浙江东南发电股份有限公司2006年半年度报告
浙江东南发电股份有限公司 2006 年中期报告
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目录
第一节 重要提示 ................................................................... 1
第二节 公司基本情况 ............................................................... 1
第三节 股本变动及股东情况 ......................................................... 2
第四节 董事、监事和高级管理人员 ................................................... 3
第五节 管理层讨论与分析 ........................................................... 4
第六节 重要事项 ................................................................... 7
第七节 财务会计报告(未经审计) .................................................... 12
第八节 备查文件目录 .............................................................. 43
浙江东南发电股份有限公司 2006 年中期报告
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第一节 重要提示
一、本公司董事会及其董事保证本报告所载资料不存在任何虚假记载、误导性陈述或者重大遗漏，并
对其内容的真实性、准确性和完整性负个别及连带责任。
二、本报告已经公司第四届董事会第四次会议审议通过。王晓松副董事长、张谦董事、李桦董事因工
作原因未出席会议，分别委托刘冉星董事、沈志云董事长、邢俊杰董事出席并行使表决权。
三、公司中期财务报告未经审计。
四、公司董事长沈志云，主管会计工作负责人寿德生、胡森健及会计机构负责人（会计主管人员）杨
晓东声明：保证中期报告中财务报告的真实、完整。
第二节 公司基本情况
一、基本情况简介
(一)公司法定中文名称：浙江东南发电股份有限公司
公司法定中文名称缩写：东南发电
公司法定英文名称：Zhejiang Southeast Electric Power Company Limited
公司法定英文名称缩写：ZSEPC
公司 B 股上市交易所：上海证券交易所
公司 B 股简称：东电 B
公司 B 股代码：900949
全球存托凭证（GDR）上市交易所：伦敦证券交易所
全球存托凭证（GDR）简称：ZHEJIANG GDR S
全球存托凭证（GDR）代码：0949QLT
(二)公司注册及办公地址：中国杭州市延安路 528 号标力大厦 22-23 层
邮政编码：310006
公司国际互联网网址：http://www.zsepc.com/
公司电子信箱：xjh@zsepc.com
(三)公司法定代表人：沈志云
(四)董事会秘书：夏晶寒
电话：86-571-85774566
传真：86-571-85774321
E-mail：xjh@zsepc.com
联系地址：中国杭州延安路 528 号标力大厦 22-23 层
(五)公司信息披露报纸名称：中国证券报、上海证券报、香港南华早报、香港文汇报
登载公司中期报告的中国证监会指定国际互联网网址：http://www.sse.com.cn/
公司中期报告备置地点：公司住所、史密夫律师事务所香港及伦敦办事处
浙江东南发电股份有限公司 2006 年中期报告
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二、主要财务数据和指标
(一)主要会计数据和财务指标
单位:元 币种:人民币
本报告期末 上年度期末 本报告期末比上年度期末增减(％)
流动资产 1,303,140,878.13 975,091,057.89 33.64
流动负债 1,452,095,804.05 975,174,440.80 48.91
总资产 11,475,091,952.77 10,738,523,895.30 6.86
股东权益（不含少数股东权益） 6,242,340,006.79 6,314,911,165.20 -1.15
每股净资产(元) 3.11 3.14 -0.96
调整后的每股净资产(元) 3.09 3.13 -1.28
报告期（1－6 月） 上年同期 本报告期比上年同期增减（％）
净利润 329,428,841.59 287,613,761.75 14.54
扣除非经常性损益的净利润 332,604,553.55 288,891,265.33 15.13
每股收益(元) 0.164 0.143 14.69
净资产收益率(%) 5.28 4.81 增加 0.47 个百分点
经营活动产生的现金流量净额 835,608,505.77 1,037,366,728.83 -19.45
(二)扣除非经常性损益项目和金额
单位:元 币种:人民币
非经常性损益项目 金额
处置长期股权投资、固定资产、在建工程、无形资产、其他长期资产产生的损益 -5,342,481.97
扣除公司日常根据企业会计制度规定计提的资产减值准备后的其他各项营业外收入、支出 -45,962.50
以前年度已经计提各项减值准备的转回 645,922.64
小计 -4,742,521.83
减：所得税影响数 -1,546,618.20
少数股东权益影响数 -20,191.67
合计 -3,175,711.96
(三) 按中国证监会发布的《公开发行证券公司信息披露编报规则》第 9 号的要求计算的净资产收益
率及每股收益：
单位:元 币种:人民币
净资产收益率（%） 每股收益
报告期利润
全面摊薄 加权平均 全面摊薄 加权平均
主营业务利润 10.78 10.39 0.33 0.33
营业利润 7.37 7.10 0.23 0.23
净利润 5.28 5.08 0.16 0.16
扣除非经常性损益后的净利润 5.33 5.13 0.17 0.17
第三节 股本变动及股东情况
一、股份变动情况表
报告期内，公司股份总数及股本结构未发生变化。
浙江东南发电股份有限公司 2006 年中期报告
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二、股东情况
(一)股东数量和持股情况
单位：股
报告期末股东总数 74,439 户
前十名股东持股情况
股东名称
股东
性质
持股比
例(%)
持股总数
报告期内增
减
股份类
别
持有非流通
股数量
质押或
冻结的
股份数
量
浙江省电力开发公司
国有
股东
39.80 799,963,200 0 未流通 799,963,200 无
中国华能集团公司
国有
股东
25.57 514,036,800 0 未流通 514,036,800 无
NAITO SECURITIES CO.,LTD.
外资
股东
1.07 21,422,641 174,340 已流通 0 未知
TOYO SECURITIES ASIA LTD. A/C CLIENT
外资
股东
0.67 13,531,440 -4,899 已流通 0 未知
GUOTAI JUNAN SECURITIES(HONGKONG) LIMITED
外资
股东
0.30 6,104,079 -3,979,630 已流通 0 未知
AIZAWA SECURITIES CO.,LTD
外资
股东
0.22 4,332,520 50,916 已流通 0 未知
SCBHK A/C BBH S/A VANGUARD EMERGING
MARKETS STOCK INDEX FUND
外资
股东
0.20 4,075,991 730,200 已流通 0 未知
浙江八达股份有限公司 其他 0.20 4,000,000 0 未流通 4,000,000 无
UBS Warburg Custody Pte Ltd.
外资
股东
0.19 3,801,980 3,801,980 已流通 0 未知
HKSBCSB A/C SSBT S/A FIRST UNION EMERGING
MARKETS GROWTH PORTFOLIO (KB7 RKB7)
外资
股东
0.19 3,800,013 -200,000 已流通 0 未知
单位：股
前十名流通股股东持股情况
股东名称 持有流通股的数量 股份种类
NAITO SECURITIES CO.,LTD. 21,422,641 境内上市外资股
TOYO SECURITIES ASIA LTD. A/C CLIENT 13,531,440 境内上市外资股
GUOTAI JUNAN SECURITIES(HONGKONG) LIMITED 6,104,079 境内上市外资股
AIZAWA SECURITIES CO.,LTD. 4,332,520 境内上市外资股
SCBHK A/C BBH S/A VANGUARD EMERGING MARKETS STOCK INDEX FUND 4,075,991 境内上市外资股
UBS Warburg Custody Pte Ltd 3,801,980 境内上市外资股
HKSBCSB A/C SSBT S/A FIRST UNION EMERGING MARKETS GROWTH PORTFOLIO (KB7 RKB7) 3,800,013 境内上市外资股
HKSBCSB A/C THE NORTHERN TRUST CO S/A GOVERNMENT OF SINGAPORE INV. CORPORATION 3,306,070 境内上市外资股
蒋荣方 2,828,928 境内上市外资股
SHENYIN WANGUO NOMENEES (H.K.) LTD. 2,689,848 境内上市外资股
上述股东关联关系或一致行动关系的说明：
非流通股股东之间不存在关联或一致行动人关系。除此以外，上述股东之间是否存在关联或一致行
动人关系，公司并不知晓。
(二)控股股东及实际控制人变更情况
本报告期内公司控股股东及实际控制人没有发生变更。
浙江东南发电股份有限公司 2006 年中期报告
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第四节 董事、监事和高级管理人员
一、董事、监事和高级管理人员持股变动
报告期内公司董事、监事、高级管理人员持股未发生变化。
二、新聘或解聘公司董事、监事、高级管理人员的情况
本报告期内，公司董事会、监事会进行了换届选举。经公司 2005 年度股东大会审议通过，选举沈志
云、王晓松、张谦、寿德生、曹路、王莉娜、孙玮恒、刘冉星、邢俊杰、李桦、钱忠伟、吴贤权、姚
先国、黄董良、毛付根为公司第四届董事会董事；选举黄历新、胡星儿、杨剑雄、陈西、王佳富、黄
观林、蒋平洲为公司第四届监事会监事。
经公司第四届董事会第一次会议审议通过，选举沈志云为公司董事长，王晓松为副董事长；聘请寿德
生为公司总经理，吴耀忠、陈觉民、夏晶寒为副总经理，夏晶寒为董事会秘书，胡森健为总会计师。
经公司第四届监事会第一次会议审议通过，选举黄历新为公司监事会主席。
第五节 管理层讨论与分析
一、管理层讨论与分析
本报告期，公司完成上网电量 80.29 亿千瓦时，同比增长 5.06%；实现净利润 3.29 亿元，同比增长
14.54%。经营业绩的提高主要是因为公司控股及参股发电企业新建机组陆续投产，为公司提供了新的
利润增长点。截至本报告期末，公司权益装机容量为 3226MW，较去年同期增加 684MW。
今年上半年，浙江省用电需求继续保持较快增长，1-6 月份全省统调用电量同比增长 13.57%。但由于
新机组投产导致电力供应总量上升，使得全省电力供需紧张的局面得到缓解。本报告期公司发电利用
小时同比下降 340 小时。
二、公司主营业务及其经营状况
(一)主营业务分行业、产品情况表
单位:元 币种:人民币
分行业或
分产品
主营业务收入 主营业务成本
主营业务
利润率
(%)
主营业务
收入比上
年同期增
减（％）
主营业务成
本比上年同
期增减
（％）
主营业务利润
率比上年同期
增减（%）
分行业
