanElectricitygeneration-100.00%Investment
HuilaiWindPowerJieyangJieyangElectricitygeneration-89.83%Businesscombinationsinvolvingenterprisesnotundercommoncontrol
GuangdongYuejiangHongruiPowerTechnologyDevelopmentCo.,Ltd.(“HongruiTechnology”)ShaoguanShaoguanElectricitygeneration-90.00%Investment
GuangdongYudeanYonganNaturalGasThermalPowerCo.,Ltd.(“YonganNaturalGas”)ZhaoqingZhaoqingElectricitygeneration90.00%-Investment
HunanXupuYuefengNewEnergyCo.,Ltd.(“XupuYuefeng”)Huaihua,HunanProvinceXupuCounty,Huaihua,HunanProvinceElectricitygeneration-100.00%Investment
GuangxiWuxuanYuefengNewEnergyCo.,Ltd.(“WuxuanYuefeng”)GuangxiZhuangAutonomousRegionWuxuan,GuangxiZhuangAutonomousRegionElectricitygeneration-100.00%Investment
HuizhouPingdianComprehensiveEnergyCo.,Ltd.(“PingdianComprehensive”)HuizhouHuizhouElectricitygeneration-45.00%Investment
ZhuhaiWindPowerZhuhaiZhuhaiElectricitygeneration-74.48%Investment
GuangdongYudeanBinhaiBayEnergyCo.,Ltd.(“BinhaiBayCompany”)DongguanDongguanElectricitygeneration100.00%-Investment
GuangdongYuedianDayaBayIntegratedEnergyCo.,Ltd.(“DayaBayCompany”)HuizhouHuizhouElectricitygeneration70.00%-Investment
GuangdongYuedianQimingEnergyCo.,Ltd.(“QimingCompany”)ShenzhenShenzhenElectricitygeneration100.00%-Investment
ShenzhenHuaguoquanElectricPowerServiceCo.,Ltd.(“HuaguoquanCompany”)ShenzhenShenzhenLeases100.00%-Businesscombinationsinvolvingenterprisesnotundercommoncontrol
ShaoguanNanxiongYuefengNewEnergyCo.,Ltd.(“NanxiongNewEnergy”)ShaoguanShaoguanElectricitygeneration-100.00%Investment
GuangdongYudeanDananhaiSmartEnergyCo.,Ltd.("DananhaiCompany")JieyangJieyangElectricitygeneration100.00%-Investment
GuangdongYudeanBaihuaIntegratedEnergyCo.,Ltd.("BaihuaCompany")HuizhouHuizhouElectricitygeneration100.00%-Investment

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

GuangdongEnergyQingzhouOffshoreWindPowerCo.,Ltd.

(“QingzhouOffshoreWindPower”)

GuangdongEnergyQingzhouOffshoreWindPowerCo.,Ltd.(“QingzhouOffshoreWindPower”)YangjiangYangjiangElectricitygeneration-100.00%Investment
ZhanjiangWanhaoweiNewEnergyCo.,Ltd.(“WanhaoweiNewEnergy”)ZhanjiangZhanjiangElectricitygeneration-100.00%Investment
6Interestsinotherentities(Cont’d)

(1)

(1)Interestsinsubsidiaries(Cont’d)

(a)

(a)ConstitutionoftheGroup(Cont’d)

Subsidiaries

SubsidiariesMajorbusinesslocationPlaceofregistrationNatureofbusinessShareholding(%)Acquisitionmethod
DirectIndirect

ZhanjiangWanchuangHengweiNewEnergyCo.,Ltd.

(“WanchuangHengweiNewEnergy”)

ZhanjiangWanchuangHengweiNewEnergyCo.,Ltd.(“WanchuangHengweiNewEnergy”)ZhanjiangZhanjiangElectricitygeneration-100.00%Investment
GuangdongGuangyeNanhuaNewEnergyCo.,Ltd.(“NanhuaNewEnergy”)ZhanjiangZhanjiangElectricitygeneration-51.00%Businesscombinationsinvolvingenterprisesnotundercommoncontrol
GuangdongYuenengDatangNewEnergyCo.,Ltd.(“DatangNewEnergy”)GuangzhouGuangzhouElectricitygeneration-51.00%Businesscombinationsinvolvingenterprisesnotundercommoncontrol
YuenengWindPowerZhanjiangZhanjiangElectricitygeneration-51.00%Businesscombinationsinvolvingenterprisesnotundercommoncontrol
TumxukThermalPowerTumxukTumxukElectricitygeneration79.48%-Businesscombinationsinvolvingenterprisesnotundercommoncontrol
GuangdongProvinceShajiaoCCompanyGenerationCorporation(“ShaCCompany”)GuangzhouGuangzhouElectricitygeneration51.00%-Businesscombinationsinvolvingenterprisesundercommoncontrol
GuangdongGuanghePowerCo.,Ltd.(“GuanghePower”)GuangzhouGuangzhouElectricitygeneration-51.00%Businesscombinationsinvolvingenterprisesundercommoncontrol
BiomassPowerGenerationZhanjiangZhanjiangElectricitygeneration-51.00%Businesscombinationsinvolvingenterprisesundercommoncontrol
XinhuiPowerJiangmenJiangmenElectricitygeneration-45.90%Businesscombinationsinvolvingenterprisesundercommoncontrol
GuangdongYudeanHuaqingGasJointCyclePowerGenerationCo.,Ltd.(“HuaqingPower”)JiangmenJiangmenElectricitygeneration-33.15%Businesscombinationsinvolvingenterprisesundercommoncontrol
YunhePowerYunfuYunfuElectricitygeneration90.00%-Businesscombinationsinvolvingenterprisesundercommoncontrol
YunfuYundianEnergyCo.,Ltd.(“YundianEnergy”)YunfuYunfuElectricitygeneration-56.25%Businesscombinationsinvolvingenterprisesundercommoncontrol
YuehuaPowerGuangzhouGuangzhouElectricitygeneration51.00%-Businesscombinationsinvolvingenterprisesundercommoncontrol
GuangdongYudeanYuehuaIntegratedEnergyCo.,Ltd.(“YuehuaIntegratedEnergy”)GuangzhouGuangzhouElectricitygeneration-51.00%Businesscombinationsinvolvingenterprisesundercommoncontrol
GuangzhouHuangpuGuangdianPetroleumStore&TransportCo.,Ltd.(“GuangdianPetroleumStore&Transport”)(Deregistered)(iii)GuangzhouGuangzhouStorageandtransportation-51.00%Businesscombinationsinvolvingenterprisesundercommoncontrol
GuangzhouHuangpuPowerEngineeringCo.,Ltd.(“HuangpuPowerEngineering”)GuangzhouGuangzhouElectricitygeneration-51.00%Businesscombinationsinvolvingenterprisesundercommoncontrol
GuangzhouHuangdianTrainingCentreCo.,Ltd.(“HuangdianTrainingCentre”)(Deregistered)(iv)GuangzhouGuangzhouTraining-51.00%Businesscombinationsinvolvingenterprisesundercommoncontrol

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

GuangzhouHuangpuSuishenPowerTechnologyEngineeringCo.,Ltd.(“SuishenPowerEngineering”)(Disposedof)(v)

GuangzhouHuangpuSuishenPowerTechnologyEngineeringCo.,Ltd.(“SuishenPowerEngineering”)(Disposedof)(v)GuangzhouGuangzhouElectricitygeneration-35.70%Businesscombinationsinvolvingenterprisesundercommoncontrol
GuangdongYuedianBijieNewEnergyCo.Ltd.(“BijieNewEnergy”)BijieBijieElectricitygeneration100.00%-Investment
ShangyangEnergyZhanjiangZhanjiangElectricitygeneration-100.00%Acquisitionofassets
6Interestsinotherentities(Cont’d)

(1)

(1)Interestsinsubsidiaries(Cont’d)

(a)

(a)ConstitutionoftheGroup(Cont’d)

Subsidiaries

SubsidiariesMajorbusinesslocationPlaceofregistrationNatureofbusinessShareholding(%)Acquisitionmethod
DirectIndirect

GuidianEnergy

GuidianEnergyZhanjiangZhanjiangElectricitygeneration-100.00%Acquisitionofassets
ShunfengNewEnergyZhoukouZhoukouElectricitygeneration-100.00%Acquisitionofassets
JindianNewEnergyJiaozuoJiaozuoElectricitygeneration-100.00%Acquisitionofassets
LianjiangNewEnergyZhanjiangZhanjiangElectricitygeneration-100.00%Investment
LuodingYuefengLuodingLuodingElectricitygeneration-100.00%Investment
ZhaochengYuefengLinfenLinfenElectricitygeneration-100.00%Investment
WuhuaNewEnergyMeizhouMeizhouElectricitygeneration-100.00%Investment
YingyangNewEnergyBaodingBaodingElectricitygeneration-100.00%Acquisitionofassets
LinengNewEnergyBaodingBaodingElectricitygeneration-100.00%Acquisitionofassets
LongmenNewEnergyHuizhouHuizhouElectricitygeneration-100.00%Investment
InnerMongoliaNewEnergyHohhotHohhotElectricitygeneration-100.00%Investment
ZhuhaiNewEnergyZhuhaiZhuhaiElectricitygeneration-100.00%Investment
Dun’AnNewEnergyLangfangLangfangElectricitygeneration-80.00%Acquisitionofassets
GaotangNewEnergyLiaochengLiaochengElectricitygeneration-100.00%Acquisitionofassets
ShaoguanNewEnergyShaoguanShaoguanElectricitygeneration100.00%-Investment
HanhaiNewEnergyTumxukTumxukElectricitygeneration100.00%-Investment
JinxiuIntegratedEnergyLaibinLaibinElectricitygeneration90.00%-Investment
SenhongNewEnergyNanjingNanjingElectricitygeneration100.00%-Acquisitionofassets
MuhongNewEnergyJinchangJinchangElectricitygeneration-100.00%Acquisitionofassets
SenhaiNewEnergyNanjingNanjingElectricitygeneration100.00%-Acquisitionofassets
MujinNewEnergyJinchangJinchangElectricitygeneration-100.00%Acquisitionofassets
HuiboNewEnergyHuizhouHuizhouElectricitygeneration100.00%-Investment

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

6Interestsinotherentities(Cont’d)

(1)

(1)Interestsinsubsidiaries(Cont’d)

(a)

(a)ConstitutionoftheGroup(Cont’d)

Subsidiaries

SubsidiariesMajorbusinesslocationPlaceofregistrationNatureofbusinessShareholding(%)Acquisitionmethod
DirectIndirect

DongrunZhongnengNewEnergy

DongrunZhongnengNewEnergyTaishanTaishanElectricitygeneration100.00%-Acquisitionofassets
DongrunQingnengNewEnergyTaishanTaishanElectricitygeneration-100.00%Acquisitionofassets
RunzeJieyuanNewEnergyTaishanTaishanElectricitygeneration-100.00%Acquisitionofassets
MaomingNaturalGasMaomingMaomingElectricitygeneration85.00%-Investment
XingyueNewEnergyMeizhouMeizhouElectricitygeneration100.00%-Investment
HuixinThermalPowerHuizhouHuizhouElectricitygeneration85.00%-Investment
ShacheIntegratedEnergyKashiPrefecture,XinjiangKashiPrefecture,XinjiangElectricitygeneration100.00%-Investment
XinguangyaoNewEnergyQingdaoQingdaoElectricitygeneration99.00%-Acquisitionofassets
TelianNewEnergyQingdaoQingdaoElectricitygeneration-99.00%Acquisitionofassets
LianyaoNewEnergyQingdaoQingdaoElectricitygeneration-99.00%Acquisitionofassets
JiuzhouNewEnergyZhaoqingZhaoqingElectricitygeneration100.00%-Acquisitionofassets
ChangshanWindPowerXiangtanXiangtanElectricitygeneration100.00%-Acquisitionofassets
LuodingNewEnergyLuodingLuodingElectricitygeneration100.00%-Investment

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

6Interestsinotherentities(Cont’d)

(1)

(1)Interestsinsubsidiaries(Cont’d)

(a)

(a)ConstitutionoftheGroup(Cont’d)

(i)

(i)On30November2018,MaomingThermalmergedGuangdongEnergyMaomingThermalPowerStationCo.,Ltd.,wholly-ownedbyGEGC.Afterthemerger,GEGCheld30.12%equityofMaomingThermal.AccordingtotheagreementbetweentheCompanyandGEGC,thedelegatedshareholderanddirectorfromGEGCmaintainconsensuswiththoseoftheCompanywhileexercisingthevotingrightsduringtheshareholders’meetingandtheBoardofDirectors’meetingatMaomingThermal.Therefore,theCompanyownscontrolpoweroverMaomingThermal.

