TigerResearch/tigerbot-earning-plugin huggingface dataset:
Energy Group Finance Company, Energy Group Finance Company is committed to offering the Group a credit line of no more than RMB 35,000 million in 2022. In 2022 the Group borrowed a total of RMB 13,699,996,952 (2021: RMB 11,491,375,497) from Energy Group Finance Company based on actual capital requirement. The Group paid an interest of RMB 340,462,529 (2021: RMB343,902,443) for such borrowings (Note 8(5)(h) for details).
(ii) In 2022, the net increase of the Group’s deposits in Energy Group Finance Company was RMB
2,259,804,496 (2021: a net decrease of RMB 1,918,648,394), and the net increase of the Group’s other cash balances deposited in Energy Group Finance Company was RMB 6,000,000 (2021: a net decrease of RMB 592,681). Interest due from Energy Group Finance Company amounted to RMB 112,312,499 (2021: RMB 126,350,608) (Note 8(5)(g)). In light of the frequent deposits and withdrawals, the Group only disclosed the amount of net change in deposits.
(iii) According to the three-party agreement signed among the Group, Energy Group Finance
Company and Industry Fuel, the amount of the notes issued to Industry Fuel by the Group and discounted with Energy Group Finance Company represents the amount payable to Energy Group Finance Company. Given the frequent transactions, only the net change of the balance of commercial acceptance notes discounted with Energy Group Finance Company as at 31 December is disclosed. As at 31 December 2022, the net amount of Energy Group Finance Company’s discounting of acceptance notes issued by the Group to Industry Fuel decreased by RMB 680,000,000. In 2022, the discounting interest charged by Energy Group Finance Company and borne by the Group which was included in the discounting interest expenses in the current year amounted to RMB 19,284,125 (2021: RMB 20,074,125) (Note 8(5)(h) for details).
(iv) Based on the Framework Agreement on Financial Lease between the Company and Energy
Finance Leasing Company in 2022, Energy Finance Leasing Company is committed to offering the Group a credit line of no more than RMB 15,000 million, which is reusable during the one-year agreement period. In 2022, the new lease liabilities incurred in the transaction between the Group and Energy Finance Leasing Company were RMB 1,765,522,635 (2021: RMB 1,271,198,318), and the finance lease payment was RMB 658,995,715 (2021: RMB 175,247,298).
8 Related parties and related party transactions (Cont’d)
(5) Related party transactions (Cont’d)(f) Allocation of common expenses
The Company’s branches Shajiao A Power Plant and GEGC agreed to share common expenses based on their agreed allocation percentage. In 2022, the common expenses received by the Group from GEGC were RMB 5,496,475 (2021: RMB 5,580,411).
Interest income Related parties| Type of related party transaction|2022|2021
 Energy Group Finance Company| Interest on deposits|112,312,499|126,350,608
 Interest costs Related parties| Type of related party transaction|2022|2021
 Energy Group Finance Company| Interest on borrowings|340,462,529|343,902,443
 Energy Group Finance Company| Notes discount charges|19,284,125|20,074,125
||359,746,654|363,976,568
(h)
In 2022, the loans provided by Energy Group Finance Company to the Group carried an annual interest rate from 2.75% to 4.26% (2021: from 2.70% to 4.90%).
(i) In 2021, in order to optimise the Company's asset structure and promote high-quality
development, Bohe Energy, a subsidiary of the Group, disposed of the terminal assets to Industry Fuel at a transaction price of RMB 2,800,327,000 (excluding tax). As at 31 December2022, all amounts were recovered.
