As filed with the Securities and Exchange Commission on April 17, 2017
|
☐ |
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☒ |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2016
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Title of Each Class
|
Name of each exchange
on which registered |
American Depositary Shares Each Representing 40 Overseas Listed Shares
|
New York Stock Exchange
|
Overseas Listed Shares with Par Value of RMB1.00 Per Share
|
New York Stock Exchange*
|
Domestic A Shares with Par Value of RMB1.00 Per Share
|
10,500,000,000
|
Overseas Listed Shares with Par Value of RMB1.00 Per Share
|
4,700,383,440
|
U.S. GAAP ☐
|
International Financial Reporting Standards as issued by the International Accounting Standards Board ☒
|
Other ☐
|
PART I
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1
|
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ITEM 1 Identity of Directors, Senior Management and Advisers
|
1
|
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ITEM 2 Offer Statistics and Expected Timetable
|
1
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ITEM 3 Key Information
|
1
|
|
A.
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Selected financial data
|
1
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B.
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Capitalization and indebtedness
|
2
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C.
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Reasons for the offer and use of proceeds
|
2
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D.
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Risk factors
|
2
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ITEM 4 Information on the Company
|
12
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A.
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History and development of the Company
|
12
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B.
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Business overview
|
14
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C.
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Organizational structure
|
30
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D.
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Property, plants and equipment
|
31
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ITEM 4A Unresolved Staff Comments
|
77
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|
ITEM 5 Operating and Financial Reviews and Prospects
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77
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|
A.
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General
|
77
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B.
|
Operating results
|
79
|
C.
|
Financial position
|
96
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D.
|
Liquidity and cash resources
|
98
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E.
|
Trend information
|
102
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F.
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Employee benefits
|
103
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G.
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Guarantees for loans and restricted assets
|
103
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H.
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Off-balance sheet arrangements
|
104
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I.
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Performance of significant investments and their prospects
|
104
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J.
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Tabular disclosure of contractual obligations and commercial commitments
|
104
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K.
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Impairment sensitivity analysis
|
105
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L.
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Prospects for 2017
|
106
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ITEM 6 Directors, Senior Management and Employees
|
106
|
|
A.
|
Directors, members of the supervisory committee and senior management
|
106
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B.
|
Compensation for Directors, Supervisors and Executive Officers
|
110
|
C.
|
Board practice
|
111
|
D.
|
Employees
|
112
|
E.
|
Share ownership
|
112
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ITEM 7 Major Shareholders and Related Party Transactions
|
113
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|
A.
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Major shareholders
|
113
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B.
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Related party transactions
|
115
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C.
|
Interests of experts and counsel
|
121
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ITEM 8 Financial Information
|
121
|
|
A.
|
Consolidated statements and other financial information
|
121
|
B.
|
Significant changes
|
122
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ITEM 9 The Offer and Listing
|
122
|
|
A.
|
Offer and listing details and markets
|
122
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ITEM 10 Additional Information
|
123
|
|
A.
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Share capital
|
123
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B.
|
Memorandum and articles of association
|
123
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C.
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Material contracts
|
130
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D.
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Exchange controls
|
130
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E.
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Taxation
|
131
|
F.
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Dividends and paying agents
|
136
|
G.
|
Statement by experts
|
136
|
H.
|
Documents on display
|
137
|
I.
|
Subsidiary information
|
137
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ITEM 11 Quantitative and Qualitative Disclosures About Market Risk
|
137
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ITEM 12 Description of Securities Other than Equity Securities
|
141
|
|
A.
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Debt Securities
|
141
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B.
|
Warrants and Rights
|
141
|
C.
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Other Securities
|
141
|
D.
|
American Depositary Shares
|
141
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PART II
|
142
|
|
ITEM 13 Defaults, Dividend Arrearages and Delinquencies
|
142
|
|
ITEM 14 Material Modifications to the Rights of Security Holders and Use of Proceeds
|
142
|
|
ITEM 15 Controls and Procedures
|
142
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ITEM 16 Reserved
|
144
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ITEM 16A Audit Committee Financial Expert
|
144
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ITEM 16B Code of Ethics
|
144
|
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ITEM 16C Principal Accountant Fees and Services
|
144
|
|
ITEM 16D Exemptions from the Listing Standards for Audit Committees
|
145
|
|
ITEM 16E Purchases of Equity Security by the Issuer and Affiliated Purchasers
|
145
|
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ITEM 16F Change in Registrant's Certifying Accountant
|
145
|
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ITEM 16G Corporate Governance
|
145
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ITEM 16H Mine Safety Disclosure
|
149
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|
ITEM 17 Financial Statements
|
149
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ITEM 18 Financial Statements
|
149
|
|
ITEM 19 Exhibits
|
149
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actual generation
|
The total amount of electricity generated by a power plant over a given period of time.
|
|
auxiliary power
|
Electricity consumed by a power plant in the course of generation.
|
|
availability factor
|
For any period, the ratio (expressed as a percentage) of a power plant's available hours to the total number of hours in such period.
|
|
available hours
|
For a power plant for any period, the total number of hours in such period less the total number of hours attributable to scheduled maintenance and planned overhauls as well as to forced outages, adjusted for partial capacity outage hours.
|
|
capacity factor
|
The ratio (expressed as a percentage) of the gross amount of electricity generated by a power plant in a given period to the product of (i) the number of hours in the given period multiplied by (ii) the power plant's installed capacity.
|
|
demand
|
For an integrated power system, the amount of power demanded by consumers of energy at any point in time.
|
|
dispatch
|
The schedule of production for all the generating units on a power system, generally varying from moment to moment to match production with power requirements. As a verb, to dispatch a plant means to direct the plant to operate.
|
|
GW
|
Gigawatt. One million kilowatts.
|
|
GWh
|
Gigawatt-hour. One million kilowatt-hours. GWh is typically used as a measure for the annual energy production of large power plants.
|
|
installed capacity
|
The manufacturers' rated power output of a generating unit or a power plant, usually denominated in MW.
|
|
kV
|
Kilovolt. One thousand volts.
|
|
kW
|
Kilowatt. One thousand watts.
|
|
kWh
|
Kilowatt-hour. The standard unit of energy used in the electric power industry. One kilowatt-hour is the amount of energy that would be produced by a generator producing one thousand watts for one hour.
|
|
MVA
|
Million volt-amperes. A unit of measure used to express the capacity of electrical transmission equipment such as transformers.
|
|
MW
|
Megawatt. One million watts. The installed capacity of power plants is generally expressed in MW.
|
|
MWh
|
Megawatt-hour. One thousand kilowatt-hours.
|
|
peak load
|
The maximum demand on a power plant or power system during a specific period of time.
|
|
planned generation
|
An annually determined target gross generation level for each of our operating power plants used as the basis for determining planned output.
|
|
total output
|
The actual amount of electricity sold by a power plant in a particular year, which equals total generation less auxiliary power.
|
|
transmission losses
|
Electric energy that is lost in transmission lines and therefore is unavailable for use.
|
Year Ended December 31,
|
||||||||||||||||||||
2012
|
2013
|
2014
|
2015
|
2016
|
||||||||||||||||
RMB in thousands except
per share data |
(RMB)
|
(RMB)
|
(RMB)
|
(RMB)
|
(RMB)
|
|||||||||||||||
Consolidated Income Statement Data
|
||||||||||||||||||||
Operating revenue
|
133,966,659
|
133,832,875
|
125,406,855
|
128,904,873
|
113,814,236
|
|||||||||||||||
Tax and levies on operations
|
(672,040
|
)
|
(1,043,855
|
)
|
(932,485
|
)
|
(1,157,760
|
)
|
(1,177,818
|
)
|
||||||||||
Operating expenses
|
(116,337,679
|
)
|
(108,677,981
|
)
|
(99,199,728
|
)
|
(98,604,187
|
)
|
(94,258,678
|
)
|
||||||||||
Profit from operations
|
16,956,940
|
24,111,039
|
25,274,642
|
29,142,926
|
18,377,740
|
|||||||||||||||
Interest income
|
175,402
|
170,723
|
159,550
|
160,723
|
147,063
|
|||||||||||||||
Financial expenses, net
|
(9,063,875
|
)
|
(7,693,363
|
)
|
(7,823,606
|
)
|
(7,970,070
|
)
|
(7,067,602
|
)
|
||||||||||
Other investment income
|
187,131
|
224,908
|
80,580
|
115,238
|
1,070,034
|
|||||||||||||||
(Loss)/Gain on fair value changes of
financial assets/liabilities |
(1,171
|
)
|
(5,701
|
)
|
42,538
|
(16,742
|
)
|
(12,986
|
)
|
|||||||||||
Share of profits less losses of associates and joint ventures
|
622,358
|
615,083
|
1,315,876
|
1,525,975
|
1,298,889
|
|||||||||||||||
Profit before income tax expense
|
8,876,785
|
17,422,689
|
19,049,580
|
22,958,050
|
13,813,138
|
|||||||||||||||
Income tax expense
|
(2,510,370
|
)
|
(4,522,671
|
)
|
(5,487,208
|
)
|
(5,698,943
|
)
|
(3,465,151
|
)
|
||||||||||
Net profit
|
6,366,415
|
12,900,018
|
13,562,372
|
17,259,107
|
10,347,987
|
|||||||||||||||
Attributable to:
|
||||||||||||||||||||
Equity holders of the Company
|
5,512,454
|
10,426,024
|
10,757,317
|
13,651,933
|
8,520,427
|
|||||||||||||||
Non-controlling interests
|
853,961
|
2,473,994
|
2,805,055
|
3,607,174
|
1,827,560
|
|||||||||||||||
Basic earnings per share
|
0.39
|
0.74
|
0.76
|
0.94
|
0.56
|
|||||||||||||||
Diluted earnings per share
|
0.39
|
0.74
|
0.76
|
0.94
|
0.56
|
As of December 31,
|
||||||||||||||||||||
2012
|
2013
|
2014
|
2015
|
2016
|
||||||||||||||||
RMB in thousands
|
(RMB)
|
(RMB)
|
(RMB)
|
(RMB)
|
(RMB)
|
|||||||||||||||
Consolidated Financial Position Data
|
||||||||||||||||||||
Current assets
|
36,086,261
|
34,186,911
|
37,865,284
|
33,565,403
|
36,966,616
|
|||||||||||||||
Property, plant and equipment
|
177,013,627
|
181,415,181
|
188,379,057
|
219,673,070
|
223,061,809
|
|||||||||||||||
Available-for-sale financial assets
|
3,052,822
|
3,111,164
|
4,333,377
|
5,077,863
|
3,406,032
|
|||||||||||||||
Investments in associates and joint ventures
|
14,596,771
|
16,678,694
|
17,626,910
|
19,745,192
|
19,632,113
|
|||||||||||||||
Land use rights and other non-current assets
|
9,316,455
|
9,593,252
|
10,636,352
|
14,384,078
|
14,524,284
|
|||||||||||||||
Power generation license
|
4,084,506
|
3,837,169
|
3,720,959
|
3,679,175
|
3,849,199
|
|||||||||||||||
Deferred income tax assets
|
532,387
|
652,358
|
884,274
|
1,064,391
|
1,263,957
|
|||||||||||||||
Goodwill
|
14,417,543
|
12,758,031
|
11,725,555
|
11,677,182
|
12,135,729
|
|||||||||||||||
Total assets
|
259,100,372
|
262,232,760
|
275,171,768
|
308,866,354
|
314,839,739
|
|||||||||||||||
Current liabilities
|
(93,594,320
|
)
|
(98,978,845
|
)
|
(104,846,121
|
)
|
(123,836,633
|
)
|
(130,196,251
|
)
|
||||||||||
Non-current liabilities
|
(99,545,710
|
)
|
(88,060,941
|
)
|
(85,542,941
|
)
|
(83,336,032
|
)
|
(82,456,751
|
)
|
||||||||||
Total liabilities
|
(193,140,030
|
)
|
(187,039,786
|
)
|
(190,389,062
|
)
|
(207,172,665
|
)
|
(212,653,002
|
)
|
||||||||||
Total equity
|
65,960,342
|
75,192,974
|
84,782,706
|
101,693,689
|
102,186,737
|
Year Ended December 31,
|
||||||||||||||||||||
2012
|
2013
|
2014
|
2015
|
2016
|
||||||||||||||||
RMB in thousands except per share data
|
(RMB)
|
(RMB)
|
(RMB)
|
(RMB)
|
(RMB)
|
|||||||||||||||
Consolidated Cash Flow Data
|
||||||||||||||||||||
Purchase of property, plant and equipment
|
(15,474,614
|
)
|
(17,691,382
|
)
|
(19,858,216
|
)
|
(24,191,285
|
)
|
(20,144,903
|
)
|
||||||||||
Net cash provided by operating activities
|
26,928,082
|
40,239,429
|
33,320,067
|
42,362,708
|
31,510,824
|
|||||||||||||||
Net cash used in investing activities
|
(15,309,604
|
)
|
(19,054,250
|
)
|
(19,470,813
|
)
|
(33,015,012
|
)
|
(17,649,646
|
)
|
||||||||||
Net cash used in financing activities
|
(9,816,900
|
)
|
(22,240,088
|
)
|
(10,894,180
|
)
|
(14,140,659
|
)
|
(13,601,850
|
)
|
||||||||||
Other Company Data
|
||||||||||||||||||||
Dividend declared per share
|
0.21
|
0.38
|
0.38
|
0.47
|
0.29
|
|||||||||||||||
Number of ordinary shares ('000)
|
14,055,383
|
14,055,383
|
14,420,383
|
15,200,383
|
15,200,383
|
Year Ended December 31,
|
||||||||||||||||||||||||
2012
|
2013
|
2014
|
2015
|
2016
|
2017
|
|||||||||||||||||||
Average Tariff
|
Average Tariff
|
Average Tariff
|
Average Tariff
|
Average Tariff
|
Approved Tariff
|
|||||||||||||||||||
Heilongjiang Province
|
||||||||||||||||||||||||
Xinhua Power Plant*
|
—
|
—
|
—
|
—
|
—
|
377.21
|
||||||||||||||||||
Hegang Power Plant*
|
—
|
—
|
—
|
—
|
—
|
378.70
|
||||||||||||||||||
Daqing Co-generation
|
—
|
—
|
—
|
—
|
—
|
372.30
|
||||||||||||||||||
Yichun Co-generation*
|
—
|
—
|
—
|
—
|
—
|
382.30
|
||||||||||||||||||
Sanjiangkou Wind Power*
|
—
|
—
|
—
|
—
|
—
|
630.00
|
||||||||||||||||||
Linjiang Jiangsheng Wind Power*
|
—
|
—
|
—
|
—
|
—
|
630.00
|
||||||||||||||||||
Daqing Heping Aobao Wind Power*
|
—
|
—
|
—
|
—
|
—
|
630.00
|
||||||||||||||||||
Jilin Province
|
||||||||||||||||||||||||
Jiutai Power Plant*
|
—
|
—
|
—
|
—
|
—
|
371.70
|
||||||||||||||||||
Changchun Co-generation*
|
—
|
—
|
—
|
—
|
—
|
371.70
|
||||||||||||||||||
Nongan Biomass*
|
—
|
—
|
—
|
—
|
—
|
750.00
|
||||||||||||||||||
Linjiang Jubao Hydropower*
|
—
|
—
|
—
|
—
|
—
|
375.70
|
||||||||||||||||||
Zhenlai Wind Power*
|
—
|
—
|
—
|
—
|
—
|
595.00
|
||||||||||||||||||
Siping Wind Power*
|
—
|
—
|
—
|
—
|
—
|
610.00
|
||||||||||||||||||
Tongyu Tuanjie Wind Power*
|
—
|
—
|
—
|
—
|
—
|
580.00
|
||||||||||||||||||
Liaoning Province
|
||||||||||||||||||||||||
Dalian Power Plant
|
409.18
|
407.89
|
394.50
|
375.55
|
346.76
|
368.50
|
||||||||||||||||||
Dandong Power Plant
|
405.73
|
401.09
|
393.06
|
371.45
|
352.52
|
368.50
|
||||||||||||||||||
Yingkou Power Plant
|
409.35
|
406.85
|
399.33
|
378.32
|
344.71
|
368.50
|
||||||||||||||||||
Yingkou Co-generation
|
397.59
|
396.96
|
399.21
|
365.04
|
331.39
|
368.50
|
||||||||||||||||||
Wafangdian Wind Power
|
610.82
|
632.85
|
609.68
|
598.12
|
603.72
|
620.00
|
||||||||||||||||||
Changtu Wind Power
|
610.00
|
605.30
|
602.82
|
590.93
|
626.09
|
620.00
|
||||||||||||||||||
Suzihe Hydropower
|
364.25
|
330.00
|
330.00
|
329.96
|
332.67
|
330.00
|
||||||||||||||||||
Dandong Photovoltaic
|
—
|
—
|
—
|
—
|
950.00
|
950.00
|
||||||||||||||||||
Yingkou Co-generation Photovoltaic
|
—
|
—
|
—
|
—
|
950.00
|
950.00
|
||||||||||||||||||
Inner Mongolia Autonomous Region
|
||||||||||||||||||||||||
Huade Wind Power
|
520.00
|
520.00
|
520.00
|
520.00
|
471.22
|
520.00
|
||||||||||||||||||
Hebei Province
|
||||||||||||||||||||||||
Shang’an Power Plant
|
434.63
|
431.15
|
429.39
|
401.79
|
358.48
|
367.57
|
Year Ended December 31,
|
||||||||||||||||||||||||
2012
|
2013
|
2014
|
2015
|
2016
|
2017
|
|||||||||||||||||||
Average Tariff
|
Average Tariff
|
Average Tariff
|
Average Tariff
|
Average Tariff
|
Approved Tariff
|
|||||||||||||||||||
Kangbao Wind Power
|
536.72
|
534.47
|
538.84
|
538.14
|
554.60
|
540.00
|
||||||||||||||||||
Kangbao Photovoltaic
|
-
|
-
|
-
|
-
|
784.95
|
982.50
|
||||||||||||||||||
Gansu Province
|
||||||||||||||||||||||||
Pingliang Power Plant
|
336.12
|
332.16
|
322.72
|
259.51
|
207.63
|
297.80
|
||||||||||||||||||
Jiuquan Wind Power
|
520.60
|
520.60
|
520.60
|
473.12
|
367.54
|
520.60
|
||||||||||||||||||
Jiuquan II Wind Power
|
—
|
—
|
540.00
|
497.75
|
402.36
|
540
|
||||||||||||||||||
Yumen Wind Power
|
—
|
—
|
520.60
|
472.01
|
390.06
|
520.60
|
||||||||||||||||||
Yigang Wind Power
|
—
|
—
|
—
|
—
|
447.65
|
580.00
|
||||||||||||||||||
Beijing Municipality
|
||||||||||||||||||||||||
Beijing Co-generation
|
494.00
|
529.47
|
514.72
|
480.70
|
454.99
|
462.60
|
||||||||||||||||||
Beijing Co-generation CCGT
|
—
|
468.79
|
882.33
|
959.91
|
687.33
|
650.00
|
||||||||||||||||||
Tianjin Municipality
|
||||||||||||||||||||||||
Yangliuqing Co-generation
|
438.03
|
483.73
|
434.28
|
416.54
|
370.82
|
383.80
|
||||||||||||||||||
Lingang Co-generation CCGT
|
—
|
—
|
—
|
817.57
|
726.44
|
700
|
||||||||||||||||||
Shanxi Province
|
||||||||||||||||||||||||
Yushe Power Plant
|
396.56
|
393.37
|
391.22
|
334.87
|
253.01
|
331.50
|
||||||||||||||||||
Zuoquan Power Plant
|
383.25
|
389.83
|
382.01
|
333.25
|
252.96
|
325.5
|
||||||||||||||||||
Dongshan CCGT
|
—
|
—
|
—
|
703.80
|
682.40
|
670.50
|
||||||||||||||||||
Shandong Province
|
||||||||||||||||||||||||
Dezhou Power Plant
|
468.90
|
464.89
|
463.36
|
445.44
|
389.78
|
403.51
|
||||||||||||||||||
Jining Power Plant
|
459.63
|
455.46
|
446.73
|
429.20
|
372.57
|
384.52
|
||||||||||||||||||
Xindian Power Plant
|
453.75
|
453.35
|
448.55
|
432.30
|
381.58
|
389.60
|
||||||||||||||||||
Weihai Power Plant
|
461.89
|
474.38
|
461.18
|
440.45
|
382.53
|
398.51
|
||||||||||||||||||
Rizhao Power Plant Phase II
|
446.90
|
446.38
|
441.59
|
422.33
|
372.08
|
382.90
|
||||||||||||||||||
Zhanhua Co-generation
|
450.55
|
446.56
|
434.71
|
424.66
|
389.33
|
372.90
|
||||||||||||||||||
Baiyanghe Power Plant*
|
—
|
—
|
—
|
—
|
—
|
394.64
|
||||||||||||||||||
Rizhao Power Plant Phase I*
|
—
|
—
|
—
|
—
|
—
|
448.50
|
||||||||||||||||||
Jiaxiang Power Plant*
|
—
|
—
|
—
|
—
|
—
|
377.90
|
||||||||||||||||||
Jining Co-generation*
|
—
|
—
|
—
|
—
|
—
|
385.50
|
||||||||||||||||||
QufuCo-generation*
|
—
|
—
|
—
|
—
|
—
|
372.90
|
||||||||||||||||||
Huangtai Power Plant*
|
—
|
—
|
—
|
—
|
—
|
382.90
|
||||||||||||||||||
Yantai Power Plant*
|
—
|
—
|
—
|
—
|
—
|
405.40
|
||||||||||||||||||
Linyi Power Plant*
|
—
|
—
|
—
|
—
|
—
|
384.23
|
||||||||||||||||||
Jining Yunhe Power Plant*
|
—
|
—
|
—
|
—
|
—
|
394.50
|
Year Ended December 31,
|
||||||||||||||||||||||||
2012
|
2013
|
2014
|
2015
|
2016
|
2017
|
|||||||||||||||||||
Average Tariff
|
Average Tariff
|
Average Tariff
|
Average Tariff
|
Average Tariff
|
Approved Tariff
|
|||||||||||||||||||
Liaocheng Co-generation*
|
—
|
—
|
—
|
—
|
—
|
385.20
|
||||||||||||||||||
Taian Power Plant*
|
—
|
—
|
—
|
—
|
—
|
372.90
|
||||||||||||||||||
Laiwu Power Plant*
|
—
|
—
|
—
|
—
|
—
|
380.40
|
||||||||||||||||||
Muping Wind Power*
|
—
|
—
|
—
|
—
|
—
|
640.00
|
||||||||||||||||||
Penglai Wind Power*
|
—
|
—
|
—
|
—
|
—
|
635.00
|
||||||||||||||||||
Rushan Wind Power*
|
—
|
—
|
—
|
—
|
—
|
640.00
|
||||||||||||||||||
Changdao Wind Power*
|
—
|
—
|
—
|
—
|
—
|
630.00
|
||||||||||||||||||
Rongcheng Wind Power*
|
—
|
—
|
—
|
—
|
—
|
630.00
|
||||||||||||||||||
Dongying Wind Power*
|
—
|
—
|
—
|
—
|
—
|
640.00
|
||||||||||||||||||
Boshan Photovoltaic*
|
—
|
—
|
—
|
—
|
—
|
1,000.00
|
||||||||||||||||||
Sishui Photovoltaic*
|
—
|
—
|
—
|
—
|
—
|
1,200.00
|
||||||||||||||||||
Gaozhuang Photovoltaic*
|
—
|
—
|
—
|
—
|
—
|
1,000.00
|
||||||||||||||||||
Jining Co-generation Photovoltaic*
|
—
|
—
|
—
|
—
|
—
|
611.45
|
||||||||||||||||||
Henan Province
|
||||||||||||||||||||||||
Qinbei Power Plant
|
441.43
|
437.01
|
435.42
|
401.65
|
354.30
|
361.01
|
||||||||||||||||||
Zhongyuan CCGT*
|
—
|
—
|
—
|
—
|
—
|
600.00
|
||||||||||||||||||
Luoyang Co-generation Power
|
—
|
—
|
—
|
384.33
|
365.91
|
365.10
|
||||||||||||||||||
Luoyang Yangguang Power
|
—
|
—
|
—
|
365.10
|
316.83
|
355.10
|
||||||||||||||||||
Mianchi Co-generation
|
—
|
—
|
—
|
—
|
328.10
|
328.10
|
||||||||||||||||||
Zhumadian Wind Power
|
—
|
—
|
—
|
—
|
610.00
|
610.00
|
||||||||||||||||||
Jiangsu Province
|
||||||||||||||||||||||||
Nantong Power Plant
|
441.25
|
435.69
|
436.00
|
430.98
|
407.55
|
385.50
|
||||||||||||||||||
Nanjing Power Plant
|
442.17
|
436.35
|
463.50
|
453.08
|
400.81
|
383.00
|
||||||||||||||||||
Taicang Power Plant
|
430.43
|
432.81
|
419.19
|
387.68
|
349.31
|
381.32
|
||||||||||||||||||
Huaiyin Power Plant
|
458.25
|
449.87
|
438.98
|
450.81
|
433.30
|
380.50
|
||||||||||||||||||
Jinling Power Plant
|
||||||||||||||||||||||||
Coal-fired
|
427.34
|
428.38
|
408.24
|
385.24
|
348.86
|
388.00
|
||||||||||||||||||
CCGT
|
581.35
|
585.53
|
606.21
|
712.13
|
708.41
|
575.00
|
||||||||||||||||||
CCGT Co-generation
|
—
|
635.42
|
690.00
|
760.99
|
617.12
|
584.00
|
||||||||||||||||||
Suzhou Co-generation
|
—
|
—
|
508.66
|
489.38
|
453.42
|
457.00
|
||||||||||||||||||
Nanjing Thermal Power
|
—
|
—
|
—
|
—
|
445.21
|
462.00
|
||||||||||||||||||
Qidong Wind Power
|
542.65
|
541.34
|
555.92
|
556.76
|
553.91
|
549.67
|
||||||||||||||||||
Rudong Wind Power
|
—
|
610.00
|
610.00
|
610.00
|
606.24
|
610.00
|
Year Ended December 31,
|
||||||||||||||||||||||||
2012
|
2013
|
2014
|
2015
|
2016
|
2017
|
|||||||||||||||||||
Average Tariff
|
Average Tariff
|
Average Tariff
|
Average Tariff
|
Average Tariff
|
Approved Tariff
|
|||||||||||||||||||
Tongshan Wind Power
|
—
|
—
|
—
|
—
|
610.00
|
610.00
|
||||||||||||||||||
Luhe Wind Power
|
—
|
—
|
—
|
—
|
—
|
610.00
|
||||||||||||||||||
Rudong Offshore Wind Power
|
—
|
—
|
—
|
—
|
—
|
850.00
|
||||||||||||||||||
Shanghai Municipality
|
||||||||||||||||||||||||
Shidongkou I
|
457.18
|
453.27
|
438.21
|
435.48
|
395.18
|
394.60
|
||||||||||||||||||
Shidongkou II
|
442.13
|
442.00
|
437.54
|
410.35
|
380.60
|
395.80
|
||||||||||||||||||
Shidongkou Power
|
463.85
|
462.02
|
449.92
|
427.42
|
382.31
|
404.80
|
||||||||||||||||||
Shanghai CCGT(2)
|
674.00
|
820.92
|
866.20
|
937.13
|
899.62
|
705.60
|
||||||||||||||||||
Chongqing Municipality
|
||||||||||||||||||||||||
Luohuang Power Plant
|
448.95
|
448.57
|
440.90
|
427.84
|
376.92
|
379.60
|
||||||||||||||||||
Liangjiang CCGT
|
—
|
—
|
—
|
872.20
|
649.74
|
491.30
|
||||||||||||||||||
Zhejiang Province
|
||||||||||||||||||||||||
Yuhuan Power Plant
|
491.37
|
484.79
|
468.71
|
452.99
|
403.82
|
417.30
|
||||||||||||||||||
Changxing Power Plant
|
—
|
—
|
431.03
|
487.93
|
420.54
|
442.30
|
||||||||||||||||||
Tongxiang CCGT(2)
|
—
|
—
|
1,298.37
|
1,278.17
|
887.70
|
580.00
|
||||||||||||||||||
Changxing Photovoltaic
|
—
|
—
|
—
|
1,125.67
|
1,208.23
|
1,100.00
|
||||||||||||||||||
Hongqiao Photovoltaic
|
—
|
—
|
—
|
—
|
980.00
|
980.00
|
||||||||||||||||||
Hunan Province
|
||||||||||||||||||||||||
Yueyang Power Plant
|
506.87
|
505.13
|
495.31
|
480.55
|
449.87
|
451.85
|
||||||||||||||||||
Subaoding Wind Power
|
—
|
—
|
494.00
|
611.72
|
610.00
|
610.00
|
||||||||||||||||||
Guidong Wind Power
|
—
|
—
|
—
|
610.00
|
610.00
|
610.00
|
||||||||||||||||||
Xiangqi Hydropower
|
390.00
|
390.00
|
410.00
|
410.00
|
404.19
|
380.00
|
||||||||||||||||||
Hubei Province
|
||||||||||||||||||||||||
Wuhan Power Plant
|
—
|
—
|
461.99
|
435.47
|
376.53
|
402.62
|
||||||||||||||||||
Jingmen Thermal Power
|
—
|
—
|
432.20
|
444.09
|
378.97
|
398.10
|
||||||||||||||||||
Yingcheng Thermal Power
|
—
|
—
|
—
|
477.26
|
392.73
|
398.10
|
||||||||||||||||||
Jieshan Wind Power
|
—
|
—
|
—
|
610.00
|
610.00
|
690.00
|
||||||||||||||||||
Enshi Maweigou Hydropower
|
360.00
|
356.96
|
366.59
|
379.26
|
380.43
|
370.00
|
||||||||||||||||||
Dalongtan Hydropower
|
—
|
—
|
366.89
|
374.80
|
376.38
|
370.00
|
||||||||||||||||||
Jiangxi Province
|
||||||||||||||||||||||||
Jinggangshan Power Plant
|
483.90
|
482.95
|
468.92
|
443.73
|
399.06
|
404.61
|
||||||||||||||||||
Ruijin Power
|
—
|
—
|
466.57
|
441.24
|
399.27
|
404.30
|
||||||||||||||||||
Anyuan Power
|
—
|
—
|
—
|
424.63
|
400.98
|
409.30
|
||||||||||||||||||
Jianggongling Wind Power
|
—
|
—
|
—
|
—
|
610.00
|
610.00
|
Year Ended December 31,
|
||||||||||||||||||||||||
2012
|
2013
|
2014
|
2015
|
2016
|
2017
|
|||||||||||||||||||
Average Tariff
|
Average Tariff
|
Average Tariff
|
Average Tariff
|
Average Tariff
|
Approved Tariff
|
|||||||||||||||||||
Anhui Province
|
||||||||||||||||||||||||
Chaohu Power Plant
|
—
|
—
|
412.93
|
409.79
|
351.24
|
374.30
|
||||||||||||||||||
Huaining Wind Power
|
—
|
—
|
—
|
—
|
610.00
|
610.00
|
||||||||||||||||||
Hualiangting Hydropower
|
—
|
—
|
346.85
|
392.89
|
385.60
|
369.30
|
||||||||||||||||||
Fujian Province
|
||||||||||||||||||||||||
Fuzhou Power Plant
|
445.64
|
442.81
|
441.83
|
392.29
|
348.95
|
383.99
|
||||||||||||||||||
Guangdong Province
|
||||||||||||||||||||||||
Shantou Power Plant
|
542.97
|
541.39
|
529.99
|
498.01
|
464.69
|
472.76
|
||||||||||||||||||
Haimen
|
529.06
|
514.30
|
503.18
|
483.38
|
440.21
|
450.50
|
||||||||||||||||||
Haimen Power
|
—
|
—
|
479.55
|
485.46
|
444.53
|
450.50
|
||||||||||||||||||
Shantou Photovoltaic
|
—
|
—
|
—
|
—
|
980.00
|
980.00
|
||||||||||||||||||
Yunnan Province
|
||||||||||||||||||||||||
Diandong Energy
|
359.58
|
371.30
|
401.59
|
435.58
|
513.58
|
335.80
|
||||||||||||||||||
Yuwang Energy
|
361.70
|
377.41
|
395.96
|
545.42
|
1,394.49
|
335.80
|
||||||||||||||||||
Fuyuan Wind Power
|
—
|
—
|
610.00
|
600.61
|
494.71
|
610.00
|
||||||||||||||||||
Guizhou Province
|
||||||||||||||||||||||||
Panxian Wind Power
|
—
|
—
|
—
|
—
|
610.00
|
610.00
|
||||||||||||||||||
Hainan Province
|
||||||||||||||||||||||||
Haikou Power Plant
|
—
|
—
|
474.14
|
457.71
|
420.45
|
419.80
|
||||||||||||||||||
Dongfang Power Plant
|
—
|
—
|
482.69
|
460.53
|
420.90
|
419.80
|
||||||||||||||||||
Nanshan CCGT
|
—
|
—
|
439.84
|
629.32
|
672.26
|
665.80
|
||||||||||||||||||
Wenchang Wind Power
|
—
|
—
|
619.72
|
571.95
|
609.78
|
610.00
|
||||||||||||||||||
Gezhen Hydropower
|
—
|
—
|
392.63
|
399.78
|
400.07
|
400.00
|
||||||||||||||||||
Dongfang Photovoltaic
|
—
|
—
|
—
|
—
|
1,010.00
|
1,000.00
|
(1)
|
The power plants marked * are newly acquired entities of the Company in January 2017.
|
(2)
|
The tariff of Shanghai Combined Cycle and Tongxiang Combined Cycle consist of on-grid settlement price and capacity subsidy income.
|
(i) |
regular checks and routine maintenance are carried out throughout the period during which generating unit is in operation;
|
(ii) |
a small-scale servicing is performed every year, which takes approximately 20 days;
|
(iii) |
a medium-scale check-up is carried out between the two overhauls, the length of which depends on the actual condition of the generating unit at the time of the check-up and the inspections and improvements to be carried out; and
|
(iv) |
a full-scale overhaul is conducted at the end of each operating cycle, which takes approximately 60 days.
|
* |
Huaneng Group indirectly holds 100% equity interests in Pro-Power Investment Limited through its wholly owned subsidiary, China Hua Neng Hong Kong Company Limited, and Pro-Power Investment Limited in turn holds 25% equity interests in HIPDC. As a result, Huaneng Group beneficially holds 100% of equity interests in HIPDC.
|
** |
Of the 13.83% equity interest, 10.23% was directly held by Huaneng Group, 3.11% was held by Huaneng Group through its wholly owned subsidiary, China Hua Neng Hong Kong Company Limited, and the remaining approximately 0.49% was held by Huaneng Group through its subsidiary, China Huaneng Finance Corporation Limited.
|
Plant or Expansion
|
Actual
In-service Date |
Current Installed Capacity
|
Ownership
|
Attributable Capacity
|
Type of Fuel
|
|||||
(Names as defined below)
|
(MW)
|
%
|
MW
|
|||||||
Heilongjiang Province
|
||||||||||
Xinhua Power Plant
|
Unit I: Sep. 1979
|
1 x 200
|
70%
|
140
|
Coal
|
|||||
Unit II: Sep. 2005
|
1 x 330
|
70%
|
231
|
|||||||
Hegang Power Plant
|
Unit I: Nov. 1998
|
1x 300
|
64%
|
192
|
Coal
|
|||||
Unit II: Nov. 1999
|
1x 300
|
64%
|
192
|
|||||||
Unit III: Apr. 2007
|
1 x 600
|
64%
|
384
|
|||||||
Daqing Co-generation
|
Unit I: Jun. 2013
|
1 x 350
|
100%
|
350
|
Coal
|
|||||
Unit II: Aug. 2013
|
1 x 350
|
100%
|
350
|
|||||||
Yichun Co-generation
|
Unit I: Sep. 2015
|
1 x 350
|
100%
|
350
|
Coal
|
Plant or Expansion
|
Actual
In-service Date |
Current Installed Capacity
|
Ownership
|
Attributable Capacity
|
Type of Fuel
|
|||||
(Names as defined below)
|
(MW)
|
%
|
MW
|
|||||||
Unit II: Dec. 2015
|
1 x 350
|
100%
|
350
|
|||||||
Sanjiangkou Wind Power
|
66 turbines: Feb. 2010
|
99
|
82.85%
|
82
|
Wind
|
|||||
Linjiang Jiangsheng Wind Power
|
66 turbines: Oct. 2015
|
99
|
82.85%
|
82
|
Wind
|
|||||
Daqing Heping Aobao Wind Power
|
32 turbines: Dec. 2011
|
96
|
100%
|
96
|
Wind
|
|||||
32 turbines: May. 2012
|
96
|
100%
|
96
|
|||||||
16 turbines: Dec. 2016
|
48
|
100%
|
48
|
|||||||
16 turbines: Dec. 2016
|
48
|
100%
|
48
|
|||||||
Jilin Province
|
||||||||||
Jiutai Power Plant
|
Unit I: Oct. 2009
|
1 x 670
|
100%
|
670
|
Coal
|
|||||
Unit II: Dec. 2009
|
1 x 670
|
100%
|
670
|
|||||||
Changchun Co-generation
|
Unit I: Dec. 2009
|
1 x 350
|
100%
|
350
|
Coal
|
|||||
Unit II: Apr. 2009
|
1 x 350
|
100%
|
350
|
|||||||
Nongan Biomass
|
Dec. 2011
|
1 x 25
|
100%
|
25
|
Biomass
|
|||||
Linjiang Jubao Hydropower
|
Sep. 2004
|
2 x 10
|
100%
|
20
|
Solar
|
|||||
Zhenlai Wind Power
|
33 turbines: Jun. 2009
|
49.5
|
100%
|
49.5
|
Wind
|
|||||
33 turbines: Dec. 2011
|
49.5
|
100%
|
49.5
|
|||||||
Siping Wind Power
|
50 turbines: Oct. 2010
|
75
|
100%
|
75
|
Wind
|
|||||
25 turbines: Nov. 2010
|
50
|
100%
|
50
|
|||||||
50 turbines: Dec. 2010
|
75
|
100%
|
75
|
|||||||
Tongyu Tuanjie Wind Power
|
74 turbines: Dec. 2015
|
148
|
100%
|
148
|
Wind
|
|||||
Liaoning Province
|
||||||||||
Dalian Power Plant Phase I
|
Unit I: Sep. 1988
|
2 x 350
|
100%
|
700
|
Coal
|
|||||
Unit II: Dec. 1988
|
||||||||||
Phase II
|
Unit III: Jan. 1999
|
2 x 350
|
100%
|
700
|
Coal
|
|||||
Unit IV: Jan. 1999
|
||||||||||
Dandong Power Plant
|
Unit I: Jan. 1999
|
2 x 350
|
100%
|
700
|
Coal
|
|||||
Unit II: Jan. 1999
|
||||||||||
Yingkou Power Plant Phase I
|
Unit I: Jan. 1996
|
2 x 320
|
100%
|
640
|
Coal
|
|||||
Unit II: Dec. 1996
|
||||||||||
Phase II
|
Unit III: Aug. 2007
|
2 x 600
|
100%
|
1,200
|
Coal
|
|||||
Unit IV: Oct. 2007
|
||||||||||
Yingkou Co-generation
|
Unit I: Dec. 2009
|
2 x 330
|
100%
|
660
|
Coal
|
|||||
Unit II: Dec. 2009
|
||||||||||
Wafangdian Wind Power
|
24 turbines: Jun. 2011
|
48
|
100%
|
48
|
Wind
|
|||||
Changtu Wind Power
|
33 turbines: Nov. 2012
|
97.5
|
100%
|
97.5
|
Wind
|
|||||
24 turbines: Oct. 2014
|
||||||||||
Suzihe Hydropower
|
2012
|
3 x 12.5
|
100%
|
37.5
|
Hydro
|
|||||
Dandong Photovoltaic
|
May. 2016
|
10
|
100%
|
10
|
Solar
|
|||||
Yingkou Co-generation Photovoltaic
|
Jun. 2016
|
10
|
100%
|
10
|
Solar
|
|||||
Xianrendao Co-generation
|
Mar. 2017
|
1 x 50
|
100%
|
50
|
Coal
|
|||||
Inner Mongolia
|
||||||||||
Autonomous Region
|
||||||||||
Huade Wind Power Phase I
|
33 turbines: Dec. 2009
|
49.5
|
100%
|
49.5
|
Wind
|
|||||
Phase II
|
33 turbines: Jun. 2011
|
49.5
|
100%
|
49.5
|
Wind
|
|||||
Hebei Province
|
||||||||||
Shang' an Power Plant Phase I
|
Unit I: Aug. 1990
|
2 x 350
|
100%
|
700
|
Coal
|
|||||
Unit II: Dec. 1990
|
||||||||||
Phase II
|
Unit III: Oct. 1997
|
2 x 330
|
100%
|
660
|
Coal
|
|||||
Unit IV: Oct. 1997
|
Plant or Expansion
|
Actual
In-service Date |
Current Installed Capacity
|
Ownership
|
Attributable Capacity
|
Type of Fuel
|
|||||
(Names as defined below)
|
(MW)
|
%
|
MW
|
|||||||
Phase III
|
Unit V: Jul. 2008
|
2 x 600
|
100%
|
1,200
|
Coal
|
|||||
Unit VI: Aug. 2008
|
||||||||||
Kangbao Wind Power Phase I
|
33 turbines: Jan. 2011
|
49.5
|
100%
|
49.5
|
Wind
|
|||||
Kangbao Xitan Photovoltaic
|
Jun. 2016
|
20
|
100%
|
20
|
Solar
|
|||||
Gansu Province
|
||||||||||
Pingliang Power Plant
|
Unit I: Sep. 2000
|
3 x 325
|
65%
|
633.75
|
Coal
|
|||||
Unit II: Jun. 2001
|
||||||||||
Unit III: Jun. 2003
|
||||||||||
Unit IV: Nov. 2003
|
1 x 330
|
65%
|
214.5
|
Coal
|
||||||
Unit V: Feb. 2010
|
2 x 600
|
65%
|
780
|
Coal
|
||||||
Unit VI: March 2010
|
||||||||||
Jiuquan Wind Power
|
259 turbines: Dec. 2011
|
401
|
100%
|
401
|
Wind
|
|||||
Jiuquan II Wind Power
|
100 turbines: Dec. 2014
|
200
|
100%
|
200
|
Wind
|
|||||
100 turbines: Jun. 2015
|
200
|
100%
|
200
|
Wind
|
||||||
Yumen Wind Power
|
24 turbines: Jun. 2015
|
48
|
100%
|
48
|
Wind
|
|||||
67 turbines: Jun. 2015
|
100.5
|
100%
|
100.5
|
Wind
|
||||||
Yigang Wind Power
|
96 turbines: Dec. 2015
|
192
|
100%
|
192
|
Wind
|
|||||
Beijing Municipality
|
||||||||||
Beijing Co-generation
|
Unit I: Jan. 1998
|
2 x 165
|
41%
|
135.3
|
Coal
|
|||||
Unit II: Jan. 1998
|
||||||||||
Unit III: Dec. 1998
|
2 x 220
|
41%
|
180.4
|
Coal
|
||||||
Unit IV: Jun. 1999
|
||||||||||
Unit V: Apr. 2004
|
1 x 75
|
41%
|
30.75
|
Coal
|
||||||
Beijing Co-generation CCGT
|
Unit I: Dec. 2011
|
2 x 306.9
|
41%
|
251.66
|
Gas
|
|||||
Unit II: Dec. 2011
|
||||||||||
Unit III: Dec. 2011
|
1 x 309.6
|
41%
|
126.936
|
Gas
|
||||||
Tianjin Municipality
|
||||||||||
Yangliuqing Co-generation
|
Unit I: Dec. 1998
|
4 x 300
|
55%
|
660
|
Coal
|
|||||
Unit II: Sep. 1999
|
||||||||||
Unit III: Dec. 2006
|
||||||||||
Unit IV: May 2007
|
||||||||||
Lingang Co-generation CCGT
|
Unit I: Dec. 2014
|
1 x 313
|
100%
|
463
|
Gas
|
|||||
|
1 x 150
|
|||||||||
Shanxi Province
|
||||||||||
Yushe Power Plant Phase I
|
Unit I: Aug. 1994
|
2 x 100
|
60%
|
120
|
Coal
|
|||||
Unit III: Dec. 1994
|
||||||||||
Phase II
|
Unit IV: Oct. 2004
|
2 x 300
|
60%
|
360
|
Coal
|
|||||
Unit II: Nov. 2004
|
||||||||||
Zuoquan Power Plant
|
Unit I: Dec. 2011
|
2 x 673
|
80%
|
1,076.8
|
Coal
|
|||||
Unit II: Jan. 2012
|
||||||||||
Dongshan CCGT
|
Unit I: Oct. 2015
|
2 x297.7
|
100%
|
595.4
|
Gas
|
|||||
Unit II: Oct. 2015
|
||||||||||
Unit III: Oct. 2015
|
263.6
|
100%
|
263.6
|
Gas
|
||||||
Shandong Province
|
||||||||||
Dezhou Power Plant Phase I
|
Unit I: 1992
|
1 x 330
|
100%
|
330
|
Coal
|
|||||
Unit II: 1992
|
1 x 320
|
100%
|
320
|
Coal
|
||||||
Phase II
|
Unit III: Jun. 1994
|
1 x 330
|
100%
|
330
|
Coal
|
Plant or Expansion
|
Actual
In-service Date |
Current Installed Capacity
|
Ownership
|
Attributable Capacity
|
Type of Fuel
|
||||||
(Names as defined below)
|
(MW)
|
%
|
MW
|
||||||||
|
|||||||||||
|
Unit IV: May 1995
|
1 x 320
|
100%
|
320
|
Coal
|
||||||
|
Phase III
|
Unit V: Jun. 2002
|
2 x 700
|
100%
|
1,400
|
Coal
|
|||||
|
Unit VI: Oct. 2002
|
||||||||||
Jining Power Plant
|
Coal-fired
|
Unit V: Jul. 2003
|
2 x 135
|
100%
|
270
|
Coal
|
|||||
|
Unit VI: Aug. 2003
|
||||||||||
|
Co-generation
|
Unit I: Nov. 2009
|
2 x 350
|
100%
|
700
|
Coal
|
|||||
|
Unit II: Dec. 2009
|
||||||||||
Xindian Power Plant
|
Phase III
|
Unit V: Sep 2006
|
2 x 300
|
95%
|
570
|
Coal
|
|||||
|
Unit VI: Nov. 2006
|
||||||||||
Weihai Power Plant
|
Phase II
|
Unit III: Mar. 1998
|
2 x 320
|
60%
|
384
|
Coal
|
|||||
|
Unit IV: Nov. 1998
|
||||||||||
Phase III
|
Unit V: Dec. 2012
|
2 x 680
|
60%
|
816
|
Coal
|
||||||
|
Unit VI: Dec. 2012
|
||||||||||
Rizhao Power Plant
|
Phase II
|
Dec. 2008
|
2 x 680
|
100%
|
1,360
|
Coal
|
|||||
|
|||||||||||
Zhanhua Co-generation
|
|
Jul. 2005
|
2 x 165
|
100%
|
330
|
Coal
|
|||||
|
|||||||||||
Baiyanghe Power Plant
|
|
Unit I: Oct. 2003
|
1 x 145
|
80%
|
116
|
Coal
|
|||||
|
Unit II: Oct. 2003
|
1 x 145
|
80%
|
116
|
|||||||
|
Unit III: Dec. 2009
|
1 x 300
|
80%
|
240
|
|||||||
|
Unit IV: Dec. 2009
|
1 x 300
|
80%
|
240
|
|||||||
Rizhao Power Plant
|
Phase I
|
Unit I: Sep. 1999
|
1 x 350
|
88.8%
|
311
|
Coal
|
|||||
|
Unit II: Jan. 2003
|
1 x 350
|
88.8%
|
311
|
|||||||
Jiaxiang Power Plant
|
|
Unit I: Oct. 2006
|
1 x 330
|
40%
|
132
|
Coal
|
|||||
|
Unit II: May. 2007
|
1 x 330
|
40%
|
132
|
|||||||
Jining Co-generation
|
|
Unit I: Apr. 2004
|
1 x 30
|
40%
|
12
|
Coal
|
|||||
|
Unit II: Jul. 2004
|
1 x 30
|
40%
|
12
|
|||||||
Qufu Co-generation
|
|
Units I: Feb. 2009
|
1 x 225
|
40%
|
90
|
Coal
|
|||||
|
Unit II: Sep. 2009
|
1 x 225
|
40%
|
90
|
|||||||
Huangtai Power Plant
|
|
Unit I: Nov. 1987
|
1 x 330
|
72%
|
237.6
|
Coal
|
|||||
|
Unit II: Jan. 2011
|
1 x 350
|
72%
|
252
|
|||||||
|
Unit III: Jan. 2011
|
1 x 350
|
72%
|
252
|
|||||||
Yantai Power Plant
|
|
Unit I: Apr. 1996
|
1 x 110
|
80%
|
88
|
Coal
|
|||||
|
Unit II: Oct. 2005
|
1 x 160
|
80%
|
128
|
|||||||
|
Unit III: Dec. 2005
|
1 x 160
|
80%
|
128
|
|||||||
|
Unit IV: Oct. 2006
|
1 x 160
|
80%
|
128
|
|||||||
Linyi Power Plant
|
|
Unit I: Dec. 2012
|
1 x 350
|
60%
|
210
|
Coal
|
|||||
|
Unit II: Oct. 2013
|
1 x 350
|
60%
|
210
|
|||||||
|
Unit III: Dec. 1997
|
1 x 140
|
60%
|
84
|
|||||||
|
Unit IV: Apr. 2003
|
1 x 140
|
60%
|
84
|
|||||||
|
Unit V: Sep. 2003
|
1 x 140
|
60%
|
84
|
|||||||
|
Unit VI: Apr. 2005
|
1 x 140
|
60%
|
84
|
|||||||
Jining Yunhe Power Plant
|
|
Unit I: Jul. 2000
|
1 x 145
|
78.68%
|
114.09
|
Coal
|
|||||
|
Unit II: Nov. 2000
|
1 x 145
|
78.68%
|
114.09
|
|||||||
|
Unit III: Sep. 2003
|
1 x 145
|
78.68%
|
114.09
|
|||||||
|
Unit IV: Feb. 2004
|
1 x 145
|
78.68%
|
114.09
|
|||||||
|
Unit V: Sep. 2006
|
1 x 330
|
78.68%
|
259.64
|
|||||||
|
Unit VI: Mar. 2006
|
1 x 330
|
78.68%
|
259.64
|
|||||||
Liaocheng Co-generation
|
|
Unit I: Jan. 2006
|
1 x 330
|
60%
|
198
|
Coal
|
Plant or Expansion
|
Actual
In-service Date |
Current Installed Capacity
|
Ownership
|
Attributable Capacity
|
Type of Fuel
|
|||||
(Names as defined below)
|
(MW)
|
%
|
MW
|
|||||||
Unit II: Sep. 2006
|
1 x 330
|
60%
|
198
|
|||||||
Taian Power Plant
|
Unit I: May. 2007
|
1 x 150
|
80%
|
120
|
Coal
|
|||||
Unit II: Dec. 2007
|
1 x 150
|
80%
|
120
|
|||||||
Laiwu Power Plant
|
Unit I: Dec. 2015
|
1 x 1000
|
64%
|
640
|
Coal
|
|||||
Unit II: Nov. 2016
|
1 x 1000
|
64%
|
640
|
|||||||
Muping Wind Power
|
28 turbines: Dec. 2010
|
42
|
80%
|
34
|
Wind
|
|||||
Penglai Wind Power
|
24 turbines: Sep. 2014
|
48
|
80%
|
38.4
|
Wind
|
|||||
1 turbine: Sep. 2014
|
1.8
|
80%
|
1.44
|
|||||||
24 turbines: Oct. 2016
|
48
|
80%
|
3.8.4
|
|||||||
1 turbine: Oct. 2016
|
1.8
|
80%
|
1.44
|
|||||||
Rushan Wind Power
|
8 turbines: Sep. 2014
|
12
|
80%
|
9.6
|
Wind
|
|||||
11 turbines: Sep. 2014
|
16.5
|
80%
|
13.2
|
|||||||
2 turbines: Oct. 2016
|
3
|
80%
|
2.4
|
|||||||
5 turbines: Oct. 2016
|
10.5
|
80%
|
8.4
|
|||||||
Changdao Wind Power
|
8 turbines: Sep. 1999
|
4.8
|
48%
|
10
|
Wind
|
|||||
6 turbines: Dec. 2004
|
3.6
|
48%
|
1.73
|
|||||||
3 turbines: Jul. 2005
|
2.25
|
48%
|
1.08
|
|||||||
1 turbine: Apr. 2006
|
1.3
|
48%
|
0.62
|
|||||||
3 turbines: Apr. 2006
|
2.25
|
48%
|
1.08
|
|||||||
2 turbines: Sep. 2006
|
2.6
|
48%
|
1.25
|
|||||||
1 turbine: Sep. 2006
|
0.75
|
48%
|
0.36
|
|||||||
2 turbines: Jan. 2007
|
1.5
|
48%
|
0.72
|
|||||||
2 turbines: Oct. 2008
|
1.5
|
48%
|
0.72
|
|||||||
Rongcheng Wind Power
|
1 turbine: Jan. 2006
|
1.5
|
48%
|
0.72
|
Wind
|
|||||
1 turbine: Jan. 2006
|
1.5
|
48%
|
0.72
|
|||||||
1 turbine: Jan. 2006
|
1.5
|
48%
|
0.72
|
|||||||
2 turbines: Feb. 2006
|
3
|
48%
|
1.44
|
|||||||
2 turbines: Feb. 2006
|
3
|
48%
|
1.44
|
|||||||
3 turbines: Mar. 2006
|
4.5
|
48%
|
2.16
|
|||||||
Dongying Wind Power
|
32 turbines: Dec. 2009
|
48
|
56%
|
27
|
Wind
|
|||||
Boshan Photovoltaic
|
May. 2016
|
12
|
80%
|
10
|
Solar
|
|||||
Sishui Photovoltaic
|
Jun. 2015
|
20
|
80%
|
16
|
Solar
|
|||||
Gaozhuang Photovoltaic
|
May. 2016
|
20
|
80%
|
16
|
Solar
|
|||||
Jining Co-generation Photovoltaic
|
20
|
80%
|
16
|
Solar
|
||||||
Henan Province
|
||||||||||
Qinbei Power Plant Phase I
|
Unit I: Nov. 2004
|
2 x 600
|
60%
|
720
|
Coal
|
|||||
Unit II: Dec. 2004
|
||||||||||
Phase II
|
Unit III: Nov. 2007
|
2 x 600
|
60%
|
720
|
Coal
|
|||||
Unit IV: Nov. 2007
|
||||||||||
Phase III
|
Unit V: Mar. 2012
|
2 x 1000
|
60%
|
1,200
|
Coal
|
|||||
Unit VI: Feb. 2013
|
||||||||||
Zhongyuan CCGT
|
Unit I: Aug. 2007
|
2 x 390
|
90%
|
702
|
Coal
|
|||||
Unit II: Jan. 2008 | ||||||||||
Luoyang Co-generation Power Plant
|
Unit I: May. 2015
|
2 x 350
|
80%
|
560
|
Coal
|
|||||
Unit II: Jun. 2015
|
||||||||||
Luoyang Yangguang Power Plant
|
Unit I: Jun. 2006 |
2 x 135
|
80%
|
216
|
Coal
|
|||||
Unit II: Oct. 2006 | ||||||||||
Mianchi Co-generation
|
Unit I: Dec. 2016
|
2 x 350
|
60%
|
420
|
Coal
|
|||||
Unit II: Dec. 2016
|
||||||||||
Guoji Wind Power
|
16 turbines: Dec 2016
|
32
|
90%
|
28.8
|
Wind
|
|||||
Jiangsu Province
|
Plant or Expansion
|
Actual
In-service Date |
Current Installed Capacity
|
Ownership
|
Attributable Capacity
|
Type of Fuel
|
(Names as defined below)
|
(MW)
|
%
|
MW
|
||
Nantong Power Plant Phase I
|
Unit I: Sep. 1989
|
2 x 352
|
100%
|
704
|
Coal
|
Unit II: Mar. 1990
|
|||||
Phase II
|
Unit III: Jul. 1999
|
2 x 350
|
100%
|
700
|
Coal
|
Unit IV: Oct. 1999
|
|||||
Nanjing Power Plant
|
Unit I: Mar. 1994
|
2 x 320
|
100%
|
640
|
Coal
|
Unit II: Oct. 1994
|
|||||
Taicang Power Plant Phase I
|
Unit I: Dec. 1999
|
2 x 320
|
75%
|
480
|
Coal
|
Unit II: Apr. 2000
|
|||||
Phase II
|
Unit III: Jan. 2006
|
2 x 630
|
75%
|
945
|
Coal
|
Unit IV: Feb. 2006
|
|||||
Huaiyin Power Plant Phase II
|
Unit III: Jan. 2005
|
2 x 330
|
63.64%
|
420
|
Coal
|
Unit IV: Mar. 2005
|
|||||
Phase III
|
Unit V: May 2006
|
2 x 330
|
63.64%
|
420
|
Coal
|
Unit VI: Sep. 2006
|
|||||
Jinling Power Plant CCGT
|
Unit I: Dec. 2006
|
2 x 390
|
60%
|
468
|
Gas
|
Unit II: Mar. 2007
|
|||||
CCGT
|
Unit I: April 2013
|
2 x 126.7
|
51%
|
195.1
|
Gas
|
Cogeneration
|
Unit II: May 2013
|
2 x 64.6
|
|||
Jinling Coal-Fired
|
Unit III: Dec. 2009
|
2 x 1,030
|
60%
|
1,236
|
Coal
|
Unit IV: Aug. 2012
|
|||||
Suzhou Co-generation
|
Unit I: Aug. 2006
|
2 x 60
|
53.45%
|
64.14
|
Coal
|
Unit II: Oct. 2006
|
|||||
Nanjing Chemical Industry Park Co-generation
|
Unit I: Apr. 2016
|
50
|
70%
|
35
|
Coal
|
Unit II: Dec. 2016
|
50
|
70%
|
35
|
||
Qidong Wind Power Phase I
|
61 turbines: Mar. 2009
|
91.5
|
65%
|
59.5
|
Wind
|
Phase II
|
25 turbines: Jan. 2011
|
50
|
65%
|
32.5
|
Wind
|
22 turbines: Jun. 2012
|
44
|
65%
|
28.6
|
Wind
|
|
Rudong Wind Power
|
24 turbines: Nov. 2013
|
48
|
90%
|
43.2
|
Wind
|
Tongshan Wind Power
|
25 turbines: Mar. 2016
|
50
|
70%
|
35
|
Wind
|
Luhe Wind Power
|
25 turbines: Dec. 2016
|
50
|
100%
|
50
|
Wind
|
Rudong Offshore Wind Power
|
12 x 4.2
|
70%
|
35.3
|
Wind
|
|
Shanghai Municipality
|
|||||
Shidongkou I
|
Unit I: Feb. 1988
|
4 x 325
|
100%
|
1,300
|
Coal
|
Unit II: Dec. 1988
|
|||||
Unit III: Sep. 1989
|
|||||
Unit IV: May 1990
|
|||||
Shidongkou II
|
Unit I: Jun. 1992
|
2 x 600
|
100%
|
1,200
|
Coal
|
Unit II: Dec. 1992
|
|||||
Shidongkou Power
|
Unit I: Oct. 2011
|
2 x 660
|
50%
|
660
|
Coal
|
Unit II: Oct. 2011
|
|||||
Shanghai CCGT
|
Unit I: May 2006
|
3 x 390
|
70%
|
819
|
Gas
|
Unit II: Jun. 2006
|
|||||
Unit III: Jul. 2006
|
|||||
Chongqing Municipality
|
|||||
Luohuang Power Plant Phase I
|
Unit I: Sep. 1991
|
2 x 360
|
60%
|
432
|
Coal
|
Unit II: Feb. 1992
|
|||||
Phase II
|
Unit III: Dec. 1998
|
2 x 360
|
60%
|
432
|
Coal
|
Unit IV: Dec. 1998
|
|||||
Phase III
|
Unit V: Dec. 2006
|
2 x 600
|
60%
|
720
|
Coal
|
Plant or Expansion
|
Actual
In-service Date |
Current Installed Capacity
|
Ownership
|
Attributable Capacity
|
Type of Fuel
|
|
(Names as defined below)
|
(MW)
|
%
|
MW
|
|||
Unit VI: Jan. 2007
|
||||||
Liangjiang CCGT
|
Unit I: Oct. 2014
|
2 x 467
|
90%
|
840.6
|
Gas
|
|
Unit II: Dec. 2014
|
||||||
Zhejiang Province
|
||||||
Changxing Power Plant
|
Unit I: Dec. 2014
|
2 x 660
|
100%
|
1320
|
Coal
|
|
Unit II: Dec. 2014
|
||||||
Yuhuan Power Plant
|
Phase I |
Unit I: Nov. 2006
|
2 x 1,000
|
100%
|
2,000
|
Coal
|
Unit II: Dec. 2006
|
||||||
|
Phase II
|
Unit III: Nov. 2007
|
2 x 1,000
|
100%
|
2,000
|
Coal
|
Unit IV: Nov. 2007
|
||||||
Tongxiang CCGT
|
Unit I: Sep. 2014
|
1 x 258.4
|
95%
|
245.48
|
Gas
|
|
Unit II: Sep. 2014
|
1 x 200
|
95%
|
190
|
Gas
|
||
Changxing Photovoltaic
|
Dec. 2014
|
5
|
100%
|
5
|
Solar
|
|
Mar. 2015
|
5
|
100%
|
5
|
Solar
|
||
Changxing Hongqiao Photovoltaic
|
Sep. 2016
|
30
|
100%
|
30
|
Solar
|
|
Hunan Province
|
||||||
Yueyang Power Plant
|
Phase I |
Unit I: Sep. 1991
|
2 x 362.5
|
55%
|
398.75
|
Coal
|
Unit II: Dec. 1991
|
||||||
|
Phase II
|
Unit III: Mar. 2006
|
2 x 300
|
55%
|
330
|
Coal
|
Unite IV: May 2006
|
||||||
|
Phase III
|
Unit V: Jan. 2011
|
2 x 600
|
55%
|
660
|
Coal
|
Unit VI: Aug. 2012
|
||||||
Xiangqi Hydropower
|
Unit I: Dec. 2011
|
4 x 20
|
100%
|
80
|
Hydro
|
|
Unit II: May 2012
|
||||||
Unit III: Jul. 2012
|
||||||
Unit IV: Aug. 2012
|
||||||
Subaoding Wind Power
|
40 turbines: Dec. 2014
|
80
|
100%
|
80
|
Wind
|
|
35 turbines: May. 2015
|
70
|
100%
|
70
|
Wind
|
||
Guidong Wind Power
|
42 turbines: Aug. 2015
|
48
|
100%
|
48
|
Wind
|
|
18 turbines: Sep. 2015
|
36
|
100%
|
36
|
Wind
|
||
Hubei Province
|
||||||
Enshi Maweigou Hydropower
|
Dec. 2011
|
3 x 5
|
100%
|
15
|
Hydro
|
|
Dec. 2015
|
2 x 20
|
100%
|
40
|
Hydro
|
||
Dalongtan Hydropower
|
Unit I: May 2006
|
3 x 12
|
97%
|
34.92
|
Hydro
|
|
Unit II: Aug. 2005
|
1 x 1.6
|
97%
|
1.55
|
Hydro
|
||
Unit III: Mar. 2006
|
||||||
Wuhan Power Plant
|
Phase I |
Unit I: Jun. 1993
|
2 x 300
|
75%
|
450
|
Coal
|
Unit II: Jan. 1994
|
||||||
|
Phase II
|
Unit III: May 1997
|
2 x 330
|
75%
|
495
|
Coal
|
Unite IV: Dec. 1997
|
||||||
|
Phase III
|
Unit V: Oct. 2006
|
2 x 600
|
75%
|
900
|
Coal
|
Unit VI: Dec. 2006
|
||||||
Jingmen Co-generation
|
Unit I: Nov. 2014
|
2 x 350
|
100%
|
700
|
Coal
|
|
Unit II: Oct. 2014
|
||||||
Yingcheng Co-generation
|
Unit II: Jan. 2015
|
1 x 350
|
100%
|
350
|
Coal
|
|
Unit I: Jun. 2016
|
1 x 50
|
100%
|
50
|
Coal
|
||
Jieshan Wind Power
|
Phase I |
24 turbines: Jun. 2015
|
48
|
100%
|
48
|
Wind
|
|
Phase II
|
36 turbines: Aug. 2016
|
72
|
100%
|
72
|
Wind
|
Jiangxi Province
|
Plant or Expansion
|
Actual
In-service Date |
Current Installed Capacity
|
Ownership
|
Attributable Capacity
|
Type of Fuel
|
||||||
(Names as defined below)
|
(MW)
|
%
|
MW
|
||||||||
|
|||||||||||
Jinggangshan Power Plant
|
Phase I
|
Unit I: Dec. 2000
|
2 x 300
|
100%
|
600
|
Coal
|
|||||
|
Unit II: Aug. 2001
|
||||||||||
|
Phase II
|
Unit III: Nov. 2009
|
2 x 660
|
100%
|
1,320
|
Coal
|
|||||
|
Unit IV: Dec. 2009
|
||||||||||
Jianggongling Wind Power
|
|
24 turbines: Dec. 2014
|
48
|
100%
|
48
|
Wind
|
|||||
Ruijin Power Plant
|
|
Unit I: May 2008
|
2 x 350
|
100%
|
700
|
Coal
|
|||||
|
Unit II: Aug. 2008
|
||||||||||
Anyuan Power Plant
|
|
Unit I: Jun. 2015
|
2 x 660
|
100%
|
1,320
|
Coal
|
|||||
|
Unit II: Aug. 2015
|
||||||||||
Hushazui Wind Power
|
|
13 turbines: Dec. 2016
|
26
|
100%
|
26
|
Wind
|
|||||
Anhui Province
|
|
||||||||||
Chaohu Power Plant
|
|
Unit I: May 2008
|
2 x 600
|
60%
|
720
|
Coal
|
|||||
|
Unit II: Aug. 2008
|
||||||||||
Hualiangting Hydropower
|
Phase I
|
Unit I: Oct. 1981
|
2 x 10
|
100%
|
20
|
Hydro
|
|||||
|
Unit II: Nov. 1981
|
||||||||||
|
Phase II
|
Unit III: Nov. 1987
|
2 x 10
|
100%
|
20
|
Hydro
|
|||||
|
Unit IV: Nov. 1987
|
||||||||||
Huaining Wind Power
|
|
25 turbines: Jun. 2016
|
50
|
100%
|
50
|
Wind
|
|||||
Fujian Province
|
|
||||||||||
Fuzhou Power Plant
|
Phase I
|
Unit I: Sep. 1988
|
2 x 350
|
100%
|
700
|
Coal
|
|||||
|
Unit II: Dec. 1988
|
||||||||||
Phase II
|
Unit III: Oct. 1999
|
2 x 350
|
100%
|
700
|
Coal
|
||||||
|
Unit IV: Oct. 1999
|
||||||||||
|
Phase III
|
Unit V: Jul. 2010
|
2 x 660
|
100%
|
660
|
Coal
|
|||||
Guangdong Province
|
|
||||||||||
Shantou Power Plant
|
Phase I
|
Unit VI: Oct. 2011
|
2 x 300
|
100%
|
600
|
Coal
|
|||||
|
Unit I: Jan. 1997
|
||||||||||
|
Unit II: Jan. 1997
|
||||||||||
|
Phase II
|
Unit III: Oct. 2005
|
1 x 600
|
100%
|
600
|
Coal
|
|||||
Haimen
|
|
Unit I: Jul. 2009
|
2 x 1,036
|
100%
|
2,072
|
Coal
|
|||||
|
Unit II: Oct. 2009
|
||||||||||
Haimen Power
|
|
Unit I: Mar. 2013
|
2 x 1,036
|
80%
|
1,657.6
|
Coal
|
|||||
|
Unit II: Mar. 2013
|
||||||||||
Shantou Photovoltaic
|
|
Sep. 2016
|
17
|
100%
|
17
|
Solar
|
|||||
Yunnan Province
|
|
||||||||||
Diandong Energy
|
Phase I
|
Unit I: Feb. 2006
|
2 x 600
|
100%
|
1,200
|
Coal
|
|||||
|
Unit II: Jul. 2006
|
||||||||||
|
Phase II
|
Unit III: Nov. 2006
|
2 x 600
|
100%
|
1,200
|
Coal
|
|||||
|
Unit IV: May 2007
|
||||||||||
Yuwang Energy
|
Phase I
|
Unit I: Jul. 2009
|
2 x 600
|
100%
|
1,200
|
Coal
|
|||||
|
Unit II: Feb. 2010
|
||||||||||
Fuyuan Wenbishan Wind Power
|
|
20 turbines: Dec. 2014
|
40
|
100%
|
40
|
Wind
|
|||||
Fuyuan Yibasan Wind Power
|
|
24 turbines: Dec. 2014
|
48
|
100%
|
48
|
Wind
|
|||||
Fuyuan Shengjing Wind Power
|
|
20 turbines: Jun. 2016
|
48
|
100%
|
48
|
Wind
|
|||||
Hainan Province
|
|
||||||||||
Haikou Power Plant
|
|
Unit IV: May 2000
|
2 x 138
|
91.8%
|
253.368
|
Coal
|
|||||
|
Unit V: May 1999
|
||||||||||
|
Unit VIII: Apr. 2006
|
2 x 330
|
91.8%
|
605.88
|
Coal
|
||||||
|
Unit IX: May 2007
|
Plant or Expansion
|
Actual
In-service Date |
Current Installed Capacity
|
Ownership
|
Attributable Capacity
|
Type of Fuel
|
||||||
(Names as defined below)
|
(MW)
|
%
|
MW
|
||||||||
|
|||||||||||
Dongfang Power Plant
|
Phase I
|
Unit I: Jun. 2009
|
2 x 350
|
91.8%
|
642.6
|
Coal
|
|||||
|
Unit II: Dec. 2009
|
||||||||||
|
Phase II
|
Unit III: May 2012
|
2 x 350
|
91.8%
|
642.6
|
Coal
|
|||||
|
Unit IV: Dec. 2012
|
||||||||||
Nanshan Co-generation
|
|
Unit I: Apr. 1995
|
2 x 50
|
91.8%
|
91.8
|
Gas
|
|||||
|
Unit II: Apr. 1995
|
||||||||||
|
Unit III: Oct. 2003
|
2 x 16
|
91.8%
|
29.370
|
Gas
|
||||||
|
Unit IV: Oct. 2003
|
||||||||||
Gezhen Hydropower
|
|
Unit I: Nov. 2009
|
2 x 40
|
91.8%
|
73.40
|
Hydro
|
|||||
|
Unit II: Nov. 2009
|
||||||||||
|
Unit III: Dec. 2009
|
2 x 1
|
91.8%
|
1.836
|
Hydro
|
||||||
|
Unit IV: Dec. 2009
|
||||||||||
Wenchang Wind Power
|
|
34 turbines: Jan. 2009
|
51.5
|
91.8%
|
47.277
|
Wind
|
|||||
Dongfang Photovoltaic
|
|
Jul. 2016
|
12
|
91.8%
|
11.016
|
Solar
|
|||||
Guizhou Province
|
|
||||||||||
Panxian Wind Power
|
|
12 turbines: Dec. 2015
|
24
|
100%
|
24
|
Wind
|
|||||
Singapore
|
|
Unit I: Mar. 1999
|
1 x 600
|
100%
|
600
|
Oil
|
|||||
Tuas Power
|
|
Unit III: Nov. 2001
|
4 x 367.5
|
100%
|
1,470
|
Gas
|
|||||
|
Unit IV: Jan. 2002
|
||||||||||
|
Unit V: Feb. 2005
|
||||||||||
|
Unit VI: Sep. 2005
|
||||||||||
|
Unit VII: Dec. 2013
|
405.9
|
100%
|
405.9
|
Gas
|
||||||
TMUC
|
Phase I
|
Feb. 2013
|
1 x 101
|
100%
|
101
|
Coal & biomass
|
|||||
|
Phase IIA
|
Jun. 2014
|
1 x 32.5
|
100%
|
32.5
|
Coal & biomass
|
Coal-fired Power Plant
|
Availability factor (%)
|
Capacity factor (%)
|
||||||||||||||||||||||
2014
|
2015
|
2016
|
2014
|
2015
|
2016
|
|||||||||||||||||||
Liaoning Province
|
||||||||||||||||||||||||
Dalian
|
97.76
|
92.95
|
99.86
|
54.13
|
49.04
|
49.91
|
||||||||||||||||||
Dandong
|
95.89
|
93.34
|
97.4
|
52.14
|
49.74
|
47.49
|
||||||||||||||||||
Yingkou
|
94.16
|
100
|
100
|
49.64
|
48.86
|
48.70
|
||||||||||||||||||
Yingkou Co-generation
|
100
|
100
|
100
|
52.63
|
53.35
|
43.55
|
Coal-fired Power Plant
|
Availability factor (%)
|
Capacity factor (%)
|
||||||||||||||||||||||
2014
|
2015
|
2016
|
2014
|
2015
|
2016
|
|||||||||||||||||||
Hebei Province
|
||||||||||||||||||||||||
Shang’an
|
98.15
|
95.50
|
93.18
|
63.52
|
66.74
|
57.50
|
||||||||||||||||||
Gansu Province
|
||||||||||||||||||||||||
Pingliang
|
94.63
|
88.83
|
96.3
|
51.85
|
27.76
|
39.77
|
||||||||||||||||||
Beijing Municipality
|
||||||||||||||||||||||||
Beijing
|
94.48
|
85.60
|
92.79
|
54.79
|
53.01
|
45.89
|
||||||||||||||||||
Tianjin Municipality
|
||||||||||||||||||||||||
Yangliuqing
|
93.9
|
95.02
|
96.78
|
62.95
|
54.02
|
53.38
|
||||||||||||||||||
Shanxi Province
|
||||||||||||||||||||||||
Yushe
|
92.53
|
93.18
|
94.77
|
61.22
|
53.32
|
53.01
|
||||||||||||||||||
Zuoquan
|
92.93
|
90.93
|
87.61
|
50.88
|
47.71
|
46.68
|
||||||||||||||||||
Shandong Province
|
||||||||||||||||||||||||
Dezhou
|
97.01
|
97.01
|
93.96
|
64.46
|
60.83
|
57.97
|
||||||||||||||||||
Jining
|
92.03
|
92.03
|
91.35
|
55.56
|
57.58
|
59.22
|
||||||||||||||||||
Weihai
|
95.87
|
97.04
|
93.47
|
65.83
|
64.03
|
65.83
|
||||||||||||||||||
Xindian
|
87.15
|
89.12
|
90.10
|
62.83
|
60.08
|
63.07
|
||||||||||||||||||
Rizhao II
|
91.27
|
92.22
|
94.08
|
64.23
|
66.91
|
66.34
|
||||||||||||||||||
Zhanhua Co-generation
|
95.63
|
94.33
|
97.32
|
57.92
|
51.98
|
55.27
|
||||||||||||||||||
Henan Province
|
||||||||||||||||||||||||
Qinbei
|
92.85
|
97.18
|
96.69
|
50.92
|
46.22
|
55.06
|
||||||||||||||||||
Luoyang Cogeneration Power Plant
|
-
|
-
|
92.71
|
-
|
-
|
46.20
|
||||||||||||||||||
Luoyang Yangguang Power Plant
|
-
|
-
|
100
|
-
|
-
|
67.70
|
||||||||||||||||||
Mianchi Co-generation
|
-
|
-
|
100
|
-
|
-
|
59.04
|
||||||||||||||||||
Jiangsu Province
|
||||||||||||||||||||||||
Nantong
|
90.6
|
91.41
|
91.37
|
55.67
|
50.15
|
52.99
|
||||||||||||||||||
Nanjing
|
94.45
|
93.54
|
96.92
|
62.52
|
47.59
|
57.24
|
||||||||||||||||||
Taicang
|
99.99
|
94.39
|
99.84
|
65.2
|
60.57
|
71.16
|
||||||||||||||||||
Huaiyin
|
91.4
|
91.40
|
89.66
|
58.26
|
50.28
|
48.04
|
||||||||||||||||||
Jinling Coal-fired
|
88.66
|
89.82
|
93.85
|
64.1
|
64.99
|
70.19
|
||||||||||||||||||
Suzhou Co-generation
|
94.27
|
98.42
|
96.41
|
76.71
|
75.10
|
74.35
|
||||||||||||||||||
Shanghai Municipality
|
||||||||||||||||||||||||
Shidongkou I
|
98.53
|
95.43
|
99.86
|
52.96
|
44.44
|
43.53
|
||||||||||||||||||
Shidongkou II
|
90.15
|
92.57
|
92.81
|
50.71
|
51.15
|
55.07
|
||||||||||||||||||
Zhejiang Province
|
||||||||||||||||||||||||
Changxing
|
93.9
|
97.69
|
96.5
|
29.82
|
47.03
|
49.18
|
||||||||||||||||||
Yuhuan
|
95.45
|
95.53
|
93.64
|
63.22
|
55.43
|
55.58
|
||||||||||||||||||
Chongqing Municipality
|
||||||||||||||||||||||||
Luohuang
|
94.84
|
94.44
|
95.58
|
48.21
|
42.23
|
35.16
|
||||||||||||||||||
Hunan Province
|
||||||||||||||||||||||||
Yueyang
|
99.97
|
98.94
|
99.71
|
39.27
|
35.04
|
33.56
|
||||||||||||||||||
Hubei Province
|
||||||||||||||||||||||||
Wuhan Power
|
92.17
|
95.36
|
94.54
|
53.06
|
46.53
|
46.84
|
||||||||||||||||||
Jingmen Thermal Power
|
100
|
98.09
|
97.86
|
34.28
|
26.80
|
41.39
|
||||||||||||||||||
Yingcheng Thermal Power
|
-
|
100
|
90.80
|
-
|
33.52
|
44.30
|
Coal-fired Power Plant
|
Availability factor (%)
|
Capacity factor (%)
|
||||||||||||||||||||||
2014
|
2015
|
2016
|
2014
|
2015
|
2016
|
|||||||||||||||||||
Jiangxi Province
|
||||||||||||||||||||||||
Jinggangshan
|
95.03
|
92.92
|
92.19
|
50.5
|
53.47
|
49.55
|
||||||||||||||||||
Ruijin Power
|
-
|
-
|
92.43
|
-
|
-
|
49.77
|
||||||||||||||||||
Pingxiang
|
-
|
-
|
88.6
|
-
|
-
|
55.29
|
||||||||||||||||||
Anhui Province
|
||||||||||||||||||||||||
Chaohu Power
|
95.03
|
95.50
|
86.29
|
50.5
|
55.62
|
56.42
|
||||||||||||||||||
Fujian Province
|
||||||||||||||||||||||||
Fuzhou
|
94.53
|
91.62
|
99.98
|
58.66
|
45.72
|
36.05
|
||||||||||||||||||
Guangdong Province
|
||||||||||||||||||||||||
Shantou
|
96.55
|
98.42
|
97.91
|
50.75
|
43.29
|
43.39
|
||||||||||||||||||
Haimen
|
96.99
|
96.53
|
94.41
|
53.09
|
45.98
|
38.88
|
||||||||||||||||||
Yunnan Province
|
||||||||||||||||||||||||
Diandong
|
94.92
|
98.68
|
98.82
|
28.32
|
19.00
|
15.73
|
||||||||||||||||||
Yuwang
|
95.36
|
96.79
|
100
|
34.88
|
15.07
|
2.54
|
||||||||||||||||||
Hainan Province
|
||||||||||||||||||||||||
Haikou
|
95.36
|
96.02
|
91.15
|
34.88
|
87.47
|
60.46
|
||||||||||||||||||
Dongfang
|
94.92
|
92.73
|
94.33
|
28.32
|
74.05
|
60.23
|
2016
|
|
Dam
|
8 – 50 years
|
Port facilities
|
20 – 40 years
|
Buildings
|
8 – 30 years
|
Electric utility plant in service
|
5 – 30 years
|
Transportation facilities
|
8 – 27 years
|
Others
|
5 – 14 years
|
(1) |
The Company and its subsidiaries have the legal enforceable right to offset current income tax assets and current income tax liabilities;
|
(2) |
Deferred income tax assets and deferred income tax liabilities are related to the income tax levied by the same tax authority of the Company and its subsidiaries.