(ii)

(ii)PinghaiPowerwasacquiredfromGEGCbytheGroupin2012throughofferingnon-publicshares.AccordingtotheagreementbetweenGEGCandGuangdongHuaxiaElectricPowerDevelopmentCo.,Ltd.(“HuaxiaElectric”),whichholds40%equityinPinghaiPower,thedelegatedshareholderanddirectorfromHuaxiaElectricmaintainconsensuswiththoseofGEGCwhenexercisingtheirvotingrightsduringtheshareholders’meetingandBoardofDirectors’meetingatPinghaiPower;besides,afterGEGCtransfersits45%equityinPinghaiPowertotheCompany,thedelegatedshareholderanddirectorfromHuaxiaElectricalsoreachconsensuswiththoseoftheCompanywhenexercisingtheirvotingrightsduringtheshareholders’meetingandBoardofDirectors’meetingatPinghaiPower.Therefore,theCompanyownsthecontrolpoweroverPinghaiPower.

(iii)

(iii)GuangdianPetroleumStore&Transport,asubsidiaryoftheCompany,heldashareholders'meetingon24November2021,anddecidedtocompletetheliquidationandcancellationofGuangdianPetroleumStore&Transport,awholly-ownedsubsidiaryofYuehuaPower,in2022.TheliquidationandcancellationofGuangdianPetroleumStore&TransportwillcorrespondinglychangethescopeoftheCompany'sconsolidatedfinancialstatements.However,itwillnothaveasignificantimpactontheCompany'sexistingbusinessandoperatingresults,andwillnotharmtheinterestsoftheCompanyanditsshareholders.Asat28February2022,theliquidationandcancellationofGuangdianPetroleumStore&Transporthadbeencompleted.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

6Interestsinotherentities(Cont’d)

(1)

(1)Interestsinsubsidiaries(Cont’d)

(a)

(a)ConstitutionoftheGroup(Cont’d)

(iv)

(iv)HuangdianTrainingCentre,asubsidiaryoftheCompany,heldashareholders’meetingon23November2021anddecidedtocompletethemergerofHuangdianTrainingCentrebyYuehuaIntegratedEnergy,asubsidiaryoftheGroup,andtodissolveandcancelHuangdianTrainingCentreuponcompletionofthemergerin2022.Asat12January2022,themerger,liquidationandcancellationofHuangdianTrainingCentrehadbeencompleted.

(v)

(v)On8October2021,SuishenPowerEngineering,asubsidiaryoftheCompanyandalsoanon-wholly-ownedsubsidiaryofYuehuaPower,wasapprovedfordisposalsofits70%oftheequitytothirdparties.ThedisposalsofSuishenPowerEngineeringwillcorrespondinglychangethescopeoftheCompany'sconsolidatedfinancialstatements.However,itwillnothaveasignificantimpactontheCompany'sexistingbusinessandoperatingresults,andwillnotharmtheinterestsoftheCompanyanditsshareholders.Asat28April2022,SuishenPowerEngineeringhadcompletedthepropertyrightsexchangeprocedures.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

6Interestsinotherentities(Cont’d)

(1)

(1)Interestsinsubsidiaries(Cont’d)

(b)

(b)Subsidiarieswithsignificantminorityinterests

Subsidiaries

SubsidiariesShareholdingofminorityshareholders(%)Gainsorlossesattributabletominorityshareholdersin2022Dividendsdistributedtominorityshareholdersin2022Minorityinterestsasat31December2022

BoheEnergy

BoheEnergy33.00%2,921,790-1,525,747,576
ZhanjiangElectric24.00%(75,971,466)-813,220,838
JinghaiPower35.00%(122,955,569)-921,075,752
RedBayPower35.00%(114,573,179)-837,700,541
HuizhouNaturalGas33.00%68,186,72525,174,599694,934,683
PinghaiPower55.00%63,851,121-1,006,335,803
ShaCCompany49.00%(447,781,114)-999,238,701

(i)

(i)ExceptforZhuhaiWindPower,dividendsdistributedtominorityshareholdersin2022hadallbeenpaidoffinthecurrentyear.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

6Interestsinotherentities(Cont’d)

(1)

(1)Interestsinsubsidiaries(Cont’d)

(b)

(b)Subsidiarieswithsignificantminorityinterests(Cont'd)

Majorfinancialinformationofmaterialnon-wholly-ownedsubsidiariesoftheGroupislistedbelow:

Majorfinancialinformationofmaterialnon-wholly-ownedsubsidiariesoftheGroupislistedbelow:

31December2022

31December202231December2021
CurrentassetsNon-currentassetsTotalassetsCurrentliabilitiesNon-currentliabilitiesTotalliabilitiesCurrentassetsNon-currentassetsTotalassetsCurrentliabilitiesNon-currentliabilitiesTotalliabilities

BoheEnergy

BoheEnergy2,349,678,8896,994,607,6389,344,286,5272,427,792,7232,293,016,3004,720,809,0232,609,681,7616,892,655,4629,502,337,2233,008,450,3142,359,263,3155,367,713,629
ZhanjiangElectric2,470,759,7741,240,611,7613,711,371,535295,849,49527,101,881322,951,3762,650,321,8421,266,988,3733,917,310,215183,009,63929,332,641212,342,280
JinghaiPower1,385,798,5846,990,898,9118,376,697,4954,133,096,6061,611,955,8845,745,052,4901,526,571,2726,829,232,8378,355,804,1094,033,650,5631,339,227,3805,372,877,943
RedBayPower1,335,712,0244,929,899,2006,265,611,2243,471,806,657400,374,4513,872,181,1081,409,063,7885,053,935,8386,462,999,6263,167,753,333574,464,2363,742,217,569
HuizhouNaturalGas517,592,9612,729,895,3383,247,488,299854,386,780287,238,8421,141,625,622339,090,1662,930,623,3823,269,713,548726,965,377567,225,2681,294,190,645
PinghaiPower1,698,935,2582,801,846,2544,500,781,5121,222,698,1731,448,381,8792,671,080,0521,588,057,8503,411,190,1634,999,248,0131,230,761,7021,877,492,9003,108,254,602
ShaCCompany2,223,308,2983,622,700,7985,846,009,0961,883,231,1101,923,515,3313,806,746,4412,916,866,9253,999,456,0436,916,322,9682,657,111,3401,273,188,7553,930,300,095

2022

20222021
RevenueNet(loss)/profitTotalcomprehensiveincomeCashflowsfromoperatingactivitiesRevenueNet(loss)/profitTotalcomprehensiveincomeCashflowsfromoperatingactivities

BoheEnergy

BoheEnergy4,246,193,3808,853,9108,853,910399,072,8732,782,274,837(20,922,634)(20,922,634)437,918,482
ZhanjiangElectric2,527,747,682(316,547,774)(316,547,774)(234,066,362)2,244,415,610(304,090,266)(310,815,500)(404,758,842)
JinghaiPower6,996,344,270(351,301,626)(351,301,626)(197,695,023)6,657,485,630(509,356,177)(509,356,177)334,454,084
RedBayPower5,565,503,172(327,351,941)(327,351,941)262,097,9715,009,175,976(488,495,726)(488,495,726)(442,766,950)
HuizhouNaturalGas3,250,426,792206,626,438206,626,438692,909,6373,639,314,26484,762,95884,762,958559,716,915
PinghaiPower5,210,093,742116,092,947116,092,947119,302,0124,877,581,55130,499,65730,499,657344,245,399
ShaCCompany5,330,603,384(913,839,007)(932,845,576)(1,873,955,939)1,999,829,883(568,004,644)(407,654,995)48,454,458

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

6Interestsinotherentities(Cont’d)

(2)

(2)Interestsinjointventuresandassociates

(a)

(a)Basicinformationofsignificantjointventuresandassociates

Majorbusiness

location

MajorbusinesslocationPlaceofregistrationNatureofbusinessWhetherstrategictotheGroup'sactivitiesShareholding(%)
DirectIndirect

Jointventures-

Jointventures-
IndustryFuelGuangzhou,GuangdongGuangzhou,GuangdongFueltradingYes50.00%-
Associates-
ShanxiYudeanEnergyTaiyuan,ShanxiTaiyuan,ShanxiMining,powergenerationYes40.00%-
EnergyGroupFinanceCompanyGuangzhou,GuangdongGuangzhou,GuangdongFinanceYes25.00%15.00%
TaishanElectricTaishan,GuangdongTaishan,GuangdongPowergenerationYes20.00%-
EnergyFinancialLeasingCompanyGuangzhou,GuangdongGuangzhou,GuangdongFinanceleasesYes25.00%-

TheequityinvestmentsareaccountedforusingtheequitymethodbytheGroup.

TheequityinvestmentsareaccountedforusingtheequitymethodbytheGroup.(b)

(b)Summarisedfinancialinformationofsignificantjointventures

31December2022

31December202231December2021
IndustryFuelIndustryFuel

Currentassets

Currentassets9,759,872,2158,607,437,424
Non-currentassets6,787,019,4203,981,342,190
Totalassets16,546,891,63512,588,779,614

Currentliabilities

Currentliabilities10,717,387,8189,741,803,372
Non-currentliabilities4,030,111,1671,169,197,748
Totalliabilities14,747,498,98510,911,001,120

Minorityinterests

Minorityinterests67,010,55167,010,551
Attributabletoshareholdersoftheparentcompany1,732,382,0991,610,767,943

Shareofnetassetsbasedonshareholding(i)

Shareofnetassetsbasedonshareholding(i)866,191,050805,383,972
Adjustments-Unrealisedprofitsfromintra-grouptransactions(155,792,047)(159,913,458)

Carryingamountofequityinvestmentinjoint

ventures

Carryingamountofequityinvestmentinjointventures710,399,003645,470,514

Revenue

Revenue41,154,918,01740,287,196,338
Netprofit129,856,977230,410,999
Including:Attributabletotheparentcompany129,856,977230,410,999
Othercomprehensiveincome-15,800,500
Including:Attributabletotheparentcompany-15,800,500
Totalcomprehensiveincome129,856,977246,211,499

Dividendsreceivedfromjointventuresbythe

Groupforthecurrentyear

DividendsreceivedfromjointventuresbytheGroupforthecurrentyear-29,649,898

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

6Interestsinotherentities(Cont’d)

(2)

(2)Interestsinjointventuresandassociates(Cont’d)

(b)

(b)Summarisedfinancialinformationofsignificantjointventures(Cont’d)

(i)

(i)Shareofassetiscalculatedaccordingtoshareholdingbasedontheamountattributabletotheparentcompanyintheconsolidatedfinancialstatementsofjointventures.Theamountintheconsolidatedfinancialstatementsofjointventuresconsiderstheimpactsoffairvalueofidentifiableassetsandliabilitiesofjointventuresatthetimeofacquisitionandtheunificationofaccountingpolicies.TheassetsinvolvedinthetransactionsbetweentheGroupandjointventuresdonotconstituteabusiness.

(c)

(c)Summarisedfinancialinformationofsignificantassociates

31December2022

31December202231December2021
ShanxiYudeanEnergyEnergyFinancialLeasingCompanyShanxiYudeanEnergyEnergyFinancialLeasingCompany

Currentassets

Currentassets1,782,312,0741,012,915,1381,074,073,055632,968,295
Non-currentassets8,228,428,6059,190,015,5236,627,921,3557,281,003,242
Totalassets10,010,740,67910,202,930,6617,701,994,4107,913,971,537

Currentliabilities

Currentliabilities606,329,3172,688,451,249493,070,5201,840,650,722
Non-currentliabilities1,697,937,3095,365,450,3971,230,741,5923,944,093,673
Totalliabilities2,304,266,6268,053,901,6461,723,812,1125,784,744,395

Minorityinterests

Minorityinterests76,642,198-70,239,165-
Attributabletoshareholdersoftheparentcompany7,629,831,8552,149,029,0155,907,943,1332,129,227,142

Shareofnetassetsbasedon

shareholding(i)

Shareofnetassetsbasedonshareholding(i)3,051,932,742537,257,2542,363,177,253532,306,787
Adjustments
-Others(ii)(32,579,800)---

Carryingamountofequity

investmentinassociates

Carryingamountofequityinvestmentinassociates3,019,352,942537,257,2542,363,177,253532,306,787

Revenue

Revenue193,310,933312,042,217100,199,753259,494,775
Investmentincome1,317,744,1341,003,1151,229,294,9361,540,565
Netprofit1,319,342,25692,970,5851,200,222,01589,599,668
Including:Attributabletotheparentcompany1,315,439,22292,970,5851,200,112,14389,599,668
Othercomprehensiveincome----
Including:Attributabletotheparentcompany----
Totalcomprehensiveincome1,319,342,25692,970,5851,200,222,01589,599,668

Dividendsreceivedfrom

associatesbytheGroupforthecurrentyear

DividendsreceivedfromassociatesbytheGroupforthecurrentyear-(18,292,179)-12,576,669

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

6Interestsinotherentities(Cont’d)

(2)

(2)Interestsinjointventuresandassociates(Cont’d)

(c)

(c)Summarisedfinancialinformationofsignificantassociates(Cont’d)

31December2022

31December202231December2021
EnergyGroupFinanceCompanyTaishanElectricEnergyGroupFinanceCompanyTaishanElectric