电力 2,937,944,579.87 2,238,688,463.80 23.80 9.00 11.39 降低 1.63 个百
分点
分产品
电 2,937,944,579.87 2,238,688,463.80 23.80 9.00 11.39 降低 1.63 个百
分点
本报告期内，公司未向控股股东及其子公司销售产品或提供劳务。
浙江东南发电股份有限公司 2006 年中期报告
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(二)主营业务分地区情况
单位:元 币种:人民币
地区 主营业务收入 主营业务收入比上年同期增减（％）
华东地区 2,937,944,579.87 9.00
[注]：公司的上网电量统一并入华东电网。
(三)主要控股公司的经营情况及业绩
单位:万元 币种:人民币
公司名称 经营范围 净利润
浙江长兴发电有限责任公司 电力电量的生产和销售及相关派生产业和辅业 10,841.48
(四)投资收益对公司净利润影响达到 10%以上的参股公司的经营情况及业绩
单位:万元 币种:人民币
公司名称 经营范围 净利润
参股公司贡献的
投资收益
占上市公司净利润
的比重(%)
浙江嘉华发电有
限责任公司
电力电量的生产和销售及
相关派生产业和辅业
26,795.98 6,431.04 19.74
三、公司投资情况
(一)募集资金总体使用情况
公司于 1997 年通过首次发行境内上市外资股（B 股），共募集资金 23,059 万美元（折合人民币约
191,087.59 万元）。首次发行募集资金，公司承诺用于续建台州发电厂 8 号机组及收购萧山发电
厂。由于使用节余，经公司 2001 年临时股东大会审议通过，公司节余募集资金用于：（1）作为出资
资本金投入浙江嘉华发电有限责任公司；（2）其余补充公司流动资金。截至本报告期末，公司已累
计使用募集资金 178,732.59 万元人民币，尚余募集资金约 12,355 万元人民币。本报告期内，公司未
使用募集资金。
(二)募集资金承诺项目情况
单位:万元 币种:人民币
承诺项目名称 拟投入金额
是否变
更项目
实际投入金
额
预计收益 实际收益
是否符
合计划
进度
是否符
合预计
收益
续建台州发电厂
8 号机组
33,000.00 否 26,964.75
实现发电收入
36,223.17 万元
是 /
收购萧山发电厂
1-2 号机组
90,369.85 否 90,369.85
由于经营环
境变化，收
益情况具有
不可比性
实现发电收入
29,000.21 万元
是 /
作为出资资本金
投入浙江嘉华发
电有限责任公司
61,680.00 否 49,325.00
年资本金回
报率 8%
实现投资收益
6,431.04 万元
是 是
补充流动资金 6,037.74 否 12,072.99 / / / /
合计 191,087.59 / 178,732.59 / / / /
浙江嘉华发电有限责任公司负责兴建及运营嘉兴发电厂二期工程 4 台 600MW 燃煤发电机组，公司持有
其 24%的股权。根据国家发展计划委员会计基础[2002]2349 号《国家计委关于调整浙江嘉兴发电厂二
期扩建工程建设方案的批复》，嘉兴发电厂二期工程调整后的动态总投资为 102.8 亿元，其中项目资
本金为 25.7 亿元，占工程动态总投资的 25%。
浙江东南发电股份有限公司 2006 年中期报告
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浙江嘉华发电有限责任公司注册资本金采用分期出资到位方式。截至本报告期末，浙江嘉华发电有限
责任公司注册资本金为 205,519 万元，公司按照持股比例已累计出资资本金 49,325 万元。本报告
期，浙江嘉华发电有限责任公司未进行增资。
2005 年 10 月，浙江嘉华发电有限责任公司 4 台 600MW 机组全部建成投产。
(三)非募集资金项目情况
1、台州发电厂五期扩建工程
台州发电厂五期扩建工程为扩建 2 台 300MW 燃煤发电供热机组，由公司全资投资兴建。根据国家发展
和改革委员会发改能源[2006]235 号《国家发展改革委关于浙江台州电厂五期扩建工程项目核准的批
复》，台州发电厂五期扩建工程动态总投资为 26.5 亿元，其中项目资本金为 6.63 亿元，约占动态总
投资的 25%；资本金以外所需资金为 19.87 亿元，由银行贷款解决。目前该工程尚在建设中。截至本
报告期末，台州发电厂五期工程累计发生工程费用 55,009.31 万元（其中：在建工程 11,652.12 万
元，工程物资 43,357.19 万元）。
2、萧山发电厂天然气发电工程
萧山发电厂天然气发电工程为扩建 2 台 350MW级燃气蒸汽联合循环机组，由公司全资投资兴建。根
据国家发展和改革委员会发改能源[2005]345 号《国家发展改革委关于浙江萧山电厂天然气发电工程
核准的批复》，萧山发电厂天然气发电工程动态总投资为 25.7 亿元，其中项目资本金占动态总投资
的 25%，约为 6.5 亿元；资本金以外所需资金 19.2 亿元由银行贷款解决。目前该工程尚在建设中。截
至本报告期末，萧山发电厂天然气发电工程已累计发生工程费用 52,860.61 万元（其中：在建工程
24,573.81 万元，工程物资 28,286.80 万元）。
3、浙江长兴发电有限责任公司
浙江长兴发电有限责任公司为公司的控股子公司，公司持有其 65%的股权。浙江长兴发电有限责任
公司现有 4×300MW 燃煤发电机组，其中二期工程（又称浙江长兴电厂二期工程）2×300MW 燃煤发
电机组于 2006 年 5 月 31 日全部建成投产。根据国家发展和改革委员会发改能源[2004]1572 号《印发
国家发展改革委关于审批浙江长兴电厂二期工程可行性研究报告的请示的通知》，二期工程动态总投
资为 26.81 亿元（含一期脱硫工程投资 1.8 亿元），其中项目资本金为 5.4 亿元，占动态总投资的
20%；资本金以外所需的 21.41 亿元资金由银行贷款解决。
浙江长兴发电有限责任公司注册资本金采用分期出资到位方式。截至 2005 年末，浙江长兴发电有限
责任公司注册资本金为 10 亿元，其中因二期工程建设需要，各股东方出资资本金为 3.9 亿元。根据
浙江长兴发电有限责任公司股东会 2006 年度第一次会议决议，该公司 2006 年增加资本金 9,600 万
元。按照持股比例，本报告期内，公司已出资资本金 6,240 万元。
4、浙江浙能兰溪发电有限责任公司
浙江浙能兰溪发电有限责任公司负责兴建及运营浙能兰溪发电厂 4×600MW燃煤发电机组，本公司持
有其 25%的股权。根据国家发展和改革委员会发改能源[2005]586 号《国家发展改革委关于浙江浙能
兰溪发电厂新建工程核准的批复》，一期工程 2×600MW 超临界燃煤机组动态总投资 56.5 亿元，其中
项目资本金为总投资的 20%，约 11.3 亿元，资本金以外所需资金由银行贷款解决。同时，根据电规
总院电规发电[2006]168 号《浙能兰溪发电厂二期工程可行性研究报告审查意见》，二期工程 2×
600MW 超临界燃煤机组动态总投资 44.89 亿元，其中项目资本金为总投资的 20%，约 8.98 亿元，资本
金以外所需资金由银行贷款解决。
浙江浙能兰溪发电有限责任公司注册资金采用分期出资到位方式，截至 2005 年末，浙江浙能兰溪发
电有限责任公司注册资本金为 88,750 万元。根据浙江浙能兰溪发电有限责任公司第三次股东会决
议，该公司 2006 年增加资本金 41,800 万元。按照持股比例，公司应出资资本金 10,450 万元。本报
告期内，公司按出资时间要求，已出资资本金 5,225 万元。
浙江东南发电股份有限公司 2006 年中期报告
7
浙江浙能兰溪发电有限责任公司第一台机组已于 2006 年 4 月 19 日投产，截至本报告期末，实现销售
收入 22,224 万元，其余机组尚在建设中。
5、浙江北海水力发电有限公司
浙江北海水力发电有限公司负责建设及运营浙江瓯江滩坑水电站，公司持有其 25%的股权。滩坑水电
站安装 3×200MW 混流式水轮发电机组。根据国家发展和改革委员会发改能源[2004]1614 号《国家发
展改革委关于浙江瓯江滩坑水电站项目核准的批复》，滩坑水电站工程动态总投资 47.19 亿元，其中
项目资本金为 12.51 亿元，占动态总投资的 26.5%；政府提供扶持资金 8.5 亿元，资本金和政府扶持
资金以外的资金通过银行贷款解决。
浙江北海水力发电有限公司注册资本金采用分期出资到位方式。截至 2005 年末，浙江北海水力发电
有限公司注册资本金为 5 亿元。根据浙江北海水力发电有限责任公司 2006 年股东会决议，该公司
2006 年增加资本金 8,000 万元。按照持股比例，本报告期内，公司已出资资本金 2,000 万元。目前
滩坑水电站工程尚在建设中。
（四）其他投资事项
1、浙江浙能运输贸易有限公司
根据目前国内铁路运输及铁路运煤的实际发运情况，为保障电厂的电煤供应，确保发电机组安全稳定
运行，控股子公司浙江长兴发电有限责任公司决定与浙江浙能兰溪发电有限责任公司、浙江浙能富兴
燃料有限公司、上海铁路运输贸易有限公司、淮南矿业（集团）有限责任公司共同出资组建浙江浙能
运输贸易有限公司，以购置并运营铁路自备列车。浙江浙能运输贸易有限公司注册资本金为 1.5 亿
元，浙江长兴发电有限责任公司出资 3,750 万元参与投资其 25%的股权。该投资事项已经公司第四届
董事会第三次会议审议通过。
2、截至本报告期末，公司的对外投资事项详见会计报表附注“长期股权投资”。
四、在经营中出现的问题与困难及解决方案
国内煤炭市场价格一直高位运行，为疏导电价矛盾，国家出台了第二次煤电联动政策。但浙江电网上
网电价的调整幅度较为有限，煤炭成本对公司经营的压力未有效缓解。同时，由于省内新建机组的陆
续投产，电力供求紧张的矛盾逐步趋于缓和，公司机组原来较高的发电利用小时有所回落。针对这种
情况，公司一方面立足自身，积极在生产经营上下功夫，努力向管理要效益；另一方面，在保证安全
质量的前提下，努力加快在建项目的建设，力争早日投产，以增加公司新的利润来源。
第六节 重要事项
一、公司治理的情况
公司严格按照《公司法》、《证券法》以及证券监管部门的有关规定要求，建立健全各项规章制度，
规范公司运作。本报告期内，公司根据中国证监会发布的《上市公司章程指引（2006 年修订）》、
《上市公司股东大会规则》以及上海证券交易所发布的《上市公司董事会议事规则指引》、《上市公
司监事会议事规则指引》等一系列规范性文件，对本公司的《公司章程》、《股东大会议事规则》、
《董事会议事规则》和《监事会议事规则》做了全面的修订。
本报告期，公司股东大会、董事会认真行使法定职权，严格遵守表决事项和表决程序的有关规定，依
法进行决策；公司经理层严格执行股东大会、董事会的各项决议，确保贯彻实施；公司监事会认真发
挥好对董事会和经理层的监督作用，切实维护股东的合法权益。
浙江东南发电股份有限公司 2006 年中期报告
8
二、报告期实施的利润分配方案执行情况
本报告期内，公司根据 2005 年度股东大会决议，实施了 2005 年度利润分配方案。公司 2005 年度利
润分配方案为：以 2005 年末总股本 20.1 亿股为基数，每 10 股派发现金红利人民币 2.00 元（含
税），共计 402,000,000.00 元（含税）。其中：B 股股票的红利折成美元派发，实际派发现金红利
为每股 0.024936 美元（含税）。公司已于 2006 年 6 月 9 日（红利发放日）将现金红利向全体股东派
发。其中：内资股股东的现金红利由公司直接划入其指定帐户，B 股股东的现金红利由中国证券登记
结算有限责任公司上海分公司代理发放。
三、重大诉讼仲裁事项
本报告期公司无重大诉讼、仲裁事项。
四、资产交易事项
本报告期公司无收购及出售资产、吸收合并事项。
五、报告期内公司重大关联交易事项
(一)与日常经营相关的关联交易
单位:元 币种:人民币
关联方名
称
关联方
关系
关联交
易内容
关联交
易定价
原则
关联
交易
价格
关联交易金额
占同类交
易金额的
比例(%)
关联交
易结算
方式
市场
价格
关联交易对公
司利润的影响
浙江富兴
电力燃料
有限公司
1,034,416,181.61 64.75
按实
结算
浙江浙能
富兴燃料
有限公司
同 受 实
际 控 制
人控制
采购发
电所需
煤炭
注