|
For the Year Ended December 31,
|
||||||||||||
2016
|
2015
|
Increased/
(Decreased) |
||||||||||
RMB'000
|
RMB'000
|
%
|
||||||||||
Operating revenue
|
113,814,236
|
128,904,873
|
(11.71
|
)
|
||||||||
Tax and levies on operations
|
(1,177,818
|
)
|
(1,157,760
|
)
|
1.73
|
|||||||
Operating expenses
|
||||||||||||
Fuel
|
(56,617,542
|
)
|
(59,242,367
|
)
|
(4.43
|
)
|
||||||
Maintenance
|
(4,343,349
|
)
|
(4,556,361
|
)
|
(4.68
|
)
|
||||||
Depreciation
|
(14,815,620
|
)
|
(14,411,632
|
)
|
2.80
|
|||||||
Labor
|
(8,043,406
|
)
|
(7,751,551
|
)
|
3.77
|
|||||||
Service fees on transmission and transformer facilities of HIPDC
|
(138,038
|
)
|
(140,771
|
)
|
(1.94
|
)
|
For the Year Ended December 31,
|
||||||||||||
2016
|
2015
|
Increased/
(Decreased) |
||||||||||
RMB'000
|
RMB'000
|
%
|
||||||||||
Purchase of electricity
|
(3,066,415
|
)
|
(3,581,517
|
)
|
(14.38
|
)
|
||||||
Others
|
(7,234,308
|
)
|
(8,919,988
|
)
|
(18.90
|
)
|
||||||
Total operating expenses
|
(94,258,678
|
)
|
(98,604,187
|
)
|
(4.41
|
)
|
||||||
Profit from operations
|
18,377,740
|
29,142,926
|
(36.94
|
)
|
||||||||
Interest income
|
147,063
|
160,723
|
(8.50
|
)
|
||||||||
Financial expenses, net
|
||||||||||||
Interest expense
|
(6,817,526
|
)
|
(7,945,734
|
)
|
(14.20
|
)
|
||||||
Exchange (loss)/gain and bank charges , net
|
(250,076
|
)
|
(24,336
|
)
|
927.60
|
|||||||
Total financial expenses, net
|
(7,067,602
|
)
|
(7,970,070
|
)
|
(11.32
|
)
|
||||||
Share of profits less losses of associates and joint ventures
|
1,298,889
|
1,525,975
|
(14.88
|
)
|
||||||||
Loss on fair value changes of financial assets / liabilities
|
(12,986
|
)
|
(16,742
|
)
|
(22.43
|
)
|
||||||
Other investment income
|
1,070,034
|
115,238
|
828.54
|
|||||||||
Profit before income tax expense
|
13,813,138
|
22,958,050
|
(39.83
|
)
|
||||||||
Income tax expense
|
(3,465,151
|
)
|
(5,698,943
|
)
|
(39.20
|
)
|
||||||
Net Profit
|
10,347,987
|
17,259,107
|
(40.04
|
)
|
||||||||
Attributable to:
|
||||||||||||
-Equity holders of the Company
|
8,520,427
|
13,651,933
|
(37.59
|
)
|
||||||||
-Non-controlling interests
|
1,827,560
|
3,607,174
|
(49.34
|
)
|
Domestic Power Plant
|
Power generation in 2016
|
Power generation in 2015
|
Change (%)
|
|||||||||
Liaoning Province
|
||||||||||||
Dalian
|
5.656
|
5.921
|
(4.47
|
)
|
||||||||
Dandong
|
2.920
|
3.050
|
(4.26
|
)
|
||||||||
Yingkou
|
7.872
|
7.875
|
(0.04
|
)
|
||||||||
Yingkou Co-generation
|
3.028
|
3.085
|
(1.84
|
)
|
||||||||
Wafangdian Wind Power
|
0.098
|
0.094
|
4.37
|
|||||||||
Suzihe Hydropower
|
0.034
|
0.051
|
(32.36
|
)
|
||||||||
Changtu Wind Power
|
0.199
|
0.196
|
1.45
|
|||||||||
Dandong Photovoltaic
|
0.009
|
-
|
-
|
|||||||||
Yingkou Co-generation Photovoltaic
|
0.0071
|
-
|
-
|
|||||||||
Inner Mongolia Autonomous Region
|
||||||||||||
Huade Wind Power
|
0.218
|
0.193
|
12.82
|
|||||||||
Hebei Province
|
||||||||||||
Shang’an
|
12.931
|
12.519
|
3.29
|
|||||||||
Kangbao Wind Power
|
0.116
|
0.097
|
19.68
|
|||||||||
Kangbao Photovoltaic
|
0.016
|
-
|
-
|
|||||||||
Gansu Province
|
||||||||||||
Pingliang
|
8.443
|
6.020
|
40.24
|
|||||||||
Jiuquan Wind Power
|
0.410
|
0.438
|
(6.32
|
)
|
||||||||
Jiuquan II Wind Power
|
0.443
|
0.444
|
(0.24
|
)
|
||||||||
Yumen Wind Power
|
0.169
|
0.150
|
12.61
|
|||||||||
Yigang Wind Power
|
0.251
|
0.001
|
19,611.99
|
|||||||||
Beijing Municpality
|
||||||||||||
Beijing Co-generation
|
3.406
|
3.924
|
(13.19
|
)
|
||||||||
Beijing Co-generation CCGT
|
4.136
|
4.159
|
(0.54
|
)
|
||||||||
Tianjin Municipality
|
||||||||||||
Yangliuqing Co-generation
|
5.280
|
5.427
|
(2.71
|
)
|
||||||||
Lingang Co-generation CCGT
|
1.973
|
1.966
|
0.35
|
|||||||||
Shanxi Province
|
||||||||||||
Yushe
|
2.642
|
2.750
|
(3.92
|
)
|
||||||||
Zuoquan
|
5.519
|
5.625
|
(1.89
|
)
|
||||||||
Dongshan CCGT
|
2.546
|
1.139
|
123.53
|
|||||||||
Shandong Province
|
||||||||||||
Dezhou
|
13.749
|
14.388
|
(4.44
|
)
|
||||||||
Jining
|
4.733
|
4.893
|
(3.27
|
)
|
||||||||
Xindian
|
3.214
|
3.158
|
1.77
|
|||||||||
Weihai
|
10.179
|
10.894
|
(6.56
|
)
|
||||||||
Rizhao Phase II
|
7.877
|
7.499
|
5.04
|
Domestic Power Plant
|
Power generation in 2016
|
Power generation in 2015
|
Change (%)
|
|||||||||
Zhanhua Co-generation
|
1.602
|
1.503
|
6.59
|
|||||||||
Henan Province
|
||||||||||||
Qinbei
|
17.429
|
18.710
|
(6.85
|
)
|
||||||||
Luoyang Co-generation
|
2.841
|
1.485
|
91.3
|
|||||||||
Luoyang Yangguang
|
0.742
|
-
|
-
|
|||||||||
Mianchi Co-generation
|
0.422
|
-
|
-
|
|||||||||
Guoji Wind Power
|
0.019
|
-
|
-
|
|||||||||
Jiangsu Province
|
||||||||||||
Nantong
|
6.129
|
6.167
|
(0.62
|
)
|
||||||||
Nanjing
|
3.001
|
2.736
|
9.68
|
|||||||||
Taicang
|
10.507
|
10.081
|
4.22
|
|||||||||
Huaiyin
|
5.570
|
5.813
|
(4.17
|
)
|
||||||||
Jinling CCGT
|
1.717
|
2.581
|
(33.49
|
)
|
||||||||
Jinling Coal-fired
|
12.766
|
11.728
|
8.85
|
|||||||||
Jinling Co-generation
|
1.801
|
1.711
|
5.26
|
|||||||||
Rudong Wind Power
|
0.101
|
0.095
|
6.23
|
|||||||||
Qidong Wind Power
|
0.394
|
0.340
|
15.80
|
|||||||||
Suzhou Thermal Power
|
0.784
|
0.789
|
(0.67
|
)
|
||||||||
Nanjing Thermal Power
|
0.168
|
-
|
-
|
|||||||||
Rudong Offshore Wind Power
|
0.002
|
-
|
-
|
|||||||||
Luhe Wind Power
|
0.001
|
-
|
-
|
|||||||||
Tongshan Wind Power
|
0.082
|
-
|
-
|
|||||||||
Shanghai Municipality
|
||||||||||||
Shidongkou I
|
4.971
|
5.060
|
(1.76
|
)
|
||||||||
Shidongkou II
|
5.385
|
5.252
|
2.53
|
|||||||||
Shidongkou Power
|
6.133
|
6.039
|
1.56
|
|||||||||
Shanghai CCGT
|
1.649
|
1.775
|
(7.11
|
)
|
||||||||
Chongqing Municipality
|
||||||||||||
Luohuang
|
8.154
|
9.767
|
(16.51
|
)
|
||||||||
Liangjiang CCGT
|
1.862
|
0.938
|
98.50
|
|||||||||
Zhejiang Province
|
||||||||||||
Yuhuan
|
18.469
|
18.957
|
(2.57
|
)
|
||||||||
Changxing
|
5.702
|
5.438
|
4.85
|
|||||||||
Tongxiang CCGT
|
0.518
|
0.270
|
91.87
|
|||||||||
Changxing Photovoltaic
|
0.009
|
0.008
|
13.87
|
|||||||||
Hongqiao Photovaltaic
|
0.012
|
-
|
-
|
|||||||||
Hunan Province
|
||||||||||||
Yueyang
|
7.444
|
7.859
|
(5.28
|
)
|
||||||||
Xiangqi Hydropower
|
0.334
|
0.363
|
(7.94
|
)
|
||||||||
Subaoding Wind Power
|
0.328
|
0.318
|
3.03
|
|||||||||
Guidong Wind Power
|
0.209
|
0.069
|
203.56
|
Domestic Power Plant
|
Power generation in 2016
|
Power generation in 2015
|
Change (%)
|
|||||||||
Hubei Province
|
||||||||||||
Enshi Maweigou Hydropower
|
0.178
|
0.063
|
182.12
|
|||||||||
Jingmen Thermal Power
|
2.335
|
1.930
|
20.99
|
|||||||||
Yingcheng Thermal Power
|
1.418
|
1.062
|
33.50
|
|||||||||
Wuhan Power Plant
|
9.850
|
10.027
|
(1.77
|
)
|
||||||||
Dalongtan Hydropower
|
0.116
|
0.086
|
35.18
|
|||||||||
Jieshan Wind Power
|
0.188
|
0.054
|
248.65
|
|||||||||
Jiangxi Province
|
||||||||||||
Jinggangshan
|
8.095
|
8.993
|
(9.98
|
)
|
||||||||
Jianggongling Wind Power
|
0.107
|
0.090
|
19.14
|
|||||||||
Ruijin Power
|
3.060
|
3.289
|
(6.95
|
)
|
||||||||
Anyuan Power
|
6.179
|
3.015
|
104.93
|
|||||||||
Anhui Province
|
||||||||||||
Chaohu Power Plant
|
5.617
|
5.847
|
(3.94
|
)
|
||||||||
Hualiangting Hydropower
|
0.140
|
0.129
|
8.66
|
|||||||||
Huaining Wind Power
|
0.089 |
-
|
-
|
|||||||||
Fujian Province
|
||||||||||||
Fuzhou
|
7.677
|
10.892
|
(29.52
|
)
|
||||||||
Guangdong Province
|
||||||||||||
Shantou
|
4.476
|
4.550
|
(1.62
|
)
|
||||||||
Haimen
|
5.326
|
7.631
|
(30.20
|
)
|
||||||||
Haimen Power
|
7.643
|
8.770
|
(12.86
|
)
|
||||||||
Shantou Photovoltaic
|
0.007
|
-
|
-
|
|||||||||
Yunnan Province
|
||||||||||||
Diandong Energy
|
3.317
|
3.994
|
(16.96
|
)
|
||||||||
Yuwang Energy
|
0.268
|
1.585
|
(83.12
|
)
|
||||||||
Fuyuan Wind Power
|
0.299
|
0.147
|
103.21
|
|||||||||
Guizhou Province
|
||||||||||||
Panxian Wind Power
|
0.045
|
0.0003
|
16515.56
|
|||||||||
Hainan Province
|
||||||||||||
Haikou Power Plant
|
4.842
|
7.047
|
(31.30
|
)
|
||||||||
Dongfang Power Plant
|
6.687
|
9.081
|
(26.37
|
)
|
||||||||
Nanshan Power Plant
|
0.127
|
0.248
|
(48.64
|
)
|
||||||||
Gezhen Hydropower
|
0.164
|
0.093
|
75.99
|
|||||||||
Wenchang Wind Power
|
0.101
|
0.099
|
1.93
|
|||||||||
Dongfang Photovoltaic
|
0.008
|
-
|
-
|
|||||||||
Total
|
3,136.90
|
320.529
|
(2.13
|
)
|
Average tariff rate (VAT inclusive) (RMB/MWh)
|
||||||||||||
Power Plant
|
2016
|
2015
|
Change (%)
|
|||||||||
Liaoning Province
|
||||||||||||
Dalian
|
346.76
|
375.55
|
(7.67
|
)
|
||||||||
Dandong
|
352.52
|
371.45
|
(5.10
|
)
|
||||||||
Yingkou
|
344.71
|
378.32
|
(8.88
|
)
|
||||||||
Yingkou Co-generation
|
331.39
|
365.04
|
(9.22
|
)
|
||||||||
Wafangdian Wind Power
|
603.72
|
598.12
|
0.94
|
|||||||||
Suzihe Hydropower
|
332.67
|
329.96
|
0.82
|
|||||||||
Changtu Wind Power
|
626.09
|
590.93
|
5.95
|
|||||||||
Dandong Photovoltaic | 950.00 |
—
|
—
|
|||||||||
Yingkon Co-generation Photovoltaic | 950.00 | — |
—
|
|||||||||
Inner Mongolia Autonomous Region
|
||||||||||||
Huade Wind Power
|
471.22
|
520.00
|
(9.38
|
)
|
||||||||
Hebei Province
|
||||||||||||
Shang’an
|
358.48
|
401.79
|
(10.78
|
)
|
||||||||
Kangbao Wind Power
|
554.60
|
538.14
|
3.06
|
|||||||||
Kangbao Photovoltaic | 784.95 |
—
|
—
|
|||||||||
Gansu Province
|
||||||||||||
Pingliang
|
207.63
|
259.51
|
(19.99
|
)
|
||||||||
Jiuquan Wind Power
|
367.54
|
473.12
|
(22.32
|
)
|
||||||||
Jiuquan II Wind Power
|
402.36
|
497.75
|
(19.16
|
)
|
||||||||
Yumen Wind Power
|
390.06
|
472.01
|
(17.36
|
)
|
||||||||
Yigang Wind Power
|
447.65
|
—
|
—
|
|||||||||
Beijing Municipality
|
||||||||||||
Beijing Co-generation (Coal-fired)
|
454.99
|
480.70
|
(5.35
|
)
|
||||||||
Beijing Co-generation (Combined Cycle)
|
687.33
|
959.91
|
(28.40
|
)
|
||||||||
Tianjin Municipality
|
||||||||||||
Yangliuqing Co-generation
|
370.82
|
416.54
|
(10.980
|
|||||||||
Lingang Co-generation CCGT
|
726.44
|
817.57
|
(11.15
|
)
|
||||||||
Shanxi Province
|
||||||||||||
Yushe
|
253.01
|
334.87
|
(24.45
|
)
|
||||||||
Zuoquan
|
252.96
|
333.25
|
(24.09
|
)
|
||||||||
Dongshan CCGT
|
682.40
|
703.80
|
(3.04
|
)
|
||||||||
Shandong Province
|
||||||||||||
Dezhou
|
389.78
|
445.44
|
(12.50
|
)
|
||||||||
Jining
|
372.57
|
429.20
|
(13.19
|
)
|
||||||||
Xindian
|
381.58
|
432.30
|
(11.73
|
)
|
||||||||
Weihai
|
382.53
|
440.45
|
(13.15
|
)
|
||||||||
Rizhao Phase II
|
372.08
|
422.33
|
(11.90
|
)
|
||||||||
Zhanhua Co-generation
|
389.33
|
424.66
|
(8.32
|
)
|
||||||||
Henan Province
|
||||||||||||
Qinbei
|
354.30
|
401.65
|
(11.79
|
)
|
||||||||
Luoyang Co-generation
|
365.91
|
384.33
|
(4.79
|
) |
Average tariff rate (VAT inclusive) (RMB/MWh)
|
||||||||||||
Power Plant
|
2016
|
2015
|
Change (%)
|
|||||||||
Luoyang Yangguang
|
316.83
|
365.10
|
(13.22
|
)
|
||||||||
Mianchi Co-generation
|
328.10
|
—
|
—
|
|||||||||
Guoji Wind Power | 610.00 |
—
|
—
|
|||||||||
Jiangsu Province
|
||||||||||||
Nantong
|
407.55
|
430.98
|
(5.44
|
)
|
||||||||
Nanjing
|
400.81
|
453.08
|
(11.540
|
|||||||||
Taicang I
|
349.31
|
387.68
|
(9.90
|
)
|
||||||||
Taicang II
|
349.31
|
387.68
|
(9.90
|
) | ||||||||
Huaiyin
|
433.30
|
450.81
|
3.88
|
|
||||||||
Jinling Coal-fired
|
348.86
|
385.24
|
(9.44
|
)
|
||||||||
Jinling Combined-Circle
|
708.41
|
712.13
|
(0.52
|
)
|
||||||||
Jinling Combined-Cycle Cogeneration
|
617.12
|
760.99
|
(18.91
|
)
|
||||||||
Suzhou Thermal Power
|
453.42
|
489.38
|
(7.35
|
)
|
||||||||
Qidong Wind Power
|
553.91
|
556.76
|
(0.51
|
)
|
||||||||
Rudong Wind Power
|
606.24
|
610.00
|
(0.62
|
)
|
||||||||
Nanjing Thermal Power
|
445.21
|
—
|
—
|
|||||||||
Tonngshan Wind Power
|
610.00
|
—
|
—
|
|||||||||
Shanghai Municipality
|
||||||||||||
Shidongkou I
|
395.18
|
435.48
|
(9.25
|
)
|
||||||||
Shidongkou II
|
380.60
|
410.35
|
(7.25
|
)
|
||||||||
Shanghai CCGT
|
382.31
|
937.13
|
(59.20
|
)
|
||||||||
Shidongkou Power
|
899.62
|
427.42
|
110.48
|
|||||||||
Chongqing Municipality
|
||||||||||||
Luohuang
|
376.92
|
427.84
|
(11.90
|
)
|
||||||||
Liangjiang CCGT
|
649.74
|
872.20
|
(25.51
|
)
|
||||||||
Zhejiang Province
|
||||||||||||
Yuhuan
|
403.82
|
452.99
|
(10.85
|
)
|
||||||||
Changxing
|
420.54
|
487.93
|
(13.81
|
)
|
||||||||
Tongxiang Combined-cycle
|
887.70
|
1,278.17
|
(0.55
|
)
|
||||||||
Changxing Photovoltaic
|
1,208.23
|
1,125.67
|
7.33
|
|||||||||
Hongqiao Photovoltaic
|
980.00
|
—
|
—
|
|||||||||
Hunan Province
|
||||||||||||
Yueyang
|
449.87
|
480.55
|
(6.38
|
)
|
||||||||
Xiangqi Hydropower
|
610.00
|
410.00
|
48.78
|
|||||||||
Subaoding Wind Power
|
610.00
|
611.72
|
(0.28
|
)
|
||||||||
Guidong Wind Power
|
404.19
|
610.00
|
(33.74
|
)
|
||||||||
Hubei Province
|
||||||||||||
Enshi Maweigou Hydropower
|
380.43
|
379.26
|
0.31
|
|||||||||
Jingmen Thermal Power
|
378.97
|
444.09
|
(14.66
|
)
|
||||||||
Yingcheng Thermal Power
|
392.73
|
477.26
|
(17.71
|
)
|
||||||||
Wuhan Power
|
376.53
|
435.47
|
(13.53
|
)
|
||||||||
Dalongtan Hydropower
|
376.38
|
374.80
|
0.42
|
|||||||||
Jieshan Wind Power
|
610.00
|
610.00
|
—
|
Average tariff rate (VAT inclusive) (RMB/MWh)
|
||||||||||||
Power Plant
|
2016
|
2015
|
Change (%)
|
|||||||||
Jiangxi Province
|
||||||||||||
Jinggangshan
|
399.06
|
443.73
|
(10.0
|
)
|
||||||||
Jianggongling Wind Power
|
610.00
|
610.00
|
—
|
|||||||||
Ruijin Power
|
399.27
|
441.24
|
(9.51
|
)
|
||||||||
Anyuan Power
|
400.98
|
424.63
|
(5.57
|
)
|
||||||||
Anhui Province
|
||||||||||||
Chaohu Power
|
351.24
|
409.79
|
(14.29
|
)
|
||||||||
Hualiangting Hydropower
|
385.60
|
392.89
|
(1.86
|
)
|
||||||||
Huaining Wind Power
|
610.00
|
—
|
—
|
|||||||||
Fujian Province
|
||||||||||||
Fuzhou
|
348.95
|
392.29
|
(11.05
|
)
|
||||||||
Guangdong Province
|
||||||||||||
Shantou Coal-fired
|
464.69
|
498.01
|
(6.69
|
)
|
||||||||
Haimen
|
440.21
|
483.38
|
(8.93
|
)
|
||||||||
Haimen Power
|
444.53
|
485.46
|
(8.43
|
)
|
||||||||
Shantou Photovoltaic
|
980.00
|
—
|
—
|
|||||||||
Yunnan Province
|
||||||||||||
Diandong Energy
|
513.58
|
435.58
|
17.91
|
|||||||||
Yuwang Energy
|
1,394.49
|
545.42
|
155.67
|
|||||||||
Fuyuan Wind Power
|
494.71
|
600.61
|
(17.63
|
)
|
||||||||
Guizhou Province
|
||||||||||||
Panxian Wind Power
|
610.00
|
—
|
—
|
|||||||||
Hainan Province
|
||||||||||||
Haikou
|
420.45
|
457.71
|
(8.14
|
)
|
||||||||
Dongfang
|
420.90
|
460.53
|
(8.61
|
)
|
||||||||
Nanshan Combined Cycle
|
672.26
|
629.32
|
6.82
|
|||||||||
Gezhen Hydropower
|
400.07
|
399.78
|
0.07
|
|||||||||
Wenchang Wind Power
|
609.78
|
571.95
|
6.61
|
|||||||||
Dongfang Photovoltaic
|
1,010.00
|
—
|
—
|
|||||||||
Domestic total
|
396.60
|
443.26
|
(10.53
|
)
|
||||||||
Singapore
|
||||||||||||
SinoSing Power
|
514.00
|
625.88
|
(17.88
|
)
|
For the Year Ended December 31,
|
||||||||||||
2015
|
2014
|
Increased/
(Decreased) |
||||||||||
RMB'000
|
RMB'000
|
%
|
||||||||||
Operating revenue
|
128,904,873
|
125,406,855
|
2.79
|
|||||||||
Tax and levies on operations
|
(1,157,760
|
)
|
(932,485
|
)
|
24.16
|
|||||||
Operating expenses
|
||||||||||||
Fuel
|
(59,242,367
|
)
|
(64,762,908
|
)
|
(8.52
|
)
|
||||||
Maintenance
|
(4,556,361
|
)
|
(3,729,912
|
)
|
22.16
|
|||||||
Depreciation
|
(14,411,632
|
)
|
(11,646,683
|
)
|
23.74
|
|||||||
Labor
|
(7,751,551
|
)
|
(6,259,588
|
)
|
23.83
|
|||||||
Service fees on transmission and transformer facilities of HIPDC
|
(140,771
|
)
|
(140,771
|
)
|
0.00
|
|||||||
Purchase of electricity
|
(3,581,517
|
)
|
(5,055,076
|
)
|
(29.15
|
)
|
||||||
Others
|
(8,919,988
|
)
|
(7,604,790
|
)
|
17.29
|
|||||||
Total operating expenses
|
(98,604,187
|
)
|
(99,199,728
|
)
|
(0.60
|
)
|
||||||
Profit from operations
|
29,142,926
|
25,274,642
|
15.31
|
|||||||||
Interest income
|
160,723
|
159,550
|
0.74
|
|||||||||
Financial expenses, net
|
||||||||||||
Interest expense
|
(7,945,734
|
)
|
(7,814,114
|
)
|
1.68
|
|||||||
Exchange gain and bank charges , net
|
(24,336
|
)
|
(9,492
|
)
|
156.38
|
|||||||
Total financial expenses, net
|
(7,970,070
|
)
|
(7,823,606
|
)
|
1.87
|
|||||||
Share of profits less losses of associates and joint ventures
|
1,525,975
|
1,315,876
|
15.97
|
|||||||||
(Loss) / gain on fair value changes of financial assets / liabilities
|
(16,742
|
)
|
42,538
|
(139.36
|
)
|
|||||||
Other investment income
|
115,238
|
80,580
|
43.01
|
|||||||||
Profit before income tax expense
|
22,958,050
|
19,049,580
|
20.52
|
|||||||||
Income tax expense
|
(5,698,943
|
)
|
(5,487,208
|
)
|
3.86
|
|||||||
Net Profit
|
17,259,107
|
13,562,372
|
27.26
|
|||||||||
Attributable to:
|
||||||||||||
-Equity holders of the Company
|
13,651,933
|
10,757,317
|
26.91
|
|||||||||
-Non-controlling interests
|
3,607,174
|
2,805,055
|
28.60
|
Domestic Power Plant
|
Power generation in 2015
|
Power generation in 2014
|
Change
|
|||||||||
Liaoning Province
|
||||||||||||
Dalian
|
5.921
|
6.423
|
(7.82
|
)%
|
||||||||
Dandong
|
3.050
|
3.197
|
(4.60
|
)%
|
||||||||
Yingkou
|
7.875
|
7.980
|
(1.32
|
)%
|
||||||||
Yingkou Co-generation
|
3.085
|
3.043
|
1.38
|
%
|
||||||||
Wafangdian Wind Power
|
0.094
|
0.099
|
(5.05
|
)%
|
||||||||
Suzihe Hydropower
|
0.051
|
0.040
|
27.50
|
%
|
||||||||
Changtu Wind Power
|
0.196
|
0.127
|
54.33
|
%
|
||||||||
Inner Mongolia Autonomous Region
|
||||||||||||
Huade Wind Power
|
0.193
|
0.217
|
(11.06
|
)%
|
||||||||
Hebei Province
|
||||||||||||
Shang’an
|
12.519
|
12.836
|
(2.47
|
)%
|
||||||||
Kangbao Wind Power
|
0.097
|
0.085
|
14.12
|
%
|
||||||||
Gansu Province
|
||||||||||||
Pingliang
|
6.020
|
9.129
|
(34.06
|
)%
|
||||||||
Jiuquan Wind Power
|
0.438
|
0.838
|
(47.73
|
)%
|
||||||||
Jiuquan II Wind Power
|
0.444
|
0.039
|
1038.46
|
%
|
||||||||
Yumen Wind Power
|
0.150
|
-
|
- | |||||||||
Yigang Wind Power
|
0.001
|
-
|
- | |||||||||
Beijing Municpality
|
||||||||||||
Beijing Co-generation
|
3.924
|
4.456
|
(11.94
|
)%
|
||||||||
Beijing Co-generation CCGT
|
4.159
|
4.051
|
2.67
|
%
|
||||||||
Tianjin Municipality
|
||||||||||||
Yangliuqing Co-genertion
|
5.427
|
6.572
|
(17.42
|
)%
|
||||||||
Lingang CCGT Co-generation
|
1.966
|
0.126
|
1460.32
|
%
|
||||||||
Shanxi Province
|
||||||||||||
Yushe
|
2.750
|
2.608
|
5.44
|
%
|
||||||||
Zuoquan
|
5.625
|
5.999
|
(6.23
|
)%
|
||||||||
Dongshan CCGT
|
1.139
|
-
|
-
|
|||||||||
Shandong Province
|
||||||||||||
Dezhou
|
14.388
|
15.348
|
(6.25
|
)%
|
||||||||
Jining
|
4.893
|
5.096
|
(3.98
|
)%
|
||||||||
Xindian
|
3.158
|
3.303
|
(4.39
|
)%
|
||||||||
Weihai
|
10.894
|
11.771
|
(7.45
|
)%
|
||||||||
Rizhao Phase II
|
7.499
|
8.236
|
(8.95
|
)%
|
||||||||
Zhanhua Co-generation
|
1.503
|
1.674
|
(10.22
|
)%
|
||||||||
Henan Province
|
||||||||||||
Qinbei
|
18.710
|
20.366
|
(8.13
|
)%
|
||||||||
Luoyang Co-generation
|
1.485
|
-
|
-
|
Domestic Power Plant
|
Power generation in 2015
|
Power generation in 2014
|
Change
|
|||||||||
Jiangsu Province
|
||||||||||||
Nantong
|
6.167
|
6.752
|
(8.66
|
)%
|
||||||||
Nanjing
|
2.736
|
3.154
|
(13.25
|
)%
|
||||||||
Taicang
|
10.081
|
11.174
|
(9.78
|
)%
|
||||||||
Huaiyin
|
5.813
|
6.486
|
(10.38
|
)%
|
||||||||
Jinling CCGT
|
2.581
|
1.895
|
36.20
|
%
|
||||||||
Jinling Coal-fired
|
11.728
|
11.567
|
1.39
|
%
|
||||||||
Jinling Co-generation
|
1.711
|
1.358
|
25.99
|
%
|
||||||||
Rudong Wind Power
|
0.095
|
0.113
|
(15.93
|
)%
|
||||||||
Qidong Wind Power
|
0.340
|
0.379
|
(10.29
|
)%
|
||||||||
Suzhou Thermal Power
|
0.789
|
0.806
|
(2.1
|
)%
|
||||||||
Shanghai Municipality
|
||||||||||||
Shidongkou I
|
5.060
|
5.665
|
(10.68
|
)%
|
||||||||
Shidongkou II
|
5.252
|
5.190
|
1.19
|
%
|
||||||||
Shidongkou Power
|
6.039
|
6.018
|
0.35
|
%
|
||||||||
Shanghai CCGT
|
1.775
|
2.097
|
(15.36
|
)%
|
||||||||
Chongqing Municipality
|
||||||||||||
Luohuang
|
9.767
|
10.862
|
(10.08
|
)%
|
||||||||
Liangjiang CCGT
|
0.938
|
0.246
|
281.30
|
%
|
||||||||
Zhejiang Province
|
||||||||||||
Yuhuan
|
18.957
|
21.771
|
(12.93
|
)%
|
||||||||
Changxing
|
5.438
|
0.488
|
1014.34
|
%
|
||||||||
Tongxiang CCGT
|
0.270
|
0.171
|
57.89
|
%
|
||||||||
Changxing Photovoltaic
|
0.008
|
-
|
-
|
|||||||||
Hunan Province
|
||||||||||||
Yueyang
|
7.859
|
8.553
|
(8.11
|
)%
|
||||||||
Xiangqi Hydropower
|
0.363
|
0.310
|
17.10
|
%
|
||||||||
Subaoding Wind Power
|
0.318
|
0.020
|
1490.00
|
%
|
||||||||
Guidong Wind Power
|
0.069
|
-
|
-
|
|||||||||
Hubei Province
|
||||||||||||
Enshi Maweigou Hydropower
|
0.063
|
0.042
|
50.00
|
%
|
||||||||
Jingmen Thermal Power
|
1.930
|
0.530
|
264.1
|
%
|
||||||||
Yingcheng Thermal Power
|
1.062
|
-
|
-
|
|||||||||
Wuhan Power Plant
|
10.027
|
9.760
|
2.7
|
%
|
||||||||
Dalongtan Hydropower
|
0.086
|
0.102
|
(15.8
|
)%
|
||||||||
Jieshan Wind Power
|
0.054
|
-
|
-
|
|||||||||
Jiangxi Province
|
||||||||||||
Jinggangshan
|
8.993
|
9.244
|
(2.72
|
)%
|
||||||||
Jianggongling Wind Power
|
0.090
|
0.001
|
8900.00
|
%
|
||||||||
Ruijin Power
|
3.289
|
3.329
|
(1.2
|
)%
|
Domestic Power Plant
|
Power generation in 2015
|
Power generation in 2014
|
Change
|
|||||||||
Anyuan Power
|
3.015
|
-
|
-
|
|||||||||
Anhui Province
|
||||||||||||
Chaohu Power Plant
|
5.847
|
6.807
|
(14.1
|
)%
|
||||||||
Hualiangting Hydropower
|
0.129
|
0.097
|
32.9
|
%
|
||||||||
Fujian Province
|
||||||||||||
Fuzhou
|
10.892
|
13.925
|
(21.78
|
)%
|
||||||||
Guangdong Province
|
||||||||||||
Shantou
|
4.550
|
5.200
|
(12.50
|
)%
|
||||||||
Haimen
|
7.631
|
12.270
|
(37.81
|
)%
|
||||||||
Haimen Power
|
8.770
|
6.152
|
42.56
|
%
|
||||||||
Yunnan Province
|
||||||||||||
Diandong Energy
|
3.994
|
5.953
|
(32.91
|
)%
|
||||||||
Yuwang Energy
|
1.585
|
3.651
|
(56.59
|
)%
|
||||||||
Fuyuan Wind Power
|
0.147
|
0.022
|
568.18
|
%
|
||||||||
Guizhou Province
|
||||||||||||
Panxian Wind Power
|
0.0003
|
-
|
-
|
|||||||||
Hainan Province
|
||||||||||||
Haikou Power Plant
|
7.047
|
6.424
|
9.7
|
%
|
||||||||
Dongfang Power Plant
|
9.081
|
10.079
|
(9.9
|
)%
|
||||||||
Nanshan Power Plant
|
0.248
|
0.273
|
(9.0
|
)%
|
||||||||
Gezhen Hydropower
|
0.093
|
0.202
|
(53.9
|
)%
|
||||||||
Wenchang Wind Power
|
0.099
|
0.083
|
19.4
|
%
|
||||||||
Total
|
320.529
|
294.388
|
8.9
|
%
|
Average tariff rate (VAT inclusive) (RMB/MWh)
|
||||||||||||
Power Plant
|
2015
|
2014
|
Change
|
|||||||||
Liaoning Province
|
||||||||||||
Dalian
|
375.55
|
394.50
|
(4.80
|
)%
|
||||||||
Dandong
|
371.45
|
393.06
|
(5.50
|
)%
|
||||||||
Yingkou
|
378.32
|
399.33
|
(5.26
|
)%
|
||||||||
Yingkou Co-generation
|
365.04
|
399.21
|
(8.56
|
)%
|
||||||||
Wafangdian Wind Power
|
598.12
|
609.68
|
(1.90
|
)%
|
||||||||
Suzihe Hydropower
|
329.96
|
330.00
|
(0.01
|
)%
|
||||||||
Changtu Wind Power
|
590.93
|
602.82
|
(1.97
|
)%
|
||||||||
Inner Mongolia Autonomous Region
|
||||||||||||
Huade Wind Power
|
520.00
|
520.00
|
—
|
|||||||||
Hebei Province
|
||||||||||||
Shang'an
|
401.79
|
429.39
|
(6.43
|
)%
|
||||||||
Kangbao Wind Power
|
538.14
|
538.84
|
(0.13
|
)%
|
||||||||
Gansu Province
|
||||||||||||
Pingliang
|
259.51
|
322.72
|
(19.59
|
)%
|
||||||||
Jiuquan Wind Power
|
473.12
|
520.60
|
(9.12
|
)%
|
||||||||
Jiuquan II Wind Power
|
497.75
|
540.00
|
(7.82
|
)%
|
||||||||
Yumen Wind Power
|
472.01
|
520.60
|
(9.33
|
)%
|
||||||||
Beijing Municipality
|
||||||||||||
Beijing Co-generation (Coal-fired)
|
480.70
|
514.71
|
(6.61
|
)%
|
||||||||
Beijing Co-generation (Combined Cycle)
|
959.91
|
882.33
|
8.79
|
%
|
Average tariff rate (VAT inclusive) (RMB/MWh)
|
||||||||||||
Power Plant
|
2015
|
2014
|
Change
|
|||||||||
Tianjin Municipality
|
||||||||||||
Yangliuqing Co-generation
|
416.54
|
434.28
|
(4.08
|
)%
|
||||||||
Lingang Co-generation CCGT
|
817.57
|
—
|
—
|
|||||||||
Shanxi Province
|
||||||||||||
Yushe
|
334.87
|
391.22
|
(14.40
|
)%
|
||||||||
Zuoquan
|
333.25
|
382.01
|
(12.76
|
)%
|
||||||||
Dongshan CCGT
|
703.80
|
—
|
—
|
|||||||||
Shandong Province
|
||||||||||||
Dezhou
|
445.44
|
463.36
|
(3.87
|
)%
|
||||||||
Jining
|
429.20
|
446.73
|
(3.92
|
)%
|
||||||||
Xindian
|
432.30
|
448.55
|
(3.65
|
)%
|
||||||||
Weihai
|
440.45
|
461.18
|
(4.49
|
)%
|
||||||||
Rizhao Phase II
|
422.33
|
441.59
|
(4.36
|
)%
|
||||||||
Zhanhua Co-generation
|
424.66
|
434.71
|
(2.31
|
)%
|
||||||||
Henan Province
|
||||||||||||
Qinbei
|
401.65
|
435.42
|
(7.76
|
)%
|
||||||||
Luoyang Co-generation
|
384.33
|
—
|
—
|
|||||||||
Jiangsu Province
|
||||||||||||
Nantong
|
430.98
|
436.00
|
(1.15
|
)%
|
||||||||
Nanjing
|
453.08
|
436.50
|
3.80
|
%
|
||||||||
Taicang I
|
387.68
|
419.19
|
(7.52
|
)%
|
||||||||
Taicang II
|
387.68
|
395.38
|
(1.95
|
)%
|
||||||||
Huaiyin
|
450.81
|
443.04
|
1.75
|
%
|
||||||||
Jinling Coal-fired
|
385.24
|
408.24
|
(5.63
|
)%
|
||||||||
Jinling Combined-Circle
|
712.13
|
606.21
|
17.47
|
%
|
||||||||
Jinling Combined-Cycle Cogeneration
|
760.99
|
690.00
|
10.29
|
%
|
||||||||
Suzhou Thermal Power
|
489.38
|
508.66
|
(3.79
|
)%
|
||||||||
Qidong Wind Power
|
556.76
|
555.92
|
0.15
|
%
|
||||||||
Rudong Wind Power
|
610.00
|
610.00
|
0.00
|
%
|
||||||||
Shanghai Municipality
|
||||||||||||
Shidongkou I
|
435.48
|
438.21
|
(0.62
|
)%
|
||||||||
Shidongkou II
|
410.35
|
437.54
|
(6.21
|
)%
|
||||||||
Shanghai CCGT
|
937.13
|
866.20
|
8.19
|
%
|
||||||||
Shidongkou Power
|
427.42
|
449.92
|
(5.00
|
)%
|
||||||||
Chongqing Municipality
|
||||||||||||
Luohuang
|
427.84
|
440.21
|
(2.81
|
)%
|
||||||||
Liangjiang CCGT
|
872.20
|
—
|
—
|
|||||||||
Zhejiang Province
|
||||||||||||
Yuhuan
|
452.99
|
468.71
|
(3.35
|
)%
|
||||||||
Changxing
|
487.93
|
431.03
|
13.20
|
%
|
||||||||
Tongxiang Combined-cycle
|
1,278.17
|
1,298.37
|
(1.56
|
)%
|
||||||||
Changxing Photovoltaic
|
1,125.67
|
—
|
—
|
|||||||||
Hunan Province
|
||||||||||||
Yueyang
|
480.55
|
495.31
|
(2.98
|
)%
|
||||||||
Xiangqi Hydropower
|
410.00
|
410.00
|
0.00
|
%
|
||||||||
Subaoding Wind Power
|
611.72
|
494.00
|
23.83
|
%
|
||||||||
Guidong Wind Power
|
610.00
|
—
|
—
|
|||||||||
Hubei Province
|
||||||||||||
Enshi Maweigou Hydropower
|
379.26
|
366.59
|
3.46
|
%
|
||||||||
Jingmen Thermal Power
|
444.09
|
432.20
|
2.75
|
%
|
||||||||
Yingcheng Thermal Power
|
477.26
|
—
|
—
|
|||||||||
Wuhan Power
|
435.47
|
461.99
|
(5.74
|
)%
|
||||||||
Dalongtan Hydropower
|
374.80
|
366.89
|
2.16
|
%
|
||||||||
Jieshan Wind Power
|
610.00
|
—
|
—
|
|||||||||
Jiangxi Province
|
||||||||||||
Jinggangshan
|
443.73
|
468.92
|
(5.37
|
)%
|
||||||||
Jianggongling Wind Power
|
610.00
|
610.00
|
—
|
|||||||||
Ruijin Power
|
441.24
|
466.57
|
(5.43
|
)%
|
||||||||
AnyuanPower
|
424.63
|
—
|
—
|
|||||||||
Anhui Province
|
||||||||||||
Chaohu Power Plant
|
409.79
|
412.93
|
(0.76
|
)%
|
||||||||
Hualiangting
|
392.89
|
346.85
|
13.27
|
%
|
||||||||
Fujian Province
|
||||||||||||
Fuzhou
|
392.29
|
441.83
|
(11.21
|
)%
|
||||||||
Guangdong Province
|
||||||||||||
Shantou Coal-fired
|
498.01
|
529.99
|
(6.03
|
)%
|
||||||||
Haimen
|
483.38
|
503.18
|
(3.93
|
)%
|
||||||||
Haimen Power
|
485.46
|
479.55
|
1.23
|
%
|
Average tariff rate (VAT inclusive) (RMB/MWh)
|
||||||||||||
Power Plant
|
2015
|
2014
|
Change
|
|||||||||
Guizhou Province
|
||||||||||||
Panxian Wind Power
|
—
|
—
|
—
|
|||||||||
Yunnan Province
|
||||||||||||
Diandong Energy
|
435.58
|
401.59
|
8.46
|
%
|
||||||||
Yuwang Energy
|
545.42
|
395.96
|
37.75
|
%
|
||||||||
Fuyuan Wind Power
|
600.61
|
610.00
|
(1.54
|
)%
|
||||||||
Hainan Province
|
||||||||||||
Haikou
|
457.71
|
474.14
|
(3.47
|
)%
|
||||||||
Dongfang
|
460.53
|
482.69
|
(4.59
|
)%
|
||||||||
Nanshan Combined Cycle
|
629.32
|
439.84
|
(43.08
|
)%
|
||||||||
Gezhen Hydropower
|
399.78
|
392.63
|
1.82
|
%
|
||||||||
Wenchang Wind Power
|
571.95
|
619.72
|
(7.71
|
)%
|
||||||||
Domestic total
|
443.26
|
454.95
|
(2.57
|
)%
|
||||||||
Singapore
|
||||||||||||
SinoSing Power
|
625.88
|
920.74
|
(32.02
|
)%
|
2016
|
2015
|
|||||||
Current ratio
|
0.28
|
0.27
|
||||||
Quick ratio
|
0.23
|
0.23
|
||||||
Ratio of liability to shareholders' equity
|
2.47
|
2.46
|
||||||
Multiples of interest earned
|
2.84
|
3.55
|
Formula of the financial ratios:
|
||
Current ratio = balance of current assets as of the year end / balance of current
liabilities as of the year end |
||
Quick ratio = (balance of current assets as of the year end – net inventories as of the
year end) / balance of current liabilities as of the year end |
||
Ratio of liabilities to shareholders' equity = balance of liabilities as of the year end /
balance of shareholders' equity (excluding non-controlling interests) as of the year end |
||
Multiples of interest earned = (profit before tax + interest expense) / interest
expenditure (inclusive of capitalized interest) |
For the Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
RMB'000
|
RMB'000
|
RMB'000
|
||||||||||
Cash flows from operating activities
|
||||||||||||
Profit before income tax expense
|
13,813,138 |
22,958,050
|
19,049,580
|
|||||||||
Non-cash items adjustments
|
21,255,080 |
24,484,383
|
20,391,789
|
|||||||||
Changes in working capital
|
1,050,309 |
1,013,467
|
(226,180
|
)
|
||||||||
Interest received
|
84,806 |
102,813
|
97,374
|
|||||||||
Income tax expense paid
|
(4,692,509 | ) |
(6,196,005
|
)
|
(5,992,496
|
)
|
||||||
Net cash provided by operating activities
|
31,510,824 |
42,362,708
|
33,320,067
|
For the Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
RMB’000
|
RMB’000
|
RMB’000
|
||||||||||
Cash flows used in investing activities
|
||||||||||||
Payment for the purchase of property, plant and equipment
|
(20,144,903
|
)
|
(24,191,285
|
)
|
(19,858,216
|
)
|
||||||
Proceeds from disposals of property, plant and equipment
|
144,346
|
109,013
|
70,712
|
|||||||||
Prepayments of land use rights
|
(89,430
|
)
|
(136,045
|
)
|
(500,100
|
)
|
||||||
Payment for the purchase of other non-current assets
|
(50,653
|
)
|
(6,981
|
)
|
(21,576
|
)
|
||||||
Cash dividend received
|
1,057,642
|
937,189
|
565,334
|
|||||||||
Payment for investment in associates and joint ventures
|
(276,118
|
)
|
(889,780
|
)
|
(266,877
|
)
|
||||||
Cash consideration paid for acquisitions of subsidiaries, net of cash acquired
|
157,421
|
(8,887,882
|
)
|
(17,991
|
)
|
|||||||
Cash received from disposal of available-for-sale financial assets
|
1,474,301
|
-
|
-
|
|||||||||
Cash received from disposal of a subsidiary
|
-
|
-
|
503,809
|
|||||||||
Others
|
77,748
|
50,759
|
54,092
|
|||||||||
Net cash used in investing activities
|
(17,649,646
|
)
|
(33,015,012
|
)
|
(19,470,813
|
)
|
|
For the Year Ended December 31,
|
|||||||||||
|
2016
|
2015
|
2014
|
|||||||||
|
RMB’000
|
RMB’000
|
RMB’000
|
|||||||||
Cash flows from financing activities
|
||||||||||||
Issuance of short-term bonds
|
32,982,340
|
18,980,000
|
17,971,000
|
|||||||||
Repayments of short-term bonds
|
(25,000,000
|
)
|
(18,000,000
|
)
|
(15,000,000
|
)
|
||||||
Proceeds from short-term loans
|
85,689,874
|
67,298,044
|
61,503,204
|
|||||||||
Repayments of short-term loans
|
(77,904,489
|
)
|
(62,600,955
|
)
|
(55,896,200
|
)
|
||||||
Proceeds from long-term loans
|
15,978,023
|
9,943,689
|
9,647,090
|
|||||||||
Repayments of long-term loans
|
(20,702,421
|
)
|
(12,799,719
|
)
|
(17,522,953
|
)
|
||||||
Issuance of long-term bonds
|
4,200,000
|
-
|
3,988,000
|
|||||||||
Repayment of long-term bonds
|
(11,500,000
|
)
|
(5,000,000
|
)
|
(5,700,000
|
)
|
||||||
Interest paid
|
(7,344,781
|
)
|
(8,677,316
|
)
|
(8,097,216
|
)
|
||||||
Net proceeds from the issuance of new H shares
|
-
|
4,684,314
|
2,453,986
|
|||||||||
Net capital injection from non-controlling interests of the subsidiaries
|
285,620
|
623,107
|
606,719
|
|||||||||
Dividends paid to shareholders of the Company
|
(7,206,220
|
)
|
(5,535,655
|
)
|
(5,341,046
|
)
|
||||||
Dividends paid to non-controlling interests of the subsidiaries
|
(2,695,378
|
)
|
(2,954,194
|
)
|
(1,474,329
|
)
|
||||||
Proceeds from sales leaseback classified as finance lease
|
-
|
100,000
|
1,500,000
|
|||||||||
Cash received from disposal of non-controlling interests of a subsidiary
|
-
|
-
|
384,702
|
|||||||||
Others
|
(384,418
|
)
|
(201,974
|
)
|
82,863
|
|
||||||
Net cash used in financing activities
|
(13,601,850
|
)
|
(14,140,659
|
)
|
(10,894,180
|
)
|
For the Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
RMB’000
|
RMB’000
|
RMB’000
|
||||||||||
Effect of exchange rate
|
72,923
|
32,846
|
(58,379
|
)
|
||||||||
Net increase / (decrease) in cash and cash equivalents
|
332,251
|
(4,760,117
|
)
|
2,896,695
|
||||||||
Cash and cash equivalents, beginning of the year
|
7,478,250
|
12,238,367
|
9,341,672
|
|||||||||
Cash and cash equivalents as of the end of the year
|
7,810,501
|
7,478,250
|
12,238,367
|
Capital Expenditure Project
|
Capital expenditure Plan for
2017 (RMB100 million) |
Cash resources arrangements
|
Financing costs and note on use
|
||||
Thermal power projects
|
58.74
|
Including internal cash resources and bank loans
|
Within the floating range of benchmark lending interest rates of the PBOC
|
||||
Hydropower projects
|
0
|
Including internal cash resources and bank loans
|
Within the floating range of benchmark lending interest rates of the PBOC
|
||||
Wind power projects
|
103
|
Including internal cash resources and bank loans
|
Within the floating range of benchmark lending interest rates of the PBOC
|
||||
Coal mining projects
|
0
|
Including internal cash resources and bank loans
|
Within the floating range of benchmark lending interest rates of the PBOC
|
||||
Photovoltaic power projects
|
13.50
|
Including internal cash resources and bank loans
|
Within the floating range of benchmark lending interest rates of the PBOC
|
||||
Others
|
0
|
Including internal cash resources and bank loans
|
Within the floating range of benchmark lending interest rates of the PBOC
|
||||
Technology renovation
|
51.83
|
Including internal cash resources and bank loans
|
Within the floating range of benchmark lending interest rates of the PBOC
|
(RMB billion)
|
2017
|
2018
|
2019
|
2020
|
2021
|
|||||||||||||||
Principal amount planned for repayment
|
97.530
|
16.090
|
13.203
|
9.221
|
9.407
|
|||||||||||||||
Interest amount planned for repayment
|
5.545
|
3.150
|
2.443
|
1.755
|
1.386
|
|||||||||||||||
Total
|
103.075
|
19.240
|
15.646
|
10.976
|
10.793
|
(1)
|
As of December 31, 2016, short-term loans of RMB126 million represented the notes receivable that were discounted with recourse. As these notes receivable had not yet matured, the proceeds received were recorded as short-term loans.
