TigerResearch/tigerbot-earning-plugin huggingface dataset:
Electric Power have been experiencing|||||||||||||||||||
continuous|||operating||losses|in|recent||||||||||||
years.| Taking|||into|account|possible|||| We involved|||internal valuers to review||||||
future risks, such as the instability of electricity demand, the unstable price of||||||||||and analyse the appropriateness of the method applied by management for the impairment test;|||||||||
coal|used||in power||generation,|||the|||||||||||
macro-economy and other risk factors, management continuously assesses the impairment of the fixed assets of the above subsidiaries. As at 31 December 2022, management conducted impairment tests for the fixed assets of the aforesaid subsidiaries, and made a provision for impairment at the excess of the carrying amount of asset|||||||||| Based||on|our|understanding||||of|the
||||||||||businesses of the subsidiaries as well as the industry in which they operate, we evaluated the rationality of assumptions adopted by management in calculation of the present value of estimated future cash|||||||||
||||||||||flows,||including||the|discount||rate,||the
groups|of|generator|||units|over||their||growth rate of the estimated on-grid price, the growth rate of the estimated electricity|||||||||
recoverable the|||amount.|| The|recoverable||||sale,||and||varability||rate||of|the
amount|of||the|asset|groups|was||the||estimated|||price|of|coal|used|in|power|
higher of the fair value, less costs to sell, of the asset groups and the present value of the future cash flows expected to be derived from them. The calculations of the present value of the future cash flows||||||||||generation:|||||||||
||||||||||-| For|the|discount||rate,|we|involved||
|||||||||||internal||valuers||to|evaluate|||the
expected||to|be|derived||from||them|||appropriateness in combination with industry situation;||||||||
involve||management’s||||significant|||||||||||||
estimates and judgements, including the||||||||||-| For the growth rate of the estimated||||||||
discount|rate,||the growth|||rate of the|||||on-grid||electricity|||price|and||the
estimated on-grid electricity price, the growth rate of the estimated electricity|||||||||||varability rate of the estimated price of||||||||
|||||||||||coal|used|in|power||generation,|||we
sale|and|the|varability|||rate|of|the|||compared||historical|||varability|||rates
estimated price of coal used in power generation.|||||||||||and|industry||data,||and considered|||
|||||||||||market trend;||||||||
(Page 3 of 8)
Key AuditMatter (Cont’d)|||||| How our audit addressed the Key Audit Matter(Cont’d)|||||||||||
(1) Impairment of power related fixed assets (Cont’d) As the carrying amounts of fixed assets|||||| Our audit|||procedures||for|the|impairment||||of
||||||power related fixed assets (Cont’d):|||||||||||
|||||||-| For the growth rate of the estimated|||||||||
with|indication||of|impairment|are|||electricity||sale,|we|have||compared|||
significant to the consolidated financial||||||||historical data, approved budgets and|||||||||
statements||of| Guangdong|| Electric|||business||plans,|and|||checked|||the
Power, and the impairment test of asset||||||||corresponding supporting documents;|||||||||
groups|of|generator||units|involves||||||||||||
management’s significant estimates and|||||||||||||||||
judgements,||impairment||of|power|| We checked the input data and formulas used in the calculation of the present value of future cash flows expected to be derived from them, and evaluated the mathematic accuracy;||||||||||
related fixed assets is identified as a key auditmatter.|||||||||||||||||
||||||| We compared the key assumptions used by||||||||||
|||||||management|||in|estimating|||the||present|
|||||||value of future cash flows in the previous||||||||||
|||||||year|with||the|actual|operation||||of|the
|||||||current||year|to|evaluate||if|there’s|||any
|||||||indication ofmanagement bias;||||||||||
||||||| We conducted sensitivity analysis on the discount rate and other key assumptions||||||||||
|||||||applied||by|management,|||and||evaluated||
|||||||how|the||changes|in|key||assumptions|||
|||||||(individually or in aggregate) will give rise to different results to further evaluate if there’s any indication of management bias||||||||||
|||||||in|selecting|||parameters||||of||key
||||||assumptions. Based on the results of the aforesaid work, we|||||||||||
||||||found||that|management's|||judgements|||||and
||||||estimates on the impairment of fixed assets are supported by appropriate evidence.|||||||||||
(Page 4 of 8)
Key AuditMatter (Cont’d)|||||||| How our audit addressed the Key Audit Matter(Cont’d)|||||||
(2) Recognition of deferred tax assets related to deductible losses|||||||| Our audit procedures for the recognition of|||||||