(5) Related party transactions (Cont’d)(j) Joint investment
As at 31 December 2022, subsidiaries, joint ventures and associates jointly invested by the Group and GEGC are listed below:
| Percentage of equity attributable to GEGC|
 Maoming Thermal||30.12%
 Bohe Energy||33.00%
 Sha C Company||49.00%
 Guanghe Power||49.00%
 Biomass Power Generation||49.00%
 Xinhui Power||44.10%
Huaqing Power||31.85%
 Energy Group Finance Company||60.00%
 Industry Fuel||50.00%
 Shanxi Yudean Energy||60.00%
 GEG Property Insurance||51.00%
 Energy Financial Leasing Company||50.00%
 Yudean Shipping||65.00%
Yueqian Power||17.48%
 Yangjiang Wind Power||10.96%
 Zhuhai Wind Power||5.72%
 Remuneration of key management|2022|2021
 Remuneration of key management|6,557,221|5,677,057
(6) Receivables from and payables to related parties
Receivables from related parties:
Cash at bank and on
hand Energy Group Finance Company
- Cash at bank 8,728,625,253 6,468,820,757- Other cash
balances 12,000,000 6,000,000- Interest receivable 36,396,774 39,533,620
8,777,022,027 6,514,354,377
Accounts receivables GEGC 18,753,148 8,500,800
Zhuhai Power 5,115,602 6,820,689 Yudean New Energy 4,192,479 5,272,364 Others 11,485,458 11,643,227
39,546,687 32,237,080
Contract assets Zhuhai Power 2,029,830 -
GEGC - 3,132,201 Others 74,139 56,083
2,103,969 3,188,284
Other receivables Energy Financial Leasing Company 240,453,119 129,864,979
Yudean Environmental 131,141,189 76,772,719 Industry Fuel 1,700,776 1,602,258,185 Others 16,292,201 8,113,032
389,587,285 1,817,008,915
Advances to
suppliers Industry Fuel 1,107,710,903 481,701,342
Others 1,905,036 3,707,618
1,109,615,939 485,408,960
Other non-current
assets Yudean Technology 250,000 250,000 As at 31 December 2022 and 31 December 2021, the Group made no provision for bad debts of receivables from related parties.
(6) Receivables from and payables to related parties (Cont’d)
Payables to related parties:
Notes payables Energy Group Finance Company 597,272,076 866,000,000 Accounts payables Industry Fuel 4,566,760,528 4,251,347,098
GEGC 262,414,344 1,101,296,490 Guangdong Energy Natural Gas 180,748,337 390,755,352 Yudean Environmental 40,995,467 35,115,820 Environmental Protection Materials 21,639,938 24,316,381 Others 4,661,297 3,511,517
5,077,219,911 5,806,342,658
Contract liabilities GEGC - 2,606,132 Other payables Menghua New Energy 10,240,523 5,276,682
GEGC - 2,501,436,910 Energy Financial Leasing Company - 42,722,792 Others 6,601,259 6,780,239
16,841,782 2,556,216,623
Lease liabilities Energy Financial Leasing Company 6,697,106,654 3,801,408,039
Short-term borrowings Energy Group Finance Company- Principal 31 December 2022|31 December 2021
5,723,903,012|4,977,136,729
- Interest 5,323,466|3,142,408
 Current portion of non-current liabilities Energy Group Finance Company- Principal 5,729,226,478|4,980,279,137
222,079,444|191,911,238
 GEGC - Interest 5,112,690|6,612,663
- Principal -|82,000,000
- Interest 527,083|368,958
227,719,217|280,892,859
 Energy Financial Leasing Company 769,850,008|33,630,163
 Long-term borrowings Energy Group Finance Company|
 GEGC - Principal 3,962,102,717|4,175,122,351
- Principal 500,000,000|268,000,000
4,462,102,717|4,443,122,351
9 Commitments
Capital expenditures contracted for by the Group but are not yet necessary to be recognised on the balance sheet as at the balance sheet date are as follows:
Buildings and power generation equipment 27,198,894,118 23,518,696,981 The above capital commitments will be primarily used for the construction of new electric plants and the purchase of new generator units.