563,027,326.20 35.25
按实
结算
燃料成本是发
电成本的主要
组成部分，对
公司利润影响
较大。
关联交易的必要性、持续性、
选择与关联方进行交易的原因
本公司的煤炭供应商具有大宗采购的价格优势和稳定供货及运输渠道，确保了公
司电厂生产经营活动的正常进行。尤其是在煤炭需求旺盛、价格持续上涨的情况
下，公司与煤炭供应商长期建立的友好合作关系更是发挥了显著的作用。公司将
在定价原则不变的前提下，与煤炭供应商进行长期友好的合作。
关联交易对上市公司独立性的
影响
该关联交易事项不影响公司的独立性。
关联交易的说明
浙江富兴电力燃料有限公司的前身为浙江省电力燃料总公司。根据 1997 年 5 月公
司与浙江省电力燃料总公司签署的为期 20 年的《燃料供应协议》，浙江富兴电力
燃料有限公司向公司供应发电所需煤炭。2004 年 7 月，浙江省能源集团有限公司
根据电力体制改革后形势变化的需要，在整合浙江煤炭产业的基础上，新组建成
立了浙江浙能富兴燃料有限公司，浙江富兴电力燃料有限公司的部分业务移交给
浙江浙能富兴燃料有限公司履行。本报告期，控股子公司浙江长兴发电有限责任
公司发电所需煤炭主要由浙江浙能富兴燃料有限公司供应。本关联交易已作为日
常关联交易事项经 2004 年度股东大会审议通过。
[注]: 根据《燃料供应协议》，煤炭供应商向公司提供的煤炭价格条件，不高于其向其他发电企业供
应的同类煤炭的价格条件，也不高于在商定价格时本公司在一般市场上可获得的同类燃料的价格条
件，否则本公司有权自行采购。
浙江东南发电股份有限公司 2006 年中期报告
9
(二)关联债权债务往来
单位:万元 币种:人民币
公司向关联方提供资金 关联方向公司提供资金 项目及关联方名称 与公司的关系
发生额 余额 发生额 余额
应付票据
浙江富兴电力燃料有限公司 同受实际控制人
控制
30,000.00 30,000.00
应付帐款
浙江富兴电力燃料有限公司 103,441.62 2,691.86
浙江浙能富兴燃料有限公司 56,302.73 4,825.18
浙江省电力建设总公司 7,360.80 6,312.61
浙江天虹物资贸易有限公司
同受实际控制人
控制
1,445.34 1,004.07
合计 / 198,550.49 44,833.72
报告期内公司向控股及其子公司提供资金的发生额 0.00
公司向控股股东及其子公司提供资金的余额 0.00
关联债权债务形成原因：
关联方向公司提供商品或劳务，公司应付
未付款项。
(三)其他重大关联交易
1、子公司浙江长兴发电有限责任公司二期 2×300MW 燃煤发电机组项目由浙江省电力建设总公司管理
承包，双方于 2004 年 12 月 9 日签订《管理承包合同》，合同总价为 100,931.38 万元。本报告期结
算工程款 58,608,039.00 元。截至本报告期末，双方已累计结算工程款 924,046,100.00 元。
2、本期公司与浙江省电力建设总公司签订《浙江台州发电厂五期扩建工程建设管理服务合同》，合
同总价 2,800 万元，期限至 2007 年 12 月 31 日。截至 2006 年 6 月 30 日，公司已支付管理服务费
1,500 万元。
3、截至本报告期末，浙江省能源集团有限公司通过浙江省国际信托投资有限责任公司累计向子公司
浙江长兴发电有限责任公司提供贷款 30,000.00 万元，其中本报告期新增向浙江长兴发电有限责任公
司提供贷款 10,000.00 万元。
4、台州发电厂、萧山发电厂分别根据与浙江天虹物资贸易有限公司签订的《台州发电厂五期扩建工
程物资采购及代保管服务协议》、《萧山发电厂天然气发电工程物资采购及代保管服务协议》及其
《补充协议》,本期共计向浙江天虹物资贸易有限公司采购物资及支付服务费 14,453,421.95 元，其
中支付服务费 225,896.78 元。
六、托管、承包和租赁情况
本报告期公司无重大托管、承包和租赁事项。
七、担保情况
单位:万元 币种:人民币
公司对外担保情况（不包括对控股子公司的担保）
担保对象
发生日期（协议签
署日）
担保金额 担保类型 担保期限
是否履
行完毕
是否为关
联方担保
浙江嘉华发电
有限责任公司 2001 年 12 月 17 日 105,120.00
连带责任股
东按份担保
2001 年 12 月 17 日～
2026 年 12 月 16 日
否 是
报告期内担保发生额合计 -13,200.00
报告期末担保余额合计 105,120.00
浙江东南发电股份有限公司 2006 年中期报告
10
公司对控股子公司的担保情况
报告期内对控股子公司担保发生额合计 0
报告期末对控股子公司担保余额合计 1,568.70
公司担保总额情况（包括对控股子公司的担保）
担保总额 106,688.70
担保总额占公司净资产的比例(%) 17.09
其中：
为股东、实际控制人及其关联方提供担保的金额 105,120.00
直接或间接为资产负债率超过 70％的被担保对象提供的债务担保金
额
105,120.00
担保总额超过净资产 50％部分的金额 0
上述三项担保金额合计 105,120.00
1、 公司为浙江嘉华发电有限责任公司提供股东按份担保。
浙江嘉华发电有限责任公司是建设及运营嘉兴电厂二期 4×600MW 发电机组的项目公司。公司持有其
24%的股权。
根据国家发展计划委员会计基础[2002]2349 号《国家计委关于调整浙江嘉兴发电厂二期扩建工程建
设方案的批复》，嘉兴发电厂二期工程调整后的动态总投资为 102.8 亿元；调整后项目资本金为
25.7 亿元，占发电工程动态总投资的 25%，资本金以外所需资金，分别由中国工商银行贷款 45 亿元
和中国建设银行贷款 32.1 亿元解决；工程由投资各方组建的浙江嘉华发电有限责任公司负责建设、
经营管理和贷款本息的偿还。
2001 年，浙江嘉华发电有限责任公司分别与中国工商银行浙江省分行、中国建设银行浙江省分行就
该项目签署了《固定资产借款合同》。中国工商银行浙江省分行、中国建设银行浙江省分行同意向浙
江嘉华发电有限责任公司分别提供最高额为 45 亿元和 32 亿元的贷款额度。
由于贷款金额巨大，为确保贷款资金安全，银行要求必须提供相应的股东担保。为此，公司与其他各
股东分别与中国工商银行浙江省分行和中国建设银行浙江省分行签订了相应的保证合同，该合同为最
高额保证合同，担保金额以实际借款本金和利息为准。根据保证合同，公司仅须按 24%的投资比例，
对浙江嘉华发电有限责任公司在其借款合同项下的债务的相应部分承担连带还款责任，各股东方之间
无须承担连带责任，保证期间为 2001 年 12 月 17 日至 2026 年 12 月 16 日止。
公司为浙江嘉华发电有限责任公司提供股东按份担保严格履行了必要的审批程序，该担保议案已经公
司 2001 年度临时股东大会审议通过。有关股东大会决议公告分别刊登于 2001 年 12 月 11 日出版的
《上海证券报》、香港《南华早报》和香港《文汇报》上。
截至本报告期末，浙江嘉华发电有限责任公司实际长期借款余额为 438,000 万元，公司按对浙江嘉华
发电有限责任公司投资比例 24%，即 105,120 万元提供股东按份担保。本报告期内，浙江嘉华发电有
限责任公司减少贷款 55,000 万元，公司相应减少担保额 13,200 万元。
浙江嘉华发电有限责任公司 4×600MW 发电机组已于 2005 年 10 月全部建成投产。本报告期浙江嘉华
发电有限责任公司实现净利润 26,795.98 万元。截至本报告期末，无任何迹象表明公司可能承担连带
清查责任。
2、 控股子公司浙江长兴发电有限责任公司为其控股的浙江长兴捷通物流有限公司提供股东按份担保
浙江长兴捷通物流有限公司为开发经营铁公水码头的项目公司，注册资本 4,700 万元，浙江长兴发电
有限责任公司为浙江长兴捷通物流有限公司的第一大股东，持有其 45%的股权。
浙江东南发电股份有限公司 2006 年中期报告
11
浙江长兴捷通物流有限公司出资 8,100 万元收购长兴铁公水码头，并建设 126 万吨/年卸煤能力的
300 吨级（靠船力按 500 吨级计）电煤码头 3 座。根据湖州市发展计划委员会湖计投资[2005]90 号
《湖州市发展计划委员会关于浙江长兴捷通物流有限公司码头改建项目的批复》，码头改建总投资
4,980 万元，企业自筹 1,494 万元，其余 3,486 万元商请银行贷款解决。
为满足银行贷款需要，浙江长兴捷通物流有限公司的各股东方分别与上海浦东发展银行杭州分行签订
《最高额保证合同》，在总贷款额度 3,486 万元内，分别按各自出资比例提供保证式股东按份担保，
保证期间自 2005 年 12 月 6 日至 2009 年 12 月 6 日。截至本报告期末，浙江长兴捷通物流有限公司实
际已取得该合同项下 3,486 万元贷款。
按照股权比例，浙江长兴发电有限责任公司为浙江长兴捷通物流有限公司提供的担保额为 1,568.7 万
元。
浙江长兴发电有限责任公司为浙江长兴捷通物流有限公司提供股东按份担保事项，已经浙江长兴发电
有限责任公司股东会审议通过。截至本报告期末，无迹象表明公司可能承担连带清偿责任。
八、委托理财情况
本报告期公司无委托理财事项。
九、其他重大合同
(一) 为建设萧山发电厂天然气项目，公司于 2005 年 5 月 16 日和 2005 年 7 月 22 日分别向中国工商
银行杭州市庆春路支行和中国光大银行杭州解放路支行申请了 150,000 万元和 42,000 万元的最高借
款额度，并与其签订《固定资产借款合同》。截至 2006 年 6 月 30 日，公司已累计取得该合同项下借
款 15,000.00 万元和 25,160.00 万元。
(二) 为建设台州发电厂五期扩建工程项目，公司于 2006 年 3 月 28 日向中国农业银行杭州市城东支
行申请了 198,700 万元的最高借款额度，并与其签订《固定资产借款合同》。截至 2006 年 6 月 30
日，公司已累计取得该合同项下借款 6,725 万元。
(三) 为建设燃煤发电机组项目，子公司浙江长兴发电有限责任公司于 2004 年、2005 年分别与中国
工商银行长兴县支行和中国农业银行长兴县支行签订《借款合同》，共计申请了 240,000 万元和
190,000 万元的长期借款额度。截至 2006 年 6 月 30 日，该子公司已累计取得该合同项下借款 95,500
万元和 75,000 万元。
十、承诺事项履行情况
公司承诺投资项目的履行情况，详见“管理层分析与讨论”之“非募集资金项目情况”。
十一、聘任、解聘会计师事务所情况
本报告期内，公司未改聘会计师事务所。公司现聘任浙江天健会计师事务所有限公司为公司的境内审
计机构；聘任普华永道中天会计师事务所有限公司为公司的境外审计机构。
十二、公司、董事会、董事受处罚及整改情况
本报告期内，公司、公司董事会及董事未受到中国证监会稽查、行政处罚、通报批评以及证券交易所
的公开谴责。
浙江东南发电股份有限公司 2006 年中期报告
12
十三、其它重大事项
根据浙江省物价局浙价商[2006]194 号《关于国家发展改革委调整我省电网统调电厂上网电价有关事
项的通知》，自 2006 年 6 月 30 日抄见电量起，公司全资及控股的发电企业上网电价调整如下：
单位：元/千瓦时
发电企业名称 调整后的上网电价（含税） 调整前的上网电价（含税）
台州发电厂 0.4383 0.4348
萧山发电厂 0.4133 0.4038
浙江长兴发电有限责任公司 0.4059 0.4038
十四、信息披露索引
事项
刊载的报刊名
称及版面
刊载日期
刊载的互联网网站及检索路
径
第三届董事会第二十二次会议决议公告 2006 年 3 月 24 日
第三届董事会第五次会议决议公告 2006 年 3 月 24 日
独立董事提名人声明、独立董事候选人声明 2006 年 3 月 24 日
2005 年度报告及年度报告摘要 2006 年 3 月 24 日
关于召开 2005 年度股东大会的通知 2006 年 3 月 24 日
关于增加 2005 年度股东大会临时提案的公告 2006 年 4 月 18 日
2005 年度股东大会决议公告 2006 年 4 月 27 日
2005 年度股东大会的法律意见书 2006 年 4 月 27 日
第四届董事会第一次会议决议公告 2006 年 4 月 27 日
第四届监事会第一次会议决议公告 2006 年 4 月 27 日
2005 年度分红派息实施公告
中国证券报
上海证券报
香港南华早报
香港文汇报