||||||||deferred||tax|assets|related|to|deductible|
 Refer|to| Note|2(29)(b)(iii)|||and| Note|lossesmainly include:|||||||
4(16) to the financial statements. As at 31 December 2022, Guangdong||||||||| We|obtained|management's|||calculation|
|||||||||sheet for the financial forecast in future||||||
 Electric|| Power|||recognised||the||periods,|checked||the|input|data|and
corresponding deferred tax assets for the deductible losses incurred by individual used|||||||||formulas||in|the|calculation,||and
|||||||||evaluated themathematic accuracy;||||||
subsidiaries||at||a|total|of| RMB||||||||
968,337,573. Deductible losses that were|||||||||||||||
not|recognised||as||deferred|tax|assets|| We obtained supporting documents such as the income tax settlement report, tax||||||
totalled RMB 11,033,478,760. According to the financial forecast of the aforesaid subsidiaries in future periods,|||||||||returns|and|accounting||records|of|the
management||recognises|||deferred||tax||aforesaid subsidiaries, and reviewed for the existence of deductible losses and the accuracy of the amount and period;||||||
assets|within|the||limits|of which||the||||||||
aforesaid subsidiaries are likely to obtain our||||||||| Based|on|understanding|||of|the
future|taxable||income||to|offset|the||businesses of the aforesaid subsidiaries and the industry in which they operate, and combined with industry development||||||
deductible losses. The financial forecast of the aforesaid subsidiaries in future|||||||||||||||
periods||involves||||significant|||||||||
management’s significant estimates and|||||||||trend|and||historical||operating|
judgements,|||including|||estimated|||performance,||we|evaluated||the|key
electricity||sale,|||estimated|on-grid|||assumptions||used|by|management||to
electricity price, estimated price of coal|||||||||calculate the expected taxable income for||||||
used|in|power|generation|||and|other||future||periods,||including||the
operating expenses.|||||||||reasonableness|||of|assumptions||on
|||||||||estimated electricity sale, estimated on- grid electricity price, estimated fuel price, and other operating expenses;||||||
(Page 5 of 8)
Key AuditMatter (Cont’d)||||||| How||our|audit||addressed|the| Key| Audit
||||||| Matter (Cont’d)||||||||
(2) Recognition of deferred tax assets related to deductible losses (Cont’d)||||||| Our audit procedures for the recognition of||||||||
|||||||deferred|||tax|assets|related|to|deductible|
 As|the|deferred|tax|assets|related|to|lossesmainly include (Cont’d):||||||||
deductible losses are significant to the|||||||||||||||
consolidated||financial||statements||of|| We||compared||the|taxable||income
Guangdong|| Electric|| Power,|and|the||estimated by management last year with the actual taxable income for the current year to access the historical accuracy of management’s forecast;|||||||
financial||forecast|for|future|periods||||||||||
involves||management’s|||significant||||||||||
estimates||and|judgements,|||the|||||||||
recognition of the deferred|||||tax assets||||||||||
related to deductible losses is identified as a key auditmatter.|||||||| We|reviewed|||whether|the deferred||tax
||||||||assets were recognised within the limits of which the taxable income was likely to be obtained in the future to offset deductible|||||||
||||||||losses|||and|deductible||temporary|
||||||||differences.|||||||
|||||||| Based on the results of the above work, we|||||||
||||||||found||that||management's||estimates|
||||||||regarding the recognition of deferred tax assets related to deductible losses were supported by appropriate evidence.|||||||
(Page 6 of 8)
Management of Guangdong Electric Power is responsible for the other information. The other information comprises all of the information included in 2022 annual report of Guangdong Electric Power other than the financial statements and our auditor’s report thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.We have nothing to report in this regard.
Responsibilities of Management and Audit and Compliance Committee for the Financial Statements
Management of Guangdong Electric Power is responsible for the preparation and fair presentation of these financial statements in accordance with the CASs, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free frommaterialmisstatement, whether due to fraud or error.
In preparing these financial statements, management is responsible for assessing Guangdong Electric Power’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate Guangdong Electric Power or to cease operations, or has no realistic alternative but to do so.
The Audit and Compliance Committee is responsible for overseeing Guangdong Electric Power’s financial reporting process.
