The First Quarterly Report 2019 Guangdong Electric Power Development Co., Ltd.
The First Quarterly Report 2019
April 2019
The First Quarterly Report 2019 1 Important notes
The Board ofDirectors，the Supervisory Committee, the directors, the supervisors, and executives of the Company guarantee that there are no significant omissions, fictitious or misleading statements carried in the Quarterly Report and we will accept individual and joint responsibilities for the truthfulness, accuracy and completeness of the Quarterly Report.
All of the directors presented the board meeting at which this Quarterly Report was examined.
Mr. Wang Jin, Person in charge of the Company, Mr.Liu Wei , Person in charge of accounting works, Mr.Meng Fei ,CFO as well as person in charge of accounting institution represent and warrant the financial and accounting report in the first quarterly report is true and complete.
The First Quarterly Report 2019 II. Basic information about the company
I. Main financial data and indices
Indicate by tick mark whether the Company needs to retroactively restate any of its accounting data.
□ Yes√ No
|||||
|-|-|-|-|
||||Changes of this period over|
||This period|Same period of last year||
||||same period of last year（％）|
|Operating revenue（Yuan）|5,589,715,802|5,812,535,688|-3.83%|
|Net profit attributable to the shareholders|109,518,462|5,745,879||
||||1806.03%|
|of the listed company（Yuan）||||
|Net profit after deducting of non-recurring||||
|gain/loss attributable to the shareholders of|109,805,200|4,330,364|2435.70%|
|listed company（Yuan）||||
|Net cash generated from /used in operating|1,805,095,658|1,540,043,756||
||||17.21%|
|activities（Yuan）||||
|Basic earning per share(Yuan/Share)|0.0209|0.0011|1,800 %|
|Diluted gains per share(Yuan/Share)|0.0209|0.0011|1,800 %|
|Weighted average return on equity||||
||0.34%|0.02%|0.32%|
|（%）||||
||||Changes of this period-end|
||End of this period|End of last period|over same period-end of last|
||||year(%)|
|Total assets（Yuan）|72,032,603,693|73,329,662,306|-1.77%|
|Net assets attributable to the shareholders||||
||24,380,493,152|24,227,302,288|0.63%|
|of the listed company（Yuan）||||

Items and amount of non-current gains and losses
√ Applicable□ Not applicable
In RMB
||||
|-|-|-|
||Amount (Year-beginning to||
|Items||Notes|
||the end of the report period.)||
|Non-current asset disposal gain/loss(including the write-off part|||
||-524,607||
|for which assets impairment provision is made)|||
|Govemment subsidy recognized in current gain and|||
|loss(excluding those closely related to the Company’s business|926,644||
|and granted under the state’s policies)|||
|Other non-operating income and expenditure except for the|||
||-1,496,304||
|aforementioned items|||
|Less: Amount of influence of income tax|-275,893||
|Influenced amount of minor shareholders’ equity (after tax)|-531,636||
|Total|-286,738|--|

For theCompany’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Compaines Offering their Securities to the Public-Non-recurring Gains and Losses and
its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure
The First Quarterly Report 2019 for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as recurring gains and losses, it is necessary to explain the reason.
□Applicable√ Not applicable
None of Non-recurring gain /loss items recorgnized as recurring gain /loss/items as defined by the information disclosure explanatory Announcement No.1- Non–recurring gain/loss in the report period.
The First Quarterly Report 2019 II. Total number of shareholders at the period-end and shareholdings of top 10 shareholders
1. About Total Common Shareholders, Total Preference Shareholders with the Voting Power Recovered and the Shares Held by Top Ten Common Shareholders
In shares
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|Total number of commonshareholders at the period-end||Total preference shareholders with||||||||
||99,561|the voting power recovered at the||||0||||
|||end of the reporting period(if any)||||||||
|Shares held by the top 10 shareholders||||||||||
||||||Amount oftradable shareswith Conditionalheld||Pledging or freezing|||
||||Share|||||||
||Properties of|||||||||
|Shareholder name|||proportion|Quantity|||Status of|||
||shareholder||||||||Quantity|
||||%||||the shares|||
|Guangdong Energy Group Co., Ltd.|State-owned legalperson||67.39%|3,538,005,285|1,893,342,621|||||
|China Securities Finance Co., Ltd.|State-owned legalperson||2.84%|148,862,420||||||
|Shenzhen Guangfa Electric PowerInvestment Co., Ltd.|State-owned legalperson||2.22%|116,693,602||||||
|Guangdong Electric PowerDevelopment Corporation|State-owned legalperson||1.80%|94,367,341||||||
|Li Zhuo|Domestic Naturalperson||0.60%|31,606,103||||||
|National Social Security Fund 103portfolio|DomesticNon-State ownedlegal person||0.44%|22,994,982||||||
|Zheng Jianxiang|Domestic Naturalperson||0.43%|22,625,098||||||
|Harbin Hali Industry Co., Ltd.|DomesticNon-State ownedlegal person||0.40%|20,942,645||||||
|CHINA INT'L CAPITAL CORPHONG KONG SECURITIES LTD|Overseas Legalperson||0.29%|15,316,066||||||
|Harbin Daoli District CharityFoundation|DomesticNon-State ownedlegal person||0.26%|13,722,893||||||
|Shares held by the Top 10 Shareholders of Non-restricted shares||||||||||
||Number of the non-restricted shares held||||Share type|||||
|Shareholders’ Names||||||||||
||||||Share type|||Quantity||
|Guangdong Energy Group Co., Ltd.|1,644,662,664||||RMB Common shares|||1,644,662,664||
|China Securities Finance Co., Ltd.|148,862,420||||RMB Common shares|||148,862,420||
|Shenzhen Guangfa Electric PowerInvestment Co., Ltd.|116,693,602|||||||||
||||||RMB Common shares|||116,693,602||
|Guangdong Electric PowerDevelopment Corporation|94,367,341|||||||||
||||||RMB Common shares|||94,367,341||
|Li Zhuo|31,606,103||||RMB Common shares|||31,606,103||
|National Social Security Fund 103portfolio|22,994,982|||||||||
||||||RMB Common shares|||22,994,982||
|Zheng Jianxiang|22,625,098||||Foreign shares placed|||22,625,098||