(2) Investment commitments
(a) In September 2022, Guangdong Wind Power, a subsidiary of the Group, signed the framework
agreement with Shandong Fengxu for the acquisition of its 100% equity in Gaotang Fengxu New Energy Co., Ltd. As at 31 December 2022, Guangdong Wind Power paid a deposit of RMB41,226,000 to Shandong Fengxu (Note 4(17)), but the consideration for the equity transaction has not yet been determined.
(b) In August 2022, Guangdong Wind Power, a subsidiary of the Group, signed the framework
agreement with Hengyang New Energy for the acquisition of its no less than 65% equity in Wuxiang Lvheng Photovoltaic Power Generation Co., Ltd. As at 31 December 2022, Guangdong Wind Power paid a deposit of RMB 52,200,000 to Hengyang New Energy (Note 4(17)), but the consideration for the equity transaction has not yet been determined.
(c) In February 2022, Guangdong Wind Power, a subsidiary of the Group, signed the framework
agreement with Nanchang Hangneng New Energy Centre (Limited Partnership) (“Nanchang Hangneng”) for the acquisition of its 100% equity in Lianjiang Hangneng New Energy Co., Ltd. The consideration for the equity transaction has not yet been determined.
(d) In September 2022, Guangdong Wind Power, a subsidiary of the Group, signed the framework
agreement with Qinhuangdao Wohua Highway Engineering Co., Ltd. (“Wohua Engineering”) and Qinhuangdao Angqian Trading Co., Ltd. (“Angqian Trading”) for the acquisition of their 100% equity (51% of equity from Wohua Engineering and 49% of equity from Angqian Trading) in Qinglong Manchu Autonomous County Jianhao Photovoltaic Technology Co., Ltd. (“Jianhao PV”). The consideration for the equity transaction has not yet been determined.
10 Operating lease proceeds after the balance sheet date
|31 December 2022
 Within 1 year|35,164,085
1 to 2 years|24,668,139
2 to 3 years|12,110,192
3 to 4 years|8,301,891
4 to 5 years|2,442,113
 Over 5 years|2,644,73185,331,151
11 Financial instruments and risks
The Group's activities expose it to a variety of financial risks: market risk (primarily including foreign exchange risk and interest rate risk), credit risk and liquidity risk. The Group's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group's financial performance.
The Group’s major operational activities are carried out in the Chinese mainland and a majority of the transactions are denominated in RMB. The Group is exposed to foreign exchange risk arising from the recognised assets and liabilities, and future transactions denominated in foreign currencies, primarily with respect to USD. The Group’s finance department at its headquarters is responsible for monitoring the amount of assets and liabilities, and transactions denominated in foreign currencies to minimise the foreign exchange risk. Therefore, the Group may consider taking proper measures to mitigate the foreign exchange risk as appropriate. During 2022 and 2021, the Group did not enter into any forward exchange contracts or currency swap contracts.
11 Financial instruments and risks (Cont’d)
(1) Market risk (Cont’d)
(a) Foreign exchange risk (Cont’d)
As at 31 December 2022 and 31 December 2021, the carrying amounts in RMB equivalent of the Group’s financial liabilities denominated in foreign currencies are summarised below:
Financial liabilities denominated in foreign currency - Long-term borrowings|31 December 2022 USD
|41,927,519
 Current portion of non-current liabilities|6,795,22848,722,74731 December 2021 USD
 Financial liabilities denominated in foreign currency - Long-term borrowings|44,506,676
 Current portion of non-current liabilities|6,542,01151,048,687
As at 31 December 2022, if the RMB had strengthened/weakened by 10% against the USD while all other variables had been held constant, the Group’s net profit would have been approximately RMB 3,618,743 (31 December 2021: approximately RMB 3,812,098) higher/lower for various financial liabilities denominated in USD of subsidiaries, whose recording currency was RMB.
As at 31 December 2022, as the Group’s financial assets and liabilities denominated in other foreign currencies were not significant, the changes in exchange rate of other foreign currencies had no significant influence on the Group.