Currentassets

Currentassets8,044,309,1623,007,543,4987,694,411,3832,930,161,081
Non-currentassets18,171,209,8558,964,593,73217,101,010,4809,406,287,125
Totalassets26,215,519,01711,972,137,23024,795,421,86312,336,448,206

Currentliabilities

Currentliabilities21,896,121,0722,465,364,57020,630,423,8503,414,107,776
Non-currentliabilities91,587,142-31,373,853-
Totalliabilities21,987,708,2142,465,364,57020,661,797,7033,414,107,776

Minorityinterests

Minorityinterests----
Attributabletoshareholdersoftheparentcompany4,227,810,8039,506,772,6604,133,624,1608,922,340,430

Shareofnetassetsbased

onshareholding(i)

Shareofnetassetsbasedonshareholding(i)1,691,124,3211,901,354,5321,653,449,6641,784,468,086
Adjustments
-Goodwill13,325,000-13,325,000-

Carryingamountofequity

investmentinassociates

Carryingamountofequityinvestmentinassociates1,704,449,3211,901,354,5321,666,774,6641,784,468,086

Revenue

Revenue765,272,58212,253,136,746752,537,76310,287,027,972
Netprofit/(loss)379,076,682584,432,230364,396,199(17,047,790)
Including:Attributabletotheparentcompany379,076,682584,432,230364,396,199(17,047,790)
Othercomprehensiveincome24,846,733-19,273,714-
Including:Attributabletotheparentcompany24,846,733-19,273,714-
Totalcomprehensiveincome/(loss)403,923,415584,432,230383,669,913(17,047,790)

Dividendsreceivedfrom

associatesbytheGroupforthecurrentyear

DividendsreceivedfromassociatesbytheGroupforthecurrentyear123,894,709-122,273,962101,148,944

(i)

(i)Shareofnetassetiscalculatedinproportiontotheshareholdingbasedontheamountattributabletotheparentcompanyintheconsolidatedfinancialstatementsofassociates.Theamountintheconsolidatedfinancialstatementsofassociatesconsiderstheimpactsoffairvalueofidentifiableassetsandliabilitiesofassociatesatthetimeofacquisitionandtheunificationofaccountingpolicies.TheassetsinvolvedinthetransactionsbetweentheGroupandassociatesdonotconstituteabusiness.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

6Interestsinotherentities(Cont’d)

(2)

(2)Interestsinjointventuresandassociates(Cont’d)

(c)

(c)Summarisedfinancialinformationofsignificantassociates(Cont’d)

(ii)

(ii)Asat29August2022,ShanxiYudeanEnergyappliedtoGEGCandtheGroupforacapitalincreaseofRMB460,749,100.AmongwhichtheGroupshallcontributeRMB184,299,600attheshareholdingproportionof40%.Asat31December2022,theGroupactuallycontributedRMB130,000,000forcapitalincrease.TheGrouphasnegotiatedwithShanxiYudeanEnergythattheremainingcapitalofRMB54,299,600wouldbesettledwithinoneyear.

(d)

(d)Summarisedinformationofinsignificantjointventuresandassociates

2022

20222021

Jointventures:

Jointventures:

Aggregatedcarryingamountofinvestments

Aggregatedcarryingamountofinvestments181,171,9209,350,000
Aggregateofthefollowingitemsinproportion
Netloss(i)(2,506,598)-
Othercomprehensiveincome(i)--
Totalcomprehensiveincome(2,506,598)-

Associates:

Associates:

Aggregatedcarryingamountofinvestments

Aggregatedcarryingamountofinvestments1,144,068,2111,070,661,046
Aggregateofthefollowingitemsinproportion
Netprofit/(loss)(i)79,648,992(18,173,212)
Othercomprehensiveincome(i)1,855,914(332,152)
Totalcomprehensiveincome81,504,906(18,505,364)

(i)

(i)Thenetprofit/(loss)andothercomprehensiveincomehavetakenintoaccounttheimpactsofboththefairvalueoftheidentifiableassetsandliabilitiesupontheacquisitionofinvestmentatthetimeofacquisitionandtheunificationofaccountingpolicies.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

7Segmentinformation

AstheGroup'srevenueandexpenses,assetsandliabilitiesareprimarilyassociatedwithsaleofelectricpowerandotherrelatedproducts,theGroup'smanagement,takingthesaleofelectricpowerasawholebusiness,periodicallyobtainsaccountinginformationrelatingtofinancialstatus,operatingresultsandcashflowforassessment.Therefore,thereisonlytheelectricpowersegmentintheGroup.TheGroup’srevenuefrommainoperationsderivesfromthedevelopmentandoperationofelectricplantsinChinaandallassetsarewithinChina.In2022,therevenueearnedbytheGroup’spowerplantsfromSouthernPowerGridCompanyandStateGridCorporationofChinaamountedtoRMB51,889,521,596(2021:RMB43,278,023,920),whichtookup98.53%oftheGroup’srevenue(2021:97.99%).

AstheGroup'srevenueandexpenses,assetsandliabilitiesareprimarilyassociatedwithsaleofelectricpowerandotherrelatedproducts,theGroup'smanagement,takingthesaleofelectricpowerasawholebusiness,periodicallyobtainsaccountinginformationrelatingtofinancialstatus,operatingresultsandcashflowforassessment.Therefore,thereisonlytheelectricpowersegmentintheGroup.TheGroup’srevenuefrommainoperationsderivesfromthedevelopmentandoperationofelectricplantsinChinaandallassetsarewithinChina.In2022,therevenueearnedbytheGroup’spowerplantsfromSouthernPowerGridCompanyandStateGridCorporationofChinaamountedtoRMB51,889,521,596(2021:RMB43,278,023,920),whichtookup98.53%oftheGroup’srevenue(2021:97.99%).

8Relatedpartiesandrelatedpartytransactions

(1)

(1)Generalinformationoftheparentcompany

(a)

(a)Generalinformationoftheparentcompany

Placeofregistration

PlaceofregistrationNatureofbusiness

GEGC

GEGCGuangzhouOperationandmanagementofpowergenerationenterprises,capitalmanagementofelectricityassets,constructionofpowerplantandsaleofelectricity

TheultimateholdingpartyoftheCompanyisState-ownedAssetsSupervisionAndAdministrationCommissionofthePeople'sGovernmentofGuangdongProvince.

TheultimateholdingpartyoftheCompanyisState-ownedAssetsSupervisionAndAdministrationCommissionofthePeople'sGovernmentofGuangdongProvince.(b)

(b)Registeredcapitalandchangesinregisteredcapitaloftheparentcompany

31December

2021

31December2021IncreaseinthecurrentyearDecreaseinthecurrentyear31December2022

GEGC

GEGC23,000,000,000--23,000,000,000

(c)

(c)ThepercentagesofshareholdingandvotingrightsintheCompanyheldbytheparentcompany

31December2022

31December202231December2021
Shareholding(%)Votingrights(%)Shareholding(%)Votingrights(%)

GEGC

GEGC67.39%67.39%67.39%67.39%

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

8Relatedpartiesandrelatedpartytransactions(Cont’d)

(2)

(2)Informationofsubsidiaries

ThegeneralinformationandotherrelatedinformationofthesubsidiariesaresetoutinNote6(1)(a).

ThegeneralinformationandotherrelatedinformationofthesubsidiariesaresetoutinNote6(1)(a).(3)

(3)Informationofjointventuresandassociates

ApartfromsignificantjointventuresandassociatesdisclosedinNote6,otherjointventuresandassociatesthatinvolvedinrelatedpartytransactionswiththeGrouparelistedasfollows:

ApartfromsignificantjointventuresandassociatesdisclosedinNote6,otherjointventuresandassociatesthatinvolvedinrelatedpartytransactionswiththeGrouparelistedasfollows:

Nameofentity

NameofentityRelationshipwiththeGroup

GEGPropertyInsurance

GEGPropertyInsuranceAssociate
YudeanShippingAssociate
YunfuBAssociate

(4)

(4)Informationofotherrelatedparties

RelationshipwiththeGroup

RelationshipwiththeGroupGuangdongZhuhaiJinwanPowerCo.,Ltd.(“ZhuhaiJinwan

Electric”)

GuangdongZhuhaiJinwanPowerCo.,Ltd.(“ZhuhaiJinwanElectric”)ControlledbyGEGC
GuangdongYudeanPropertyManagementCo.,Ltd.(“YudeanPM”)ControlledbyGEGC
GuangdongYudeanInformationTechnologyCo.,Ltd.(“YudeanTechnology”)ControlledbyGEGC
YudeanEnvironmentalControlledbyGEGC
GuangdongYudeanEnvironmentalProtectionMaterialsCo.,Ltd.(“EnvironmentalProtectionMaterials”)ControlledbyGEGC
GuangdongYuelongPowerGenerationCo.,Ltd.(“YuelongPower”)ControlledbyGEGC
GuangdongYudeanZhongshanThermalPowerPlant(“ZhongshanThermal”)ControlledbyGEGC
GuangdongPortofYangjiangHarbourServiceCo.,Ltd.(“PortofYangjiang”)ControlledbyGEGC
GuangzhouDevelopmentDistrictYudeanNewEnergyCo.,Ltd.(“YudeanNewEnergy”)ControlledbyGEGC
GuangdongEnergyGroupNaturalGasCo.,Ltd.(“GuangdongEnergyNaturalGas”)ControlledbyGEGC
ZhuhaiSpecialEconomicZoneGuangzhuPowerGenerationCo.,Ltd.(“GuangzhuPower”)ControlledbyGEGC
GuangdongEnergyGroupCo.,Ltd.,ZhuhaiPowerPlant(“ZhuhaiPower”)ControlledbyGEGC
InnerMongoliaYudeanMenghuaNewEnergyCo.,Ltd.(“MenghuaNewEnergy”)ControlledbyGEGC

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

8Relatedpartiesandrelatedpartytransactions(Cont’d)

(5)

(5)Relatedpartytransactions

(a)

(a)Purchaseandsaleofgoods,andrenderingandreceivingofservices

Purchaseofgoodsandreceivingofservices:

Purchaseofgoodsandreceivingofservices:

Relatedparties

RelatedpartiesTypeofrelatedpartytransactionPricingpoliciesofrelatedpartytransactions20222021

IndustryFuel

IndustryFuelPurchaseoffuelAgreementprice33,544,407,57329,734,481,375
GuangdongEnergyNaturalGasPurchaseoffuelAgreementprice4,528,970,8443,732,802,782
GEGCReceiptofoperationalservicesAgreementprice537,273,916-
YudeanEnvironmentalPurchaseofmaterialsAgreementprice164,508,018156,679,116
EnvironmentalProtectionMaterialsPurchaseofmaterialsAgreementprice98,555,30364,389,931
GEGPropertyInsuranceReceiptofinsuranceservicesAgreementprice69,048,66159,136,449
YudeanPMReceiptofpropertyservicesAgreementprice35,945,21623,959,792
YudeanShippingReceiptoftugservicesAgreementprice24,891,50924,226,415
PortofYangjiangReceiptoftugservicesAgreementprice-16,431,191
OthersReceiptofservicesAgreementprice19,764,51519,876,271
39,023,365,55533,831,983,322

Saleofgoodsandrenderingofservices:

Saleofgoodsandrenderingofservices:

Relatedparties

RelatedpartiesTypeofrelatedpartytransactionPricingpoliciesofrelatedpartytransactions20222021

Yudean

Environmental

YudeanEnvironmentalRevenuefromsaleofby-productsAgreementprice266,854,916340,736,159
GEGCProvisionofmaintenanceandrepairservicesAgreementprice45,731,15439,394,206
ZhongshanThermalProvisionofmaintenanceandrepairservicesAgreementprice17,397,44314,057,773
ZhuhaiPowerProvisionofmaintenanceandrepairservicesAgreementprice10,034,98810,799,140
OthersProvisionofservicesAgreementprice24,170,52224,419,684
364,189,023429,406,962

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

8Relatedpartiesandrelatedpartytransactions(Cont’d)

(5)

(5)Relatedpartytransactions(Cont’d)

(b)

(b)Purchaseofelectricpower

Relatedparties

Relatedparties20222021

GuangzhuPower

GuangzhuPower164,850,645130,127,530
ZhuhaiJinwanElectric96,288,825121,954,252
YunfuB50,925,61616,203,000
YuelongPower29,489,94531,152,000
ZhongshanThermal9,101,73196,302,800
350,656,762395,739,582

Theamountforpurchaseofelectricpowerisdeterminedbythedifferenceofdecreaseincurrentfeed-intariffandpurchasedquantityofelectricityagreedbycompaniessellingelectricpowerandpowerplantsfromrelatedparties.