2006 年 5 月 20 日
http://www.zsepc.com/
http://www.sse.com.cn/
浙江东南发电股份有限公司 2006 年中期报告
13
第七节 财务会计报告
(未经审计)
资产负债表
2006 年 06 月 30 日
编制单位: 浙江东南发电股份有限公司 单位: 元 币种:人民币
附注 合并 母公司
项目
合并 母公
司
期末数 期初数 期末数 期初数
流动资产：
货币资金 659,839,381.77 394,273,545.17 415,007,308.16 285,776,435.89
短期投资 40,905,000.00 41,490,000.00 40,905,000.00 41,490,000.00
应收票据
应收股利
应收利息
应收账款 347,122,178.83 331,421,789.04 130,106,301.40 153,272,890.63
其他应收款 18,784,504.83 4,658,103.47 17,594,430.66 4,547,296.27
预付账款 28,100,845.88 20,435,986.00 22,523,638.67 10,240,866.00
应收补贴款
存货 204,285,261.01 181,002,533.20 114,666,394.75 103,805,402.52
待摊费用 4,103,705.81 1,809,101.01 2,004,769.35
一年内到期的长期债权
投资
其他流动资产
流动资产合计 1,303,140,878.13 975,091,057.89 742,807,842.99 599,132,891.31
长期投资：
长期股权投资 1,913,579,608.69 1,834,759,307.42 2,702,138,526.35 2,590,624,154.24
长期债权投资
长期投资合计 1,913,579,608.69 1,834,759,307.42 2,702,138,526.35 2,590,624,154.24
其中：合并价差
其中：股权投资差额 3,300,185.40 3,500,196.64 3,300,185.40 3,500,196.64
固定资产：
固定资产原价 11,866,673,562.44 10,881,760,093.77 7,057,359,907.96 7,079,657,644.43
减：累计折旧 5,134,926,462.43 4,782,151,171.54 4,482,640,183.15 4,280,149,405.40
固定资产净值 6,731,747,100.01 6,099,608,922.23 2,574,719,724.81 2,799,508,239.03
减：固定资产减值准备
固定资产净额 6,731,747,100.01 6,099,608,922.23 2,574,719,724.81 2,799,508,239.03
工程物资 716,808,559.53 674,491,897.17 716,808,559.53 634,983,897.17
在建工程 519,610,060.97 854,206,463.13 475,568,144.86 273,406,252.78
固定资产清理
固定资产合计 7,968,165,720.51 7,628,307,282.53 3,767,096,429.20 3,707,898,388.98
无形资产及其他资产：
无形资产 270,024,551.04 276,148,814.00 215,042,213.69 219,579,421.76
长期待摊费用 20,181,194.40 24,217,433.46 20,181,194.40 24,217,433.46
其他长期资产
无形资产及其他资产合 290,205,745.44 300,366,247.46 235,223,408.09 243,796,855.22
浙江东南发电股份有限公司 2006 年中期报告
14
计
递延税项：
递延税款借项
资产总计 11,475,091,952.77 10,738,523,895.30 7,447,266,206.63 7,141,452,289.75
流动负债：
短期借款 134,860,000.00 59,860,000.00
应付票据 300,000,000.00 300,000,000.00
应付账款 618,313,803.49 546,888,343.83 148,690,536.06 274,382,703.99
预收账款
应付工资 87,659,278.91 68,888,297.68 87,656,687.57 68,885,706.34
应付福利费 15,134,947.43 21,733,605.31 14,708,508.00 21,525,581.80
应付股利
应交税金 156,536,263.18 120,622,292.28 103,606,336.26 114,995,198.61
其他应交款 3,805,881.65 4,465,526.71 3,852,420.61 2,229,720.31
其他应付款 85,515,596.29 102,528,591.99 65,561,711.34 76,298,032.87
预提费用 193,533.10 103,633.00
预计负债
一年内到期的长期负债 50,076,500.00 50,084,150.00
其他流动负债
流动负债合计 1,452,095,804.05 975,174,440.80 724,076,199.84 558,316,943.92
长期负债：
长期借款 3,278,178,500.00 2,985,779,755.63 468,850,000.00 256,224,180.63
应付债券
长期应付款
专项应付款 32,000,000.00 32,000,000.00 12,000,000.00 12,000,000.00
其他长期负债
长期负债合计 3,310,178,500.00 3,017,779,755.63 480,850,000.00 268,224,180.63
递延税项：
递延税款贷项
负债合计 4,762,274,304.05 3,992,954,196.43 1,204,926,199.84 826,541,124.55
少数股东权益 470,477,641.93 430,658,533.67
所有者权益（或股东权
益）：
实收资本（或股本） 2,010,000,000.00 2,010,000,000.00 2,010,000,000.00 2,010,000,000.00
减：已归还投资
实收资本（或股本）净
额
2,010,000,000.00 2,010,000,000.00 2,010,000,000.00 2,010,000,000.00
资本公积 1,907,572,569.51 1,907,572,569.51 1,907,572,569.51 1,907,572,569.51
盈余公积 1,140,918,096.88 1,140,918,096.88 1,140,918,096.88 1,140,918,096.88
其中：法定公益金 570,459,048.44 570,459,048.44
未分配利润 1,183,849,340.40 1,256,420,498.81 1,183,849,340.40 1,256,420,498.81
拟分配现金股利
外币报表折算差额
减：未确认投资损失
所有者权益（或股东权
益）合计
6,242,340,006.79 6,314,911,165.20 6,242,340,006.79 6,314,911,165.20
负债和所有者权益（或
股东权益）总计
11,475,091,952.77 10,738,523,895.30 7,447,266,206.63 7,141,452,289.75
浙江东南发电股份有限公司 2006 年中期报告
15
利润及利润分配表
2006 年 1-6 月
编制单位: 浙江东南发电股份有限公司 单位:元 币种:人民币
附注 合并 母公司
项目
合并 母公司 本期数 上年同期数 本期数 上年同期数
一、主营业务收入 2,937,944,579.87 2,695,269,003.67 1,915,866,621.89 1,999,956,837.24
减：主营业务成本 2,238,688,463.80 2,009,766,913.85 1,495,951,122.98 1,529,546,941.65
主营业务税金及附加 26,222,571.84 25,860,132.63 17,070,213.34 19,508,714.19
二、主营业务利润（亏
损以“-”号填列）
673,033,544.23 659,641,957.19 402,845,285.57 450,901,181.40
加：其他业务利润（亏
损以“-”号填列）
6,128,534.40 1,549,020.90 4,443,914.48 1,350,581.60
减: 营业费用
管理费用 144,091,920.17 153,649,981.44 107,759,198.90 110,394,067.33
财务费用 75,176,493.99 30,513,217.64 3,138,901.21 4,934,286.32
三、营业利润（亏损以
“-”号填列）
459,893,664.47 477,027,779.01 296,391,099.94 336,923,409.35
加：投资收益（损失以
“-”号填列）
64,364,615.51 -4,329,472.67 134,834,248.84 56,642,299.10
补贴收入
营业外收入 29,455.50 17,500.00 11,500.00 8,000.00
减：营业外支出 7,579,851.33 4,614,736.37 5,914,656.11 2,493,347.08
四、利润总额（亏损总
额以“-”号填列）
516,707,884.15 468,101,069.97 425,322,192.67 391,080,361.37
减：所得税 147,311,554.50 147,656,354.20 95,893,351.08 103,466,599.62
减：少数股东损益 39,967,488.06 32,830,954.02
加：未确认投资损失(合
并报表填列)
五、净利润（亏损以“-
”号填列）
329,428,841.59 287,613,761.75 329,428,841.59 287,613,761.75
浙江东南发电股份有限公司 2006 年中期报告
16
现金流量表
2006 年 1-6 月
编制单位: 浙江东南发电股份有限公司 单位:元 币种:人民币
附注
项目
合并
母公
司
合并数 母公司数
一、经营活动产生的现金流量：
销售商品、提供劳务收到的现金 3,434,260,639.19 2,264,262,594.59
收到的税费返还
收到的其他与经营活动有关的现金 6,635,626.96 3,340,397.85
现金流入小计 3,440,896,266.15 2,267,602,992.44
购买商品、接受劳务支付的现金 1,898,041,017.47 1,171,848,874.03
支付给职工以及为职工支付的现金 178,581,063.88 149,379,728.38
支付的各项税费 441,786,484.56 305,660,847.95
支付的其他与经营活动有关的现金 86,879,194.47 65,130,756.84
现金流出小计 2,605,287,760.38 1,692,020,207.20
经营活动产生的现金流量净额 835,608,505.77 575,582,785.24
二、投资活动产生的现金流量：
收回投资所收到的现金
其中：出售子公司收到的现金
取得投资收益所收到的现金 95,879,314.24 158,554,876.73
处置固定资产、无形资产和其他长期资产而收回的现金 1,567,649.86 1,564,394.60
收到的其他与投资活动有关的现金 3,166,834.91 2,538,915.84
现金流入小计 100,613,799.01 162,658,187.17