|
(2)
|
As of December 31, 2016, a long-term loan of approximately RMB2.902 billion of a subsidiary of the Company was secured by certain property, plant and equipment with net book value of approximately RMB3.105 billion.
|
(3)
|
As of December 31, 2016, the long-term loans of approximately RMB9.032 billion were secured by future electricity revenue of the Company and its subsidiaries.
|
Contractual Cash Obligations
(RMB in millions)
|
2017
|
2018-2019
|
2020-2021
|
Thereafter
|
Total
|
|||||||||||||||
Long-term loans from Huangeng Group and its subsidiaries(1)
|
855
|
1,668
|
1,160
|
135
|
3,818
|
|||||||||||||||
Long-term bank loans and other loans(1)
|
8,706
|
22,502
|
15,389
|
24,136
|
70,733
|
|||||||||||||||
Long-term bonds(2)
|
3,300
|
8,000
|
3,000
|
1,200
|
15,500
|
|||||||||||||||
Interest payments
|
2,987
|
4,653
|
2,836
|
3,134
|
13,610
|
|||||||||||||||
Operating Lease – Head Offce(3)
|
115
|
172
|
-
|
-
|
287
|
|||||||||||||||
Operating Lease – Huabei Branch(3)
|
6
|
6
|
-
|
-
|
12
|
|||||||||||||||
Operating Lease – Nanjing Power Plant(3)
|
2
|
9
|
9
|
51
|
71
|
|||||||||||||||
Operating Lease – Shantou Haimen Power(3)
|
11
|
-
|
-
|
-
|
11
|
|||||||||||||||
Operating Lease – Xingang Heating Co., Ltd.(3)
|
12
|
-
|
-
|
-
|
12
|
|||||||||||||||
Operating Lease – Hualu Sea Transportation Ltd.(3)
|
10
|
-
|
-
|
-
|
10
|
|||||||||||||||
Operating Lease – Tuas Power Generation Pte Ltd.(3)
|
25
|
43
|
48
|
911
|
1,027
|
Contractual Cash Obligations
(RMB in millions)
|
2017
|
2018-2019
|
2020-2021
|
Thereafter
|
Total
|
|||||||||||||||
16,029
|
37,053
|
22,422
|
29,567
|
105,091
|
Other commercial commitments
(RMB in millions)
|
2017
|
2018-2019
|
2020-2021
|
Thereafter
|
Total
|
|||||||||||||||
Long – term gas purchase contract(4)
|
10,204
|
20,408
|
20,424
|
64,554
|
115,590
|
|||||||||||||||
Other commitments(3)
|
33,717
|
-
|
-
|
-
|
33,717
|
|||||||||||||||
43,921
|
20,408
|
20,424
|
64,554
|
149,307
|
(1)
|
See Note 23 to the Financial Statements, "Long-term Loans".
|
(2)
|
See Note 24 to the Financial Statements, "Long-term Bonds".
|
(3)
|
See Note 38 and 42 to the Financial Statements, "Commitments" and "Subsequent Events".
|
(4)
|
The numbers shown in the table above were calculated based on the minimum purchases stipulated in the long-term gas contracts disclosed in Note 38 to the Financial Statements.
|
Name
|
Age
|
Position with us
|
||
Cao Peixi
|
61
|
Chairman of the Board of Directors
|
||
Guo Junming
|
51
|
Vice Chairman of the Board of Directors
|
||
Liu Guoyue
|
53
|
Executive Director, President
|
||
Fan Xiaxia | 54 | Executive Director, Vice President | ||
Li Shiqi
|
60
|
Director
|
||
Huang Jian
|
54
|
Director
|
||
Mi Dabin
|
48
|
Director
|
||
Guo Hongbo
|
48
|
Director
|
||
Zhu Yousheng
|
51
|
Director
|
||
Li Song
|
59
|
Director
|
||
Li Zhensheng
|
72
|
Independent Director
|
||
Yue Heng
|
41
|
Independent Director
|
||
Geng Jianxin
|
61
|
Independent Director
|
||
Xia Qing
|
59
|
Independent Director
|
||
Xu Mengzhou
|
66
|
Independent Director
|
Name
|
Age
|
Position with us
|
||
Ye Xiangdong
|
49
|
Chairman of the Board of Supervisors
|
||
Mu Xuan
|
41
|
Vice Chairman of the Board of Supervisors
|
||
Zhang Mengjiao
|
53
|
Supervisor
|
||
Gu Jianguo
|
50
|
Supervisor
|
||
Zhang Xiaojun
|
50
|
Supervisor
|
||
Zhu Daqing
|
44
|
Supervisor
|
Name
|
Position with the Company
|
Pre-tax Remuneration Paid by the
Company in 2016(1) |
||
(RMB in thousand)
|
||||
Directors
|
||||
Mr. Cao Peixi
|
Chairman of the Board of Directors
|
-
|
||
Mr. Guo Junming
|
Vice Chairman of the Board of Directors
|
-
|
||
Mr. Liu Guoyue
|
Executive Director and President
|
-
|
||
Mr. Fan Xiaxia
|
Executive Director and Vice President
|
845
|
||
Mr. Li Shiqi
|
Director
|
-
|
||
Mr. Huang Jian
|
Director
|
-
|
||
Mr. Mi Dabin
|
Director
|
48
|
||
Mr. Guo Hongbo
|
Director
|
-
|
||
Mr. Zhu Yousheng
|
Director
|
48
|
||
Ms. Li Song
|
Director
|
48
|
||
Mr. Zhang Shouwe (2)
|
Director
|
37
|
||
Mr. Li Zhensheng
|
Independent Director
|
74
|
||
Mr. Yue Heng
|
Independent Director
|
74
|
||
Mr. Geng Jianxin
|
Independent Director
|
74
|
||
Mr. Xia Qing
|
Independent Director
|
74
|
||
Mr. Xu Mengzhou (3)
|
Independent Director
|
37
|
||
Sub-total:
|
1,357
|
|||
Supervisors
|
||||
Mr. Ye Xiangdong
|
Chairman of the Board of Supervisors
|
-
|
||
Mr. Mu Xuan
|
Vice Chairman of the Board of Supervisors
|
48
|
||
Ms. Zhang Mengjiao
|
Supervisor
|
-
|
||
Mr. Gu Jianguo
|
Supervisor
|
48
|
||
Ms. Zhang Xiaojun (5)
|
Supervisor
|
495
|
||
Mr. Zhu Daqing (5)
|
Supervisor
|
491
|
||
Mr. Wang Zhaobin (4)
|
Supervisor
|
52
|
||
Ms. Zhang Ling (4)
|
Supervisor
|
69
|
||
Sub-total
|
1,202
|
|||
Other Executive officers
|
||||
Mr. Gu Biquan
|
Vice President and General Counsel
|
789
|
||
Ms. Zhou Hui
|
Vice President
|
789
|
||
Mr. Zhao Ping
|
Vice President
|
789
|
||
Mr. Du Daming
|
Vice President and Secretary to the Board of Directors
|
789
|
||
Mr. Wu Senrong
|
Head of Discipline Inspection Group
|
789
|
||
Mr. Song Zhiyi
|
Vice President
|
789
|
||
Mr. Li Jianmin
|
Vice President
|
789
|
||
Mr. Liu Ranxing(1)
|
Vice President
|
779
|
||
Mr. Huang Lixin
|
Chief Accountant
|
706
|
||
Mr. He Yong
|
Chief Engineer
|
789
|
||
Sub-total:
|
7796
|
|||
Total
|
13,053
|
Shareholder
|
Number of
shares |
Approximate
percentage in the total issued domestic share capital % |
Approximate
percentage in the total issued share capital % |
|||||||||
Huaneng International Power Development Corporation
|
5,066,662,118
|
48.25
|
33.33
|
|||||||||
China Huaneng Group(1)
|
1,629,264,402
|
15.52
|
10.72
|
|||||||||
Hebei Provincial Construction Investment Company
|
549,169,071
|
5.23
|
3.61
|
|||||||||
China Hua Neng Hong Kong Company Limited
|
472,000,000
|
-(2)
|
|
3.11
|
(1)
|
Of the 1,629,264,402 shares, 74,139,853 domestic shares through its controlling subsidiary, Huaneng Finance Corporation Limited.
|
(2)
|
472,000,000 shares are H shares and represent 10.04% of the total issued H shares of the Company and 3.11% of the total issued share capital of the Company.
|
Guarantor
|
Guarantee
|
Interest Rate
|
Largest Amount Outstanding in 2016
|
Amount Outstanding As of December 31, 2016
|
||||
(%)
|
(RMB)
|
(RMB)
|
||||||
Huaneng Group |
Yangliuqing Power Company(1)
|
2.15
|
213,993,985.80
|
190,992,467.43
|
||||
Hainan Power
|
4.17
|
500,000,000.00
|
375,000,000.00
|
|||||
HIPDC
|
The Company
|
5.00
|
2,000,000,000.00
|
2,000,000,000.00
|
||||
Ruijin Power
|
4.41
|
228,000,000.00
|
142,000,000.00
|
|||||
The Company
|
Tuas Power Company(1)
|
SIBOR+1.65
|
10,784,837,243.69
|
10,796,006,335.62
|
||||
Tuas Power Company(1)
|
SIBOR+1.65
|
1,581,569,715.30
|
1,583,207,635.02
|
(1)
|
These entities are subsidiaries of the Company.
|
Lender
|
Borrower
|
Interest Rate
|
Largest Amount Outstanding in 2016
|
Outstanding Balance as of December 31, 2016
|
||||
%
|
(RMB)
|
(RMB)
|
||||||
HIPDC
|
Chaohu Power
|
4.75
|
210,000
|
210,000
|
||||
HIPDC
|
Jingmen Power
|
5.30
|
300,000,000
|
0
|
||||
Huaneng Finance
|
Dalongtan Hydropower
|
4.75
|
30,000,000
|
25,000,000
|
||||
Huaneng Finance
|
Hainan Power
|
4.41
|
166,000,000
|
126,000,000
|
||||
Huaneng Finance
|
Qingdao Co-generation
|
4.66
|
60,000,000
|
60,000,000
|
||||
Huaneng Finance
|
Qingdao Co-generation
|
4.66
|
75,000,000
|
75,000,000
|
||||
Huaneng Finance
|
Weihai Power
|
3.92
|
100,000,000
|
0
|
||||
Huaneng Finance
|
Huaiyin II Power
|
3.92
|
150,000,000
|
0
|
||||
Huaneng Finance
|
Huaiyin II Power
|
3.92
|
200,000,000
|
200,000,000
|
||||
Huaneng Finance
|
Suzhou Industrial Park
|
5.04
|
0
|
0
|
||||
Huaneng Finance
|
Suzhou Industrial Park
|
3.92
|
40,000,000
|
0
|
||||
Huaneng Finance
|
Qinbei Power
|
3.92
|
200,000,000
|
0
|
||||
Huaneng Finance
|
Qinbei Power
|
3.92
|
200,000,000
|
200,000,000
|
||||
Huaneng Finance
|
Yushe Power
|
4.13
|
100,000,000
|
0
|
||||
Huaneng Finance
|
Yushe Power
|
4.13
|
130,000,000
|
0
|
||||
Huaneng Finance
|
Yushe Power
|
4.13
|
100,000,000
|
0
|
||||
Huaneng Finance
|
Yushe Power
|
4.13
|
330,000,000
|
330,000,000
|
||||
Huaneng Finance
|
Wuhan Power
|
3.92
|
200,000,000
|
0
|
||||
Huaneng Finance
|
Wuhan Power
|
3.92
|
200,000,000
|
200,000,000
|
||||
Huaneng Finance
|
Wuhan Power
|
3.92
|
200,000,000
|
200,000,000
|
||||
Huaneng Finance
|
Wuhan Power
|
3.92
|
200,000,000
|
200,000,000
|
||||
Huaneng Finance
|
Yangliuqing Power
|
3.92
|
200,000,000
|
0
|
||||
Huaneng Finance
|
Yangliuqing Power
|
3.92
|
80,500,000
|
0
|
||||
Huaneng Finance
|
Yangliuqing Power
|
3.92
|
200,000,000
|
200,000,000
|
||||
Huaneng Finance
|
Yangliuqing Power
|
3.92
|
100,000,000
|
100,000,000
|
||||
Huaneng Finance
|
Tongxiang CGGT
|
4.13
|
100,000,000
|
0
|
||||
Huaneng Finance
|
Tongxiang CGGT
|
4.13
|
150,000,000
|
150,000,000
|
||||
Huaneng Finance
|
Xiangqi Hydropower
|
3.92
|
200,000,000
|
200,000,000
|
||||
Huaneng Finance | Suzhou Power | 4.13 | 100,000,000 | 0 | ||||
Huaneng Finance | Suzhou Power | 4.13 | 100,000,000 | 0 | ||||
Huaneng Finance | Suzhou Power | 4.13 | 70,000,000 | 0 | ||||
Huaneng Finance | Suzhou Power | 4.13 | 100,000,000 | 100,000,000 | ||||
Huaneng Finance | Suzhou Power | 4.13 | 100,000,000 | 100,000,000 | ||||
Huaneng Finance | Suzhou Power | 4.13 | 70,000,000 | 70,000,000 |
Lender
|
Borrower
|
Interest Rate
|
Largest Amount Outstanding in 2016
|
Outstanding Balance as of December 31, 2016
|
||||
%
|
(RMB)
|
(RMB)
|
Huaneng Finance
|
Xindian Power
|
4.13
|
0
|
0
|
||||
Huaneng Finance
|
Xindian Power
|
4.13
|
200,000,000
|
100,000,000
|
||||
Huaneng Finance
|
Xindian Power
|
4.13
|
100,000,000
|
100,000,000
|
||||
Huaneng Finance
|
Hainan Power
|
3.92
|
200,000,000
|
0
|
||||
Huaneng Finance
|
Jingmen Power
|
3.92
|
400,000,000
|
200,000,000
|
||||
Huaneng Finance
|
Luohuang Power
|
3.92
|
200,000,000
|
0
|
||||
Huaneng Finance
|
Luohuang Power
|
3.92
|
100,000,000
|
0
|
||||
Huaneng Finance
|
Luohuang Power
|
3.92
|
100,000,000
|
0
|
||||
Huaneng Finance
|
Luohuang Power
|
3.92
|
200,000,000
|
200,000,000
|
||||
Huaneng Finance
|
Luohuang Power
|
3.92
|
100,000,000
|
100,000,000
|
||||
Huaneng Finance
|
Hualiangting Power
|
4.13
|
5,000,000
|
5,000,000
|
||||
Huaneng Finance
|
Hualiangting Power
|
4.13
|
5,000,000
|
0
|
||||
Huaneng Finance
|
Yingcheng Thermal Power
|
3.92
|
60,000,000
|
60,000,000
|
||||
Huaneng Finance
|
Yingcheng Thermal Power
|
3.92
|
0
|
0
|
||||
Huaneng Finance
|
Yingcheng Thermal Power
|
3.92
|
40,000,000
|
40,000,000
|
||||
Huaneng Finance
|
Pingliang Power
|
3.92
|
100,000,000
|
0
|
||||
Huaneng Finance
|
Pingliang Power
|
3.92
|
100,000,000
|
0
|
||||
Huaneng Finance
|
Pingliang Power
|
3.92
|
100,000,000
|
100,000,000
|
||||
Huaneng Finance
|
Pingliang Power
|
3.92
|
100,000,000
|
100,000,000
|
||||
Huaneng Finance
|
Pingliang Power
|
3.92
|
100,000,000
|
100,000,000
|
||||
Huaneng Group
|
The Company
|
4.75
|
640,484,600
|
640,484,600
|
||||
Huaneng Group
|
Wuhan Power
|
4.75
|
24,530,000
|
24,530,000
|
||||
The Company
|
Yuwang Energy
|
4.75
|
1,047,000,000
|
922,500,000
|
||||
The Company
|
Yuwang Energy
|
4.51
|
100,000,000
|
100,000,000
|
||||
The Company
|
Yuwang Energy
|
4.28
|
78,000,000
|
78,000,000
|
||||
The Company
|
Yuwang Energy
|
4.28
|
60,000,000
|
60,000,000
|
||||
The Company
|
Yuwang Energy
|
4.35
|
60,000,000
|
60,000,000
|
||||
The Company
|
Yuwang Energy
|
4.28
|
15,000,000
|
15,000,000
|
||||
The Company
|
Yuwang Energy
|
4.75
|
227,000,000
|
-
|
||||
The Company
|
Yuwang Energy
|
4.75
|
100,500,000
|
-
|
||||
The Company
|
Yuwang Energy
|
4.75
|
88,000,000
|
-
|
||||
The Company
|
Yuwang Energy
|
5.1
|
500,000,000
|
-
|
||||
The Company
|
Yuwang Energy
|
5.06
|
250,000,000
|
-
|
||||
The Company
|
Yuwang Energy
|
4.35
|
100,000,000
|
-
|
||||
The Company
|
Yuwang Energy
|
5.06
|
40,000,000
|
-
|
||||
The Company
|
Yuwang Energy
|
4.35
|
11,000,000
|
-
|
||||
The Company
|
Huaide Wind Power
|
4.35
|
140,000,000
|
140,000,000
|
||||
The Company
|
Huaide Wind Power
|
4.51
|
170,000,000
|
130,000,000
|
||||
The Company
|
Huaide Wind Power
|
4.35
|
30,000,000
|
30,000,000
|
||||
The Company
|
Huaide Wind Power
|
4.35
|
140,000,000
|
-
|
||||
The Company
|
Huaide Wind Power
|
4.35
|
68,000,000
|
-
|
||||
The Company
|
Dalian Power
|
4.51
|
21,000,000
|
-
|
||||
The Company
|
Wafangdian Wind Power
|
4.35
|
112,500,000
|
-
|
||||
The Company
|
Fujian Harbour
|
4.35
|
1,561,800,000
|
1,561,800,000
|
||||
The Company
|
Fujian Harbour
|
4.35
|
188,000,000
|
188,000,000
|
||||
The Company
|
Fujian Harbour
|
4.35
|
21,000,000
|
21,000,000
|
||||
The Company
|
Fujian Harbour
|
4.35
|
20,000,000
|
20,000,000
|
||||
The Company
|
Fujian Harbour
|
4.35
|
20,000,000
|
20,000,000
|
||||
The Company
|
Fujian Harbour
|
4.35
|
5,000,000
|
5,000,000
|
||||
The Company
|
Fujian Harbour
|
5.70
|
780,000,000
|
-
|
||||
The Company
|
Fujian Harbour
|
4.66
|
780,000,000
|
-
|
||||
The Company
|
Fujian Harbour
|
4.66
|
303,000,000
|
-
|
||||
The Company
|
Fujian Harbour
|
4.66
|
246,800,000
|
-
|
||||
The Company
|
Fujian Harbour
|
5.70
|
208,800,000
|
-
|
||||
The Company
|
Fujian Harbour
|
5.10
|
132,000,000
|
-
|
||||
The Company
|
Fujian Harbour
|
5.70
|
90,000,000
|
-
|
||||
The Company
|
Fujian Harbour
|
6.46
|
70,000,000
|
-
|
||||
The Company
|
Fujian Harbour
|
5.70
|
50,000,000
|
-
|
||||
The Company
|
Fujian Harbour
|
5.70
|
50,000,000
|
-
|
||||
The Company
|
Fujian Harbour
|
5.70
|
43,000,000
|
-
|
||||
The Company
|
Fujian Harbour
|
5.70
|
40,000,000
|
-
|
||||
The Company
|
Fujian Harbour
|
5.70
|
38,000,000
|
-
|
||||
The Company
|
Fujian Harbour
|
5.70
|
30,000,000
|
-
|
||||
The Company
|
Fujian Harbour
|
4.35
|
20,000,000
|
-
|
||||
The Company
|
Shanghai Shidongkou
|
4.28
|
5,160,000
|
-
|
||||
The Company
|
Linggang Co-generation CCGT
|
4.51
|
555,000,000
|
510,000,000
|
||||
The Company
|
Linggang Co-generation CCGT
|
4.13
|
400,000,000
|
-
|
||||
The Company
|
Fuyuan Wind Power
|
4.60
|
40,000,000
|
-
|
Lender
|
Borrower
|
Interest Rate
|
Largest Amount Outstanding in 2016
|
Outstanding Balance as of December 31, 2016
|
||||
%
|
(RMB)
|
(RMB)
|
The Company
|
Fuyuan Wind Power
|
4.75
|
10,000,000
|
-
|
||||
The Company
|
Diandong Energy
|
4.75
|
2,271,000,000
|
2,271,000,000
|
||||
The Company
|
Diandong Energy
|
4.28
|
1,000,000,000
|
1,000,000,000
|
||||
The Company
|
Diandong Energy
|
4.28
|
350,000,000
|
350,000,000
|
||||
The Company
|
Diandong Energy
|
4.35
|
380,000,000
|
230,000,000
|
||||
The Company
|
Diandong Energy
|
4.75
|
300,000,000
|
170,000,000
|
||||
The Company
|
Diandong Energy
|
4.35
|
125,000,000
|
125,000,000
|
||||
The Company
|
Diandong Energy
|
4.28
|
122,000,000
|
122,000,000
|
||||
The Company
|
Diandong Energy
|
4.28
|
122,000,000
|
122,000,000
|
||||
The Company
|
Diandong Energy
|
4.75
|
100,000,000
|
100,000,000
|
||||
The Company
|
Diandong Energy
|
4.75
|
100,000,000
|
100,000,000
|
||||
The Company
|
Diandong Energy
|
4.75
|
82,000,000
|
82,000,000
|
||||
The Company
|
Diandong Energy
|
4.75
|
210,000,000
|
-
|
||||
The Company
|
Diandong Energy
|
4.60
|
200,000,000
|
-
|
||||
The Company
|
Diandong Energy
|
4.60
|
150,000,000
|
-
|
||||
The Company
|
Diandong Energy
|
4.75
|
100,000,000
|
-
|
||||
The Company
|
Diandong Energy
|
3.95
|
1,000,000,000
|
-
|
||||
The Company
|
Diandong Energy
|
4.35
|
210,000,000
|
-
|
||||
The Company
|
Diandong Energy
|
4.60
|
200,000,000
|
-
|
||||
The Company
|
Diandong Energy
|
4.60
|
200,000,000
|
-
|
||||
The Company
|
Luhe Wind Power
|
4.35
|
10,000,000
|
10,000,000
|
||||
The Company
|
Qidong Wind Power
|
4.35
|
360,000,000
|
360,000,000
|
||||
The Company
|
Qidong Wind Power
|
4.35
|
40,000,000
|
25,000,000
|
||||
The Company
|
Qidong Wind Power
|
4.35
|
360,000,000
|
-
|
||||
The Company
|
Qidong Wind Power
|
4.35
|
40,000,000
|
-
|
||||
The Company
|
Dongshan CCGT
|
4.51
|
234,396,000
|
234,396,000
|
||||
The Company
|
Dongshan CCGT
|
4.51
|
150,000,000
|
150,000,000
|
||||
The Company
|
Dongshan CCGT
|
4.51
|
65,604,000
|
65,604,000
|
||||
The Company
|
Dongshan CCGT
|
4.51
|
50,000,000
|
50,000,000
|
||||
The Company
|
Dongshan CCGT
|
4.35
|
165,000,000
|
-
|
||||
The Company
|
Dongshan CCGT
|
4.35
|
80,000,000
|
-
|
||||
The Company
|
Rudong Wind Power
|
4.28
|
270,000,000
|
-
|
||||
The Company
|
Rudong Wind Power
|
4.28
|
140,000,000
|
-
|
||||
The Company
|
Rudong Wind Power
|
4.28
|
50,000,000
|
-
|
||||
The Company
|
Rudong Wind Power
|
4.35
|
100,000,000
|
100,000,000
|
||||
The Company
|
Rudong Wind Power
|
4.35
|
100,000,000
|
85,000,000
|
||||
The Company
|
Rudong Wind Power
|
4.35
|
100,000,000
|
-
|
||||
The Company
|
Rudong Wind Power
|
4.35
|
100,000,000
|
-
|
||||
The Company
|
Weihai Power
|
5.54
|
24,203,000
|
-
|
||||
The Company
|
Anhui Power
|
4.35
|
190,000,000
|
-
|
||||
The Company
|
Anyuan Power
|
4.35
|
150,000,000
|
-
|
||||
The Company
|
Anyuan Power
|
4.35
|
50,000,000
|
-
|
||||
The Company
|
Taihang Power
|
4.35
|
50,000,000
|
-
|
||||
The Company
|
Zuoquan Power
|
4.35
|
1,000,000,000
|
1,000,000,000
|
||||
The Company
|
Zuoquan Power
|
4.35
|
900,000,000
|
900,000,000
|
||||
The Company
|
Zuoquan Power
|
4.35
|
1,900,000,000
|
-
|
||||
The Company
|
Pingliang Power
|
4.75
|
2,320,000,000
|
2,320,000,000
|
||||
The Company
|
Pingliang Power
|
4.60
|
1,250,000,000
|
-
|
||||
The Company
|
Pingliang Power
|
4.60
|
970,000,000
|
-
|
||||
The Company
|
Haimen Port
|
4.51
|
160,000,000
|
160,000,000
|
||||
The Company
|
Haimen Port
|
4.35
|
410,000,000
|
-
|
||||
The Company
|
Guangdong Power
|
4.35
|
190,000,000
|
-
|
||||
The Company
|
Changtu Wind Power
|
4.51
|
118,000,000
|
-
|
||||
The Company
|
Changtu Wind Power
|
4.35
|
35,000,000
|
-
|
||||
The Company
|
Guilin Power
|
4.35
|
20,000,000
|
-
|
||||
The Company
|
Tongxiang CGGT
|
4.35
|
400,000,000
|
400,000,000
|
||||
The Company
|
Tongxiang CGGT
|
4.35
|
700,000,000
|
70,000,000
|
||||
The Company
|
Tongxiang CGGT
|
4.35
|
300,000,000
|
-
|
||||
The Company
|
Tongxiang CGGT
|
4.35
|
100,000,000
|
-
|
||||
The Company
|
Tongxiang CGGT
|
4.35
|
50,000,000
|
-
|
||||
The Company
|
Tongxiang CGGT
|
4.35
|
30,000,000
|
-
|
||||
The Company
|
Yushe Power
|
4.28
|
765,000,000
|
765,000,000
|
||||
The Company
|
Yushe Power
|
4.51
|
200,000,000
|
200,000,000
|
||||
The Company
|
Yushe Power
|
4.51
|
140,000,000
|
140,000,000
|
||||
The Company
|
Yushe Power
|
4.75
|
140,000,000
|
140,000,000
|
||||
The Company
|
Yushe Power
|
4.28
|
100,000,000
|
100,000,000
|
||||
The Company
|
Yushe Power
|
4.13
|
100,000,000
|
100,000,000
|
||||
The Company
|
Yushe Power
|
4.13
|
500,000,000
|
-
|
||||
The Company
|
Yushe Power
|
4.13
|
365,000,000
|
-
|
||||
The Company
|
Yushe Power
|
4.79
|
140,000,000
|
-
|
||||
The Company
|
Yushe Power
|
4.35
|
140,000,000
|
-
|
||||
The Company
|
Yushe Power
|
4.35
|
100,000,000
|
-
|
Lender
|
Borrower
|
Interest Rate
|
Largest Amount Outstanding in 2016
|
Outstanding Balance as of December 31, 2016
|
||||
%
|
(RMB)
|
(RMB)
|
The Company | Shantou Haimen Power | 5.19 | 600,000,000 | 600,000,000 | ||||
The Company | Shantou Haimen Power | 4.35 | 500,000,000 | 500,000,000 | ||||
The Company | Shantou Haimen Power | 5.19 | 1,400,000,000 | 270,000,000 | ||||
The Company | Shantou Haimen Power | 6.94 | 1,000,000,000 | - | ||||
The Company
|
Shantou Haimen Power
|
4.35
|
330,000,000
|
-
|
||||
The Company
|
Shantou Haimen Power
|
4.35
|
300,000,000
|
-
|
||||
The Company
|
Shantou Haimen Power
|
4.35
|
250,000,000
|
-
|
||||
The Company
|
Shantou Haimen Power
|
4.35
|
70,000,000
|
-
|
||||
The Company
|
Jiangxi Clean Energy
|
4.35
|
30,000,000
|
30,000,000
|
||||
The Company
|
Jiangxi Clean Energy
|
4.35
|
20,000,000
|
-
|
||||
The Company
|
Qinbei Power
|
4.35
|
700,000,000
|
700,000,000
|
||||
The Company
|
Qinbei Power
|
4.35
|
700,000,000
|
700,000,000
|
||||
The Company
|
Qinbei Power
|
4.75
|
4,200,000
|
4,200,000
|
||||
The Company
|
Qinbei Power
|
4.35
|
1,400,000,000
|
-
|
||||
The Company
|
Qinbei Power
|
4.28
|
4,200,000
|
-
|
||||
The Company
|
Zhanhua Co-generation
|
4.75
|
1,250,000,000
|
1,250,000,000
|
||||
The Company
|
Zhanhua Co-generation
|
4.37
|
300,000,000
|
-
|
||||
The Company
|
Huaiyin II Power
|
4.51
|
450,000,000
|
400,000,000
|
||||
The Company
|
Huaiyin II Power
|
4.75
|
450,000,000
|
150,000,000
|
||||
The Company
|
Huaiyin II Power
|
4.75
|
50,000,000
|
50,000,000
|
||||
The Company
|
Huaiyin II Power
|
4.35
|
450,000,000
|
-
|
||||
The Company
|
Yueyang Power
|
4.75
|
14,780,000
|
14,780,000
|
||||
The Company
|
Yueyang Power
|
4.28
|
14,780,000
|
-
|
||||
The Company
|
Guidong Wind Power
|
4.60
|
60,000,000
|
-
|
||||
The Company
|
Xiangqi Hydropower
|
4.51
|
120,000,000
|
70,000,000
|
||||
The Company
|
Xiangqi Hydropower
|
4.35
|
20,000,000
|
20,000,000
|
||||
The Company
|
Xiangqi Hydropower
|
4.35
|
200,000,000
|
-
|
||||
The Company
|
Xiangqi Hydropower
|
4.35
|
20,000,000
|
-
|
||||
The Company
|
Xiangqi Hydropower
|
4.35
|
20,000,000
|
-
|
||||
The Company
|
Xiangqi Hydropower
|
4.35
|
20,000,000
|
-
|
||||
The Company
|
Subaoding Wind Power
|
4.35
|
50,000,000
|
-
|
||||
The Company
|
Guanyun Co-generation
|
4.35
|
50,000,000
|
50,000,000
|
||||
The Company
|
Guanyun Co-generation
|
4.35
|
40,000,000
|
40,000,000
|
||||
The Company
|
Guanyun Co-generation
|
4.35
|
10,000,000
|
10,000,000
|
||||
The Company
|
Guanyun Co-generation
|
4.35
|
64,000,000
|
-
|
||||
The Company
|
Ruijin Power
|
4.85
|
100,000,000
|
-
|
||||
The Company
|
Luoyuan Power
|
4.13
|
190,000,000
|
-
|
||||
The Company
|
Luoyuan Power
|
4.13
|
147,000,000
|
-
|
||||
The Company
|
Luoyuan Power
|
4.35
|
130,000,000
|
-
|
||||
The Company
|
Luoyuan Power
|
4.13
|
80,000,000
|
-
|
||||
The Company
|
Luoyuan Power
|
4.35
|
65,000,000
|
-
|
||||
The Company
|
Luoyuan Power
|
4.35
|
60,000,000
|
-
|
||||
The Company
|
Luoyuan Power
|
4.35
|
50,000,000
|
-
|
||||
The Company
|
Luoyuan Power
|
4.35
|
35,000,000
|
-
|
||||
The Company
|
Luoyuan Power
|
4.35
|
10,000,000
|
-
|
||||
The Company
|
Suzihe Hydropower
|
4.28
|
190,890,000
|
190,890,000
|
||||
The Company
|
Suzihe Hydropower
|
4.35
|
4,900,000
|
4,900,000
|
||||
The Company
|
Suzihe Hydropower
|
4.35
|
4,900,000
|
4,900,000
|
||||
The Company
|
Suzihe Hydropower
|
4.35
|
4,900,000
|
4,900,000
|
||||
The Company
|
Suzihe Hydropower
|
4.35
|
400,890,000
|
-
|
||||
The Company
|
Suzhou Power
|
4.35
|
100,000,000
|
-
|
||||
The Company
|
Suzhou CCGT
|
4.35
|
8,000,000
|
8,000,000
|
||||
The Company
|
Suzhou CCGT
|
4.35
|
220,000,000
|
-
|
||||
The Company
|
Suzhou CCGT
|
4.35
|
20,000,000
|
-
|
||||
The Company
|
Suzhou CCGT
|
4.35
|
7,000,000
|
-
|
||||
The Company
|
Suzhou CCGT
|
4.35
|
3,000,000
|
-
|
||||
The Company
|
Yingkou Xianrendao Co-generation
|
4.51
|
40,000,000
|
-
|
||||
The Company
|
Yingkou Co-generation
|
5.20
|
700,000,000
|
700,000,000
|
||||
The Company
|
Yingkou Co-generation
|
4.35
|
500,000,000
|
-
|
||||
The Company
|
Yingkou Co-generation
|
4.35
|
310,000,000
|
-
|
||||
The Company
|
Panxian Wind Power
|
4.35
|
54,000,000
|
-
|
||||
The Company
|
Panxian Wind Power
|
4.35
|
10,000,000
|
-
|
||||
The Company
|
Panxian Wind Power
|
4.51
|
5,000,000
|
-
|
||||
The Company
|
Xindian Power
|
4.75
|
1,425,000,000
|
1,340,000,000
|
||||
The Company
|
Xindian Power
|
4.35
|
1,285,000,000
|
-
|
||||
The Company
|
Xindian Power
|
4.35
|
720,000,000
|
-
|
||||
The Company
|
Liangjiang CCGT
|
4.35
|
300,000,000
|
-
|
||||
The Company
|
Liangjiang CCGT
|
4.35
|
230,000,000
|
-
|
||||
The Company
|
Liangjiang CCGT
|
5.35
|
200,000,000
|
-
|
||||
The Company
|
Liangjiang CCGT
|
4.35
|
131,000,000
|
-
|
||||
The Company
|
Liangjiang CCGT
|
4.35
|
130,000,000
|
-
|
||||
The Company
|
Liangjiang CCGT
|
5.08
|
50,000,000
|
-
|
Lender
|
Borrower
|
Interest Rate
|
Largest Amount Outstanding in 2016
|
Outstanding Balance as of December 31, 2016
|
||||
%
|
(RMB)
|
(RMB)
|
The Company
|
Liangjiang CCGT
|
5.08
|
50,000,000
|
-
|
||||
The Company
|
Luohuang Power
|
4.75
|
34,500,000
|
34,500,000
|
||||
The Company
|
Luohuang Power
|
4.28
|
34,500,000
|
-
|
||||
The Company
|
Changxing Power
|
4.35
|
140,000,000
|
-
|
||||
The Company
|
Jieshan Wind Power
|
4.35
|
20,000,000
|
-
|
||||
The Company
|
Qingdao Co-generation
|
4.75
|
50,000,000
|
50,000,000
|
||||
The Company
|
Qingdao Co-generation
|
4.51
|
12,000,000
|
12,000,000
|
||||
The Company
|
Qingdao Co-generation
|
4.35
|
50,000,000
|
-
|
||||
The Company
|
Yangliuqing Power
|
4.75
|
4,390,000
|
4,390,000
|
||||
The Company
|
Yangliuqing Power
|
4.28
|
4,390,000
|
-
|
||||
The Company
|
Hualu Sea Transportation
|
4.51
|
130,000,000
|
130,000,000
|
||||
The Company
|
Hualu Sea Transportation
|
4.51
|
35,000,000
|
35,000,000
|
||||
The Company
|
Hualu Sea Transportation
|
4.79
|
130,000,000
|
-
|
||||
The Company
|
Enshi Maweigou Hydropower
|
4.51
|
12,000,000
|
12,000,000
|
||||
The Company
|
Enshi Maweigou Hydropower
|
4.35
|
12,000,000
|
12,000,000
|
||||
The Company
|
Enshi Maweigou Hydropower
|
4.51
|
10,000,000
|
10,000,000
|
||||
The Company
|
Enshi Maweigou Hydropower
|
4.51
|
502,000,000
|
-
|
||||
The Company
|
Dalongtan Hydropower
|
4.35
|
30,000,000
|
-
|
||||
The Company
|
Dalongtan Hydropower
|
4.51
|
5,000,000
|
-
|
||||
The Company
|
Huaqing Energy
|
4.51
|
12,000,000
|
12,000,000
|
||||
The Company
|
Huaqing Energy
|
4.51
|
10,000,000
|
10,000,000
|
||||
The Company
|
Huaqing Energy
|
4.51
|
10,000,000
|
10,000,000
|
||||
The Company
|
Huaqing Energy
|
4.51
|
8,000,000
|
8,000,000
|
||||
Tiancheng Financial Leasing
|
Yuwang Energy
|
4.42
|
200,000,000
|
195,500,000
|
||||
Tiancheng Financial Leasing
|
Yuwang Energy
|
4.42
|
200,000,000
|
196,100,000
|
||||
Tiancheng Financial Leasing
|
Yuwang Energy
|
4.42
|
540,000,000
|
532,800,000
|
||||
Tiancheng Financial Leasing
|
Yuwang Energy
|
4.42
|
560,000,000
|
552,800,000
|
||||
Tiancheng Financial Leasing
|
Pingliang Power
|
4.42
|
100,000,000
|
85,000,000
|
||||
Tiancheng Financial Leasing
|
Pingliang Power
|
4.42
|
260,000,000
|
232,631,578
|
||||
Tiancheng Financial Leasing
|
Diandong Energy
|
4.42
|
500,000,000
|
486,500,000
|
||||
Tiancheng Financial Leasing
|
Diandong Energy
|
4.42
|
300,000,000
|
291,750,000
|
||||
Tiancheng Financial Leasing
|
Diandong Energy
|
4.42
|
175,000,000
|
171,700,000
|
||||
Tiancheng Financial Leasing
|
Diandong Energy
|
4.42
|
125,000,000
|
122,800,000
|
||||
Xi’an Thermal Power Research Institute
|
The Company
|
3.92
|
100,000,000
|
100,000,000
|
Closing Price per ADS
|
||||||
High
|
Low
|
|||||
(US$)
|
(US$)
|
|||||
2012
|
37.15
|
21.02
|
||||
2013
|
49.37
|
33.83
|
||||
2014
|
56.44
|
31.51
|
||||
2015
|
61.13
|
32.76
|
||||
2016
|
37.79
|
22.86
|
||||
2015
|
First Quarter
|
59.94
|
44.20
|
|||
Second Quarter
|
61.13
|
48.79
|
||||
Third Quarter
|
52.48
|
41.50
|
||||
Fourth Quarter
|
49.77
|
32.76
|
||||
2016
|
First Quarter
|
36.81
|
29.44
|
|||
Second Quarter
|
37.79
|
24.61
|
||||
Third Quarter
|
26.36
|
22.86
|
||||
Fourth Quarter
|
26.04
|
23.82
|
||||
2017
|
First Quarter
|
29.62
|
25.31
|
|||
2016
|
October
|
25.90
|
24.11
|
|||
November
|
25.05
|
23.82
|
||||
December
|
26.04
|
24.62
|
||||
2017
|
January
|
26.54
|
25.55
|
|||
February
|
28.35
|
25.31
|
||||
March
|
29.62
|
26.43
|
Closing Price per H Share
|
||||||
High
|
Low
|
|||||
(HK$)
|
(HK$)
|
|||||
2012
|
7.19
|
4.13
|
||||
2013
|
9.64
|
6.21
|
||||
2014
|
10.92
|
6.21
|
||||
2015
|
11.76
|
6.40
|
||||
2016
|
7.27
|
4.46
|
||||
2015
|
First Quarter
|
11.30
|
8.54
|
|||
Second Quarter
|
11.76
|
9.37
|
Closing Price per H Share
|
||||||
High
|
Low
|
|||||
(HK$)
|
(HK$)
|
|||||
Third Quarter
|
9.89
|
9.22
|
||||
Fourth Quarter
|
9.59
|
6.40
|
||||
2016
|
First Quarter
|
7.12
|
5.72
|
|||
Second Quarter
|
7.27
|
4.74
|
||||
Third Quarter
|
5.17
|
4.46
|
||||
Fourth Quarter
|
5.14 | 4.61 | ||||
2017
|
First Quarter
|
5.77
|
4.93
|
|||
2016
|
October
|
4.97
|
4.72
|
|||
November
|
4.86
|
4.61
|
||||
December
|
5.14
|
4.80
|
||||
2017
|
January
|
5.16
|
4.98
|
|||
February
|
5.49
|
4.93
|
||||
March
|
5.77
|
5.16
|
· |
recovery of losses, if any;
|
· |
allocations to the statutory surplus reserve fund; and
|
· |
allocations to a discretionary surplus reserve fund.
|
· |
where the number of directors is less than the number required by the PRC Company Law or two-thirds of the number specified in our Articles of Association;
|
· |
where our unrecovered losses reach one-third of the total amount of our share capital;
|
· |
where shareholder(s) holding 10% or more of our issued shares so request(s);
|
· |
whenever our board deems necessary or our supervisory committee so requests; or
|
· |
other circumstances as provided in the Articles of Association.
|
· |
an increase or reduction of our registered share capital or the issuance of shares, including stock distributions, of any class, warrants and other similar securities;
|
· |
issuance of debentures;
|
· |
our division, merger, dissolution, liquidation and change of the legal form;
|
· |
amendments to our Articles of Association;
|
· |
acquisition or disposal of material assets or providing a guarantee in the amount exceeding 30% of our most recent audited total assets within one year;
|
· |
adjustments to our profit distribution policy; and
|
· |
any other matters our shareholders have resolved by way of an ordinary resolution at a general meeting to be of a nature which may have a material impact on us and should be adopted by special resolution.
|
· |
to relieve a director or supervisor from his or her duty to act honestly in our best interests;
|
· |
to approve the expropriation by a director or supervisor (for his or her own benefit or for the benefit of another person) of our assets in any way, including, without limitation, opportunities which may benefit us; or
|
· |
to approve the expropriation by a director or supervisor (for his or her own benefit or for the benefit of another person) of the individual rights of other shareholders, including, without limitation, rights to distributions and voting rights (save according to a restructuring of our company which has been submitted for approval by the shareholders in a general meeting in accordance with our articles of association).
|
· |
is necessary to enable them and the public to appraise the position of us and our subsidiaries;
|
· |
is necessary to avoid the establishment of a false market in its securities; and
|
· |
might be reasonably expected to materially affect market activity in and the price of its securities.
|
·
|
between a holder of H Shares and us;
|
·
|
between a holder of H Shares and any of our directors, supervisors, general managers or other senior officers; or
|
·
|
between a holder of H Shares and a holder of domestic ordinary shares, arising from any provision of our Articles of Association, any right or obligation conferred or imposed by the Company Law or any other relevant law or administrative regulation which concerns our affairs
|
·
|
a fee (for each instrument of transfer) of HK dollar 2.50, or any higher fee as agreed by the Hong Kong Stock Exchange, has been paid to us;
|
·
|
the instrument of transfer only involves H Shares;
|
·
|
the stamp duty chargeable on the instrument of transfer has been paid;
|
·
|
the relevant share certificate and upon the reasonable request of the board of directors, any evidence in relation to the right of the transferor to transfer the shares have been submitted;
|
·
|
if it is intended to transfer the shares to joint owners, then the maximum number of joint owners must not exceed four;
|
·
|
we do not have any lien on the relevant shares.
|
Noon Buying Rate
|
||||||||||||||||
Period
|
End
|
Average(1)
|
High
|
Low
|
||||||||||||
(RMB per US$1.00)
|
||||||||||||||||
2012
|
6.2301
|
6.2990
|
6.2221
|
6.3879
|
||||||||||||
2013
|
6.0537
|
6.1412
|
6.0537
|
6.2438
|
||||||||||||
2014
|
6.2046
|
6.1704
|
6.0402
|
6.2591
|
||||||||||||
2015
|
6.4778
|
6.2869
|
6.4896
|
6.1870
|
||||||||||||
2016
|
6.9430
|
6.6549
|
6.4480
|
6.9580
|
Noon Buying Rate
|
|||||||||||||||||
Period
|
End
|
Average(1)
|
High
|
Low
|
|||||||||||||
(RMB per US$1.00)
|
|||||||||||||||||
|
October
|
6.7735
|
6.7303
|
6.6685
|
6.7819
|
||||||||||||
|
November
|
6.8837
|
6.8402
|
6.7534
|
6.9195
|
||||||||||||
|
December
|
6.9430
|
6.9198
|
6.8771
|
6.9580
|
||||||||||||
2017
|
January
|
6.8768
|
6.8907
|
6.8360
|
6.9575
|
||||||||||||
|
February
|
6.8665
|
6.8694
|
6.8517
|
6.8821
|
||||||||||||
|
March
|
6.8832
|
6.8940
|
6.8687
|
6.9132
|
||||||||||||
|
April (through April 7, 2017)
|
6.8978
|
6.8903
|
6.8832
|
6.8978
|
(1)
|
Annual averages are calculated by using the average of the exchange rates on the last day of each month during the relevant year. Monthly averages are calculated by using the average of the daily rates during the relevant month.
|
·
|
an individual who is a citizen or resident of the United States;
|
·
|
a corporation (or other entity treated as a corporation for United States federal income tax purposes) created in or organized under the laws of the United States or any State thereof or the District of Columbia;
|
·
|
an estate the income of which is includible in gross income for United States federal income tax purposes regardless of its source; or
|
·
|
a trust (a) the administration of which is subject to the primary supervision of a United States court and which has one or more United States persons who have the authority to control all substantial decisions of the trust or (b) a trust that has otherwise elected to be treated as a United States person under the Code.
|
As of December 31, 2016
|
||||||||||||||||||||||||||||||||
Expected Maturity Date
|
Total
|
Fair Value
|
||||||||||||||||||||||||||||||
2017
|
2018
|
2019
|
2020
|
2021
|
Thereafter
|
|||||||||||||||||||||||||||
On-balance sheet financial instruments
|
||||||||||||||||||||||||||||||||
Bank balances and cash:
|
||||||||||||||||||||||||||||||||
In U.S. Dollar
|
320
|
-
|
-
|
-
|
-
|
-
|
320
|
320
|
||||||||||||||||||||||||
In Japanese Yen
|
0.184
|
-
|
-
|
-
|
-
|
-
|
0.184
|
0.184
|
||||||||||||||||||||||||
Debts
|
||||||||||||||||||||||||||||||||
Japanese Yen
|
7
|
7
|
7
|
7
|
7
|
128
|
163
|
105
|
||||||||||||||||||||||||
Average interest rate
|
0.750
|
0.750
|
0.750
|
0.750
|
0.750
|
0.750
|
—
|
—
|
||||||||||||||||||||||||
Euro
|
68
|
68
|
40
|
32
|
32
|
46
|
286
|
230
|
||||||||||||||||||||||||
Average interest rate
|
2.085
|
2.085
|
2.040
|
2.013
|
2.010
|
2.007
|
—
|
—
|
||||||||||||||||||||||||
U.S. Dollar
|
389
|
389
|
389
|
389
|
389
|
898
|
2,843
|
2,843
|
||||||||||||||||||||||||
Average interest rate
|
1.920
|
1.920
|
1.920
|
1.920
|
1.920
|
1.920
|
—
|
—
|
||||||||||||||||||||||||
Gas purchase commitments (U.S. Dollar)
|
5,703
|
5,703
|
5,703
|
5,718
|
5,703
|
17,776
|
46,305
|
As of December 31, 2016
|
||||||||||||||||||||||||||||||||
Expected Maturity Date
|
Total
|
Fair Value
|
||||||||||||||||||||||||||||||
2017
|
2018
|
2019
|
2020
|
2021
|
Thereafter
|
|||||||||||||||||||||||||||
Forward exchange contracts
|
||||||||||||||||||||||||||||||||
(Receive US $ / Pay S$)
|
||||||||||||||||||||||||||||||||
Contract amount
|
1,884
|
498
|
155
|
1
|
-
|
-
|
2,538
|
107
|
||||||||||||||||||||||||
Average Contractual Exchange Rate
|
1.39
|
1.39
|
1.39
|
1.37
|
-
|
-
|
—
|
—
|
As of December 31, 2015
|
||||||||||||||||||||||||||||||||
Expected Maturity Date
|
Total
|
Fair Value
|
||||||||||||||||||||||||||||||
2016
|
2017
|
2018
|
2019
|
2029
|
Thereafter
|
|||||||||||||||||||||||||||
On-balance sheet financial instruments
|
||||||||||||||||||||||||||||||||
Bank balances and cash:
|
||||||||||||||||||||||||||||||||
In U.S.Dollar
|
560
|
-
|
-
|
-
|
-
|
-
|
560
|
560
|
||||||||||||||||||||||||
In Japanese Yen
|
0.205
|
-
|
-
|
-
|
-
|
-
|
0.205
|
0.205
|
||||||||||||||||||||||||
In Hong Kong Dollar
|
0.128
|
-
|
-
|
-
|
-
|
-
|
0.128
|
0.128
|
||||||||||||||||||||||||
Debts
|
||||||||||||||||||||||||||||||||
Japanese Yen
|
6
|
6
|
6
|
6
|
6
|
122
|
152
|
81
|
||||||||||||||||||||||||
Average interest rate
|
0.750
|
0.750
|
0.750
|
0.750
|
0.750
|
0.750
|
—
|
—
|
||||||||||||||||||||||||
Euro
|
66
|
66
|
60
|
42
|
32
|
78
|
344
|
288
|
||||||||||||||||||||||||
Average interest rate
|
2.085
|
2.085
|
2.079
|
2.048
|
2.014
|
2.013
|
—
|
—
|
||||||||||||||||||||||||
U.S. Dollar
|
389
|
389
|
389
|
389
|
389
|
1,125
|
3,070
|
3,070
|
||||||||||||||||||||||||
Average interest rate
|
1.380
|
1.380
|
1.380
|
1.380
|
1.380
|
1.380
|
—
|
—
|
||||||||||||||||||||||||
Gas purchase commitments (U.S. Dollar)
|
3,579
|
3,621
|
3,621
|
3,621
|
3,631
|
14,502
|
32,575
|
32,575
|
As of December 31, 2015
|
||||||||||||||||||||||||||||||||
Expected Maturity Date
|
Total
|
Fair Value
|
||||||||||||||||||||||||||||||
2016
|
2017
|
2018
|
2019
|
2020
|
Thereafter
|
|||||||||||||||||||||||||||
Forward exchange contracts
|
||||||||||||||||||||||||||||||||
(Receive US$/Pay S$)
|
||||||||||||||||||||||||||||||||
Contract amount
|
2,105
|
528
|
140
|
27
|
-
|
-
|
2,800
|
139
|
||||||||||||||||||||||||
Average Contractual Exchange Rate
|
1.36
|
1.34
|
1.37
|
1.39
|
-
|
-
|
—
|
—
|
As of December 31, 2016
|
||||||||||||||||||||||||||||||||
Expected Maturity Date
|
Fair
|
|||||||||||||||||||||||||||||||
2017
|
2018
|
2019
|
2020
|
2021
|
Thereafter
|
Total
|
Value
|
|||||||||||||||||||||||||
Debts
|
||||||||||||||||||||||||||||||||
Shareholder's, bank and other loans
|
67,230
|
12,136
|
12,034
|
8,698
|
7,851
|
24,271
|
132,220
|
132,144
|
||||||||||||||||||||||||
Average interest rate
|
3.550
|
3.404
|
3.157
|
2.951
|
2.725
|
2.725
|
—
|
—
|
||||||||||||||||||||||||
Short-term bonds
|
27,311
|
-
|
-
|
-
|
-
|
-
|
27,311
|
27,311
|
||||||||||||||||||||||||
Average interest rate
|
3.453
|
-
|
-
|
-
|
-
|
-
|
—
|
—
|
||||||||||||||||||||||||
Long-term bonds
|
3,295
|
3,989
|
3,994
|
-
|
3,000
|
1,200
|
15,478
|
15,714
|
||||||||||||||||||||||||
Average interest rate
|
4.786
|
4.476
|
3.625
|
3.625
|
3.982
|
3.982
|
—
|
—
|
As of December 31, 2016
|
||||||||||||||||||||||||||||||||
Notional Amount Expected Maturity Date
|
Fair
|
|||||||||||||||||||||||||||||||
2017
|
2018
|
2019
|
2020
|
2021
|
Thereafter
|
Total
|
Value
|
|||||||||||||||||||||||||
Debts
|
||||||||||||||||||||||||||||||||
Interest Rate Derivatives (US$)
|
||||||||||||||||||||||||||||||||
Variable to Fixed
|
222
|
222
|
999
|
-
|
-
|
-
|
1,443
|
(70
|
)
|
|||||||||||||||||||||||
Average receive rate
|
1.86
|
%
|
2.34
|
%
|
2.69
|
%
|
-
|
-
|
-
|
—
|
—
|
|||||||||||||||||||||
Average pay rate
|
4.40
|
%
|
4.40
|
%
|
4.40
|
%
|
-
|
-
|
-
|
—
|
—
|
|||||||||||||||||||||
Interest Rate Derivatives (S$)
|
||||||||||||||||||||||||||||||||
Variable to Fixed
|
1,393
|
1,132
|
178
|
3,819
|
-
|
-
|
6,522
|
(99
|
)
|
|||||||||||||||||||||||
Average receive rate
|
1.04
|
%
|
1.57
|
%
|
1.78
|
%
|
1.96
|
%
|
-
|
-
|
—
|
—
|
||||||||||||||||||||
Average pay rate
|
2.468
|
%
|
2.508
|
%
|
2.531
|
%
|
2.531
|
%
|
-
|
-
|
—
|
—
|
As of December 31, 2015
|
||||||||||||||||||||||||||||||||
Expected Maturity Date
|
Fair
|
|||||||||||||||||||||||||||||||
2016
|
2017
|
2018
|
2019
|
2020
|
Thereafter
|
Total
|
Value
|
|||||||||||||||||||||||||
Debts
|
||||||||||||||||||||||||||||||||
Shareholder's, bank and other loans
|
62,235
|
12,093
|
9,201
|
9,287
|
6,675
|
28,773
|
128,264
|
128,196
|
||||||||||||||||||||||||
Average interest rate
|
4.274
|
4.207
|
4.134
|
4.010
|
3.892
|
3.892
|
—
|
—
|
||||||||||||||||||||||||
Short-term bonds
|
19,348
|
-
|
-
|
-
|
-
|
-
|
19,348
|
19,348
|
||||||||||||||||||||||||
Average interest rate
|
4.387
|
-
|
-
|
-
|
-
|
-
|
—
|
—
|
||||||||||||||||||||||||
Long-term bonds
|
11,481
|
3,287
|
3,981
|
3,993
|
-
|
-
|
22,742
|
23,155
|
||||||||||||||||||||||||
Average interest rate
|
5.621
|
5.395
|
5.370
|
5.370
|
-
|
-
|
—
|
—
|
As of December 31, 2015
|
||||||||||||||||||||||||||||||||
Notional Amount Expected Maturity Date
|
Fair
|
|||||||||||||||||||||||||||||||
2016
|
2017
|
2018
|
2019
|
2020
|
Thereafter
|
Total
|
Value
|
|||||||||||||||||||||||||
Debts
|
||||||||||||||||||||||||||||||||
Interest Rate Derivatives (US$)
|
||||||||||||||||||||||||||||||||
Variable to Fixed
|
208
|
208
|
208
|
934
|
-
|
-
|
1,558
|
(80
|
)
|
|||||||||||||||||||||||
Average receive rate
|
1.89
|
%
|
2.71
|
%
|
3.14
|
%
|
3.29
|
%
|
-
|
-
|
—
|
—
|
||||||||||||||||||||
Average pay rate
|
4.40
|
%
|
4.40
|
%
|
4.40
|
%
|
4.40
|
%
|
-
|
-
|
—
|
—
|
||||||||||||||||||||
Interest Rate Derivatives (S$)
|
||||||||||||||||||||||||||||||||
Variable to Fixed
|
188
|
1,331
|
1,082
|
170
|
3,650
|
-
|
6,421
|
(38
|
)
|
|||||||||||||||||||||||
Average receive rate
|
1.62
|
%
|
1.84
|
%
|
2.02
|
%
|
2.22
|
%
|
2.35
|
%
|
-
|
—
|
—
|
|||||||||||||||||||
Average pay rate
|
2.452
|
%
|
2.468
|
%
|
2.508
|
%
|
2.531
|
%
|
2.531
|
%
|
-
|
—
|
—
|
As of December 31, 2016
|
||||||||||||||||||||||||||||||||
Expected Maturity Date
|
Fair
|
|||||||||||||||||||||||||||||||
2017
|
2018
|
2019
|
2020
|
2021
|
Thereafter
|
Total
|
Value
|
|||||||||||||||||||||||||
Fuel Swap contracts
|
||||||||||||||||||||||||||||||||
Contract Volumes (MT)
|
715,675
|
241,015
|
74,050
|
-
|
-
|
-
|
1,030,740
|
—
|
||||||||||||||||||||||||
Weighted Average Prce (US$/MT)
|
312.03
|
298.48
|
305.44
|
-
|
-
|
-
|
—
|
—
|
||||||||||||||||||||||||
Contract Amount (RMB million)
|
1,551
|
500
|
156
|
-
|
-
|
-
|
2,207
|
103
|
||||||||||||||||||||||||
Contract Volumes (BBL)
|
78,960
|
-
|
-
|
-
|
-
|
-
|
78,960
|
—
|
||||||||||||||||||||||||
Weighted Average Price (US$/BBL)
|
51.63
|
-
|
-
|
-
|
-
|
-
|
—
|
—
|
||||||||||||||||||||||||
Contract Amount (RMB million)
|
28
|
-
|
-
|
-
|
-
|
-
|
28
|
2
|
As of December 31, 2015
|
||||||||||||||||||||||||||||||||
Expected Maturity Date
|
Fair
|
|||||||||||||||||||||||||||||||
2016
|
2017
|
2018
|
2019
|
2020
|
Thereafter
|
Total
|
Value
|
|||||||||||||||||||||||||
Fuel Swap contracts
|
||||||||||||||||||||||||||||||||
Contract Volumes (MT)
|
930,660
|
204,205
|
54,855
|
10,210
|
-
|
-
|
1,199,930
|
—
|
||||||||||||||||||||||||
Weighted Average Prce (US$/MT)
|
338.59
|
408.86
|
389.49
|
389.54
|
-
|
-
|
—
|
—
|
||||||||||||||||||||||||
Contract Amount (RMB million)
|
2,044
|
541
|
139
|
26
|
-
|
-
|
2,750
|
(1,141
|
)
|
|||||||||||||||||||||||
Contract Volumes (BBL)
|
361,100
|
-
|
-
|
-
|
-
|
-
|
361,100
|
—
|
||||||||||||||||||||||||
Weighted Average Price (US$/BBL)
|
48.54
|
-
|
-
|
-
|
-
|
-
|
—
|
—
|
||||||||||||||||||||||||
Contract Amount (RMB million)
|
114
|
-
|
-
|
-
|
-
|
-
|
114
|
-
|
Services
|
Fees
|
|
Issuance of ADSs
|
$5.00 (or less) per 100 ADSs (or portion of 100 ADSs) issued
|
|
Cancellation of ADSs
|
$5.00 (or less) per 100 ADSs (or portion of 100 ADSs) canceled
|
|
Distribution of cash dividends or other cash distributions
|
$2.00 (or less) per 100 ADSs (or portion of 100 ADSs) held
|
Services
|
Fees
|
|
Distribution of ADSs pursuant to stock dividends, free stock distributions or exercises of rights
|
$5.00 (or less) per 100 ADSs (or portion of 100 ADSs) held
|
|
Distribution of securities other than ADSs or rights to purchase additional ADSs
|
$5.00 (or less) per 100 ADSs (or portion of 100 ADSs) held
|
· |
taxes and other governmental charges;
|
· |
such registration fees as may from time to time be in effect for the registration of transfers of H Shares generally on the H Share register of the Company or Foreign Registrar and applicable to transfers of H Shares to the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals;
|
· |
such cable, telex and facsimile transmission expenses as are expressly provided in the Deposit Agreement;
|
· |
such expenses as are incurred by the Depositary in the conversion of foreign currency; and
|
· |
any other charge payable by the Depositary, any of the Depositary's agents, including the Custodian, or the agents of the Depositary's agents in connection with the servicing of H Shares or other Deposited Securities.
|
(RMB million)
|
For the Year Ended
December 31, |
|||||||
2016
|
2015
|
|||||||
Audit fees
|
30.2
|
29.2
|
||||||
Audit-related fees
|
4.9
|
-
|
||||||
Tax fees
|
0.4
|
0.4
|
||||||
All other fees
|
2.8
|
0.7
|
||||||
Total
|
38.3
|
30.3
|
NYSE corporate governance rules
|
Corporate governance rules applicable to the domestically listed companies in China and the Company's governance practices
|
|
Director Independence
|
||
A listed company must have a majority of independent directors on its board of directors.