Theamountforpurchaseofelectricpowerisdeterminedbythedifferenceofdecreaseincurrentfeed-intariffandpurchasedquantityofelectricityagreedbycompaniessellingelectricpowerandpowerplantsfromrelatedparties.(c)

(c)Leases

Right-of-useassetsincreasedinthecurrentyearwiththeGroupasthelessee:

Right-of-useassetsincreasedinthecurrentyearwiththeGroupasthelessee:

Nameofthelessor

NameofthelessorTypeoftheleasedasset20222021

EnergyFinancialLeasing

Company

EnergyFinancialLeasingCompanyLeaseofmachineryandequipment1,765,522,6354,496,403,656
OthersHousingrental3,595,9263,673,203
1,769,118,5614,500,076,859

InterestcostsonleaseliabilitiesinthecurrentyearwiththeGroupasthelessee:

InterestcostsonleaseliabilitiesinthecurrentyearwiththeGroupasthelessee:

2022

20222021

EnergyFinancialLeasingCompany

EnergyFinancialLeasingCompany269,949,925152,418,557
Others1,039,339383,203
270,989,264152,801,760

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

8Relatedpartiesandrelatedpartytransactions(Cont’d)

(5)

(5)Relatedpartytransactions(Cont’d)

(d)

(d)Guarantees

TheGroupastheguarantor

TheGroupastheguarantorGuaranteedparty

GuaranteedpartyGuaranteedamountGuaranteedinterestStartingdateMaturitydateWhethertheguaranteehasbeenfulfilledornot

GEGC(i)

GEGC(i)2,000,000,00010,734,00303/12/201915/09/2043No

(i)

(i)InordertoperformtheLoanAgreementfortheGuangdongYudeanYangjiangShapaoffshorewindpowerprojectsignedbetweenthePeople'sRepublicofChina(“PRC”)andNewDevelopmentBank(“NDB”)(“LoanAgreementwithNDB”)on3December2019,ProjectAgreementsignedbetweenNDBandthePeople’sGovernmentofGuangdongProvince(“provincialgovernment”)(“ProjectAgreementwithNDB”),LoanTransferAgreementsignedbetweentheMinistryofFinanceandtheprovincialgovernment(“LoanTransferAgreementwiththeMinistryofFinance”)andLoanTransferAgreementsignedbetweentheDepartmentofFinanceofGuangdongProvinceandGEGC(“LoanTransferAgreementwiththeDepartmentofFinanceofGuangdongProvince”),YangjiangWindPowersignedLoanTransferAgreementwithGEGC(LoanTransferAgreementwithGEGC)in2020,specifyingthatGEGCshalltransferloansofRMB2,000,000,000(“ProjectLoan”)toYangjiangWindPower;meanwhile,theCompanysignedajointliabilityguaranteecontractwithGEGC,specifyingthattheCompanyprovidesjointliabilityguaranteeforallliabilitiesofYangjiangWindPowerundertheLoanTransferAgreementwithGEGConbehalfofGEGCtotheDepartmentofFinanceofGuangdongProvincefrom3December2019to15September2043,andtheguaranteescopeincludesbutnotlimitedtoprincipalandinterest.Asat31December2022,YangjiangWindPowerborrowedpledgedloanofRMB2,000,000,000fromNDB,andtheinterestpayablewasRMB10,734,003.TheaboveProjectLoanwastransferredtotheprovincialgovernmentbytheMinistryofFinanceunderthecountry’sauthorisationaccordingtothesameloanconditions,thentransferredtoGEGCbytheDepartmentofFinanceofGuangdongProvinceundertheprovincialgovernment’sauthorisation,andfinallytransferredtoYangjiangWindPowerbyGEGC.TheaboveProjectLoanwasactuallyprovidedinentrustedpayment.ThecashwouldnotflowthroughthebankaccountsoftheMinistryofFinance,DepartmentofFinanceofGuangdongProvinceandGEGC,andYangjiangWindPower,theactualdebtoroftheProjectLoan,directlywithdrewandrepaidtheloanthroughitsaccountofNDB.TheProjectLoanwasguaranteedbytheCompanyforGEGC,andactuallytheCompanyprovidedguaranteefortheProjectLoanobtainedbyYangjiangWindPowerfromNDB.Therefore,afterconsultingtheCompany’slegaladviser,managementconsideredthatjointliabilityguaranteeprovidedbytheGroupforGEGCwouldnotconstituteGEGC’soccupationoftheGroup’sfunds.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

8Relatedpartiesandrelatedpartytransactions(Cont’d)

(5)

(5)Relatedpartytransactions(Cont’d)

(e)

(e)Lendingamongrelatedparties

(i)

(i)Accordingtothe2022FrameworkAgreementonFinancialServicesbetweentheCompanyandEnergyGroupFinanceCompany,EnergyGroupFinanceCompanyiscommittedtoofferingtheGroupacreditlineofnomorethanRMB35,000millionin2022.In2022theGroupborrowedatotalofRMB13,699,996,952(2021:RMB11,491,375,497)fromEnergyGroupFinanceCompanybasedonactualcapitalrequirement.TheGrouppaidaninterestofRMB340,462,529(2021:RMB343,902,443)forsuchborrowings(Note8(5)(h)fordetails).

(ii)

(ii)In2022,thenetincreaseoftheGroup’sdepositsinEnergyGroupFinanceCompanywasRMB2,259,804,496(2021:anetdecreaseofRMB1,918,648,394),andthenetincreaseoftheGroup’sothercashbalancesdepositedinEnergyGroupFinanceCompanywasRMB6,000,000(2021:anetdecreaseofRMB592,681).InterestduefromEnergyGroupFinanceCompanyamountedtoRMB112,312,499(2021:RMB126,350,608)(Note8(5)(g)).Inlightofthefrequentdepositsandwithdrawals,theGrouponlydisclosedtheamountofnetchangeindeposits.

(iii)

(iii)Accordingtothethree-partyagreementsignedamongtheGroup,EnergyGroupFinanceCompanyandIndustryFuel,theamountofthenotesissuedtoIndustryFuelbytheGroupanddiscountedwithEnergyGroupFinanceCompanyrepresentstheamountpayabletoEnergyGroupFinanceCompany.Giventhefrequenttransactions,onlythenetchangeofthebalanceofcommercialacceptancenotesdiscountedwithEnergyGroupFinanceCompanyasat31Decemberisdisclosed.Asat31December2022,thenetamountofEnergyGroupFinanceCompany’sdiscountingofacceptancenotesissuedbytheGrouptoIndustryFueldecreasedbyRMB680,000,000.In2022,thediscountinginterestchargedbyEnergyGroupFinanceCompanyandbornebytheGroupwhichwasincludedinthediscountinginterestexpensesinthecurrentyearamountedtoRMB19,284,125(2021:RMB20,074,125)(Note8(5)(h)fordetails).

(iv)

(iv)BasedontheFrameworkAgreementonFinancialLeasebetweentheCompanyandEnergyFinanceLeasingCompanyin2022,EnergyFinanceLeasingCompanyiscommittedtoofferingtheGroupacreditlineofnomorethanRMB15,000million,whichisreusableduringtheone-yearagreementperiod.In2022,thenewleaseliabilitiesincurredinthetransactionbetweentheGroupandEnergyFinanceLeasingCompanywereRMB1,765,522,635(2021:RMB1,271,198,318),andthefinanceleasepaymentwasRMB658,995,715(2021:RMB175,247,298).

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

8Relatedpartiesandrelatedpartytransactions(Cont’d)

(5)

(5)Relatedpartytransactions(Cont’d)

(f)

(f)Allocationofcommonexpenses

TheCompany’sbranchesShajiaoAPowerPlantandGEGCagreedtosharecommonexpensesbasedontheiragreedallocationpercentage.In2022,thecommonexpensesreceivedbytheGroupfromGEGCwereRMB5,496,475(2021:RMB5,580,411).

TheCompany’sbranchesShajiaoAPowerPlantandGEGCagreedtosharecommonexpensesbasedontheiragreedallocationpercentage.In2022,thecommonexpensesreceivedbytheGroupfromGEGCwereRMB5,496,475(2021:RMB5,580,411).(g)

(g)Interestincome

Relatedparties

RelatedpartiesTypeofrelatedpartytransaction20222021

EnergyGroupFinanceCompany

EnergyGroupFinanceCompanyInterestondeposits112,312,499126,350,608

(h)

(h)Interestcosts

Relatedparties

RelatedpartiesTypeofrelatedpartytransaction20222021

EnergyGroupFinanceCompany

EnergyGroupFinanceCompanyInterestonborrowings340,462,529343,902,443
EnergyGroupFinanceCompanyNotesdiscountcharges19,284,12520,074,125
359,746,654363,976,568

In2022,theloansprovidedbyEnergyGroupFinanceCompanytotheGroupcarriedanannualinterestratefrom2.75%to4.26%(2021:from2.70%to4.90%).

In2022,theloansprovidedbyEnergyGroupFinanceCompanytotheGroupcarriedanannualinterestratefrom2.75%to4.26%(2021:from2.70%to4.90%).(i)

(i)In2021,inordertooptimisetheCompany'sassetstructureandpromotehigh-qualitydevelopment,BoheEnergy,asubsidiaryoftheGroup,disposedoftheterminalassetstoIndustryFuelatatransactionpriceofRMB2,800,327,000(excludingtax).Asat31December2022,allamountswererecovered.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

8Relatedpartiesandrelatedpartytransactions(Cont’d)

(5)

(5)Relatedpartytransactions(Cont’d)

(j)

(j)Jointinvestment

Asat31December2022,subsidiaries,jointventuresandassociatesjointlyinvestedbytheGroupandGEGCarelistedbelow:

Asat31December2022,subsidiaries,jointventuresandassociatesjointlyinvestedbytheGroupandGEGCarelistedbelow:

PercentageofequityattributabletoGEGC

PercentageofequityattributabletoGEGCMaomingThermal

MaomingThermal30.12%
BoheEnergy33.00%
ShaCCompany49.00%
GuanghePower49.00%
BiomassPowerGeneration49.00%
XinhuiPower44.10%
HuaqingPower31.85%
EnergyGroupFinanceCompany60.00%
IndustryFuel50.00%
ShanxiYudeanEnergy60.00%
GEGPropertyInsurance51.00%
EnergyFinancialLeasingCompany50.00%
YudeanShipping65.00%
YueqianPower17.48%
YangjiangWindPower10.96%
ZhuhaiWindPower5.72%

(k)

(k)Remunerationofkeymanagement

2022

20222021

Remunerationofkeymanagement

Remunerationofkeymanagement6,557,2215,677,057

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

8Relatedpartiesandrelatedpartytransactions(Cont’d)

(6)

(6)Receivablesfromandpayablestorelatedparties

Receivablesfromrelatedparties:

Receivablesfromrelatedparties:

31December2022

31December202231December2021

Cashatbankandon

hand

CashatbankandonhandEnergyGroupFinanceCompany
-Cashatbank8,728,625,2536,468,820,757
-Othercashbalances12,000,0006,000,000
-Interestreceivable36,396,77439,533,620
8,777,022,0276,514,354,377

Accountsreceivables

AccountsreceivablesGEGC18,753,1488,500,800
ZhuhaiPower5,115,6026,820,689
YudeanNewEnergy4,192,4795,272,364
Others11,485,45811,643,227
39,546,68732,237,080

Contractassets

ContractassetsZhuhaiPower2,029,830-
GEGC-3,132,201
Others74,13956,083
2,103,9693,188,284

31December2022

31December202231December2021

Otherreceivables

OtherreceivablesEnergyFinancialLeasingCompany240,453,119129,864,979
YudeanEnvironmental131,141,18976,772,719
IndustryFuel1,700,7761,602,258,185
Others16,292,2018,113,032
389,587,2851,817,008,915

Advancesto

suppliers

AdvancestosuppliersIndustryFuel1,107,710,903481,701,342
Others1,905,0363,707,618
1,109,615,939485,408,960

Othernon-current

assets

Othernon-currentassetsYudeanTechnology250,000250,000

Asat31December2022and31December2021,theGroupmadenoprovisionforbaddebtsofreceivablesfromrelatedparties.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

8Relatedpartiesandrelatedpartytransactions(Cont’d)

(6)

(6)Receivablesfromandpayablestorelatedparties(Cont’d)

Payablestorelatedparties:

Payablestorelatedparties:

31December2022

31December202231December2021

Notespayables

NotespayablesEnergyGroupFinanceCompany597,272,076866,000,000

Accountspayables

AccountspayablesIndustryFuel4,566,760,5284,251,347,098
GEGC262,414,3441,101,296,490
GuangdongEnergyNaturalGas180,748,337390,755,352
YudeanEnvironmental40,995,46735,115,820
EnvironmentalProtectionMaterials21,639,93824,316,381
Others4,661,2973,511,517
5,077,219,9115,806,342,658

Contractliabilities

ContractliabilitiesGEGC-2,606,132

Otherpayables

OtherpayablesMenghuaNewEnergy10,240,5235,276,682
GEGC-2,501,436,910
EnergyFinancialLeasingCompany-42,722,792
Others6,601,2596,780,239
16,841,7822,556,216,623