The Group’s interest rate risk mainly arises from interest bearing borrowings including bank borrowings, debentures payable, lease liabilities and long-term payables. Financial liabilities issued at floating rates expose the Group to cash flow interest rate risk. Financial liabilities issued at fixed rates expose the Group to fair value interest rate risk. The Group determines the relative proportions of its fixed rate and floating rate contracts depending on the prevailing market conditions.
The Group continuously monitors its interest rate position. Increases in interest rates will increase the cost of new borrowing and the interest expenses with respect to the Group’s outstanding floating rate borrowings, and therefore could have a material adverse effect on the Group’s financial performance. The Group makes adjustments timely with reference to the latest market conditions and may enter into interest rate swap agreements to mitigate its exposure to interest rate risk. During 2022 and 2021, the Group did not enter into any interest rate swap agreements.
The Group’s interest bearing borrowings were mainly bank borrowings, debentures payable, lease liabilities and long-term payables with fixed and floating interest rates, and the amounts of respective interest are as follows:
Market risk (Cont’d) Interest rate risk (Cont’d)|31 December 2022|31 December 2021
 Short-term borrowings- Fixed interest rate|8,558,171,817|9,242,146,729
- Floating interest rate|7,685,222,429|3,107,000,000
|16,243,394,246|12,349,146,729
 Long-term borrowings and current portion of long-term borrowings- Fixed interest rate|31 December 2022|31 December 2021
|3,032,550,500|-
- Floating interest rate|42,450,700,741|31,587,611,645
|45,483,251,241|31,587,611,645
 Debentures payable and current portion of debentures payable- Fixed interest rate|31 December 2022|31 December 2021
|9,294,472,072|8,693,083,422
 Long-term payables and current portion of long-term payables- Fixed interest rate|31 December 2022|31 December 2021
|413,964,363|24,960,000
- Floating interest rate|270,841,118|96,819,223
|684,805,481|121,779,223
Lease liabilities and current portion of lease liabilities- Fixed interest rate|31 December 2022|31 December 2021
|344,260,300|52,036,473
- Floating interest rate|7,463,703,755|5,546,994,736
|7,807,964,055|5,599,031,209
(1)(b)
As at 31 December 2022, the Group’s fixed interest bearing borrowings amounted to RMB21,777,493,496 and floating interest bearing borrowings amounted to RMB 57,870,468,043 (31 December 2021: fixed interest bearing borrowings of RMB 18,012,226,624, and floating interest bearing borrowings of RMB 40,338,425,604).
As at 31 December 2022, if interest rates on the floating rate borrowings had risen/fallen by 10 basis points while all other variables had been held constant, the Group’s interest costs would have increased/decreased by approximately RMB 57,870,468 (31 December 2021: approximately RMB 40,345,191).
Credit risk of the Group mainly arises from cash at bank and on hand, notes receivables, accounts receivables, contract assets, other receivables and long-term receivables. The carrying amount of the Group’s financial assets reflects its maximum credit exposure on the balance sheet date.
The Group expects that there is no significant credit risk associated with cash at bank and on hand since they are deposited at Energy Group Finance Company, state-owned banks and other medium or large size listed banks with good reputation and high credit rating. The Group does not expect that there will be significant losses from non-performance by the counterparty.
In addition, the Group has policies to limit the credit exposure on notes receivables, accounts receivables, contract assets, other receivables and long-term receivables. The Group assesses the credit quality of and sets credit limits on its customers by taking into account their financial position, the availability of guarantee from third parties, their credit history and other factors such as current market conditions. The credit history of the customers is regularly monitored by the Group. In respect of customers with a poor credit history, the Group will use written payment reminders, or shorten or cancel credit periods, to ensure the overall credit risk of the Group is limited to a controllable extent.
As at 31 December 2022, the Group had no significant collateral or other credit enhancements held as a result of the debtor's mortgage (31 December 2021: Nil).