No director qualifies as "independent" unless the board of directors affirmatively determines that the director has no material relationship with the listed company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the company). In addition, a director must meet certain standards to be deemed independent. For example, a director is not independent if the director is, or has been within the last three years, an employee of the listed company, or an immediate family member is, or has been within the last three years, an executive officer of the listed company, or if the director has received, or has an immediate family member who has received, during any twelve-month period within the last three years, more than US$120,000 in direct compensation from the listed company, other than director and committee fees and pension or other forms of deferred compensation for prior service (provided such compensation is not contingent in any way on continued service).
|
It is required in China that any listed company must establish an independent director system and set forth specific requirements for the qualification of independent directors. For example, an independent director shall not hold any other position in the listed Company other than being a director and shall not be influenced by the main shareholders or the controlling persons of the listed company, or by any other entities or persons with whom the listed company has a significant relationship. The Company has complied with the relevant Chinese corporate governance rules and has implemented internal rules governing the independence and responsibilities of independent directors. The Company determines the independence of independent directors every year.
|
|
To empower non-management directors to serve as a more effective check on management, the non-management directors of each listed company must meet at regularly scheduled executive sessions without management.
|
No similar requirements.
|
|
Nominating/Corporate Governance Committee
|
||
Listed companies must have a nominating/corporate governance committee composed entirely of independent directors.
|
The board of directors of a listed company may, through the resolution of the shareholders' meeting, establish a nominating committee composed entirely of directors, of which the independent directors shall be the majority and the convener. The Company has established a nominating committee.
|
|
The nominating/corporate governance committee must have a written charter that addresses the committee's purposes and responsibilities which, at minimum, must be to: search for eligible people for the board of directors, select and nominate directors for the next session of the shareholders' annual meeting, study and propose corporate governance guidelines, supervise the evaluation of the board of directors and management, and evaluate the performance of the committee every year.
|
Relevant responsibilities of the nominating/corporate governance committee are similar to those stipulated by the NYSE rules, but the main responsibilities do not include the research and recommendation of corporate governance guidelines, the supervision of the evaluation of the board of directors and management, or the annual evaluation of the committee.
|
|
NYSE corporate governance rules
|
Corporate governance rules applicable to the domestically listed companies in China and the Company's governance practices
|
|
Compensation Committee
|
||
Listed companies must have a compensation committee composed entirely of independent directors.
|
The board of directors of a listed company can, through the resolution of shareholders' meeting, have a compensation and evaluation committee composed entirely of directors, of whom the independent directors are the majority and act as the convener.
|
|
The compensation committee must have a written charter that addresses, at least, the following purposes and responsibilities:
|
The responsibilities are similar to those stipulated by the NYSE rules, but the committee is not required to produce a report on the executive compensation or make an annual performance evaluation of the committee. The board of directors of the Company has established a compensation and evaluation committee composed mainly of independent directors who act as the convener, and the committee has a written charter.
|
|
(1) review and approve the corporate goals associated with CEO's compensation, evaluate the performance of the CEO in fulfilling these goals, and, either as a committee or together with the other independent directors (as directed by the board) based on such evaluation, determine and approve the CEO's compensation level;
|
||
(2) make recommendations to the board with respect to non-CEO executive officer compensation, and incentive-compensation and equity-based plans that are subject to board approval;
|
||
(3) produce a committee report on executive compensation as required by the SEC to be included in the annual proxy statement or annual report filed with the SEC.
|
||
The charter must also include the requirement for an annual performance evaluation of the compensation committee.
|
||
The compensation committee may, in its sole discretion, retain or consult a compensation consultant, independent legal counsel or other advisor. The compensation committee shall be directly responsible for the appointment, compensation and oversight of the work of such advisor. A listed company must provide for appropriate funding for payment of reasonable compensation to such advisor. The compensation committee may select such advisor to the compensation committee only after taking into consideration all factors relevant to that person's independence from management.
|
||
NYSE corporate governance rules
|
Corporate governance rules applicable to the domestically listed companies in China and the Company's governance practices
|
|
Audit Committee
|
||
Listed companies must have an audit committee that satisfies the requirements of Rule 10A-3 of Exchange Act. It must have a minimum of three members, and all audit committee members must satisfy the requirements for independence set forth in Section 303A.02 of NYSE Corporate Governance Rules as well as the requirements of Rule 10A-3(b)(1) of the Exchange Act.
|
The board of directors of a listed company can, through the resolution of the shareholders' meeting, establish an audit committee composed entirely of directors, of which the independent directors are the majority and act as the convener, and, at minimum, one independent director is an accounting professional.
|
|
The audit committee must have a written charter that specifies the purpose of the audit committee is, at minimum, to assist the board oversight of the integrity of financial statements, the Company's compliance with legal and regulatory requirements, qualifications and independence of independent auditors and the performance of the listed company's internal audit function and independent auditors.
|
The responsibilities of the audit committee are similar to those stipulated by the NYSE rules, but according to the domestic practices, the Company is not required to make an annual performance evaluation of the audit committee, and the audit committee is not required to prepare an audit report to be included in the Company's annual proxy statement. The Board of Directors of the Company has established an audit committee that satisfies relevant domestic requirements and the audit committee has a written charter.
|
|
The written charter must also require the audit committee to prepare an audit committee report as required by the SEC to be included in the listed company's annual proxy statement as well as an annual performance evaluation of the audit committee.
|
||
The written charter must also specify the duties and responsibilities of the audit committee, which, at a minimum, must include those set out in Rules 10A-3(b)(2), (3), (4) and (5) of the Exchange Act, as well as other duties and responsibilities, such as to obtain and review a report by the independent auditor at least annually, meet to review and discuss the listed company's annual audited financial statements and quarterly financial statements with management and independent auditor.
|
||
Each listed company must have an internal audit department.
|
China has a similar regulatory provision, and the Company has an internal audit department.
|
|
Shareholder approval of equity compensation plan
|
||
Shareholders must be given the opportunity to vote on all equity-compensation plans and material revisions thereto, except for, among others, plans that are made available to shareholders generally, such as typical dividend reinvestment plan, certain awards and plans in the context of mergers and acquisitions.
|
The relevant regulations of China require the board of directors to propose plans on the amount and types of director compensation for the shareholders' meeting to approve. The compensation plan of executive officers is subject to approval by the board and announced at the shareholders' meeting and disclosed to the public upon the approval of the board of directors.
|
|
Corporate governance guidelines
|
||
Listed companies must adopt and disclose corporate governance guidelines, involving director qualification standards, director responsibilities, director compensation, director continuing education, annual performance evaluation of the board of directors, etc.
|
CSRC has issued the Corporate Governance Rules, with which the Company has complied.
|
|
NYSE corporate governance rules
|
Corporate governance rules applicable to the domestically listed companies in China and the Company's governance practices
|
|
Code of ethics for directors, officers and employees
|
||
Listed companies must adopt and disclose a code of business conduct and ethics for directors, officers and employees, and promptly disclose any waivers of the code for directors or executive officers. Each code of business conduct and ethics must require that any waiver of the code for executive officers or directors may be made only by the board or a board committee.
|
China does not have such requirement for a code for ethics. But, the directors and officers must perform their legal responsibilities in accordance with the Company Law of PRC, relative requirements of CSRC and Mandatory Provisions to the Charter of Companies Listed Overseas.
|
|
Each listed company's CEO must certify to the NYSE each year that he or she is not aware of any violation by the listed company of NYSE corporate governance listing standards and he or she must promptly notify the NYSE in writing of any non-compliance with any applicable provisions of Section 303A.
|
No similar requirements.
|
1.1
|
Articles of Association amended and adopted by the Shareholders' meeting in June 2016.
|
3.1 | Shareholders’ Agreement dated May 31, 1994, incorporated by reference to Exhibit 9.1 of our Registration Statement on Form F-1, filed with the SEC on August 24, 1994. Amendment to Shareholders’ Agreement dated May 12, 2006, incoporated by reference to Exhibit 3.1 of our annual report on Form 20-F for the year ended December 31, 2006, filed with the SEC on April 16, 2007. |
8
|
A list of subsidiaries.
|
12.1
|
Certifications of Principal Executive Officer pursuant to Rule 13a-14(a) promulgated under the U.S. Securities Exchange Act of 1934.
|
12.2
|
Certifications of Principal Financial Officer pursuant to Rule 13a-14(a) promulgated under the U.S. Securities Exchange Act of 1934.
|
13.1
|
Certification pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
15.1 | Letter from KPMG regarding Item 16F of this annual report. |
For the year ended 31 December
|
||||||||||||||||
Note
|
2016
|
2015
|
2014
|
|||||||||||||
RMB
|
RMB
|
RMB
|
||||||||||||||
Operating revenue
|
5
|
113,814,236
|
128,904,873
|
125,406,855
|
||||||||||||
Tax and levies on operations
|
(1,177,818
|
)
|
(1,157,760
|
)
|
(932,485
|
)
|
||||||||||
Operating expenses
|
||||||||||||||||
Fuel
|
6
|
(56,617,542
|
)
|
(59,242,367
|
)
|
(64,762,908
|
)
|
|||||||||
Maintenance
|
(4,343,349
|
)
|
(4,556,361
|
)
|
(3,729,912
|
)
|
||||||||||
Depreciation
|
(14,815,620
|
)
|
(14,411,632
|
)
|
(11,646,683
|
)
|
||||||||||
Labor
|
(8,043,406
|
)
|
(7,751,551
|
)
|
(6,259,588
|
)
|
||||||||||
Service fees on transmission and transformer facilities of HIPDC
|
(138,038
|
)
|
(140,771
|
)
|
(140,771
|
)
|
||||||||||
Purchase of electricity
|
(3,066,415
|
)
|
(3,581,517
|
)
|
(5,055,076
|
)
|
||||||||||
Others
|
6
|
(7,234,308
|
)
|
(8,919,988
|
)
|
(7,604,790
|
)
|
|||||||||
Total operating expenses
|
(94,258,678
|
)
|
(98,604,187
|
)
|
(99,199,728
|
)
|
||||||||||
Profit from operations
|
18,377,740
|
29,142,926
|
25,274,642
|
|||||||||||||
Interest income
|
147,063
|
160,723
|
159,550
|
|||||||||||||
Financial expenses, net
|
||||||||||||||||
Interest expense
|
6
|
(6,817,526
|
)
|
(7,945,734
|
)
|
(7,814,114
|
)
|
|||||||||
Exchange (loss)/gain and bank charges, net
|
(250,076
|
)
|
(24,336
|
)
|
(9,492
|
)
|
||||||||||
Total financial expenses, net
|
(7,067,602
|
)
|
(7,970,070
|
)
|
(7,823,606
|
)
|
||||||||||
Share of profits less losses of associates and joint ventures
|
8
|
1,298,889
|
1,525,975
|
1,315,876
|
||||||||||||
(Loss) /gain on fair value changes of financial assets/liabilities
|
(12,986
|
)
|
(16,742
|
)
|
42,538
|
|||||||||||
Other investment income
|
6 |
1,070,034
|
115,238
|
80,580
|
||||||||||||
Profit before income tax expense
|
6
|
13,813,138
|
22,958,050
|
19,049,580
|
||||||||||||
Income tax expense
|
32
|
(3,465,151
|
)
|
(5,698,943
|
)
|
(5,487,208
|
)
|
|||||||||
Net profit
|
10,347,987
|
17,259,107
|
13,562,372
|
For the year ended 31 December
|
||||||||||||||
Note |
2016
|
2015
|
2014
|
|||||||||||
RMB
|
RMB
|
RMB
|
||||||||||||
Other comprehensive income/(loss), net of tax
|
||||||||||||||
Items that may be reclassified subsequently to profit or loss:
|
||||||||||||||
Fair value changes of available-for-sale financial asset
|
(148,041
|
)
|
558,261
|
840,289
|
||||||||||
Gain on disposal of available-for-sale financial asset reclassified to profit or loss
|
(741,648
|
)
|
-
|
-
|
||||||||||
Share of other comprehensive (loss)/income of investees accounted for under the equity method
|
(180,572
|
)
|
678,793
|
87,579
|
||||||||||
Effective portion of cash flow hedges
|
1,015,103
|
51,922
|
(789,915
|
)
|
||||||||||
Translation differences of the financial statements of foreign operations
|
540,442
|
(133,116
|
)
|
(377,889
|
)
|
|||||||||
Other comprehensive income/(loss), net of tax
|
485,284
|
1,155,860
|
(239,936
|
)
|
||||||||||
Total comprehensive income
|
10,833,271
|
18,414,967
|
13,322,436
|
|||||||||||
Net profit attributable to:
|
||||||||||||||
- Equity holders of the Company
|
8,520,427
|
13,651,933
|
10,757,317
|
|||||||||||
- Non-controlling interests
|
1,827,560
|
3,607,174
|
2,805,055
|
|||||||||||
10,347,987
|
17,259,107
|
13,562,372
|
||||||||||||
Total comprehensive income attributable to:
|
||||||||||||||
- Equity holders of the Company
|
9,005,227
|
14,807,889
|
10,517,694
|
|||||||||||
- Non-controlling interests
|
1,828,044
|
3,607,078
|
2,804,742
|
|||||||||||
10,833,271
|
18,414,967
|
13,322,436
|
||||||||||||
Earnings per share attributable to the equity holders of the Company (expressed in RMB per share)
|
||||||||||||||
- Basic and diluted
|
33
|
0.56
|
0.94
|
0.76
|
As at 31 December
|
||||||||||||
Note
|
2016
|
2015
|
||||||||||
RMB
|
RMB
|
|||||||||||
ASSETS
|
||||||||||||
Non-current assets
|
||||||||||||
Property, plant and equipment
|
7
|
223,061,809
|
219,673,070
|
|||||||||
Investments in associates and joint ventures
|
8
|
19,632,113
|
19,745,192
|
|||||||||
Available-for-sale financial assets
|
10
|
3,406,032
|
5,077,863
|
|||||||||
Land use rights
|
11
|
8,456,347
|
8,313,766
|
|||||||||
Power generation license
|
12
|
3,849,199
|
3,679,175
|
|||||||||
Mining rights
|
13
|
1,646,271
|
1,646,271
|
|||||||||
Deferred income tax assets
|
30
|
1,263,957
|
1,064,391
|
|||||||||
Derivative financial assets
|
14
|
99,721
|
45,044
|
|||||||||
Goodwill
|
15
|
12,135,729
|
11,677,182
|
|||||||||
Other non-current assets
|
16
|
4,321,945
|
4,378,997
|
|||||||||
Total non-current assets
|
277,873,123
|
275,300,951
|
||||||||||
Current assets
|
||||||||||||
Inventories
|
17
|
6,879,143
|
5,422,732
|
|||||||||
Other receivables and assets
|
18
|
5,533,770
|
4,087,989
|
|||||||||
Accounts receivable
|
19
|
16,393,471
|
16,377,401
|
|||||||||
Derivative financial assets
|
14
|
278,602
|
139,468
|
|||||||||
Bank balances and cash
|
34
|
7,881,630
|
7,537,813
|
|||||||||
Total current assets
|
36,966,616
|
33,565,403
|
||||||||||
Total assets
|
314,839,739
|
308,866,354
|
As at 31 December
|
||||||||||||
Note
|
2016
|
2015
|
||||||||||
RMB
|
RMB
|
|||||||||||
EQUITY AND LIABILITIES
|
||||||||||||
Capital and reserves attributable to equity holders of the Company
|
||||||||||||
Share capital
|
20
|
15,200,383
|
15,200,383
|
|||||||||
Capital surplus
|
24,760,331
|
24,815,489
|
||||||||||
Surplus reserves
|
21
|
8,140,030
|
8,140,030
|
|||||||||
Currency translation differences
|
(787,881
|
)
|
(1,327,839
|
)
|
||||||||
Retained earnings
|
38,690,132
|
37,313,885
|
||||||||||
86,002,995
|
84,141,948
|
|||||||||||
Non-controlling interests
|
16,183,742
|
17,551,741
|
||||||||||
Total equity
|
102,186,737
|
101,693,689
|
||||||||||
Non-current liabilities
|
||||||||||||
Long-term loans
|
23
|
64,990,361
|
66,028,023
|
|||||||||
Long-term bonds
|
24
|
12,182,971
|
11,261,322
|
|||||||||
Deferred income tax liabilities
|
30
|
2,262,752
|
2,494,143
|
|||||||||
Derivative financial liabilities
|
14
|
201,169
|
430,089
|
|||||||||
Other non-current liabilities
|
25
|
2,819,498
|
3,122,455
|
|||||||||
Total non-current liabilities
|
82,456,751
|
83,336,032
|
||||||||||
Current liabilities
|
||||||||||||
Accounts payable and other liabilities
|
26
|
28,325,227
|
26,185,764
|
|||||||||
Taxes payable
|
27
|
1,089,105
|
2,071,471
|
|||||||||
Dividends payable
|
1,575,180
|
788,895
|
||||||||||
Salary and welfare payables
|
421,390
|
313,284
|
||||||||||
Derivative financial liabilities
|
14
|
133,569
|
874,852
|
|||||||||
Short-term bonds
|
28
|
27,311,103
|
19,347,706
|
|||||||||
Short-term loans
|
29
|
57,668,874
|
49,883,489
|
|||||||||
Current portion of long-term loans
|
23
|
9,560,885
|
12,351,205
|
|||||||||
Current portion of long-term bonds
|
24
|
3,294,736
|
11,480,661
|
|||||||||
Current portion of other non-current liabilities
|
25
|
816,182
|
539,306
|
|||||||||
Total current liabilities
|
130,196,251
|
123,836,633
|
||||||||||
Total liabilities
|
212,653,002
|
207,172,665
|
||||||||||
Total equity and liabilities
|
314,839,739
|
308,866,354
|
Attributable to equity holders of the Company
|
||||||||||||||||||||||||||||||||||||||||||||||||
Capital surplus
|
||||||||||||||||||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Hedging reserve
|
Available-for-sale financial assets revaluation reserve
|
Other capital reserve
|
Subtotal
|
Surplus reserves
|
Currency translation differences
|
Retained earnings
|
Total
|
Non-controlling interests
|
Total equity
|
|||||||||||||||||||||||||||||||||||||
Balance as at 1 January 2014
|
14,055,383
|
16,233,589
|
(301,194
|
)
|
351,251
|
1,063,422
|
17,347,068
|
7,085,454
|
(817,243
|
)
|
24,780,003
|
62,450,665
|
12,742,309
|
75,192,974
|
||||||||||||||||||||||||||||||||||
Profit for the year ended 31 December 2014
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
10,757,317
|
10,757,317
|
2,805,055
|
13,562,372
|
||||||||||||||||||||||||||||||||||||
Other comprehensive income/ (loss):
|
||||||||||||||||||||||||||||||||||||||||||||||||
Fair value changes of available-for-sale financial asset - gross
|
-
|
-
|
-
|
1,120,385
|
-
|
1,120,385
|
-
|
-
|
-
|
1,120,385
|
-
|
1,120,385
|
||||||||||||||||||||||||||||||||||||
Fair value changes of available-for-sale financial asset - tax
|
-
|
-
|
-
|
(280,096
|
)
|
-
|
(280,096
|
)
|
-
|
-
|
-
|
(280,096
|
)
|
-
|
(280,096
|
)
|
||||||||||||||||||||||||||||||||
Shares of other comprehensive income of investees accounted for under the equity method - gross
|
-
|
-
|
-
|
116,972
|
-
|
116,972
|
-
|
-
|
-
|
116,972
|
-
|
116,972
|
||||||||||||||||||||||||||||||||||||
Shares of other comprehensive income of investees accounted for under the equity method - tax
|
-
|
-
|
-
|
(29,393
|
)
|
-
|
(29,393
|
)
|
-
|
-
|
-
|
(29,393
|
)
|
-
|
(29,393
|
)
|
||||||||||||||||||||||||||||||||
Changes in fair value of effective portion of cash flow hedges - gross
|
-
|
-
|
(1,479,632
|
)
|
-
|
-
|
(1,479,632
|
)
|
-
|
-
|
-
|
(1,479,632
|
)
|
-
|
(1,479,632
|
)
|
||||||||||||||||||||||||||||||||
Changes in fair value of effective portion of cash flow hedges - tax
|
-
|
-
|
254,590
|
-
|
-
|
254,590
|
-
|
-
|
-
|
254,590
|
-
|
254,590
|
||||||||||||||||||||||||||||||||||||
Cash flow hedges recorded in shareholders’ equity reclassified to inventories - gross
|
-
|
-
|
371,725
|
-
|
-
|
371,725
|
-
|
-
|
-
|
371,725
|
-
|
371,725
|
||||||||||||||||||||||||||||||||||||
Cash flow hedges recorded in shareholders’ equity reclassified to inventories - tax
|
-
|
-
|
(63,193
|
)
|
-
|
-
|
(63,193
|
)
|
-
|
-
|
-
|
(63,193
|
)
|
-
|
(63,193
|
)
|
||||||||||||||||||||||||||||||||
Cash flow hedges recorded in shareholders’ equity reclassified to exchange gain and bank charges, net - gross
|
-
|
-
|
(51,772
|
)
|
-
|
-
|
(51,772
|
)
|
-
|
-
|
-
|
(51,772
|
)
|
-
|
(51,772
|
)
|
||||||||||||||||||||||||||||||||
Cash flow hedges recorded in shareholders’ equity reclassified to exchange gain and bank charges, net - tax
|
-
|
-
|
8,801
|
-
|
-
|
8,801
|
-
|
-
|
-
|
8,801
|
-
|
8,801
|
||||||||||||||||||||||||||||||||||||
Cash flow hedges recorded in shareholders’ equity reclassified to interest expense - gross
|
-
|
-
|
209,652
|
-
|
-
|
209,652
|
-
|
-
|
-
|
209,652
|
-
|
209,652
|
||||||||||||||||||||||||||||||||||||
Cash flow hedges recorded in shareholders’ equity reclassified to interest expense - tax
|
-
|
-
|
(40,086
|
)
|
-
|
-
|
(40,086
|
)
|
-
|
-
|
-
|
(40,086
|
)
|
-
|
(40,086
|
)
|
||||||||||||||||||||||||||||||||
Currency translation differences
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(377,576
|
)
|
-
|
(377,576
|
)
|
(313
|
)
|
(377,889
|
)
|
||||||||||||||||||||||||||||||||
Total comprehensive (loss)/income for the year ended 31 December 2014
|
-
|
-
|
(789,915
|
)
|
927,868
|
-
|
137,953
|
-
|
(377,576
|
)
|
10,757,317
|
10,517,694
|
2,804,742
|
13,322,436
|
||||||||||||||||||||||||||||||||||
Dividends relating to 2013
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(5,341,046
|
)
|
(5,341,046
|
)
|
(1,739,740
|
)
|
(7,080,786
|
)
|
||||||||||||||||||||||||||||||||
Issuance of new H shares, net of issuance expenses
|
365,000
|
2,088,986
|
-
|
-
|
-
|
2,088,986
|
-
|
-
|
-
|
2,453,986
|
-
|
2,453,986
|
||||||||||||||||||||||||||||||||||||
Capital injections from non-controlling interests of subsidiaries
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
606,719
|
606,719
|
||||||||||||||||||||||||||||||||||||
Appropriation of surplus reserve
|
-
|
-
|
-
|
-
|
-
|
-
|
110,895
|
-
|
(110,895
|
)
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||||||
Acquisitions of a subsidiary
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2,631
|
2,631
|
||||||||||||||||||||||||||||||||||||
Disposal of a subsidiary
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(99,958
|
)
|
(99,958
|
)
|
||||||||||||||||||||||||||||||||||
Disposal of non-controlling interests of a subsidiary
|
-
|
-
|
-
|
-
|
48,192
|
48,192
|
-
|
-
|
-
|
48,192
|
336,512
|
384,704
|
||||||||||||||||||||||||||||||||||||
Balance as at 31 December 2014
|
14,420,383
|
18,322,575
|
(1,091,109
|
)
|
1,279,119
|
1,111,614
|
19,622,199
|
7,196,349
|
(1,194,819
|
)
|
30,085,379
|
70,129,491
|
14,653,215
|
84,782,706
|
Attributable to equity holders of the Company
|
||||||||||||||||||||||||||||||||||||||||||||||||
Capital surplus
|
||||||||||||||||||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Hedging reserve
|
Available-for-sale financial assets revaluation reserve
|
Other capital reserve
|
Subtotal
|
Surplus reserves
|
Currency translation differences
|
Retained earnings
|
Total
|
Non-controlling interests
|
Total equity
|
|||||||||||||||||||||||||||||||||||||
Balance as at 1 January 2015
|
14,420,383
|
18,322,575
|
(1,091,109
|
)
|
1,279,119
|
1,111,614
|
19,622,199
|
7,196,349
|
(1,194,819
|
)
|
30,085,379
|
70,129,491
|
14,653,215
|
84,782,706
|
||||||||||||||||||||||||||||||||||
Profit for the year ended 31 December 2015
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
13,651,933
|
13,651,933
|
3,607,174
|
17,259,107
|
||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss):
|
||||||||||||||||||||||||||||||||||||||||||||||||
Fair value changes of available-for-sale financial asset - gross
|
-
|
-
|
-
|
744,348
|
-
|
744,348
|
-
|
-
|
-
|
744,348
|
-
|
744,348
|
||||||||||||||||||||||||||||||||||||
Fair value changes of available-for-sale financial asset - tax
|
-
|
-
|
-
|
(186,087
|
)
|
-
|
(186,087
|
)
|
-
|
-
|
-
|
(186,087
|
)
|
-
|
(186,087
|
)
|
||||||||||||||||||||||||||||||||
Shares of other comprehensive income of investees accounted for under the equity method - gross
|
-
|
-
|
-
|
904,007
|
-
|
904,007
|
-
|
-
|
-
|
904,007
|
-
|
904,007
|
||||||||||||||||||||||||||||||||||||
Shares of other comprehensive income of investees accounted for under the equity method - tax
|
-
|
-
|
-
|
(225,214
|
)
|
-
|
(225,214
|
)
|
-
|
-
|
-
|
(225,214
|
)
|
-
|
(225,214
|
)
|
||||||||||||||||||||||||||||||||
Changes in fair value of effective portion of cash flow hedges - gross
|
-
|
-
|
(962,683
|
)
|
-
|
-
|
(962,683
|
)
|
-
|
-
|
-
|
(962,683
|
)
|
-
|
(962,683
|
)
|
||||||||||||||||||||||||||||||||
Changes in fair value of effective portion of cash flow hedges - tax
|
-
|
-
|
166,135
|
-
|
-
|
166,135
|
-
|
-
|
-
|
166,135
|
-
|
166,135
|
||||||||||||||||||||||||||||||||||||
Cash flow hedges recorded in shareholders’ equity reclassified to inventories - gross
|
-
|
-
|
1,003,778
|
-
|
-
|
1,003,778
|
-
|
-
|
-
|
1,003,778
|
-
|
1,003,778
|
||||||||||||||||||||||||||||||||||||
Cash flow hedges recorded in shareholders’ equity reclassified to inventories - tax
|
-
|
-
|
(170,642
|
)
|
-
|
-
|
(170,642
|
)
|
-
|
-
|
-
|
(170,642
|
)
|
-
|
(170,642
|
)
|
||||||||||||||||||||||||||||||||
Cash flow hedges recorded in shareholders’ equity reclassified to exchange gain and bank charges, net - gross
|
-
|
-
|
(137,859
|
)
|
-
|
-
|
(137,859
|
)
|
-
|
-
|
-
|
(137,859
|
)
|
-
|
(137,859
|
)
|
||||||||||||||||||||||||||||||||
Cash flow hedges recorded in shareholders’ equity reclassified to exchange gain and bank charges, net - tax
|
-
|
-
|
23,436
|
-
|
-
|
23,436
|
-
|
-
|
-
|
23,436
|
-
|
23,436
|
||||||||||||||||||||||||||||||||||||
Cash flow hedges recorded in shareholders’ equity reclassified to interest expense - gross
|
-
|
-
|
161,124
|
-
|
-
|
161,124
|
-
|
-
|
-
|
161,124
|
-
|
161,124
|
||||||||||||||||||||||||||||||||||||
Cash flow hedges recorded in shareholders’ equity reclassified to interest expense - tax
|
-
|
-
|
(31,367
|
)
|
-
|
-
|
(31,367
|
)
|
-
|
-
|
-
|
(31,367
|
)
|
-
|
(31,367
|
)
|
||||||||||||||||||||||||||||||||
Currency translation differences
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(133,020
|
)
|
-
|
(133,020
|
)
|
(96
|
)
|
(133,116
|
)
|
||||||||||||||||||||||||||||||||
Total comprehensive income /(loss) for the year ended 31 December 2015
|
-
|
-
|
51,922
|
1,237,054
|
-
|
1,288,976
|
-
|
(133,020
|
)
|
13,651,933
|
14,807,889
|
3,607,078
|
18,414,967
|
|||||||||||||||||||||||||||||||||||
Dividends relating to 2014
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(5,479,746
|
)
|
(5,479,746
|
)
|
(3,285,330
|
) |
(8,765,076
|
)
|
||||||||||||||||||||||||||||||||
Issuance of new H shares, net of issuance expenses (Note 20)
|
780,000
|
3,904,314
|
-
|
-
|
-
|
3,904,314
|
-
|
-
|
-
|
4,684,314
|
-
|
4,684,314
|
||||||||||||||||||||||||||||||||||||
Capital injection from non-controlling interests of subsidiaries
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
623,107
|
623,107
|
||||||||||||||||||||||||||||||||||||
Transfer to surplus reserve
|
-
|
-
|
-
|
-
|
-
|
-
|
943,681
|
-
|
(943,681
|
)
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||||||
Business combinations (Note 39)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,934,865
|
1,934,865
|
||||||||||||||||||||||||||||||||||||
Others
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
18,806
|
18,806
|
||||||||||||||||||||||||||||||||||||
Balance as at 31 December 2015
|
15,200,383
|
22,226,889
|
(1,039,187
|
)
|
2,516,173
|
1,111,614
|
24,815,489
|
8,140,030
|
(1,327,839
|
)
|
37,313,885
|
84,141,948
|
17,551,741
|
101,693,689
|
Attributable to equity holders of the Company
|
||||||||||||||||||||||||||||||||||||||||||||||||
Capital surplus
|
||||||||||||||||||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Hedging reserve
|
Available-for-sale financial assets revaluation reserve
|
Other capital reserve
|
Subtotal
|
Surplus reserves
|
Currency translation differences
|
Retained earnings
|
Total
|
Non-controlling interests
|
Total equity
|
|||||||||||||||||||||||||||||||||||||
Balance as at 1 January 2016
|
15,200,383
|
22,226,889
|
(1,039,187
|
)
|
2,516,173
|
1,111,614
|
24,815,489
|
8,140,030
|
(1,327,839
|
)
|
37,313,885
|
84,141,948
|
17,551,741
|
101,693,689
|
||||||||||||||||||||||||||||||||||
Profit for the year ended 31 December 2016
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
8,520,427
|
8,520,427
|
1,827,560
|
10,347,987
|
||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss):
|
||||||||||||||||||||||||||||||||||||||||||||||||
Fair value changes of available-for-sale financial asset - gross
|
-
|
-
|
-
|
(197,529
|
)
|
-
|
(197,529
|
)
|
-
|
-
|
-
|
(197,529
|
)
|
-
|
(197,529
|
)
|
||||||||||||||||||||||||||||||||
Gain on disposal of available-for-sale financial asset reclassified to profit or loss - gross
|
-
|
-
|
-
|
(988,865
|
)
|
-
|
(988,865
|
)
|
-
|
-
|
-
|
(988,865
|
)
|
-
|
(988,865
|
)
|
||||||||||||||||||||||||||||||||
Fair value changes of and gain on disposal of available-for-sale financial asset - tax
|
-
|
-
|
-
|
296,705
|
-
|
296,705
|
-
|
-
|
-
|
296,705
|
-
|
296,705
|
||||||||||||||||||||||||||||||||||||
Shares of other comprehensive income of investees- accounted for under the equity method - gross
|
-
|
-
|
-
|
(242,217
|
)
|
-
|
(242,217
|
)
|
-
|
-
|
-
|
(242,217
|
)
|
-
|
(242,217
|
)
|
||||||||||||||||||||||||||||||||
Shares of other comprehensive income of investees- accounted for under the equity method - tax
|
-
|
-
|
-
|
61,645
|
-
|
61,645
|
-
|
-
|
-
|
61,645
|
-
|
61,645
|
||||||||||||||||||||||||||||||||||||
Changes in fair value of effective portion of cash flow hedges - gross
|
-
|
-
|
574,455
|
-
|
-
|
574,455
|
-
|
-
|
-
|
574,455
|
-
|
574,455
|
||||||||||||||||||||||||||||||||||||
Changes in fair value of effective portion of cash flow hedges - tax
|
-
|
-
|
(95,407
|
)
|
-
|
-
|
(95,407
|
)
|
-
|
-
|
-
|
(95,407
|
)
|
-
|
(95,407
|
)
|
||||||||||||||||||||||||||||||||
Cash flow hedges recorded in shareholders’ equity reclassified to inventories - gross
|
-
|
-
|
603,527
|
-
|
-
|
603,527
|
-
|
-
|
-
|
603,527
|
-
|
603,527
|
||||||||||||||||||||||||||||||||||||
Cash flow hedges recorded in shareholders’ equity reclassified to inventories - tax
|
-
|
-
|
(102,600
|
)
|
-
|
-
|
(102,600
|
)
|
-
|
-
|
-
|
(102,600
|
)
|
-
|
(102,600
|
)
|
||||||||||||||||||||||||||||||||
Cash flow hedges recorded in shareholders’ equity reclassified to exchange gain and bank charges, net - gross
|
-
|
-
|
(55,838
|
)
|
-
|
-
|
(55,838
|
)
|
-
|
-
|
-
|
(55,838
|
)
|
-
|
(55,838
|
)
|
||||||||||||||||||||||||||||||||
Cash flow hedges recorded in shareholders’ equity reclassified to exchange gain and bank charges, net - tax
|
-
|
-
|
9,492
|
-
|
-
|
9,492
|
-
|
-
|
-
|
9,492
|
-
|
9,492
|
||||||||||||||||||||||||||||||||||||
Cash flow hedges recorded in shareholders’ equity reclassified to interest expense - gross
|
-
|
-
|
101,889
|
-
|
-
|
101,889
|
-
|
-
|
-
|
101,889
|
-
|
101,889
|
||||||||||||||||||||||||||||||||||||
Cash flow hedges recorded in shareholders’ equity reclassified to interest expense - tax
|
-
|
-
|
(20,415
|
)
|
-
|
-
|
(20,415
|
)
|
-
|
-
|
-
|
(20,415
|
)
|
-
|
(20,415
|
)
|
||||||||||||||||||||||||||||||||
Currency translation differences
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
539,958
|
-
|
539,958
|
484
|
540,442
|
||||||||||||||||||||||||||||||||||||
Total comprehensive income/(loss) for the year ended 31 December 2016
|
-
|
-
|
1,015,103
|
(1,070,261
|
)
|
-
|
(55,158
|
)
|
-
|
539,958
|
8,520,427
|
9,005,227
|
1,828,044
|
10,833,271
|
||||||||||||||||||||||||||||||||||
Dividends relating to 2015 (Note 22)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(7,144,180
|
)
|
(7,144,180
|
)
|
(3,481,663
|
)
|
(10,625,843
|
)
|
||||||||||||||||||||||||||||||||
Capital injection from non-controlling interests of subsidiaries
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
285,620
|
285,620
|
||||||||||||||||||||||||||||||||||||
Balance as at 31 December 2016
|
15,200,383
|
22,226,889
|
(24,084
|
)
|
1,445,912
|
1,111,614
|
24,760,331
|
8,140,030
|
(787,881
|
)
|
38,690,132
|
86,002,995
|
16,183,742
|
102,186,737
|
For the year ended 31 December
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
RMB
|
RMB
|
RMB
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||
Profit before income tax expense
|
13,813,138
|
22,958,050
|
19,049,580
|
|||||||||
Adjustments to reconcile profit before income tax expense to net cash provided by operating activities:
|
||||||||||||
Depreciation
|
14,815,620
|
14,411,632
|
11,646,683
|
|||||||||
Provision for impairment loss on property, plant and equipment
|
1,063,735
|
1,047,641
|
1,358,522
|
|||||||||
Provision for impairment loss on investment in an associate
|
-
|
178,131
|
120,050
|
|||||||||
Provision for impairment loss on goodwill
|
-
|
1,105,649
|
641,061
|
|||||||||
Provision for impairment loss on mining rights
|
-
|
760,296
|
-
|
|||||||||
Provision for impairment loss on land use rights
|
51,981
|
-
|
-
|
|||||||||
Amortization of land use rights
|
225,707
|
213,206
|
133,069
|
|||||||||
Amortization of other non-current assets
|
121,388
|
92,775
|
99,528
|
|||||||||
Amortization of employee housing subsidies
|
866
|
940
|
940
|
|||||||||
Recognition/(reversal) of provision for doubtful accounts
|
89,498
|
(3,392
|
)
|
4,577
|
||||||||
(Reversal)/recognition of provision for inventory obsolescence
|
(256
|
)
|
1,828
|
(2,647
|
)
|
|||||||
Loss /(gain) on fair value changes of financial assets/liabilities
|
12,986
|
16,742
|
(42,538
|
)
|
||||||||
Other investment income
|
(1,070,034
|
)
|
(115,238
|
)
|
(80,580
|
)
|
||||||
Net loss on disposals of non-current assets
|
590,049
|
438,321
|
427,034
|
|||||||||
Unrealized exchange loss/ (gain), net
|
195,055
|
166,148
|
(34,769
|
)
|
||||||||
Share of profits less losses of associates and joint ventures
|
(1,298,889
|
)
|
(1,525,975
|
)
|
(1,315,876
|
)
|
||||||
Interest income
|
(147,063
|
)
|
(160,723
|
)
|
(159,550
|
)
|
||||||
Interest expense
|
6,817,526
|
7,945,734
|
7,814,114
|
|||||||||
Others
|
(213,089
|
)
|
(89,332
|
)
|
(217,829
|
)
|
||||||
Changes in working capital:
|
||||||||||||
Inventories
|
(1,270,582
|
)
|
2,106,821
|
(195,853
|
)
|
|||||||
Other receivables and assets
|
(20,810
|
)
|
72,925
|
(64,288
|
)
|
|||||||
Accounts receivable
|
(838,272
|
)
|
(175,429
|
)
|
466,878
|
|||||||
Restricted cash
|
(11,566
|
)
|
499,899
|
(243,624
|
)
|
|||||||
Accounts payable and other liabilities
|
1,811,681
|
(2,932,761
|
)
|
(1,417,668
|
)
|
|||||||
Taxes payable
|
1,279,505
|
1,366,209
|
1,245,941
|
|||||||||
Salary and welfare payables
|
100,353
|
75,803
|
(17,566
|
)
|
||||||||
Interest received
|
84,806
|
102,813
|
97,374
|
|||||||||
Income tax expense paid
|
(4,692,509
|
)
|
(6,196,005
|
)
|
(5,992,496
|
)
|
||||||
Net cash provided by operating activities
|
31,510,824
|
42,362,708
|
33,320,067
|
For the year ended 31 December
|
||||||||||||
Note |
2016
|
2015
|
2014
|
|||||||||
RMB
|
RMB
|
RMB
|
||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||||||
Payment for the purchase of property, plant and equipment
|
(20,144,903
|
)
|
(24,191,285
|
)
|
(19,858,216
|
)
|
||||||
Proceeds from disposal of property, plant and equipment
|
144,346
|
109,013
|
70,712
|
|||||||||
Prepayments of land use rights
|
(89,430
|
)
|
(136,045
|
)
|
(500,100
|
)
|
||||||
Payment for the purchase of other non-current assets
|
(50,653
|
)
|
(6,981
|
)
|
(21,576
|
)
|
||||||
Cash dividends received
|
1,057,642
|
937,189
|
565,334
|
|||||||||
Payment for investment in associates and joint ventures
|
(276,118
|
)
|
(889,780
|
)
|
(266,877
|
)
|
||||||
Cash consideration paid for acquisition of subsidiaries, net of cash acquired
|
39 |
157,421
|
(8,887,882
|
)
|
(17,991
|
)
|
||||||
Cash received from disposal of available-for-sale financial assets
|
1,474,301
|
-
|
-
|
|||||||||
Cash received from disposal of a subsidiary |
-
|
-
|
503,809 | |||||||||
Others
|
77,748
|
50,759
|
54,092
|
|||||||||
Net cash used in investing activities
|
(17,649,646
|
)
|
(33,015,012
|
)
|
(19,470,813
|
)
|
For the year ended 31 December
|
|||||||||||||
|
Note |
2016
|
2015
|
2014
|
|||||||||
RMB
|
RMB
|
RMB
|
|||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|||||||||||||
Issuance of short-term bonds
|
32,982,340
|
18,980,000
|
17,971,000
|
||||||||||
Repayments of short-term bonds
|
(25,000,000
|
)
|
(18,000,000
|
)
|
(15,000,000
|
)
|
|||||||
Proceeds from short-term loans
|
85,689,874
|
67,298,044
|
61,503,204
|
||||||||||
Repayments of short-term loans
|
(77,904,489
|
)
|
(62,600,955
|
)
|
(55,896,200
|
)
|
|||||||
Proceeds from long-term loans
|
15,978,023
|
9,943,689
|
9,647,090
|
||||||||||
Repayments of long-term loans
|
(20,702,421
|
)
|
(12,799,719
|
)
|
(17,522,953
|
)
|
|||||||
Issuance of long-term bonds
|
4,200,000
|
-
|
3,988,000
|
||||||||||
Repayments of long-term bonds
|
(11,500,000
|
)
|
(5,000,000
|
)
|
(5,700,000
|
)
|
|||||||
Interest paid
|
(7,344,781
|
)
|
(8,677,316
|
)
|
(8,097,216
|
)
|
|||||||
Net proceeds from the issuance of new H shares
|
-
|
4,684,314
|
2,453,986
|
||||||||||
Net capital injection from non-controlling interests of subsidiaries
|
285,620
|
623,107
|
606,719
|
||||||||||
Dividends paid to shareholders of the Company
|
(7,206,220
|
)
|
(5,535,655
|
)
|
(5,341,046
|
)
|
|||||||
Dividends paid to non-controlling interests of subsidiaries
|
(2,695,378
|
)
|
(2,954,194
|
)
|
(1,474,329
|
)
|
|||||||
Proceeds from sales leaseback classified as finance lease
|
-
|
100,000
|
1,500,000
|
||||||||||
Cash received from disposal of non-controlling interests of a subsidiary
|
- | - | 384,702 | ||||||||||
Others
|
(384,418
|
)
|
(201,974
|
)
|
82,863
|
||||||||
Net cash used in financing activities
|
(13,601,850
|
)
|
(14,140,659
|
)
|
(10,894,180
|
)
|
|||||||
Effect of exchange rate fluctuations on cash held
|
72,923
|
32,846
|
(58,379
|
)
|
|||||||||
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
|
332,251
|
(4,760,117
|
)
|
2,896,695
|
|||||||||
Cash and cash equivalents as at beginning of the year
|
7,478,250
|
12,238,367
|
9,341,672
|
||||||||||
CASH AND CASH EQUIVALENTS AS AT END OF THE YEAR
|
34
|
7,810,501
|
7,478,250
|
12,238,367
|
1 |
Company organization and principal activities
|
2 |
Principal accounting policies
|
(a) |
Basis of preparation
|
2 |
Principal accounting policies (Continued)
|
(a) |
Basis of preparation (Continued)
|
(b) |
Consolidation
|
2 |
Principal accounting policies (Continued)
|
(b) |
Consolidation (Continued)
|
(i) |
Business combinations
|
(ii) |
Changes in ownership interests in subsidiaries without change of control
|
(iii) |
Associates and joint ventures
|
2 |
Principal accounting policies (Continued)
|
(b) |
Consolidation (Continued)
|
(iii) |
Associates and joint ventures (Continued)
|
2 |
Principal accounting policies (Continued)
|
(b) |
Consolidation (Continued)
|
(iii) |
Associates and joint ventures (Continued)
|
(c) |
Separate financial statements of the Company
|
(d) |
Segment reporting
|
(e) |
Foreign currency translation
|
(i) |
Functional and presentation currency
|
2 |
Principal accounting policies (Continued)
|
(e) |
Foreign currency translation (Continued)
|
(ii) |
Transactions and balances
|
(iii) |
Foreign subsidiaries
|
2 |
Principal accounting policies (Continued)
|
(f) |
Property, plant and equipment
|
Dam |
8 – 50 years
|
Port facilities |
20 – 40 years
|
Buildings |
8 – 30 years
|
Electric utility plant in service |
5 – 30 years
|
Transportation facilities |
8 – 27 years
|
Others |
5 – 14 years
|
2 |
Principal accounting policies (Continued)
|
(g) |
Power generation license
|
(h) |
Mining rights
|
(i) |
Goodwill
|
(j) |
Impairment of non-financial assets
|
2 |
Principal accounting policies (Continued)
|
(j) |
Impairment of non-financial assets (Continued)
|
(k) |
Financial assets
|
(i) |
Financial assets at fair value through profit or loss
|
(ii) |
Loans and receivables
|
2 |
Principal accounting policies (Continued)
|
(k) |
Financial assets (Continued)
|
(iii) |
Available-for-sale financial assets
|
(iv) |
Recognition and measurement
|
2 |
Principal accounting policies (Continued)
|
(k) |
Financial assets (Continued)
|
(v) |
Impairment of financial assets
|
(vi) |
Derivative financial instruments and hedging activities
|
2 |
Principal accounting policies (Continued)
|
(k) |
Financial assets (Continued)
|
(vi) |
Derivative financial instruments and hedging activities (Continued)
|
2 |
Principal accounting policies (Continued)
|
(l) |
Loans and receivables
|
(m) |
Inventories
|
2 |
Principal accounting policies (Continued)
|
(n) |
Related parties
|
(o) |
Cash and cash equivalents
|
(p) |
Borrowings
|
(q) |
Borrowing costs
|
(r) |
Payables
|
2 |
Principal accounting policies (Continued)
|
(s) |
Taxation
|
(i) |
Value-added tax (“VAT”)
|
(ii) |
Goods and service tax (“GST”)
|
(iii) |
Current and deferred income tax
|
2 |
Principal accounting policies (Continued)
|
(s) |
Taxation (Continued)
|
(iii) |
Current and deferred income tax (Continued)
|
(1) |
The Company and its subsidiaries have the legal enforceable right to offset current income tax assets and current income tax liabilities;
|
(2) |
Deferred income tax assets and deferred income tax liabilities are related to the income tax levied by the same tax authority of the Company and its subsidiaries.
|
(t) |
Employee benefits
|
2 |
Principal accounting policies (Continued)
|
(u) |
Government grants
|
(v) |
Revenue and income recognition
|
(i) |
Electricity sales revenue
|
(ii) |
Coal sales revenue
|
(iii) |
Service revenue
|
(iv) |
Dividend income
|
2 |
Principal accounting policies (Continued)
|
(v) |
Revenue and income recognition (Continued)
|
(v) |
Interest income
|
(w) |
Leases
|
(i) |
Operating leases (lessee)
|
(ii) |
Finance lease
|
2 |
Principal accounting policies (Continued)
|
(x) |
Purchase of electricity
|
(y) |
Financial guarantee contracts
|
(z) |
Dividend distribution
|
(aa) |
Contingencies
|
(ab) |
Standards and amendments to published standards that are not yet effective but relevant to the Company and its subsidiaries
|
2 |
Principal accounting policies (Continued)
|
(ab) |
Standards and amendments to published standards that are not yet effective but relevant to the Company and its subsidiaries (Continued)
|
· |
Amendments to IAS 7, ‘Disclosure initiative’, which will be effective for accounting periods beginning on or after 1 January 2017.
|
· |
Amendments to IAS 12, ‘Income taxes - Recognition of deferred tax assets for unrealised losses’, which will be effective for accounting periods beginning on or after 1 January 2017.
|
· |
IFRIC 22, ‘Foreign currency transactions and advance consideration’, which will be effective for accounting periods beginning on or after 1 January 2018.
|
· |
IFRS 15, ‘Revenue from contracts with customers’, which will be effective for accounting periods beginning on or after 1 January 2018.
|
· |
IFRS 9, ‘Financial instrument (2014)’, which will be effective for accounting periods beginning on or after 1 January 2018.
|
· |
IFRS 16, ‘Leases’, which will be effective for accounting periods beginning on or after 1 January 2019.
|
|
3 |
Financial and capital risks management
|
(a) |
Financial risk management
|
3 |
Financial and capital risks management (Continued)
|
(a) |
Financial risk management (Continued)
|
(i) |
Market risk
|
(1) |
Foreign exchange risk
|
(2) |
Price risk
|
3 |
Financial and capital risks management (Continued)
|
(a) |
Financial risk management (Continued)
|
(i) |
Market risk (Continued)
|
(3) |
Cash flow interest rate risk
|
(ii) |
Credit risk
|
3 |
Financial and capital risks management (Continued)
|
(a) |
Financial risk management (Continued)
|
(ii) |
Credit risk (Continued)
|
(iii) |
Liquidity risk
|
(b) |
Fair value estimation
|
(i) |
Fair value measurements
|
· |
Level 1- Quoted prices (unadjusted) in active markets for identical assets or liabilities.
|
· |
Level 2- Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
|
· |
Level 3- Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
|
3 |
Financial and capital risks management (Continued)
|
(b) |
Fair value estimation (Continued)
|
(i) |
Fair value measurements (Continued)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Financial assets at fair value through profit or loss
|
||||||||||||||||
– Trading derivatives (Note 14)
|
-
|
5,881
|
-
|
5,881
|
||||||||||||
Derivatives used for hedging (Note 14)
|
-
|
372,442
|
-
|
372,442
|
||||||||||||
Available-for-sale financial assets
|
||||||||||||||||
– Equity securities (Note 10)
|
1,820,713
|
-
|
-
|
1,820,713
|
||||||||||||
Total assets
|
1,820,713
|
378,323
|
-
|
2,199,036
|
||||||||||||
Liabilities
|
||||||||||||||||
Financial liabilities at fair value through profit or loss
|
||||||||||||||||
– Trading derivatives (Note 14)
|
-
|
619
|
-
|
619
|
||||||||||||
Derivatives used for hedging (Note 14)
|
-
|
334,119
|
-
|
334,119
|
||||||||||||
Total liabilities
|
-
|
334,738
|
-
|
334,738
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Financial assets at fair value through profit or loss
|
||||||||||||||||
– Trading derivatives (Note 14)
|
-
|
40,843
|
-
|
40,843
|
||||||||||||
Derivatives used for hedging (Note 14)
|
-
|
143,669
|
-
|
143,669
|
||||||||||||
Available-for-sale financial assets
|
||||||||||||||||
– Equity securities (Note 10)
|
3,492,510
|
-
|
-
|
3,492,510
|
||||||||||||
Total assets
|
3,492,510
|
184,512
|
-
|
3,677,022
|
||||||||||||
Liabilities
|
||||||||||||||||
Financial liabilities at fair value through profit or loss
|
||||||||||||||||
– Trading derivatives (Note 14)
|
-
|
23,391
|
-
|
23,391
|
||||||||||||
Derivatives used for hedging (Note 14)
|
-
|
1,281,550
|
-
|
1,281,550
|
||||||||||||
Total liabilities
|
-
|
1,304,941
|
-
|
1,304,941
|
3 |
Financial and capital risks management (Continued)
|
(b) |
Fair value estimation (Continued)
|
(i) |
Fair value measurements (Continued)
|
· |
The forward exchange contracts and fuel oil swaps are both valued using quoted market prices or dealer quotes for similar instruments.
|
· |
The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves.
|
(ii) |
Fair value disclosures
|
3 |
Financial and capital risks management (Continued)
|
(b) |
Fair value estimation (Continued)
|
(ii) |
Fair value disclosures (Continued)
|
(c) |
Capital risk management
|
4 |
Critical accounting estimates and judgments
|
(a) |
Accounting estimates on impairment of goodwill and power generation license
|
4 |
Critical accounting estimates and judgments (Continued)
|
(a) |
Accounting estimates on impairment of goodwill and power generation license (Continued)
|
(b) |
Useful life of power generation license
|
(c) |
Useful lives of property, plant and equipment
|
(d) |
Estimated impairment of other non-current assets
|
4 |
Critical accounting estimates and judgments (Continued)
|
(d) |
Estimated impairment of other non-current assets (Continued)
|
(e) |
Approval of construction of new power plants
|
(f) |
Deferred tax assets
|
5 |
Revenue and segment information
|
For the year ended 31 December
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Sales of power and heat
|
112,794,536
|
127,849,408
|
124,561,854
|
|||||||||
Port service
|
237,347
|
211,685
|
204,763
|
|||||||||
Transportation service
|
105,505
|
104,721
|
135,256
|
|||||||||
Others
|
676,848
|
739,059
|
504,982
|
|||||||||
Total
|
113,814,236
|
128,904,873
|
125,406,855
|
5 |
Revenue and segment information (Continued)
|
(Under PRC GAAP)
|
||||||||||||||||
PRC power segment
|
Singapore segment
|
All other segments
|
Total
|
|||||||||||||
For the year ended 31 December 2016
|
||||||||||||||||
Total revenue
|
104,746,690
|
8,758,822
|
634,965
|
114,140,477
|
||||||||||||
Inter-segment revenue
|
-
|
-
|
(326,241
|
)
|
(326,241
|
)
|
||||||||||
Revenue from external customers
|
104,746,690
|
8,758,822
|
308,724
|
113,814,236
|
||||||||||||
Segment results
|
14,215,671
|
(282,703
|
)
|
(35,371
|
)
|
13,897,597
|
||||||||||
Interest income
|
76,768
|
69,672
|
623
|
147,063
|
||||||||||||
Interest expense
|
(6,067,194
|
)
|
(481,263
|
)
|
(137,825
|
)
|
(6,686,282
|
)
|
||||||||
Impairment (loss)/reversal
|
(1,197,382
|
)
|
899
|
(8,475
|
)
|
(1,204,958
|
)
|
|||||||||
Depreciation and amortization
|
(13,786,933
|
)
|
(778,426
|
)
|
(203,493
|
)
|
(14,768,852
|
)
|
||||||||
Net loss on disposal of non-current assets
|
(577,322
|
)
|
(172
|
)
|
(14,303
|
)
|
(591,797
|
)
|
||||||||
Share of profits less losses of associates and joint ventures
|
1,104,614
|
-
|
76,477
|
1,181,091
|
||||||||||||
Income tax expense
|
(3,681,737
|
)
|
44,135
|
57,489
|
(3,580,113
|
)
|
||||||||||
For the year ended 31 December 2015
|
||||||||||||||||
Total revenue
|
118,418,506
|
10,143,793
|
588,266
|
129,150,565
|
||||||||||||
Inter-segment revenue
|
-
|
-
|
(245,692
|
)
|
(245,692
|
)
|
||||||||||
Revenue from external customers
|
118,418,506
|
10,143,793
|
342,574
|
128,904,873
|
||||||||||||
Segment results
|
24,073,432
|
(313,253
|
)
|
(281,457
|
)
|
23,478,722
|
||||||||||
Interest income
|
93,324
|
66,898
|
501
|
160,723
|
||||||||||||
Interest expense
|
(7,181,116
|
)
|
(452,034
|
)
|
(163,325
|
)
|
(7,796,475
|
)
|
||||||||
Impairment (loss)/reversal
|
(2,913,766
|
)
|
1,744
|
(178,131
|
)
|
(3,090,153
|
)
|
|||||||||
Depreciation and amortization
|
(13,244,965
|
)
|
(772,003
|
)
|
(245,936
|
)
|
(14,262,904
|
)
|
||||||||
Net (loss)/gain on disposal of non-current assets
|
(427,286
|
)
|
22,450
|
(1
|
)
|
(404,837
|
)
|
|||||||||
Share of profits less losses of associates and joint ventures
|
1,421,072
|
-
|
24,915
|
1,445,987
|
||||||||||||
Income tax expense
|
(6,104,619
|
)
|
254,772
|
14,397
|
(5,835,450
|
)
|
||||||||||
For the year ended 31 December 2014 (Restated*)
|
||||||||||||||||
Total revenue
|
125,271,587
|
14,370,406
|
537,452
|
140,179,445
|
||||||||||||
Inter-segment revenue
|
-
|
-
|
(152,755
|
)
|
(152,755
|
)
|
||||||||||
Revenue from external customers
|
125,271,587
|
14,370,406
|
384,697
|
140,026,690
|
||||||||||||
Segment results
|
22,113,100
|
138,143
|
(850,805
|
)
|
21,400,438
|
|||||||||||
Interest income
|
97,012
|
72,128
|
813
|
169,953
|
||||||||||||
Interest expense
|
(7,803,090
|
)
|
(426,019
|
)
|
(172,189
|
)
|
(8,401,298
|
)
|
||||||||
Impairment (loss)/reversal
|
(1,488,619
|
)
|
3,228
|
(696,812
|
)
|
(2,182,203
|
)
|
|||||||||
Depreciation and amortization
|
(12,131,006
|
)
|
(821,574
|
)
|
(180,484
|
)
|
(13,133,064
|
)
|
||||||||
Net loss on disposal of non-current assets
|
(469,819
|
)
|
(5
|
)
|
(8
|
)
|
(469,832
|
)
|
||||||||
Share of profits less losses of associates and joint ventures
|
1,143,326
|
-
|
49,208
|
1,192,534
|
||||||||||||
Income tax expense
|
(6,204,709
|
)
|
(8,767
|
)
|
1,590
|
(6,211,886
|
)
|
5 |
Revenue and segment information (Continued)
|
(Under PRC GAAP)
|
||||||||||||||||
PRC power segment
|
Singapore segment
|
All other segments
|
Total
|
|||||||||||||
31 December 2016
|
||||||||||||||||
Segment assets
|
262,832,643
|
28,141,718
|
11,611,683
|
302,586,044
|
||||||||||||
Including:
|
||||||||||||||||
Additions to non-current assets (excluding financial assets and deferred income tax assets)
|
19,962,461
|
230,974
|
854,484
|
21,047,919
|
||||||||||||
Investments in associates
|
13,254,236
|
-
|
2,868,139
|
16,122,375
|
||||||||||||
Investments in joint ventures
|
1,197,665
|
-
|
785,610
|
1,983,275
|
||||||||||||
Segment liabilities
|
(186,489,967
|
)
|
(14,027,606
|
)
|
(5,620,515
|
)
|
(206,138,088
|
)
|
||||||||
31 December 2015
|
||||||||||||||||
Segment assets
|
253,376,399
|
27,487,701
|
10,703,373
|
291,567,473
|
||||||||||||
Including:
|
||||||||||||||||
Additions to non-current assets (excluding financial assets and deferred income tax assets)
|
22,421,000
|
160,282
|
642,949
|
23,224,231
|
||||||||||||
Investments in associates
|
13,026,027
|
-
|
2,806,231
|
15,832,258
|
||||||||||||
Investments in joint ventures
|
1,569,614
|
-
|
785,004
|
2,354,618
|
||||||||||||
Segment liabilities
|
(176,406,566
|
)
|
(14,876,229
|
)
|
(5,097,402
|
)
|
(196,380,197
|
)
|
For the year ended 31 December
|
||||||||||||
2016
|
2015
|
2014(Restated*)
|
||||||||||
Revenue from external customers (PRC GAAP)
|
113,814,236
|
128,904,873
|
140,026,690
|
|||||||||
Reconciling item:
|
||||||||||||
Impact of restatement under PRC GAAP
|
||||||||||||
in relation to business combination
|
||||||||||||
under common control*
|
-
|
-
|
(14,619,835
|
)
|
||||||||
Operating revenue per IFRS consolidated statement of comprehensive income
|
113,814,236
|
128,904,873
|
125,406,855
|
For the year ended 31 December
|
||||||||||||
2016
|
2015
|
2014(Restated*)
|
||||||||||
Segment results (PRC GAAP)
|
13,897,597
|
23,478,722
|
21,400,438
|
|||||||||
Reconciling items:
|
||||||||||||
Loss related to the headquarter
|
(699,053
|
)
|
(327,262
|
)
|
(87,313
|
)
|
||||||
Investment income from China
|
||||||||||||
Huaneng Finance Co., Ltd.
|
||||||||||||
(“Huaneng Finance”)
|
132,018
|
135,971
|
156,061
|
|||||||||
Dividend income of available-for-sale financial assets
|
103,037
|
97,696
|
102,229
|
|||||||||
Gains on disposal of available-for-sale financial asset
|
932,738
|
-
|
-
|
|||||||||
Impact of restatement under PRC GAAP in relation to business combination under common control*
|
-
|
-
|
(2,696,622
|
)
|
||||||||
Impact of other IFRS adjustments**
|
(553,199
|
)
|
(427,077
|
)
|
174,787
|
|||||||
Profit before income tax expense per IFRS consolidated statement of comprehensive income
|
13,813,138
|
22,958,050
|
19,049,580
|
5 |
Revenue and segment information (Continued)
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Total segment assets (PRC GAAP)
|
302,586,044
|
291,567,473
|
||||||
Reconciling items:
|
||||||||
Investment in Huaneng Finance
|
1,314,603
|
1,329,753
|
||||||
Deferred income tax assets
|
1,558,670
|
1,305,548
|
||||||
Prepaid income tax
|
141,423
|
2,393
|
||||||
Available-for-sale financial assets
|
3,456,032
|
5,127,863
|
||||||
Corporate assets
|
360,854
|
396,693
|
||||||
Impact of other IFRS adjustments**
|
5,422,113
|
9,136,631
|
||||||
Total assets per IFRS consolidated statement of financial position
|
314,839,739
|
308,866,354
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Total segment liabilities (PRC GAAP)
|
(206,138,088
|
)
|
(196,380,197
|
)
|
||||
Reconciling items:
|
||||||||
Current income tax liabilities
|
(440,791
|
)
|
(1,054,246
|
)
|
||||
Deferred income tax liabilities
|
(1,355,099
|
)
|
(1,417,972
|
)
|
||||
Corporate liabilities
|
(4,717,617
|
)
|
(4,937,450
|
)
|
||||
Impact of other IFRS adjustments**
|
(1,407
|
)
|
(3,382,800
|
)
|
||||
Total liabilities per IFRS consolidated statement of financial position
|
(212,653,002
|
)
|
(207,172,665
|
)
|
Reportable segment total
|
Headquarters
|
Investment income from Huaneng Finance
|
Impact of restatement under PRC GAAP in relation to business combination under common control*
|
Impact of other IFRS adjustments**
|
Total
|
|||||||||||||||||||
For the year ended 31 December 2016
|
||||||||||||||||||||||||
Interest expense
|
(6,686,282
|
)
|
(131,244
|
)
|
-
|
-
|
-
|
(6,817,526
|
)
|
|||||||||||||||
Depreciation and amortization
|
(14,768,852
|
)
|
(48,934
|
)
|
-
|
-
|
(344,929
|
)
|
(15,162,715
|
)
|
||||||||||||||
Impairment loss
|
(1,204,958
|
)
|
-
|
-
|
-
|
-
|
(1,204,958
|
)
|
||||||||||||||||
Share of profits less losses of associates and joint ventures
|
1,181,091
|
-
|
132,018
|
-
|
(14,220
|
)
|
1,298,889
|
|||||||||||||||||
Net loss on disposal of non-current assets
|
(591,797
|
)
|
(14
|
)
|
-
|
-
|
1,762
|
(590,049
|
)
|
|||||||||||||||
Income tax expense
|
(3,580,113
|
)
|
-
|
-
|
-
|
114,962
|
(3,465,151
|
)
|
||||||||||||||||
For the year ended 31 December 2015
|
||||||||||||||||||||||||
Interest expense
|
(7,796,475
|
)
|
(149,259
|
)
|
-
|
-
|
-
|
(7,945,734
|
)
|
|||||||||||||||
Depreciation and amortization
|
(14,262,904
|
)
|
(60,236
|
)
|
-
|
-
|
(394,473
|
)
|
(14,717,613
|
)
|
||||||||||||||
Impairment loss
|
(3,090,153
|
)
|
-
|
-
|
-
|
-
|
(3,090,153
|
)
|
||||||||||||||||
Share of profits less losses of associates and joint ventures
|
1,445,987
|
-
|
135,971
|
-
|
(55,983
|
)
|
1,525,975
|
|||||||||||||||||
Net loss on disposal of non-current assets
|
(404,837
|
)
|
(6
|
)
|
-
|
-
|
(33,478
|
)
|
(438,321
|
)
|
||||||||||||||
Income tax expense
|
(5,835,450
|
)
|
-
|
-
|
-
|
136,507
|
(5,698,943
|
)
|
5 |
Revenue and segment information (Continued)
|
Reportable segment total
|
Headquarters
|
Investment income from Huaneng Finance
|
Impact of restatement under PRC GAAP in relation to business combination under common control*
|
Impact of other IFRS adjustments**
|
Total
|
|||||||||||||||||||
For the year ended 31 December 2014 (Restated*)
|
||||||||||||||||||||||||
Interest expense
|
(8,401,298
|
)
|
(180,305
|
)
|
-
|
767,489
|
-
|
(7,814,114
|
)
|
|||||||||||||||
Depreciation and amortization
|
(13,133,064
|
)
|
(54,896
|
)
|
-
|
1,253,101
|
55,579
|
(11,879,280
|
)
|
|||||||||||||||
Impairment (loss)/ reversal
|
(2,182,203
|
)
|
-
|
-
|
60,640
|
-
|
(2,121,563
|
)
|
||||||||||||||||
Share of profits less losses of associates and joint ventures
|
1,192,534
|
-
|
156,061
|
(5,553
|
)
|
(27,166
|
)
|
1,315,876
|
||||||||||||||||
Net (loss)/gain on disposal of non-current assets
|
(469,832
|
)
|
5
|
-
|
42,793
|
-
|
(427,034
|
)
|
||||||||||||||||
Income tax expense
|
(6,211,886
|
)
|
-
|
-
|
701,307
|
23,371
|
(5,487,208
|
)
|
* |
The Company completed the acquisition of equity interests of ten companies from Huaneng Group and HIPDC, see Note 39 for details. As the acquisition is a business combination under common control, the transaction is accounted for under merger accounting method under PRC GAAP. The assets and liabilities acquired in business combinations are measured at the carrying amounts of the acquirees in the consolidated financial statements of the ultimate controlling party on the acquisition date. The operating results for all periods presented are retrospectively restated as if the current structure and operations resulting from the acquisition had been in existence from the date when the acquirees first became under the control of the same ultimate controlling party. Therefore the relevant comparative figures in the segment information were restated under PRC GAAP while the acquisition is accounted for using acquisition method under IFRS.
|
** |
Other GAAP adjustments above primarily represented the classification adjustments and other adjustments. Other than the classification adjustments, the differences will be gradually eliminated following subsequent depreciation and amortization of related assets or the extinguishment of liabilities.