The First Quarterly Report 2019
|||||
|-|-|-|-|
|||in domestic exchange||
|Harbin Hali Industry Co., Ltd.|20,942,645|RMB Common shares|20,942,645|
|CHINA INT'L CAPITAL CORPHONG KONG SECURITIES LTD|15,316,066|Foreign shares placed||
||||15,316,066|
|||in domestic exchange||
|Harbin Daoli District CharityFoundation|13,722,893|||
|||RMB Common shares|13,722,893|
||The fourth largest shareholder Guangdong Electric Power Development Corporation is the|||
|Explanation on associated relationship||||
||wholly-owned subsidiaries of the largest shareholder Guangdong Energy Group. These two|||
|or concerted action of the above||||
||companies have relationships; whether the other shareholders have relationships or|||
|shareholders||||
||unanimous acting was unknown.|||
||The Fifth largest shareholder Li Zhuo holds98,780 A shares of the Company through stock|||
||account with credit transaction and guarantee and holds 31,507,323 A shares through|||
||ordinary stock account, hold 31,606,103 shares of the Company's stock totally;|||
|Note to the top 10 common|The Eighth largest shareholder Harbin Hali Industry Co., Ltd. holds 20,942,645 A shares of|||
|stockholders involved in margin|the Company through stock account with credit transaction;|||
|financing & securities lending (If any)|The Tenth largest shareholder Harbin Daoli District Charity Foundation holds72,287 A|||
||shares of the Company through stock account with credit transaction and guarantee and|||
||holds 13,650,606 A shares through ordinary stock account, hold 13,722,893 shares of the|||
||Company's stock totally.|||

Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a buy-back agreement dealing in reporting period.
□ Yes√ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company have no buy–back agreement dealing in reporting period.
2.Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end of the report period
□ Applicable√Not applicable
The First Quarterly Report 2019 III. Significant Events
I. Particular about large-margin change of main accounting statement item and financial index and its reason.
√ Applicable□ Not applicable
In the first quarter of 2019, the electricity consumption of the whole society in Guangdong Province was 128.93 billion kilowatt hours, with a year-on-year increase of3.8%, and the growth rate slowed down somewhat. Affected by the year-on-year growth of33.6% in XD and25.7% in Nuclear Power, the coal-fired power generation unit in the province witnessed a sharp year-on-year drop of nearly22% in on-grid energy and18.50% in on-grid energy. In the first quarter of 2019, the company completed13.721 billion kilowatt-hours in combined on-grid energy, with a year-on-year decrease of10.10%; The average on-grid energy price in the consolidated statement was 464.80 yuan/kWh (inclusive of tax, the same below), with a year-on-year of 25.47 yuan/kWh; The cost of power generation fuel was 3400.7693 million yuan, with a year-on-year decrease of 513.6758 million yuan and13.12%. Affected by the decline in coal prices and the decrease of the profit margin of market electricity, the company's gross profit of power generation increased year on year. In the first quarter of 2019, the net profit attributable to the shareholders of the parent company reached 109.52 million yuan, with a year-on-year increase of1806.03%. II. The progress of significant events and influence, as well as the analysis and explanation on resolving proposal.
√ Applicable□ Not applicable
1. With the approval of the seventh meeting of the Ninth Board of Directors of the Company on January 25, 2019, the Company adjusts the depreciation period of fixed assets in Shajiao Power Plant A from January 1, 2019. Net profit attributable to the parent company is expected to decrease by about 174 million yuan in 2019 and 49 million yuan annually from 2020 to 2023, and the owner's equity attributable to the parent company is expected to decrease by about 174 million yuan in 2019 and 49 million yuan annually from 2020 to 2023.
2. In order to further promote the large-scale development of the company's offshore wind power in Guangdong Province and the southeast coast, the seventh meeting of the ninth Board of Directors of the Company deliberated on January 25, 2019 and agreed that the Company should invest in Zhuhai Jinwan Offshore Wind Power Project (300,000 kilowatts), with a total dynamic investment of 5643.17 million yuan, of which 1,128.634 million yuan is capital, accounting for20% of the total dynamic investment of the project.
3. The Company's 2019 daily related party transactions are approved and implemented by the 2019 first Provisional shareholders' General meeting held on February 21, 2019.
4. During the reporting period, Mr. Zhou Xi'an, the former director of the company, ceased to hold the post of director of the company due to job changes. After the election of the first Provisional shareholders' General meeting in 2019 held on February 21, 2019, Mr. Yan Ming served as a director of the Company.
5. During the reporting period, Guangdong Yudean Group Co., Ltd., the controlling shareholder of the Company, changed its name to "Guangdong Energy Group Co., Ltd." on February 18, 2019. It does not involve changes in equity, the controlling shareholder, and nor does it affect the company's business activities. Neither the controlling
The First Quarterly Report 2019 shareholder nor the actual controller of the company has changed.
6. During the reporting period, the company bonds - "12 Yudean Bonds", completed the annual interest payment for 2019 on March 18, 2019.
||||
|-|-|-|
|Announcement|Date of disclosure|Website for disclosure|
|Announcement of Resolutions of the 7th Meetingof the Ninth Board of Directors|||
||January 26,2019|http//www.cninfo.com.cn.|
|Announcement of the adjustment of depreciationperiod of fixed assets in Shajiao A Power plant|||
||January 26,2019|http//www.cninfo.com.cn.|
|Estimates announcement of the Daily RelatedParty Transactions of2019|||
||January 26,2019|http//www.cninfo.com.cn.|
|Announcement on Change of ControllingShareholder Name|||
||February 18,2019|http//www.cninfo.com.cn.|
|Announcement of Resolutions of the Firstprovisional shareholders' general meeting of 2019|||
||February 22,2019|http//www.cninfo.com.cn.|
|Announcement of Guangdong Electric PowerDevelopment Co., Ltd. Concerning Payment ofCorporate “12 Yudean Bonds” Interest of 2019|||
||March 12,2019|http//www.cninfo.com.cn.|