Cash flow forecasting is performed by each subsidiary of the Group. The Group is exposed to a certain degree of liquidity risk as it has net current liabilities. In view of the above-mentioned facts, the Group has formulated certain plans and measures to alleviate the pressure on working capital and improve its financial position, as detailed in Note 2(1).
|||31 December 2022||| Carrying amount on balance sheet
| Within 1 year|1 to 2 years|2 to 5 years| Over 5 years| Total|
 Short-term borrowings|16,553,465,153|-|-|-|16,553,465,153|16,261,444,860
 Notes payables|1,495,778,076|-|-|-|1,495,778,076|1,495,778,076
 Accounts payables|5,938,254,013|-|-|-|5,938,254,013|5,938,254,013
 Other payables|9,403,658,031|-|-|-|9,403,658,031|9,403,658,031
 Other current liabilities|4,203,765,374|-|-|-|4,203,765,374|4,174,850,374
Current portion of non-current liabilities|4,321,223,232|-|-|-|4,321,223,232|3,975,249,970
 Long-term borrowings|1,500,338,841|6,278,047,921|17,262,962,985|28,480,679,593|53,522,029,340|42,860,932,628
 Debentures payable|494,830,000|4,987,690,000|4,648,510,000|-|10,131,030,000|9,094,489,909
 Lease liabilities|-|624,509,123|1,900,722,122|5,890,036,507|8,415,267,752|6,870,820,017
 Long-term payables|-|47,109,237|224,035,543|690,202,587|961,347,367|641,337,028
|43,911,312,720|11,937,356,281|24,036,230,650|35,060,918,687|114,945,818,338|100,716,814,906
||31 December 2021|||| Carrying amount on balance sheet
| Within 1 year|1 to 2 years|2 to 5 years| Over 5 years| Total|
 Short-term borrowings|12,562,159,932|-|-|-|12,562,159,932|12,360,296,429
 Notes payables|1,908,780,000|-|-|-|1,908,780,000|1,908,780,000
 Accounts payables|6,626,567,064|-|-|-|6,626,567,064|6,626,567,064
 Other payables|10,569,763,778|-|-|-|10,569,763,778|10,569,763,778
 Other current liabilities|1,981,058,957|-|-|-|1,981,058,957|1,658,449,006
Current portion of non-current liabilities|4,045,277,512|-|-|-|4,045,277,512|3,697,619,753
 Long-term borrowings|1,255,490,613|2,864,007,167|9,130,610,877|24,125,559,315|37,375,667,972|28,940,577,856
 Debentures payable|259,130,000|459,051,484|8,954,652,878|-|9,672,834,362|8,693,083,422
 Lease liabilities|-|581,556,623|1,310,762,376|3,969,525,034|5,861,844,033|4,728,167,142
 Long-term payables|-|-|-|96,819,223|96,819,223|96,819,223
|39,208,227,856|3,904,615,274|19,396,026,131|28,191,903,572|90,700,772,833|79,280,123,673
The Group’s available financing credit lines under agreement with the financial institutions as at balance sheet date are as follows:
Available financing credit lines under agreement with the financing institutions 76,698,774,410 36,078,452,111
12 Fair value estimates
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3: Unobservable inputs for the asset or liability.
(1) Assets measured at fair value on a non-recurring basis
As at 31 December 2022, the assets measured at fair value on a recurring basis by the above three levels are analysed below:
Investments in other equity instruments - Other equity instruments| Level 1| Level 2| Level 3| Total
|2,105,271,054|-|952,800,000|3,058,071,054
As at 31 December 2021, the assets measured at fair value on a recurring basis by the above three levels are analysed below:
Investments in other equity instruments - Other equity instruments| Level 1| Level 2| Level 3| Total
|547,728,682|-|2,684,300,000|3,232,028,682
12 Fair value estimates (Cont’d)
(1) Assets measured at fair value on a recurring basis (Cont’d)
The Group takes the date on which events causing the transfers between the levels take place as the timing specific for recognising the transfers. Sunshine Insurance was listed on the Hong Kong Stock Exchange on 9 December 2022, therefore, there is a transfer between Level 3 and Level 1 for the current year.