购建固定资产、无形资产和其他长期资产所支付的现金 434,547,600.84 276,732,438.10
投资所支付的现金 109,750,000.00 134,650,000.00
支付的其他与投资活动有关的现金
现金流出小计 544,297,600.84 411,382,438.10
投资活动产生的现金流量净额 -443,683,801.83 -248,724,250.93
三、筹资活动产生的现金流量：
吸收投资所收到的现金 33,600,000.00
其中：子公司吸收少数股东权益性投资收到的现金 33,600,000.00
借款所收到的现金 443,000,000.00 213,000,000.00
收到的其他与筹资活动有关的现金
现金流入小计 476,600,000.00 213,000,000.00
偿还债务所支付的现金 75,000,000.00
分配股利、利润或偿付利息所支付的现金 527,943,696.25 410,612,490.95
其中：支付少数股东的股利 33,748,379.80
支付的其他与筹资活动有关的现金
其中：子公司依法减资支付给少数股东的现金
现金流出小计 602,943,696.25 410,612,490.95
筹资活动产生的现金流量净额 -126,343,696.25 -197,612,490.95
四、汇率变动对现金的影响 -15,171.09 -15,171.09
浙江东南发电股份有限公司 2006 年中期报告
17
五、现金及现金等价物净增加额 265,565,836.60 129,230,872.27
补充材料
1、将净利润调节为经营活动现金流量：
净利润 329,428,841.59 329,428,841.59
加：少数股东损益(亏损以“-”号填列) 39,967,488.06
减：未确认的投资损失
加：计提的资产减值准备 1,903,837.74 -645,922.64
固定资产折旧 371,375,659.36 220,896,878.26
无形资产摊销 6,153,762.96 4,537,208.07
长期待摊费用摊销 4,036,239.06 4,036,239.06
待摊费用减少（减：增加） -2,294,604.80 -2,004,769.35
预提费用增加（减：减少）
处理固定资产、无形资产和其他长期资产的损失(减:收
益)
5,342,481.97 5,241,406.34
固定资产报废损失
财务费用 69,124,786.27 -2,897,925.38
投资损失（减：收益） -64,364,615.51 -134,834,248.84
递延税款贷项（减：借项）
存货的减少（减：增加） -23,282,727.81 -10,860,992.23
经营性应收项目的减少(减：增加) -60,346,464.40 -12,461,470.82
经营性应付项目的增加(减：减少) 158,563,821.28 175,147,541.18
其他
经营活动产生的现金流量净额 835,608,505.77 575,582,785.24
2．不涉及现金收支的投资和筹资活动：
债务转为资本
一年内到期的可转换公司债券
融资租入固定资产
3、现金及现金等价物净增加情况：
现金的期末余额 659,839,381.77 415,007,308.16
减：现金的期初余额 394,273,545.17 285,776,435.89
加：现金等价物的期末余额
减：现金等价物的期初余额
现金及现金等价物净增加额 265,565,836.60 129,230,872.27
浙江东南发电股份有限公司 2006 年中期报告
18
合并资产减值准备明细表
2006 年 1-6 月
编制单位: 浙江东南发电股份有限公司 单位:元 币种:人民币
本期减少数
项目 期初余额 本期增加数
因资产价值
回升转回数
其他原因
转出数
合计
期末余额
坏账准备合计 21,451,908.03 1,903,837.74 23,355,745.77
其中：应收账款 21,154,582.28 1,002,152.54 22,156,734.82
其他应收款 297,325.75 901,685.20 1,199,010.95
短期投资跌价准备合计
其中：股票投资
债券投资
存货跌价准备合计
其中：库存商品
原材料
长期投资减值准备合计 220,000,000.00 220,000,000.00
其中：长期股权投资 220,000,000.00 220,000,000.00
长期债权投资
固定资产减值准备合计
其中：房屋、建筑物
机器设备
无形资产减值准备
其中：专利权
商标权
在建工程减值准备
委托贷款减值准备
资产减值合计 241,451,908.03 1,903,837.74 243,355,745.77
浙江东南发电股份有限公司 2006 年中期报告
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母公司资产减值准备明细表
2006 年 1-6 月
编制单位: 浙江东南发电股份有限公司 单位:元 币种:人民币
本期减少数
项目 期初余额 本期增加数
因资产价值回
升转回数
其他原因
转出数
合计
期末余额
坏账准备合计 10,073,628.95 832,795.82 1,478,718.46 9,427,706.31
其中：应收账款 9,783,376.00 1,478,718.46 8,304,657.54
其他应收款 290,252.95 832,795.82 1,123,048.77
短期投资跌价准备合计
其中：股票投资
债券投资
存货跌价准备合计
其中：库存商品
原材料
长期投资减值准备合计 220,000,000.00 220,000,000.00
其中：长期股权投资 220,000,000.00 220,000,000.00
长期债权投资
固定资产减值准备合计
其中：房屋、建筑物
机器设备
无形资产减值准备
其中：专利权
商标权
在建工程减值准备
委托贷款减值准备
资产减值合计 230,073,628.95 832,795.82 1,478,718.46 229,427,706.31
会计报表附注
2006 年 1-6 月
金额单位：人民币元
一、公司基本情况
浙江东南发电股份有限公司（以下简称公司或本公司）系经浙江省人民政府证券委员会浙证委
[1997]49 号《关于同意设立浙江东南发电股份有限公司的批复》和中国证券监督管理委员会国际业务
部[1997]4 号《关于对浙江东南发电股份有限公司(筹) 先行设立公司后立即增资发行新股的复函》批
准，由浙江省电力公司、浙江省电力开发公司、浙江八达股份有限公司、浙江省电力物资供应公司和
浙江电力房地产开发有限责任公司发起设立的股份有限公司，于 1997 年 5 月 15 日在浙江省工商行政
管理局登记注册，取得注册号为 14294345 号的《企业法人营业执照》，现有注册资本人民币 201,000
万元，股份总数 201,000 万股（每股面值 1 元），其中已流通股份：B 股 69,000 万股。公司股票于
1997 年 9 月 23 日在上海证券交易所挂牌交易。
2000 年 5 月 23 日，经国家对外贸易经济合作部[2000]外经贸资二函字第 373 号文批复同意，公司转
为“外商投资股份有限公司”，于 2001 年 4 月 18 日办妥工商变更登记手续，取得企股浙总字第 002189
号《企业法人营业执照》。
浙江东南发电股份有限公司 2006 年中期报告
20
根据国家发展计划委员会《国家计委关于国家电力公司发电资产重组划分方案的批复》（计基础
[2002]2704 号文） ，浙江省电力公司所持有的公司 51,403.68 万股国有法人股股权以行政划拨方式无
偿划转给中国华能集团公司。浙江省电力公司和中国华能集团公司据此于 2003 年 2 月签署《公司股
权划转协议》。该协议规定，股权划转的基准日为 2003 年 1 月 1 日，此次股权划转后，中国华能集
团公司持有公司股份 51,403.68 万股，占公司股份总数的 25.57%，为公司第二大股东；浙江省电力公
司不再持有公司股份。2005 年 2 月 7 日，经国务院国有资产监督管理委员会国资产权[2005]161 号
《关于浙江东南发电股份有限公司国有持股主体变更有关问题的批复》文批复，同意公司 51,403.68
万股的持股主体由浙江省电力公司变更为中国华能集团公司，股份性质为国家股。
公司属电力行业。经营范围：电力的投资、开发和经营。
本公司下辖公司本部、台州发电厂、萧山发电厂，子公司浙江长兴发电有限责任公司和浙江长兴捷通
物流有限公司。
二、公司采用的主要会计政策、会计估计和合并会计报表的编制方法
(一) 会计准则和会计制度
执行企业会计准则和《企业会计制度》及其补充规定。
(二) 会计年度
会计年度自公历 1 月 1 日起至 12 月 31 日止。
(三) 记账本位币
采用人民币为记账本位币。
(四) 记账基础和计价原则
以权责发生制为记账基础，以历史成本为计价原则。
(五) 外币业务核算方法
对发生的外币业务，采用当日中国人民银行公布的市场汇价(中间价) 折合人民币记账。对各种外币
账户的外币期末余额，按期末市场汇价(中间价) 进行调整，发生的差额，与购建固定资产有关且在
其达到预定可使用状态前的，计入有关固定资产的购建成本；与购建固定资产无关的属于筹建期间的
计入长期待摊费用，属于生产经营期间的计入当期财务费用。
(六) 现金等价物的确定标准
现金等价物是指企业持有的期限短(一般是指从购买日起 3 个月内到期) 、流动性强、易于转换为已
知金额现金、价值变动风险很小的投资。
(七) 短期投资核算方法
1．短期投资，按照取得时的投资成本扣除已宣告但尚未领取的现金股利或已到付息期但尚未领取的
债券利息入账。短期投资持有期间所享有并收到的现金股利或债券利息等收益不确认投资收益，作为
冲减投资成本处理；出售短期投资所获得的价款减去出售的短期投资的账面价值以及未收到已记入应
收项目的现金股利或债券利息等后的差额，作为投资收益或损失，计入当期损益。出售短期投资结转
的投资成本，按加权平均法计算确定。
2．期末短期投资按成本与市价孰低计量，市价低于成本的部分按单项投资计提跌价准备。
(八) 坏账核算方法
1．采用备抵法核算坏账。
对应收款项(包括应收账款和其他应收款) 按余额百分比法计提坏账准备。本公司根据债务单位的财
浙江东南发电股份有限公司 2006 年中期报告
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务状况、现金流量等情况，确定具体提取比例为 6%。
2．坏账的确认标准为：
(1) 债务人破产或者死亡，以其破产财产或者遗产清偿后，仍然无法收回；
(2) 债务人逾期未履行其清偿义务，且具有明显特征表明无法收回。
对确实无法收回的应收款项，经批准后作为坏账损失，并冲销提取的坏账准备。
(九) 存货核算方法
1．存货包括在生产经营过程中为销售或耗用而储备的燃料、辅助材料、修理用备品备件、低值易耗
品等。
2．存货按实际成本计价。购入并已验收入库燃料按实际成本入账；发出燃料成本采用加权平均法核
算；库存修理用备品备件、三材等辅助材料采用移动加权平均法核算；领用低值易耗品按一次摊销法
摊销。
3．存货数量的盘存方法采用永续盘存制。
4．由于存货遭受毁损、全部或部分陈旧过时和销售价格低于成本等原因造成的存货成本不可收回的
部分，按单个存货项目的成本高于可变现净值的差额提取存货跌价准备。但对为生产而持有的材料
等，如果用其生产的产成品的可变现净值高于成本，则该材料仍然按成本计量；如果材料价格的下降
表明产成品的可变现净值低于成本，则该材料按可变现净值计量。
(十) 长期投资核算方法
1．长期股权投资，按取得时的实际成本作为初始投资成本。投资额占被投资单位有表决权资本总额
20%以下，或虽占 20%或 20%以上，但不具有重大影响的，按成本法核算；投资额占被投资单位有表决
权资本总额 20%或 20%以上，或虽投资不足 20%但有重大影响的，采用权益法核算。
2．股权投资差额，合同规定了投资期限的，按投资期限摊销。合同没有规定投资期限的，初始投资
成本大于应享有被投资单位所有者权益份额的差额，按不超过 10 年的期限摊销；初始投资成本小于
应享有被投资单位所有者权益份额的差额，按不低于 10 年的期限摊销。
自财政部财会[2003]10 号文发布之后发生的股权投资差额，如初始投资成本大于应享有被投资单位