Progress in the implementation of share repurchase
□ Applicable√ Not applicable
Progress in the implementation of the reduction of the repurchased shares by means of centralized bidding□ Applicable√ Not applicable
III. Commitments finished in implementation by the Company, shareholders, actual controller, acquirer, directors, supervisors, senior executives or other related parties in the reporting period and commitments unfinished in implementation at the end of the reporting period
□ Applicable√Not applicable
No such cases in the reporting period.
IV．Prediction of Business performance for January- June 2019
Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss probably or the warning of its material change compared with the corresponding period of the last year and explanation of reason.
□ Applicable√ Not applicable
V. Securities investment
√ Applicable□Not applicable
|||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Security|Security|Stock|Initial|Mode|Book value|Changes in|Cumulative|Purchas|Sale|Gain/loss|Book value|Account|Source of|
|category|code|Abbreviation:|investment|of|balance at|fair value of|fair value|e|amount|of the|balance at|ing|the shares|

The First Quarterly Report 2019
|||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
||||cost|accoun|the|the this|changes in|amount|in the|reporting|the end of|items||
|||||ting|beginning of|period|equity|in the|this|period|the|||
|||||measur|the reporting|||this|period||reporting|||
|||||ement|period|||period|||period|||
|Domestic||||Fair||||||||||
|and||Shenzhen||value||||||||Other||
||000027||15,890,628||66,150,000|15,624,000|65,883,372||||81,774,000||Own-Funds|
|foreign||Energy||measur||||||||assets||
|stocks||||ement||||||||||
|Domestic||||Fair||||||||||
|and|600642|Shenergy|235,837,988|value|270,997,380|41,093,865|76,253,257||||312,091,245|Other|Own-Funds|
|foreign||||measur||||||||assets||
|stocks||||ement||||||||||
|Domestic||||Fair||||||||||
|and||||value||||||||Other||
||831039|NEEQ|3,600,000||3,618,000|1,512,000|1,530,000||||5,130,000||Own-Funds|
|foreign||||measur||||||||assets||
|stocks||||ement||||||||||
|Domestic||||Fair||||||||Transact||
|||Yes||||||||||||
|and||||value||||||||ional||
||002952|Optoelectroni|7,038||0|4,109||7,038|||11,147||Own-Funds|
|foreign||||measur||||||||financial||
|||cs||||||||||||
|stocks||||ement||||||||assets||
|Domestic||||Fair||||||||Transact||
|||Merit||||||||||||
|and|300766|Interactive|6,462|value|0|7,163||6,462|||13,625|ional|Own-Funds|
|foreign||||measur||||||||financial||
|stocks||Network||ement||||||||assets||
||||||||143,666,62|||||||
|Total|||255,342,116|--|340,765,380|58,241,137||13,500|0|0|399,020,017|--|--|
||||||||9|||||||
|Disclosure date for the notice of||||||||||||||
||||October 31,2018|||||||||||
|approval by the Board (If any)||||||||||||||
|Disclosure date for the notice of||||||||||||||
|approval by shareholders’||||||||||||||
|Meeting (If any)||||||||||||||

VI. Investment in derivatives
□ Applicable√Not applicable
There is no derivative investment during the report period.
VII. The registration form of acceptance of investigation, communication and interview in the report period for future reference
√ Applicable□Not applicable
|||||
|-|-|-|-|
|Reception time|Way of reception|Types of visitors|Basic index|
||||Details can be found in the Record Chart of the|
||||Investor Relation Activity disclosed on Juchao|
|February 20,2019|Onsite investigation|Organization||
||||website(www.cninfo.com.cn) on 22 February|
||||2019.|

VIII. External guarantee get out of line
□ Applicable√Not applicable
No such cases in the reporting period.
IX. Controlling shareholder and its related parties occupying non-business capital of the listed company
□ Applicable√Not applicable
The First Quarterly Report 2019 No such cases in the reporting period.
IV. Financial Statement
I. Financial statement
1. Consolidated balance sheet
Prepared by: Guangdong Electric Power Development Co., Ltd.
March 31, 2019
In RMB
||||
|-|-|-|
|Items|March 31,2019|December 31,2018|
|Current asset：|||
|Monetary fund|4,945,898,685|5,574,382,892|
|Settlement provision|||
|Outgoing call loan|||
|Transactional financial assets|||
|Financial assets measured at fair value|||
|with variations accounted into current|24,772||
|income account|||
|Derivative financial assets|||
|Notes receivable & account receivable|2,565,480,167|3,358,331,949|
|Including： Notes receivable|||
|Account receivable|2,565,480,167|3,358,331,949|
|Prepayments|724,215,151|906,261,046|
|Insurance receivable|||
|Reinsurance receivable|||
|Provisions of Reinsurance contracts|||
|receivable|||
|Other account receivable|232,809,569|222,976,826|
|Including：Interest receivable|22,205,621|18,856,570|
|Dividend receivable|||
|Repurchasing of financial assets|||
|Inventories|1,923,545,977|1,481,817,270|
|Contract assets|||
|Assets held for sales|||
|Non-current asset due within 1 year|88,553||
|Other current asset|505,757,909|617,853,476|
|Total of current assets|10,897,820,783|12,161,623,459|
|Non-current assets：|||
|Loans and payment on other’s behalf|||
|disbursed|||
|Debt investment|||
|Available for sale of financial assets||1,565,806,331|