(Page 7 of 8)
Auditor’s Responsibilities for the Audit of the Financial Statements (Cont’d)
As part of an audit in accordance with CSAs, we exercise professional judgement and maintain professional scepticism throughout the audit.We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosuresmade bymanagement.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on Guangdong Electric Power’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in these financial statements or, if such disclosures are inadequate, tomodify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause Guangdong Electric Power to cease to continue as a going concern.
Evaluate the overall presentation (including the disclosures), structure and content of the financial statements, and whether the financial statements represent the underlying transactions and events in amanner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within Guangdong Electric Power to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the group audit.We remain solely responsible for our audit opinion.
We communicate with the Audit and Compliance Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
(Page 8 of 8)
We also provide the Audit and Compliance Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Audit and Compliance Committee, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
PricewaterhouseCoopers Zhong Tian LLP Signing CPA
Li Xiaolei
(Engagement Partner)
Shanghai, the People’s Republic of China Signing CPA
ASSETS| Note|31 December 2022|31 December2021(Restated)
 Current assets Cash at bank and on hand|4(1)|11,503,523,618|8,105,320,953
 Notes receivables||2,644,300|165,603
 Accounts receivables|4(2)|7,578,636,244|7,030,685,357
 Advances to suppliers|4(3)|1,534,982,252|892,771,238
 Other receivables|4(4)|934,784,152|2,429,475,558
 Inventories|4(5)|3,376,868,100|2,998,894,539
Contract assets||4,910,263|4,754,820
 Other current assets|4(6)|875,605,805|1,417,985,608
 Total current assets||25,811,954,734|22,880,053,676
 Non-current assets Long-term equity investments|4(7)|9,198,053,183|8,074,149,836
 Investments in other equity instruments|4(8)|3,058,071,054|3,232,028,682
 Investment properties|4(9)|365,285,301|378,796,932
 Fixed assets|4(10)|62,400,175,057|57,145,099,423
Construction in progress|4(11)|11,768,828,161|8,710,691,766
 Right-of-use assets|4(12)|7,352,044,966|5,256,124,979
 Intangible assets|4(13)|3,346,735,496|2,658,726,346
 Goodwill|4(14)|128,097,553|139,983,037
 Long-term prepaid expenses|4(15)|109,485,746|30,335,301
 Deferred tax assets|4(16)|1,359,025,081|1,176,841,986
 Other non-current assets|4(17)|6,606,518,552|4,810,251,634
Total non-current assets||105,692,320,150|91,613,029,922
 TOTAL ASSETS||131,504,274,884|114,493,083,598
LIABILITIES AND SHAREHOLDERS’EQUITY| Note|31 December 2022|31 December 2021(Restated)
 Current liabilities Short-term borrowings|4(19)|16,261,444,860|12,360,296,429
 Notes payables|4(20)|1,495,778,076|1,908,780,000
 Accounts payables|4(21)|5,938,254,013|6,626,567,064
 Contract liabilities||4,960,974|5,864,811
 Employee benefits payable|4(22)|447,421,417|422,013,230
 Taxes payable|4(23)|302,484,915|502,303,075
Other payables|4(24)|9,403,658,031|10,569,763,778
 Current portion of non-current liabilities|4(25)|3,975,249,970|3,697,619,753
 Other current liabilities|4(26)|4,174,850,374|1,658,449,006
 Total current liabilities||42,004,102,630|37,751,657,146
 Non-current liabilities Long-term borrowings|4(27)|42,860,932,628|28,940,577,856
 Debentures payable|4(28)|9,094,489,909|8,693,083,422
 Lease liabilities|4(29)|6,870,820,017|4,728,167,142
Long-term payables|4(30)|666,297,028|121,779,223
 Deferred income|4(31)|142,292,215|163,611,515
 Long-term employee benefits payable|4(32)|429,265,269|415,480,262
 Deferred tax liabilities|4(16)|584,116,265|635,754,761
 Other non-current liabilities|4(33)|129,428,167|75,469,729
 Total non-current liabilities||60,777,641,498|43,773,923,910
 Total liabilities||102,781,744,128|81,525,581,056
Shareholders’equity Share capital|4(34)|5,250,283,986|5,250,283,986