所有者权益份额的差额，按不超过 10 年的期限摊销；初始投资成本小于应享有被投资单位所有者权
益份额的差额，记入“资本公积--股权投资准备”科目。
3．长期债权投资，以取得时的初始投资成本计价。债券投资的溢价或折价在债券存续期间内，按直
线法予以摊销。债券投资按期计算应收利息，经调整债券投资溢价或折价摊销额后的金额，确认为当
期投资收益；债券初始投资成本中包含的相关费用，如金额较大的，于债券购入后至到期前的期间内
在确认相关债券利息收入时摊销，计入损益；其他债权投资按期计算应收利息，确认为当期投资收
益。
4．期末由于市价持续下跌或被投资单位经营状况恶化等原因，导致长期投资可收回金额低于账面价
值，按单项投资可收回金额低于长期投资账面价值的差额提取长期投资减值准备。
(十一) 固定资产及折旧核算方法
1．固定资产是指同时具有以下特征的有形资产：(1)为生产商品、提供劳务、出租或经营管理而持有
的；(2)使用年限超过一年；(3)单位价值较高。
2．固定资产按取得时的成本入账。融资租入的固定资产，按租赁开始日租赁资产的原账面价值与最
低租赁付款额的现值中较低者，作为入账价值。
浙江东南发电股份有限公司 2006 年中期报告
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3．固定资产折旧采用年限平均法。在不考虑减值准备的情况下，按固定资产类别、预计使用年限和
预计净残值率(原值的 0-3%；土地使用权规定使用年限高于相应的房屋、建筑物预计使用年限的影响
金额，也作为净残值预留) 确定折旧年限和年折旧率如下：
固定资产类别 折旧年限(年) 年折旧率(%)
房屋及建筑物 8－35 12.50－2.86
通用设备 4－18 25.00－5.56
专用设备 7－18 14.29－5.56
运输工具 6 16.67
其他设备 5－9 20.00－11.11
4．期末由于市价持续下跌、技术陈旧、损坏或长期闲置等原因，导致固定资产可收回金额低于账面
价值，按单项资产可收回金额低于固定资产账面价值的差额，提取固定资产减值准备。
(十二) 在建工程核算方法
1．在建工程按实际成本核算。
2．在建工程达到预定可使用状态时，按工程实际成本转入固定资产。尚未办理竣工结算的，先按估
计价值转入固定资产，待确定实际价值后，再进行调整。
3．期末，存在下列一项或若干项情况的，按单项资产可收回金额低于在建工程账面价值的差额，提
取在建工程减值准备：
(1) 长期停建并且预计未来 3 年内不会重新开工；
(2) 项目无论在性能上，还是在技术上已经落后，并且给企业带来的经济利益具有很大的不确定性；
(3) 足以证明在建工程已经发生减值的其他情形。
(十三) 借款费用核算方法
1．借款费用确认原则
因购建固定资产借入专门借款而发生的利息、折价或溢价的摊销和汇兑差额，在符合资本化条件的情
况下，予以资本化，计入该项资产的成本；其他借款利息、折价或溢价的摊销和汇兑差额，于发生当
期确认为费用。因安排专门借款而发生的辅助费用，属于在所购建固定资产达到预定可使用状态之前
发生的，在发生时予以资本化；其他辅助费用于发生当期确认为费用。若辅助费用的金额较小，于发
生当期确认为费用。
2．借款费用资本化期间
(1) 开始资本化：当以下三个条件同时具备时，因专门借款而发生的利息、折价或溢价的摊销和汇兑
差额开始资本化：1) 资产支出已经发生；2) 借款费用已经发生；3) 为使资产达到预定可使用状态
所必要的购建活动已经开始。
(2) 暂停资本化：若固定资产的购建活动发生非正常中断，并且中断时间连续超过 3 个月，暂停借款
费用的资本化，将其确认为当期费用，直至资产的购建活动重新开始。
(3) 停止资本化：当所购建的固定资产达到预定可使用状态时，停止其借款费用的资本化。
3．借款费用资本化金额
在应予资本化的每一会计期间，利息的资本化金额为至当期末止购建固定资产累计支出加权平均数与
资本化率的乘积；每期应摊销的折价或溢价金额作为利息的调整额，对资本化利率作相应的调整；汇
兑差额的资本化金额为当期外币专门借款本金及利息所发生的汇兑差额。
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(十四) 无形资产核算方法
1．无形资产按取得时的实际成本入账。
2．无形资产自取得当月起在预计使用年限内分期平均摊销，计入损益。
如果预计使用年限超过了相关合同规定的受益年限或法律规定的有效年限，该无形资产的摊销年限按
如下原则确定：(1) 合同规定受益年限但法律没有规定有效年限的，按合同规定的受益年限摊销；(2)
合同没有规定受益年限但法律规定有效年限的，按法律规定的有效年限摊销；(3) 合同规定了受益年
限，法律也规定了有效年限的，按受益年限和有效年限两者之中较短者摊销。
合同没有规定受益年限，法律也没有规定有效年限的，摊销年限不超过 10 年。
如果预计某项无形资产已经不能给企业带来未来经济利益的，将该项无形资产的账面价值全部转入当
期管理费用。
3．期末检查无形资产预计给公司带来未来经济利益的能力，按单项无形资产预计可收回金额低于其
账面价值的差额，提取无形资产减值准备。
(十五) 长期待摊费用核算方法
1．长期待摊费用按实际支出入账，在费用项目的受益期内分期平均摊销。
2．筹建期间发生的费用(除购建固定资产以外) ，先在长期待摊费用中归集，在开始生产经营当月一
次计入损益。
(十六) 收入确认原则
1．商品销售
售电收入：以本期的实际结算电量分别乘以经物价部门批准确认的上网电价（包括合约上网电价、超
发电量电价）和实际竞价价格计算确定。
商品销售：在商品所有权上的主要风险和报酬转移给买方,公司不再对该商品实施继续管理权和实际
控制权,相关的收入已经收到或取得了收款的证据,并且与销售该商品有关的成本能够可靠地计量时,
确认营业收入的实现。
2．提供劳务
(1) 劳务在同一年度内开始并完成的，在劳务已经提供，收到价款或取得收取款项的证据时，确认劳
务收入。
(2) 劳务的开始和完成分属不同的会计年度的，在劳务合同的总收入、劳务的完成程度能够可靠地确
定，与交易相关的价款能够流入，已经发生的成本和为完成劳务将要发生的成本能够可靠地计量时，
按完工百分比法确认劳务收入。
3．让渡资产使用权
让渡无形资产(如商标权、专利权、专营权、软件、版权等) 以及其他非现金资产的使用权而形成的
使用费收入，按有关合同或协议规定的收费时间和方法计算确定。上述收入的确定并应同时满足：(1)
与交易相关的经济利益能够流入公司；(2) 收入的金额能够可靠地计量。
(十七) 企业所得税的会计处理方法
企业所得税，采用应付税款法核算。
浙江东南发电股份有限公司 2006 年中期报告
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(十八) 合并会计报表的编制方法
母公司将其拥有过半数以上权益性资本的被投资单位，或虽不拥有其过半数以上的权益性资本但拥有
实质控制权的被投资单位，纳入合并会计报表的合并范围。合并会计报表以母公司、纳入合并范围的
子公司的会计报表和其他有关资料为依据，按照《合并会计报表暂行规定》编制而成。对合营企业，
则按比例合并法予以合并。子公司的主要会计政策按照母公司统一选用的会计政策厘定，合并会计报
表范围内各公司间的重大交易和资金往来等，在合并时抵销。
三、税(费) 项
(一) 增值税
按 17%的税率计缴。
(二) 营业税
按 5%的税率计缴。
(三)城市维护建设税
公司本部和萧山发电厂分别经浙江省地方税务局涉外分局和杭州市萧山地方税务局临浦征收管理分局
同意免缴；台州发电厂按应缴流转税税额的 7%计缴；子公司浙江长兴发电有限责任公司按应缴流转
税税额的 5%计缴。
(四)教育费附加
公司本部经浙江省地方税务局涉外分局同意免缴；萧山发电厂根据浙江省地方税务局浙地税发
[2005]67 号文免缴；台州发电厂及子公司浙江长兴发电有限责任公司按应缴流转税税额的 4%计缴，
根据浙江省人民政府浙政发[2006]31 号文，2006 年 5 月 1 日起改按 3%计缴，同时计缴 2%的地方教育
费附加。
(五)企业所得税
按 33%的税率计缴。
四、控股子公司
(一) 控股子公司
企业全称 业务性质 注册资本 经营范围 实际投资额 所占权益比例
浙江长兴发电有限
责任公司
火力发电 109,600 万元
[注]
电力电量的生产和上网销
售等
71,240 万元 65%
浙江长兴捷通物流
有限公司
服务业 4,700 万元 仓储服务、货物中转配载
和煤炭批发及零售等
2,115 万元 45%
[注]：本报告期该公司注册资本由 100,000 万元增资至 109,600 万元，本公司相应追加投资 6,240 万
元。
五、利润分配
本报告期公司不进行利润分配，也不进行公积金转增资本。本期发放完毕 2005 年度股票红利共计
402,000,000.00 元人民币。其中 B 股股票的红利折成美元派发。
六、合并会计报表项目注释
(一) 合并资产负债表项目注释
1. 货币资金 期末数 659,839,381.77
(1) 明细情况
项 目 期末数 期初数
现金 13,985.42 8,048.30
银行存款 658,826,534.84 393,798,426.40
浙江东南发电股份有限公司 2006 年中期报告
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其他货币资金 998,861.51 467,070.47
合 计 659,839,381.77 394,273,545.17
(2) 无抵押、冻结等对变现有限制或存放在境外、或有潜在回收风险的款项。
(3) 货币资金——外币货币资金
期 末 数 期 初 数
项 目 原币及金额 汇率 折人民币金额 原币及金额 汇率 折人民币金额
银行存款 USD2,136,647.91 7.9956 17,083,782.03 USD2,242,837.29 8.0702 18,100,145.50
小 计 17,083,782.03 18,100,145.50
2. 短期投资 期末数 40,905,000.00
(1) 明细情况
期末数 期初数
项 目 账面余额 跌价准备 账面价值 账面余额 跌价准备 账面价值
债券投资 40,905,000.00 40,905,000.00 41,490,000.00 41,490,000.00
合 计 40,905,000.00 40,905,000.00 41,490,000.00 41,490,000.00
(2)占短期投资总额 10%以上(含 10%) 的股票、债券、基金投资
名 称 面值 期末数
02 国债(13) 4,500 万元 40,905,000.00
小 计 40,905,000.00
3. 应收账款 期末数 347,122,178.83
(1)账龄分析
期末数 期初数
账 龄 账面余额 比例(%) 坏账准备 账面价值 账面余额 比例(%) 坏账准备 账面价值
1 年以内 369,278,913.65 100.00 22,156,734.82 347,122,178.83 352,576,371.32 100.00 21,154,582.28 331,421,789.04
合 计 369,278,913.65 100.00 22,156,734.82 347,122,178.83 352,576,371.32 100.00 21,154,582.28 331,421,789.04
(2) 应收账款系应收浙江省电力公司的售电款项。
(3) 无持有本公司 5%以上(含 5%) 表决权股份的股东欠款。
4. 其他应收款 期末数 18,784,504.83
(1) 账龄分析
期末数 期初数
账 龄 账面余额 比例(%) 坏账准备 账面价值 账面余额 比例(%) 坏账准备 账面价值
1 年以内 17,319,673.21 86.67 1,039,180.40 16,280,492.81 3,463,626.54 69.89 207,817.59 3,255,808.95
1-2 年 1,551,580.57 7.76 93,094.83 1,458,485.74 542,486.68 10.95 32,549.20 509,937.48
2-3 年 162,946.00 0.82 9,776.76 153,169.24 642,116.00 12.96 38,526.96 603,589.04