Leaseliabilities

LeaseliabilitiesEnergyFinancialLeasingCompany6,697,106,6543,801,408,039

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

8Relatedpartiesandrelatedpartytransactions(Cont’d)

(6)

(6)Receivablesfromandpayablestorelatedparties(Cont’d)

Payablestorelatedparties(Cont'd):

Payablestorelatedparties(Cont'd):

31December2022

31December202231December2021

Short-termborrowings

Short-termborrowingsEnergyGroupFinanceCompany

EnergyGroupFinanceCompany
-Principal5,723,903,0124,977,136,729
-Interest5,323,4663,142,408
5,729,226,4784,980,279,137

Currentportionofnon-currentliabilities

Currentportionofnon-currentliabilitiesEnergyGroupFinanceCompany

EnergyGroupFinanceCompany
-Principal222,079,444191,911,238
-Interest5,112,6906,612,663
GEGC
-Principal-82,000,000
-Interest527,083368,958
227,719,217280,892,859

EnergyFinancialLeasingCompany

EnergyFinancialLeasingCompany769,850,00833,630,163

Long-termborrowings

Long-termborrowingsEnergyGroupFinanceCompany

EnergyGroupFinanceCompany
-Principal3,962,102,7174,175,122,351
GEGC
-Principal500,000,000268,000,000
4,462,102,7174,443,122,351

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

9Commitments

(1)

(1)Capitalcommitments

CapitalexpenditurescontractedforbytheGroupbutarenotyetnecessarytoberecognisedonthebalancesheetasatthebalancesheetdateareasfollows:

CapitalexpenditurescontractedforbytheGroupbutarenotyetnecessarytoberecognisedonthebalancesheetasatthebalancesheetdateareasfollows:

31December2022

31December202231December2021

Buildingsandpowergenerationequipment

Buildingsandpowergenerationequipment27,198,894,11823,518,696,981

Theabovecapitalcommitmentswillbeprimarilyusedfortheconstructionofnewelectricplantsandthepurchaseofnewgeneratorunits.

Theabovecapitalcommitmentswillbeprimarilyusedfortheconstructionofnewelectricplantsandthepurchaseofnewgeneratorunits.(2)

(2)Investmentcommitments

(a)

(a)InSeptember2022,GuangdongWindPower,asubsidiaryoftheGroup,signedtheframeworkagreementwithShandongFengxufortheacquisitionofits100%equityinGaotangFengxuNewEnergyCo.,Ltd.Asat31December2022,GuangdongWindPowerpaidadepositofRMB41,226,000toShandongFengxu(Note4(17)),buttheconsiderationfortheequitytransactionhasnotyetbeendetermined.

(b)

(b)InAugust2022,GuangdongWindPower,asubsidiaryoftheGroup,signedtheframeworkagreementwithHengyangNewEnergyfortheacquisitionofitsnolessthan65%equityinWuxiangLvhengPhotovoltaicPowerGenerationCo.,Ltd.Asat31December2022,GuangdongWindPowerpaidadepositofRMB52,200,000toHengyangNewEnergy(Note4(17)),buttheconsiderationfortheequitytransactionhasnotyetbeendetermined.

(c)

(c)InFebruary2022,GuangdongWindPower,asubsidiaryoftheGroup,signedtheframeworkagreementwithNanchangHangnengNewEnergyCentre(LimitedPartnership)(“NanchangHangneng”)fortheacquisitionofits100%equityinLianjiangHangnengNewEnergyCo.,Ltd.Theconsiderationfortheequitytransactionhasnotyetbeendetermined.

(d)

(d)InSeptember2022,GuangdongWindPower,asubsidiaryoftheGroup,signedtheframeworkagreementwithQinhuangdaoWohuaHighwayEngineeringCo.,Ltd.(“WohuaEngineering”)andQinhuangdaoAngqianTradingCo.,Ltd.(“AngqianTrading”)fortheacquisitionoftheir100%equity(51%ofequityfromWohuaEngineeringand49%ofequityfromAngqianTrading)inQinglongManchuAutonomousCountyJianhaoPhotovoltaicTechnologyCo.,Ltd.(“JianhaoPV”).Theconsiderationfortheequitytransactionhasnotyetbeendetermined.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

10Operatingleaseproceedsafterthebalancesheetdate

Asthelessor,theGroup’sundiscountedleaseproceedsreceivableafterthebalancesheetdateareasfollows:

Asthelessor,theGroup’sundiscountedleaseproceedsreceivableafterthebalancesheetdateareasfollows:

31December2022

31December2022Within1year

Within1year35,164,085
1to2years24,668,139
2to3years12,110,192
3to4years8,301,891
4to5years2,442,113
Over5years2,644,731
85,331,151
11Financialinstrumentsandrisks

TheGroup'sactivitiesexposeittoavarietyoffinancialrisks:marketrisk(primarilyincludingforeignexchangeriskandinterestraterisk),creditriskandliquidityrisk.TheGroup'soverallriskmanagementprogrammefocusesontheunpredictabilityoffinancialmarketsandseekstominimisepotentialadverseeffectsontheGroup'sfinancialperformance.

TheGroup'sactivitiesexposeittoavarietyoffinancialrisks:marketrisk(primarilyincludingforeignexchangeriskandinterestraterisk),creditriskandliquidityrisk.TheGroup'soverallriskmanagementprogrammefocusesontheunpredictabilityoffinancialmarketsandseekstominimisepotentialadverseeffectsontheGroup'sfinancialperformance.(1)

(1)Marketrisk

(a)

(a)Foreignexchangerisk

TheGroup’smajoroperationalactivitiesarecarriedoutintheChinesemainlandandamajorityofthetransactionsaredenominatedinRMB.TheGroupisexposedtoforeignexchangeriskarisingfromtherecognisedassetsandliabilities,andfuturetransactionsdenominatedinforeigncurrencies,primarilywithrespecttoUSD.TheGroup’sfinancedepartmentatitsheadquartersisresponsibleformonitoringtheamountofassetsandliabilities,andtransactionsdenominatedinforeigncurrenciestominimisetheforeignexchangerisk.Therefore,theGroupmayconsidertakingpropermeasurestomitigatetheforeignexchangeriskasappropriate.During2022and2021,theGroupdidnotenterintoanyforwardexchangecontractsorcurrencyswapcontracts.

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

11Financialinstrumentsandrisks(Cont’d)

(1)

(1)Marketrisk(Cont’d)

(a)

(a)Foreignexchangerisk(Cont’d)

Asat31December2022and31December2021,thecarryingamountsinRMBequivalentoftheGroup’sfinancialliabilitiesdenominatedinforeigncurrenciesaresummarisedbelow:

Asat31December2022and31December2021,thecarryingamountsinRMBequivalentoftheGroup’sfinancialliabilitiesdenominatedinforeigncurrenciesaresummarisedbelow:

31December2022

31December2022
USD

Financialliabilitiesdenominatedinforeigncurrency-

Financialliabilitiesdenominatedinforeigncurrency-
Long-termborrowings41,927,519
Currentportionofnon-currentliabilities6,795,228
48,722,747

31December2021

31December2021
USD

Financialliabilitiesdenominatedinforeigncurrency-

Financialliabilitiesdenominatedinforeigncurrency-
Long-termborrowings44,506,676
Currentportionofnon-currentliabilities6,542,011
51,048,687

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

11Financialinstrumentsandrisks(Cont’d)

(1)

(1)Marketrisk(Cont’d)

(a)

(a)Foreignexchangerisk(Cont’d)

Asat31December2022,iftheRMBhadstrengthened/weakenedby10%againsttheUSDwhileallothervariableshadbeenheldconstant,theGroup’snetprofitwouldhavebeenapproximatelyRMB3,618,743(31December2021:approximatelyRMB3,812,098)higher/lowerforvariousfinancialliabilitiesdenominatedinUSDofsubsidiaries,whoserecordingcurrencywasRMB.Asat31December2022,astheGroup’sfinancialassetsandliabilitiesdenominatedinotherforeigncurrencieswerenotsignificant,thechangesinexchangerateofotherforeigncurrencieshadnosignificantinfluenceontheGroup.

Asat31December2022,iftheRMBhadstrengthened/weakenedby10%againsttheUSDwhileallothervariableshadbeenheldconstant,theGroup’snetprofitwouldhavebeenapproximatelyRMB3,618,743(31December2021:approximatelyRMB3,812,098)higher/lowerforvariousfinancialliabilitiesdenominatedinUSDofsubsidiaries,whoserecordingcurrencywasRMB.Asat31December2022,astheGroup’sfinancialassetsandliabilitiesdenominatedinotherforeigncurrencieswerenotsignificant,thechangesinexchangerateofotherforeigncurrencieshadnosignificantinfluenceontheGroup.(b)

(b)Interestraterisk

TheGroup’sinterestrateriskmainlyarisesfrominterestbearingborrowingsincludingbankborrowings,debenturespayable,leaseliabilitiesandlong-termpayables.FinancialliabilitiesissuedatfloatingratesexposetheGrouptocashflowinterestraterisk.FinancialliabilitiesissuedatfixedratesexposetheGrouptofairvalueinterestraterisk.TheGroupdeterminestherelativeproportionsofitsfixedrateandfloatingratecontractsdependingontheprevailingmarketconditions.

TheGroup’sinterestrateriskmainlyarisesfrominterestbearingborrowingsincludingbankborrowings,debenturespayable,leaseliabilitiesandlong-termpayables.FinancialliabilitiesissuedatfloatingratesexposetheGrouptocashflowinterestraterisk.FinancialliabilitiesissuedatfixedratesexposetheGrouptofairvalueinterestraterisk.TheGroupdeterminestherelativeproportionsofitsfixedrateandfloatingratecontractsdependingontheprevailingmarketconditions.

TheGroupcontinuouslymonitorsitsinterestrateposition.IncreasesininterestrateswillincreasethecostofnewborrowingandtheinterestexpenseswithrespecttotheGroup’soutstandingfloatingrateborrowings,andthereforecouldhaveamaterialadverseeffectontheGroup’sfinancialperformance.TheGroupmakesadjustmentstimelywithreferencetothelatestmarketconditionsandmayenterintointerestrateswapagreementstomitigateitsexposuretointerestraterisk.During2022and2021,theGroupdidnotenterintoanyinterestrateswapagreements.

TheGroupcontinuouslymonitorsitsinterestrateposition.IncreasesininterestrateswillincreasethecostofnewborrowingandtheinterestexpenseswithrespecttotheGroup’soutstandingfloatingrateborrowings,andthereforecouldhaveamaterialadverseeffectontheGroup’sfinancialperformance.TheGroupmakesadjustmentstimelywithreferencetothelatestmarketconditionsandmayenterintointerestrateswapagreementstomitigateitsexposuretointerestraterisk.During2022and2021,theGroupdidnotenterintoanyinterestrateswapagreements.TheGroup’sinterestbearingborrowingsweremainlybankborrowings,debenturespayable,leaseliabilitiesandlong-termpayableswithfixedandfloatinginterestrates,andtheamountsofrespectiveinterestareasfollows:

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

11Financialinstrumentsandrisks(Cont’d)

(1)

(1)Marketrisk(Cont’d)

(b)

(b)Interestraterisk(Cont’d)

31December2022

31December202231December2021

Short-termborrowings

Short-termborrowings
-Fixedinterestrate8,558,171,8179,242,146,729
-Floatinginterestrate7,685,222,4293,107,000,000
16,243,394,24612,349,146,729

31December2022

31December202231December2021

Long-termborrowingsandcurrentportionof

long-termborrowings

Long-termborrowingsandcurrentportionoflong-termborrowings
-Fixedinterestrate3,032,550,500-
-Floatinginterestrate42,450,700,74131,587,611,645
45,483,251,24131,587,611,645

31December2022

31December202231December2021

Debenturespayableandcurrentportionof

debenturespayable

Debenturespayableandcurrentportionofdebenturespayable
-Fixedinterestrate9,294,472,0728,693,083,422

31December2022

31December202231December2021

Long-termpayablesandcurrentportionof

long-termpayables

Long-termpayablesandcurrentportionoflong-termpayables
-Fixedinterestrate413,964,36324,960,000
-Floatinginterestrate270,841,11896,819,223
684,805,481121,779,223

31December2022

31December202231December2021

Leaseliabilitiesandcurrentportionoflease

liabilities

Leaseliabilitiesandcurrentportionofleaseliabilities
-Fixedinterestrate344,260,30052,036,473
-Floatinginterestrate7,463,703,7555,546,994,736
7,807,964,0555,599,031,209

Asat31December2022,theGroup’sfixedinterestbearingborrowingsamountedtoRMB21,777,493,496andfloatinginterestbearingborrowingsamountedtoRMB57,870,468,043(31December2021:fixedinterestbearingborrowingsofRMB18,012,226,624,andfloatinginterestbearingborrowingsofRMB40,338,425,604).