|
(i) |
External revenue generated from the following countries:
|
For the year ended 31 December
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
PRC
|
105,055,414
|
118,761,080
|
111,036,449
|
|||||||||
Singapore
|
8,758,822
|
10,143,793
|
14,370,406
|
|||||||||
Total
|
113,814,236
|
128,904,873
|
125,406,855
|
(ii) |
Non-current assets (excluding financial assets and deferred income tax assets) are located in the following countries:
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
PRC
|
249,155,921
|
245,620,977
|
||||||
Singapore
|
23,369,766
|
22,874,396
|
||||||
Total
|
272,525,687
|
268,495,373
|
5 |
Revenue and segment information (Continued)
|
For the year ended 31 December
|
||||||||||||||||||||||||
2016
|
2015
|
2014
|
||||||||||||||||||||||
Amount
|
Proportion
|
Amount
|
Proportion
|
Amount
|
Proportion
|
|||||||||||||||||||
State Grid Jiangsu Electric Power Company
|
13,495,734
|
12
|
%
|
14,835,745
|
12
|
%
|
15,573,769
|
12
|
%
|
|||||||||||||||
State Grid Shandong Electric Power Company
|
12,649,224
|
11
|
%
|
14,855,655
|
12
|
%
|
16,621,611
|
13
|
%
|
6 |
Profit before income tax expense
|
For the year ended 31 December
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Total interest expense on borrowing
|
7,267,490
|
8,716,074
|
8,371,506
|
|||||||||
Less: amounts capitalized in property, plant and equipment
|
449,964
|
770,340
|
557,392
|
|||||||||
Interest expenses charged in consolidated statement of comprehensive income
|
6,817,526
|
7,945,734
|
7,814,114
|
|||||||||
Auditors’ remuneration
|
43,610
|
41,640
|
33,840
|
|||||||||
Operating leases charge
|
331,496
|
313,723
|
283,661
|
|||||||||
Fuel
|
56,617,542
|
59,242,367
|
64,762,908
|
|||||||||
Depreciation of property, plant and equipment
|
14,815,620
|
14,411,632
|
11,646,683
|
|||||||||
Amortization of land use rights
|
225,707
|
213,206
|
139,088
|
|||||||||
Amortization of other non-current assets
|
121,388
|
92,775
|
99,528
|
|||||||||
Impairment loss of property, plant and equipment (Note 7)
|
1,063,735
|
1,047,641
|
1,358,522
|
|||||||||
Impairment loss of land use rights (Note 11)
|
51,981
|
-
|
-
|
|||||||||
Impairment loss of investment in an associate (Note 8)
|
-
|
178,131
|
120,050
|
|||||||||
Impairment loss of mining rights
|
-
|
760,296
|
-
|
|||||||||
Impairment loss of goodwill
|
-
|
1,105,649
|
641,061
|
|||||||||
Recognition/(reversal) of provision for doubtful accounts
|
89,498
|
(3,392
|
)
|
4,577
|
||||||||
(Reversal)/recognition of provision for inventory obsolescence
|
(256
|
)
|
1,828
|
(2,647
|
)
|
|||||||
Net loss on disposals of non-current assets
|
590,049
|
438,321
|
427,034
|
|||||||||
Government grants
|
(396,467
|
)
|
(696,735
|
)
|
(787,988
|
)
|
||||||
Gain on a bargain purchase (Note 39)
|
(129,921
|
)
|
-
|
-
|
||||||||
Included in other investment income
|
||||||||||||
-Gains on disposal of available-for-sale financial asset (Note 10)
|
(932,738
|
)
|
-
|
-
|
||||||||
-Dividends on available-for-sale financial assets
|
(103,037
|
)
|
(97,696
|
)
|
(102,229
|
)
|
6 |
Profit before income tax expense (Continued)
|
7 |
Property, plant and equipment
|
Dam
|
Port facilities
|
Buildings
|
Electric utility plant in service
|
Transport-ation facilities
|
Others
|
CIP
|
Total
|
|||||||||||||||||||||||||
As at 1 January 2015
|
||||||||||||||||||||||||||||||||
Cost
|
836,194
|
5,127,923
|
6,711,769
|
276,801,979
|
893,417
|
5,480,587
|
20,000,109
|
315,851,978
|
||||||||||||||||||||||||
Accumulated depreciation
|
(48,046
|
)
|
(549,438
|
)
|
(2,099,073
|
)
|
(115,023,072
|
)
|
(304,926
|
)
|
(3,003,834
|
)
|
-
|
(121,028,389
|
)
|
|||||||||||||||||
Accumulated impairment loss
|
(80,910
|
)
|
(568,637
|
)
|
(62,554
|
)
|
(5,279,829
|
)
|
-
|
(73,295
|
)
|
(379,307
|
)
|
(6,444,532
|
)
|
|||||||||||||||||
Net book value
|
707,238
|
4,009,848
|
4,550,142
|
156,499,078
|
588,491
|
2,403,458
|
19,620,802
|
188,379,057
|
||||||||||||||||||||||||
Year ended 31 December 2015
|
||||||||||||||||||||||||||||||||
Beginning of the year
|
707,238
|
4,009,848
|
4,550,142
|
156,499,078
|
588,491
|
2,403,458
|
19,620,802
|
188,379,057
|
||||||||||||||||||||||||
Reclassification
|
-
|
-
|
94,127
|
(23,353
|
)
|
70,432
|
(141,206
|
)
|
-
|
-
|
||||||||||||||||||||||
Business combination (Note 39)
|
330,578
|
-
|
502,852
|
19,822,767
|
13
|
285,819
|
5,519,969
|
26,461,998
|
||||||||||||||||||||||||
Additions
|
-
|
-
|
17
|
133,482
|
-
|
141,991
|
21,574,660
|
21,850,150
|
||||||||||||||||||||||||
Transfer from CIP
|
573,234
|
47,480
|
832,961
|
21,654,923
|
-
|
125,889
|
(23,234,487
|
)
|
-
|
|||||||||||||||||||||||
Disposals/Write-off
|
-
|
-
|
(859
|
)
|
(802,652
|
)
|
508
|
7,575
|
-
|
(795,428
|
)
|
|||||||||||||||||||||
Transfer from a subsidiary to a joint venture*
|
-
|
(522,289
|
)
|
(16,097
|
)
|
-
|
-
|
(81,462
|
)
|
-
|
(619,848
|
)
|
||||||||||||||||||||
Depreciation charge
|
(24,498
|
)
|
(111,245
|
)
|
(234,073
|
)
|
(13,618,136
|
)
|
(50,380
|
)
|
(403,120
|
)
|
-
|
(14,441,452
|
)
|
|||||||||||||||||
Impairment charge
|
(152,714
|
)
|
-
|
(302
|
)
|
(526,191
|
)
|
-
|
(557
|
)
|
(367,877
|
)
|
(1,047,641
|
)
|
||||||||||||||||||
Currency translation differences
|
-
|
-
|
-
|
(133,733
|
)
|
-
|
22,847
|
(2,880
|
)
|
(113,766
|
)
|
|||||||||||||||||||||
End of the year
|
1,433,838
|
3,423,794
|
5,728,768
|
183,006,185
|
609,064
|
2,361,234
|
23,110,187
|
219,673,070
|
||||||||||||||||||||||||
As at 31 December 2015
|
||||||||||||||||||||||||||||||||
Cost
|
1,856,144
|
3,860,009
|
8,306,471
|
327,827,738
|
980,290
|
5,809,400
|
23,851,697
|
372,491,749
|
||||||||||||||||||||||||
Accumulated depreciation
|
(153,325
|
)
|
(436,215
|
)
|
(2,508,772
|
)
|
(138,852,591
|
)
|
(371,226
|
)
|
(3,366,838
|
)
|
-
|
(145,688,967
|
)
|
|||||||||||||||||
Accumulated impairment loss
|
(268,981
|
)
|
-
|
(68,931
|
)
|
(5,968,962
|
)
|
-
|
(81,328
|
)
|
(741,510
|
)
|
(7,129,712
|
)
|
||||||||||||||||||
Net book value
|
1,433,838
|
3,423,794
|
5,728,768
|
183,006,185
|
609,064
|
2,361,234
|
23,110,187
|
219,673,070
|
||||||||||||||||||||||||
Year ended 31 December 2016
|
||||||||||||||||||||||||||||||||
Beginning of the year
|
1,433,838
|
3,423,794
|
5,728,768
|
183,006,185
|
609,064
|
2,361,234
|
23,110,187
|
219,673,070
|
||||||||||||||||||||||||
Reclassification
|
-
|
1,771
|
(492,558
|
)
|
495,841
|
759
|
(5,813
|
)
|
-
|
-
|
||||||||||||||||||||||
Business combination (Note 39)
|
-
|
-
|
8,098
|
303,854
|
-
|
2,977
|
4,576
|
319,505
|
||||||||||||||||||||||||
Additions
|
-
|
1,770
|
127
|
418,812
|
-
|
122,519
|
18,839,102
|
19,382,330
|
||||||||||||||||||||||||
Transfer from CIP
|
20,170
|
246,712
|
1,319,019
|
12,576,736
|
20,033
|
296,648
|
(14,479,318
|
)
|
-
|
|||||||||||||||||||||||
Disposals/write-off
|
-
|
-
|
(68,945
|
)
|
(495,251
|
)
|
(26,477
|
)
|
(27,055
|
)
|
(193,357
|
)
|
(811,085
|
)
|
||||||||||||||||||
Depreciation charge
|
(32,987
|
)
|
(113,810
|
)
|
(255,882
|
)
|
(14,004,881
|
)
|
(48,720
|
)
|
(387,884
|
)
|
-
|
(14,844,164
|
)
|
|||||||||||||||||
Impairment charge
|
(41,423
|
)
|
-
|
(2,303
|
)
|
(1,005,367
|
)
|
-
|
(6,399
|
)
|
(8,243
|
)
|
(1,063,735
|
)
|
||||||||||||||||||
Currency translation differences
|
-
|
-
|
-
|
404,948
|
-
|
782
|
158
|
405,888
|
||||||||||||||||||||||||
End of the year
|
1,379,598
|
3,560,237
|
6,236,324
|
181,700,877
|
554,659
|
2,357,009
|
27,273,105
|
223,061,809
|
||||||||||||||||||||||||
As at 31 December 2016
|
||||||||||||||||||||||||||||||||
Cost
|
1,876,314
|
4,116,914
|
9,056,858
|
341,195,395
|
875,630
|
6,041,783
|
28,022,858
|
391,185,752
|
||||||||||||||||||||||||
Accumulated depreciation
|
(186,312
|
)
|
(556,677
|
)
|
(2,749,300
|
)
|
(152,408,524
|
)
|
(320,971
|
)
|
(3,596,546
|
)
|
-
|
(159,818,330
|
)
|
|||||||||||||||||
Accumulated impairment loss
|
(310,404
|
)
|
-
|
(71,234
|
)
|
(7,085,994
|
)
|
-
|
(88,228
|
)
|
(749,753
|
)
|
(8,305,613
|
)
|
||||||||||||||||||
Net book value
|
1,379,598
|
3,560,237
|
6,236,324
|
181,700,877
|
554,659
|
2,357,009
|
27,273,105
|
223,061,809
|
7 |
Property, plant and equipment (Continued)
|
8 |
Investments in associates and joint ventures
|
2016
|
2015
|
|||||||
Beginning of the year
|
19,745,192
|
17,626,910
|
||||||
Capital injections in associates and joint ventures
|
276,118
|
889,780
|
||||||
Business combination
|
-
|
136,244
|
||||||
Share of net profit less loss
|
1,298,889
|
1,525,975
|
||||||
Share of other comprehensive (loss)/income
|
(180,572
|
)
|
678,793
|
|||||
Dividends
|
(1,507,514
|
)
|
(934,379
|
)
|
||||
Impairment charge
|
-
|
(178,131
|
)
|
|||||
End of the year
|
19,632,113
|
19,745,192
|
Country of
|
Registered
|
Business nature and
|
Percentage of equity interest held
|
||||||||
Name
|
incorporation
|
capital
|
scope of operation
|
Direct
|
Indirect1
|
||||||
Associates:
|
|||||||||||
SECL*
|
PRC
|
RMB2,642,994,398
|
Energy and investment in related industries
|
25.02
|
%
|
-
|
|||||
Hebei Hanfeng Power Generation Limited Liability Company (“Hanfeng Power”)
|
PRC
|
RMB1,975,000,000
|
Power generation
|
40
|
%
|
-
|
|||||
Huaneng Finance
|
PRC
|
RMB5,000,000,000
|
Provision for financial service including fund deposit services, lending, finance lease arrangements, notes discounting and entrusted loans and investment arrangement within Huaneng Group
|
20
|
%
|
-
|
|||||
Huaneng Sichuan Hydropower Co., Ltd. (“Sichuan Hydropower”)
|
PRC
|
RMB1,469,800,000
|
Development, investment, construction, operation and management of hydropower
|
49
|
%
|
-
|
|||||
China Huaneng Group Fuel Co., Ltd.(“Huaneng Group Fuel Company”) **
|
PRC
|
RMB3,000,000,000
|
Wholesale of coal, import and export of coal
|
50
|
%
|
-
|
|||||
Hainan Nuclear Power Limited Liability Company (“Hainan Nuclear”)
|
PRC
|
RMB2,059,334,000
|
Construction and operation of nuclear power plants; production and sales of electricity and related products
|
30
|
%
|
-
|
|||||
Joint ventures:
|
|||||||||||
Shanghai Time Shipping Co., Ltd. (“Shanghai Time Shipping”)
|
PRC
|
RMB1,200,000,000
|
International and domestic sea transportation
|
50
|
%
|
-
|
|||||
Jiangsu Nantong Power Generation Co., Ltd. (“Jiangsu Nantong Power”)
|
PRC
|
RMB1,596,000,000
|
Operation and Management of power generation plants and transportation related projects
|
-
|
35
|
%
|
1 |
The indirect percentage of equity interest held represents the effective ownership interest of the Company and its subsidiaries.
|
* |
As at 31 December 2016, the fair value of the Company’s shares in SECL was RMB6,813 million (2015: RMB9,729 million).
|
8 |
Investments in associates and joint ventures (Continued)
|
** |
In accordance with the articles of the association of the investee, the Company could only exercise significant influence on the investee and therefore accounts for the investment under the equity method.
|
8 |
Investments in associates and joint ventures (Continued)
|
Sichuan Hydropower
|
SECL
|
Huaneng Finance
|
Hanfeng Power
|
Huaneng Group Fuel Company
|
Hainan Nuclear
|
|||||||||||||||||||||||||||||||||||||||||||
2016
|
2015
|
2016
|
2015
|
2016
|
2015
|
2016
|
2015
|
2016
|
2015
|
2016
|
2015
|
|||||||||||||||||||||||||||||||||||||
Gross amounts of the associates’
|
||||||||||||||||||||||||||||||||||||||||||||||||
Current assets
|
1,245,157
|
1,207,407
|
14,021,440
|
16,556,930
|
13,919,342
|
15,612,635
|
806,432
|
663,263
|
4,642,797
|
5,236,751
|
2,608,909
|
1,744,274
|
||||||||||||||||||||||||||||||||||||
Non-current assets
|
14,676,021
|
14,734,831
|
46,584,060
|
39,075,400
|
18,055,386
|
16,012,855
|
2,616,639
|
3,016,665
|
4,269,520
|
4,468,686
|
23,939,921
|
21,281,843
|
||||||||||||||||||||||||||||||||||||
Current liabilities
|
(2,410,462
|
)
|
(2,894,554
|
)
|
(16,564,310
|
)
|
(15,009,530
|
)
|
(25,344,346
|
)
|
(24,881,159
|
)
|
(1,045,876
|
)
|
(1,158,424
|
)
|
(1,939,210
|
)
|
(2,594,360
|
)
|
(3,330,581
|
)
|
(907,693
|
)
|
||||||||||||||||||||||||
Non-current liabilities
|
(8,901,599
|
)
|
(8,349,972
|
)
|
(19,395,060
|
)
|
(16,130,880
|
)
|
(57,368
|
)
|
(95,567
|
)
|
(37,103
|
)
|
(35,968
|
)
|
(3,432,326
|
)
|
(3,679,055
|
)
|
(18,356,288
|
)
|
(17,609,808
|
)
|
||||||||||||||||||||||||
Equity
|
4,609,117
|
4,697,712
|
24,646,130
|
24,491,920
|
6,573,014
|
6,648,764
|
2,340,092
|
2,485,536
|
3,540,781
|
3,432,022
|
4,861,961
|
4,508,616
|
||||||||||||||||||||||||||||||||||||
-Equity attributable to shareholders
|
3,449,824
|
3,573,323
|
21,610,140
|
21,679,710
|
6,573,014
|
6,648,764
|
2,340,092
|
2,485,536
|
3,378,952
|
3,287,867
|
4,861,961
|
4,508,616
|
||||||||||||||||||||||||||||||||||||
-Non-controlling interests
|
1,159,293
|
1,124,389
|
3,035,990
|
2,812,210
|
-
|
-
|
-
|
-
|
161,829
|
144,155
|
-
|
-
|
||||||||||||||||||||||||||||||||||||
Revenue
|
2,053,327
|
2,379,072
|
11,427,830
|
11,361,320
|
1,093,637
|
1,182,782
|
2,192,445
|
2,272,013
|
14,356,915
|
14,985,952
|
1,897,190
|
31,588
|
||||||||||||||||||||||||||||||||||||
Profit from continuing operations attributable to shareholders
|
173,220
|
308,603
|
1,362,028
|
1,865,095
|
660,089
|
679,857
|
290,470
|
431,337
|
102,363
|
65,887
|
18,618
|
11,696
|
||||||||||||||||||||||||||||||||||||
Other comprehensive (loss)/income attributable to shareholders
|
-
|
-
|
(638,680
|
)
|
2,765,600
|
(125,840
|
)
|
(80,871
|
)
|
-
|
-
|
8,723
|
6,306
|
-
|
-
|
|||||||||||||||||||||||||||||||||
Total comprehensive income attributable to shareholders
|
173,220
|
308,603
|
723,348
|
4,630,695
|
534,249
|
598,986
|
290,470
|
431,337
|
111,086
|
72,193
|
18,618
|
11,696
|
||||||||||||||||||||||||||||||||||||
Dividend received from the associates
|
145,392
|
189,499
|
198,348
|
132,232
|
122,000
|
138,000
|
174,366
|
115,954
|
10,000
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||||||||
Reconciled to the interests in the associates
|
||||||||||||||||||||||||||||||||||||||||||||||||
Gross amounts of net assets attributable to shareholders of the associate
|
3,449,824
|
3,573,323
|
21,610,140
|
21,679,710
|
6,573,014
|
6,648,764
|
2,340,092
|
2,485,536
|
3,378,952
|
3,287,867
|
4,861,961
|
4,508,616
|
||||||||||||||||||||||||||||||||||||
The Company’s effective interest
|
49
|
%
|
49
|
%
|
25.02
|
%
|
25.02
|
%
|
20
|
%
|
20
|
%
|
40
|
%
|
40
|
%
|
50
|
%
|
50
|
%
|
30
|
%
|
30
|
%
|
||||||||||||||||||||||||
The Company’s share of net assets attributable to shareholders of the associate
|
1,690,414
|
1,750,928
|
5,405,776
|
5,423,179
|
1,314,603
|
1,329,753
|
936,037
|
994,214
|
1,689,476
|
1,643,934
|
1,458,588
|
1,352,585
|
||||||||||||||||||||||||||||||||||||
Impact of adjustments
|
207,586
|
207,586
|
1,161,810
|
1,161,810
|
-
|
-
|
293,082
|
293,082
|
16,521
|
16,521
|
14,076
|
14,076
|
||||||||||||||||||||||||||||||||||||
Carrying amount in the consolidated financial statements
|
1,898,000
|
1,958,514
|
6,567,586
|
6,584,989
|
1,314,603
|
1,329,753
|
1,229,119
|
1,287,296
|
1,705,997
|
1,660,455
|
1,472,664
|
1,366,661
|
8 |
Investments in associates and joint ventures (Continued)
|
Shanghai Time Shipping
|
Jiangsu Nantong Power
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Gross amounts of joint ventures’
|
||||||||||||||||
Current assets
|
883,120
|
889,689
|
815,359
|
629,933
|
||||||||||||
Non-current assets
|
5,335,409
|
5,675,480
|
6,075,100
|
6,587,197
|
||||||||||||
Current liabilities
|
(3,177,881
|
)
|
(3,506,971
|
)
|
(2,600,258
|
)
|
(1,583,902
|
)
|
||||||||
Non-current liabilities
|
(1,506,076
|
)
|
(1,524,838
|
)
|
(1,931,219
|
)
|
(2,494,000
|
)
|
||||||||
Equity
|
1,534,572
|
1,533,360
|
2,358,982
|
3,139,228
|
||||||||||||
Included in the above assets and liabilities:
|
||||||||||||||||
Cash and cash equivalents
|
203,018
|
197,894
|
96,501
|
144,001
|
||||||||||||
Current financial liabilities (excluding trade and other payables and provisions)
|
(2,681,857
|
)
|
(3,027,511
|
)
|
(2,270,601
|
)
|
(954,448
|
)
|
||||||||
Non-current financial liabilities (excluding trade and other payables and provisions)
|
(1,506,075
|
)
|
(1,524,837
|
)
|
(1,931,219
|
)
|
(2,494,000
|
)
|
||||||||
Revenue
|
3,561,091
|
3,071,262
|
3,354,545
|
3,583,167
|
||||||||||||
Profit from continuing operations
|
1,212
|
1,646
|
608,660
|
897,066
|
||||||||||||
Total comprehensive income
|
1,212
|
1,646
|
608,660
|
897,066
|
||||||||||||
Dividend declared by the joint ventures
|
-
|
225,000
|
694,453
|
-
|
||||||||||||
Dividend received in cash from the joint ventures
|
275,000
|
-
|
-
|
-
|
||||||||||||
Included in the above profit:
|
||||||||||||||||
Depreciation and amortization
|
340,826
|
339,204
|
393,221
|
390,262
|
||||||||||||
Interest income
|
985
|
812
|
2,313
|
3,436
|
||||||||||||
Interest expense
|
149,748
|
172,382
|
128,224
|
199,769
|
||||||||||||
Income tax expense
|
500
|
561
|
194,915
|
261,023
|
||||||||||||
Reconciled to the interest in the joint venture:
|
||||||||||||||||
Gross amounts of net assets
|
1,534,572
|
1,533,360
|
2,358,982
|
3,139,228
|
||||||||||||
The Company and its subsidiaries’ effective interest
|
50
|
%
|
50
|
%
|
50
|
%
|
50
|
%
|
||||||||
The Company and its subsidiaries’ share of net assets
|
767,286
|
766,680
|
1,179,491
|
1,569,614
|
||||||||||||
Impact of adjustments
|
18,324
|
18,324
|
-
|
-
|
||||||||||||
Carrying amount in the consolidated financial statements
|
785,610
|
785,004
|
1,179,491
|
1,569,614
|
2016
|
2015
|
|||||||
Aggregate carrying amount of individually immaterial associates and joint ventures in the consolidated financial statements
|
3,479,043
|
3,202,906
|
||||||
Aggregate amounts of the Company and its subsidiaries’ share of those associates and joint ventures
Profit from continuing operations |
263,392
|
113,891
|
||||||
Total comprehensive income
|
263,392
|
113,891
|
9 |
Investments in subsidiaries
|
(i) |
Subsidiaries acquired through establishment or investment
|
|
Country of |
Type of
|
Registered
|
Business nature
and scope |
Percentage equity interest of held
|
||||||||
Name of subsidiary
|
incorporation
|
interest held
|
capital
|
of operations
|
Interest
|
Voting
|
|||||||
Huaneng International Power Fuel Limited Liability Company
|
PRC
|
held directly
|
RMB
200,000,000 |
Wholesale of coal
|
100
|
%
|
100
|
%
|
|||||
Huaneng Shanghai Shidongkou Power Generation Limited Liability Company (“Shidongkou Power Company”)(i)
|
PRC
|
held directly
|
RMB
1,179,000,000 |
Power generation
|
50
|
%
|
100
|
%
|
|||||
Huaneng Nantong Power Generation Limited Liability Company
|
PRC
|
held directly
|
RMB
798,000,000 |
Power generation
|
70
|
%
|
70
|
%
|
|||||
Huaneng Yingkou Power Generation Limited Liability Company
|
PRC
|
held directly
|
RMB
844,030,000 |
Production and sales of electricity and heat sale of coal ash and lime
|
100
|
%
|
100
|
%
|
|||||
Huaneng Hunan Xiangqi Hydropower Co., Ltd.
|
PRC
|
held directly
|
RMB
328,000,000 |
Construction, operation and management of hydropower and related projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Zuoquan Coal-fired Power Generation Limited Liability Company
|
PRC
|
held directly
|
RMB
960,000,000 |
Construction, operation and management of power plants and related projects
|
80
|
%
|
80
|
%
|
|||||
Huaneng Kangbao Wind Power Utilization Limited Liability Company
|
PRC
|
held directly
|
RMB
370,000,000 |
Construction, operation and management of wind power and related projects; solar power generation
|
100
|
%
|
100
|
%
|
|||||
Huaneng Jiuquan Wind Power Generation Co., Ltd.
|
PRC
|
held directly
|
RMB
2,600,000,000 |
Construction, operation and management of wind power generation and related projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Jiuquan II Wind Power Generation Co., Ltd.
|
PRC
|
held directly
|
RMB
10,000,000 |
Construction, operation and management of wind power generation and related projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Wafangdian Wind Power Generation Co., Ltd.
|
PRC
|
held directly
|
RMB
50,000,000 |
Construction, operation and management of wind power generation and related projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Changtu Wind Power Generation Co., Ltd.
|
PRC
|
held directly
|
RMB
50,000,000 |
Construction, operation and management of wind power generation and related projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Rudong Wind Power Generation Co., Ltd.
|
PRC
|
held directly
|
RMB
90,380,000 |
Construction and management of wind power generation projects
|
90
|
%
|
90
|
%
|
|||||
Huaneng Guangdong Haimen Port Limited Liability Company
|
PRC
|
held directly
|
RMB
321,400,000 |
Loading warehousing and conveying services, providing facilities services
|
100
|
%
|
100
|
%
|
|||||
Huaneng Taicang Port Limited Liability Company
|
PRC
|
held directly
|
RMB
555,800,000 |
Port development and construction, coal mixture, machinery leasing and repair
|
85
|
%
|
85
|
%
|
|||||
Huaneng Taicang Power Co., Ltd.
|
PRC
|
held directly
|
RMB
804,146,700 |
Power generation
|
75
|
%
|
75
|
%
|
9 |
Investments in subsidiaries (Continued)
|
(i) |
Subsidiaries acquired through establishment or investment (Continued)
|
|
Country of |
Type of
|
Registered
|
Business nature
and scope |
Percentage of equity interest held
|
||||||||
Name of subsidiary
|
incorporation
|
interest held
|
capital
|
of operations
|
Interest
|
Voting
|
|||||||
Huaneng Huaiyin II Power Limited Company
|
PRC
|
held directly
|
RMB
930,870,000 |
Power generation
|
63.64
|
%
|
63.64
|
%
|
|||||
Huaneng Xindian Power Co., Ltd.
|
PRC
|
held directly
|
RMB
465,600,000 |
Power generation
|
95
|
%
|
95
|
%
|
|||||
Huaneng Shanghai Combined Cycle Power Limited Liability Company
|
PRC
|
held directly
|
RMB
699,700,000 |
Power generation
|
70
|
%
|
70
|
%
|
|||||
Huaneng Yumen Wind Power Generation Co., Ltd.
|
PRC
|
held directly
|
RMB
719,170,000 |
Construction, operation and management of wind power generation and related projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Qingdao Co-generation Limited Liability Company
|
PRC
|
held directly
|
RMB
214,879,000 |
Construction, operation and management of cogeneration power plants and related projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Tongxiang Combined Cycle Cogeneration Co., Ltd.
|
PRC
|
held directly
|
RMB
300,000,000 |
Production and sales of electricity and heat; investment in related industries
|
95
|
%
|
95
|
%
|
|||||
Huaneng Eastern Yunnan Energy Mine Construction Co. Ltd.
|
PRC
|
held indirectly
|
RMB
10,000,000 |
Constructing and operating of mine and related construction projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Nanjing Combined Cycle Cogeneration Co., Ltd.
|
PRC
|
held directly
|
RMB
582,000,000 |
Power generation
|
60
|
%
|
60
|
%
|
|||||
Huaneng Shantou Haimen Power Limited Liability Company
|
PRC
|
held directly
|
RMB
1,508,000,000 |
Construction, operation and management of power plants and related projects
|
80
|
%
|
80
|
%
|
|||||
Huaneng Chongqing Liangjiang Power Generation Limited Liability Company
|
PRC
|
held directly
|
RMB
726,600,000 |
Construction, operation and management of natural gas power plants and related projects
|
90
|
%
|
90
|
%
|
|||||
Chongqing Huaqing Energy Co., Ltd.
|
PRC
|
held indirectly
|
RMB
44,420,000 |
Thermal energy, cold energy installation of instrumentation, promotion service for energy saving technology
|
60
|
%
|
60
|
%
|
|||||
Huaneng Fuyuan Wind Power Generation Co., Ltd.
|
PRC
|
held directly
|
RMB
157,290,000 |
Wind Power Project investment and management
|
100
|
%
|
100
|
%
|
|||||
Huaneng Panxian Wind Power Generation Co., Ltd.
|
PRC
|
held directly
|
RMB
86,500,000 |
Construction and management of wind power plants and related projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Jiangxi Clean Energy Limited Liability Company
|
PRC
|
held directly
|
RMB
5,000,000 |
Power generation and supply
Development, management and construction of clean energy project
|
100
|
%
|
100
|
%
|
|||||
Huaneng Suzhou Combined Cycle Co-generation Co., Ltd.
|
PRC
|
held directly
|
RMB
160,000,000 |
Construction and management of natural gas power plant and related projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Hunan Subaoding Wind Power Generation Co., Ltd.
|
PRC
|
held directly
|
RMB
6,000,000 |
Construction and operation of wind power plants and related projects
|
100
|
%
|
100
|
%
|
9 |
Investments in subsidiaries (Continued)
|
(i) |
Subsidiaries acquired through establishment or investment (Continued)
|
|
Country of |
Type of
|
Registered
|
Business nature
and scope |
Percentage of equity interest held
|
||||||||
Name of subsidiary
|
incorporation
|
interest held
|
capital
|
of operations
|
Interest
|
Voting
|
|||||||
Huaneng Suixian Jieshan Wind Power Generation Co., Ltd.
|
PRC
|
held directly
|
RMB
96,500,000 |
Construction and operation of wind power plants and related projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Taiyuan Dongshan Combined Cycle Co-generation Co., Ltd.
|
PRC
|
held directly
|
RMB
10,000,000 |
Construction and operation of power plants; thermal heating services
|
100
|
%
|
100
|
%
|
|||||
Jiangsu Huayi Energy Co., Ltd.
|
PRC
|
held directly
|
RMB
5,000,000 |
Development of new energy; distribution of coal and coal products
|
100
|
%
|
100
|
%
|
|||||
HuanengXuzhou Tongshan Wind Power Co., Ltd.
|
PRC
|
held directly
|
RMB
169,000,000 |
Wind power generation
|
70
|
%
|
70
|
%
|
|||||
Huaneng Nanjing Co-generation Co., Ltd
|
PRC
|
held directly
|
RMB
300,000,000 |
Construction and operation of power plants; thermal heating services
|
70
|
%
|
70
|
%
|
|||||
Huaneng Hunan Guidong Wind Power Generation Co., Ltd.
|
PRC
|
held directly
|
RMB
2,000,000 |
Construction and operation of wind power plants and related projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Nanjing Luhe Wind Power Generation Co., Ltd.
|
PRC
|
held directly
|
RMB
5,000,000 |
Research and development of wind power technology, construction and operation of wind power plants
|
100
|
%
|
100
|
%
|
|||||
Huaneng Luoyuan Power Limited Liability Company
|
PRC
|
held directly
|
RMB
1,000,000,000 |
Construction and operation of power plants and related projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Lingang (Tianjin) Gas Co-generation Co., Ltd.
|
PRC
|
held directly
|
RMB
180,000,000 |
Power generation, installation and maintenance of power equipment
|
100
|
%
|
100
|
%
|
|||||
Huaneng Lingang (Tianjin) Heat Co-generation Co., Ltd.
|
PRC
|
held indirectly
|
RMB
5,000,000 |
Thermal energy, cold energy
Plumbing pipe installation |
66
|
%
|
66
|
%
|
|||||
Huaneng Anhui Huaining Wind Power Generation Co., Ltd.
|
PRC
|
held directly
|
RMB
80,000,000 |
Construction and operation of wind power plants and related projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Mianchi Co-generation Limited Liability Company
|
PRC
|
held directly
|
RMB
570,000,000 |
Construction and operation of coal-fired plants and related projects
|
60
|
%
|
60
|
%
|
|||||
Huaneng Yingkou Xianrendao Co-generation Co., Ltd.
|
PRC
|
held directly
|
RMB
277,690,000 |
Construction and operation of cogeneration power plants and related projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Nanjing Xingang Comprehensive. Energy Co., Ltd.
|
PRC
|
held directly
|
RMB
10,000,000 |
Construction and operation of heat supply network and related projects
|
65
|
%
|
65
|
%
|
|||||
Huaneng Changxing Photovoltaic Power Limited Liability Company
|
PRC
|
held directly
|
RMB
16,000,000 |
Construction and operation of distributed photovoltaic power generation and related projects
|
100
|
%
|
100
|
%
|
9 |
Investments in subsidiaries (Continued)
|
(i) |
Subsidiaries acquired through establishment or investment (Continued)
|
|
Country of |
Type of
|
Registered
|
Business nature
and scope |
Percentage of equity interest
held |
||||||||||
Name of subsidiary
|
incorporation
|
interest held
|
capital
|
of operations
|
Interest
|
Voting
|
|||||||||
Huaneng Rudong Baxianjiao Offshore Wind Power Generation Co., Ltd
|
PRC
|
held directly
|
RMB
610,000,000 |
Infrastructure construction of wind power plants
|
70
|
%
|
70
|
%
|
|||||||
Huaneng Shanxi City of Science & Technology Comprehensive Energy Co., Ltd.
|
PRC
|
held directly
|
RMB
100,000,000 |
Power generation and supply
|
100
|
%
|
100
|
%
|
|||||||
Huaneng Guilin Gas distributed energy Co., Ltd.
|
PRC
|
held directly
|
RMB
267,450,000 |
Construction and operation of power plants and related projects
|
80
|
%
|
80
|
%
|
|||||||
Huaneng (Dalian) Co-generation Co., Ltd.
|
PRC
|
held directly
|
RMB
12,500,000 |
Construction and operation of cogeneration power plants and related projects
|
100
|
%
|
100
|
%
|
|||||||
Huaneng Zhongxiang Wind Power Generation Co., Ltd.
|
PRC
|
held directly
|
RMB
10,000,000 |
Construction and operation of wind power plants and related projects
|
100
|
%
|
100
|
%
|
|||||||
Huaneng Guanyun Co-generation Co., Ltd.
|
PRC
|
held directly
|
RMB
15,000,000 |
Construction and operation of cogeneration power plants and related projects
|
100
|
%
|
100
|
%
|
|||||||
Huaneng International Power Hongkong Limited Company
|
Hong Kong
|
held directly
|
100,000 Shares
|
Construction and operation of power supply, coal project and related investment and financing businesses
|
100
|
%
|
100
|
%
|
|||||||
TPG
|
Singapore
|
held indirectly
|
S$
1,183,000,001 |
Power generation and related by products, derivatives; developing power supply resources, operating electricity and power sales
|
100
|
%
|
100
|
%
|
|||||||
TP Utilities Pte Ltd.
|
Singapore
|
held indirectly
|
S$
255,500,001 |
Provision of utility services
|
100
|
%
|
100
|
%
|
|||||||
Huaneng Shanxi Taihang Power Generation Limited Liability Company
|
PRC
|
held directly
|
RMB
1,086,440,000 |
Pre service related to power generation
|
60
|
%
|
60
|
%
|
|||||||
Huaneng Mianchi Clean Energy Limited Liability Company
|
PRC
|
held directly
|
RMB
10,000,000 |
Power generation, new energy development and utilization
|
100
|
%
|
100
|
%
|
|||||||
Huaneng Zhuolu Clean Energy Limited Liability Company
|
PRC
|
held directly
|
RMB
10,000,000 |
Construction, operation and management of power plants and related projects
|
100
|
%
|
100
|
%
|
|||||||
Huaneng Tongwei Wind Power Limited Liability Company
|
PRC
|
held directly
|
RMB
248,000,000 |
Construction, operation and management of power plants and related projects
|
100
|
%
|
100
|
%
|
|||||||
Huaneng Yizheng Power Generation Limited Liability Company
|
PRC
|
held directly
|
RMB
200,000,000 |
Wind power station design, construction, management and maintenance
|
100
|
%
|
100
|
%
|
9 |
Investments in subsidiaries (Continued)
|
(i) |
Subsidiaries acquired through establishment or investment (Continued)
|
|
Country of |
Type of
|
Registered
|
Business nature
and scope |
Percentage of equity interest
held |
||||||||
Name of subsidiary
|
incorporation
|
interest held
|
capital
|
of operations
|
Interest
|
Voting
|
|||||||
Huaneng Yancheng Dafeng New Energy Power Generation Limited Liability Company
|
PRC
|
held directly
|
RMB
5,000,000 |
Construction, operation and management of wind power, photovoltaic power plant
|
100
|
%
|
100
|
%
|
|||||
Huaneng Shanyin Power Generation Limited Liability Company
|
PRC
|
held directly
|
RMB
1,573,000,000 |
Construction, operation and management of power plants and related projects
|
51
|
%
|
51
|
%
|
|||||
Huaneng Jiangsu Energy Sales Limited Liability Company
|
PRC
|
held directly
|
RMB
200,000,000 |
Electric energy, heat energy distribution network, and water supply services; heating pipe network construction and operation
|
100
|
%
|
100
|
%
|
|||||
Huaneng Liaoning Energy Sales Limited Liability Company
|
PRC
|
held directly
|
RMB
200,000,000 |
Electric energy, thermal energy and circulating hot water sales
|
100
|
%
|
100
|
%
|
|||||
Huaneng Guangdong Energy Sales Limited Liability Company
|
PRC
|
held directly
|
RMB
200,000,000 |
Power supply, energy transmission and substation project contracting
|
100
|
%
|
100
|
%
|
|||||
Huaneng Suizhou Power Generation Limited Liability Company
|
PRC
|
held directly
|
RMB
50,000,000 |
Construction, operation and management of power plants production and sales of electricity and heat
|
100
|
%
|
100
|
%
|
|||||
Huaneng Changle Photovoltaic Power Limited Liability Company
|
PRC
|
held directly
|
RMB
10,000,000 |
Construction, operation and management of photovoltaic power plants and related projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Longyan Wind Power Generation Limited Liability Company
|
PRC
|
held directly
|
RMB
10,000,000 |
Construction, operation and management of wind power plants and related projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Yunnan Malong Wind Power Generation Limited Liability Company
|
PRC
|
held directly
|
RMB
10,000,000 |
Construction, operation and management of wind power plants and related projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Dandong Photovoltaic Power Limited Liability Company
|
PRC
|
held directly
|
RMB
15,000,000 |
Construction, operation and management of photovoltaic power plants and related projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Dongguan Combined Cycle Co-generation Limited Liability Company
|
PRC
|
held directly
|
RMB
10,000,000 |
Construction, operation and management of power plants and related projects production of electricity, heat production and sales
|
100
|
%
|
100
|
%
|
|||||
Huaneng Yangxi Photovoltaic Power Limited Liability Company
|
PRC
|
held directly
|
RMB
62,500,000 |
Photovoltaic electric power production and sales
|
80
|
%
|
80
|
%
|
9 |
Investments in subsidiaries (Continued)
|
(i) |
Subsidiaries acquired through establishment or investment (Continued)
|
|
Country of |
Type of
|
Registered
|
Business nature
and scope |
Percentage of equity interest
held |
||||||||
Name of subsidiary
|
incorporation
|
interest held
|
capital
|
of operations
|
Interest
|
Voting
|
|||||||
Huaneng Chongqing Fengjie Wind Power Generation Limited Liability Company*
|
PRC
|
held directly
|
RMB
10,000,000 |
Construction, operation and management of wind power, generation and related projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Changxing Hongqiao Photovoltaic Power Limited Liability Company*
|
PRC
|
held directly
|
RMB
10,000,000 |
Construction, operation and management of Photovoltaic Power
|
100
|
%
|
100
|
%
|
|||||
Huaneng Jingxing Photovoltaic Power Limited Liability Company*
|
PRC
|
held directly
|
RMB
100,000 |
Investment, construction, and management of photovoltaic power plants
|
100
|
%
|
100
|
%
|
|||||
Huaneng Wulatehouqi Clean Energy Limited Liability Company*
|
PRC
|
held directly
|
RMB
100,000 |
Construction, operation and management of power plants and related projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Shanxi Energy Sales Limited Liability Company*
|
PRC
|
held directly
|
RMB
200,000,000 |
Power supply and sales supply of heat, cold and water
|
100
|
%
|
100
|
%
|
|||||
Huaneng Chongqing Energy Sales Limited Liability Company*
|
PRC
|
held directly
|
RMB
210,000,000 |
Operation of natural gas, Electric energy and thermal energy sales
|
100
|
%
|
100
|
%
|
|||||
Huaneng Hunan Energy Sales Limited Liability Company*
|
PRC
|
held directly
|
RMB
210,000,000 |
Electric energy and thermal energy sales
|
100
|
%
|
100
|
%
|
|||||
Huaneng Jiangxi Energy Sales Limited Liability Company*
|
PRC
|
held directly
|
RMB
210,000,000 |
Construction, operation and management of heating and power supply facilities
|
100
|
%
|
100
|
%
|
|||||
Huaneng Hebei Energy Sales Limited Liability Company*
|
PRC
|
held directly
|
RMB
210,000,000 |
Construction, installation, maintenance and overhaul of heating and power supply facilities
|
100
|
%
|
100
|
%
|
|||||
Huaneng Henan Energy Sales Limited Liability Company*
|
PRC
|
held directly
|
RMB
210,000,000 |
Sales of power, heating and gas
|
100
|
%
|
100
|
%
|
|||||
Huaneng Handan Heating Limited Liability Company*
|
PRC
|
held directly
|
RMB
100,000,000 |
Construction, operation and maintenance of heat source and pipe network
|
100
|
%
|
100
|
%
|
|||||
Huaneng (Huzhou Development Zone) Photovoltaic Power Limited Liability Company*
|
PRC
|
held directly
|
RMB
10,000,000 |
Photovoltaic Power, power supply and sales
|
100
|
%
|
100
|
%
|
|||||
Huaneng (Fujian) Energy Sales Limited Liability Company*
|
PRC
|
held directly
|
RMB
210,000,000 |
Sales of power, heating and gas
|
100
|
%
|
100
|
%
|
|||||
Huaneng Hubei Energy Sales Limited Liability Company*
|
PRC
|
held directly
|
RMB
210,000,000 |
Sales of power, heating and gas
|
100
|
%
|
100
|
%
|
|||||
Huaneng (Sanming) Clean Energy Limited Liability Company*
|
PRC
|
held directly
|
RMB
500,000 |
Construction, operation and management of wind power, photovoltaic power station and related projects
|
100
|
%
|
100
|
%
|
9 |
Investments in subsidiaries (Continued)
|
(i) |
Subsidiaries acquired through establishment or investment (Continued)
|
|
Country of |
Type of
|
Registered
|
Business nature
and scope |
Percentage of equity interest
held |
||||||||
Name of subsidiary
|
incorporation
|
interest held
|
capital
|
of operations
|
Interest
|
Voting
|
|||||||
Huaneng Yueyang Xingang Photovoltaic Power Limited Liability Company*
|
PRC
|
held directly
|
RMB
16,000,000 |
Construction, operation and management of electric power project, development and utilization of clean energy
|
60
|
%
|
60
|
%
|
|||||
Huaneng Shanghai Energy Sales Limited Liability Company*
|
PRC
|
held directly
|
RMB
210,000,000 |
Power supply, and technology service, consulting, transfer in energy conservation and environment protection field
|
100
|
%
|
100
|
%
|
|||||
Huaneng Yushe Photovoltaic Power Limited Liability Company*
|
PRC
|
held directly
|
RMB
10,000,000 |
Production and supply of electricity power
|
100
|
%
|
100
|
%
|
|||||
Huaneng Anhui Energy Sales Limited Liability Company*
|
PRC
|
held directly
|
RMB
210,000,000 |
Sales of power, heating and gas
|
100
|
%
|
100
|
%
|
|||||
Huaneng (Shanghai) Power Maintenance Limited Liability Company*
|
PRC
|
held directly
|
RMB
200,000,000 |
Construction and repair of electric power facilities
|
100
|
%
|
100
|
%
|
* |
These companies were newly established in 2016.
|
9 |
Investments in subsidiaries (Continued)
|
(ii) |
Subsidiaries acquired from business combinations under common control
|
|
Country of |
Type of
|
Registered
|
Business nature
and scope |
Percentage of equity interest
held |
||||||||
Name of subsidiary
|
incorporation
|
interest held
|
capital
|
of operations
|
Interest
|
Voting
|
|||||||
Huaneng (Suzhou Industrial Park) Power Generation Co., Ltd.
|
PRC
|
held directly
|
RMB
632,840,000 |
Power generation
|
75
|
%
|
75
|
%
|
|||||
Huaneng Qinbei Power Co., Ltd.
|
PRC
|
held directly
|
RMB
1,540,000,000 |
Power generation
|
60
|
%
|
60
|
%
|
|||||
Huaneng Yushe Power Generation Co., Ltd.
|
PRC
|
held directly
|
RMB
615,760,000 |
Power generation
|
60
|
%
|
60
|
%
|
|||||
Huaneng Hunan Yueyang Power Generation Limited Liability Company
|
PRC
|
held directly
|
RMB
1,935,000,000 |
Power generation
|
55
|
%
|
55
|
%
|
|||||
Huaneng Chongqing Luohuang Power Generation Limited Liability Company(“Luohuang Power”)
|
PRC
|
held directly
|
RMB
1,748,310,000 |
Power generation
|
60
|
%
|
60
|
%
|
|||||
Huaneng Pingliang Power Generation Co., Ltd.
|
PRC
|
held directly
|
RMB
924,050,000 |
Power generation
|
65
|
%
|
65
|
%
|
|||||
Huaneng Nanjing Jinling Power Co., Ltd. (“Jinling Power”)
|
PRC
|
held directly
|
RMB
1,513,136,000 |
Power generation
|
60
|
%
|
60
|
%
|
|||||
Huaneng Qidong Wind Power Generation Co., Ltd.
|
PRC
|
held directly
|
RMB
391,738,500 |
Development of wind power project, production and sales of electricity
|
65
|
%
|
65
|
%
|
|||||
Tianjin Huaneng Yangliuqing Co-generation Limited Liability Company(“Yangliuqing Cogeneration”)
|
PRC
|
held directly
|
RMB
1,537,130,909 |
Power generation, heat supply, facilities installation, maintenance and related services
|
55
|
%
|
55
|
%
|
|||||
Huaneng Beijing Co-generation Limited Liability Company(“Beijing Cogeneration”) (ii)
|
PRC
|
held directly
|
RMB
3,702,090,000 |
Construction and operation of power plants and related construction projects
|
41
|
%
|
66
|
%
|
|||||
Huaneng Wuhan Power Generation Co., Ltd. (“Wuhan Power”)
|
PRC
|
held directly
|
RMB
1,445,754,800 |
Power generation comprehensive utilization of fly ash
|
75
|
%
|
75
|
%
|
|||||
Huaneng Anyuan Power Generation Co., Ltd. (“Anyuan Power”)
|
PRC
|
held directly
|
RMB
1,175,117,300 |
Construction and operation of power plants and related construction projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Hualiangting Hydropower Co., Ltd. (“Hualiangting Hydropower”)
|
PRC
|
held directly
|
RMB
50,000,000 |
Generation and transfer of power supply, water supply (irrigation)
|
100
|
%
|
100
|
%
|
|||||
Huaneng Chaohu Power Generation Co., Ltd. (“Chaohu Power”) (iii)
|
PRC
|
held directly
|
RMB
800,000,000 |
Construction and operation of power plants and related construction projects
|
60
|
%
|
70
|
%
|
|||||
Huaneng Jingmen Thermal Power Co., Ltd. (“Jingmen Thermal Power”)
|
PRC
|
held directly
|
RMB
780,000,000 |
General business projects: thermal power, power development, power services
|
100
|
%
|
100
|
%
|
9 |
Investments in subsidiaries (Continued)
|
(ii) |
Subsidiaries acquired from business combinations under common control (Continued)
|
|
Country of |
Type of
|
Registered
|
Business nature
and scope |
Percentage of equity interest
held |
||||||||
Name of subsidiary
|
incorporation
|
interest held
|
capital
|
of operations
|
Interest
|
Voting
|
|||||||
Enshi Qingjiang Dalongtan Hydropwer Development Co., Ltd. (“Dalongtan Hydropower”)
|
PRC
|
held directly
|
RMB
76,000,000 |
Hydropower development, production and management of electric power urban water supply
|
97
|
%
|
97
|
%
|
|||||
Huaneng Suzhou Thermal Power Co., Ltd. (“Suzhou Thermal Power”) (iv)
|
PRC
|
held directly
|
RMB
240,000,000 |
Power generation, steam production; mechanical and electrical equipment, pipeline installation, maintenance services; hot water, fly ash sales
|
53.45
|
%
|
100
|
%
|
|||||
Huaneng Hainan Power Inc. (“Hainan Power”) (v)
|
PRC
|
held directly
|
RMB
1,326,419,587 |
Construction power plants, new energy development, power plant engineering and equipment maintenance services
|
91.80
|
%
|
91.80
|
%
|
|||||
Huaneng Ruijin Power Generation Co., Ltd. (“Ruijin Power Generation”)
|
PRC
|
held directly
|
RMB
536,923,299 |
Construction and operation of power plants and related construction projects
|
100
|
%
|
100
|
%
|
|||||
Huaneng Yingcheng Thermal Power Co., Ltd. (“Yingcheng Thermal Power”)
|
PRC
|
held directly
|
RMB
650,000,000 |
Construction and operation of power plants and related construction projects
|
100
|
%
|
100
|
%
|
(iii) |
Subsidiaries acquired from business combinations not under common control
|
|
Country of |
Type of
|
Registered
|
Business nature
and scope |
Percentage of equity interest
held |
||||||||
Name of subsidiary
|
incorporation
|
interest held
|
capital
|
of operations
|
Interest
|
Voting
|
|||||||
Huaneng Weihai Power Limited Liability Company(“Weihai Power”)
|
PRC
|
held directly
|
RMB
1,822,176,621 |
Power generation
|
60
|
%
|
60
|
%
|
|||||
Huaneng Huaiyin Power Limited Company
|
PRC
|
held directly
|
RMB
265,000,000 |
Power generation
|
100
|
%
|
100
|
%
|
|||||
Huade County Daditaihong Wind Power Utilization Limited Liability Company
|
PRC
|
held directly
|
RMB
196,400,000 |
Wind power development and utilization
|
100
|
%
|
100
|
%
|
|||||
Huaneng Zhanhua Co-generation Limited Liability Company
|
PRC
|
held directly
|
RMB
190,000,000 |
Production and sales of electricity and steam
|
100
|
%
|
100
|
%
|
|||||
Shandong Hualu Sea Transportation Limited Company
|
PRC
|
held directly
|
RMB
100,000,000 |
Cargo transportation along domestic coastal areas
|
53
|
%
|
53
|
%
|
|||||
Huaneng Qingdao Port Limited Company
|
PRC
|
held directly
|
RMB
219,845,000 |
Loading and conveying warehousing (excluding dangerous goods), conveying, supply of water carriage materials
|
51
|
%
|
51
|
%
|
|||||
Huaneng (Fujian) Harbour Limited Company
|
PRC
|
held directly
|
RMB
652,200,000 |
Port management, cargo loading, water transport material supply
|
51
|
%
|
51
|
%
|
9 |
Investments in subsidiaries (Continued)
|
(iii) |
Subsidiaries acquired from business combinations not under common control (Continued)
|
|
Country of |
Type of
|
Registered
|
Business nature
and scope |
Percentage of equity interest held
|
||||||||||
Name of subsidiary
|
incorporation
|
interest held
|
capital
|
of operations
|
Interest
|
Voting
|
|||||||||
Fujian Yingda Property Development Limited Company
|
PRC
|
held indirectly
|
RMB
50,000,000 |
Real estate development leasing, real estate agency services, warehousing, loading and conveying
|
51
|
%
|
100
|
%
|
|||||||
Fujian Xinhuanyuan Industrial Limited Company
|
PRC
|
held indirectly
|
RMB
93,200,000 |
Mineral water production and sale
|
51
|
%
|
100
|
%
|
|||||||
Huaneng Yunnan Diandong Energy Limited Liability Company (“Diandong Energy”)
|
PRC
|
held directly
|
RMB
3,769,140,000 |
Power generation and coal exploitation
|
100
|
%
|
100
|
%
|
|||||||
Yunnan Diandong Yuwang Energy Limited Company (“Diandong Yuwang”)
|
PRC
|
held directly
|
RMB
1,700,740,000 |
Power generation and coal exploitation
|
100
|
%
|
100
|
%
|
|||||||
Huaneng Suzihe Hydropower Development Limited Company
|
PRC
|
held directly
|
RMB
50,000,000 |
Hydropower, aquaculture, agriculture irrigation
|
100
|
%
|
100
|
%
|
|||||||
Enshi City Mawei Valley Hydropower Development Co., Ltd.
|
PRC
|
held directly
|
RMB
101,080,000 |
Hydro-resource development, hydropower, aquaculture
|
100
|
%
|
100
|
%
|
|||||||
Kaifeng Xinli Power Generation Co., Ltd.
|
PRC
|
held indirectly
|
RMB
146,920,000 |
Power generation
|
60
|
%
|
100
|
%
|
|||||||
Huaneng Luoyang Co-generation Limited Liability Company
|
PRC
|
held directly
|
RMB
600,000,000 |
Production and sales of electricity and heat to the electricity and heat networks sales of ancillary products of electricity and heat generation
|
80
|
%
|
80
|
%
|
|||||||
Huaneng Jinling Combined Cycle Cogeneration Co., Ltd. (“Jinling CCGT”) (vi)
|
PRC
|
held directly
|
RMB
356,350,000 |
Power generation
|
51
|
%
|
72
|
%
|
|||||||
Huaneng Zhumadian Wind Power Generation Co., Ltd.
|
PRC
|
held directly
|
RMB
30,000,000 |
Wind power generation
|
90
|
%
|
90
|
%
|
|||||||
SinoSing Power
|
Singapore
|
held directly
|
US$
1,476,420,585 |
Investment holding
|
100
|
%
|
100
|
%
|
|||||||
Tuas Power
|
Singapore
|
held indirectly
|
S$ 1,433,550,000
|
Electricity and gas supply and investment holding
|
100
|
%
|
100
|
%
|
|||||||
Tuas Power Supply Pte Ltd.
|
Singapore
|
held indirectly
|
S$
500,000 |
Power sales
|
100
|
%
|
100
|
%
|
|||||||
TP Asset Management Pte Ltd.
|
Singapore
|
held indirectly
|
S$
2 |
Render of environment engineering services
|
100
|
%
|
100
|
%
|
|||||||
TPGS Green Energy Pte Ltd.
|
Singapore
|
held indirectly
|
S$
1,000,000 |
Provision of utility services
|
75
|
%
|
75
|
%
|
|||||||
New Earth Pte Ltd.
|
Singapore
|
held indirectly
|
S$
10,111,841 |
Consultancy in waste recycling
|
100
|
%
|
100
|
%
|
|||||||
New Earth Singapore Pte Ltd.
|
Singapore
|
held indirectly
|
S$
17,816,050 |
Industrial waste management and recycling
|
100
|
%
|
100
|
%
|
|||||||
Xuzhou Tongshan District Xiehe Wind Power Generation Limited Liability Company . (“Tongshan Xiehe Wind Power Generation”) (Note 39)
|
PRC
|
held indirectly
|
RMB
3,000,000 |
Wind power generation
|
100
|
%
|
100
|
%
|
|||||||
Luoyang Yangguang Co-generation Limited Liability Company(“Yangguang Cogeneration”) (Note 39)
|
PRC
|
held indirectly
|
RMB
250,000,000 |
Production and supply of electric and heating power
|
100
|
%
|
100
|
%
|
9 |
Investments in subsidiaries (Continued)
|
(i) |
According to its article of association, the other shareholder who holds the remaining equity interests of Shidongkou Power Company entrusts the Company to exercise all its voting rights in relation to the operation and financial policies of Shidongkou Power Company. Accordingly, the Company has control over Shidongkou Power Company.
|
(ii) |
Pursuant to an agreement entered into between the Company and another shareholder, the Company is entrusted to vote the 25% voting rights held by the other shareholder as long as the Company remains as the largest shareholder of Beijing Cogeneration. Thus, the Company has majority voting rights required by the article of association to control the operation and financial policies of Beijing Cogeneration. Accordingly, the Company has control over Beijing Cogeneration.
|
(iii) |
According to the voting in concert agreement entered into between the Company and one shareholder with 10% equity interests in Chaohu Power, the shareholder agreed to vote the same in respect of significant financial and operating decisions made by the Company. As a result, the Company has control over Chaohu Power.
|
(iv) |
According to the voting in concert agreement entered into between the Company and the other two shareholders in Suzhou Thermal Power, the shareholders agreed to vote the same in respect of significant financial and operating decisions made by the Company. As a result, the Company has control over Suzhou Thermal Power.
|
(v) |
Pursuant to the board resolution of Hainan Power on 28 July 2016, Huaneng Wenchang Wind Power Generation Co., Ltd. (“Wenchang Power”), a fully held subsidiary of Hainan Power, was dissolved in November 2016. At the date of dissolution, the net asset of Wenchang Power was RMB1 million.
|
(vi) |
According to the voting in concert agreement entered into between the Company and one shareholder with 21% equity interests in Jinling CCGT, the shareholder agreed to vote the same in respect of significant financial and operating decisions made by the Company under the circumstances that its legitimate entitlements are guaranteed. As a result, the Company has control over Jinling CCGT.
|
(vii) |
In 2016, the Company accounted for the investment in Shanxi Xiaoyi Economic Development Zone Huaneng Energy Service Co. Ltd. (“Shanxi Xiaoyi Energy”) as a joint venture. On 15 February 2017, the Company entered into an agreement with other shareholder with 49% equity interests in Shanxi Xiaoyi Energy who agreed to vote the same in respect of significant financial and operating decisions made by the Company. As a result, the Company has control over Shanxi Xiaoyi Energy since February 2017.
|
10 |
Available-for-sale financial assets
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Listed security (Fair value measurement)
|
||||||||
Yangtze Power
|
1,820,255
|
3,492,510
|
||||||
Bank of Jiangsu
|
458
|
-
|
||||||
Subtotal
|
1,820,713
|
3,492,510
|
||||||
Unlisted securities (Cost measurement)
|
||||||||
10% of Shanxi Xishan Jinxing Energy Co., Ltd.
|
531,274
|
531,274
|
||||||
9.09% of Ganlong Double-track Railway Co., Ltd.
|
1,000,000
|
1,000,000
|
||||||
Others
|
54,045
|
54,079
|
||||||
Subtotal
|
1,585,319
|
1,585,353
|
||||||
Total
|
3,406,032
|
5,077,863
|
11 |
Land use rights
|
2016
|
2015
|
|||||||
Beginning of the year
|
||||||||
Cost
|
10,059,872
|
6,482,189
|
||||||
Accumulated amortization
|
(1,530,972
|
)
|
(1,309,076
|
)
|
||||
Accumulated impairment losses
|
(215,134
|
)
|
(219,269
|
)
|
||||
Net book value
|
8,313,766
|
4,953,844
|
||||||
Movement:
|
||||||||
Business combination (Note 39)
|
61,027
|
2,996,440
|
||||||
Addition
|
364,280
|
600,693
|
||||||
Amortization charge for the year
|
(242,400
|
)
|
(227,078
|
)
|
||||
Impairment charge for the year (Note 7)
|
(51,981
|
)
|
-
|
|||||
Disposals and transfer out
|
(1,969
|
)
|
(6,036
|
)
|
||||
Currency translation differences
|
13,624
|
(4,097
|
)
|
|||||
End of the year
|
8,456,347
|
8,313,766
|
||||||
Cost
|
10,525,537
|
10,059,872
|
||||||
Accumulated amortization
|
(1,792,367
|
)
|
(1,530,972
|
)
|
||||
Accumulated impairment losses
|
(276,823
|
)
|
(215,134
|
)
|
||||
Net book value
|
8,456,347
|
8,313,766
|
12 |
Power generation license
|
2016
|
2015
|
|||||||
Beginning of the year
|
3,679,175
|
3,720,959
|
||||||
Movement:
|
||||||||
Currency translation differences
|
170,024
|
(41,784
|
)
|
|||||
End of the year
|
3,849,199
|
3,679,175
|
13 |
Mining rights
|
2016
|
2015
|
|||||||
Beginning of the year
|
||||||||
Cost
|
2,406,567
|
1,922,655
|
||||||
Accumulated impairment losses
|
(760,296
|
)
|
-
|
|||||
Net book value
|
1,646,271
|
1,922,655
|
||||||
Movement:
|
||||||||
Addition
|
-
|
483,912
|
||||||
Impairment charge for the year
|
-
|
(760,296
|
)
|
|||||
End of the year
|
1,646,271
|
1,646,271
|
||||||
Cost
|
2,406,567
|
2,406,567
|
||||||
Accumulated impairment losses
|
(760,296
|
)
|
(760,296
|
)
|
||||
Net book value
|
1,646,271
|
1,646,271
|
14 |
Derivative financial instruments
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Derivative financial assets
|
||||||||
-Hedging instruments for cash flow hedge (fuel swap contracts)
|
264,535
|
1
|
||||||
-Hedging instruments for cash flow hedge (exchange forward contracts)
|
107,907
|
140,977
|
||||||
-Hedging instruments for cash flow hedge (interest rate swap contracts)
|
-
|
2,691
|
||||||
-Financial instruments at fair value through profit or loss (fuel swap contracts)
|
5,881
|
39,894
|
||||||
-Financial instruments at fair value through profit or loss (exchange forward contracts)
|
-
|
949
|
||||||
Total
|
378,323
|
184,512
|
||||||
Less: non-current portion
|
||||||||
-Hedging instruments for cash flow hedge (fuel swap contracts)
|
71,341
|
-
|
||||||
-Hedging instruments for cash flow hedge (exchange forward contracts)
|
28,380
|
42,353
|
||||||
-Hedging instruments for cash flow hedge (interest rate swap contracts)
|
-
|
2,691
|
||||||
Total non-current portion
|
99,721
|
45,044
|
||||||
Current portion
|
278,602
|
139,468
|
14 |
Derivative financial instruments (Continued)
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Derivative financial liabilities
|
||||||||
-Hedging instruments for cash flow hedge (fuel swap contracts)
|
164,464
|
1,157,677
|
||||||
-Hedging instruments for cash flow hedge (exchange forward contracts)
|
454
|
2,297
|
||||||
-Hedging instruments for cash flow hedge (interest rate swap contracts)
|
169,201
|
121,576
|
||||||
-Financial instruments at fair value through profit or loss (fuel swap contracts)
|
619
|
23,047
|
||||||
-Financial instruments at fair value through profit or loss (exchange forward contracts)
|
-
|
344
|
||||||
Total
|
334,738
|
1,304,941
|
||||||
Less: non-current portion
|
||||||||
-Hedging instruments for cash flow hedge (fuel swap contracts)
|
31,673
|
307,573
|
||||||
-Hedging instruments for cash flow hedge (exchange forward contracts)
|
295
|
940
|
||||||
-Hedging instruments for cash flow hedge (interest rate swap contracts)
|
169,201
|
121,576
|
||||||
Total non-current portion
|
201,169
|
430,089
|
||||||
Current portion
|
133,569
|
874,852
|
14 |
Derivative financial instruments (Continued)
|
Cash flows
|
||||||||||||||||||||
Carrying
amounts
|
Contractual
cash flows
|
Within
1 year
|
Between 1
and 5 years
|
After 5
years
|
||||||||||||||||
|
|
|
|
|
||||||||||||||||
As at 31 December 2016
|
||||||||||||||||||||
Derivative financial assets
|
||||||||||||||||||||
Fuel derivatives used for hedging (net settlement)
|
264,535
|
264,535
|
193,194
|
71,341
|
-
|
|||||||||||||||
Forward exchange contracts used for hedging
|
||||||||||||||||||||
- inflows
|
2,118,946
|
1,488,071
|
630,875
|
-
|
||||||||||||||||
- outflows
|
(2,009,205
|
)
|
(1,407,606
|
)
|
(601,599
|
)
|
-
|
|||||||||||||
107,907
|
109,741
|
80,465
|
29,276
|
-
|
||||||||||||||||
Fuel derivatives that do not qualify as hedges (net settlement)
|
5,881
|
5,881
|
5,881
|
-
|
-
|
|||||||||||||||
Derivative financial liabilities
|
||||||||||||||||||||
Fuel derivatives used for hedging (net settlement)
|
164,464
|
(164,464
|
)
|
(132,792
|
)
|
(31,672
|
)
|
-
|
||||||||||||
Forward exchange contracts used for hedging
|
||||||||||||||||||||
- inflows
|
527,939
|
475,881
|
52,058
|
-
|
||||||||||||||||
- outflows
|
(528,454
|
)
|
(476,104
|
)
|
(52,350
|
)
|
-
|
|||||||||||||
454
|
(515
|
)
|
(223
|
)
|
(292
|
)
|
-
|
|||||||||||||
Net-settled interest rate swaps used for hedging
|
||||||||||||||||||||
- net cash inflows/(outflows)
|
169,201
|
(228,905
|
)
|
(113,563
|
)
|
(115,342
|
)
|
-
|
||||||||||||
Fuel derivatives that do not qualify as hedges (net settlement)
|
619
|
(619
|
)
|
(619
|
)
|
-
|
-
|
|||||||||||||
As at 31 December 2015
|
||||||||||||||||||||
Derivative financial assets
|
||||||||||||||||||||
Fuel derivatives used for hedging (net settlement)
|
1
|
1
|
1
|
-
|
-
|
|||||||||||||||
Forward exchange contracts used for hedging
|
||||||||||||||||||||
- inflows
|
2,223,114
|
1,604,161
|
618,953
|
-
|
||||||||||||||||
- outflows
|
(2,093,389
|
)
|
(1,510,919
|
)
|
(582,470
|
)
|
-
|
|||||||||||||
140,977
|
129,725
|
93,242
|
36,483
|
-
|
||||||||||||||||
Net-settled interest rate swaps used for hedging - net cash inflows/(outflows)
|
2,691
|
(16,121
|
)
|
(7,241
|
)
|
(8,880
|
)
|
-
|
||||||||||||
Fuel derivatives that do not qualify as hedges (net settlement)
|
39,894
|
39,894
|
39,894
|
-
|
-
|
|||||||||||||||
Foreign exchange contracts that do not qualify as hedges(net settlement)
|
949
|
691
|
691
|
-
|
-
|
|||||||||||||||
Derivative financial liabilities
|
||||||||||||||||||||
Fuel derivatives used for hedging (net settlement)
|
1,157,677
|
(1,157,677
|
)
|
(850,104
|
)
|
(307,573
|
)
|
-
|
||||||||||||
Forward exchange contracts used for hedging
|
||||||||||||||||||||
- inflows
|
539,730
|
429,306
|
110,424
|
-
|
||||||||||||||||
- outflows
|
(544,985
|
)
|
(432,193
|
)
|
(112,792
|
)
|
-
|
|||||||||||||
2,297
|
(5,255
|
)
|
(2,887
|
)
|
(2,368
|
)
|
-
|
|||||||||||||
Net-settled interest rate swaps used for hedging
|
||||||||||||||||||||
- net cash inflows/(outflows)
|
121,576
|
(190,867
|
)
|
(84,753
|
)
|
(106,114
|
)
|
-
|
||||||||||||
Fuel derivatives that do not qualify as hedges (net settlement)
|
23,047
|
(23,047
|
)
|
(23,047
|
)
|
-
|
-
|
|||||||||||||
Foreign exchange contracts that do not qualify as hedges(net settlement)
|
344
|
(413
|
)
|
(413
|
)
|
-
|
-
|
15 |
Goodwill
|
2016
|
2015
|
|||||||
Beginning of the year
|
||||||||
Cost
|
14,919,930
|
13,865,890
|
||||||
Accumulated impairment losses
|
(3,242,748
|
)
|
(2,140,335
|
)
|
||||
Net book value
|
11,677,182
|
11,725,555
|
||||||
Movement:
|
||||||||
Business combination
|
-
|
1,169,966
|
||||||
Impairment charge for the year
|
-
|
(1,105,649
|
)
|
|||||
Currency translation differences
|
458,547
|
(112,690
|
)
|
|||||
End of the year
|
12,135,729
|
11,677,182
|
||||||
Cost
|
15,391,642
|
14,919,930
|
||||||
Accumulated impairment losses
|
(3,255,913
|
)
|
(3,242,748
|
)
|
||||
Net book value
|
12,135,729
|
11,677,182
|
15 |
Goodwill (Continued)
|
2016
|
2015
|
|||||||
PRC Power segment:
|
||||||||
Hainan Power
|
506,336
|
506,336
|
||||||
Wuhan Power
|
518,484
|
518,484
|
||||||
Yueyang Power Company
|
100,907
|
100,907
|
||||||
Beijing Cogeneration
|
95,088
|
95,088
|
||||||
Yangliuqing Cogeneration
|
151,459
|
151,459
|
||||||
Singapore segment:
|
||||||||
Tuas Power
|
10,381,131
|
9,922,584
|
PRC Power segment |
7.60%~11.32%
|
Singapore segment |
7.54%
|
15 |
Goodwill (Continued)
|
16 |
Other non-current assets
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Intangible assets *
|
411,308
|
451,176
|
||||||
Deferred employee housing subsidies
|
3,041
|
3,907
|
||||||
Prepayments for switchhouse and metering station
|
8,877
|
9,257
|
||||||
Prepaid connection fees
|
108,365
|
111,513
|
||||||
Prepaid territorial water use right **
|
777,994
|
763,905
|
||||||
Finance lease receivables
|
563,099
|
552,401
|
||||||
VAT recoverable
|
1,651,891
|
1,618,894
|
||||||
Others
|
797,370
|
867,944
|
||||||
Total
|
4,321,945
|
4,378,997
|
* |
The intangible assets primarily consist of software, patented technologies and etc. In 2016, there is no impairment provided for the intangible assets (2015 and 2014: RMB nil and RMB nil).