The fair value of financial instruments traded in an active market is determined at the quoted market price; and the fair value of those not traded in an active market is determined by the Group using valuation techniques. The Group adopt such valuation models as cash flow discounting model and comparable company in the market to evaluate the fair value of the other equity instrument of Level 3 financial assets. The Group adopts average price to book value ratio (PB) and discounts for lack of marketability (DLOM) as major unobservable inputs for SCG.
Investments in other equity instruments - Other equity instruments|31 December2021| Purchase| Transfer out of Level 3| Gains recognised in other comprehensive income|31 December2022
|2,684,300,000|2,000,000 (1,653,500,000)||(80,000,000)|952,800,000
(2) Assets and liabilities not measured at fair value but for which the fair value is disclosed
Financial assets and liabilities measured at amortised cost mainly include notes receivables, accounts receivables, other receivables, long-term receivables, short-term borrowings, payables, lease liabilities, long-term borrowings, debentures payable and long-term payables.
The carrying amount of the financial assets and liabilities not measured at fair value is a reasonable approximation of their fair value.
13 Capital management
The Group's total capital is calculated as ‘shareholders’equity’as shown in the consolidated balance sheet. The Group is not subject to external mandatory capital requirements, and monitors capital on the basis of gearing ratio.
As at 31 December 2022 and 31 December 2021, the Group's gearing ratio is as follows:
Gearing ratio 78.16% 71.21%
14 Notes to the Company’s financial statements
31 December 2022||31 December 2021
 Accounts receivables|191,716,383|192,707,778
 Less: Provision for bad debts|-|-
 The ageing of accounts receivables is analysed as follows:|191,716,383|192,707,778
31 December 2022||31 December 2021
 Within 1 year|191,716,383|192,707,778
(b) As at 31 December 2022, the five largest amounts of accounts receivables aggregated by debtors
are summarised and analysed as follows:
Balance Provision for bad debts % of total balance
Total balance of the five largest
accounts receivables 191,716,383 - 100.00%
For accounts receivables, the Company recognises the lifetime ECL regardless of whether there exists a significant financing component.
(i) As at 31 December 2022, provision for bad debts made on a collective basis for accounts
receivables is analysed as follows: Group 1
As at 31 December 2022, the Company’s receivables from sale of electricity amounted to RMB191,716,383, which mainly comprised receivables from Southern Power Grid Company. Considering the favourable credit history of Southern Power Grid Company, the Company held that there was no significant credit risk arising from receivables from sale of electricity. Since the possibility of material losses due to the default by Southern Power Grid Company was extremely low, the Company made no provision for the ECL of the receivables from sale of electricity.
As at 31 December 2022, there were no accounts receivables categorised in Group 2 and 3.
14 Notes to the Company’s financial statements (Cont’d)
(1) Accounts receivables (Cont’d)(c) Provision for bad debts (Cont'd)
(ii) In 2022, the Company did not make any provision for bad debts of accounts receivables (2021:
Nil), and there was no provision for bad debts of accounts receivables written off in the current year(2021: Nil).
31 December 2022||31 December 2021
 Entrusted loans receivable|487,000,000|100,000,000
 Supplementary medical insurance fund receivable|44,006,139|39,346,861
 Receivables from sale of by-products|22,733,484|13,723,340
 Advances receivable|4,115,142|2,250,884
 Interest receivable|1,569,590|887,856
 Capacity receivable|-|252,000,000
Others|8,894,452|7,933,062
|568,318,807|416,142,003
 Less: Provision for bad debts|(219,042)|(151,437)
 The ageing of other receivables is analysed as follows:|568,099,765|415,990,566
31 December 2022||31 December 2021
 Within 1 year|528,305,879|412,826,194
1 to 2 years|38,707,456|1,889,053
2 to 3 years|984,907|229,312
 Over 3 years|320,565|1,197,444
|568,318,807|416,142,003
(2) Other receivables (Cont’d)