Asat31December2022,theGroup’sfixedinterestbearingborrowingsamountedtoRMB21,777,493,496andfloatinginterestbearingborrowingsamountedtoRMB57,870,468,043(31December2021:fixedinterestbearingborrowingsofRMB18,012,226,624,andfloatinginterestbearingborrowingsofRMB40,338,425,604).Asat31December2022,ifinterestratesonthefloatingrateborrowingshadrisen/fallenby10basispointswhileallothervariableshadbeenheldconstant,theGroup’sinterestcostswouldhaveincreased/decreasedbyapproximatelyRMB57,870,468(31December2021:approximatelyRMB40,345,191).

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

11Financialinstrumentsandrisks(Cont’d)

(2)

(2)Creditrisk

CreditriskoftheGroupmainlyarisesfromcashatbankandonhand,notesreceivables,accountsreceivables,contractassets,otherreceivablesandlong-termreceivables.ThecarryingamountoftheGroup’sfinancialassetsreflectsitsmaximumcreditexposureonthebalancesheetdate.

CreditriskoftheGroupmainlyarisesfromcashatbankandonhand,notesreceivables,accountsreceivables,contractassets,otherreceivablesandlong-termreceivables.ThecarryingamountoftheGroup’sfinancialassetsreflectsitsmaximumcreditexposureonthebalancesheetdate.TheGroupexpectsthatthereisnosignificantcreditriskassociatedwithcashatbankandonhandsincetheyaredepositedatEnergyGroupFinanceCompany,state-ownedbanksandothermediumorlargesizelistedbankswithgoodreputationandhighcreditrating.TheGroupdoesnotexpectthattherewillbesignificantlossesfromnon-performancebythecounterparty.

TheGroupexpectsthatthereisnosignificantcreditriskassociatedwithcashatbankandonhandsincetheyaredepositedatEnergyGroupFinanceCompany,state-ownedbanksandothermediumorlargesizelistedbankswithgoodreputationandhighcreditrating.TheGroupdoesnotexpectthattherewillbesignificantlossesfromnon-performancebythecounterparty.

Inaddition,theGrouphaspoliciestolimitthecreditexposureonnotesreceivables,accountsreceivables,contractassets,otherreceivablesandlong-termreceivables.TheGroupassessesthecreditqualityofandsetscreditlimitsonitscustomersbytakingintoaccounttheirfinancialposition,theavailabilityofguaranteefromthirdparties,theircredithistoryandotherfactorssuchascurrentmarketconditions.ThecredithistoryofthecustomersisregularlymonitoredbytheGroup.Inrespectofcustomerswithapoorcredithistory,theGroupwillusewrittenpaymentreminders,orshortenorcancelcreditperiods,toensuretheoverallcreditriskoftheGroupislimitedtoacontrollableextent.

Inaddition,theGrouphaspoliciestolimitthecreditexposureonnotesreceivables,accountsreceivables,contractassets,otherreceivablesandlong-termreceivables.TheGroupassessesthecreditqualityofandsetscreditlimitsonitscustomersbytakingintoaccounttheirfinancialposition,theavailabilityofguaranteefromthirdparties,theircredithistoryandotherfactorssuchascurrentmarketconditions.ThecredithistoryofthecustomersisregularlymonitoredbytheGroup.Inrespectofcustomerswithapoorcredithistory,theGroupwillusewrittenpaymentreminders,orshortenorcancelcreditperiods,toensuretheoverallcreditriskoftheGroupislimitedtoacontrollableextent.Asat31December2022,theGrouphadnosignificantcollateralorothercreditenhancementsheldasaresultofthedebtor'smortgage(31December2021:Nil).

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

11Financialinstrumentsandrisks(Cont’d)

(3)

(3)Liquidityrisk

CashflowforecastingisperformedbyeachsubsidiaryoftheGroup.TheGroupisexposedtoacertaindegreeofliquidityriskasithasnetcurrentliabilities.Inviewoftheabove-mentionedfacts,theGrouphasformulatedcertainplansandmeasurestoalleviatethepressureonworkingcapitalandimproveitsfinancialposition,asdetailedinNote2(1).

CashflowforecastingisperformedbyeachsubsidiaryoftheGroup.TheGroupisexposedtoacertaindegreeofliquidityriskasithasnetcurrentliabilities.Inviewoftheabove-mentionedfacts,theGrouphasformulatedcertainplansandmeasurestoalleviatethepressureonworkingcapitalandimproveitsfinancialposition,asdetailedinNote2(1).ThefinancialliabilitiesoftheGroupatthebalancesheetdateareanalysedbytheirmaturitydatebelowattheirundiscountedcontractualcashflows:

ThefinancialliabilitiesoftheGroupatthebalancesheetdateareanalysedbytheirmaturitydatebelowattheirundiscountedcontractualcashflows:

31December2022

31December2022
Within1year1to2years2to5yearsOver5yearsTotalCarryingamountonbalancesheet

Short-termborrowings

Short-termborrowings16,553,465,153---16,553,465,15316,261,444,860
Notespayables1,495,778,076---1,495,778,0761,495,778,076
Accountspayables5,938,254,013---5,938,254,0135,938,254,013
Otherpayables9,403,658,031---9,403,658,0319,403,658,031
Othercurrentliabilities4,203,765,374---4,203,765,3744,174,850,374
Currentportionofnon-currentliabilities4,321,223,232---4,321,223,2323,975,249,970
Long-termborrowings1,500,338,8416,278,047,92117,262,962,98528,480,679,59353,522,029,34042,860,932,628
Debenturespayable494,830,0004,987,690,0004,648,510,000-10,131,030,0009,094,489,909
Leaseliabilities-624,509,1231,900,722,1225,890,036,5078,415,267,7526,870,820,017
Long-termpayables-47,109,237224,035,543690,202,587961,347,367641,337,028
43,911,312,72011,937,356,28124,036,230,65035,060,918,687114,945,818,338100,716,814,906

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

11Financialinstrumentsandrisks(Cont’d)

(3)

(3)Liquidityrisk(Cont’d)

31December2021

31December2021
Within1year1to2years2to5yearsOver5yearsTotalCarryingamountonbalancesheet

Short-termborrowings

Short-termborrowings12,562,159,932---12,562,159,93212,360,296,429
Notespayables1,908,780,000---1,908,780,0001,908,780,000
Accountspayables6,626,567,064---6,626,567,0646,626,567,064
Otherpayables10,569,763,778---10,569,763,77810,569,763,778
Othercurrentliabilities1,981,058,957---1,981,058,9571,658,449,006
Currentportionofnon-currentliabilities4,045,277,512---4,045,277,5123,697,619,753
Long-termborrowings1,255,490,6132,864,007,1679,130,610,87724,125,559,31537,375,667,97228,940,577,856
Debenturespayable259,130,000459,051,4848,954,652,878-9,672,834,3628,693,083,422
Leaseliabilities-581,556,6231,310,762,3763,969,525,0345,861,844,0334,728,167,142
Long-termpayables---96,819,22396,819,22396,819,223
39,208,227,8563,904,615,27419,396,026,13128,191,903,57290,700,772,83379,280,123,673

TheGroup’savailablefinancingcreditlinesunderagreementwiththefinancialinstitutionsasatbalancesheetdateareasfollows:

TheGroup’savailablefinancingcreditlinesunderagreementwiththefinancialinstitutionsasatbalancesheetdateareasfollows:

31December2022

31December202231December2021

Availablefinancingcreditlinesunderagreementwiththefinancinginstitutions

Availablefinancingcreditlinesunderagreementwiththefinancinginstitutions76,698,774,41036,078,452,111

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

12Fairvalueestimates

Thelevelinwhichfairvaluemeasurementiscategorisedisdeterminedbythelevelofthefairvaluehierarchyofthelowestlevelinputthatissignificanttotheentirefairvaluemeasurement:

Thelevelinwhichfairvaluemeasurementiscategorisedisdeterminedbythelevelofthefairvaluehierarchyofthelowestlevelinputthatissignificanttotheentirefairvaluemeasurement:

Level1:Quotedprices(unadjusted)inactivemarketsforidenticalassetsorliabilities.

Level1:Quotedprices(unadjusted)inactivemarketsforidenticalassetsorliabilities.Level2:InputsotherthanquotedpricesincludedwithinLevel1thatareobservablefortheassetorliability,eitherdirectlyorindirectly.

Level2:InputsotherthanquotedpricesincludedwithinLevel1thatareobservablefortheassetorliability,eitherdirectlyorindirectly.Level3:Unobservableinputsfortheassetorliability.

Level3:Unobservableinputsfortheassetorliability.(1)

(1)Assetsmeasuredatfairvalueonanon-recurringbasis

Asat31December2022,theassetsmeasuredatfairvalueonarecurringbasisbytheabovethreelevelsareanalysedbelow:

Asat31December2022,theassetsmeasuredatfairvalueonarecurringbasisbytheabovethreelevelsareanalysedbelow:

Level1

Level1Level2Level3Total

Investmentsinotherequity

instruments-

Investmentsinotherequityinstruments-
Otherequityinstruments2,105,271,054-952,800,0003,058,071,054

Asat31December2021,theassetsmeasuredatfairvalueonarecurringbasisbytheabovethreelevelsareanalysedbelow:

Asat31December2021,theassetsmeasuredatfairvalueonarecurringbasisbytheabovethreelevelsareanalysedbelow:

Level1

Level1Level2Level3Total

Investmentsinotherequity

instruments-

Investmentsinotherequityinstruments-
Otherequityinstruments547,728,682-2,684,300,0003,232,028,682

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

12Fairvalueestimates(Cont’d)

(1)

(1)Assetsmeasuredatfairvalueonarecurringbasis(Cont’d)

TheGrouptakesthedateonwhicheventscausingthetransfersbetweenthelevelstakeplaceasthetimingspecificforrecognisingthetransfers.SunshineInsurancewaslistedontheHongKongStockExchangeon9December2022,therefore,thereisatransferbetweenLevel3andLevel1forthecurrentyear.

TheGrouptakesthedateonwhicheventscausingthetransfersbetweenthelevelstakeplaceasthetimingspecificforrecognisingthetransfers.SunshineInsurancewaslistedontheHongKongStockExchangeon9December2022,therefore,thereisatransferbetweenLevel3andLevel1forthecurrentyear.

Thefairvalueoffinancialinstrumentstradedinanactivemarketisdeterminedatthequotedmarketprice;andthefairvalueofthosenottradedinanactivemarketisdeterminedbytheGroupusingvaluationtechniques.TheGroupadoptsuchvaluationmodelsascashflowdiscountingmodelandcomparablecompanyinthemarkettoevaluatethefairvalueoftheotherequityinstrumentofLevel3financialassets.TheGroupadoptsaveragepricetobookvalueratio(PB)anddiscountsforlackofmarketability(DLOM)asmajorunobservableinputsforSCG.

Thefairvalueoffinancialinstrumentstradedinanactivemarketisdeterminedatthequotedmarketprice;andthefairvalueofthosenottradedinanactivemarketisdeterminedbytheGroupusingvaluationtechniques.TheGroupadoptsuchvaluationmodelsascashflowdiscountingmodelandcomparablecompanyinthemarkettoevaluatethefairvalueoftheotherequityinstrumentofLevel3financialassets.TheGroupadoptsaveragepricetobookvalueratio(PB)anddiscountsforlackofmarketability(DLOM)asmajorunobservableinputsforSCG.ThechangesinLevel3financialassetsareanalysedbelow:

ThechangesinLevel3financialassetsareanalysedbelow:

31December

2021

31December2021PurchaseTransferoutofLevel3Gainsrecognisedinothercomprehensiveincome31December2022

Investmentsinother

equityinstruments-

Investmentsinotherequityinstruments-
Otherequityinstruments2,684,300,0002,000,000(1,653,500,000)(80,000,000)952,800,000

(2)

(2)Assetsandliabilitiesnotmeasuredatfairvaluebutforwhichthefairvalueisdisclosed

Financialassetsandliabilitiesmeasuredatamortisedcostmainlyincludenotesreceivables,accountsreceivables,otherreceivables,long-termreceivables,short-termborrowings,payables,leaseliabilities,long-termborrowings,debenturespayableandlong-termpayables.

Financialassetsandliabilitiesmeasuredatamortisedcostmainlyincludenotesreceivables,accountsreceivables,otherreceivables,long-termreceivables,short-termborrowings,payables,leaseliabilities,long-termborrowings,debenturespayableandlong-termpayables.Thecarryingamountofthefinancialassetsandliabilitiesnotmeasuredatfairvalueisareasonableapproximationoftheirfairvalue.

Thecarryingamountofthefinancialassetsandliabilitiesnotmeasuredatfairvalueisareasonableapproximationoftheirfairvalue.

13Capitalmanagement

TheGroup’scapitalmanagementpoliciesaimtosafeguardtheGroup’sabilitytocontinueasagoingconcerninordertoprovidereturnsforshareholdersandbenefitsforotherstakeholders,andtomaintainanoptimalcapitalstructuretoreducethecostofcapital.