The First Quarterly Report 2019
||||
|-|-|-|
|Other investment on bonds|||
|Expired investment in possess|||
|Long-term receivable|90,346,689|89,762,071|
|Long term share equity investment|6,486,651,915|6,395,134,754|
|Other equity instruments investment|1,702,198,436||
|Other non-current financial assets|||
|Property investment|10,454,314|10,810,722|
|Fixed assets|40,960,626,800|41,157,594,848|
|Construction in progress|7,743,182,239|7,740,754,343|
|Production physical assets|||
|Oil & gas assets|||
|Use right assets|||
|Intangible assets|1,851,918,885|1,863,588,771|
|Development expenses|1,598,931||
|Goodwill|2,449,886|2,449,886|
|Long-germ expenses to be amortized|21,292,158|22,089,179|
|Deferred income tax asset|463,491,803|448,431,684|
|Other non-current asset|1,800,570,854|1,871,616,258|
|Total of non-current assets|61,134,782,910|61,168,038,847|
|Total of assets|72,032,603,693|73,329,662,306|
|Current liabilities|||
|Short-term loans|6,596,000,000|7,526,000,000|
|Loan from Central Bank|||
|Borrowing funds|||
|Transactional financial liabilities|||
|Financial liabilities measured at fair value|||
|with variations accounted into current|||
|income account|||
|Derivative financial liabilities|||
|Notes payable & account payable|2,995,916,859|3,137,761,522|
|Advance receipts|390,631|343,894|
|Selling of repurchased financial assets|||
|Deposit taking and interbank deposit|||
|Entrusted trading of securities|||
|Entrusted selling of securities|||
|Employees’ wage payable|206,798,763|235,741,179|
|Tax payable|276,836,872|397,001,706|
|Other account payable|4,160,534,744|4,152,518,495|
|Including：Interest payable|113,293,153|59,316,076|
|Dividend payable|9,703,930|9,703,930|
|Fees and commissions payable|||
|Reinsurance fee payable|||

The First Quarterly Report 2019
||||
|-|-|-|
|Contract Liabilities|||
|Liabilities held for sales|||
|Non-current liability due within 1 year|2,106,713,038|2,779,347,654|
|Other current liability|1,061,680,873|1,107,904,110|
|Total of current liability|17,404,871,780|19,336,618,560|
|Non-current liabilities：|||
|Reserve fund for insurance contracts|||
|Long-term loan|19,362,245,623|18,802,292,664|
|Bond payable|838,534,277|838,326,742|
|Including：preferred stock|||
|Sustainable debt|||
|Lease liability|||
|Long-term payable|2,265,441,142|2,311,513,249|
|Long-term remuneration payable to staff|115,599,287|122,913,388|
|Expected liabilities|||
|Deferred income|132,460,704|133,043,646|
|Deferred income tax liability|123,759,927|100,726,841|
|Other non-current liabilities|116,405,569|166,405,569|
|Total non-current liabilities|22,954,446,529|22,475,222,099|
|Total of liability|40,359,318,309|41,811,840,659|
|Owners’ equity|||
|Share capital|5,250,283,986|5,250,283,986|
|Other equity instruments|||
|Including：preferred stock|||
|Sustainable debt|||
|Capital reserves|5,102,846,886|5,102,846,886|
|Less：Shares in stock|||
|Other comprehensive income|593,682,531|550,010,133|
|Special reserve|||
|Surplus reserves|7,834,155,143|7,834,155,143|
|Common risk provision|||
|Retained profit|5,599,524,606|5,490,006,140|
|Total of owner’s equity belong to the|||
||24,380,493,152|24,227,302,288|
|parent company|||
|Minority shareholders’ equity|7,292,792,232|7,290,519,359|
|Total of owners’ equity|31,673,285,384|31,517,821,647|
|Total of liabilities and owners’ equity|72,032,603,693|73,329,662,306|

 Legal Representative: Wang Jin Person in charge ofaccounting：Liu Wei Accounting Dept Leader: Meng Fei
2.Parent Company Balance Sheet
In RMB
The First Quarterly Report 2019
||||
|-|-|-|
|Items|March 31, 2019|December 31, 2018|
|Current asset：|||
|Monetary fund|628,153,315|385,577,463|
|Transactional financial assets|||
|Financial assets measured at fair value|||
|with variations accounted into current|24,772||
|income account|||
|Derivative financial assets|||
|Notes receivable & account receivable|150,914,726|264,537,475|
|Including：Notes receivable|||
|Account receivable|150,914,726|264,537,475|
|Prepayments|45,800,060|44,826,500|
|Other account receivable|74,778,266|375,296,228|
|Including：Interest receivable|2,406,105|1,121,522|
|Dividend receivable||447,956|
|Inventories|169,862,583|187,058,140|
|Contract assets|||
|Assets held for sales|||
|Non-current asset due within 1 year|||
|Other current asset|199,679|199,679|
|Total of current assets|1,069,733,401|1,257,495,485|
|Non-current assets：|||
|Debt investment|||
|Available for sale of financial assets||1,565,806,331|
|Other investment on bonds|||
|Expired investment in possess|||
|Long-term receivable|306,460,000|306,460,000|
|Long term share equity investment|24,827,909,466|24,699,820,321|
|Other equity instruments investment|1,702,198,436||
|Other non-current financial assets|||
|Property investment|7,502,142|7,661,041|
|Fixed assets|910,525,491|978,022,437|
|Construction in progress|11,971,503|9,394,075|
|Production physical assets|||
|Oil & gas assets|||
|Use right assets|||
|Intangible assets|86,086,080|86,681,362|
|Development expenses|||
|Goodwill|||
|Long-germ expenses to be amortized|||
|Deferred income tax asset|||
|Other non-current asset|356,004,000|356,004,000|