 Capital surplus|4(35)|4,257,046,505|4,276,952,183
 Other comprehensive income|4(36)|1,629,837,957|1,750,011,571
 Specific reserve||520,379|-
 Surplus reserve|4(37)|8,903,515,135|8,903,515,135
 Undistributed profits|4(38)|200,668,517|3,205,422,561
 Total equity attributable to shareholders of the Company||20,241,872,479|23,386,185,436
Minority interests||8,480,658,277|9,581,317,106
 Total shareholders’equity||28,722,530,756|32,967,502,542
 TOTAL LIABILITIES AND SHAREHOLDERS’EQUITY||131,504,274,884|114,493,083,598
Legal representative: Principal in charge of accounting: Head of accounting department: Zheng Yunpeng Liu Wei Meng Fei
Current assets  ASSETS| Note|31 December 2022|31 December 2021
 Cash at bank and on hand||879,381,053|708,028,634
 Accounts receivables|14(1)|191,716,383|192,707,778
 Advances to suppliers||26,568,272|26,368,250
 Other receivables|14(2)|568,099,765|415,990,566
 Inventories||85,079,898|216,808,997
 Other current assets||1,198,615|21,453,621
Total current assets||1,752,043,986|1,581,357,846
 Non-current assets Long-term receivables||1,160,000,000|627,000,000
 Long-term equity investments|14(3)|41,709,796,167|36,539,978,077
 Investments in other equity instruments||3,057,271,054|3,231,228,683
 Investment properties||5,118,650|5,754,247
 Fixed assets||340,983,004|436,327,041
 Construction in progress||1,052,786|1,201,126
Right-of-use assets||6,443,720|8,125,410
 Intangible assets||77,808,432|80,670,784
 Long-term prepaid expenses||1,595,480|-
 Other non-current assets||218,100,000|136,500,000
 Total non-current assets||46,578,169,293|41,066,785,368
 TOTAL ASSETS||48,330,213,279|42,648,143,214
LIABILITIES AND OWNERS’|||
 Current liabilities  EQUITY| Note|31 December 2022|31 December 2021
 Short-term borrowings||3,522,986,272|2,442,508,111
 Accounts payables||169,028,547|214,080,378
 Contract liabilities||-|1,083,950
 Employee benefits payable||115,457,391|105,045,040
 Taxes payable||17,655,588|8,288,884
Other payables||60,615,999|2,535,329,957
 Current portion of non-current liabilities||751,166,231|125,174,953
 Other current liabilities||3,525,551,274|1,030,040,123
 Total current liabilities||8,162,461,302|6,461,551,396
 Non-current liabilities Long-term borrowings||4,498,800,000|-
 Debentures payable||8,794,981,607|8,193,949,060
 Lease liabilities||610,527|4,251,838
Deferred income||9,996,202|19,992,404
 Long-term employee benefits payable||76,074,603|68,648,773
 Deferred tax liabilities||520,442,187|562,112,354
 Total non-current liabilities||13,900,905,126|8,848,954,429
 Total liabilities||22,063,366,428|15,310,505,825
 Shareholders’equity Share capital||5,250,283,986|5,250,283,986
 Capital surplus||4,834,675,772|4,834,039,575
Other comprehensive income||1,640,520,684|1,764,421,309
 Surplus reserve||8,903,515,135|8,903,515,135
 Undistributed profits||5,637,851,274|6,585,377,384
 Total shareholders’equity||26,266,846,851|27,337,637,389
 TOTAL LIABILITIES AND SHAREHOLDERS’EQUITY||48,330,213,279|42,648,143,214
Legal representative:| Principal in charge of accounting:| Head of accounting department:
 Zheng Yunpeng| Liu Wei| Meng Fei
| Item| Note|2022|2021(Restated)
 Revenue||4(39)|52,661,088,436|44,457,866,542
 Less: Cost of sale||4(39)|(52,852,310,181)|(46,827,505,473)
| Taxes and surcharges|4(40)|(245,262,277)|(293,980,076)
| Selling expenses|4(41)|(69,108,603)|(65,407,040)
| General and administrative expenses|4(42)|(1,192,506,931)|(1,101,123,287)
| Research and development expenses|4(43)|(1,229,311,572)|(584,714,979)
| Financial expenses|4(44)|(2,135,900,012)|(1,371,365,945)
| Including: Interest expenses||2,257,705,843|1,499,997,783
| Interest income||132,632,800|133,800,923
 Add:| Other income|4(48)|80,160,312|72,653,517
| Investment income|4(49)|1,061,876,396|835,945,827
| Including: Share of profit of associates and joint ventures||960,006,337|743,767,471
| Credit impairment reversal/(loss)|4(47)|1,563,130|(21,767,857)
| Asset impairment losses|4(46)|(173,772,140)|(29,330,461)