3 年以上 949,316.00 4.75 56,958.96 892,357.04 307,200.00 6.20 18,432.00 288,768.00
合 计 19,983,515.78 100.00 1,199,010.95 18,784,504.83 4,955,429.22 100.00 297,325.75 4,658,103.47
(2) 金额较大的其他应收款
单位名称 期末数 款项性质及内容
浙江省建工集团 9,285,749.12 工程甲供材料款
浙江伊麦克斯基础工程建设公司 1,785,412.89 工程甲供材料款
浙江东南发电股份有限公司 2006 年中期报告
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浙江省二建建设集团有限公司 1,619,821.61 工程甲供材料款
小 计 12,690,983.62
(3) 期末其他应收款中欠款金额前 5 名的欠款金额总计为 13,980,594.19 元，占其他应收款账面余额
的 69.96%。
(4) 无持有本公司 5%以上(含 5%) 表决权股份的股东欠款。
5. 预付账款 期末数 28,100,845.88
(1)账龄分析
期末数 期初数
账 龄 金 额 比例(%) 金 额 比例(%)
1 年以内 18,100,845.88 64.41 7,073,320.00 34.61
1-2 年 3,362,666.00 16.46
2-3 年
3 年以上 10,000,000.00 35.59 10,000,000.00 48.93
合 计 28,100,845.88 100.00 20,435,986.00 100.00
(2) 无持有本公司 5%以上(含 5%) 表决权股份的股东欠款。
(3) 账龄 1 年以上预付账款未结算的原因说明
台州发电厂于 2002 年 4 月 18 日与台州市国土资源局开发区分局签订《协议书》，拟受让台州大道以
东、6 号路以南的 30 多亩土地，用于建设职工教育培训中心，土地出让金暂定 1,800 万元，因涉及
市政统一规划等事宜，该土地出让手续尚待办理，故将已于 2002 年支付的 1,000 万元仍暂作预付账
款项目反映。
6. 存货 期末数 204,285,261.01
(1) 明细情况
期末数 期初数
项 目 账面余额 跌价准备 账面价值 账面余额 跌价准备 账面价值
物资采购
原材料 95,118,858.47 95,118,858.47 86,758,934.40 86,758,934.40
燃 料 109,166,402.54 109,166,402.54 94,240,802.39 94,240,802.39
低值易耗品 2,796.41 2,796.41
合 计 204,285,261.01 204,285,261.01 181,002,533.20 181,002,533.20
(2) 本期存货的取得方式均为外购。
(3) 期末存货均未用于债务担保。
(4) 存货可变现净值确定依据的说明
公司按单个存货项目的可变现净值低于其成本的差额提取存货跌价准备。经分析，本报告期内存货不
存在毁损及成本低于可变现净值的现象，故未计提存货跌价准备。
浙江东南发电股份有限公司 2006 年中期报告
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7. 长期股权投资 期末数 1,913,579,608.69
(1) 明细情况
期末数 期初数
项 目 账面余额 减值准备 账面价值 账面余额 减值准备 账面价值
对联营企业投资 1,044,179,608.69 1,044,179,608.69 965,359,307.42 965,359,307.42
其他股权投资 1,089,400,000.00 220,000,000.00 869,400,000.00 1,089,400,000.00 220,000,000.00 869,400,000.00
合 计 2,133,579,608.69 220,000,000.00 1,913,579,608.69 2,054,759,307.42 220,000,000.00 1,834,759,307.42
(2) 权益法核算的长期股权投资
1) 明细情况
a. 期末余额构成明细情况
被投资单位 持股
比例
投资
期限
投资成本 损益调整 股权投
资准备
股权投资差额 期末数
浙江嘉华发电有限责任公司 24% 25 年 493,250,000.00 82,070,930.59 575,320,930.59
浙江北海水力发电有限公司 25% 35 年 145,000,000.00 3,300,185.40 148,300,185.40
浙江浙能兰溪发电有限责任
公司
25% 30 年 274,125,000.00 -4,566,507.30 269,558,492.70
安徽兴皖矿业有限公司 30% 未明确 13,500,000.00 13,500,000.00
浙江浙能运输贸易有限公司
[注]
25% 20 年 37,500,000.00 37,500,000.00
小 计 963,375,000.00 77,504,423.29 3,300,185.40 1,044,179,608.69
[注]：根据浙江长兴发电有限责任公司股东会决议，浙江长兴发电有限责任公司出资 3750 万元参与
组建浙江浙能运输贸易有限公司；持有其 25%的股权。
b. 本期增减变动明细情况
被投资单位名称 期初数 本期投资成本
增减额
本期损益
调整增减额
本期分得
现金红利额
本期投
资准备
增减额
本期股权投资
差额增减额
期末数
浙江嘉华发电有
限责任公司
601,484,110.78 64,310,359.81 90,473,540.00 575,320,930.59
浙江浙能兰溪发
电有限责任公司
221,875,000.00 52,250,000.00
[注 1]
-4,566,507.30 269,558,492.70
浙江北海水力发
电有限公司
128,500,196.64 20,000,000.00
[注 2]
-200,011.24 148,300,185.40
安徽兴皖矿业有
限公司
13,500,000.00 13,500,000.00
浙江浙能运输贸
易有限公司
37,500,000.00 37,500,000.00
小 计 965,359,307.42 109,750,000.00 59,743,852.51 90,473,540.00 -200,011.24 1,044,179,608.69
[注 1]：根据浙江浙能兰溪发电有限责任公司第三次股东会决议，公司按原出资比例向其增资 5225
万元。
[注 2]：根据浙江北海水利发电有限公司 2006 年股东会决议决议，公司按原出资比例向其增资 2000
万元。
浙江东南发电股份有限公司 2006 年中期报告
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(3) 成本法核算的长期股权投资
明细情况
被投资单位名称 持股
比例
投资
期限
期初数 本期
增加
本期
减少
期末数
中国光大银行 2.14% 未明确 312,000,000.00 312,000,000.00
交通银行股份有限公司 0.33% 未明确 285,000,000.00 285,000,000.00
南方证券股份有限公司 5.78% 未明确 220,000,000.00 220,000,000.00
招商银行股份有限公司 0.478% 未明确 105,000,000.00 105,000,000.00
兴业银行股份有限公司 1.00% 未明确 82,400,000.00 82,400,000.00
浙江省天然气开发有限公司 10.00% 未明确 70,000,000.00 70,000,000.00
浙江省创业投资有限公司 10.00% 未明确 10,000,000.00 10,000,000.00
台州市凤凰山庄有限公司 14.28% 未明确 5,000,000.00 5,000,000.00
小 计 1,089,400,000.00 1,089,400,000.00
(4) 长期投资减值准备
项 目 期初数 本期增加 本期减少 期末数
价值回升转回 其他原因转出
南方证券股份有限公司 220,000,000.00 220,000,000.00
小 计 220,000,000.00 220,000,000.00
8. 固定资产原价 期末数 11,866,673,562.44
(1) 明细情况
类 别 期初数 本期增加 本期减少 期末数
房屋及建筑物 2,911,718,870.91 46,568.00 17,337,615.87 2,894,427,823.04
通用设备 853,459,040.66 56,522,720.85 3,050,201.95 906,931,559.56
专用设备 6,995,091,266.72 971,960,231.62 20,663,432.20 7,946,388,066.14
运输工具 60,759,928.39 287,230.00 1,948,078.88 59,099,079.51
其他设备 60,730,987.09 496,113.25 1,400,066.15 59,827,034.19
合 计 10,881,760,093.77 1,029,312,863.72 44,399,395.05 11,866,673,562.44
(2) 本期增加数中包括从在建工程完工转入 1,008,833,600.30 元。
(3) 本期减少数中 25,510,500.30 元,暂估调整 18,888,894.75 元
(4) 无融资租入固定资产。
(5) 无暂时闲置固定资产。
(6) 无已退废并准备处置固定资产情况。
(7) 无用于债务担保的固定资产。
9．累计折旧 期末数 5,134,926,462.43
类 别 期初数 本期增加 本期减少 期末数
房屋及建筑物 1,014,819,149.14 67,539,752.52 0.00 1,082,346,001.34
浙江东南发电股份有限公司 2006 年中期报告
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通用设备 438,034,427.62 44,649,791.48 2,911,781.54 479,772,437.56
专用设备 3,266,978,141.95 252,742,712.74 14,328,816.20 3,505,392,038.49
运输工具 39,623,374.85 3,422,536.76 396,800.00 42,649,111.61
其他设备 22,696,077.98 3,033,766.18 962,970.73 24,766,873.43
合 计 4,782,151,171.54 371,375,659.36 18,600,368.47 5,134,926,462.43
10．固定资产净值 期末数 6,731,747,100.01
(1) 明细情况
类 别 期末数 期初数
房屋及建筑物 1,812,081,821.70 1,896,899,721.77
通用设备 427,159,122.00 415,448,263.04
专用设备 4,440,996,027.65 3,728,113,124.77
运输工具 16,449,967.90 21,136,553.54
其他设备 35,060,160.76 38,011,259.11
合 计 6,731,747,100.01 6,099,608,922.23
(2) 经分析，上述固定资产无明显迹象表明已发生减值，因而未计提固定资产减值准备。
11. 工程物资 期末数 716,808,559.53
项 目 期末数 期初数
专用设备 2,925,125.32
预付大型设备款 716,808,559.53 671,566,771.85
合 计 716,808,559.53 674,491,897.17
12. 在建工程 期末数 519,610,060.97
(1) 明细情况
期末数 期初数
工程名称 账面余额 减值准备 账面价值 账面余额 减值准备 账面价值
公司本部 7,662,073.50 7,662,073.50 2,893,100.00 2,893,100.00