The First Quarterly Report 2019
||||
|-|-|-|
|Total of non-current assets|28,208,657,118|28,009,849,567|
|Total of assets|29,278,390,519|29,267,345,052|
|Current liabilities|||
|Short-term loans|1,500,000,000|1,500,000,000|
|Transactional financial liabilities|||
|Financial liabilities measured at fair value|||
|with variations accounted into current|||
|income account|||
|Derivative financial liabilities|||
|Notes payable & account payable|137,347,906|223,827,319|
|Advance receipts|||
|Contract Liabilities|||
|Employees’ wage payable|47,074,276|53,346,100|
|Tax payable|23,030,958|48,590,195|
|Other account payable|113,289,250|98,528,954|
|Including：Interest payable|32,317,102|15,787,356|
|Dividend payable|9,703,930|9,703,930|
|Liabilities held for sales|||
|Non-current liability due within 1 year|||
|Other current liability|1,105,927,562|1,107,904,110|
|Total of current liability|2,926,669,952|3,032,196,678|
|Non-current liabilities：|||
|Long-term loan|1,500,000,000|1,500,000,000|
|Bond payable|838,534,277|838,326,742|
|Including：preferred stock|||
|Sustainable debt|||
|Lease liability|||
|Long-term payable|3,056,898|4,340,898|
|Long-term remuneration payable to staff|31,801,833|32,170,769|
|Expected liabilities|||
|Deferred income|48,362,943|48,362,943|
|Deferred income tax liability|114,021,905|99,461,621|
|Other non-current liabilities|||
|Total non-current liabilities|2,535,777,856|2,522,662,973|
|Total of liability|5,462,447,808|5,554,859,651|
|Owners’ equity|||
|Share capital|5,250,283,986|5,250,283,986|
|Other equity instruments|||
|Including：preferred stock|||
|Sustainable debt|||
|Capital reserves|5,605,794,601|5,605,794,601|
|Less：Shares in stock|||

The First Quarterly Report 2019
||||
|-|-|-|
|Other comprehensive income|593,682,531|550,010,133|
|Special reserve|||
|Surplus reserves|7,834,155,143|7,834,155,143|
|Retained profit|4,532,026,450|4,472,241,538|
|Total of owners’ equity|23,815,942,711|23,712,485,401|
|Total of liabilities and owners’ equity|29,278,390,519|29,267,345,052|

 3.Consolidated Income statement
In RMB
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|I. Income from the key business|5,589,715,802|5,812,535,688|
|Including：Business income|5,589,715,802|5,812,535,688|
|Interest income|||
|Insurance fee earned|||
|Fee and commission received|||
|II. Total business cost|5,448,292,472|5,861,825,692|
|Including：Business cost|4,937,475,435|5,380,318,561|
|Interest expense|||
|Fee and commission paid|||
|Insurance discharge payment|||
|Net claim amount paid|||
|Net amount of withdrawal of insurance contract|||
|reserve|||
|Insurance policy dividend paid|||
|Reinsurance expenses|||
|Business tax and surcharge|41,001,643|34,361,198|
|Sales expense|6,295,103|4,817,203|
|Administrative expense|132,305,459|133,858,509|
|R & D costs|77,830|525,312|
|Financial expenses|331,137,001|307,944,909|
|Including：Interest expense|345,801,584|320,957,717|
|Interest income|16,268,357|14,820,083|
|Asset impairment loss|||
|Credit impairment loss|||
|Add：Other income|36,893,397|2,894,673|
|Investment gain（“-”for loss）|91,517,161|116,815,302|
|Including: investment gains from affiliates|91,517,161|116,815,302|
|Gains from currency exchange|||
|Net exposure hedging income|||
|Changing income of fair value|8,454||
|Income on disposal of assets||30,809|

The First Quarterly Report 2019
||||
|-|-|-|
|III. Operational profit（“-”for loss）|269,842,342|70,450,780|
|Add ：Non-operational income|987,834|3,679,083|
|Less: Non-operating expense|2,688,294|1,189,871|
|IV. Total profit(“-”for loss)|268,141,882|72,939,992|
|Less：Income tax expenses|75,526,858|9,063,824|
|V. Net profit|192,615,024|63,876,168|
|(I) Classification by business continuity|||
|1.Net continuing operating profit|192,615,024|63,876,168|
|2.Termination of operating net profit|||
|(II) Classification by ownership|||
|Net profit attributable to the owners of parent|||
||109,518,462|5,745,879|
|company|||
|Minority shareholders’ equity|83,096,562|58,130,289|
|VI. Net after-tax of other comprehensive income|43,672,399|-6,648,919|
|Net of profit of other comprehensive income attri|43,672,399|-6,648,919|
|butable to owners of the parent company.|||
|（I）Other comprehensive income items that will|||
|not be reclassified into gains/losses in the|43,672,399||
|subsequent accounting period|||
|1.Re-measurement of defined benefit plans of ch|||
|anges in net debt or net assets|||
|2.Other comprehensive income under the equity|||
|method investee can not be reclassified into profi|||
|t or loss.|||
|3. Changes in the fair value of investments in|||
||43,672,399||
|other equity instruments|||
|4. Changes in the fair value of the company’s|||
|credit risks|||
|5.Other|||
|（II）|||
|||-6,648,919|
|Other comprehensive income that will be reclassi|||
|fied into profit or loss.|||
|1.Other comprehensive income under the equity|||
|method investee can be reclassified into profit or|||
|loss.|||
|2. Changes in the fair value of investments in|||
|other debt obligations|||
|3.Gains and losses from changes in fair value ava||-6,648,919|
|ilable for sale financial assets|||
|4. Other comprehensive income arising from the|||
|reclassification of financial assets|||
|5.Held-to-maturity investments reclassified to ga|||
|ins and losses of available for sale financial asset|||
|s|||

The First Quarterly Report 2019
||||
|-|-|-|
|6. Allowance for credit impairments in|||
|investments in other debt obligations|||
|7. Reserve for cash flow hedges|||
|8.|||
|Translation differences in currency financial stat|||
|ements|||
|9.Other|||
|Net of profit of other comprehensive income attri|||
|butable to Minority shareholders’ equity|||
|VII. Total comprehensive income|236,287,423|57,227,249|
|Total comprehensive income attributable to the|||
||234,920,763|-903,040|
|owner of the parent company|||
|Total comprehensive income attributable|||
||1,366,660|58,130,289|
|minority shareholders|||
|VIII. Earnings per share|||
|（I）Basic earnings per share|0.0209|0.0011|
|(II)Diluted earnings per share|0.0209|0.0011|