TheGroup’scapitalmanagementpoliciesaimtosafeguardtheGroup’sabilitytocontinueasagoingconcerninordertoprovidereturnsforshareholdersandbenefitsforotherstakeholders,andtomaintainanoptimalcapitalstructuretoreducethecostofcapital.TheGroup'stotalcapitaliscalculatedas‘shareholders’equity’asshownintheconsolidatedbalancesheet.TheGroupisnotsubjecttoexternalmandatorycapitalrequirements,andmonitorscapitalonthebasisofgearingratio.

TheGroup'stotalcapitaliscalculatedas‘shareholders’equity’asshownintheconsolidatedbalancesheet.TheGroupisnotsubjecttoexternalmandatorycapitalrequirements,andmonitorscapitalonthebasisofgearingratio.Asat31December2022and31December2021,theGroup'sgearingratioisasfollows:

Asat31December2022and31December2021,theGroup'sgearingratioisasfollows:

31December2022

31December202231December2021
(Restated)

Gearingratio

Gearingratio78.16%71.21%

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

14NotestotheCompany’sfinancialstatements

(1)

(1)Accountsreceivables

31December2022

31December202231December2021

Accountsreceivables

Accountsreceivables191,716,383192,707,778
Less:Provisionforbaddebts--
191,716,383192,707,778

(a)

(a)Theageingofaccountsreceivablesisanalysedasfollows:

31December2022

31December202231December2021

Within1year

Within1year191,716,383192,707,778

(b)

(b)Asat31December2022,thefivelargestamountsofaccountsreceivablesaggregatedbydebtorsaresummarisedandanalysedasfollows:

Balance

BalanceProvisionforbaddebts%oftotalbalance

Totalbalanceofthefivelargest

accountsreceivables

Totalbalanceofthefivelargestaccountsreceivables191,716,383-100.00%

(c)

(c)Provisionforbaddebts

Foraccountsreceivables,theCompanyrecognisesthelifetimeECLregardlessofwhetherthereexistsasignificantfinancingcomponent.

Foraccountsreceivables,theCompanyrecognisesthelifetimeECLregardlessofwhetherthereexistsasignificantfinancingcomponent.(i)

(i)Asat31December2022,provisionforbaddebtsmadeonacollectivebasisforaccountsreceivablesisanalysedasfollows:

Group1

Group1

Asat31December2022,theCompany’sreceivablesfromsaleofelectricityamountedtoRMB191,716,383,whichmainlycomprisedreceivablesfromSouthernPowerGridCompany.ConsideringthefavourablecredithistoryofSouthernPowerGridCompany,theCompanyheldthattherewasnosignificantcreditriskarisingfromreceivablesfromsaleofelectricity.SincethepossibilityofmateriallossesduetothedefaultbySouthernPowerGridCompanywasextremelylow,theCompanymadenoprovisionfortheECLofthereceivablesfromsaleofelectricity.

Asat31December2022,theCompany’sreceivablesfromsaleofelectricityamountedtoRMB191,716,383,whichmainlycomprisedreceivablesfromSouthernPowerGridCompany.ConsideringthefavourablecredithistoryofSouthernPowerGridCompany,theCompanyheldthattherewasnosignificantcreditriskarisingfromreceivablesfromsaleofelectricity.SincethepossibilityofmateriallossesduetothedefaultbySouthernPowerGridCompanywasextremelylow,theCompanymadenoprovisionfortheECLofthereceivablesfromsaleofelectricity.Asat31December2022,therewerenoaccountsreceivablescategorisedinGroup2and3.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

14NotestotheCompany’sfinancialstatements(Cont’d)

(1)

(1)Accountsreceivables(Cont’d)

(c)

(c)Provisionforbaddebts(Cont'd)

(ii)

(ii)In2022,theCompanydidnotmakeanyprovisionforbaddebtsofaccountsreceivables(2021:Nil),andtherewasnoprovisionforbaddebtsofaccountsreceivableswrittenoffinthecurrentyear(2021:Nil).

(2)

(2)Otherreceivables

31December2022

31December202231December2021

Entrustedloansreceivable

Entrustedloansreceivable487,000,000100,000,000
Supplementarymedicalinsurancefundreceivable44,006,13939,346,861
Receivablesfromsaleofby-products22,733,48413,723,340
Advancesreceivable4,115,1422,250,884
Interestreceivable1,569,590887,856
Capacityreceivable-252,000,000
Others8,894,4527,933,062
568,318,807416,142,003

Less:Provisionforbaddebts

Less:Provisionforbaddebts(219,042)(151,437)
568,099,765415,990,566

(a)

(a)Theageingofotherreceivablesisanalysedasfollows:

31December2022

31December202231December2021

Within1year

Within1year528,305,879412,826,194
1to2years38,707,4561,889,053
2to3years984,907229,312
Over3years320,5651,197,444
568,318,807416,142,003

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

14NotestotheCompany’sfinancialstatements(Cont’d)

(2)

(2)Otherreceivables(Cont’d)

(b)

(b)Lossprovisionandchangesinbookbalance

Stage1

Stage1Stage3
12-monthECL(group)12-monthECL(individual)Sub-totalLifetimeECL(creditimpaired)Total
BookbalanceProvisionforbaddebtsBookbalanceProvisionforbaddebtsProvisionforbaddebtsBookbalanceProvisionforbaddebtsProvisionforbaddebts

31December2021

31December20212,558,592(151,437)413,583,411-(151,437)--(151,437)
Increaseinthecurrentyear6,752,837(100,849)146,877,178-(100,849)--(100,849)
Reversalinthecurrentyear(1,453,211)33,244--33,244--33,244
31December20227,858,218(219,042)560,460,589-(219,042)--(219,042)

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

14NotestotheCompany’sfinancialstatements(Cont’d)

(2)

(2)Otherreceivables(Cont’d)

(b)

(b)Lossprovisionandchangesinbookbalance(Cont’d)

Asat31December2022and31December2021,theCompanydidnothaveotherreceivablesatStage2orStage3.OtherreceivablesatStage1areanalysedbelow:

Asat31December2022and31December2021,theCompanydidnothaveotherreceivablesatStage2orStage3.OtherreceivablesatStage1areanalysedbelow:

(i)

(i)Asat31December2022,otherreceivablesatStage1forwhichtherelatedprovisionforbaddebtswasprovidedontheindividualbasisareanalysedasfollows:

Bookbalance

Bookbalance12-monthECLratesProvisionforbaddebtsReason

Entrustedloans

receivable

Entrustedloansreceivable487,000,000--ThecounterpartyistheCompany’ssubsidiarywithahistoricallossrateof0%;therefore,theriskofECLisextremelylow.
Supplementarymedicalinsurancefundreceivable44,006,139--ThecounterpartyisTaikangPension,whichprovidescustodyservicestotheCompany’ssupplementarymedicalinsurancefund;therefore,theriskofECLisextremelylow.
Receivablesfromrelatedparties29,454,450--Thecounterpartyisarelatedparty,withahistoricallossrateof0%;therefore,theriskofECLisextremelylow.
560,460,589-

Asat31December2021,otherreceivablesatStage1forwhichtherelatedprovisionforbaddebtswasprovidedontheindividualbasisareanalysedasfollows:

Asat31December2021,otherreceivablesatStage1forwhichtherelatedprovisionforbaddebtswasprovidedontheindividualbasisareanalysedasfollows:

Bookbalance

Bookbalance12-monthECLratesProvisionforbaddebtsReason

Entrustedloans

receivable

Entrustedloansreceivable100,000,000--ThecounterpartyistheCompany’ssubsidiarywithahistoricallossrateof0%;therefore,theriskofECLisextremelylow.
Supplementarymedicalinsurancefundreceivable39,346,861--ThecounterpartyisTaikangPension,whichprovidescustodyservicestotheCompany’ssupplementarymedicalinsurancefund;therefore,theriskofECLisextremelylow.
Receivablesfromrelatedparties274,236,550--Thecounterpartyisarelatedparty,withahistoricallossrateof0%;therefore,theriskofECLisextremelylow.
413,583,411-

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

14NotestotheCompany’sfinancialstatements(Cont’d)

(2)

(2)Otherreceivables(Cont’d)

(b)

(b)Lossprovisionandchangesinbookbalance(Cont’d)

(ii)

(ii)Asat31December2022,otherreceivablesatStage1forwhichtherelatedprovisionforbaddebtswasprovidedonthecollectivebasisareanalysedasfollows:

31December2022

31December2022
BookbalanceLossprovision
AmountAmountProvisionratio

Group1

Group1
Within1year6,752,837(19,060)0.28%
1to2years784,602(39,871)5.08%
2to3years229,526(68,858)30.00%
Over3years91,253(91,253)100.00%
7,858,218(219,042)2.79%

Asat31December2021,otherreceivablesatStage1forwhichtherelatedprovisionforbaddebtswasprovidedonthecollectivebasisareanalysedasfollows:

Asat31December2021,otherreceivablesatStage1forwhichtherelatedprovisionforbaddebtswasprovidedonthecollectivebasisareanalysedasfollows:

31December2021

31December2021
BookbalanceLossprovision
AmountAmountProvisionratio

Group1

Group1
Within1year2,029,378(16,388)0.81%
1to2years437,961(43,796)10.00%
Over3years91,253(91,253)100.00%
2,558,592(151,437)5.92%

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

14NotestotheCompany’sfinancialstatements(Cont’d)

(2)

(2)Otherreceivables(Cont’d)

(c)

(c)Asat31December2022,thefivelargestamountsofotherreceivablesaggregatedbydebtorsareanalysedasfollows:

Nature

NatureBalanceAgeing%oftotalbalanceProvisionforbaddebts

ShaoguanPower

Plant

ShaoguanPowerPlantEntrustedloans337,215,234Within1year59.34%-
LincangEnergyEntrustedloans81,280,564Within1year14.30%-
JiuzhouNewEnergyEntrustedloans70,073,792Within1year12.33%-
TaikangPensionSupplementarymedicalinsurancefundreceivable44,006,139Within2years7.74%-
YudeanEnvironmentalReceivablesfromsaleofby-products22,721,897Within1year4.00%-
555,297,62697.71%-

(3)

(3)Long-termequityinvestments

31December2022

31December202231December2021

Subsidiaries(a)

Subsidiaries(a)35,870,036,06330,519,715,049
Jointventures(b)865,576,323804,769,245
Associates(c)7,519,839,7146,659,945,716

Less:Long-termequityinvestments-provisionfor

impairmentofsubsidiaries(a)

Less:Long-termequityinvestments-provisionforimpairmentofsubsidiaries(a)(2,449,328,079)(1,348,124,079)
Long-termequityinvestments-provisionforimpairmentofassociates(c)(96,327,854)(96,327,854)
41,709,796,16736,539,978,077

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

14NotestotheCompany’sfinancialstatements(Cont’d)

(3)

(3)Long-termequityinvestments(Cont’d)

(a)

(a)Subsidiaries

31December

2021

31December2021IncreaseininvestmentsDecreaseininvestmentsProvisionforimpairment31December2022EndingbalanceofprovisionforimpairmentlossDeclaredcashdividendsduringtheyear

ZhanjiangElectric

ZhanjiangElectric2,185,334,400---2,185,334,400--
YuejiaElectric-----(455,584,267)-
MaomingThermal687,458,978---687,458,978--
JinghaiPower1,930,395,668520,000,000--2,450,395,668--
ZhongyueEnergy963,000,000---963,000,000(187,248,115)-
HumenElectric3,192,416---3,192,416(86,807,584)-
TechnologyEngineeringCompany20,000,000---20,000,000-5,155,800
BoheEnergy3,167,000,000321,600,000--3,488,600,000--
PinghaiPower720,311,347---720,311,347--
RedBayPower2,220,023,386---2,220,023,386--
HuizhouNaturalGas1,205,199,446---1,205,199,446-51,112,064
GuangqianElectric1,353,153,223---1,353,153,223--
ShaoguanPowerPlant1,101,203,999--(1,101,203,999)-(1,509,698,674)-
HuaduNaturalGas186,550,000---186,550,000--
DabuElectric1,040,000,000867,100,000--1,907,100,000--
Sub-totalfornextpage16,782,822,8631,708,700,000-(1,101,203,999)17,390,318,864(2,239,338,640)56,267,864

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

14NotestotheCompany’sfinancialstatements(Cont’d)

(3)

(3)Long-termequityinvestments(Cont’d)

(a)

(a)Subsidiaries(Cont’d)

31December

2021

31December2021IncreaseininvestmentsDecreaseininvestmentsProvisionforimpairment31December2022EndingbalanceofprovisionforimpairmentlossDeclaredcashdividendsduringtheyear