| Gains on disposals of assets|4(50)|30,802,837|184,589,025
 Operating loss|||(4,062,680,605)|(4,744,140,207)
 Add:| Non-operating income|4(51)|125,490,287|139,092,875
 Less: Non-operating expenses||4(52)|(443,902,556)|(171,458,731)
 Total loss|||(4,381,092,874)|(4,776,506,063)
 Less: Income tax (expenses)/Credits||4(53)|(133,896,253)|525,442,914
Net loss| Including: Net loss of the acquiree in a business combination under common control before the combination date||(4,514,989,127)|(4,251,063,149)
|||-|(658,714,842)
Item| Note|2022|2021(Restated)
 Classified by continuity of operations Net loss from continuing operations||(4,514,989,127)|(4,251,063,149)
 Net profit from discontinued operations||-|-
 Classified by ownership of the equity Net loss attributable to shareholders of the Company||(3,003,916,572)|(2,928,171,731)
 Minority interests||(1,511,072,555)|(1,322,891,418)
 Other comprehensive income, net of tax||(118,919,844)|(222,990,915)
 Attributable to shareholders of the Company|4(36)|(120,173,614)|(206,788,258)
Other comprehensive income that will not be reclassified to profit or loss Changes arising from remeasurement of defined benefit plans||-|(37,296,993)
 Share of other comprehensive income of the investee accounted for using equity method that will not be reclassified to profit or loss||9,938,693|15,609,735
 Changes in fair value of investments in other equity instruments||(131,968,221)|(184,768,848)
 Other comprehensive income that will be reclassified to profit or loss Share of other comprehensive income of the investee accounted for using equity method that will be reclassified to profit or loss||1,855,914|(332,152)
 Attributable to minority interests||1,253,770|(16,202,657)
 Total comprehensive income||(4,633,908,971)|(4,474,054,064)
 Attributable to shareholders of the Company||(3,124,090,186)|(3,134,959,989)
Attributable to minority interests||(1,509,818,785)|(1,339,094,075)
 Earnings per share Basic earnings per share (RMB Yuan)|4(54)|(0.57)|(0.56)
 Diluted earnings per share (RMB Yuan)|4(54)|(0.57)|(0.56)
|| Item| Note|2022|2021
 Revenue|||14(4)|1,533,266,982|1,593,822,545
 Less:| Cost of sale||14(4)|(1,849,774,728)|(1,911,951,135)
| Taxes and surcharges|||(9,648,354)|(7,710,134)
| Selling expenses|||(2,412,869)|(2,842,664)
| General and administrative expenses|||(171,586,927)|(145,466,208)
| Research and development expenses|||(29,788,257)|(20,455,799)
| Financial expenses|||(432,576,281)|(264,631,340)
| Including: Interest expenses|||441,545,281|267,141,416
|| Interest income||12,627,185|6,119,603
 Add:| Other income|||11,028,484|10,117,324
| Investment income||14(5)|1,115,058,948|3,419,054,733
| Including: Share of profit of associates and joint ventures|||880,732,739|697,838,523
| Credit impairment (loss)/reversal|||(67,605)|58,102
| Asset impairment losses||14(6)|(1,101,203,999)|(29,321,084)
 Operating (loss)/profit||||(937,704,606)|2,640,674,340
 Add:| Non-operating income|||11,982,760|242,648,802
 Less:| Non-operating expenses|||(19,485,023)|(2,738,153)
 Total (loss)/profit||||(945,206,869)|2,880,584,989
 Less:| Income tax expenses|||(2,319,241)|(2,319,241)
 Net (loss)/profit||||(947,526,110)|2,878,265,748
Classified by continuity of operations Net (loss)/profit from continuing operations||||(947,526,110)|2,878,265,748
| Net profit from discontinued operations|||-|-
 Other comprehensive income, net of tax||||(123,900,625)|(181,508,634)
| Other comprehensive income that will not be reclassified to profit or loss Changes arising from remeasurement of defined benefit plans|||-|(9,126,313)
| Share of other comprehensive income of the investee accounted for using equity method that will not be reclassified to profit or loss|||6,211,682|12,718,679
| Changes in fair value of investments in other equity instruments|||(131,968,221)|(184,768,848)
| Other comprehensive income that will be reclassified to profit or loss Share of other comprehensive income of the investee accounted for using equity method that will be reclassified to profit or loss|||1,855,914|(332,152)