 The current business combination under common control, the net profits of the combined party before achieved ne t profit of RMB 0.00, last period the combined party realized RMB0.00.
Legal Representative: Wang Jin Person in charge ofaccounting：Liu Wei Accounting Dept Leader: Meng Fei
4. Income statement of the Parent Company
In RMB
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|I. Revenue|393,185,298|465,311,491|
|Including：Business cost|424,777,175|449,858,137|
|Business tax and surcharge|2,653,793|1,821,322|
|Sales expense|350,336|437,911|
|Administrative expense|16,792,181|18,828,427|
|R & D costs|||
|Financial expenses|50,152,227|47,457,181|
|Including：Interest expenses|50,952,925|48,844,389|
|Interest income|1,394,554|1,865,511|
|Asset impairment loss|||
|Credit impairment loss|||
|Add：Other income|||
|Investment gain（“-”for loss）|161,309,228|195,076,685|
|Including: investment gains from|||
||89,089,146|114,290,630|
|affiliates|||
|Net exposure hedging income|||
|Changing income of fair value|8,454||
|Income on disposal of assets||-32,933|

The First Quarterly Report 2019
||||
|-|-|-|
|II. Operational profit（“-”for loss）|59,777,267|141,952,265|
|Add ：Non-operational income|7,642|27,610|
|Less：Non -operational expenses||592,734|
|III. Total profit(“-”for loss)|59,784,909|141,387,141|
|Less：Income tax expenses||-12,227,011|
|IV. Net profit|59,784,909|153,614,152|
|1.Net continuing operating profit|59,784,909|153,614,152|
|2.Termination of operating net profit|||
|V. Net after-tax of other comprehensive|||
||43,672,399|-6,648,919|
|income|||
|（I）Other comprehensive income items|||
|that will not be reclassified into|||
||43,672,399||
|gains/losses in the subsequent|||
|accounting period|||
|1.Re-measurement of defined benefit pl|||
|ans of changes in net debt or net assets|||
|2.Other comprehensive income under th|||
|e equity method investee can not be recl|||
|assified into profit or loss.|||
|3. Changes in the fair value of|||
||43,672,399||
|investments in other equity instruments|||
|4. Changes in the fair value of the|||
|company’s credit risks|||
|5.Other|||
|（II）|||
|Other comprehensive income that will b||-6,648,919|
|e reclassified into profit or loss.|||
|1.Other comprehensive income under th|||
|e equity method investee can be reclassi|||
|fied into profit or loss.|||
|2. Changes in the fair value of|||
|investments in other debt obligations|||
|3.|||
|Gains and losses from changes in fair v||-6,648,919|
|alue available for sale financial assets|||
|4. Other comprehensive income|||
|arising from the reclassification of|||
|financial assets|||
|5.Held-to-maturity investments reclassif|||
|ied to gains and losses of available for s|||
|ale financial assets|||
|6. Allowance for credit impairments|||
|in investments in other debt obligations|||
|7. Reserve for cash flow hedges|||
|8.|||
|Translation differences in currency fina|||
|ncial statements|||
|9.Other|||

The First Quarterly Report 2019
||||
|-|-|-|
|VI. Total comprehensive income|103,457,30|8 146,965,233|
|VII. Earnings per share|||
|（I）Basic earnings per share|||
|(II)Diluted earnings per share|||

5. Consolidated Cash flow statement
In RMB
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|I. Cash flows from operating activities|||
|Cash received from sales of goods or|||
||7,198,521,146|6,909,344,782|
|rending of services|||
|Net increase of customer deposits|||
|and capital kept for brother company|||
|Net increase of loans from central bank|||
|Net increase of inter-bank loans from|||
|other financial bodies|||
|Cash received against original|||
|insurance contract|||
|Net cash received from reinsurance|||
|business|||
|Net increase of client deposit and|||
|investment|||
|Net increase of amount from disposal|||
|financial assets that measured by fair|||
|value and with variation reckoned into|||
|current gains/losses|||
|Cash received from interest,|||
|commission charge and commission|||
|Net increase of inter-bank fund|||
|received|||
|Net increase of repurchasing business|||
|Net cash received by agent in|||
|securities trading|||
|Tax returned|4,664,390|4,180,540|
|Other cash received from business|||
||433,730,029|102,634,309|
|operation|||
|Sub-total of cash inflow|7,636,915,565|7,016,159,631|
|Cash paid for purchasing of|||
||4,805,190,930|4,669,079,682|
|merchandise and services|||
|Net increase of client trade and|||
|advance|||
|Net increase of savings in central bank|||
|and brother company|||
|Cash paid for original contract claim|||
|Net increase in financial assets held|||
|for trading purposes|||

The First Quarterly Report 2019
||||
|-|-|-|
|Net increase for Outgoing call loan|||
|Cash paid for interest, processing fee|||
|and commission|||
|Cash paid for policy dividend|||
|Cash paid to staffs or paid for staffs|413,894,277|376,566,617|
|Taxes paid|460,397,105|309,033,731|
|Other cash paid for business activities|152,337,595|121,435,845|
|Sub-total of cash outflow from|||
||5,831,819,907|5,476,115,875|
|business activities|||
|Net cash generated from /used in|||
||1,805,095,658|1,540,043,756|
|operating activities|||
|II. Cash flow generated by investing|||
|Cash received from investment|||
|retrieving|||
|Cash received as investment gains|121,345||
|Net cash retrieved from disposal of|||
|fixed assets, intangible assets, and|592,258|10,100|
|other long-term assets|||
|Net cash received from disposal of|||
|subsidiaries or other operational units|||
|Other investment-related cash received|||
|Sub-total of cash inflow due to|||
||713,603|10,100|
|investment activities|||
|Cash paid for construction of fixed|||
|assets, intangible assets and other|745,025,118|657,061,177|
|long-term assets|||
|Cash paid as investment|78,692,039||
|Net increase of loan against pledge|||
|Net cash received from subsidiaries|||
|and other operational units|||
|Other cash paid for investment|||
|activities|||
|Sub-total of cash outflow due to|||
||823,717,157|657,061,177|
|investment activities|||
|Net cash flow generated by investment|-823,003,554|-657,051,077|
|III.Cash flow generated by financing|||
|Cash received as investment||4,000,000|
|Including: Cash received as investment|||
|||4,000,000|
|from minor shareholders|||
|Cash received as loans|2,526,712,472|2,446,395,253|
|Cash received from bond placing|||
|Other financing –related cash received|||
|Sub-total of cash inflow from financing|||
||2,526,712,472|2,450,395,253|
|activities|||
|Cash to repay debts|3,704,558,354|3,279,948,065|
|Cash paid as dividend, profit, or|432,017,527|462,961,076|