|
** |
The prepaid territorial water use right are amortized over the contractual period of 50 years. As at 31 December 2016, there was no territorial water use right secured to a bank as collateral (31 December 2015: territorial water use right with net book value amounting to RMB78.38 million was secured to a bank as collateral against a long-term loan of RMB18 million).
|
17 |
Inventories
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Fuel (coal and oil) for power generation
|
5,391,068
|
3,997,910
|
||||||
Material and supplies
|
1,655,357
|
1,587,211
|
||||||
7,046,425
|
5,585,121
|
|||||||
Less: provision for inventory obsolescence
|
167,282
|
162,389
|
||||||
Total
|
6,879,143
|
5,422,732
|
2016
|
2015
|
2014
|
||||||||||
Beginning of the year
|
(162,389
|
)
|
(163,458
|
)
|
(170,296
|
)
|
||||||
Provision
|
(1,134
|
)
|
(2,867
|
)
|
(878
|
)
|
||||||
Reversal
|
1,390
|
1,039
|
3,525
|
|||||||||
Write-offs
|
-
|
-
|
632
|
|||||||||
Currency translation differences
|
(5,149
|
)
|
2,897
|
3,559
|
||||||||
End of the year
|
(167,282
|
)
|
(162,389
|
)
|
(163,458
|
)
|
18 |
Other receivables and assets
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Prepayments for inventories
|
252,389
|
143,446
|
||||||
Prepayments for pre-construction cost
|
885,051
|
735,975
|
||||||
Prepaid income tax
|
141,423
|
2,393
|
||||||
Prepayments for capacity quota
|
303,399
|
303,399
|
||||||
Others
|
121,810
|
102,854
|
||||||
Total prepayments
|
1,704,072
|
1,288,067
|
||||||
Staff advances
|
11,939
|
15,692
|
||||||
Dividends receivable
|
861,408
|
305,000
|
||||||
Financial lease receivables
|
21,247
|
19,419
|
||||||
Interest receivables
|
112
|
175
|
||||||
Others
|
874,998
|
728,781
|
||||||
Subtotal other receivables
|
1,769,704
|
1,069,067
|
||||||
Less: provision for doubtful accounts
|
28,961
|
27,957
|
||||||
Total other receivables, net
|
1,740,743
|
1,041,110
|
||||||
VAT recoverable
|
2,008,955
|
1,678,812
|
||||||
Designated loan to a joint venture
|
80,000
|
80,000
|
||||||
Gross total
|
5,562,731
|
4,115,946
|
||||||
Net total
|
5,533,770
|
4,087,989
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
RMB
|
1,635,051
|
1,005,399
|
||||||
S$ (RMB equivalent)
|
95,816
|
60,596
|
||||||
US$ (RMB equivalent)
|
38,837
|
3,072
|
||||||
Total
|
1,769,704
|
1,069,067
|
18 |
Other receivables and assets (Continued)
|
2016
|
2015
|
2014
|
||||||||||
Beginning of the year
|
(27,957
|
)
|
(29,644
|
)
|
(30,673
|
)
|
||||||
Provision
|
(1,011
|
)
|
(9
|
)
|
-
|
|||||||
Reversal/Write-off
|
7
|
1,696
|
1,029
|
|||||||||
End of the year
|
(28,961
|
)
|
(27,957
|
)
|
(29,644
|
)
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Within 1 year
|
42,103
|
98,649
|
||||||
Between 1 to 2 years
|
2,683
|
1,259
|
||||||
Between 2 to 3 years
|
847
|
780
|
||||||
Over 3 years
|
67,476
|
66,968
|
||||||
Total
|
113,109
|
167,656
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Within 1 year
|
752
|
1,566
|
||||||
Between 1 to 2 years
|
912
|
93
|
||||||
Between 2 to 3 years
|
285
|
3
|
||||||
Over 3 years
|
34,263
|
33,792
|
||||||
Total
|
36,212
|
35,454
|
19 |
Accounts receivable
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Accounts receivable
|
14,050,096
|
14,401,665
|
||||||
Notes receivable
|
2,432,264
|
1,977,790
|
||||||
16,482,360
|
16,379,455
|
|||||||
Less: provision for doubtful accounts
|
88,889
|
2,054
|
||||||
Total
|
16,393,471
|
16,377,401
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
RMB
|
15,586,989
|
15,639,091
|
||||||
S$ (RMB equivalent)
|
876,956
|
735,300
|
||||||
US$ (RMB equivalent)
|
18,415
|
5,064
|
||||||
Total
|
16,482,360
|
16,379,455
|
2016
|
2015
|
2014
|
||||||||||
Beginning of the year
|
(2,054
|
)
|
(11,809
|
)
|
(6,123
|
)
|
||||||
Provision
|
(88,818
|
)
|
(60
|
)
|
(8,413
|
)
|
||||||
Reversal
|
397
|
1,833
|
2,807
|
|||||||||
Write-off
|
1,682
|
-
|
-
|
|||||||||
Transfer from a subsidiary to a joint venture
|
-
|
8,126
|
-
|
|||||||||
Currency translation differences
|
(96
|
)
|
(144
|
)
|
(80
|
)
|
||||||
End of the year
|
(88,889
|
)
|
(2,054
|
)
|
(11,809
|
)
|
19 |
Accounts receivable (Continued)
|
(a) |
Ageing analysis of accounts receivable was as follows:
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Within 1 year
|
16,152,038
|
16,129,748
|
||||||
Between 1 to 2 years
|
279,694
|
225,253
|
||||||
Between 2 to 3 years
|
29,123
|
1,915
|
||||||
Over 3 years
|
21,505
|
22,539
|
||||||
Total
|
16,482,360
|
16,379,455
|
(b) |
Ageing analysis of accounts receivable and notes receivable that are neither individually nor collectively considered to be impaired are as follows:
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Neither past due nor impaired
|
16,063,215
|
15,948,981
|
||||||
Less than 1 year past due
|
248,597
|
338,545
|
||||||
Between 1 to 2 years past due
|
63,094
|
88,565
|
||||||
Between 2 to 3 years past due
|
17,944
|
1,151
|
||||||
Over 3 years past due
|
621
|
159
|
||||||
Total
|
16,393,471
|
16,377,401
|
20 |
Share capital
|
2016
|
2015
|
|||||||||||||||
|
|
|||||||||||||||
Number
of shares
|
Share capital
|
Number
of shares
|
Share capital
|
|||||||||||||
RMB ’000
|
RMB ’000
|
|||||||||||||||
As at 1 January
|
||||||||||||||||
A shares
|
10,500,000,000
|
10,500,000
|
10,500,000,000
|
10,500,000
|
||||||||||||
Overseas listed foreign shares
|
4,700,383,440
|
4,700,383
|
3,920,383,440
|
3,920,383
|
||||||||||||
Subtotal
|
15,200,383,440
|
15,200,383
|
14,420,383,440
|
14,420,383
|
||||||||||||
Issuance of new H shares
|
-
|
-
|
780,000,000
|
780,000
|
||||||||||||
As at 31 December
|
||||||||||||||||
A shares
|
10,500,000,000
|
10,500,000
|
10,500,000,000
|
10,500,000
|
||||||||||||
Overseas listed foreign shares
|
4,700,383,440
|
4,700,383
|
4,700,383,440
|
4,700,383
|
||||||||||||
Total
|
15,200,383,440
|
15,200,383
|
15,200,383,440
|
15,200,383
|
21 |
Surplus reserves
|
As at
|
||||
1 January 2016 and
|
||||
31 December 2016
|
||||
Surplus reserves
|
8,140,030
|
21 |
Surplus reserves (Continued)
|
22 |
Dividends
|
23 |
Long-term loans
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Loans from Huaneng Group
|
||||||||
and its subsidiaries (a)
|
3,818,807
|
2,696,225
|
||||||
Bank loans and other loans (b)
|
70,732,439
|
75,683,003
|
||||||
74,551,246
|
78,379,228
|
|||||||
Less: Current portion of long-term loans
|
9,560,885
|
12,351,205
|
||||||
Total
|
64,990,361
|
66,028,023
|
(a) |
Loans from Huaneng Group and its subsidiaries
|
As at 31 December 2016
|
||||||||||||||||||||
Less:
|
Non-
|
|||||||||||||||||||
Original
|
RMB
|
Current
|
current
|
Annual
|
||||||||||||||||
currency
|
equivalent
|
portion
|
portion
|
interest rate
|
||||||||||||||||
’000
|
||||||||||||||||||||
Loans from Huaneng Group
|
||||||||||||||||||||
Unsecured
|
||||||||||||||||||||
RMB
|
665,015
|
665,015
|
640,485
|
24,530
|
4.75
|
%
|
||||||||||||||
Loans from HIPDC
|
||||||||||||||||||||
Unsecured
|
||||||||||||||||||||
RMB
|
210
|
210
|
-
|
210
|
4.75
|
%
|
||||||||||||||
Loans from Huaneng Finance
|
||||||||||||||||||||
Unsecured
|
||||||||||||||||||||
RMB
|
286,000
|
286,000
|
60,000
|
226,000
|
4.41%-4.75
|
%
|
||||||||||||||
Loans from Huaneng Tiancheng Financial Leasing Co., Ltd.
|
||||||||||||||||||||
(“Tiancheng Financial Leasing”) (Note)
|
||||||||||||||||||||
Secured
|
||||||||||||||||||||
RMB
|
2,867,582
|
2,867,582
|
154,737
|
2,712,845
|
4.42
|
%
|
||||||||||||||
Total
|
3,818,807
|
855,222
|
2,963,585
|
23 |
Long-term loans (Continued)
|
(a) |
Loans from Huaneng Group and its subsidiaries (Continued)
|
As at 31 December 2015
|
||||||||||||||||||||
Original
currency
|
RMB
equivalent
|
Less: current
portion
|
Non-current
portion
|
Annual
interest rate
|
||||||||||||||||
’000
|
||||||||||||||||||||
Loans from Huaneng Group
|
||||||||||||||||||||
Unsecured
|
||||||||||||||||||||
RMB
|
665,015
|
665,015
|
665,015
|
-
|
4.28%-5.54
|
%
|
||||||||||||||
Loans from HIPDC
|
||||||||||||||||||||
Unsecured
|
||||||||||||||||||||
RMB
|
1,700,210
|
1,700,210
|
1,700,210
|
-
|
4.28%-5.30
|
%
|
||||||||||||||
Loans from Huaneng Finance
|
||||||||||||||||||||
Unsecured
|
||||||||||||||||||||
RMB
|
331,000
|
331,000
|
72,000
|
259,000
|
4.41%-5.84
|
%
|
||||||||||||||
Total
|
2,696,225
|
2,437,225
|
259,000
|
(b) |
Bank loans and other loans
|
As at 31 December 2016
|
||||||||||||||||||||
Less:
|
Non-
|
|||||||||||||||||||
Original
|
RMB
|
Current
|
current
|
Annual
|
||||||||||||||||
currency
|
equivalent
|
portion
|
portion
|
interest rate
|
||||||||||||||||
’000
|
||||||||||||||||||||
Secured
|
||||||||||||||||||||
RMB
|
9,065,810
|
9,065,810
|
1,259,230
|
7,806,580
|
4.41%-4.90
|
%
|
||||||||||||||
Unsecured
|
||||||||||||||||||||
RMB
|
45,991,511
|
45,991,511
|
6,786,253
|
39,205,258
|
2.65%-5.65
|
%
|
||||||||||||||
US$
|
409,760
|
2,842,505
|
388,925
|
2,453,580
|
1.92
|
%
|
||||||||||||||
S$
|
2,580,522
|
12,385,213
|
196,410
|
12,188,803
|
2.76%/4.25
|
%
|
||||||||||||||
€
|
|
39,187
|
286,329
|
68,271
|
218,058
|
2.00%/2.15
|
%
|
|||||||||||||
JPY
|
2,702,533
|
161,071
|
6,574
|
154,497
|
0.75
|
%
|
||||||||||||||
Total
|
70,732,439
|
8,705,663
|
62,026,776
|
23 |
Long-term loans (Continued)
|
(b) |
Bank loans and other loans (Continued)
|
As at 31 December 2015
|
||||||||||||||||||||
Less:
|
Non-
|
|||||||||||||||||||
Original
|
RMB
|
Current
|
current
|
Annual
|
||||||||||||||||
currency
|
equivalent
|
portion
|
portion
|
interest rate
|
||||||||||||||||
’000
|
||||||||||||||||||||
Secured
|
||||||||||||||||||||
RMB
|
9,642,630
|
9,642,630
|
1,128,620
|
8,514,010
|
4.41%-6.15
|
%
|
||||||||||||||
Unsecured
|
||||||||||||||||||||
RMB
|
50,102,146
|
50,102,146
|
7,975,901
|
42,126,245
|
2.90%-6.55
|
%
|
||||||||||||||
US$
|
472,800
|
3,070,174
|
388,925
|
2,681,249
|
1.38
|
%
|
||||||||||||||
S$
|
2,696,925
|
12,372,141
|
348,296
|
12,023,845
|
1.98%/4.25
|
%
|
||||||||||||||
€
|
|
48,530
|
344,331
|
66,294
|
278,037
|
2.00%/2.15
|
%
|
|||||||||||||
JPY
|
2,812,263
|
151,581
|
5,944
|
145,637
|
0.75
|
%
|
||||||||||||||
Total
|
75,683,003
|
9,913,980
|
65,769,023
|
Loans from Huaneng Group and its subsidiaries
|
Bank loans and other loans
|
|||||||||||||||
As at 31 December
|
As at 31 December
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
1 year or less
|
855,222
|
2,437,225
|
8,705,663
|
9,913,980
|
||||||||||||
More than 1 year but no more than 2 years
|
715,400
|
62,000
|
11,420,746
|
12,028,176
|
||||||||||||
More than 2 years but no more than 3 years
|
953,082
|
68,000
|
11,081,242
|
9,134,791
|
||||||||||||
More than 3 years but no more than 4 years
|
928,082
|
2,000
|
7,769,955
|
9,219,121
|
||||||||||||
More than 4 years but no more than 5 years
|
232,021
|
2,000
|
7,618,953
|
6,404,924
|
||||||||||||
More than 5 years
|
135,000
|
125,000
|
24,135,880
|
28,982,011
|
||||||||||||
3,818,807
|
2,696,225
|
70,732,439
|
75,683,003
|
|||||||||||||
Less: amount due within 1 year included under current liabilities
|
855,222
|
2,437,225
|
8,705,663
|
9,913,980
|
||||||||||||
Total
|
2,963,585
|
259,000
|
62,026,776
|
65,769,023
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
1 year or less
|
2,987,045
|
3,354,579
|
||||||
More than 1 year but not more than 2 years
|
2,577,363
|
2,784,037
|
||||||
More than 2 years but not more than 5 years
|
4,912,222
|
5,784,420
|
||||||
More than 5 years
|
3,133,578
|
4,325,853
|
||||||
Total
|
13,610,208
|
16,248,889
|
24 |
Long-term bonds
|
24 |
Long-term bonds (Continued)
|
25 |
Other non-current liabilities
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Finance lease payables(a)
|
1,088,846
|
1,422,572
|
||||||
Government grants
|
||||||||
-Environmental subsidies(b)
|
1,122,406
|
1,093,483
|
||||||
-Other government grants
|
174,216
|
164,394
|
||||||
Others
|
1,250,212
|
981,312
|
||||||
Subtotal
|
3,635,680
|
3,661,761
|
||||||
Current portion of finance lease payables
|
(568,645
|
)
|
(519,306
|
)
|
||||
Current portion of other non-current liabilities
|
(247,537
|
)
|
(20,000
|
)
|
||||
Subtotal
|
(816,182
|
)
|
(539,306
|
)
|
||||
Total
|
2,819,498
|
3,122,455
|
(a) |
The Company and its subsidiaries had obligation under finance leases as follows:
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Within 1 year
|
605,806
|
574,415
|
||||||
After 1 year but within 2 years
|
266,792
|
596,160
|
||||||
After 2 years but within 3 years
|
82,470
|
240,793
|
||||||
After 3 years
|
181,345
|
136,386
|
||||||
1,136,413
|
1,547,754
|
|||||||
Less: total future interest expense
|
47,567
|
125,182
|
||||||
Total
|
1,088,846
|
1,422,572
|
(b) |
This primarily represented subsidies for the construction of desulphurization equipment and other environmental protection projects.
|
(c) |
In 2016, the asset-related government grants which were credited to the statement of comprehensive income amounted to RMB102.21 million (2015: RMB98.88 million).
|
26 |
Accounts payable and other liabilities
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Accounts and notes payable
|
12,059,004
|
9,403,088
|
||||||
Amounts received in advance
|
365,887
|
472,886
|
||||||
Payables to contractors for construction
|
10,832,444
|
11,425,575
|
||||||
Retention payables to contractors
|
1,445,383
|
1,200,724
|
||||||
Accrued interests
|
676,462
|
874,333
|
||||||
Accrued pollutants discharge fees
|
82,917
|
94,691
|
||||||
Accrued water-resources fees
|
28,227
|
18,847
|
||||||
Accrued service fee of intermediaries
|
29,330
|
51,340
|
||||||
Security deposits
|
138,876
|
104,949
|
||||||
Provisions
|
21,758
|
15,001
|
||||||
Others
|
2,644,939
|
2,524,330
|
||||||
Total
|
28,325,227
|
26,185,764
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
RMB
|
26,801,242
|
24,773,457
|
||||||
S$ (RMB equivalent)
|
669,797
|
517,192
|
||||||
US$ (RMB equivalent)
|
479,179
|
392,953
|
||||||
JPY (RMB equivalent)
|
6,917
|
29,264
|
||||||
EUR (RMB equivalent)
|
2,205
|
12
|
||||||
Total
|
27,959,340
|
25,712,878
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Within 1 year
|
11,902,522
|
9,280,736
|
||||||
Between 1 to 2 years
|
100,092
|
78,682
|
||||||
Over 2 years
|
56,390
|
43,670
|
||||||
Total
|
12,059,004
|
9,403,088
|
27 |
Taxes payable
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
VAT payable
|
439,304
|
663,243
|
||||||
Income tax payable
|
440,791
|
1,054,246
|
||||||
Others
|
209,010
|
353,982
|
||||||
Total
|
1,089,105
|
2,071,471
|
28 |
Short-term bonds
|
28 |
Short-term bonds (Continued)
|
29 |
Short-term loans
|
As at 31 December 2016
|
As at 31 December 2015
|
|||||||||||||||||||||||
Original
|
RMB
|
Annual
|
Original
|
RMB
|
Annual
|
|||||||||||||||||||
currency
|
equivalent
|
interest rate
|
currency
|
equivalent
|
interest rate
|
|||||||||||||||||||
’000
|
|
’000 | ||||||||||||||||||||||
Secured
|
||||||||||||||||||||||||
RMB
|
125,534
|
125,534
|
2.77%-3.80
|
%
|
307,149
|
307,149
|
3.19%-4.30
|
%
|
||||||||||||||||
Unsecured
|
||||||||||||||||||||||||
RMB
|
57,543,340
|
57,543,340
|
3.57%-4.35
|
%
|
49,576,340
|
49,576,340
|
3.83%-5.60
|
%
|
||||||||||||||||
Total
|
57,668,874
|
49,883,489
|
30 |
Deferred income tax assets and liabilities
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Deferred income tax assets before offsetting
|
2,432,552
|
2,389,857
|
||||||
Offset amount
|
(1,168,595
|
)
|
(1,325,466
|
)
|
||||
Deferred income tax assets after offsetting
|
1,263,957
|
1,064,391
|
||||||
Deferred income tax liabilities before offsetting
|
(3,431,347
|
)
|
(3,819,609
|
)
|
||||
Offset amount
|
1,168,595
|
1,325,466
|
||||||
Deferred income tax liabilities after offsetting
|
(2,262,752
|
)
|
(2,494,143
|
)
|
||||
(998,795
|
)
|
(1,429,752
|
)
|
2016
|
2015
|
2014
|
||||||||||
Beginning of the year
|
(1,429,752
|
)
|
(926,481
|
)
|
(1,380,059
|
)
|
||||||
Business combination (Note 39)
|
(58,929
|
)
|
(1,007,147
|
)
|
-
|
|||||||
Credited to profit or loss (Note 32)
|
440,817
|
687,206
|
541,582
|
|||||||||
Charged to other comprehensive income
|
87,775
|
(198,525
|
)
|
(119,984
|
)
|
|||||||
Currency translation differences
|
(38,706
|
)
|
15,195
|
31,980
|
||||||||
End of the year
|
(998,795
|
)
|
(1,429,752
|
)
|
(926,481
|
)
|
30 |
Deferred income tax assets and liabilities (Continued)
|
Hedging reserve
|
Amortization of land use rights
|
Provision for impairment loss
|
Depreciation
|
Accrued expenses
|
VAT refunds on purchases of domestically manufactured equipment
|
Unused tax losses
|
Others
|
Total
|
||||||||||||||||||||||||||||
As at 1 January 2015
|
214,528
|
14,343
|
206,432
|
638,830
|
75,711
|
256,086
|
82,319
|
455,079
|
1,943,328
|
|||||||||||||||||||||||||||
Business combination
|
-
|
452
|
98,498
|
918
|
-
|
-
|
-
|
25,507
|
125,375
|
|||||||||||||||||||||||||||
(Charged)/credited to profit or loss
|
-
|
(378
|
)
|
94,537
|
(67,315
|
)
|
(34,773
|
)
|
(25,644
|
)
|
153,954
|
213,629
|
334,010
|
|||||||||||||||||||||||
Charged to other comprehensive income
|
(12,438
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(12,438
|
)
|
|||||||||||||||||||||||||
Currency translation differences
|
(2,214
|
)
|
-
|
(49
|
)
|
(54
|
)
|
-
|
-
|
(289
|
)
|
2,188
|
(418
|
)
|
||||||||||||||||||||||
As at 31 December 2015
|
199,876
|
14,417
|
399,418
|
572,379
|
40,938
|
230,442
|
235,984
|
696,403
|
2,389,857
|
|||||||||||||||||||||||||||
Business combination(Note 39)
|
-
|
-
|
66,560
|
6,840
|
-
|
-
|
-
|
-
|
73,400
|
|||||||||||||||||||||||||||
(Charged)/credited to profit or loss
|
-
|
(502
|
)
|
140,969
|
(41,015
|
)
|
1,185
|
(25,433
|
)
|
(5,128
|
)
|
71,610
|
141,686
|
|||||||||||||||||||||||
Charged to other comprehensive income
|
(182,400
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(182,400
|
)
|
|||||||||||||||||||||||||
Currency translation differences
|
-
|
-
|
207
|
-
|
-
|
-
|
132
|
9,670
|
10,009
|
|||||||||||||||||||||||||||
As at 31 December 2016
|
17,476
|
13,915
|
607,154
|
538,204
|
42,123
|
205,009
|
230,988
|
777,683
|
2,432,552
|
30 |
Deferred income tax assets and liabilities (Continued)
|
Hedging reserve
|
Fair value gains
|
Amortization of land use rights
|
Depreciation
|
Power generation license
|
Mining rights
|
Territorial water use right
|
Others
|
Total
|
||||||||||||||||||||||||||||
As at 1 January 2015
|
-
|
(459,155
|
)
|
(400,523
|
)
|
(909,109
|
)
|
(632,563
|
)
|
(270,667
|
)
|
(75,970
|
)
|
(121,822
|
)
|
(2,869,809
|
)
|
|||||||||||||||||||
Business combination
|
-
|
-
|
(528,361
|
)
|
(603,508
|
)
|
-
|
-
|
-
|
(653
|
)
|
(1,132,522
|
)
|
|||||||||||||||||||||||
Credited to profit or loss
|
-
|
-
|
24,257
|
212,855
|
-
|
113,452
|
1,769
|
863
|
353,196
|
|||||||||||||||||||||||||||
Charged to other comprehensive loss
|
-
|
(186,087
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
(186,087
|
)
|
|||||||||||||||||||||||||
Currency translation differences
|
-
|
-
|
454
|
8,056
|
7,103
|
-
|
-
|
-
|
15,613
|
|||||||||||||||||||||||||||
As at 31 December 2015
|
-
|
(645,242
|
)
|
(904,173
|
)
|
(1,291,706
|
)
|
(625,460
|
)
|
(157,215
|
)
|
(74,201
|
)
|
(121,612
|
)
|
(3,819,609
|
)
|
|||||||||||||||||||
Business combination (Note 39)
|
-
|
-
|
(10,423
|
)
|
-
|
-
|
-
|
-
|
(121,906
|
)
|
(132,329
|
)
|
||||||||||||||||||||||||
Credited to profit or loss
|
-
|
-
|
24,948
|
169,088
|
-
|
27,832
|
1,769
|
75,494
|
299,131
|
|||||||||||||||||||||||||||
(Charged)/credited to other
|
||||||||||||||||||||||||||||||||||||
comprehensive loss
|
(26,530
|
)
|
296,705
|
-
|
-
|
-
|
-
|
-
|
-
|
270,175
|
||||||||||||||||||||||||||
Currency translation differences
|
8,131
|
-
|
(1,507
|
)
|
(26,436
|
)
|
(28,903
|
)
|
-
|
-
|
-
|
(48,715
|
)
|
|||||||||||||||||||||||
As at 31 December 2016
|
(18,399
|
)
|
(348,537
|
)
|
(891,155
|
)
|
(1,149,054
|
)
|
(654,363
|
)
|
(129,383
|
)
|
(72,432
|
)
|
(168,024
|
)
|
(3,431,347
|
)
|
30 |
Deferred income tax assets and liabilities (Continued)
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Deductible temporary differences
|
2,957,316
|
2,940,730
|
||||||
Unused tax losses
|
6,669,820
|
6,990,624
|
||||||
Total
|
9,627,136
|
9,931,354
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Year of expiry
|
||||||||
2016
|
-
|
1,504,577
|
||||||
2017
|
1,841,365
|
1,900,325
|
||||||
2018
|
1,122,070
|
1,181,030
|
||||||
2019
|
1,195,811
|
1,284,264
|
||||||
2020
|
1,061,468
|
1,120,428
|
||||||
2021
|
1,449,106
|
-
|
||||||
Total
|
6,669,820
|
6,990,624
|
31 |
Additional financial information to the consolidated statements of financial position
|
32 |
Income tax expense
|
For the year ended 31 December
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Current income tax expense
|
3,905,968
|
6,386,149
|
6,028,790
|
|||||||||
Deferred income tax (Note 30)
|
(440,817
|
)
|
(687,206
|
)
|
(541,582
|
)
|
||||||
Total
|
3,465,151
|
5,698,943
|
5,487,208
|
For the year ended 31 December
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Notional tax on profit before income tax expense, calculated at the applicable income tax rates in the countries concerned
|
25.16
|
%
|
25.11
|
%
|
24.94
|
%
|
||||||
Effect of tax losses not recognized
|
1.58
|
%
|
(0.12
|
%)
|
0.96
|
%
|
||||||
Effect of deductible temporary differences not recognized
|
(0.20
|
%)
|
(0.16
|
%)
|
1.67
|
%
|
||||||
Effect of non-taxable income
|
(2.89
|
%)
|
(1.77
|
%)
|
(1.86
|
%)
|
||||||
Effect of non-deductible expenses
|
1.09
|
%
|
1.37
|
%
|
1.59
|
%
|
||||||
Others
|
0.35
|
%
|
0.39
|
%
|
1.50
|
%
|
||||||
Effective tax rate
|
25.09
|
%
|
24.82
|
%
|
28.80
|
%
|
33 |
Earnings per share
|
33 |
Earnings per share (Continued)
|
2016
|
2015
|
2014
|
||||||||||
Consolidated net profit attributable to equity holders of the Company
|
8,520,427
|
13,651,933
|
10,757,317
|
|||||||||
Weighted average number of the Company’s outstanding ordinary shares (’000)*
|
15,200,383
|
14,485,383
|
14,085,800
|
|||||||||
Basic and diluted earnings per share (RMB)
|
0.56
|
0.94
|
0.76
|
2016
|
2015
|
2014
|
||||||||||
’000
|
’000
|
’000
|
||||||||||
Issued ordinary shares at 1 January
|
15,200,383
|
14,420,383
|
14,055,383
|
|||||||||
Effect of share issue (Note 20)
|
-
|
65,000
|
30,417
|
|||||||||
Weighted average number of ordinary shares at 31 December
|
15,200,383
|
14,485,383
|
14,085,800
|
34 |
Notes to consolidated statement of cash flows
|
As at 31 December
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Total bank balances and cash
|
7,881,630
|
7,537,813
|
12,608,192
|
|||||||||
Less: Restricted cash
|
71,129
|
59,563
|
369,825
|
|||||||||
Cash and cash equivalents as at year end
|
7,810,501
|
7,478,250
|
12,238,367
|
As at 31 December
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
RMB
|
6,691,911
|
5,847,363
|
8,346,060
|
|||||||||
S$ (RMB equivalent)
|
869,591
|
1,130,356
|
1,064,479
|
|||||||||
US$ (RMB equivalent)
|
319,944
|
559,761
|
753,061
|
|||||||||
JPY (RMB equivalent)
|
184
|
205
|
4
|
|||||||||
HK$ (RMB equivalent)
|
-
|
128
|
2,444,588
|
|||||||||
Total
|
7,881,630
|
7,537,813
|
12,608,192
|
35 |
Related party balances and transactions
|
Names of related parties
|
Nature of relationship
|
|
Huaneng Group
|
Ultimate parent company
|
|
HIPDC
|
Parent company
|
|
Huaneng Energy & Communications Holdings Co., Ltd. and its subsidiaries
|
Subsidiaries of Huaneng Group
|
|
Huaneng Property Co., Ltd. and its subsidiaries
|
Subsidiaries of Huaneng Group
|
|
Xi’an Thermal and its subsidiaries
|
Subsidiaries of Huaneng Group
|
|
Huaneng Group Technology Innovation Center
|
A subsidiary of Huaneng Group
|
|
Huaneng Hulunbeier Energy Development Company Ltd.
|
A subsidiary of Huaneng Group
|
|
Gansu Huating Coal and Power Co., Ltd.
|
A subsidiary of Huaneng Group
|
|
Alltrust Insurance Co., Ltd.
|
A subsidiary of Huaneng Group
|
|
North United Power Co., Ltd. and its subsidiaries
|
Subsidiaries of Huaneng Group
|
|
Huaneng Group Clean Energy Technology Research Institute Co., Ltd.
|
A subsidiary of Huaneng Group
|
|
Huaneng Renewables Corporation Limited
|
A subsidiary of Huaneng Group
|
|
Huaneng Shandong Power Limited and its subsidiaries
|
Subsidiaries of Huaneng Group
|
|
Huaneng Carbon Assets Management Company Limited
|
A subsidiary of Huaneng Group
|
|
Huaneng Huajialing Wind Power Co., Ltd.
|
A subsidiary of Huaneng Group
|
|
Huaneng Group Hong Kong Limited Company
|
A subsidiary of Huaneng Group
|
|
Great Wall Securities Co., Ltd.( “Great Wall Securities”)
|
A subsidiary of Huaneng Group
|
|
Changping Huaneng Training Center
|
A subsidiary of Huaneng Group
|
|
Huangeng Hainan Industry Co.,Ltd.
|
A subsidiary of Huaneng Group
|
|
Huaneng Gansu Energy Development Company Ltd.
|
A subsidiary of Huaneng Group
|
|
Huaneng Lancangjiang Hydropower Co., Ltd.
|
A subsidiary of Huaneng Group
|
|
Huaneng Henan Zhongyuan Gas Power Generation Co., Ltd.
|
A subsidiary of Huaneng Group
|
|
Rizhao Power Company
|
An associate of the Company and also a subsidiary of Huaneng Group
|
|
Huaneng Group Fuel Company
|
An associate of the Company and also a subsidiary of Huaneng Group
|
|
Tiancheng Financial Leasing
|
An associate of the Company and also a subsidiary of Huaneng Group
|
|
Shidaowan Nuclear Power Co., Ltd.
|
An associate of the Company and also a subsidiary of Huaneng Group
|
|
Xiapu Nuclear Power Co., Ltd.
|
An associate of the Company and also a subsidiary of Huaneng Group
|
|
Huaneng Finance
|
An associate of the Company and also a subsidiary of Huaneng Group
|
35 |
Related party balances and transactions (Continued)
|
Names of related parties
|
Nature of relationship
|
|
Hainan Nuclear Power Co., Ltd.
|
An associate of the Company
|
|
Huaneng (Tianjing) Coal Gasification Power Generation Co., Ltd.
|
An associate of the Company and also a subsidiary of Huaneng Group
|
|
Chongqing Huaneng Lime Company Limited
|
An associate of a subsidiary
|
|
Shanghai Time Shipping
|
A joint venture of the Company
|
|
Jiangsu Nantong Power
|
A joint venture of the Company
|
|
Huaneng Yingkou Port Limited Liability Company
|
A joint venture of the Company
|
|
Subsidiaries of Jiangsu Province Guoxin Asset Management Group Limited Company(“Jiangsu Guoxin”)**
|
Other related party
|
|
Other government-related enterprises***
|
Related parties of the Company
|
* |
Transactions with subsidiaries of Huaneng Group which also are associates of the Company and its subsidiaries are presented as transactions with subsidiaries of Huaneng Group for note 35(a) and 35(b).
|
** |
Before 10 March 2015, the former director of the Company, Mr. Xu Zujian also serves as the Vice President of Jiangsu Guoxin. On 10 March 2015, Mr. Xu Zujian resigned from the position of the non-executive director. Meanwhile, Jiangsu Guoxin holds 30%, 30%, 26.36%, 30% and 21% equity interest of Huaneng Nanjing Combined Cycle Co-generation Co., Ltd., Huaneng Nantong Power Generation Limited Liability Company, Huaneng Huaiyin II Power Limited Company, Jinling Power and Jinling CCGT respectively.
|
*** |
Huaneng Group is a state-owned enterprise. In accordance with the revised IAS 24, “Related Party Disclosures”, government-related enterprises, other than entities under Huaneng Group, which the PRC government has control, joint control or significant influence over are also considered as related parties of the Company and its subsidiaries (“other government-related enterprises”).
|
35 |
Related party balances and transactions (Continued)
|
(a) |
Related party balances
|
(i) |
Cash deposits in related parties
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Deposits in Huaneng Finance
|
||||||||
- Savings deposit
|
5,155,000
|
4,599,922
|
||||||
Deposits in Great Wall Securities
|
||||||||
- Savings deposit
|
2
|
-
|
||||||
Total
|
5,155,002
|
4,599,922
|
(ii) |
As described in Note 23 and 29, certain loans of the Company and its subsidiaries were borrowed from Huaneng Group, HIPDC, Huaneng Finance, Xi’an Thermal and Tiancheng Financial Leasing.
|
(iii) |
Except for those disclosed in Note 35(a)(ii), the balances with Huaneng Group, HIPDC, subsidiaries, associates, joint ventures and other related parties are unsecured, non-interest bearing and the majority of receivable/repayable is within one year. As at and for the years ended 31 December 2016 and 2015, no provision is made on receivable balances from these parties.
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Due from Huaneng Group
|
708
|
1,700
|
||||||
Due from joint ventures
|
806,112
|
421,884
|
||||||
Due from subsidiaries of Huaneng Group
|
319,224
|
61,876
|
||||||
Due from other related parties
|
-
|
26,745
|
||||||
Total
|
1,126,044
|
512,205
|
(iv) |
Accounts payable and other liabilities comprised the following balances due to related parties:
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Due to Huaneng Group
|
12,232
|
25,819
|
||||||
Due to HIPDC
|
14,183
|
89,589
|
||||||
Due to associates
|
263,154
|
9,652
|
||||||
Due to a joint venture
|
325,590
|
308,308
|
||||||
Due to subsidiaries of Huaneng Group
|
4,145,595
|
2,451,528
|
||||||
Total
|
4,760,754
|
2,884,896
|
35 |
Related party balances and transactions (Continued)
|
(a) |
Related party balances (Continued)
|
(v) |
As at 31 December 2016, included in long-term loans (including current portion) and short-term loans are loans payable to other government-related enterprises amounting to RMB130 billion (2015: RMB126 billion).
|
(vi) |
As at 31 December 2016, prepayment for construction materials to subsidiaries of Huaneng Group amounted to RMB67 million (2015: RMB23 million).
|
(b) |
Related party transactions
|
(i) |
Procurement of goods and receiving services
|
For the year ended 31 December
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Huaneng Group
|
||||||||||||
Technical services and engineering contracting services
|
-
|
50
|
-
|
|||||||||
Other purchases
|
451
|
-
|
-
|
|||||||||
Subsidiaries of Huaneng Group
|
||||||||||||
Purchase of coal and transportation services
|
17,212,984
|
16,575,700
|
20,019,180
|
|||||||||
Technical services and engineering contracting services
|
1,055,251
|
769,176
|
690,984
|
|||||||||
Purchase of equipment
|
483,058
|
302,387
|
418,959
|
|||||||||
Purchase of power generation quota
|
195,528
|
287,779
|
309,791
|
|||||||||
Entrusting other parties for power generation
|
-
|
-
|
38,855
|
|||||||||
Other purchases
|
6,472
|
7,073
|
8,087
|
|||||||||
Joint ventures of the Company
|
||||||||||||
Purchase of coal and transportation services
|
2,150,844
|
1,816,954
|
1,816,954
|
|||||||||
Entrusting other parties for power generation
|
-
|
-
|
27,985
|
|||||||||
An associate of the Company
|
||||||||||||
Other purchases
|
43,808
|
44,591
|
69,911
|
35 |
Related party balances and transactions (Continued)
|
(b) |
Related party transactions (Continued)
|
(i) |
Procurement of goods and receiving services (Continued)
|
For the year ended 31 December
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Other Related Party
|
||||||||||||
Entrusting other parties for power generation
|
-
|
-
|
967
|
(ii) |
Sales of goods and providing services
|
For the year ended 31 December
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Subsidiaries of Huaneng Group
|
||||||||||||
Sales of power generation quota
|
1,165
|
135,085
|
-
|
|||||||||
Other sales
|
189,914
|
40,780
|
22,892
|
|||||||||
Service provided
|
31,135
|
50,627
|
56,517
|
|||||||||
Joint ventures of the Company
|
||||||||||||
Service provided
|
59,049
|
133,332
|
-
|
|||||||||
Sales of goods
|
9,490
|
23,003
|
24,551
|
|||||||||
Other related party
|
||||||||||||
Provision of entrusted power generation
|
-
|
33,129
|
29,232
|
(iii) |
Other related party transactions
|
For the year ended 31 December
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
(1) Rental charge on leasehold
|
||||||||||||
HIPDC
|
157,264
|
161,941
|
148,603
|
|||||||||
Subsidiaries of Huaneng Group
|
128,932
|
130,591
|
125,807
|
|||||||||
(2) Rental income from leasehold
|
||||||||||||
A joint venture of the Company
|
7,750
|
10,759
|
3,440
|
|||||||||
Subsidiaries of Huaneng Group
|
5,724
|
9,115
|
9,342
|
35 |
Related party balances and transactions (Continued)
|
(b) |
Related party transactions (Continued)
|
(iii) |
Other related party transactions (Continued)
|
For the year ended 31 December
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
(3) Drawdown of loans
|
||||||||||||
Subsidiaries of Huaneng Group
|
4,035,000
|
2,660,500
|
2,340,000
|
|||||||||
HIPDC
|
210
|
-
|
-
|
|||||||||
(4) Interest expense on loans
|
||||||||||||
Huaneng group
|
30,514
|
32,573
|
35,847
|
|||||||||
HIPDC
|
13,136
|
114,687
|
-
|
|||||||||
Subsidiaries of Huaneng Group
|
217,098
|
158,695
|
127,449
|
|||||||||
(5) Interest income on loans
|
||||||||||||
A joint venture of the Company
|
3,488
|
4,572
|
-
|
|||||||||
(6) Capital injection from a subsidiary of Huaneng Group
|
||||||||||||
A subsidiary of Huaneng Group
|
-
|
286,312
|
-
|
|||||||||
(7) Capital injection
|
||||||||||||
A subsidiary of Huaneng Group
|
157,500
|
683,550
|
-
|
|||||||||
An associate of the Company
|
100,418
|
206,230
|
266,877
|
|||||||||
A joint venture of the Company
|
18,200
|
-
|
-
|
|||||||||
(8) Pre-construction cost paid by
|
||||||||||||
A subsidiary of Huaneng Group
|
765
|
12,254
|
-
|
|||||||||
(9) Finance lease payments received from
|
||||||||||||
A subsidiary of Huaneng Group
|
2,960,000
|
100,000
|
-
|
|||||||||
(10) Entrusted management fee
|
||||||||||||
Huaneng Group
|
24,950
|
24,950
|
-
|
|||||||||
(11) Trusteeship management income
|
||||||||||||
Huaneng Group
|
1,700
|
1,700
|
-
|
(c) |
Guarantees
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
(i) Long-term loans guaranteed by
|
||||||||
- Huaneng Group
|
565,992
|
713,994
|
||||||
- HIPDC
|
2,142,000
|
2,228,000
|
||||||
(ii) Long-term bonds guaranteed by
|
||||||||
- HIPDC
|
4,000,000
|
4,000,000
|
||||||
- Government-related banks
|
3,300,000
|
3,300,000
|
35 |
Related party balances and transactions (Continued)
|
(c) |
Guarantees (Continued)
|
(d) |
Pre-tax benefits and social insurance of key management personnel
|
For the year ended 31 December
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Salaries
|
8,225
|
9,064
|
8,546
|
|||||||||
Pension
|
1,521
|
1,470
|
1,350
|
|||||||||
Total
|
9,746
|
10,534
|
9,896
|
(e) |
Related party commitments
|
(i) |
Capital commitments
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Subsidiaries of Huaneng Group
|
439,571
|
405,208
|
(ii) |
Fuel purchase and transportation commitments
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Subsidiaries of Huaneng Group
|
963,306
|
1,343,875
|
||||||
A joint venture of the Company
|
291,032
|
200,440
|
||||||
Total
|
1,254,338
|
1,544,315
|
35 |
Related party balances and transactions (Continued)
|
(e) |
Related party commitments (Continued)
|
(iii) |
Operating lease commitments
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Subsidiaries of Huaneng Group
|
286,340
|
145,950
|
||||||
HIPDC
|
65,554
|
73,202
|
||||||
Total
|
351,894
|
219,152
|
36 |
Labor cost
|
36 |
Labor cost (Continued)
|
37 |
Directors’, supervisors’ and senior management’s emoluments
|
(a) |
Pre-tax benefits and social insurance of directors and supervisors
|
Basic
|
Performance
|
|||||||||||||||||||
Fees
|
salaries
|
salaries
|
Pension
|
Total
|
||||||||||||||||
Name of director
|
||||||||||||||||||||
Mr. Cao Peixi
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Guo Junming
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Liu Guoyue
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Li Shiqi
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Huang Jian
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Fan Xiaxia
|
-
|
327
|
396
|
122
|
845
|
|||||||||||||||
Mr. Mi Dabin
|
48
|
-
|
-
|
-
|
48
|
|||||||||||||||
Mr. Guo Hongbo
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Zhu Yousheng
|
48
|
-
|
-
|
-
|
48
|
|||||||||||||||
Ms. Li Song
|
48
|
-
|
-
|
-
|
48
|
|||||||||||||||
Mr. Li Zhensheng
|
74
|
-
|
-
|
-
|
74
|
|||||||||||||||
Mr. Zhang Shouwen1
|
37
|
-
|
-
|
-
|
37
|
|||||||||||||||
Mr. Yue Heng
|
74
|
-
|
-
|
-
|
74
|
|||||||||||||||
Mr. Geng Jianxin
|
74
|
-
|
-
|
-
|
74
|
|||||||||||||||
Mr. Xia Qing
|
74
|
-
|
-
|
-
|
74
|
|||||||||||||||
Mr. Xu Mengzhou2
|
37
|
-
|
-
|
-
|
37
|
|||||||||||||||
Sub-total
|
514
|
327
|
396
|
122
|
1,359
|
|||||||||||||||
Name of supervisor
|
||||||||||||||||||||
Mr. Ye Xiangdong
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Mu Xuan
|
48
|
-
|
-
|
-
|
48
|
|||||||||||||||
Ms. Zhang Mengjiao
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Gu Jianguo
|
48
|
-
|
-
|
-
|
48
|
|||||||||||||||
Mr. Wang Zhaobin3
|
-
|
51
|
-
|
-
|
51
|
|||||||||||||||
Ms. Zhang Ling3
|
-
|
69
|
-
|
-
|
69
|
|||||||||||||||
Ms. Zhang Xiaojun4
|
-
|
92
|
314
|
89
|
495
|
|||||||||||||||
Mr. Zhu Daqing4
|
-
|
90
|
313
|
88
|
491
|
|||||||||||||||
Sub-total
|
96
|
302
|
627
|
177
|
1,202
|
|||||||||||||||
Total
|
610
|
629
|
1,023
|
299
|
2,561
|
37 |
Directors’, supervisors’ and senior management’s emoluments (Continued)
|
(a) |
Pre-tax benefits and social insurance of directors and supervisors (Continued)
|
Basic |
Performance
|
|||||||||||||||||||
Fees
|
salaries
|
salaries
|
Pension
|
Total
|
||||||||||||||||
Name of director
|
||||||||||||||||||||
Mr. Cao Peixi
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Guo Junming
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Liu Guoyue
|
-
|
143
|
663
|
123
|
929
|
|||||||||||||||
Mr. Li Shiqi
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Huang Jian
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Fan Xiaxia
|
-
|
356
|
494
|
131
|
981
|
|||||||||||||||
Mr. Mi Dabin
|
65
|
-
|
-
|
-
|
65
|
|||||||||||||||
Mr. Guo Hongbo
|
12
|
-
|
-
|
-
|
12
|
|||||||||||||||
Mr. Zhu Yousheng
|
24
|
-
|
-
|
-
|
24
|
|||||||||||||||
Mr. Xu Zujian
|
24
|
-
|
-
|
-
|
24
|
|||||||||||||||
Ms. Li Song
|
65
|
-
|
-
|
-
|
65
|
|||||||||||||||
Mr. Li Zhensheng
|
74
|
-
|
-
|
-
|
74
|
|||||||||||||||
Mr. Qi Yudong
|
6
|
-
|
-
|
-
|
6
|
|||||||||||||||
Mr. Zhang Shouwen
|
74
|
-
|
-
|
-
|
74
|
|||||||||||||||
Mr. Yue Heng
|
100
|
-
|
-
|
-
|
100
|
|||||||||||||||
Ms. Zhang Lizi
|
30
|
-
|
-
|
-
|
30
|
|||||||||||||||
Mr. Geng Jianxin
|
37
|
-
|
-
|
-
|
37
|
|||||||||||||||
Mr. Xia Qing
|
37
|
-
|
-
|
-
|
37
|
|||||||||||||||
Sub-total
|
548
|
499
|
1,157
|
254
|
2,458
|
|||||||||||||||
Name of supervisor
|
||||||||||||||||||||
Mr. Ye Xiangdong
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Mu Xuan
|
65
|
-
|
-
|
-
|
65
|
|||||||||||||||
Ms. Zhang Mengjiao
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Gu Jianguo
|
49
|
-
|
-
|
-
|
49
|
|||||||||||||||
Mr. Wang Zhaobin
|
-
|
298
|
385
|
103
|
786
|
|||||||||||||||
Ms. Zhang Ling
|
-
|
133
|
263
|
53
|
449
|
|||||||||||||||
Sub-total
|
114
|
431
|
648
|
156
|
1,349
|
|||||||||||||||
Total
|
662
|
930
|
1,805
|
410
|
3,807
|
37 |
Directors’, supervisors’ and senior management’s emoluments (Continued)
|
(a) |
Pre-tax benefits and social insurance of directors and supervisors (Continued)
|
Basic |
Performance
|
|||||||||||||||||||
Fees
|
salaries
|
salaries
|
Pension
|
Total
|
||||||||||||||||
Name of director
|
||||||||||||||||||||
Mr. Cao Peixi
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Guo Junming
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Liu Guoyue
|
-
|
278
|
258
|
117
|
653
|
|||||||||||||||
Mr. Li Shiqi
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Huang Jian
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Fan Xiaxia
|
-
|
358
|
494
|
122
|
974
|
|||||||||||||||
Mr. Mi Dabin
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Guo Hongbo
|
48
|
-
|
-
|
-
|
48
|
|||||||||||||||
Mr. Xu Zujian
|
48
|
-
|
-
|
-
|
48
|
|||||||||||||||
Ms. Li Song
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Li Zhensheng
|
74
|
-
|
-
|
-
|
74
|
|||||||||||||||
Mr. Qi Yudong
|
74
|
-
|
-
|
-
|
74
|
|||||||||||||||
Mr. Zhang Shouwen
|
74
|
-
|
-
|
-
|
74
|
|||||||||||||||
Mr. Yue Heng
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Ms. Zhang Lizi
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Huang Long
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Shan Qunying
|
48
|
-
|
-
|
-
|
48
|
|||||||||||||||
Mr. Xie Rongxing
|
48
|
-
|
-
|
-
|
48
|
|||||||||||||||
Mr. Shao Shiwei
|
74
|
-
|
-
|
-
|
74
|
|||||||||||||||
Mr. Wu Liansheng
|
74
|
-
|
-
|
-
|
74
|
|||||||||||||||
Sub-total
|
562
|
636
|
752
|
239
|
2,189
|
|||||||||||||||
Name of supervisor
|
||||||||||||||||||||
Mr. Ye Xiangdong
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Mu Xuan
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Hao Tingwei
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Ms. Zhang Mengjiao
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Mr. Gu Jianguo
|
48
|
-
|
-
|
-
|
48
|
|||||||||||||||
Mr. Wang Zhaobin
|
-
|
305
|
420
|
111
|
836
|
|||||||||||||||
Ms. Zhang Ling
|
-
|
129
|
505
|
102
|
736
|
|||||||||||||||
Sub-total
|
48
|
434
|
925
|
213
|
1,620
|
|||||||||||||||
Total
|
610
|
1,070
|
1,677
|
452
|
3,809
|
37 |
Directors’, supervisors’ and senior management’s emoluments (Continued)
|
(a) |
Pre-tax benefits and social insurance of directors and supervisors (Continued)
|
37 |
Directors’, supervisors’ and senior management’s emoluments (Continued)
|
(b) |
Five highest paid individuals
|
As at 31 December
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Basic salaries
|
1,213
|
910
|
1,220
|
|||||||||
Performance salaries
|
1,440
|
1,260
|
1,680
|
|||||||||
Pension
|
502
|
365
|
454
|
|||||||||
3,155
|
2,535
|
3,354
|
38 |
Commitments
|
(a) |
Capital commitments
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Contracted but not provided
|
18,603,559
|
20,388,412
|
(b) |
Operating lease commitments
|
As at 31 December
|
||||||||
2016
|
2015
|
|||||||
Land and buildings
|
||||||||
- not later than 1 year
|
181,441
|
193,772
|
||||||
- later than 1 year and not later than 2 years
|
144,088
|
65,652
|
||||||
- later than 2 years and not later than 5 years
|
133,984
|
85,793
|
||||||
- later than 5 years
|
970,896
|
949,978
|
||||||
Total
|
1,430,409
|
1,295,195
|
38 |
Commitments (Continued)
|
(b) |
Operating lease commitments (Continued)
|
(c) |
Fuel purchase commitments
|
As at 31 December 2016
|
|||||||||
Purchase
|
Estimated
|
||||||||
Periods
|
quantities
|
unit costs (RMB)
|
|||||||
A government-related enterprise
|
2017-2039
|
2.8 million m3/day*
|
2.31/ m
|
3
|
|||||
A government-related enterprise
|
2017-2023
|
541 million m3/year*
|
2.16/ m
|
3
|
|||||
2017-2023
|
450 million m3/year*
|
2.16/ m
|
3
|
||||||
Other suppliers
|
2017-2022
|
248BBtu**/day
|
approximately 63,000/BBtu
|
||||||
2023
|
247.5-256.6BBtu**/day
|
approximately 63,000/BBtu
|
|||||||
2024-2028
|
49.9-59.0BBtu**/day
|
approximately 70,000/BBtu
|
As at 31 December 2015
|
|||||||||
Purchase
|
Estimated
|
||||||||
Periods
|
quantities
|
unit costs (RMB)
|
|||||||
A government-related enterprise
|
2016-2039
|
2.8 million m3/day*
|
2.13/ m
|
3
|
|||||
A government-related enterprise
|
2016-2023
|
541 million m3/year*
|
1.91/ m
|
3
|
|||||
2016-2023
|
450 million m3/year*
|
1.91/ m
|
3
|
||||||
Other suppliers
|
2016
|
244.5BBtu**/day
|
approximately 40,000/BBtu
|
||||||
2017-2022
|
248BBtu**/day
|
approximately 40,000/BBtu
|
|||||||
2023
|
247.5BBtu**/day
|
approximately
40,000/BBtu
|
|||||||
2024-2028
|
49.9BBtu**/day
|
approximately 55,000/BBtu
|
|||||||
|
38 |
Commitments (Continued)
|
(c) |
Fuel purchase commitments (Continued)
|
* |
The quantities represent maximum volume, others represent minimum or forecasted volume if not specified.
|
** |
BBtu: Billion British Thermal Unit.
|
39 |
Business combinations
|
(a) |
Acquisition not under common control during the year ended 31 December 2016
|
From acquisition date to
31 December 2016 acquirees’
|
||||||||||||
Revenue
|
Net loss
|
Net cash in / (out)
|
||||||||||
Tongshan Xiehe Wind Power Generation (i)
|
-
|
-
|
17,177
|
|||||||||
Yangguang Cogeneration (ii)
|
33,275
|
(55,809
|
)
|
(109,014
|
)
|
(i) |
In July 2016, the Company acquired 100% equity interests of Tongshan Xiehe Wind Power Generation from Xiehe Wind Power Investment Co., Ltd. for cash consideration of RMB3 million. The acquisition date was the date when the Company obtained control over Tongshan Xiehe Wind Power Generation. The acquisition cost equaled to the fair value of the identifiable net assets acquired, and therefore no goodwill was recognised.
|
(ii) |
In July 2016, the Company acquired 100% equity interests of Yangguang Cogeneration from Luoyang Shuiye Asset Investment Management Co., Ltd. for cash consideration of RMB7.89 million. The acquisition date was the date when the Company obtained control over Yangguang Cogeneration. The acquisition cost was less than the fair value of the identifiable net assets acquired, while the difference was credit to profit or loss.