Subtotalbrought

forward

Subtotalbroughtforward16,782,822,8631,708,700,000-(1,101,203,999)17,390,318,864(2,239,338,640)56,267,864
GuangdongWindPower6,872,556,260832,000,000--7,704,556,260--
PowerSales230,000,000---230,000,000-47,181,475
LincangEnergy281,000,000---281,000,000(209,989,439)-
YonganNaturalGas180,000,000180,000,000--360,000,000--
BinhaiBayCompany620,000,000100,000,000--720,000,000--
DayaBayCompany145,600,00084,729,500--230,329,500--
Qiming20,000,00018,000,000--38,000,000--
HuaguoquanCompany49,680,900---49,680,900-2,833,534
DananhaiCompany15,000,000156,000,000--171,000,000--
BaihuaCompany3,000,000---3,000,000--
ShaCCompany1,559,120,782---1,559,120,782--
YunhePower1,066,562,327---1,066,562,327--
YuehuaPower541,247,838---541,247,838--
BijieNewEnergy5,000,0009,500,000--14,500,000--
TumxukThermalPower800,000,000---800,000,000--
ShaoguanNewEnergy-33,473,000--33,473,000--
TumxukHanhai-324,050,000--324,050,000--
JinxiuIntegratedEnergy-2,621,800--2,621,800--
Sub-totalfornextpage29,171,590,9703,449,074,300-(1,101,203,999)31,519,461,271(2,449,328,079)106,282,873

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

14NotestotheCompany’sfinancialstatements(Cont’d)

(3)

(3)Long-termequityinvestments(Cont’d)

(a)

(a)Subsidiaries(Cont’d)

31December

2021

31December2021IncreaseininvestmentsDecreaseininvestmentsProvisionforimpairment31December2022EndingbalanceofprovisionforimpairmentlossDeclaredcashdividendsduringtheyear

Subtotalbrought

forward

Subtotalbroughtforward29,171,590,9703,449,074,300-(1,101,203,999)31,519,461,271(2,449,328,079)106,282,873
JinchangMujin-120,495,920--120,495,920--
JinchangMuhong-120,495,920--120,495,920--
HuiboNewEnergy-15,492,360--15,492,360--
XingyueNewEnergy-9,977,500--9,977,500--
MaomingNaturalGas-115,345,000--115,345,000--
HuixinThermalPower-104,975,000--104,975,000--
DongrunZhongneng-45,063,020--45,063,020--
ShacheIntegratedEnergy-1,206,110,470--1,206,110,470--
XinguangyaoNewEnergy-32,923,000--32,923,000--
LuodingNewEnergy-1,844,520--1,844,520--
JiuzhouNewEnergy-39,000,000--39,000,000--
ChangshanWindPower-89,524,003--89,524,003--
Total29,171,590,9705,350,321,013-(1,101,203,999)33,420,707,984(2,449,328,079)106,282,873

RelevantinformationoftheCompany’ssubsidiariesissetoutinNote6(1)(a).

RelevantinformationoftheCompany’ssubsidiariesissetoutinNote6(1)(a).(i)

(i)Asat31December2022,theaccumulatedlossesofShaoguanPowerPlantamountedtoRMB2,917,780,188.TheCompanytestedtherecoverableamountsofthelong-termequityinvestmentsinShaoguanPowerPlantandmadeaprovisionforimpairmentofRMB1,101,203,999accordingly.

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

14NotestotheCompany’sfinancialstatements(Cont’d)

(3)

(3)Long-termequityinvestments(Cont’d)

(b)

(b)Jointventures

Movementsforthecurrentyear

Movementsforthecurrentyear
31December2021IncreaseininvestmentsShareofnetprofit/(loss)underequitymethodShareofothercomprehensiveincomeCashdividendsdeclared31December2022Endingbalanceofprovisionforimpairmentloss

IndustryFuel

IndustryFuel804,769,245-60,807,078--865,576,323-

(c)

(c)Associates

Movementsforthecurrentyear

Movementsforthecurrentyear
31December2021IncreaseininvestmentsDecreaseininvestmentsShareofnetprofit/(loss)underequitymethodShareofothercomprehensiveincomeShareofotherchangesinequityCashdividendsdeclared31December2022Endingbalanceofprovisionforimpairmentloss

TaishanElectric

TaishanElectric1,784,468,086--116,886,446---1,901,354,532-
ShanxiYudeanEnergy2,363,177,253130,000,000-526,175,689---3,019,352,942-
EnergyGroupFinanceCompany1,046,702,914--94,769,1706,211,682-(77,434,193)1,070,249,573-
YudeanShipping247,954,895--26,726,3211,855,914636,197-277,173,327-
GEGPropertyInsurance276,532,777--11,597,609--(2,426,770)285,703,616-
WeixinYuntou138,810,051--(52,510,020)---86,300,031(96,327,854)
EnergyFinancialLeasingCompany532,306,787--23,242,646--(18,292,179)537,257,254-
YueqianPower161,325,870--70,648,616---231,974,486-
Others12,339,229--2,389,184--(582,314)14,146,099-
6,563,617,862130,000,000-819,925,6618,067,596636,197(98,735,456)7,423,511,860(96,327,854)

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

14NotestotheCompany’sfinancialstatements(Cont’d)

(4)

(4)Revenueandcostofsale

2022

20222021

Revenuefrommainoperations

Revenuefrommainoperations1,483,048,3241,522,773,313
Revenuefromotheroperations50,218,65871,049,232
1,533,266,9821,593,822,545

2022

20222021

Costofsalefrommainoperations

Costofsalefrommainoperations1,848,107,6591,910,172,008
Costofsalefromotheroperations1,667,0691,779,127
1,849,774,7281,911,951,135

(a)

(a)Revenueandcostofsalefrommainoperations

2022

20222021
RevenuefrommainoperationsCostofsalefrommainoperationsRevenuefrommainoperationsCostofsalefrommainoperations

Revenuefromsaleof

electricity

Revenuefromsaleofelectricity1,483,048,3241,848,107,6591,522,773,3131,910,172,008

(b)

(b)Revenueandcostofsalefromotheroperations

2022

20222021
RevenuefromotheroperationsCostofsalefromotheroperationsRevenuefromotheroperationsCostofsalefromotheroperations

Revenuefromintegrated

utilisationofcoalash

Revenuefromintegratedutilisationofcoalash30,835,280-31,187,580-
Rentalincome11,653,8631,037,12413,524,6181,010,171
Others7,729,515629,94526,337,034768,956
50,218,6581,667,06971,049,2321,779,127

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

14NotestotheCompany’sfinancialstatements(Cont’d)

(4)

(4)Revenueandcostofsale(Cont’d)

(c)

(c)TheCompany'srevenueisdisaggregatedasfollows:

2022

2022
SaleofelectricityandcoalashRentalOthersTotal

Revenuefrommainoperations

Revenuefrommainoperations
Including:Recognitionatapointintime1,483,048,3241,483,048,324
Revenuefromotheroperations
Including:Recognitionatapointintime30,835,280-6,031,40236,866,682
Recognisedoveraperiodoftime--1,698,1131,698,113
Rentalincome-11,653,863-11,653,863
1,513,883,60411,653,8637,729,5151,533,266,982

2021

2021
SaleofelectricityandcoalashRentalOthersTotal

Revenuefrommainoperations

Revenuefrommainoperations
Including:Recognitionatapointintime1,522,773,313--1,522,773,313
Revenuefromotheroperations
Including:Recognitionatapointintime31,187,580-19,526,29850,713,878
Recognisedoveraperiodoftime--6,810,7366,810,736
Rentalincome-13,524,618-13,524,618
1,553,960,89313,524,61826,337,0341,593,822,545

Asat31December2022,theCompanyhadnoperformanceobligationthathadbeencontractedbutnotyetfulfilled.

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

14NotestotheCompany’sfinancialstatements(Cont’d)

(5)

(5)Investmentincome

2022

20222021

Investmentincomefromlong-termequity

investmentsunderequitymethod

Investmentincomefromlong-termequityinvestmentsunderequitymethod880,732,739697,838,523
Incomefromlong-termequityinvestmentsundercostmethod106,282,8731,632,390,475
Dividendincomeearnedduringtheholdingperiodofinvestmentsinotherequityinstruments101,262,58987,731,408
Interestincomefromentrustedloans26,780,74727,667,677
Recognisedinvestmentincomefromequityreplacement-973,426,650
1,115,058,9483,419,054,733

TherewasnosignificantrestrictiononremittanceofinvestmentincomeoftheCompany.

TherewasnosignificantrestrictiononremittanceofinvestmentincomeoftheCompany.(6)

(6)Assetimpairmentlosses

2022

20222021

Impairmentoflong-termequityinvestments

Impairmentoflong-termequityinvestments1,101,203,999-
Impairmentoffixedassets-29,321,084
1,101,203,99929,321,084

GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31DECEMBER2022(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

1Statementofnon-recurringprofitorloss

2022

20222021

Netprofitorlossofthesubsidiariesacquiredinbusinesscombinationsinvolvingenterprisesundercommoncontrolfortheperiodfromthebeginningoftheperiodtothecombinationdate

Netprofitorlossofthesubsidiariesacquiredinbusinesscombinationsinvolvingenterprisesundercommoncontrolfortheperiodfromthebeginningoftheperiodtothecombinationdate-(658,714,842)
Governmentgrantsrecognisedinprofitorlossforthecurrentperiod51,267,27237,606,578
Gainsonscrappingofnon-currentassets47,885,41295,182,637
Gainsondisposalsofnon-currentassets30,802,83782,842,178
Waivedpayables20,398,5173,896,128
Compensationforelectricitychargesduringthedemolitionandconstructionperiod6,533,12018,040,851
Provisionforassetimpairmentlossesduetonaturaldisasters(83,358,694)-
Lossesonscrappingofnon-currentassets(73,508,692)(24,792,577)
Penaltiesandoverduefines(59,233,310)(5,756,168)
Othernon-operatingincomeandexpensesotherthanaforesaiditems46,299,37613,083,044
(12,914,162)(438,612,171)
Effectofincometax(38,582,624)(55,885,342)
Impactonminorityinterests(aftertax)(15,662,748)252,056,993
(67,159,534)(242,440,520)

Basisforpreparationofstatementofnon-recurringprofitorloss

Basisforpreparationofstatementofnon-recurringprofitorloss

PursuanttotheExplanatoryAnnouncementforInformationDisclosureofCompaniesOfferingSecuritiestothePublicNo.1-Non-recurringProfitorLoss(2008)issuedbytheChinaSecuritiesRegulatoryCommission,non-recurringprofitorlossreferstoprofitorlossarisingfromtransactionsandeventsthosearenotdirectlyrelatedtotheCompany’snormalcourseofbusiness,alsofromtransactionsandeventsthoseevenarerelatedtotheCompany’snormalcourseofbusiness,butwillinterferewiththerightjudgementofusersofthefinancialstatementsontheCompany’soperationperformanceandprofitabilityduetotheirspecialnatureandoccasionaloccurrence.

PursuanttotheExplanatoryAnnouncementforInformationDisclosureofCompaniesOfferingSecuritiestothePublicNo.1-Non-recurringProfitorLoss(2008)issuedbytheChinaSecuritiesRegulatoryCommission,non-recurringprofitorlossreferstoprofitorlossarisingfromtransactionsandeventsthosearenotdirectlyrelatedtotheCompany’snormalcourseofbusiness,alsofromtransactionsandeventsthoseevenarerelatedtotheCompany’snormalcourseofbusiness,butwillinterferewiththerightjudgementofusersofthefinancialstatementsontheCompany’soperationperformanceandprofitabilityduetotheirspecialnatureandoccasionaloccurrence.Non-recurringprofitorlossitemsdefinedaccordingtothedefinitionofnon-recurringprofitorlossandnon-recurringprofitorlossitemslistedwhicharedefinedasrecurringprofitandlossitemsareasfollows:

Non-recurringprofitorlossitemsdefinedaccordingtothedefinitionofnon-recurringprofitorlossandnon-recurringprofitorlossitemslistedwhicharedefinedasrecurringprofitandlossitemsareasfollows:

Amountof2022

Amountof2022Reasonsforregardingasrecurringprofitorloss

VATrefunduponcollection

VATrefunduponcollection28,893,040Constantoccurrence,conformingtonationalpoliciesandregulations
Carbonemissionallowancesusedtofulfiltheemissionreductionobligation(306,786,693)Constantoccurrence,conformingtonationalpoliciesandregulations

(AllamountsinRMBYuanunlessotherwisestated)[Englishtranslationforreferenceonly]

2Returnonnetassetsandearningspershare

Rateofreturnonweighted

averagenetassets(%)

Rateofreturnonweightedaveragenetassets(%)Earningspershare
BasicearningspershareDilutedearningspershare
202220212022202120222021
(Restated)(Restated)(Restated)

Netprofitattributableto

ordinaryshareholdersoftheCompany

NetprofitattributabletoordinaryshareholdersoftheCompany(13.77)%(9.94)%(0.57)(0.56)(0.57)(0.56)
NetprofitattributabletoordinaryshareholdersoftheCompanyafterdeductionofnon-recurringprofitorloss(13.46)%(10.41)%(0.56)(0.51)(0.56)(0.51)
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