The First Quarterly Report 2019
||||
|-|-|-|
|interests|||
|Including: Dividend and profit paid by|||
|subsidiaries to minor shareholders|||
|Other cash paid for financing activities|712,667|137,119,426|
|Sub-total of cash outflow due to|||
||4,137,288,548|3,880,028,567|
|financing activities|||
|Net cash flow generated by financing|-1,610,576,076|-1,429,633,314|
|IV. Influence of exchange rate|||
|alternation on cash and cash|-237|-446|
|equivalents|||
|V.Net increase of cash and cash|||
||-628,484,209|-546,641,081|
|equivalents|||
|Add: balance of cash and cash|||
||5,570,382,893|4,996,580,490|
|equivalents at the beginning of term|||
|VI ..Balance of cash and cash|||
||4,941,898,684|4,449,939,409|
|equivalents at the end of term|||

6. Cash Flow Statement of the Parent Company
In RMB
||||
|-|-|-|
|Items|Amount in this period|Amount in last period|
|I.Cash flows from operating activities|||
|Cash received from sales of goods or|||
||560,862,026|543,833,558|
|rending of services|||
|Tax returned|||
|Other cash received from business|||
||9,331,847|16,238,994|
|operation|||
|Sub-total of cash inflow|570,193,873|560,072,552|
|Cash paid for purchasing of|||
||430,841,917|557,730,970|
|merchandise and services|||
|Cash paid to staffs or paid for staffs|73,493,740|72,942,857|
|Taxes paid|26,279,908|17,395,705|
|Other cash paid for business activities|7,758,990|21,649,266|
|Sub-total of cash outflow from|||
||538,374,555|669,718,798|
|business activities|||
|Net cash generated from /used in|||
||31,819,318|-109,646,246|
|operating activities|||
|II. Cash flow generated by investing|||
|Cash received from investment|||
||300,000,000|187,920,000|
|retrieving|||
|Cash received as investment gains|71,804,024|85,567,058|
|Net cash retrieved from disposal of|||
|fixed assets, intangible assets, and|589,130|10,100|
|other long-term assets|||
|Net cash received from disposal of|||
|subsidiaries or other operational units|||

The First Quarterly Report 2019
||||
|-|-|-|
|Other investment-related cash received|||
|Sub-total of cash inflow due to|||
||372,393,154|273,497,158|
|investment activities|||
|Cash paid for construction of fixed|||
|assets, intangible assets and other|7,473,223|29,854,267|
|long-term assets|||
|Cash paid as investment|117,379,238||
|Net cash received from subsidiaries|||
|and other operational units|||
|Other cash paid for investment|||
|activities|||
|Sub-total of cash outflow due to|||
||124,852,461|29,854,267|
|investment activities|||
|Net cash flow generated by investment|247,540,693|243,642,891|
|III. Cash flow generated by financing|||
|Cash received as investment|||
|Cash received as loans|899,700,000|1,930,000,000|
|Cash received from bond placing|||
|Other financing –related ash received|||
|Sub-total of cash inflow from|||
||899,700,000|1,930,000,000|
|financing activities|||
|Cash to repay debts|900,000,000|2,159,693,500|
|Cash paid as dividend, profit, or|||
||36,399,727|90,010,272|
|interests|||
|Other cash paid for financing activities|84,195|310,954|
|Sub-total of cash outflow due to|||
||936,483,922|2,250,014,726|
|financing activities|||
|Net cash flow generated by financing|-36,783,922|-320,014,726|
|IV. Influence of exchange rate|||
|alternation on cash and cash|-237|-446|
|equivalents|||
|V.Net increase of cash and cash|||
||242,575,852|-186,018,527|
|equivalents|||
|Add: balance of cash and cash|||
||385,577,464|429,724,538|
|equivalents at the beginning of term|||
|VI ..Balance of cash and cash|||
||628,153,316|243,706,011|
|equivalents at the end of term|||

II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of any New Standards Governing Financial Instruments, Revenue or Leases
√ Applicable□ Not applicable
The First Quarterly Report 2019 Consolidated balance sheet
In RMB
|||||
|-|-|-|-|
|Items|December 31, 2018|January 1, 2019|Adjustment|
|Current asset：||||
|Monetary fund|5,574,382,892|5,574,382,892||
|Notes receivable & account|3,358,331,949|||
|||3,358,331,949||
|receivable||||
|Account receivable|3,358,331,949|3,358,331,949||
|Prepayments|906,261,046|906,261,046||
|Other account receivable|222,976,826|222,976,826||
|Including：Interest receivable|18,856,570|18,856,570||
|Inventories|1,481,817,270|1,481,817,270||
|Other current assets|617,853,476|617,853,476||
|Total of current assets|12,161,623,459|12,161,623,459||
|Non-current assets：||||
|Available-for-sale financial|1,565,806,331|||
|||Not applicable|-1,565,806,331|
|assets||||
|Long-term receivable|89,762,071|89,762,071||
|Long term share equity|6,395,134,754|||
|||6,395,134,754||
|investment||||
|Other equity instruments||||
||Not applicable|1,565,806,331|1,565,806,331|
|investment||||
|Property investment|10,810,722|10,810,722||
|Fixed assets|41,157,594,848|41,157,594,848||
|Construction in progress|7,740,754,343|7,740,754,343||
|Intangible assets|1,863,588,771|1,863,588,771||
|Goodwill|2,449,886|2,449,886||
|Long-germ expenses to be|22,089,179|||
|||22,089,179||
|amortized||||
|Deferred tax assets|448,431,684|448,431,684||
|Other non-current asset|1,871,616,258|1,871,616,258||
|Total of non-current assets|61,168,038,847|61,168,038,847||
|Total of assets|73,329,662,306|73,329,662,306||
|Current liabilities||||
|Short-term loans|7,526,000,000|7,526,000,000||
|Notes payable & account|3,137,761,522|||
|||3,137,761,522||
|payable||||
|Advance payment|343,894|343,894||
|Employees’ wage payable|235,741,179|235,741,179||
|Tax payable|397,001,706|397,001,706||
|Other account payable|4,152,518,495|4,152,518,495||
|Including：Interest payable|59,316,076|59,316,076||