|
39 |
Business combinations (Continued)
|
(b) |
Acquisition consideration and goodwill
|
Tongshan Xiehe
|
Yangguang
|
|||||||
Wind Power
|
Cogeneration
|
|||||||
Fair value of total identifiable net assets
|
3,000
|
137,811
|
||||||
Difference between the acquisition cost and the fair value of the identifiable net assets acquired (Note 6)
|
-
|
(129,921
|
)
|
|||||
Cash consideration
|
3,000
|
7,890
|
||||||
Less: Cash and cash equivalents of acquirees
|
667
|
167,644
|
||||||
Cash consideration paid/(received) for acquisition of subsidiaries, net of cash acquired
|
2,333
|
(159,754
|
)
|
(c) |
The assets and liabilities arising from the acquisitions of above entities are as follows:
|
Tongshan Xiehe
|
Tongshan Xiehe
|
|||||||||||||||
Wind Power
|
Wind Power
|
Yangguang
|
Yangguang
|
|||||||||||||
Generation
|
Generation
|
Cogeneration
|
Cogeneration
|
|||||||||||||
Fair Value
|
Carrying Amount
|
Fair Value
|
Carrying Amount
|
|||||||||||||
Bank balances and cash
|
667
|
667
|
167,644
|
167,644
|
||||||||||||
Account receivables
|
-
|
-
|
100,882
|
100,882
|
||||||||||||
Inventories
|
-
|
-
|
14,669
|
14,669
|
||||||||||||
Other current assets
|
-
|
-
|
5,353
|
5,353
|
||||||||||||
Property, plant and equipment
|
2,333
|
2,333
|
317,172
|
344,533
|
||||||||||||
Land use rights
|
-
|
-
|
61,027
|
19,336
|
||||||||||||
Other non-current assets
|
-
|
-
|
61
|
61
|
||||||||||||
Account payable and other liabilities
|
-
|
-
|
53,994
|
53,994
|
||||||||||||
Tax payables
|
-
|
-
|
35,092
|
35,092
|
||||||||||||
Current portion of other non-current liabilities
|
-
|
-
|
256,923
|
256,923
|
||||||||||||
Deferred income tax liabilities
|
-
|
-
|
58,929
|
55,346
|
||||||||||||
Other non-current liabilities
|
-
|
-
|
124,059
|
124,059
|
||||||||||||
Total identifiable net assets
|
3,000
|
3,000
|
137,811
|
127,064
|
39 |
Business combinations (Continued)
|
· |
91.80% equity interests of Hainan Power from Huaneng Group
|
· |
75% equity interests of Wuhan Power from Huaneng Group
|
· |
53.45% equity interests of Suzhou Thermal Power from Huaneng Group
|
· |
97% equity interests of Dalongtan Hydropower from Huaneng Group
|
· |
100% equity interests of Hualiangting Hydropower from Huaneng Group
|
· |
60% equity interests of Chaohu Power from HIPDC
|
· |
100% equity interests of Ruijin Power, Anyuan Power, Jingmen Thermal Power and Yingcheng Thermal Power from HIPDC
|
Acquisition Date
|
||||
Fair value of total identifiable net assets
|
10,412,147
|
|||
Non-controlling interests
|
(1,934,865
|
)
|
||
Goodwill
|
1,169,966
|
|||
Cash consideration
|
9,647,248
|
|||
Less: Bank balances and cash of acquirees
|
972,686
|
|||
Less: Restricted cash
|
(189,637
|
)
|
||
Cash and cash equivalents of acquirees
|
783,049
|
|||
Add: Cash paid for payables in relation to business combination of prior period
|
23,683
|
|||
Cash consideration paid for acquisition of subsidiaries, net of cash acquired
|
8,887,882
|
39 |
Business combinations (Continued)
|
Hainan Power
|
Wuhan Power
|
Suzhou Thermal Power
|
Dalongtan Hydropower
|
Hualiangting Hydropower
|
||||||||||||||||||||||||||||||||||||
Acquiree’s
|
Acquiree’s
|
Acquiree’s
|
Acquiree’s
|
Acquiree’s
|
||||||||||||||||||||||||||||||||||||
carrying
|
carrying
|
carrying
|
carrying
|
carrying
|
||||||||||||||||||||||||||||||||||||
Fair value
|
amount
|
Fair value
|
amount
|
Fair value
|
amount
|
Fair value
|
amount
|
Fair value
|
amount
|
|||||||||||||||||||||||||||||||
Bank balances and cash
|
269,420
|
269,420
|
241,796
|
241,796
|
25,718
|
25,718
|
3,709
|
3,709
|
11,470
|
11,470
|
||||||||||||||||||||||||||||||
Property, plant and equipment
|
8,198,754
|
7,347,394
|
4,723,925
|
3,929,268
|
626,551
|
552,971
|
303,255
|
303,255
|
4,224
|
4,224
|
||||||||||||||||||||||||||||||
Land use rights
|
1,328,452
|
412,525
|
1,312,397
|
186,236
|
81,075
|
20,104
|
12,420
|
12,420
|
32,707
|
32,707
|
||||||||||||||||||||||||||||||
Deferred income tax assets
|
-
|
109,888
|
-
|
3,727
|
-
|
2,746
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
Investment in an associate
|
136,244
|
136,244
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
Available-for-sale financial assets
|
-
|
-
|
-
|
-
|
33
|
33
|
-
|
-
|
105
|
105
|
||||||||||||||||||||||||||||||
Other non-current assets
|
26,823
|
25,180
|
-
|
-
|
373
|
373
|
-
|
-
|
207
|
207
|
||||||||||||||||||||||||||||||
Inventories
|
167,476
|
167,476
|
234,750
|
234,750
|
25,508
|
25,508
|
92
|
92
|
359
|
359
|
||||||||||||||||||||||||||||||
Receivables and other current assets
|
677,902
|
677,902
|
459,640
|
459,640
|
37,336
|
37,336
|
3,451
|
3,451
|
3,090
|
3,090
|
||||||||||||||||||||||||||||||
Payables and other current liabilities
|
(586,322
|
)
|
(586,322
|
)
|
(480,956
|
)
|
(480,956
|
)
|
(95,216
|
)
|
(95,216
|
)
|
(9,959
|
)
|
(9,959
|
)
|
(32,021
|
)
|
(32,021
|
)
|
||||||||||||||||||||
Salary and welfare payables
|
(74,801
|
)
|
(74,801
|
)
|
(20,336
|
)
|
(20,336
|
)
|
(4,270
|
)
|
(4,270
|
)
|
-
|
-
|
(2,387
|
)
|
(2,387
|
)
|
||||||||||||||||||||||
Borrowings
|
(5,380,813
|
)
|
(5,380,813
|
)
|
(2,844,530
|
)
|
(2,844,530
|
)
|
(230,000
|
)
|
(230,000
|
)
|
(199,187
|
)
|
(199,187
|
)
|
(10,000
|
)
|
(10,000
|
)
|
||||||||||||||||||||
Deferred income tax liabilities
|
(332,344
|
)
|
-
|
(476,477
|
)
|
-
|
(30,892
|
)
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Other non-current liabilities
|
(2,700
|
)
|
(2,700
|
)
|
(40,037
|
)
|
(40,037
|
)
|
(7,176
|
)
|
(7,176
|
)
|
(760
|
)
|
(760
|
)
|
-
|
-
|
||||||||||||||||||||||
Total identifiable net assets
|
4,428,091
|
3,101,393
|
3,110,172
|
1,669,558
|
429,040
|
328,127
|
113,021
|
113,021
|
7,754
|
7,754
|
||||||||||||||||||||||||||||||
Chaohu Power
|
Ruijin Power
|
Anyuan Power
|
Jingmen Thermal Power
|
Yingcheng Thermal Power
|
||||||||||||||||||||||||||||||||||||
Acquiree’s
|
Acquiree’s
|
Acquiree’s
|
Acquiree’s
|
Acquiree’s
|
||||||||||||||||||||||||||||||||||||
carrying
|
carrying
|
carrying
|
carrying
|
carrying
|
||||||||||||||||||||||||||||||||||||
Fair value
|
amount
|
Fair value
|
amount
|
Fair value
|
amount
|
Fair value
|
amount
|
Fair value
|
amount
|
|||||||||||||||||||||||||||||||
Bank balances and cash
|
30,210
|
30,210
|
53,381
|
53,381
|
188,402
|
188,402
|
61,508
|
61,508
|
87,072
|
87,072
|
||||||||||||||||||||||||||||||
Property, plant and equipment
|
3,170,347
|
2,598,201
|
2,028,220
|
1,942,631
|
3,330,391
|
3,323,710
|
2,467,152
|
2,465,509
|
1,609,179
|
1,609,642
|
||||||||||||||||||||||||||||||
Land use rights
|
4,603
|
3,344
|
52,269
|
53,909
|
89,264
|
89,264
|
6,615
|
6,784
|
76,638
|
71,950
|
||||||||||||||||||||||||||||||
Other non-current assets
|
230
|
230
|
294
|
294
|
83,030
|
83,030
|
88
|
88
|
-
|
-
|
||||||||||||||||||||||||||||||
Inventories
|
131,697
|
131,697
|
115,013
|
115,013
|
1,984
|
1,984
|
30,529
|
30,529
|
-
|
-
|
||||||||||||||||||||||||||||||
Receivables and other current assets
|
252,004
|
252,004
|
184,600
|
184,600
|
29,401
|
29,401
|
102,822
|
102,822
|
1,105
|
1,105
|
||||||||||||||||||||||||||||||
Payables and other current liabilities
|
(275,897
|
)
|
(275,897
|
)
|
(161,977
|
)
|
(161,977
|
)
|
(700,972
|
)
|
(700,972
|
)
|
(379,138
|
)
|
(379,138
|
)
|
(346,586
|
)
|
(346,586
|
)
|
||||||||||||||||||||
Salary and welfare payables
|
(916
|
)
|
(916
|
)
|
(1,596
|
)
|
(1,596
|
)
|
(56,984
|
)
|
(56,984
|
)
|
(868
|
)
|
(868
|
)
|
-
|
-
|
||||||||||||||||||||||
Borrowings
|
(1,690,220
|
)
|
(1,690,220
|
)
|
(1,868,750
|
)
|
(1,868,750
|
)
|
(3,082,500
|
)
|
(3,082,500
|
)
|
(1,886,834
|
)
|
(1,886,834
|
)
|
(1,162,000
|
)
|
(1,162,000
|
)
|
||||||||||||||||||||
Deferred income tax liabilities
|
(143,351
|
)
|
-
|
(20,987
|
)
|
-
|
(1,670
|
)
|
-
|
(369
|
)
|
-
|
(1,057
|
)
|
-
|
|||||||||||||||||||||||||
Other non-current liabilities
|
(932
|
)
|
(932
|
)
|
(110
|
)
|
(110
|
)
|
(25,288
|
)
|
(25,288
|
)
|
-
|
-
|
(54,977
|
)
|
(54,977
|
)
|
||||||||||||||||||||||
Total identifiable
|
||||||||||||||||||||||||||||||||||||||||
net assets/ (liabilities)
|
1,477,775
|
1,047,721
|
380,357
|
317,395
|
(144,942
|
)
|
(149,953
|
)
|
401,505
|
400,400
|
209,374
|
206,206
|
39 |
Business combinations (Continued)
|
Zhumadian Wind Power
|
||||
Bank balances and cash
|
9
|
|||
Other receivables
|
15,583
|
|||
Inventories
|
20
|
|||
Property, plant and equipment
|
10,750
|
|||
Payables and other liabilities
|
(48
|
)
|
||
Total identifiable net assets
|
26,314
|
|||
Non-controlling interests
|
(2,631
|
)
|
||
Goodwill
|
-
|
|||
Consideration
|
23,683
|
40 |
Non-controlling interests
|
Other
|
||||||||||||||||||||||||||||||||||||||||
Qinbei
|
Luohuang
|
Weihai
|
Jinling
|
Yueyang
|
Shidongkou
|
individually
|
||||||||||||||||||||||||||||||||||
Power
|
Beijing
|
Power
|
Power
|
Power
|
Power
|
Power
|
Yangliuqing
|
immaterial
|
||||||||||||||||||||||||||||||||
Company
|
Cogeneration
|
Company
|
Company
|
Company
|
Company
|
Company
|
Cogeneration
|
subsidiaries
|
Total
|
|||||||||||||||||||||||||||||||
NCI percentage
|
40
|
%
|
59
|
%
|
40
|
%
|
40
|
%
|
40
|
%
|
45
|
%
|
50
|
%
|
45
|
%
|
||||||||||||||||||||||||
31 December 2016
|
||||||||||||||||||||||||||||||||||||||||
Non-current assets
|
11,210,604
|
5,821,110
|
3,966,880
|
4,988,112
|
5,426,759
|
4,958,325
|
3,917,340
|
2,654,085
|
||||||||||||||||||||||||||||||||
Current assets
|
1,472,192
|
1,041,957
|
864,069
|
508,493
|
649,446
|
826,089
|
380,641
|
563,023
|
||||||||||||||||||||||||||||||||
Non-current liabilities
|
(2,206,586
|
)
|
(152,911
|
)
|
(284,064
|
)
|
(104,952
|
)
|
(1,773,332
|
)
|
(1,150,021
|
)
|
(1,055,640
|
)
|
(224,373
|
)
|
||||||||||||||||||||||||
Current liabilities
|
(6,475,340
|
)
|
(1,665,750
|
)
|
(1,601,236
|
)
|
(2,504,410
|
)
|
(1,835,090
|
)
|
(1,828,581
|
)
|
(1,584,142
|
)
|
(991,614
|
)
|
||||||||||||||||||||||||
Net assets
|
4,000,870
|
5,044,406
|
2,945,649
|
2,887,243
|
2,467,783
|
2,805,812
|
1,658,199
|
2,001,121
|
||||||||||||||||||||||||||||||||
Carrying amount of NCI
|
1,614,264
|
2,928,015
|
1,157,242
|
1,154,897
|
987,135
|
1,260,591
|
829,099
|
899,609
|
5,352,890
|
16,183,742
|
||||||||||||||||||||||||||||||
Revenue
|
5,006,349
|
4,476,729
|
2,436,586
|
3,217,209
|
3,734,108
|
2,716,817
|
1,915,915
|
1,773,869
|
||||||||||||||||||||||||||||||||
Net profit
|
457,311
|
788,899
|
122,508
|
507,900
|
655,568
|
243,913
|
297,211
|
177,447
|
||||||||||||||||||||||||||||||||
Total comprehensive income
|
457,311
|
788,899
|
122,508
|
507,900
|
655,568
|
243,913
|
297,211
|
177,447
|
||||||||||||||||||||||||||||||||
Profit allocated to NCI
|
182,924
|
465,450
|
49,003
|
203,160
|
262,227
|
109,761
|
148,606
|
79,851
|
326,578
|
1,827,560
|
||||||||||||||||||||||||||||||
Other comprehensive income allocated to NCI
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
484
|
484
|
||||||||||||||||||||||||||||||
Cash flow from operating activities
|
1,400,042
|
973,352
|
550,346
|
1,045,828
|
1,293,565
|
568,379
|
890,615
|
295,547
|
||||||||||||||||||||||||||||||||
Cash flow from investment activities
|
(312,604
|
)
|
(540,151
|
)
|
(189,599
|
)
|
(273,117
|
)
|
(37,274
|
)
|
(62,622
|
)
|
(258,892
|
)
|
(197,600
|
)
|
||||||||||||||||||||||||
Cash flow from financing activities
|
(1,247,836
|
)
|
(344,718
|
)
|
(319,643
|
)
|
(786,471
|
)
|
(1,255,955
|
)
|
(521,249
|
)
|
(462,075
|
)
|
(58,293
|
)
|
||||||||||||||||||||||||
Net (decrease)/increase in cash and cash equivalents
|
(160,398
|
)
|
88,518
|
41,104
|
(13,760
|
)
|
336
|
(15,492
|
)
|
169,648
|
39,616
|
|||||||||||||||||||||||||||||
Dividends paid to NCI
|
433,090
|
687,679
|
120,000
|
366,983
|
308,923
|
-
|
273,900
|
128,857
|
40 |
Non-controlling interests (Continued)
|
Other
|
||||||||||||||||||||||||||||||||||||||||
Qinbei
|
Luohuang
|
Weihai
|
Jinling
|
Yueyang
|
Shidongkou
|
individually
|
||||||||||||||||||||||||||||||||||
Power
|
Beijing
|
Power
|
Power
|
Power
|
Power
|
Power
|
Yangliuqing
|
immaterial
|
||||||||||||||||||||||||||||||||
Company
|
Cogeneration
|
Company
|
Company
|
Company
|
Company
|
Company
|
Cogeneration
|
subsidiaries
|
Total
|
|||||||||||||||||||||||||||||||
NCI percentage
|
40
|
%
|
59
|
%
|
40
|
%
|
40
|
%
|
40
|
%
|
45
|
%
|
50
|
%
|
45
|
%
|
||||||||||||||||||||||||
31 December 2015
|
||||||||||||||||||||||||||||||||||||||||
Non-current assets
|
11,739,361
|
5,193,038
|
4,154,105
|
4,934,579
|
5,746,576
|
5,297,441
|
3,924,128
|
2,699,074
|
||||||||||||||||||||||||||||||||
Current assets
|
1,511,345
|
1,203,956
|
943,954
|
464,234
|
733,084
|
752,111
|
461,184
|
455,209
|
||||||||||||||||||||||||||||||||
Non-current liabilities
|
(3,313,836
|
)
|
(137,657
|
)
|
(300,428
|
)
|
(117,412
|
)
|
(2,310,221
|
)
|
(1,314,199
|
)
|
(1,379,640
|
)
|
(243,675
|
)
|
||||||||||||||||||||||||
Current liabilities
|
(5,310,585
|
)
|
(1,090,231
|
)
|
(1,674,490
|
)
|
(1,984,600
|
)
|
(1,584,917
|
)
|
(2,173,454
|
)
|
(1,096,885
|
)
|
(800,584
|
)
|
||||||||||||||||||||||||
Net assets
|
4,626,285
|
5,169,106
|
3,123,141
|
3,296,801
|
2,584,522
|
2,561,899
|
1,908,787
|
2,110,024
|
||||||||||||||||||||||||||||||||
Carrying amount of NCI
|
1,864,430
|
3,036,024
|
1,228,238
|
1,318,720
|
1,033,831
|
1,150,830
|
954,394
|
948,615
|
6,016,659
|
17,551,741
|
||||||||||||||||||||||||||||||
Revenue
|
6,078,743
|
5,675,930
|
3,313,706
|
3,941,344
|
3,785,240
|
3,045,746
|
2,115,996
|
1,999,749
|
||||||||||||||||||||||||||||||||
Net profit
|
1,196,791
|
1,308,936
|
486,578
|
1,019,397
|
857,881
|
452,894
|
459,330
|
319,976
|
||||||||||||||||||||||||||||||||
Total comprehensive income
|
1,196,791
|
1,308,936
|
486,578
|
1,019,397
|
857,881
|
452,894
|
459,330
|
319,976
|
||||||||||||||||||||||||||||||||
Profit allocated to NCI
|
478,716
|
772,272
|
194,631
|
407,759
|
343,153
|
203,802
|
229,665
|
143,989
|
833,187
|
3,607,174
|
||||||||||||||||||||||||||||||
Other comprehensive income allocated to NCI
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(96
|
)
|
(96
|
)
|
||||||||||||||||||||||||||||
Cash flow from operating activities
|
2,541,580
|
1,488,085
|
932,367
|
1,513,744
|
1,338,323
|
1,016,136
|
834,278
|
571,512
|
||||||||||||||||||||||||||||||||
Cash flow from investment activities
|
(33,499
|
)
|
(574,149
|
)
|
(151,647
|
)
|
(235,657
|
)
|
(103,779
|
)
|
538,740
|
(26,301
|
)
|
(14,100
|
)
|
|||||||||||||||||||||||||
Cash flow from financing activities
|
(2,328,362
|
)
|
(880,545
|
)
|
(758,054
|
)
|
(1,278,814
|
)
|
(1,287,469
|
)
|
(1,571,651
|
)
|
(853,459
|
)
|
(580,094
|
)
|
||||||||||||||||||||||||
Net increase /(decrease) in cash and
|
||||||||||||||||||||||||||||||||||||||||
cash equivalents
|
179,719
|
36,511
|
22,666
|
(727
|
)
|
(52,925
|
)
|
(16,775
|
)
|
(45,482
|
)
|
(22,599
|
)
|
|||||||||||||||||||||||||||
Dividends paid to NCI
|
697,436
|
362,958
|
220,000
|
83,320
|
373,143
|
135,000
|
270,000
|
183,055
|
||||||||||||||||||||||||||||||||
31 December 2014
|
||||||||||||||||||||||||||||||||||||||||
Non-current assets
|
12,468,950
|
4,861,762
|
4,491,788
|
5,016,286
|
6,053,110
|
5,481,010
|
4,184,272
|
2,753,641
|
||||||||||||||||||||||||||||||||
Current assets
|
1,671,490
|
1,348,041
|
967,057
|
643,829
|
681,848
|
1,675,476
|
479,770
|
635,546
|
||||||||||||||||||||||||||||||||
Non-current liabilities
|
(4,033,498
|
)
|
(505,544
|
)
|
(337,330
|
)
|
(291,886
|
)
|
(3,336,497
|
)
|
(1,512,909
|
)
|
(1,708,800
|
)
|
(290,710
|
)
|
||||||||||||||||||||||||
Current liabilities
|
(4,832,978
|
)
|
(1,161,981
|
)
|
(2,184,952
|
)
|
(2,198,983
|
)
|
(1,054,216
|
)
|
(3,234,572
|
)
|
(1,154,784
|
)
|
(901,641
|
)
|
||||||||||||||||||||||||
Net assets
|
5,273,964
|
4,542,278
|
2,936,563
|
3,169,246
|
2,344,245
|
2,409,005
|
1,800,458
|
2,196,836
|
||||||||||||||||||||||||||||||||
Carrying amount of NCI
|
2,088,919
|
2,570,827
|
1,153,607
|
1,267,699
|
937,720
|
1,082,027
|
900,229
|
987,681
|
3,664,506
|
14,653,215
|
||||||||||||||||||||||||||||||
Revenue
|
7,202,737
|
5,522,496
|
3,790,158
|
4,462,576
|
4,603,881
|
3,414,762
|
2,212,549
|
2,469,628
|
||||||||||||||||||||||||||||||||
Net profit
|
1,148,208
|
1,267,225
|
307,786
|
990,936
|
575,309
|
381,660
|
415,819
|
455,002
|
||||||||||||||||||||||||||||||||
Total comprehensive income
|
1,148,208
|
1,267,225
|
307,786
|
990,936
|
575,309
|
381,660
|
415,819
|
455,002
|
||||||||||||||||||||||||||||||||
Profit allocated to NCI
|
459,283
|
747,663
|
123,114
|
396,374
|
230,124
|
171,747
|
207,909
|
204,751
|
264,090
|
2,805,055
|
||||||||||||||||||||||||||||||
Other comprehensive income allocated to NCI
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(313
|
)
|
(313
|
)
|
||||||||||||||||||||||||||||
Cash flow from operating activities
|
2,086,088
|
1,544,626
|
838,484
|
1,522,446
|
1,278,901
|
939,572
|
740,734
|
667,560
|
||||||||||||||||||||||||||||||||
Cash flow from investment activities
|
(1,150,754
|
)
|
(680,480
|
)
|
(224,873
|
)
|
(254,105
|
)
|
(248,702
|
)
|
(845,313
|
)
|
(157,852
|
)
|
(170,819
|
)
|
||||||||||||||||||||||||
Cash flow from financing activities
|
(931,763
|
)
|
(920,279
|
)
|
(602,121
|
)
|
(1,271,787
|
)
|
(1,108,039
|
)
|
(111,758
|
)
|
(508,833
|
)
|
(498,704
|
)
|
||||||||||||||||||||||||
Net increase /(decrease) in cash and cash equivalents
|
3,571
|
(56,133
|
)
|
11,490
|
(3,446
|
)
|
(77,840
|
)
|
(17,499
|
)
|
74,049
|
(1,963
|
)
|
|||||||||||||||||||||||||||
Dividends paid to NCI
|
-
|
155,911
|
100,000
|
200,011
|
210,169
|
141,683
|
200,000
|
99,972
|
41 |
Pending Arbitration
|
42 |
Subsequent events
|
(a) |
After the end of the reporting period, the directors proposed a final dividend. Further details are disclosed in Note 22.
|
(b) |
On 14 October 2016, the Company entered into equity transfer agreements with Huaneng Group to acquire the 80% interests of Huaneng Shandong Power Limited, 100% interests of Huaneng Jilin Generation Co., Ltd., 100% interests of Huaneng Heilongjiang Generation Co., Ltd. and 90% interests of Huaneng Henan Zhongyuan Gas Power Generation Co., Ltd. from Huaneng Group at a total cash consideration of RMB15.114 billion. In January 2017, according to the agreements, the Company paid 50% of the consideration to Huaneng Group. The Company is still in the process of reviewing the nature and financial impact of these newly acquired entities as of the acquisition date. The aforementioned acquired entities has been included in the Company’s consolidated financial statements since January 2017.
|
(c) |
The Company issued super short-term bonds with a face value of RMB4 billion bearing annual interest rate of 3.40% in January 2017, such bonds are denominated in RMB and mature in 270 days, with a par value of RMB100.
|
Date: April 17, 2017
|
Huaneng Power International, Inc.
|
|
|
|
|
|
By:
|
/s/ Du Daming
|
|
Name:
|
Du Daming
|
|
Title:
|
Vice President and Secretary to the Board
|
Chapter 1
General Principles
|
||||
Article 1
|
The Company is a joint stock limited company established pursuant to the Opinions on Standards for Joint Stock Limited Companies and other related laws and administrative regulations of the State.
|
|||
These Articles of Association of the Company (“these Articles” or the “Articles of Association”) are formulated in accordance with the Company Law of the People’s Republic of China (the “Company Law”), the Securities Law of the People’s Republic of China, the Special Regulations on the Overseas Offering and Listing of Shares by Joint Stock Limited Companies promulgated by the State Council (the “Special Regulations”), the Mandatory Provisions for the Articles of Association of Companies Listed Overseas (the “Mandatory Provisions”) and the relevant provisions of other relevant laws and administrative regulations of the State as well as the Articles of Association passed in the First General Meeting held on 30 June 1994 together with its amendments made up to the date when these Articles take effect (the “Original Articles”).
|
||||
The Company was established by way of promotion on 30 June 1994 with the approval of the document Ti Gai Sheng (1994) No.74 issued by the State Commission for Restructuring Economic Systems of the People’s Republic of China and the document (1994) Wai Jing Mao Zi Han Zi No.338 issued by the Ministry of Foreign Trade and Economic Cooperation of the People’s Republic of China. The Company registered at the State Administration for Industry and Commerce of the People’s Republic of China and obtained its business license on 30 June 1994. The registration number of its business license is Qi Gu Guo Zi No. 000496.
|
||||
A total of 3.75 billion shares were held by promoters. The name and number of shares held by each corporate promoter and their shareholding proportions are as follows:
|
||||
|
||||
1.
|
Huaneng International
|
2,011,500,000 shares
|
40.23%
|
Power Development Corporation
|
||||
2.
|
Hebei Provincial
|
452,250,000 shares
|
9.04%
|
|
Construction Investment Company
|
||||
3.
|
Fujian Investment and
|
407,250,000 shares
|
8.15%
|
|
Development Company
|
||||
4.
|
Jiangsu Province
|
312,375,000 shares
|
6.25%
|
|
Investment Company
|
||||
5.
|
Liaoning Energy
|
226,125,000 shares
|
4.52%
|
|
Corporation
|
||||
6.
|
Dalian Municipal
|
226,125,000 shares
|
4.52%
|
|
Construction & Investment Company
|
||||
7.
|
Nantong Municipal
|
67,875,000 shares
|
1.36%
|
|
Construction Investment Company
|
||||
8.
|
Shantou Electric Power
|
46,500,000 shares
|
0.93%
|
|
Development Company
|
||||
Article 2
|
Registered name of the Company:
|
|||
Full name in Chinese: 华能国际电力股份有限公司
|
||||
Full name in English: HUANENG POWER INTERNATIONAL, INC.
|
||||
Abbreviation in English: HPI
|
||||
Article 3
|
Domicile of the Company: Huaneng Building, 6 Fuxingmennei
|
|||
Street, Xicheng District, Beijing, People’s Republic of China
|
||||
Postal code: 100031
|
||||
Telephone number: 63226999
|
||||
Fax number: 63226888
|
||||
Article 4
|
The Chairman of the Board of Directors of the Company is the legal representative of the Company.
|
|||
Article 5
|
The Company is a joint stock limited company of perpetual existence.
|
|||
Article 6
|
These Articles shall be effective upon approval from the general meeting and the relevant department(s) of the State having the power to examine and approve these Articles. Beginning from the effective date of these Articles, the Original Articles shall be substituted by these Articles which shall constitute a legally binding document for the purpose of regulating the organization and activities of the Company, and governing the rights and obligations between the Company and its shareholders and among the shareholders.
|
|||
Article 7
|
The Articles of Association shall have binding effect on the Company,
|
and its shareholders, directors, supervisors, general manager and other senior management personnel. Such persons shall be entitled to exercising their rights regarding the Company according to the Articles of Association.
|
|
Subject to Chapter 21 to these Articles, the shareholders may bring legal actions against the Company according to the Articles of Association; the Company may bring legal actions against the shareholders according to the Articles of Association; the shareholders may bring legal action against the shareholder; the shareholders may bring legal actions against the directors, supervisors, general manager and other senior management personnel of the Company according to the Articles of Association.
|
|
Such legal actions include applying to the court for legal actions and applying for arbitration with the arbitration board.
|
|
Article 8
|
The Company may invest in other enterprises. However, the Company shall not become a capital contributor that shall bear the joint liabilities for the debts of the enterprise it invest in, unless otherwise provided for by any law.
|
Chapter 2
Objectives and Scope of Business
|
|
Article 9
|
The Company’s business objectives: to absorb domestic and foreign capital to develop power business and promote national economic developments by leveraging stock incentive mechanisms and draw on the experience of advanced domestic and foreign management for the continuous improvement in the Company’s management standards and improve the Company’s economic efficiency, hence bringing a stable gain to the vast majority of shareholders.
|
Article 10
|
The Company’s scope of business (subject to the items as approved by the authority responsible for the registration of companies): investing in the construction, operation and management of power plants and developing, investing in and operating other export-oriented enterprises relating to power plants; and heat production and sale; electricity production and sale.
|
Chapter 3
Shares and Registered Capital
|
|
Article 11
|
The Company shall have ordinary shares at all times. The Company may
|
have other kinds of shares if necessary, upon the approval of the department responsible for the examination and approval of companies as authorized by the State Council.
|
|
Article 12
|
All the shares issued by the Company shall have a par value and each share shall bear a par value of RMB 1.
|
Article 13
|
Upon the approval of the securities governing authority of the State Council, the Company may issue shares to domestic investors and foreign investors.
|
Foreign investors referred to in the preceding paragraph means those investors who subscribe for shares issued by the Company and who are located in foreign countries and in the regions of Hong Kong, Macau and Taiwan. Domestic investors mean those investors who subscribe for shares issued by the Company and who are located within the territory of the People’s Republic of China, except the regions referred to above.
|
|
Article 14
|
Shares which the Company issues to domestic investors for subscription in Renminbi are called domestic-invested shares. Shares which the Company issues to foreign investors for subscription in foreign currencies are called foreign-invested shares. Foreign-invested shares which are listed overseas are called overseas-listed foreign-invested shares.
|
Article 15
|
With the approval of the department responsible for the examination and approval of companies as authorized by the State Council, the total number of ordinary shares first issued by the Company is 5 billion shares and the Company issued 3.75 billion shares (domestic-invested shares) to promoters at the time of its establishment, representing 75% of the total number of issued ordinary shares of the Company at that time.
|
All of the 1.25 billion ordinary shares issued by the Company at the first offering after its establishment are overseas-listed foreign-invested shares, representing 25% of the total number of issued ordinary shares of the Company at that time.
|
|
Upon being passed by special resolution in the Company’s general meeting of shareholders and with the approval of relevant departments of the Chinese government, the Company completed the issuance and allotment of an additional 250 million overseas-listed foreign-invested
|
shares and 400 million domestic-invested shares on 4 March 1998 and, taking into account the aforesaid placing and allotment of shares, the structure of the Company’s share capital is as follows: the total number of ordinary shares is 5.65 billion shares, out of these, 4.15 billion shares representing approximately 73.45% of the total number of issued ordinary shares of the Company are held by holders of domestic-invested shares and 1.5 billion shares representing approximately 26.55% of the total number of issued ordinary shares of the Company are held by holders of overseas-listed foreign-invested shares.
|
|
Upon being passed by special resolution in the Company’s general meeting of shareholders and with the approval of relevant departments of the Chinese government, the Company completed the issuance and allotment of 350 million domestic-invested shares in 2001, among which 250 million shares are domestic-listed domestic-invested shares and 100 million shares are non-listed domestic-invested shares.
|
|
After the above increase of share capital by the issuance and allotment of shares, the Company’s share capital structure was as follows: the total number of ordinary shares was 6 billion shares, out of these, 250 million shares representing approximately 4.17% of the Company’s total share capital were held by holders of domestic-listed domestic-invested shares, 4.25 billion shares representing approximately 70.83% of the Company’s total share capital were held by holders of domestic-invested shares, and 1.5 billion shares representing 25% of the Company’s total share capital are held by holders of overseas-listed foreign-invested shares.
|
|
Upon the approval by special resolution in the Company’s general meeting of shareholders, in 2004, the Company declared the payment of dividends, totaling to 3,013,835,600 shares, to the Company’s shareholders with its distributable profits and distributed 3,013,835,600 shares to the Company’s shareholders by converting reserves into the registered capital of the Company.
|
|
Upon being passed by special resolution in the Company’s general meeting of shareholders and with the approval of relevant departments of the PRC government, the Company completed the issuance of 500 million overseas-listed foreign-invested shares and 1.5 billion domestic-listed domestic-invested shares in December 2010.
|
After the above issuance and allotment of shares, the Company’s share capital structure was as follows: the total number of ordinary shares was 14,055,383,440 shares, of which 10,500,000 shares representing approximately 74.70% of the Company’s total share capital were held by holders of domestic-invested shares, and 3,555,383,440 shares representing 25.30% of the Company’s total share capital are held by holders of overseas-listed foreign-invested shares.
|
|
Upon obtaining a mandate at the Company’s general meeting of shareholders and with the approval of relevant departments of the PRC government, the Company completed the issuance of 365 million overseas-listed foreign-invested shares in November 2014.
|
|
After the above issuance and allotment of shares, the Company’s share capital structure was as follows: the number of ordinary shares was 14,420,383,440 shares, out of these, 10,500,000,000 shares representing approximately 72.81% of the Company’s total share capital are held by holders of domestic-listed shares, and 3,920,383,440 shares representing approximately 27.19% of the Company’s total share capital are held by holders of overseas-listed shares.
|
|
As per special resolution passed at the Company’s general meeting of shareholders and with the approval of relevant departments of the PRC government, the Company completed the issuance of 780 million overseas-listed foreign-invested shares in November 2015. The existing structure of the Company’s share capital is as follows: the total number of issued ordinary shares of the Company is 15,200,383,440 shares, out of these, 10,500,000,000 shares representing approximately 69.08% of the Company’s total share capital are held by holders of domestic-listed shares, and 4,700,383,440 shares representing approximately 30.92% of the Company’s total share capital are held by holders of overseas-listed shares.
|
|
Article 16
|
Upon being passed by resolution in the Company’s class meetings of the holders of domestic-invested shares and the holders of overseas-listed foreign-invested shares and by special resolution in the Company’s extraordinary meeting of shareholders and with the approval of relevant departments of the Chinese government, the Company may in overseas issue convertible bonds in the total principal amount of as much as USD200 million which are convertible into new overseas-listed
|
foreign-invested shares of the Company and convertible bonds in the total principal amount of USD30 million which are issued additionally according to the over-allotment option (collectively the “Convertible Bonds”). The number of new overseas-listed foreign-invested shares of the Company issued according to the conversion of such Convertible Bonds is 27,712,240 shares.
|
||
Article 17
|
The Company’s board of directors may make arrangements for the respective issuance of overseas-listed foreign-invested shares and domestic-invested shares after the proposals for the issuance of the same have been approved by the securities governing authority of the State Council.
|
|
The Company may implement its proposals to issue overseas-listed foreign-invested shares and domestic-invested shares pursuant to the provisions of the preceding paragraph within fifteen (15) months from the date of approval by the securities governing authority of the State Council.
|
||
Article 18
|
Where the total number of shares stated in the proposal for the issuance of shares includes overseas-listed foreign-invested shares and domestic-invested shares, such shares shall be fully subscribed for at their respective offerings. If the shares cannot be fully subscribed for all at once due to special circumstances, the shares may, subject to the approval of the securities governing authority of the State Council, be issued in separate tranches.
|
|
Article 19
|
The registered capital of the Company is RMB15,200,383,440.
|
|
Article 20
|
The Company may, based on its operating and development needs, authorize the increase of its capital pursuant to relevant provisions of the Articles of Association.
|
|
The Company may increase its capital in the following ways:
|
||
(1)
|
by public offering of shares;
|
|
(2)
|
by private offering of shares;
|
|
(3)
|
by placing of new shares to its existing shareholders;
|
|
(4)
|
by conversion of reserves into share capital; and
|
|
(5)
|
by any other means which is permitted by law, administrative regulations and the securities supervisory and administrative organ of the State Council.
|
After the Company’s increase of share capital by means of the issuance of new shares has been approved in accordance with the provisions of the Articles of Association, the issuance shall be made in accordance with the procedures set out in relevant laws, administrative regulations and listing rules of the State and the overseas location in which the Company’s foreign-invested shares are listed.
|
||
Article 21
|
Unless otherwise stipulated in the laws and administrative regulations, shares in the Company shall be freely transferable and are not subject to any lien.
|
|
Chapter 4
Equity Transfer, Capital Reduction and Share Redemption
|
||
Article 22
|
Shareholders may transfer their shares in accordance with laws.
|
|
(1)
|
Promoters shall not transfer the Company’s shares within one (1) year from the date of establishment of the Company;
|
|
(2)
|
Shareholders shall transfer their shares at legally-established securities exchanges or in accordance with any other means stipulated by the State Council;
|
|
(3)
|
For the transfer of bearer shares, the name/title and address of the transferor will be recorded by the Company in its register of shareholders; and
|
|
(4)
|
Holders of bearer shares which are stolen, lost or destroyed may request the people’s court to declare the invalidity of such shares pursuant to the procedures for publicizing public notice for the assertion of claims set out in the Civil Procedure Law.
|
|
Shareholders may apply to the Company for the replacement of shares after the people’s court has declared the invalidity of such shares pursuant to the procedures for publicizing public notice for the assertion of claims.
|
||
Article 23
|
According to the provisions of the Articles of Association, the Company may reduce its registered capital.
|
|
The Company must prepare a balance sheet and an inventory of assets when it reduces its registered capital.
|
||
The Company shall notify its creditors within ten (10) days from the date of adopting the resolution to reduce its registered capital and shall publish an announcement in newspaper within thirty (30) days from the
|
date of such resolution. A creditor has the right within thirty (30) days from the date of receipt of a written notice or, in the case of a creditor who does not receive such notice, within forty-five (45) days from the date of public announcement, to require the Company to repay its debts or to provide a corresponding guarantee for such debts.
|
||
The Company’s registered capital shall not, after the reduction in capital, be less than the minimum amount prescribed by law.
|
||
Article 24
|
The Company may, in accordance with the procedures set out in the Articles of Association and with the approval of the relevant governing authority of the State, repurchase its issued and outstanding shares under the following circumstances:
|
|
(1)
|
cancellation of shares for the purpose of reducing its capital;
|
|
(2)
|
merging with another company that holds shares in the Company;
|
|
(3)
|
awarding shares to the Company’s employees;
|
|
(4)
|
request from shareholders for the Company’s acquisition of their shares given their objection against the adoption of resolution for the merger or division of the Company in the general meeting; and
|
|
(5)
|
other circumstances as permitted by laws and administrative regulations.
|
|
Article 25
|
The Company may repurchase shares in one of the following ways, with the approval of the relevant governing authority of the State:
|
|
(1)
|
by making an offer for the repurchase of shares to all of its shareholders on a pro rata basis;
|
|
(2)
|
by repurchasing shares through public dealing on a securities exchange; and
|
|
(3)
|
by repurchasing shares by way of a contractual agreement outside a securities exchange.
|
|
Article 26
|
When the Company repurchases shares by a contractual agreement outside a securities exchange, prior approval shall be obtained from the general meeting of shareholders in accordance with the provisions of the Articles of Association. The Company may, by obtaining the prior approval of the general meeting of shareholders in the same way, rescind or vary any contract concluded in the manner set forth above or waive any of its rights under such contract.
|
|
A contract for the repurchase of shares referred to in the preceding paragraph includes (without limitation) an agreement to become liable to
|
repurchase shares or an agreement to have the right to repurchase shares.
|
|||
The Company shall not assign any contract for the repurchase of its shares or any right contained in such contract.
|
|||
Article 27
|
Upon the repurchase of shares in accordance with laws, the Company shall, within the period prescribed by laws and administrative regulations, transfer or cancel such shares and, if necessary, apply to the original corporate registration authority for registration of the change in its registered capital.
|
||
The aggregate par value of the cancelled shares shall be deducted from the Company’s registered capital.
|
|||
Unless the Company is in the course of liquidation, it shall comply with the following provisions in the event of repurchase of its issued shares for cancellation:
|
|||
(1)
|
where the Company repurchases shares at par value, payment shall be made out of the book balance of the distributable profits of the Company and the proceeds from the new shares issuance for the purpose of repurchasing the original shares;
|
||
(2)
|
where the Company repurchases shares at a price higher than the par value, the portion corresponding to the par value shall be deducted from the book balance of the distributable profits of the Company and the proceeds from the new shares issuance for the purpose of repurchasing the original shares; and the portion beyond the par value shall be handled in accordance with the following methods:
|
||
(i)
|
where the shares repurchased are issued at the par value, such portion shall be deducted from the book balance of the distributable profits of the Company; and
|
||
(ii)
|
where the shares repurchased are issued at a price higher than the par value, such portion shall be deducted from the book balance of the distributable profits of the Company and the proceeds from the new share issuance for the purpose of repurchasing the original shares. However, the amount deducted from the proceeds from the new shares issuance shall neither exceed the total premium of the original shares issuance nor the Company’s capital reserve account at the time of the repurchase;
|
||
(3)
|
the Company shall make the following payments out of the Company’s distributable profits:
|
(i)
|
payment for the acquisition of the right to repurchase its shares;
|
||
(ii)
|
payment for the modification of any contract for the repurchase of its shares; and
|
||
(iii)
|
payment for the release of its obligation under any contract for the repurchase of its shares;
|
||
(4)
|
after the total par value of the shares cancelled is deducted from the Company’s registered capital in accordance with relevant provisions, the amount deducted from the distributable profits and used to repurchase the shares at the par value shall be included in the capital reserve account of the Company.
|
||
Chapter 5
Financial Assistance for Purchase of the Company’s Shares
|
|||
Article 28
|
The Company or its subsidiaries shall not, at any time, offer any form of financial assistance to a person who acquires or proposes to acquire shares in the Company. The aforesaid person includes any person who directly or indirectly incurs any obligation as a result of the acquisition of shares in the Company.
|
||
The Company or its subsidiaries shall not, at any time, offer any form of financial assistance to the aforesaid obligor for the purpose of reducing or discharging the obligations assumed by such person.
|
|||
This Article does not apply to the circumstances specified in Article 30 of this Chapter.
|
|||
Article 29
|
Financial assistance referred to in this Chapter includes (without limitation) the following means:
|
||
(1)
|
gift;
|
||
(2)
|
guarantee (including the assumption of liability by the guarantor or the provision of assets by the guarantor to secure the performance of obligations by the obligor), compensation (other than compensation in respect of the Company’s own default), relief or waiver of rights;
|
||
(3)
|
provision of loan or the making of any other agreement under which the obligations of the Company are to be fulfilled before the obligations of another party, or the change in parties to, or the assignment of rights under, such loan or contract; and
|
||
(4)
|
any other form of financial assistance given by the Company when the Company is insolvent or has no net assets or when its net assets would thereby be reduced to a material extent.
|
The assumption of obligations referred to in this Chapter includes the assumption of obligations by way of contract or by way of arrangement (irrespective of whether such contract or arrangement is enforceable or not and irrespective of whether such obligation is to be borne solely by the obligor or jointly with other persons) or by any other means which results in a change in his/her financial position.
|
||
Article 30
|
The following acts shall not be deemed to be acts as prohibited by Article 28 of this Chapter:
|
|
(1)
|
the provision of financial assistance by the Company where the financial assistance is given in good faith in the interests of the Company, and the principal purpose of which is not for the acquisition of shares in the Company, or the giving of the financial assistance is an incidental part of a master plan of the Company;
|
|
(2)
|
the lawful distribution of the Company’s assets as dividends;
|
|
(3)
|
the distribution of dividends in the form of shares;
|
|
(4)
|
a reduction of registered capital, a repurchase of shares of the Company or a reorganization of the shareholding structure of the Company effected pursuant to the Articles of Association;
|
|
(5)
|
the provision of loans by the Company within its scope of business and in the ordinary course of its business, where the provision of loans falls within part of the scope of business of the Company (provided that the net assets of the Company are not thereby reduced or that, to the extent that the assets are thereby reduced, the financial assistance is provided out of distributable profits); and
|
|
(6)
|
contributions made by the Company to the employee share option schemes (provided that the net assets of the Company are not thereby reduced or that, to the extent that the assets are thereby reduced, the financial assistance is provided out of distributable profits).
|
|
Chapter 6
Share Certificates and Register of Shareholders
|
||
Article 31
|
Share certificates of the Company shall be in registered form.
|
|
Other than those stipulated in the Company Law, items which shall be stated in the Company’s share certificates shall include other items as required by the securities exchange on which the Company’s shares are listed.
|
||
Article 32
|
The share certificates shall be signed by the legal representative. Where the securities exchange on which the Company’s shares are listed
|
requires other senior management personnel of the Company to sign on the share certificates, the share certificates shall also be signed by such personnel. The share certificates shall take effect after being affixed or imprinted the seal of the Company. The share certificates shall only be affixed with the seal of the Company under the authorization of the board of directors. The signature of the Chairman of the board of directors or other relevant senior management personnel of the Company may be in printed form.
|
||
Article 33
|
The Company shall keep a register of shareholders with the following particulars:
|
|
(1)
|
the name (title), address (residence), occupation or nature of each shareholder;
|
|
(2)
|
the class and quantity of shares held by each shareholder;
|
|
(3)
|
the amount paid-up on or agreed to be paid-up on the shares held by each shareholder;
|
|
(4)
|
the serial numbers of the shares held by each shareholder;
|
|
(5)
|
the date on which each person was registered as a shareholder; and
|
|
(6)
|
the date on which any shareholder ceased to be a shareholder.
|
|
Unless there is evidence to the contrary, the register of shareholders shall be sufficient evidence of the shareholders’ shareholdings in the Company.
|
||
Article 34
|
The Company may, in accordance with the mutual understanding and agreements made between the securities governing authority of the State Council and overseas securities regulatory organizations, maintain the register of shareholders for holders of overseas-listed foreign-invested shares overseas and appoint overseas agent(s) to manage such register of shareholders. The original register of shareholders for holders of overseas-listed foreign-invested shares listed in Hong Kong shall be maintained in Hong Kong. A duplicate register of shareholders for holders of overseas-listed foreign-invested shares shall be maintained at the Company’s residence. The appointed overseas agent(s) shall ensure consistency between the original and the duplicate register of shareholders at all times.
|
|
If there is any inconsistency between the original and the duplicate register of shareholders for holders of overseas-listed foreign-invested shares, the original register of shareholders shall prevail.
|
Article 35
|
The Company shall have a complete register of shareholders.
|
|
The register of shareholders includes the following parts:
|
||
(1)
|
the register of shareholders which is maintained at the Company’s residence, other than those share registers which are described in items (2) and (3) of this Article;
|
|
(2)
|
the register of shareholders in respect of holders of overseas-listed foreign-invested shares of the Company which is maintained in the same place as the overseas securities exchange on which those shares are listed; and
|
|
(3)
|
the register of shareholders which is maintained in such other place as the board of directors may consider necessary for the purposes of the listing of the Company’s shares.
|
|
Article 36
|
Different parts of the register of shareholders shall not overlap. No transfer of any shares registered in any part of the register shall, during the continuance of that registration, be registered in any other part of the register.
|
|
Amendments or rectification of any part of the register of shareholders shall be made in accordance with the law of the place where any part of the register of shareholders is maintained.
|
||
All overseas-listed foreign-invested shares listed in Hong Kong which have been fully paid-up may be freely transferred in accordance with these Articles. However, unless such transfer complies with the following requirements, the board of directors may refuse to recognize any document of transfer and would not need to provide any reason:
|
||
(1)
|
a fee of HKD2.5 (per instrument of transfer) or such higher amount as agreed by the Hong Kong Stock Exchange has been paid to the Company for registration of the instrument of transfer and other documents relating to or which will affect the right of ownership of the shares;
|
|
(2)
|
the document of transfer only relates to overseas-listed foreign-invested shares listed in Hong Kong;
|
|
(3)
|
the stamp duty which is chargeable on the document of transfer has already been paid;
|
|
(4)
|
the relevant share certificate(s) and any other evidence which the board of directors may reasonably require to show that the transferor has the right to transfer the shares have been provided;
|
|
(5)
|
if it is intended that the shares be transferred to joint owners, the maximum number of joint owners shall not be more than four (4); and
|
(6)
|
the Company does not have not any lien on the relevant shares.
|
|
If the Company refuses to register any transfer of shares, the Company shall give a notice on the refusal to register such transfer of shares to the transferor and the transferee within two (2) months from the official date of submission of the application for transfer.
|
||
Article 37
|
No change may be made in the register of shareholders as a result of a transfer of shares within twenty (20) days prior to the date of a general meeting of shareholders or within five (5) days before the determination date for the Company’s distribution of dividends.
|
|
Article 38
|
When the Company needs to convene a general meeting of shareholders, distribute dividends, conduct liquidation or perform other acts as required for the purpose of determining shareholdings, the board of directors shall determine a record date for the determination of shareholdings. The shareholders of the Company shall be such persons who appear in the register of shareholders at the close of such record date.
|
|
Article 39
|
Any person who disputes the register of shareholders and asks for inclusion of his/her name (title) in or removal of his/her name (title) from the register of shareholders may apply to a court of competent jurisdiction for rectification of the register.
|
|
Article 40
|
For any person who is a registered shareholder or who claims to be entitled to have his/her name (title) entered in the register of shareholders in respect of shares in the Company may, if his/her share certificate (the “Original Certificate”) is lost, apply to the Company for a replacement share certificate in respect of such shares (the “Relevant Shares”).
|
|
Application by a holder of domestic-invested shares, who has lost his/her share certificate, for a replacement share certificate shall be dealt with in accordance with the provisions of the Company Law.
|
||
The issue of a replacement share certificate to holders of overseas-listed foreign-invested shares, who has lost his/her share certificate, shall comply with the following requirements:
|
(1)
|
The applicant shall submit an application to the Company in a prescribed form accompanied by a notarial certificate or a statutory declaration, of which the contents shall include the grounds upon which the application is made and the circumstances and evidence of the loss, and the declaration showing that no other person is entitled to be registered as a shareholder in respect of the Relevant Shares.
|
|
(2)
|
The Company has not received any declaration made by any person other than the applicant declaring the entitlement to be a registered shareholder in respect of such shares before it decides to issue a replacement share certificate to the applicant.
|
|
(3)
|
The Company shall, if it intends to issue a replacement share certificate to the applicant, publish a notice of its intention to do so at least once every thirty (30) days within a period of ninety (90) days in such newspapers as prescribed by the board of directors.
|
|
(4)
|
The Company shall, prior to publication of its intention to issue a replacement share certificate, deliver to the securities exchange on which its shares are listed, a copy of the notice to be published and may publish the notice upon receipt of confirmation from such securities exchange that the notice has been exhibited in the premises of the securities exchange. Such notice shall be exhibited in the premises of the securities exchange for a period of ninety (90) days. In the case of an application which is made without the consent of the registered holder of the Relevant Shares, the Company shall deliver by mail to such registered shareholder a copy of the notice to be published.
|
|
(5)
|
If, by the expiration of the 90-day period referred to in items (3) and (4) of this Article, the Company has not received any objection from any person in respect of the issuance of the replacement share certificate, it may issue a replacement share certificate to the applicant pursuant to his application.
|
|
(6)
|
Where the Company issues a replacement share certificate pursuant to this Article, it shall forthwith cancel the Original Certificate and document the cancellation of the Original Certificate and issuance of a replacement share certificate in the register of shareholders accordingly.
|
|
(7)
|
All expenses relating to the cancellation of the Original Certificate and issuance of a replacement share certificate shall be borne by the applicant and the Company is entitled to refuse to take any action until reasonable guarantee is provided by the applicant.
|
|
Article 41
|
Where the Company issues a replacement share certificate pursuant to
|
the Articles of Association, as for a bona fide purchaser obtaining new share certificates referred to above or a shareholder registered as a owner of the shares (in the case of a bona fide purchaser), his/her name (title) shall not be removed from the register of shareholders.
|
||||
Article 42
|
The Company shall not be liable for any damage sustained by any person by reason of the cancellation of the Original Certificate or the issuance of the replacement share certificate unless the claimant is able to prove that the Company has acted in a deceitful manner.
|
|||
Chapter 7
Rights and Obligations of Shareholders
|
||||
Article 43
|
A shareholder of the Company is a person who lawfully holds shares in the Company and whose name (title) is entered in the register of shareholders.
|
|||
A shareholder shall enjoy rights and assume obligations according to the class and amount of shares held by him/her; shareholders who hold shares of the same class shall enjoy the same rights and assume the same obligations.
|
||||
Article 44
|
The shareholders of ordinary shares of the Company shall enjoy the following rights:
|
|||
(1)
|
the right to receive dividends and other distributions in proportion to their shareholdings;
|
|||
(2)
|
the right to attend or appoint a proxy to attend general meetings of shareholders and the right to exercise the voting rights;
|
|||
(3)
|
the right to supervise the Company’s business operations, the right to present proposals or to raise queries;
|
|||
(4)
|
the right to transfer shares in accordance with laws, administrative regulations and the Articles of Association;
|
|||
(5)
|
the right to obtain relevant information in accordance with the Articles of Association, in which information includes:
|
|||
1.
|
the right to obtain the Articles of Association, subject to payment of costs;
|
|||
2.
|
the right to inspect and copy, subject to payment of a reasonable fee:
|
|||
(i)
|
all parts of the register of shareholders;
|
|||
(ii)
|
personal particulars of each of the directors, supervisors, general manager and other senior management personnel of the Company, including:
|
(a)
|
present and former name and alias;
|
||||
(b)
|
principal address and residence;
|
||||
(c)
|
nationality;
|
||||
(d)
|
primary and all other part-time occupations and duties; and
|
||||
(e)
|
identification documents and the numbers thereof; (iii) status of share capital of the Company;
|
||||
(iv)
|
reports showing the aggregate par value, quantity, highest and lowest price paid in respect of each class of shares repurchased by the Company since the last accounting year and the aggregate amount paid by the Company for this purpose; and
|
||||
(v)
|
minutes of shareholders’ meetings and resolutions of board meetings and supervisors’ meetings;
|
||||
(6)
|
in the event of the termination and liquidation of the Company, the right to participate in the distribution of remaining assets of the Company in accordance with the number of shares held; and
|
||||
(7)
|
other rights conferred by laws, administrative regulations and the Articles of Association.
|
||||
Article 45
|
The holders of ordinary shares of the Company shall assume the following obligations:
|
||||
(1)
|
to comply with the Articles of Association;
|
||||
(2)
|
to pay subscription money according to the number of shares subscribed and the method of subscription; and
|
||||
(3)
|
other obligations imposed by laws, administrative regulations and the Articles of Association.
|
||||
Shareholders are not liable to make any further contribution to the share capital other than according to the terms which were agreed by the subscriber of the relevant shares at the time of subscription.
|
|||||
Article 46
|
In addition to the obligations imposed by laws and administrative regulations or required by the listing rules of the securities exchange on which the Company’s shares are listed, a controlling shareholder shall not exercise his/her voting rights in respect of the following matters in a manner prejudicial to the interests of all or part of the shareholders of the Company:
|
||||
(1)
|
act honestly in the best interests of the Company in removing a director or supervisor;
|
(2)
|
to approve the expropriation by a director or supervisor (for his own benefit or for the benefit of another person) of the Company’s assets in any way, including (but not limited to) opportunities which are beneficial to the Company; and
|
|
(3)
|
to approve the expropriation by a director or supervisor (for his own benefit or for the benefit of another person) of the individual interest of other shareholders, including (but not limited to) rights to distributions and voting rights, excluding a restructuring which has been submitted to a general meeting of shareholders for approval in accordance with the Articles of Association.
|
|
The controlling shareholder and de facto controller of the Company are liable for fiduciary obligations toward the Company and the public shareholders of the Company. The controlling shareholder shall exercise his/her rights as an investor in strict compliance with laws and shall not damage the legitimate rights and interests of the Company and its public shareholders in connected transactions, distribution of profits, restructuring of assets, foreign investment, misappropriation of funds, loan guarantees and by other means or by making use of its controlling position.
|
||
Article 47
|
The controlling shareholder referred to in the preceding Article means a shareholder whose investments account for 50% or more of the total amount of capital of a limited liability company or whose shareholdings account for 50% or more of the total amount of share capital of a company limited by shares; or a shareholder, even though the proportion of his/her investments or shareholdings is less than 50%, who is entitled to voting rights in proportion to his/her investments or shareholdings which are sufficient to produce material impact on the resolutions of shareholders’ meetings and general meetings of shareholders.
|
|
Chapter 8
General Meetings of Shareholders
|
||
Article 48
|
The general meeting of shareholders is the organ of authority of the Company and shall exercise its functions and powers in accordance with law.
|
|
Article 49
|
The general meeting of shareholders shall exercise the following functions and powers:
|
|
(1)
|
to decide on the Company’s operational policies and investment plans;
|
|
(2)
|
to elect and replace directors which are not assumed by
|
representatives of the employees and to decide on matters relating to the remuneration of the relevant directors;
|
||
(3)
|
to elect and replace supervisors which are not assumed by representatives of the employees and to decide on matters relating to the remuneration of the relevant supervisors;
|
|
(4)
|
to examine and approve the board of directors’ reports;
|
|
(5)
|
to examine and approve the supervisory committee’s reports;
|
|
(6)
|
to examine and approve the Company’s proposed annual preliminary and final budgets;
|
|
(7)
|
to examine and approve the Company’s profit distribution plans and loss recovery plans;
|
|
(8)
|
to pass resolutions on the increase or reduction in the Company’s registered capital;
|
|
(9)
|
to pass resolutions on the Company’s merger, division, dissolution, liquidation or change in corporate form;
|
|
(10)
|
to pass resolutions on the issue of debentures by the Company;
|
|
(11)
|
to pass resolutions on the appointment, dismissal or non-reappointment of the accountants of the Company;
|
|
(12)
|
to amend the Articles of Association;
|
|
(13)
|
to approve and amend the rules of procedures of the Company’s general meeting of shareholders;
|
|
(14)
|
to consider provisional motions raised by shareholders who represent 3% or more of the total number of voting shares of the Company;
|
|
(15)
|
to decide on the Company’s external guarantees;
|
|
(16)
|
to consider the change in the use of proceeds;
|
|
(17)
|
to consider equity incentive schemes; and
|
|
(18)
|
to decide on other matters which, according to laws, administrative regulations and the Articles of Association, need to be approved by shareholders in a general meeting.
|
|
Matters which shall be determined by the shareholders in a general meeting according to laws, administrative regulations and the Articles of Association must be discussed by the shareholders in a general meeting in order to protect the shareholders’ right of decision on those matters. Where necessary and reasonable, the board of directors may be appointed in a general meeting of shareholders to determine, within the scope as authorized by the general meeting, specific matters which are related to the matters to be resolved and are not possible to be determined forthwith in that general meeting.
|
If the shareholders authorize the board of directors in a general meeting to determine matters which shall be determined by ordinary resolutions, the matter should be resolved by one-half or more of the attending shareholders (including their proxy) who have voting rights; if the authorization relates to matters which shall be determined by special resolutions, the matter should be resolved by two-thirds or more of the attending shareholders (including their proxy) who have voting rights. The authorization should be clear and specific.
|
||
Article 50
|
The provision of the following external guarantees by the Company must be considered and approved by a general meeting of shareholders:
|
|
(1)
|
any guarantee which is provided after the total amount of external guarantees provided by the Company and its controlling subsidiaries has reached 50% or more of the Company’s latest audited net assets;
|
|
(2)
|
any guarantee which is provided after the total amount of external guarantees provided by the Company has reached 30% or more of the latest audited total assets of the Company;
|
|
(3)
|
guarantee which is provided to a target with an asset liability ratio of over 70%;
|
|
(4)
|
guarantee having a single amount of guarantee of more than 10% of the latest audited net assets of the Company; and
|
|
(5)
|
guarantee which is provided to the Company’s shareholders, de facto controller and related parties.
|
|
Article 51
|
Except with the prior approval of the general meeting of shareholders, the Company shall not enter into any contract with any person other than its directors, supervisors, general manager and other senior management personnel under which such person shall be responsible for the management of the whole or any substantial part of the Company’s business.
|
|
Article 52
|
General meetings of shareholders shall be divided into annual general meetings and extraordinary general meetings. General meetings of shareholders shall be convened by the board of directors. Annual general meetings are held once every year and within six (6) months from the end of the preceding accounting year.
|
|
The board of directors shall convene an extraordinary general meeting within two (2) months after the occurrence of any one of the following events:
|
||
(1)
|
where the number of directors falls short of the number stipulated in
|
the Company Law or is less than two-thirds of the number specified in the Articles of Association;
|
||
(2)
|
where the unrecovered losses of the Company amount to one-third of the total amount of share capital;
|
|
(3)
|
where any shareholders who individually or jointly hold 10% or more of the Company’s shares so request;
|
|
(4)
|
whenever the board of directors deems necessary or the supervisory committee so requests; and
|
|
(5)
|
other circumstances specified in the Articles of Association.
|
|
Article 53
|
When the Company convenes a general meeting of shareholders, a notice of the matters to be considered at such meeting as well as the date and the place of the meeting shall be given to all registered shareholders forty-five (45) days before the date of the meeting. Shareholders who intend to attend the general meeting of shareholders shall send a written reply to the Company twenty (20) days before the date of the meeting.
|
|
Article 54
|
When the Company convenes a general meeting of shareholders, any shareholders who individually or jointly hold 3% or more of the total number of voting shares of the Company may propose provisional motions to the board of directors in writing ten (10) days before the date of the meeting. The board of directors shall issue a supplementary notice of the general meeting in respect of the contents of the provisional motion within two (2) days upon the receipt of the proposal.
|
|
Except as provided in the preceding paragraph, the board of directors shall not amend motions stated in or add new motions to the notice of the general meeting of shareholders after such notice has been delivered.
|
||
The contents of the provisional motion shall have clear agenda and specific issues for resolution within the terms of reference of the general meeting of shareholders and shall comply with relevant provisions of the laws, administrative regulations and the Articles of Association.
|
||
Article 55
|
The Company shall calculate the number of voting shares represented by shareholders who intend to attend the general meeting of shareholders based upon the written reply received twenty (20) days before the date of the meeting. If the number of voting shares represented by shareholders who intend to attend the meeting amounts to one-half or more of the total number of voting shares of the Company, the Company may convene a general meeting of shareholders. Otherwise, the Company
|
shall within five (5) days give the shareholders further notice of the matters to be considered at the meeting as well as the date and venue of the meeting by way of a public announcement. The Company may convene a general meeting of shareholders when such announcement is made.
|
||
Extraordinary general meetings cannot resolve on matters that have not been clearly stated in the notice.
|
||
Article 56
|
The notice of the general meeting of shareholders shall satisfy the following requirements:
|
|
(1)
|
in written form;
|
|
(2)
|
specifying the venue, date and time of the meeting;
|
|
(3)
|
describing the matters to be discussed at the meeting;
|
|
(4)
|
providing shareholders with materials and explanations necessary for them to make sensible decisions in respect of the matters to be discussed, including (but not limited to) specific terms and contract (if any) for a proposed transaction, and a detailed explanation of its causation and consequence where the Company proposes a merger, repurchase of shares, restructuring of share capital or other form of reorganization;
|
|
(5)
|
where any director, supervisor, general manager and other senior management personnel have a material interest in respect of the matters to be discussed, then the nature and extent of that interest shall be disclosed; where the impact of the matters to be discussed on such director, supervisor, general manager and other senior management personnel who are shareholders is different from the impact on other shareholders of the same type, then that difference shall be illustrated;
|
|
(6)
|
containing the full text of any special resolution proposed to be passed at the meeting;
|
|
(7)
|
providing a clear text description stating that all shareholders who have the right to attend and vote at the general meeting of shareholders have the right to entrust one (1) or more proxies, who does not need to be shareholders of the Company, to attend and vote at the meeting; and
|
|
(8)
|
stating the deadline and place for the delivery of proxy letter of the meeting.
|
|
Article 57
|
The notice of the general meeting of shareholders shall be delivered by hand or by pre-paid post to shareholders (whether such shareholder has a
|
voting right at the general meeting of shareholders or not) and the address of the recipient shall be the address registered in the register of shareholders. The notice of the general meeting of shareholders may be made in the form of a public announcement for shareholders of domestic-invested shares.
|
||
The public announcement referred to in the preceding paragraph shall be published in one or more newspapers as specified by the securities regulatory authority of the State Council forty-five (45) to fifty (50) days before the date of the meeting. All shareholders of domestic-invested shares shall be deemed as having received the relevant notice of the general meeting of shareholders upon the publication of the announcement.
|
||
Article 58
|
In the case when the notice of the meeting has not been delivered to those who are entitled to receive such notice due to accidental omission or such persons have not received the notice of the meeting, the meeting and the resolutions made by the meeting shall not therefore become ineffective.
|
|
Article 59
|
Any shareholder who has the right to attend and vote at a general meeting of shareholders shall have the right to appoint one or more persons (not necessarily a shareholder) as his/her proxy to attend and vote at the meeting. Such proxy may exercise the following rights in accordance with the shareholder’s appointment:
|
|
(1)
|
the right to speak at the general meeting of shareholders;
|
|
(2)
|
the right to require by himself/herself or jointly with others to request for voting by poll; and
|
|
(3)
|
the right to vote by a show of hands or ballot, in case the shareholder has appointed more than one proxy, such proxies can only exercise the voting right by poll.
|
|
Article 60
|
Shareholders shall appoint proxy in writing. The proxy form shall be signed by the appointer or its authorized representative who has been authorized in writing. If the appointer is a legal person, the document shall be affixed with the legal person’s seal or signed by its director or duly authorized attorney.
|
|
Article 61
|
The proxy form for voting shall be placed at the domicile of the Company, or at other place designated in the notice of meeting, at least twenty-four (24) hours prior to convening of the relevant meeting or
|
twenty-four (24) hours prior to the designated voting time. If the proxy form is signed by a person authorized by the appointer, the power of attorney or other authorization document shall be notarized. The notarized power of attorney or other authorization document shall be placed together with the proxy form authorizing the proxy to vote at the domicile of the Company or other place designated in the notice of meeting.
|
|
If the appointer is a legal person, its legal representative or other person as resolved and authorized by its board of directors or other decision-making body shall attend the shareholders’ meeting of the Company on its behalf.
|
|
Article 62
|
Any format of blank proxy form issued by the board of directors of the Company to the shareholders for the appointment of proxies shall give the shareholders free choice to instruct their proxies to cast an affirmative or negative vote, or abstain from voting, and to give separate instructions on each matter to be voted at the meeting. The proxy form shall state that the proxy may vote at his/her discretion if the appointer does not give any instruction.
|
Article 63
|
If, before voting, the appointer has passed away, lost his/her ability to act, withdrawn the appointment, withdrawn the authorization to sign the proxy form, or transferred all his/her shares, the vote cast by the proxy in accordance with the proxy form shall remain valid so long as the Company has not received the written notice regarding such matters before the commencement of relevant meeting.
|
Article 64
|
The board of directors, independent directors and shareholders who meet the relevant requirements may collect from other shareholders of the Company the rights to vote in a general meeting of shareholders. The collection of voting rights shall be without consideration with sufficient disclosure of information to the shareholders from whom voting rights are being collected.
|
Article 65
|
The resolutions of the general meeting of shareholders shall be divided into ordinary resolutions and special resolutions.
|
Ordinary resolutions made by the general meeting of shareholders shall be adopted by one-half or more of the voting shares held by the shareholders (including their proxies) present at the meeting.
|
Special resolutions made by the general meeting of shareholders shall be adopted by two-thirds or more of the voting shares held by the shareholders (including their proxies) present at the meeting.
|
||
Article 66
|
A shareholder (including his/her proxy), when voting at a general meeting of shareholders, may exercise such voting rights as attached to the number of voting shares which he/she represents in which case one (1) vote is attached to each share.
|
|
When a general meeting of shareholders is considering significant matters which affect the interests of small and medium shareholders, the votes of small and medium shareholders should be counted separately, and the separate counting result shall be disclosed timely and publicly.
|
||
However, shares of the Company held by the Company shall not enjoy voting rights. If any shareholder who is required to abstain from voting on or may only vote for or against any resolution in accordance with the relevant provisions of the securities exchange on which the Company’s shares are listed, any vote by such shareholder (including his/her proxy) in violation of the relevant requirements or restrictions referred to above shall be deemed invalid.
|
||
Article 67
|
At any general meeting of shareholders, a resolution shall be decided on a show of hands unless a poll is demanded by the following persons before or after a vote is carried out by a show of hands:
|
|
(1)
|
the chairman of the meeting;
|
|
(2)
|
at least two (2) shareholders present in person or by proxy entitled to vote; and
|
|
(3)
|
one (1) or more shareholders present in person or by proxy and representing 10% or more shares carrying the right to vote at the meeting individually or jointly.
|
|
Unless a poll is demanded, a declaration by the chairman that a resolution has been passed on a show of hands and the record of such in the minutes of the meeting shall be conclusive evidence of the fact that such resolution has been passed. There is no need to provide evidence of the number or proportion of votes in favour of or against such resolution.
|
||
The demand for a poll may be withdrawn by the person who demands the same.
|
Article 68
|
A poll demanded on the election of the chairman of the meeting, or on a question of adjournment of the meeting, shall be taken forthwith. A poll demanded on any other question shall be taken at such time as the chairman of the meeting directs, and any business other than that upon which a poll has been demanded may be proceeded with, pending the taking of the poll. The result of the poll shall be deemed to be a resolution of the meeting at which the poll was demanded.
|
|
Article 69
|
On a poll taken at a meeting, a shareholder (including his/her proxy) who is entitled to two (2) or more votes needs not cast all his/her votes in the same way.
|
|
Article 70
|
In the case of an equality of votes, whether on a show of hands or on a poll, the chairman of the meeting at which the show of hands takes place or at which the poll is demanded shall have a casting vote.
|
|
Article 71
|
The following matters shall be resolved by way of ordinary resolutions at general meeting of shareholders:
|
|
(1)
|
work reports of the board of directors and the supervisory committee;
|
|
(2)
|
profit distribution plans and loss recovery plans formulated by the board of directors;
|
|
(3)
|
removal of members of the board of directors and the supervisory committee and their remuneration and manner of payment;
|
|
(4)
|
annual preliminary and final budgets, balances sheets, profit and loss accounts and other financial statements of the Company; and
|
|
(5)
|
matters other than those which are required to be adopted by special resolution by law, administrative regulations and the Articles of Association.
|
|
Article 72
|
The following matters shall be resolved by way of special resolutions at the general meeting of shareholders:
|
|
(1)
|
the increase or reduction in share capital and the issue of shares of any class, warrants and other similar securities;
|
|
(2)
|
the issue of debentures of the Company;
|
|
(3)
|
the division, merger, dissolution, liquidation or change in corporate form of the Company;
|
|
(4)
|
the amendment of the Articles of Association;
|
|
(5)
|
the purchase or sale of major assets or the provision of guarantee by the Company in the past year and the amount of which has exceeded 30% of the latest audited total assets of the Company;
|
(6)
|
the adjustment to profit distribution policy of the Company; and
|
|
(7)
|
any other matters prescribed by law and administrative regulations, and those considered by the general meeting of shareholders and resolved by way of an ordinary resolution, to be of a nature which may have a material impact on the Company and should be adopted by special resolution.
|
|
Article 73
|
The Company shall, under the premise of ensuring the legitimacy and validity of the general meeting of shareholders, increase the proportion of the public shareholders who participate in the general meeting of shareholders by way of various means and channels, including providing modern internet approaches such as online voting platforms.
|
|
Article 74
|
Shareholders requiring for the convening of an extraordinary general meeting or a class meeting shall take the following procedures:
|
|
(1)
|
Two (2) or more shareholders representing a total of 10% or more shares carrying the right to vote at the meeting to be convened may sign one or more written requests of the same format and contents, with the agenda of the meeting clearly indicated, to be submitted to the board of directors for the convening of an extraordinary general meeting or a class meeting. The board of directors shall forthwith convene the extraordinary general meeting or class meeting upon the receipt of the written request aforesaid. The number of holding shares referred to above shall be calculated based upon the date of submission of the shareholders’ written requests.
|
|
(2)
|
If the board of directors has not delivered the notice for the convening of the meeting within thirty (30) days upon the receipt of the written request aforesaid, shareholders requiring such may call the meeting on their own within four (4) months upon the receipt of such request by the board of directors. The meeting shall be conducted in a manner which is as similar as possible to that of general meetings of shareholders convened by the board of directors.
|
|
Where a meeting is convened by shareholders on their own due to the board of directors’ failure to convene the meeting in response to the request referred to above, reasonable expenses incurred shall be borne by the Company and the same shall be deducted from the Company’s payables to any director who is guilty of dereliction of duty.
|
||
Article 75
|
The general meetings of shareholders shall be convened by the board of directors and presided over by the Chairman of the board. Where the
|
chairman is unable or fails to perform his/her functions, the Vice chairman of the board shall preside the meeting. Where the vice chairman is unable or fails to perform his/her duties, then a director elected jointly by the majority of the directors shall preside the meeting. Where the board of directors is unable or fails to perform its duty to convene a general meeting of shareholders, the supervisory committee shall convene and preside the meeting in a timely manner. Where the supervisory committee does not convene and preside the meeting, any shareholders who individually or jointly hold 10% or more of the Company’s shares for ninety (90) consecutive days or more may convene and preside the meeting on their own.
|
|
Article 76
|
The Chairman of the meeting shall be responsible for determining whether a resolution has been passed. His/Her decision, which shall be final and conclusive, shall be announced at the meeting and recorded in the minutes. The Company shall make a public announcement on the resolution adopted in the general meeting of shareholders pursuant to applicable laws and the relevant requirements of the securities exchange on which the Company’s shares are listed.
|
Article 77
|
If the Chairman of the meeting has any doubt as to the result of a resolution which has been put to vote at a shareholders’ meeting, he/she may have the votes counted. If the Chairman of the meeting has not counted the votes, any shareholder who is present in person or by proxy and who objects to the result announced by the Chairman of the meeting may, immediately after the declaration of the result, demand that the votes be counted and the Chairman of the meeting shall have the votes counted immediately.
|
Article 78
|
If votes are counted at a general meeting of shareholders, the result of the count shall be recorded in the minutes.
|
The meeting records, together with the shareholders’ attendance lists and proxy forms, shall be kept at the domicile of the Company.
|
|
Article 79
|
Copies of the minutes of proceedings shall, during business hours of the Company, be open for inspection by any shareholder without charge. If a shareholder requests for a copy of such minutes from the Company, the Company shall send a copy of such minutes to him/her within seven (7) days upon the receipt of reasonable fees.
|
Chapter 9
Special Procedures for Voting by a Class of Shareholders
|
||
Article 80
|
Shareholders who hold different classes of shares shall be class shareholders.
|
|
Class shareholders shall enjoy rights and assume obligations in accordance with laws, administrative regulations and the Articles of Association.
|
||
Article 81
|
Rights conferred on any class shareholder shall not be varied or abrogated except with the approval of a special resolution of shareholders in a general meeting and by holders of shares of that class at a separate meeting conducted in accordance with Article 83 to 87.
|
|
Article 82
|
The following circumstances shall be deemed to be variation or abrogation of the rights attaching to a particular class of shares:
|
|
(1)
|
to increase or decrease the number of shares of that class, or to increase or decrease the number of shares of a class having voting or distribution rights or privileges equal or superior to those of the shares of that class;
|
|
(2)
|
to exchange all or part of the shares of that class for shares of another class or to exchange or to create a right to exchange all or part of the shares of another class for shares of that class;
|
|
(3)
|
to remove or reduce rights to accrued dividends or rights to cumulative dividends attached to shares of that class;
|
|
(4)
|
to reduce or remove preferential rights attached to shares of that class to receive dividends or to the distribution of assets in the event that the Company is liquidated;
|
|
(5)
|
to add, remove or reduce conversion privileges, options, voting rights, transfer or pre-emptive rights, or rights to acquire securities of the Company attached to shares of that class;
|
|
(6)
|
to remove or reduce rights to receive payment payable by the Company in specific currencies attached to shares of that class;
|
|
(7)
|
to create a new class of shares having voting or distribution rights or privileges equal or superior to those of the shares of that class;
|
|
(8)
|
to restrict the transfer or the ownership of shares of that class or to increase the types of restrictions attaching thereto;
|
|
(9)
|
to issue rights to subscribe for, or to convert the existing shares into, shares in the Company of that class or another class;
|
|
(10)
|
to increase the rights or privileges of shares of another class;
|
|
(11)
|
to restructure the Company in such a way so as to result in the disproportionate distribution of obligations between the various
|
classes of shareholders; and
|
||
(12)
|
to vary or abrogate the provisions of this Chapter.
|
|
Article 83
|
Affected class shareholders, whether or not otherwise having the right to vote at the general meeting of shareholders, shall have the right to vote at class meetings in respect of matters concerning items (2) to (8) and items (11) to (12) of Article 82 hereof, but interested shareholders shall not be entitled to vote at such class meetings.
|
|
The interested shareholder referred to in the preceding paragraph means:
|
||
(1)
|
in the case of a repurchase of shares by way of a general offer to all shareholders of the Company on a pro rata basis or by way of public dealing on a securities exchange pursuant to Article 25 hereof, an “interested shareholder” is a controlling shareholder as defined in Article 47 hereof;
|
|
(2)
|
in the case of a repurchase of shares by way of a contractual agreement outside the securities exchange pursuant to Article 25 hereof, an “interested shareholder” is a holder of the shares to which the proposed agreement relates; and
|
|
(3)
|
in the case of a restructuring of the Company, an “interested shareholder” is a shareholder who assumes a relatively lower proportion of obligation than the obligations imposed on shareholders of that class under the proposed restructuring or who has an interest in the proposed restructuring different from the general interest of the shareholders of that class.
|
|
Article 84
|
Resolutions of a class of shareholders shall be passed by votes representing two-thirds or more of the voting rights of shareholders of that class represented at the relevant meeting who, according to Article 83, are entitled to vote thereat.
|
|
Article 85
|
A written notice of a class meeting in respect of the matters to be considered at such meeting as well as the date and the place of the class meeting shall be given to all shareholders who are registered as holders of that class in the register of shareholders forty-five (45) days before the date of the class meeting. A shareholder who intends to attend the class meeting shall deliver his/her written reply in respect thereof to the Company twenty (20) days before the date of the class meeting.
|
|
If the shareholders who intend to attend such class meeting represent one-half or more of the total number of shares of that class which have
|
the right to vote at such meeting, the Company may hold the class meeting; if not, the Company shall within five (5) days give the shareholders further notice of the matter to be considered as well as the date and the place of the class meeting by way of public announcement. The Company may then hold the class meeting after such public announcement has been made.
|
||
Article 86
|
Notice of class meetings need only be delivered to shareholders entitled to vote thereat.
|
|
Class meetings shall be conducted in a manner which is as similar as possible to that of general meetings of shareholders. Provisions of the Articles of Association relating to the manner for the conduct of general meetings of shareholders are also applicable to class meetings.
|
||
Article 87
|
Apart from the holders of other classes of shares, the holders of domestic-invested shares and overseas-listed foreign-invested shares shall be deemed to be holders of different classes of shares.
|
|
The special procedures for approval by a class of shareholders shall not apply in the following circumstances:
|
||
(1)
|
where the Company issues, upon the approval by special resolution of its shareholders in a general meeting, either separately or concurrently once every twelve (12) months, not more than 20% of each of its issued and outstanding domestic-invested shares and overseas-listed foreign-invested shares; and
|
|
(2)
|
where the Company’s plan to issue domestic-invested shares and overseas-listed foreign-invested shares at the time of its establishment is carried out within fifteen (15) months from the date of approval of the securities regulatory authority of the State Council.
|
|
Chapter 10
Board of Directors
|
||
Article 88
|
The Company shall have a board of directors consisting of fifteen (15) directors. External directors shall account for one-half or more of the total number of directors in the board. There shall be one (1) Chairman and one (1) or two (2) Vice chairman in the board of directors.
|
|
The board of directors shall set up special committees in respect of areas including strategy, audit, nomination, remuneration and appraisal. Such
|
special committees shall be composed of directors, among which, in the audit, nomination, remuneration and appraisal committees, independent directors shall account for the majority and the convener shall be an independent director.
|
|
Article 89
|
Directors shall be elected at the general meeting of shareholders and each board shall have a term of three (3) years. At the expiry of the term of office of a director, the term is renewable upon re-election.
|
Except for directors whose term of office will expire (or as elected by the board of directors), a written notice of the intent of candidates nominated for directors and the candidates’ clear indication of their acceptance of nomination shall be delivered to the Company after the date of delivery of the notice of the general meeting of shareholders at which the director is to be elected and at least seven (7) days before the date of such meeting.
|
|
The Chairman and Vice chairman of the board shall be elected or dismissed with the approval of the majority of all directors. The Chairman and Vice chairman shall have a term which is the same as that of other directors and is renewable upon re-election.
|
|
The general meeting of shareholders may dismiss any director prior to the expiry of his/her term of office by adopting an ordinary resolution in accordance with relevant laws and administrative regulations (but the director’s right to raise any claim in accordance with any contract shall not be affected).
|
|
If an independent director has failed to attend a board meeting personally on three consecutive occasions, or a director has neither attended the meeting personally nor appointed another director to attend on his/her behalf on two consecutive occasions, the board of directors shall propose in a general meeting of shareholders to remove and replace this director.
|
|
Directors are not required to hold shares of the Company.
|
|
Article 90
|
A director may resign prior to the expiry of his/her term of office. In resigning his/her duties, a director shall submit a resignation report to the board of directors in writing.
|
If the resignation of a director causes the number of board members of the Company to fall below the minimum number of members to form a quorum, the resignation of this director shall be effective only after the succeeding director has filled his/her vacancy. The board of directors shall call an extraordinary general meeting as soon as possible to elect a director to fill the vacancy caused by his/her resignation. Before the assumption of office by the re-elected director, the original director shall perform his/her duties as a director in accordance with the laws, administrative regulations and these Articles.
|
||
Article 91
|
Independent directors shall account for one-third of the board members of the Company, of which at least one (1) person shall be an accounting professional. Independent directors shall faithfully discharge their duties to safeguard the interests of the Company, with particular focus on the protection of the legitimate rights and interests of the public shareholders.
|
|
Independent directors shall perform their duties independently and shall not be affected by the major shareholders and de facto controller of the Company or any company or individual having interests in the Company and its major shareholders and de facto controller.
|
||
Article 92
|
The following basic requirements shall be met in order to be an independent director:
|
|
(1)
|
qualified to be a director of a listed company under the laws, administrative regulations and other relevant requirements;
|
|
(2)
|
has the independence required by relevant laws, administrative regulations and departmental provisions;
|
|
(3)
|
has the basic knowledge of the operation of a listed company, familiar with relevant laws, administrative regulations, provisions and rules;
|
|
(4)
|
has five (5) years or more of legal or financial experience or other experience in performing the duties of an independent director; and
|
|
(5)
|
other requirements provided in the Articles of Association.
|
|
Article 93
|
The board of directors, the supervisory committee or shareholders who individually or jointly hold 1% or more of the issued shares of the Company may nominate candidates for independent directors who shall be determined by election in the general meeting of shareholders.
|
|
Article 94
|
Any material related party transaction or the engagement or dismissal of
|
the accountants of the Company shall be submitted to the board of directors for consideration upon the approval by one-half or more of the independent directors. Independent directors shall seek the consent of one-half or more of the independent directors in submitting proposals to the board of directors for the convening of extraordinary general meetings and board meetings and in calling for the collection of voting rights from shareholders prior to convening of the general meeting of shareholders. Independent directors may, with the approval of all independent directors, appoint external audit and advisory bodies to audit and give advice on specific issues of the Company and the expenses incurred shall be borne by the Company.
|
|
Article 95
|
Independent directors shall attend board meetings according to schedule in order to understand the production, management and operational conditions of the Company, undertake proactive investigations and have access to circumstances and information necessary for decision making. Independent directors shall submit to the Company’s annual general meeting of shareholders an annual report of all independent directors which shall describe their performance of duties.
|
Article 96
|
The Company shall establish a system for independent directors and the secretary of the board of directors shall actively coordinate with independent directors in their performance of duties. The Company shall ensure that independent directors enjoy the right to access information same as that of other directors and provide them with relevant materials and information in a timely manner and reports of the Company’s operational conditions on a regular basis. When necessary, the Company may arrange independent directors for site inspection.
|
Article 97
|
The term of office of an independent director shall be the same as that of other directors. At the expiry of the term of office, the term is renewable upon re-election. However, the term of office upon re-election shall not be more than six (6) years. An independent director shall not be dismissed without any proper reason prior to expiry of his/her term of office. Where an independent director is dismissed before his/her term of office expires, the Company shall disclose the information as a special disclosure. The independent director who has been dismissed may make a public statement if he/she deems that his/her removal by the Company is on unreasonable grounds.
|
Article 98
|
An independent director may resign prior to expiry of his/her term of
|
office. In resigning his/her duties, an independent director shall submit a resignation report to the board of directors in writing to describe any circumstances relating to his/her resignation or any fact that he/she believes necessary to draw to the attention of the Company’s shareholders and creditors.
|
||
If the resignation of an independent director causes the number of independent directors to fall below the minimum number of members to form a quorum, the independent director concerned shall continue to perform his/her duties pursuant to laws, administrative regulations and the provisions of these Articles before the assumption of office by the re-elected independent director. The board of directors shall convene a general meeting of shareholders to re-elect an independent director within two (2) months. In the case of failure to convene a general meeting of shareholders on time, the independent director concerned is not required to continue with his/her performance of duties.
|
||
Article 99
|
The board of directors shall be accountable to the general meeting of shareholders and shall assume the following functions and powers:
|
|
(1)
|
to be responsible for the convening of the general meeting of shareholders and to report on its work to shareholders in general meetings;
|
|
(2)
|
to implement resolutions of the general meeting of shareholders;
|
|
(3)
|
to determine the Company’s business plans and investment proposals;
|
|
(4)
|
to formulate the Company’s annual preliminary and final budgets;
|
|
(5)
|
to formulate the Company’s profit distribution plans and loss recovery plans;
|
|
(6)
|
to formulate proposals on the increase or reduction in the Company’s registered capital and the issuance of debentures of the Company;
|
|
(7)
|
to draft plans for the merger, division, dissolution or change in corporate form of the Company;
|
|
(8)
|
to determine the Company’s internal management structure;
|
|
(9)
|
to appoint or remove the general manager of the Company, appoint or remove deputy general managers and Chief Financial Officer of the Company according to the recommendations of the general manager and decide on their remuneration matters;
|
|
(10)
|
to set forth the Company’s basic management system;
|
|
(11)
|
to formulate proposals for any amendment of the Articles of Association;
|
|
(12)
|
to set proposals for the amendment of the rules of procedures of the
|
general meeting of shareholders;
|
||
(13)
|
to determine matters on the Company’s external guarantee under applicable laws and within the scope of authorization of the Articles of Association; and
|
|
(14)
|
other functions and powers conferred by the Articles of Association or the general meeting of shareholders.
|
|
Other than the board resolutions in respect of the matters specified in items (6), (7), (11) and (13) which shall be passed by the affirmative vote of two-thirds or more of the directors, the board resolutions in respect of all other matters may be passed by the affirmative vote of the majority of the directors.
|
||
During the inter-sessional period of the board of directors, the chairman and vice chairman of the board may, as entrusted by the board of directors, jointly exercise some of the functions and powers of the board of directors which include:
|
||
(1)
|
consideration and approval of motions on the establishment or cancellation of development and construction projects;
|
|
(2)
|
consideration and approval of motions from the general manager on the appointment, removal and mobilization of the Company’s departmental managers and the secondment of agency managers;
|
|
(3)
|
consideration and approval of plans on the use of important funds;
|
|
(4)
|
consideration and approval of motions on the establishment or cancellation of subsidiaries or branches; and
|
|
(5)
|
consideration and approval of other particularly significant issues.
|
|
Article 100
|
All directors of the Company shall carefully treat and strictly control liability risks arising from external guarantee and shall adhere to the following principles in determining the Company’s issues on external guarantee:
|
|
(1)
|
the Company’s provision of guarantee for another party shall adhere to the principles of equality, voluntariness, fairness, integrity and mutual benefit;
|
|
(2)
|
prior to determining the provision of guarantee for another party or deciding to submit the relevant issue to the general meeting of shareholders for consideration, the Company shall have a full understanding of the credit status of the party to be guaranteed and shall conduct a comprehensive analysis of the impact of the guarantee issue on the interests and risk of the Company;
|
|
(3)
|
the Company can provide guarantee only to enterprises with good
|
credit and proven repayment capacity; and
|
||
(4)
|
the Company shall observe the stipulations of applicable laws and shall not provide guarantee for any party that is prohibited to be guaranteed by the Company under the laws.
|
|
Article 101
|
Unless otherwise prescribed in applicable laws and these Articles, the board of directors has the right to determine external guarantees in the amount of 5% to 20% of the Company’s net assets in the consolidated financial statements for the latest accounting year. The chairman and vice chairman of the board have the right to jointly determine external guarantees in the amount of less than 5% of the Company’s net assets in the consolidated financial statements for the latest accounting year.
|
|
Article 102
|
In disposing fixed assets, if the expected value of the fixed assets to be disposed of and the total value of the fixed assets already disposed of in four (4) months before the proposal of such disposal jointly exceed 33% of the fixed assets value shown in the latest balance sheet reviewed by the general meeting of shareholders, the board of directors shall not dispose of or approve the disposal of such fixed assets prior to the approval by the general meeting of shareholders.
|
|
The disposal of fixed assets referred to in this Article shall include the act of transferring certain rights and interests of assets, excluding the act of providing guarantee with fixed assets.
|
||
The effectiveness of transactions concerning the disposal of fixed assets conducted by the Company shall not be subject to the first clause of this Article.
|
||
Article 103
|
The chairman of the board of directors shall exercise the following functions and power:
|
|
(1)
|
to preside over general meetings of shareholders and to convene and preside over the board of directors’ meetings;
|
|
(2)
|
to review on the implementation of resolutions passed by the board of directors’ meetings;
|
|
(3)
|
to sign the certificates of securities issued by the Company; and
|
|
(4)
|
to exercise other powers conferred by the board of directors.
|
|
When the chairman of the board is unable to perform his/her functions and powers, he/she may assign the vice chairman to act on his/her behalf.
|
Article 104
|
Board meetings shall be convened by the chairman of the board at least twice a year and an official notice in respect of the time and venue of the meeting shall be given to all directors in writing ten (10) days before the date of the meeting. Shareholders representing 10% or more of the voting shares, or the chairman of the board, or one-third or more of the members of the board of directors, or the supervisory committee, or the general manager of the Company may submit proposals to the board of directors for the convening of an extraordinary general meeting. The chairman of the board shall convene and preside over the board meetings within ten (10) days upon the receipt of such proposal from shareholders representing 10% or more of the voting shares, or one-third or more of the members of the board of directors, or the supervisory committee, or the general manager of the Company.
|
|
The method and period of notification for the convening of regular and extraordinary board meetings:
|
||
(1)
|
Where the time and venue of regular board meetings have been specified in advance by the board of directors, the notice of meeting is not required.
|
|
(2)
|
Where the time and venue of regular board meetings have not been specified in advance by the board of directors, the chairman of the board shall give a notice of the time and venue of the meeting to all directors and supervisors at least ten (10) to thirty (30) days in advance. For extraordinary board meetings, the chairman of the board shall give a notice of the time and venue of the meeting to all directors and supervisors at least three (3) days in advance. However, those to be convened under emergency conditions shall not be subject to the relevant restriction on the notice period. The relevant notice of board meetings referred to above shall be given to all directors and supervisors by telex, telegraph, fax, express or registered mail or by hand.
|
|
(3)
|
The notice shall be given in Chinese, with English translation attached when necessary, and shall include the program and agenda of the meeting.
|
|
(4)
|
Where a director, who is present at the meeting, has not raised any objection that he/she has not been notified of the meeting before or at the meeting, such director shall be deemed to have notified of the meeting.
|
|
(5)
|
Regular or special board meetings may be held in the form of telephone conference or by means of similar communication
|
facilities. So long as the directors who are present at the meeting can clearly listen to and communicate with other directors, all directors who are present at the meeting shall be deemed to have attended the meeting in person.
|
||
Article 105
|
Board meetings shall be conducted in Chinese.
|
|
Article 106
|
Board meetings shall be held only if the majority of the directors are present.
|
|
Each director shall have one (1) vote. Board resolutions must be voted for by the majority of all directors.
|
||
Article 107
|
Directors shall attend the board meeting in person. If a director is unable to attend the meeting in person due to some reasons, he/she may entrust another director in writing to attend the meeting on his/her behalf and the proxy letter shall specify the scope of the authority.
|
|
The director who attends the board meeting on behalf of another director shall exercise the right of the entrusting party within the scope of authorization. If any director fails to attend the board meeting or entrusts a proxy to be present on his/her behalf, he/she shall be deemed to have waived his/her voting rights at that meeting.
|
||
Article 108
|
The board of directors shall take minutes of all decisions made on the matters discussed at a board meeting. Directors present at the meeting and the recorder shall sign their names on the minutes. Directors shall be responsible for the resolutions of board meetings. If any resolution adopted by a board meeting violates the laws, administrative regulations, the Articles of Association or the resolution of the general meeting of shareholders and causes the Company to suffer from significant losses, the directors who voted for the resolution shall be liable for compensation to the Company while the directors who are certified by the minutes of the meeting having voted against the resolution are not liable for the losses.
|
|
Article 109
|
If the board of directors has delivered a motion to all directors and the directors who have given their signatures for consent have reached the required quorum for making such decision pursuant to these Articles, such motion may become a board resolution and no board meeting is required.
|
Chapter 11
Secretary of the Board of Directors
|
||
Article 110
|
The Company shall have a secretary of the board of directors who is a senior officer of the Company.
|
|
Article 111
|
The secretary of the board of directors shall be a natural person who has the requisite professional knowledge and experience, and shall be nominated by the board of directors. The main duties of the secretary are:
|
|
(1)
|
to ensure that the Company has complete organizational documents and records;
|
|
(2)
|
to ensure that the Company has prepared and delivered all reports and documents as required by the authorities in accordance with the laws; and
|
|
(3)
|
to ensure that the Company’s register of shareholders is properly created and those persons who have the right to access the Company’s records and documents can obtain such records and documents in a timely manner.
|
|
Article 112
|
The Company shall be active in establishing a sound working system for the management of investor relations and, by way of various approaches, take the initiative in strengthening communication and exchanges with shareholders, in particular the public shareholders. The secretary of the board of directors shall be specifically responsible for the management of investor relations of the Company.
|
|
Article 113
|
A director or other senior management personnel of the Company (excluding the Company’s supervisors) may serve concurrently as the secretary of the board of directors. Accountants of an accounting firm appointed by the Company shall not serve concurrently as the secretary of the board of directors.
|
|
If an action is required to be taken by a director and the secretary of the board of directors respectively, a director who is also the secretary of the board shall not take such action in both capacities simultaneously.
|
||
Chapter 12
General Manager
|
||
Article 114
|
The Company shall have one (1) general manager. The general manager shall be appointed or removed by the board of directors.
|
Article 115
|
The general manager shall be accountable to the board of directors and exercise the following functions and powers:
|
|
(1)
|
to be in charge of the production, operation and management of the Company, and to coordinate the implementation of resolutions of the board of directors;
|
|
(2)
|
to organize the implementation of the Company’s annual business plans and investment proposals;
|
|
(3)
|
to draft plans for the establishment of the Company’s internal management structure;
|
|
(4)
|
to draft the Company’s basic management system;
|
|
(5)
|
to formulate specific regulations of the Company;
|
|
(6)
|
to propose the appointment or dismissal of the Company’s deputy general managers and Chief Financial Officer;
|
|
(7)
|
to appoint or dismiss management personnel other than those required to be appointed or dismissed by the board of directors; and
|
|
(8)
|
other powers conferred by the Articles of Association and the board of directors.
|
|
Article 116
|
The general manager may attend board meetings as a non-voting attendee. A general manager who is not a director does not have any voting rights at board meetings.
|
|
Article 117
|
The general manager shall act honestly and diligently in accordance with the laws, administrative regulations and the Articles of Association when performing their functions and powers.
|
|
Chapter 13
Supervisory Committee
|
||
Article 118
|
The Company shall have a supervisory committee.
|
|
Article 119
|
The supervisory committee shall comprise six (6) persons, of which two of them shall serve as the chairman and vice chairman of the supervisory committee respectively. External supervisors shall account for one-half or more of the total number of supervisors in the committee. The supervisory committee shall have a term of three (3) years and the term is renewable upon re-election.
|
|
The election or removal of the chairman and vice-chairman of the supervisory committee shall be determined by two-thirds or more of the members of the supervisory committee.
|
Article 120
|
The supervisory committee shall comprise four (4) shareholder representatives and two (2) representatives of workers and staff of the Company. Shareholder representatives shall be elected and removed by shareholders in general meetings while the election and removal of representatives of workers and staff shall be determined through democratic elections organized by the Company’s workers and staff.
|
|
Article 121
|
Neither a director nor a senior officer of the Company may serve concurrently as a supervisor.
|
|
Article 122
|
Supervisors’ meetings shall be convened at least once every six months. A supervisor may propose for the convening of an extraordinary supervisors’ meeting. The chairman of the supervisory committee is responsible to convene and preside over supervisors’ meetings. Where the chairman is unable or fails to perform his/her duties, the vice chairman of the supervisory committee shall convene and preside over supervisors’ meetings. Where the vice chairman is unable or fails to perform his/her duties, supervisors’ meetings shall be convened and presided over by the majority of the supervisors.
|
|
Article 123
|
The supervisory committee shall be accountable to the general meeting of shareholders and exercise the following functions and powers in accordance with the laws:
|
|
(1)
|
to review the Company’s financial position;
|
|
(2)
|
to supervise the performance of duties by the directors and senior management personnel and to advise on the dismissal of directors and senior management personnel who are in breach of the laws, administrative regulations, the Articles of Association and resolutions of the general meeting of shareholders;
|
|
(3)
|
to demand the directors, general manager and other senior management personnel to rectify their error if they have acted in a harmful manner to the Company’s interest;
|
|
(4)
|
to check and inspect the financial information such as the financial report, business report and plans for distribution of profits to be submitted by the board of directors to the general meeting of shareholders and to authorize, in the Company’s name, publicly certified and practicing accountants to assist in the review on such information should any doubt arise in respect thereof;
|
|
(5)
|
to check periodic reports of the Company as prepared by the board of directors and to give their opinion in writing;
|
|
(6)
|
to propose to convene an extraordinary general meeting and, where
|
the board of directors fails to perform its duties to convene or preside a general meeting of shareholders, to convene or preside the general meeting of shareholders;
|
||
(7)
|
to represent the Company in negotiations with or in bringing actions against a director;
|
|
(8)
|
to conduct investigations when an abnormal operation of the Company is found and, when necessary, may appoint professional institutions, including accounting and legal firms, to assist its work; and
|
|
(9)
|
other functions and powers conferred by law, administrative regulations, the Articles of Associations and the general meeting of shareholders.
|
|
Supervisors shall attend board meetings.
|
||
Article 124
|
Resolutions of the supervisory committee shall be valid only when passed by the affirmative vote of two-thirds or more of the supervisors. Minutes shall be taken for supervisors’ meetings and be signed by the attending supervisors and the recorder.
|
|
Supervisors have the right to ask to keep their comments made at the meeting in the minutes. Minutes of the supervisors’ meetings shall be kept properly as an important file of the Company.
|
||
Article 125
|
All reasonable fees incurred in respect of the engagement of professionals, including lawyers, certified public accountants and practicing auditors, which are required by the supervisory committee in the exercise of its functions and powers shall be borne by the Company.
|
|
Article 126
|
A supervisor shall perform his duties faithfully in accordance with the laws, administrative regulations and the provisions of the Articles of Association.
|
|
Chapter 14
Qualifications and Obligations of Directors, Supervisors, General Manager and Other Senior Management Personnel
|
||
Article 127
|
A person may not serve as a director, supervisor, general manager or senior officer of the Company if any of the following circumstances apply:
|
|
(1)
|
a person who does not have or who has limited capacity for civil
|
conduct;
|
||
(2)
|
a person who has been found guilty of for corruption, bribery, infringement or misappropriation of property or other crimes which destroy the social economic order, and the sentence is enforced for less than five (5) years or a person who has been deprived of his/her political rights and not more than five (5) years have elapsed since the sentence was served;
|
|
(3)
|
a person who is a former director, factory manager or manager of a company or enterprise which has been dissolved or put into liquidation as a result of mismanagement and who was personally liable for the winding up of such company or enterprise, where less than three (3) years have elapsed since the date of completion of the insolvent liquidation of the company or enterprise;
|
|
(4)
|
a person who is a former legal representative of a company or enterprise the business license of which was revoked due to violation of law and who are personally liable, where less than three (3) years have elapsed since the date of the cancellation of the business license;
|
|
(5)
|
a person who has a relatively large amount of debts which have become due and outstanding;
|
|
(6)
|
a person who is currently under investigation by the judicial authorities for violation of criminal law;
|
|
(7)
|
a person who, according to laws and administrative regulations, cannot act as a leader of an enterprise;
|
|
(8)
|
a person other than a natural person; and
|
|
(9)
|
a person who has been adjudged by the competent authority for violation of relevant securities regulations and such conviction involves a finding that such person has acted fraudulently or dishonestly, where less than five (5) years have elapsed since the date of such convictions.
|
|
Article 128
|
Independent directors must have independence and the following people shall not act as an independent director:
|
|
(1)
|
persons employed by the Company or its subsidiaries and their immediate family members and major social connections (immediate family members mean spouse, parents and issues, etc. and major social connections mean siblings, parents-in-law, sons/daughters-in-law, spouse of siblings, siblings of spouse, etc.);
|
|
(2)
|
natural person shareholders who directly or indirectly hold 1% or more of the Company’s issued shares or who are top ten shareholders and their immediate family members;
|
(3)
|
persons employed by the shareholder company who directly or indirectly hold 5% or more of the Company’s issued shares or who are top five shareholders and their immediate family members;
|
|
(4)
|
persons who once belonged to the preceding three items in the past year;
|
|
(5)
|
persons who provide financial, legal or consulting service to the Company or its subsidiaries; and
|
|
(6)
|
other persons determined by the securities regulatory authority of the State Council.
|
|
Article 129
|
Where the directors, general manager and other senior management personnel of the Company act on behalf of the Company, the effectiveness of such act against any third party acting in good faith shall not be affected by the non-compliance in terms of incumbency, election or qualification of such person.
|
|
Article 130
|
Apart from the obligations prescribed in the laws, administrative regulations or listing rules of the securities exchange where the Company’s shares are listed, the director, supervisor, general manager and other senior management personnel of the Company shall also assume the following obligations towards every shareholder, when exercising their functions and powers granted by the Company:
|
|
(1)
|
not operating business beyond the business scope specified in the Company’s business license;
|
|
(2)
|
acting in good faith with a view to maximize the Company’s interests;
|
|
(3)
|
not depriving the Company of its properties by any means, including (but not limited to) favorable opportunities for the Company; and
|
|
(4)
|
not depriving shareholders of personal rights and interests, including (but not limited to) the rights of distribution and voting, excluding the restructuring of the Company submitted to the general meeting of shareholders for approval pursuant to the Articles of Association.
|
|
Article 131
|
When exercising their rights or performing their obligations, the director, supervisor, general manager and other senior management personnel of the Company shall be responsible for behaving with prudence, diligence and skills a reasonably prudent person would exercise under similar circumstances.
|
|
Article 132
|
When performing their duties, the director, supervisor, general manager and other senior management personnel of the Company shall observe
|
the principle of good faith, and shall not place themselves in a position where their interest may conflict with their obligations. The principle includes (without limitation) the following obligations:
|
||
(1)
|
acting in good faith with a view to maximize the Company’s interests;
|
|
(2)
|
exercising rights within the scope of authority, without exceeding such scope;
|
|
(3)
|
personally exercising the discretionary power without manipulated by other persons; the discretionary power shall not be assigned to any other person, unless as approved by law, administrative regulations, or the informed general meeting of shareholders;
|
|
(4)
|
equally treating shareholders of the same class and fairly treating those of different class;
|
|
(5)
|
except as otherwise provided in the Articles of Association or approved by the informed general meeting of shareholders, not to sign contracts, conduct transactions or make arrangements with the Company;
|
|
(6)
|
without approval of the informed general meeting of shareholders, not to utilize the Company’s property by any means for their own interests;
|
|
(7)
|
not to take advantage of the position to accept bribes or other illegal income, or misappropriate the property of the Company by any means, including (but not limited to) favorable opportunities for the Company;
|
|
(8)
|
without approval of the informed general meeting of shareholders, not to accept commissions related to the Company’s transactions;
|
|
(9)
|
observing the Articles of Association, faithfully performing their responsibilities and protecting interests of the Company, and not to take advantage of their position and power to seek personal interests;
|
|
(10)
|
without approval of the informed general meeting of shareholders, not to compete with the Company by any means;
|
|
(11)
|
not to misappropriate the Company’s funds or to lend such funds to other persons, not to deposit the Company’s funds in the account opened in personal name or otherwise, or utilize the assets of the Company to provide guarantee for the personal debt of the Company’s shareholders or other persons; and
|
|
(12)
|
without approval of the informed general meeting of shareholders, not to reveal the confidential information of the Company gained during their term of office; unless for the interest of the Company, not to take advantage of such information, however, in any one of the following circumstances; such information may be disclosed to
|
the court or other governmental authorities:
|
|||
1.
|
provided by law;
|
||
2.
|
required for public interests; and
|
||
3.
|
required by the director, supervisor, general manager and other senior management personnel for his/her own interests.
|
||
Article 133
|
The director, supervisor, general manager and other senior management personnel of the Company shall not instigate the following persons or institutions (collectively “related persons”) to do anything that they are forbidden to do:
|
||
(1)
|
the spouse or minor children of the director, supervisor, general manager and other senior management personnel of the Company;
|
||
(2)
|
trustees of the director, supervisor, general manager and other senior management personnel of the Company and those specified in item (1) of this Article;
|
||
(3)
|
partners of the director, supervisor, general manager and other senior management personnel of the Company and those specified in items (1) and (2) of this Article;
|
||
(4)
|
companies in which the director, supervisor, general manager and other senior management personnel of the Company, whether alone or jointly with those specified in items (1), (2) and (3) of this Article or other directors, supervisors, general manager and other senior management personnel of the Company, has de facto controlling interest; and
|
||
(5)
|
the directors, supervisors, general managers and other senior management personnel of the controlled companies specified in item (4) of this Article.
|
||
Article 134
|
The obligations of good faith of the director, supervisor, general manager and other senior management personnel of the Company shall not necessarily terminate upon expiration of their term of office, and their obligations to hold the business secrets of the Company confidential shall remain valid after the expiration of their tenures of office. The duration of other obligations shall be decided in accordance with the principle of fairness, depending on the interval between the date when an event arises and the date when they leave their post, and depending on the circumstances and conditions under which their relationship with the Company terminates.
|
||
Article 135
|
The responsibilities borne by the director, supervisor, general manager and other senior management personnel of the Company due to violation
|
of a certain obligation may be discharged by the informed general meeting of shareholders, with the exception of the circumstances specified in Article 46 of these Articles.
|
|
Article 136
|
Where the director, supervisor, general manager and other senior management personnel of the Company has direct or indirect material interest with the contracts, transactions or arrangements (except the employment contracts between the Company and its directors, supervisors, general manager and other senior management personnel) signed or planned by the Company, such person shall notify the board of directors of the nature and degree of the interest as soon as possible, regardless of whether such matter, in general, shall be subject to approval of the board of directors.
|
Unless the interested directors, supervisors, general manager and other senior management personnel have informed the board of directors of the matter in accordance with the requirements specified in the preceding paragraph, and the board of directors has approved it at a meeting where such persons are neither included in the quorum nor participated in the voting, the Company has the right to cancel such contracts, transactions or arrangements, save the counterparty is an innocent party who is unaware of the violation of their obligations by the related directors, supervisors, general manager and other senior management personnel.
|
|
When the related persons of the director, supervisor, general manager and other senior management personnel of the Company have an interest with a certain contract, transaction or arrangement, it shall be deemed that the director, supervisor, general manager and other senior management personnel have an interest as well.
|
|
Article 137
|
Before a contract, transaction or arrangement is first taken into consideration by the Company, if the interested directors, supervisors, general manager and other senior management personnel of the Company have notified the board of directors in writing form, declaring that because of the reasons specified in the notification, they have an interest with the contract, transaction or arrangement of the Company in the future, it shall be deemed that they have made the disclosure as required in the preceding article hereof, within the scope of the disclosure of the notification.
|
Article 138
|
The Company shall not pay taxes for its directors, supervisors, general manager and other senior management personnel by any means.
|
|
Article 139
|
The Company shall not, directly or indirectly, provide loans or loan guarantee for the directors, supervisors, general manager and other senior management personnel of the Company and its holding company, nor shall it provide the same to their related persons.
|
|
This Article shall be inapplicable to the following circumstances:
|
||
(1)
|
the Company provides loans or loan guarantee for its subsidiaries;
|
|
(2)
|
pursuant to the employment contracts approved by the general meeting of shareholders, the Company provides loans, loan guarantee or other funds for its directors, supervisors, general manager and other senior management personnel, to enable them to make payment for the Company or for the expenses arising from the performance of their duties; and
|
|
(3)
|
if the ordinary course of business of the Company includes the lending of money or the giving of guarantees, the Company may provide loans or loan guarantee for its directors, supervisors, general manager and other senior management personnel and their related persons in the ordinary course of its business on normal commercial terms.
|
|
Article 140
|
Where the Company provides loans in violation of the preceding article, the payee shall return the loans immediately, regardless of the loan conditions.
|
|
Article 141
|
The Company shall be free of compulsory execution of the loan guarantee if it provides such loan guarantee in violation of the first clause of Article 139 of this Chapter, except for the following circumstances:
|
|
(1)
|
when providing loans to the related persons of the director, supervisor, general manager and other senior management personnel of the Company and its holding company, the provider is not aware of the circumstances; and
|
|
(2)
|
the collateral provided by the Company has been legally sold by the loan provider to a purchaser acting in good faith.
|
|
Article 142
|
The guarantee referred to in the preceding article includes the activities whereby the guarantor bears the responsibility or provides property to ensure the obligation performance of the guarantee.
|
Article 143
|
In case when the director, supervisor, general manager and other senior management personnel of the Company violate their obligations towards the Company, apart from the rights and remedial measures provided by law and administrative regulations, the Company has the right to take the following measures:
|
|
(1)
|
requiring relevant directors, supervisors, general manager and other senior management personnel to compensate the Company for the losses resulted from their dereliction of duty;
|
|
(2)
|
cancelling any contract or transaction between the Company and relevant directors, supervisors, general manager and other senior management personnel and that between the Company and a third party (if the third party have known or should have known that the relevant directors, supervisors, general manager and other senior management personnel had violated their obligations towards the Company);
|
|
(3)
|
requiring relevant directors, supervisors, general manager and other senior management personnel to hand over the proceeds generated in violation of their obligations;
|
|
(4)
|
recovering related directors, supervisors, general manager and other senior management personnel for the funds that originally should be collected by the Company, including (but not limited to) commissions; and
|
|
(5)
|
requiring relevant directors, supervisors, general manager and other senior management personnel to return the interest generated by or possibly generated by the fund that originally should be turned over to the Company.
|
|
Article 144
|
With the prior approval of the general meeting of shareholders, the Company shall sign written contracts with its directors and supervisors in respect of compensation. The matter of compensation aforesaid includes:
|
|
(1)
|
compensation of directors, supervisors or senior management personnel of the Company;
|
|
(2)
|
compensation of directors, supervisors or senior management personnel of the Company’s subsidiaries;
|
|
(3)
|
compensation of other services supporting the management of the Company and its subsidiaries; and
|
|
(4)
|
compensatory amounts for the loss of office or retirement of a director or supervisor.
|
Except for the aforesaid contracts, the director and supervisor shall not file any lawsuit against the Company and claim the benefits they shall obtain for the foregoing matters.
|
||
Article 145
|
The compensation contracts between the Company and its directors and supervisors shall provide that when the Company is acquired, with the prior approval of the general meeting of shareholders, directors and supervisors of the Company have the right to obtain the compensatory or other amounts to which they are entitled due to losing their post or retirement. The acquisition referred to above means any one of the following circumstances:
|
|
(1)
|
any person makes an offer of acquisition to all shareholders; and
|
|
(2)
|
any person makes an offer of acquisition with the aim to make the offer become the controlling shareholder of the Company. The controlling shareholder is defined in Article 47 hereof.
|
|
If relevant directors and supervisors violate the provisions of this Article, any fund received by them shall be owned by the persons who accept the foregoing offer and sell their shares and meanwhile the directors and supervisors shall bear the expense incurred by allocation of the fund proportionally. The expenses shall not be subtracted from the fund.
|
||
Chapter 15
Financial and Accounting Systems and Profit Distribution
|
||
Article 146
|
The Company shall establish its financial and accounting systems in accordance with laws, administrative regulations and the provisions of PRC accounting standards formulated by the competent financial authority of the State Council.
|
|
Article 147
|
At the end of each accounting year, the Company shall prepare a financial and accounting report which shall be audited by an accounting firm in a manner prescribed by laws.
|
|
Article 148
|
The board of directors of the Company shall place before the shareholders at every annual general meeting such financial reports which the relevant laws, administrative regulations and directives promulgated by local governments and competent authorities require the Company to prepare.
|
|
Article 149
|
The Company shall make the financial report available at the Company for examination by its shareholders twenty (20) days prior to the
|
convening of the annual general meeting of shareholders. Every shareholder of the Company has the right to obtain the financial report mentioned in this Chapter.
|
||
The Company shall send the board of directors’ report and the aforesaid report to each holder of overseas-listed foreign-invested shares by pre-paid post at least twenty-one (21) days prior to the convening of the annual general meeting of shareholders, and the address registered in the register of shareholders shall be the address of the recipient.
|
||
Article 150
|
The financial statements of the Company shall, in addition to being prepared in accordance with PRC accounting standards and regulations, be prepared in accordance with international accounting standards. If there is any material difference between the financial statements prepared respectively in accordance with the two accounting standards, such difference shall be stated in the notes of the financial statements. In distributing its profits after tax for the relevant accounting year, the lower of the two amounts shown in the aforesaid financial statements shall be adopted.
|
|
Article 151
|
Interim results, annual results or relevant financial information to be announced or disclosed by the Company shall be prepared in accordance with PRC accounting standards and regulations and also in accordance with the international accounting standards.
|
|
Article 152
|
The Company shall publish its financial reports four (4) times in each accounting year, that is, the report for the first quarter shall be published within thirty (30) days after the end of the first three (3) months of each accounting year, the interim financial report shall be published within sixty (60) days after the end of the first six (6) months of each accounting year, the report for the third quarter shall be published within thirty (30) days after the end of the first nine (9) months of each accounting year, and the annual financial report shall be published within one hundred and twenty (120) days after the end of each accounting year.
|
|
Article 153
|
The Company shall not have any account book except its statutory ones.
|
|
Article 154
|
The capital reserve includes the following items:
|
|
(1)
|
the premium gained from shares issuance in excess of the par value; and
|
|
(2)
|
other incomes that shall be included into the capital reserve as
|
required by the competent financial authority of the State Council.
|
|||
Article 155
|
In allocating dividends after taxes are paid in accordance with the provisions of the taxation law, the principle of the Company is:
|
||
(1)
|
The after-tax profits of the Company shall be first used for making up losses on the previous year. No profit shall be available for allocation before losses on the previous year are covered. Undistributed profits in the previous year may be incorporated into the profits of the current year for allocation.
|
||
(2)
|
After making up the losses, the Company’s after-tax profits shall be allocated in the following order of priority pursuant to relevant laws:
|
||
1.
|
contributing to the statutory reserve fund;
|
||
2.
|
contributing to the discretionary reserve fund; and
|
||
3.
|
paying dividends to shareholders of ordinary shares.
|
||
(3)
|
When allocating the after-tax profits of the current year, the Company shall allocate 10% of its profits to the statutory reserve fund. Where the accumulated statutory reserve fund of the Company has reached50% or more of the registered capital of the Company, no allocation is needed.
|
||
(4)
|
The proposal for allocating profits to the discretionary reserve fund and for paying dividends to shareholders of ordinary shares mentioned in item (2) of this Article shall be drafted by the board of directors and shall be approved by shareholders in the general meeting.
|
||
Article 156
|
The Company shall establish and maintain a consistent and stable profit distribution policy, where positive distribution methods (including without limitation giving preference to payment of cash dividends) shall be used to ensure reasonable returns of investment for the shareholders while taking into account the long-term interests of the Company, the interests of all the shareholders as a whole and the reasonable funding requirements and sustainable development of the Company. The Company may pay dividends in cash, stock or a combination of both. The Company may distribute interim cash dividends when it deems appropriate.
|
||
Article 157
|
The Company may pay cash dividends in any year when its earnings and accumulated undistributed profits are positive and its cash flows are sufficient for the normal conduct of business and sustainable development of the Company, provided that the profits to be distributed by the Company in cash shall, in principle, not be less than 50% of the
|
distributable profits realized in that year as indicated in the consolidated accounts.
|
|
Where the Company operates well and the Board believes that the Company’s share price does not match with its equity scale and that the distribution of cash dividends will be conducive to the interest of the Company and its shareholders as a whole, then subject to satisfying the condition for cash dividends as mentioned above, the Company may propose to profit distribution policy for cash dividends.
|
|
The profit distribution plan of the Company shall be prepared by the management and submitted to the Board and the Board of Supervisors for approval. The Board shall fully discuss the reasonableness of the plan and submit its decision to the general meeting for approval. Where the Company decides not to pay cash dividends under special circumstances, the Board shall explain the reasons for not paying cash dividends and clarify the purpose of use of the Company’s retained earnings, its anticipated investment income, etc.. Such clarification and explanation, along with the comments on them from the independent directors, shall be submitted to the general meeting for approval and to make disclosure.
|
|
With respect to any adjustment to the Company’s profit distribution policy, the Board shall conduct a special discussion to demonstrate the reasons for such adjustment and form a report to be reviewed by the independent directors, which shall then be submitted to the general meeting for approval by way of special resolution.
|
|
Where the Board does not propose distribution of cash dividends despite the profitability of the Company or where the Company adjusts its cash dividend policy, online voting shall be made accessible to the shareholders in determining such proposal(s).
|
|
After the resolution in respect of the profit distribution plan is approved at the general meeting, the Board shall complete the distribution of dividends (or bonus shares) within two months after the meeting.
|
|
The Company shall establish various channels of communication to grant the minority shareholders an opportunity to give their opinions on the Company’s profit distributions and the changes in the Company’s profit distribution policy.
|
Article 158
|
The Company shall calculate and declare dividends and other payments in Renminbi. Cash dividends and other cash distributions which are payable to holders of domestic-invested shares shall be paid in Renminbi. Cash dividends and other distributions which are payable to holders of foreign-invested shares shall be paid in US Dollars. However, those payable to holders of foreign-invested shares traded on the Hong Kong Stock Exchange shall be paid in Hong Kong Dollars.
|
Where dividends or other distributions are paid in a currency other than Renminbi, the applicable exchange rate shall be the average benchmark rate for the relevant foreign currency determined by the Peoples’ Bank of China in two (2) working days during the week prior to the announcement of payment of such dividends or other distributions.
|
|
Article 159
|
The Company shall appoint receiving agents for holders of the overseas-listed foreign-invested shares. Such receiving agents shall receive dividends which have been declared by the Company and other amounts which the Company should pay to holders of the overseas-listed foreign-invested shares on such shareholders’ behalf.
|
The receiving agents appointed by the Company shall meet the relevant requirements of the laws of the place at which the securities exchange on which the shares are listed is located or the relevant regulations of such securities exchange. The receiving agents appointed for holders of the overseas-listed foreign-invested shares traded on the Hong Kong Stock Exchange shall each be a company registered as a trust company under the Trustee Ordinance of Hong Kong.
|
|
Any amount paid up by shareholders for any shares prior to the call on shares may be entitled to interests. However, shareholders are not entitled to any interest declared thereafter in respect of their prepayments.
|
|
Chapter 16
Appointment of Accounting Firms
|
|
Article 160
|
The Company shall appoint an independent firm of accountants which is qualified under the relevant regulations of the State to audit or review the financial reports of the Company.
|
Article 161
|
The term of appointment of the accounting firm shall begin at the close of the current annual general meeting of shareholders and end at
|
the close of the next annual general meeting of shareholders.
|
||
Article 162
|
The accounting firm appointed by the Company shall enjoy the following rights:
|
|
(1)
|
examining the books, records and vouchers of the Company at any time, and requiring the directors, general manager or other senior management personnel of the Company to provide relevant information and explanations;
|
|
(2)
|
requiring the Company to adopt all reasonable measures to obtain from its subsidiaries information and explanations that are required for the performance of duties; and
|
|
(3)
|
attending the general meeting of shareholders, receiving notice of general meeting of shareholders or other information in relation to the general meeting of shareholders and giving speeches at the meeting with regard to matters involving its duties as an accounting firm appointed by the Company.
|
|
Article 163
|
If a vacancy occurs on the post of accounting firm, the board of directors may appoint an accounting firm to fill such vacancy before the convening of the general meeting of shareholders. Any other accounting firm which has been appointed by the Company may continue to act during the period during which a vacancy arises.
|
|
Article 164
|
The general meeting of shareholders may decide to dismiss an accounting firm by adopting ordinary resolution before the expiration of the term of office of the accounting firm, regardless of the terms and conditions of the contract between the accounting firm and the Company. If the relevant accounting firm has the right to make claim to the Company due to its dismissal, such right shall not be affected.
|
|
Article 165
|
The compensation of the accounting firm or the method of determining the compensation shall be decided by the general meeting of shareholders. The compensation of the accounting firm appointed by the board of directors shall be decided by the board of directors.
|
|
Article 166
|
The decision on engaging, dismissing or not renewing the appointment of an accounting firm shall be made by the general meeting of shareholders, and reported to the securities regulatory authority of the State Council for filing.
|
|
If the general meeting of shareholders plans, by passing resolutions, to
|
recruit a non-incumbent accounting firm to fill up any vacancy of the post of accounting firm, or renew the engagement of an accounting firm appointed by the board of directors to fill up the vacancy, or dismiss an accounting firm before the expiration of its term of office, the following provisions must be satisfied:
|
|||
(1)
|
The relevant proposal on engagement or dismissal shall be sent to the accounting firm proposed to be engaged or proposing to leave the post or the firm which has left the post in the relevant accounting year before the issuance of the notice of general meeting of shareholders.
|
||
(2)
|
If the accounting firm about to leave the post makes a written statement, and asks the Company to inform the shareholders of its statement, unless the time of receiving the written statement is too late, the Company must adopt the following measures:
|
||
1.
|
stating in the notice issued for making resolutions that the accounting firm about to leave the post has made a statement; and
|
||
2.
|
sending the duplicate copy of the statement in the form of an attachment to the notice to shareholders in a way stipulated by the Articles of Association.
|
||
(3)
|
If the Company fails to send the statement of the relevant accounting firm according to the provisions of item (2) of this Article, the accounting firm may ask the statement be read at the general meeting of shareholders and make further appeal.
|
||
(4)
|
An accounting firm about to leave the post has the right to attend the following meetings:
|
||
1.
|
general meeting of shareholders at which its term of office shall expire;
|
||
2.
|
general meeting of shareholders at which the vacancy due to its dismissal is to be filled up; and
|
||
3.
|
general meeting of shareholders convened due to its resignation from its post.
|
||
The accounting firm about to leave the post has the right to receive all notices of the aforesaid meetings or other information in relation to the meetings and give speeches at the aforesaid meetings with regard to matters involving its duties as the previous accounting firm appointed by the Company.
|
|||
Article 167
|
Prior notice shall be given to the accounting firm if the Company decides to remove such accounting firm or not to renew the appointment
|
thereof. Such accounting firm has the right to make representations at the general meeting of shareholders. Where the accounting firm resigns from its position, it shall make clear to the shareholders in a general meeting whether there has been any impropriety on the part of the Company.
|
||
An accounting firm may resign its office by depositing at the Company’s legal domicile a resignation notice which shall become effective on the date of such deposit or on such later date as may be stipulated in such notice. Such notice shall contain the following statements:
|
||
1.
|
a statement to the effect that there are no circumstances connected with its resignation which it considers should be brought to the notice of the shareholders or creditors of the Company; or
|
|
2.
|
a statement of any such circumstances.
|
|
The Company shall send copies of the aforesaid written notice to relevant competent authorities within fourteen (14) days from the date of receiving the aforesaid notice. If the notice carries the statements mentioned in item (2) of the preceding clause, the Company shall deposit the duplicate copy of the statements in the Company for shareholders’ reference. The Company shall also send the duplicate copy of the aforesaid statements to each shareholder of overseas-listed foreign-invested shares by prepaid post, and the address registered in the register of shareholders shall be the address of the recipient.
|
||
If the resignation notice of an accounting firm carries any statement stated in item (2) above, the accounting firm may ask the board of directors to convene an extraordinary general meeting of shareholders to listen to its explanation on relevant circumstances of its resignation.
|
||
Chapter 17
Merger and Division
|
||
Article 168
|
For a merger or division of the Company, the board of directors shall put forward a proposal, and the formalities for approval shall be handled according to law after the proposal has been adopted according to the procedures specified in these Articles. Shareholders who oppose the Company’s merger or division plans have the right to ask the Company or the shareholders who approve the merger or division plans to purchase their shares at a fair price. The contents of the resolution on the merger or division of the Company shall be made into special document, which shall be available for shareholders and shall be sent by prepaid
|
post to holders of the overseas-listed foreign-invested shares. The address registered in the register of shareholders shall be the address of the recipient.
|
|
Article 169
|
The merger of the Company may take the form of either merger by absorption or merger by the establishment of a new company.
|
In the case of a merger of the Company, the merging parties shall execute a merger agreement and prepare a balance sheet and an inventory of assets. The Company shall notify its creditors within ten (10) days from the date of adoption of the resolution on the merger and shall publish a public announcement in newspaper within thirty (30) days from the date of the resolution.
|
|
After the merger of the Company, the claims and debts of the parties to the merger shall be assumed by the surviving company or the newly established company.
|
|
Article 170
|
In the case of a division of the Company, its assets shall be divided accordingly.
|
In the case of a division of the Company, the parties to the division shall execute a division agreement and prepare a balance sheet and an inventory of assets. The Company shall notify its creditors within ten (10) days from the date of adoption of the resolution on the division and shall publish a public notice in newspaper within thirty (30) days from the date of the resolution.
|
|
The companies which exist after the division shall be jointly and severally liable for the debts of the Company prior to the division, except when the Company has reached a written agreement on debt settlement with the creditors before the division.
|
|
Article 171
|
Where a merger or division of the Company involves any change in the registered items, such changes shall be registered with the company registration authority according to law. Where the Company is dissolved, cancellation of the Company’s registration shall be carried out according to law. Where a new company is incorporated, the registration of the Company’s establishment shall be carried out pursuant to law.
|
Chapter 18
Dissolution and Liquidation
|
||
Article 172
|
The Company shall be dissolved and liquidated according to law upon the occurrence of any one of the following events:
|
|
(1)
|
the period of business expires;
|
|
(2)
|
a resolution regarding the dissolution is passed by the general meeting of shareholders;
|
|
(3)
|
dissolution is necessary due to a merger or division of the Company;
|
|
(4)
|
the Company is legally declared insolvent due to its failure to repay debts as they become due;
|
|
(5)
|
the Company is revoked of its business license, ordered to be closed down or deregistered according to law; and
|
|
(6)
|
where the Company encounters serious difficulties in its operation and management, its continued existence causes material harm to shareholders’ interest, and the problems could not be solved through other means, the Company is dissolved by the people’s court according to law upon the request of shareholders who hold 10% or more of all voting shares of the Company.
|
|
Article 173
|
Where the Company is dissolved due to items (1), (2), (5) and (6) of the preceding article, a liquidation committee shall be formed within fifteen (15) days from the date of occurrence of the reason for the dissolution and the members of the liquidation committee shall be determined by the general meeting of shareholders through ordinary resolution.
|
|
Where the Company is dissolved due to item (4) of the preceding article, the people’s court shall, in accordance with relevant legal provisions, organize the shareholders and relevant bodies and professionals to form a liquidation committee to carry out liquidation.
|
||
Article 174
|
If the board of directors decides that the Company shall carry out liquidation (except for liquidation resulting from the Company’s declaration of bankruptcy), it shall state in the notice of general meeting of shareholders convened for this purpose that the board of directors has conducted comprehensive investigation on the Company’s conditions and believes that the Company is able to pay off all its debts within twelve (12) months following the commencement of liquidation.
|
|
The functions and powers of the board of directors of the Company shall terminate immediately when the general meeting of shareholders adopts the resolution on liquidation.
|
The liquidation committee shall follow the directions of the general meeting of shareholders to report on its income and expenditures, the Company’s business and progress of liquidation at least once a year to the general meeting of shareholders and make a final report to the general meeting of shareholders at the end of liquidation.
|
||
Article 175
|
The liquidation committee shall inform its creditors within ten (10) days from the date of its establishment, and shall publish a public announcement in newspaper within sixty (60) days from the date of its establishment. The liquidation committee shall register the creditors’ rights.
|
|
Article 176
|
The liquidation committee shall exercise the following functions and powers during the period of liquidation:
|
|
(1)
|
to categorize the Company’s assets and prepare a balance sheet and an inventory of assets respectively;
|
|
(2)
|
to notify the creditors or to publish public announcements;
|
|
(3)
|
to dispose of and liquidate any unfinished businesses of the Company;
|
|
(4)
|
to pay all outstanding taxes and taxes incurred in the course of liquidation;
|
|
(5)
|
to settle claims and debts;
|
|
(6)
|
to deal with the surplus assets remaining after repayment by the Company of its debts; and
|
|
(7)
|
to represent the Company in any civil proceedings.
|
|
Article 177
|
After the liquidation committee has sorted the Company’s assets and prepared a balance sheet and an inventory of assets, it shall prepare a liquidation plan and submit it to the general meeting of shareholders or the people’s court for confirmation.
|
|
The Company’s assets shall be used to pay off its debts in the following order:
|
||
(1)
|
outstanding workers’ and staff salaries, social insurance premiums and statutory compensatory amounts for the three(3) years before the date of liquidation;
|
|
(2)
|
outstanding and additional taxes, funds and other payables that should be settled in accordance with applicable administrative regulations; and
|
|
(3)
|
bank loans, debentures and other debts.
|
Any surplus assets of the Company remaining after its debts have been repaid in accordance with the provisions of the preceding article shall be distributed to its shareholders according to the class of shares and the proportion of shares held.
|
|
The Company shall continue to exist during the period of liquidation. However, it shall not conduct any business activities having no relevance to liquidation.
|
|
Article 178
|
In the case of liquidation as a result of dissolution of the Company, if the liquidation committee, having sorted the Company’s assets and prepared the balance sheet and an inventory of assets, discovers that there are insufficient assets in the Company to pay off its debts, it shall apply to the people’s court forthwith for a declaration of bankruptcy of the Company.
|
Upon the declaration of bankruptcy of the Company by the people’s court, the liquidation committee shall hand over the liquidation matters to the people’s court.
|
|
Article 179
|
Upon the completion of liquidation, the liquidation committee shall prepare a liquidation report and an income and expenditure statement and financial account for the period of liquidation and, after they are certified by a Chinese certified public accountant, submit them to the general meeting of shareholders or the relevant competent authority for confirmation.
|
The liquidation committee shall, within thirty (30) days from the date of confirmation by the general meeting of shareholders or the relevant competent authority, submit the aforesaid documents to the company registration authority for cancellation of the Company’s registration and announce the Company’s termination.
|
|
Chapter 19
Procedures for Amendment of the Articles of Association
|
|
Article 180
|
The Company may make amendments to the Articles of Association in accordance with law, administrative regulations and the provisions of the Articles of Association.
|
Article 181
|
Amendment of the Articles of Association involving the contents of the
|
Mandatory Provisions shall become effective upon the approval of the department responsible for the examination and approval of companies as authorized by the State Council. Those involving the registered particulars of the Company shall be made for the change in registration in accordance with law.
|
||
Chapter 20
Notice
|
||
Article 182
|
(1)
|
Unless otherwise prescribed by these Articles, notices, materials or written statements which are issued by the Company to shareholders must be delivered by hand or by pre-paid post to the holders of registered shares based upon the registered address of each of such shareholders.
|
(2)
|
If sent by mail, the notice shall be deemed delivered to the recipient when it is clearly addressed, postage pre-paid and put into envelopes before being posted by mail and shall be deemed received by the recipient in five (5) working days from the date of delivery of the mail.
|
|
(3)
|
Notices, instructions, documents, materials or written statements which are issued by the shareholders or directors to the Company shall be deposited or delivered by registered mail to the Company’s legal domicile or the registered agent of the Company.
|
|
(4)
|
Notices, instructions, documents, materials or written statements which are issued by the shareholders or directors to the Company may be proven to have delivered within the specified period under normal postal conditions based upon the date of delivery of such mails and may be proven to have arrived when they are clearly addressed and postage pre-paid.
|
|
With regard to the exercise of power in terminating the delivery of dividend warrants by mail, if a dividend warrant has not been exercised, such power shall be exercised only when the dividend warrant has not been exercised for two consecutive occasions. However, such power may be exercised after the dividend warrant has withdrawn due to the failure in reaching the recipient in the first occasion.
|
||
With regard to the exercise of power in disposing shares held by untraceable shareholders, such power shall be exercised only when the following provisions are met:
|
||
(1)
|
dividends have been distributed in respect of the relevant shares at least three (3) times within twelve (12) years and no person has
|
claimed the dividends during such period; and
|
||
(2)
|
upon the end of the twelve (12) years, an advertisement is published by the Company in newspaper describing its intent to dispose the shares and the Hong Kong Stock Exchange is being notified.
|
|
Chapter 21
Settlement of Disputes
|
||
Article 183
|
(1)
|
Whenever any disputes or claims arises between holders of overseas-listed foreign-invested shares and the Company, or between holders of overseas-listed foreign-invested shares and the directors, supervisors, managers or other senior management personnel of the Company, or between holders of overseas-listed foreign-invested shares and holders of domestic-invested shares in respect of any disputes or claims in relation to the affairs of the Company as a result of any rights or obligations arising from the Articles of Association, the Company Law or other relevant laws or administrative regulations, such disputes or claims shall be referred by the relevant parties to arbitration.
|
Where a dispute or claim of rights aforesaid is referred to arbitration, the entire claim or dispute must be referred to arbitration, and all persons who have a cause of action based on the same facts giving rise to the dispute or claim or whose participation is necessary for the settlement of such dispute or claim, shall, where such person is the Company or the Company’s shareholder, director, supervisor, general manager or other senior management personnel, comply with the decisions made in the arbitration.
|
||
Disputes in respect of the definition of shareholders and disputes in relation to the register of shareholders need not be settled by arbitration.
|
||
(2)
|
A claimant may elect for arbitration to be carried out at either the China International Economic and Trade Arbitration Commission in accordance with its arbitration rules or the Hong Kong International Arbitration Centre in accordance with its securities arbitration rules. After a claimant refers a dispute or claim to arbitration, the other party must submit to the arbitral body elected by the claimant.
|
|
If a claimant elects for arbitration to be carried out at the Hong Kong International Arbitration Centre, any party to the dispute or claim may apply for a hearing to take place in Shenzhen in
|
accordance with the securities arbitration rules of the Hong Kong International Arbitration Centre.
|
||
(3)
|
Unless otherwise provided in the laws and administrative regulations, the laws of the People’s Republic of China shall apply for any disputes or claims referred to in item (1) which are settled by way of arbitration.
|
|
(4)
|
The judgment of the arbitral body shall be final and binding on all parties.
|
|
Chapter 22
Interpretation of these Articles
|
||
Article 184
|
It shall be the responsibility of the board of directors to interpret these Articles.
|
|
These Articles are written in Chinese and English and, in case of any divergence, the Chinese version shall prevail. The Chinese version is binding and enforceable by law.
|
||
Article 185
|
Accounting firm referred to in these Articles has the same meaning as “auditors”.
|
|
Article 186
|
Unless otherwise prescribed by these Articles, the expressions of “above”, “within” and “below” include the figures mentioned whist the expressions of “short of”, “beyond”, “less than”, “more than”, “exceeding” and “over” do not include the figures mentioned.
|
|
By:
|
/s/ Peixi Cao |
|
|
|
|
Peixi Cao, Chairman (principal executive officer)
|
|
|
By:
|
/s/ Lixin Huang |
|
|
|
|
Lixin Huang, Chief Accountant (principal financial officer)
|
|
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