The First Quarterly Report 2019
||||
|-|-|-|
|Dividend payable|9,703,930|9,703,930|
|Non-current liability due|2,779,347,654||
|||2,779,347,654|
|within 1 year|||
|Other current liability|1,107,904,110|1,107,904,110|
|Total of current liability|19,336,618,560|19,336,618,560|
|Non-current liabilities：|||
|Long-term loan|18,802,292,664|18,802,292,664|
|Bond payable|838,326,742|838,326,742|
|Long-term payable|2,311,513,249|2,311,513,249|
|Deferred income|133,043,646|133,043,646|
|Deferred income tax liability|100,726,841|100,726,841|
|Other non-current liability|166,405,569|166,405,569|
|Total non-current liabilities|22,475,222,099|22,475,222,099|
|Total of liability|41,811,840,659|41,811,840,659|
|Owners’ equity|||
|Share capital|5,250,283,986|5,250,283,986|
|Capital reserves|5,102,846,886|5,102,846,886|
|Other comprehensive income|550,010,133|550,010,133|
|Surplus reserves|7,834,155,143|7,834,155,143|
|Retained profit|5,490,006,140|5,490,006,140|
|Total of owner’s equity belong to|24,227,302,288||
|||24,227,302,288|
|the parent company|||
|Minority shareholders’ equity|7,290,519,359|7,290,519,359|
|Total of owners’ equity|31,517,821,647|31,517,821,647|
|Total of liabilities and owners’|73,329,662,306||
|||73,329,662,306|
|equity|||

Adjustment statement
According to the relevant requirements of the Ministry of Finance's new financial instruments standards, domestic listed enterprises will implement the accounting standards related to new financial instruments as of January 1, 2019, so the Company will adjust the "available-for-sale financial assets" to the "investment in other equity instruments" account at the beginning of this year.
Parent Company Balance Sheet
In RMB
|||||
|-|-|-|-|
|Items|December 31, 2018|January 1, 2019|Adjustment|
|Current asset：||||
|Monetary fund|385,577,463|385,577,463||
|Notes receivable &|264,537,475|||
|||264,537,475||
|account receivable||||
|Account receivable|264,537,475|264,537,475||
|Prepayments|44,826,500|44,826,500||
|Other account receivable|375,296,228|375,296,228||

The First Quarterly Report 2019
|||||
|-|-|-|-|
|Including：Interest|1,121,522|||
|||1,121,522||
|receivable||||
|Dividend receivable|447,956|447,956||
|Inventories|187,058,140|187,058,140||
|Other current assets|199,679|199,679||
|Total of current assets|1,257,495,485|1,257,495,485||
|Non-current assets：||||
|Available-for-sale|1,565,806,331|||
|||Not applicable|-1,565,806,331|
|financial assets||||
|Long term receivable|306,460,000|306,460,000||
|Long term share equity|24,699,820,321|||
|||24,699,820,321||
|investment||||
|Other equity instruments||||
||Not applicable|1,565,806,331|1,565,806,331|
|investment||||
|Property investment|7,661,041|7,661,041||
|Fixed assets|978,022,437|978,022,437||
|Construction in progress|9,394,075|9,394,075||
|Intangible assets|86,681,362|86,681,362||
|Other non-current asset|356,004,000|356,004,000||
|Total of non-current assets|28,009,849,567|28,009,849,567||
|Total of assets|29,267,345,052|29,267,345,052||
|Current liabilities||||
|Short-term loans|1,500,000,000|1,500,000,000||
|Notes payable & Account|223,827,319|||
|||223,827,319||
|payable||||
|Employees’ wage payable|53,346,100|53,346,100||
|Tax payable|48,590,195|48,590,195||
|Other account payable|98,528,954|98,528,954||
|Including：Interest payable|15,787,356|15,787,356||
|Dividend payable|9,703,930|9,703,930||
|Other current liability|1,107,904,110|1,107,904,110||
|Total of current liability|3,032,196,678|3,032,196,678||
|Non-current liabilities：||||
|Long-term loan|1,500,000,000|1,500,000,000||
|Bond payable|838,326,742|838,326,742||
|Long-term payable|4,340,898|4,340,898||
|Deferred income|48,362,943|48,362,943||
|Deferred income tax|99,461,621|||
|||99,461,621||
|liability||||
|Total of Non-current|2,522,662,973|||
|||2,522,662,973||
|liabilities||||
|Total of liability|5,554,859,651|5,554,859,651||
|Owners’ equity||||
|Share capital|5,250,283,986|5,250,283,986||

The First Quarterly Report 2019
||||
|-|-|-|
|Capital reserves|5,605,794,601|5,605,794,601|
|Other comprehensive|550,010,133||
|||550,010,133|
|income|||
|Surplus reserves|7,834,155,143|7,834,155,143|
|Retained profit|4,472,241,538|4,472,241,538|
|Total of owners’ equity|23,712,485,401|23,712,485,401|
|Total of liabilities and|29,267,345,052||
|||29,267,345,052|
|owners’ equity|||

Adjustment statement
According to the relevant requirements of the Ministry of Finance's new financial instruments standards, domestic listed enterprises will implement the accounting standards related to new financial instruments as of January 1, 2019, so the Company will adjust the "available-for-sale financial assets" to the "investment in other equity instruments" account at the beginning of this year.
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of any New Standards Governing Financial Instruments or Leases
□ Applicable√ Not applicable
III.Auditor’ report
Is the First Quarterly Report be audited?
□ Yes√No
The First Quarterly report is not audited.
The Board of Directors of Guangdong Electric Power Development Co., Ltd.
Chairman of the Board: Wang Jin
April 30, 2019