台州发电厂[注 1] 219,555,853.27 219,555,853.27 156,728,757.87 156,728,757.87
萧山发电厂[注 2] 248,350,218.09 248,350,218.09 113,784,394.91 113,784,394.91
浙江长兴发电有限责
任公司[注 3]
44,041,916.11 44,041,916.11 580,800,210.35 580,800,210.35
合 计 519,610,060.97 519,610,060.97 854,206,463.13 854,206,463.13
[注 1]：其中台州电厂五期工程截止 2006 年 6 月 30 日在建工程余额 116,521,201.70 元
[注 2]：其中萧山电厂天然气工程截止 2006 年 6 月 30 日在建工程余额 245,738,065.96 元。
[注 3]：其中浙江长兴发电有限责任公司二期工程#4 机组本报告期完工投入商业运行，按暂估价值
842,081,167.50 由在建工程转入固定资产。
浙江东南发电股份有限公司 2006 年中期报告
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(3) 借款费用资本化金额
工程名称 期初数 本期增加 本期转入
固定资产
本期其
他减少
期末数 年资本
化率
萧电天然气工程 6,102,654.19 8,425,424.82 14,528,079.01 5.27%
台州五期工程 187,066.13 187,066.13 5.27%
长兴二期工程 23,829,288.47 10,787,369.88 34,616,658.35 0.00 5.06%
小 计 29,931,942.66 33,481,121.92 48,697,919.44 14,715,145.14
(4) 经分析，上述在建工程无明显迹象表明已发生减值，因而未计提在建工程减值准备。
13. 无形资产 期末数 270,024,551.04
(1) 明细情况
期末数 期初数
种 类 账面余额 减值准备 账面价值 账面余额 减值准备 账面价值
台电土地使用权 139,129,650.00 139,129,650.00 140,852,636.67 140,852,636.67
萧电土地使用权 61,088,979.62 61,088,979.62 61,820,510.78 61,820,510.78
捷通土地使用权 52,125,365.71 52,125,365.71 53,042,527.57 53,042,527.57
计算机软件 17,448,430.41 17,448,430.41 20,123,638.70 20,123,638.70
其 他 232,125.30 232,125.30 309,500.28 309,500.28
合 计 270,024,551.04 270,024,551.04 276,148,814.00 276,148,814.00
(2) 无形资产增减变动情况
种 类 取得
方式
原始金额 期初数 本期增加 本期
转出
本期摊销 期末数 累计摊销额 剩余摊销
年限(年)
台电土地
使用权
外购 171,765,500.00 140,852,636.67 1,722,986.67 139,129,650.00 32,635,850.00 40.5
萧电土地
使用权
外购 73,525,010.57 61,820,510.78 731,531.16 61,088,979.62 12,436,030.95 41-61
捷通土地
使用权
外购 54,876,851.29 53,042,527.57 917,161.86 52,125,365.71 2,751,485.58 28.5
计算机软
件
外购 31,207,692.23 20,123,638.70 29,500.00 2,704,708.29 17,448,430.41 13,759,261.82 0.10-
7.25
其他 外购 1,547,500.00 309,500.28 77,374.98 232,125.30 1,315,374.70 1.5
合 计 332,922,554.09 276,148,814.00 29,500.00 6,153,762.96 270,024,551.04 62,898,003.05
(3) 经分析，无明显迹象表明无形资产已发生减值，因而未计提无形资产减值准备。
(4) 期末无形资产中，原值为 54,876,851.29 元，净值为 52,125,365.71 元的土地已用于债务担保。
浙江东南发电股份有限公司 2006 年中期报告
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14. 长期待摊费用 期末数 20,181,194.40
项 目 原始发生额 期初数 本期
增加
本期摊销 本期
转出
期末数 累计摊销额 剩余摊
销期限
台电 7 号灰库
租赁费
45,495,548.12 24,217,433.46 4,036,239.06 20,181,194.40 25,314,353.72 2.42 年
合 计 45,495,548.12 24,217,433.46 4,036,239.06 20,181,194.40 25,314,353.72
15. 短期借款 期末数 134,860,000.00
借款条件 期末数 期初数
信用借款 100,000,000.00[注]
抵押借款 25,000,000.00
保证借款 34,860,000.00 34,860,000.00
合 计 134,860,000.00 59,860,000.00
[注]：系浙江省能源集团有限公司通过浙江省国际信托投资有限责任公司向本公司之子公司浙江长兴
发电有限责任公司提供的贷款。
16.应付票据 期末数 300,000,000.00
(1) 明细情况
种类 期末数 期初数
银行承兑汇票 300,000,000.00 0.00
应付票据是由公司签发的付浙江富兴电力燃料公司煤款的短期银行承兑汇票。
(2）金额较大的应付票据
单位名称 期限 金额 款项性质及内容
浙江富兴电力燃料公司 6 个月 220,000,000.00 燃料款
浙江富兴电力燃料公司 3 个月 80,000,000.00 燃料款
小计 300,000,000.00
(3) 无持有本公司 5%(含 5%)以上表决权股份的股东单位帐款。
17. 应付账款 期末数 618,313,803.49
无持有本公司 5%以上(含 5%) 表决权股份的股东账款。
18．应付工资 期末数 87,659,278.91
(1) 无拖欠职工工资的情况。
(2) 公司实行工效挂钩工资制度。本期的工资额度由浙江省能源集团有限公司向浙江省人民政府国有
资产监督管理委员会申请核定。期末余额系应付未付的工资储备资金。
浙江东南发电股份有限公司 2006 年中期报告
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19. 应交税金 期末数 156,536,263.18
税 种 期末数 期初数 法定税率
增值税 58,405,582.22 19,709,037.94 按 17%的税率计缴
营业税 169,052.13 316,121.02 按 5%的税率计缴
城市维护建设税 3,367,112.86 2,896,515.73 详见本会计报表附注三(三)
企业所得税 96,239,563.08 92,445,605.92 按 33%的税率计缴
代扣代缴个人所得税[注] -1,647,411.01 1,545,655.99 按规定计缴
房产税 2,363.90 2,158,361.90 按规定计缴
土地使用税 0.00 1,355,943.78 按规定计缴
印花税 195,050.00 按规定计缴
合 计 156,536,263.18 120,622,292.28
[注]：系已代职工预缴但未结算，尚未向职工扣回。
20．其他应交款 期末数 3,805,881.65
项 目 期末数 期初数 计缴标准
教育费附加 1,926,248.70 1,979,410.35 详见本会计报表附注三(四)
职工住房公积金 1,778,548.73 1,382,158.07 按规定适用费率计缴
综合规费 101,084.22 1,102,958.29 [注]
合 计 3,805,881.65 4,464,526.71
[注]：系子公司浙江长兴发电有限责任公司及其子公司浙江长兴捷通物流有限公司根据长兴县地方税
务局[2006]9 号文件《关于调整综合规费有关政策的通知》，按销售收入的 0.15%费率计缴。
21. 其他应付款 期末数 85,515,596.29
(1)无持有本公司 5%以上(含 5%) 表决权股份的股东款项
(2)金额较大其他应付款的性质或内容的说明
单位名称 款项性质及内容 金额
台电补充医疗保险费 应付未付保费 26,266,059.02
浙江天地环保工程有限公司 应付未付工程款 15,413,789.00
小计 41,679,848.02
22. 预提费用 期末数 193,533.10
项 目 期末数 期初数 期末结余原因
利 息 193,533.10 103,633.00 期末应计未付
合 计 193,533.10 103,633.00
浙江东南发电股份有限公司 2006 年中期报告
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23. 一年内到期的长期负债 期末数 50,076,500.00
(1) 明细情况
类 别 期末数 期初数
长期借款 50,076,500.00 50,084,150.00
合 计 50,076,500.00 50,084,150.00
24. 长期借款 期末数 3,278,178,500.00
借款条件 期末数 期初数
信用借款 1,890,068,600.00[注] 1,121,884,960.00
质押借款 1,358,061,150.00 1,863,894,795.63
抵押借款 30,048,750.00
合 计 3,278,178,500.00 2,985,779,755.63
[注]：其中 20,000 万元系浙江省能源集团有限公司通过浙江省国际信托投资有限责任公司向本公司
之子公司浙江长兴发电有限责任公司提供的贷款，详见本会计报表附注八(二)4（4）项之说明。
25．专项应付款 期末数 32,000,000.00
(1) 明细情况
项 目 期末数 期初数
国家拨入的专门用途拨款 32,000,000.00 32,000,000.00
合 计 32,000,000.00 32,000,000.00
26. 股本 期末数 2,010,000,000.00
本期增减变动(+，-)
项 目 期初数 期末数
数量 比例
发行新
股
送
股
公积金转
股
其
他
小
计 数量 比例
国家持有股份 1,315,000,000.00 65.42% 1,315,000,000.00 65.42%
境内法人持有股
份
5,000,000.00 0.25% 5,000,000.00 0.25%
境外法人持有股
份
1．
发
起
人
股
份 其他
2．募集法人股
3．内部职工股
4．优先股或其他
(一)
未
上
市
流
通
股
份
未上市流通股份合计 1,320,000,000.00 65.67% 1,320,000,000.00 65.67%
1．人民币普通股
2．境内上市的外资股 690,000,000.00 34.33% 690,000,000.00 34.33%
3．境外上市的外资股
4．其他
(二)
已上
市流
通股
份 已上市流通股份合计 690,000,000.00 34.33% 690,000,000.00 34.33%
(三) 股份总数 2,010,000,000.00 100.00% 2,010,000,000.00 100.00%
27. 资本公积 期末数 1,907,572,569.51
(1) 明细情况
项 目 期初数 本期增加 本期减少 期末数
股本溢价 1,859,977,258.75 1,859,977,258.75
浙江东南发电股份有限公司 2006 年中期报告
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接受捐赠非现金资产准备 294,820.76 294,820.76
外币资本折算差额 3,000,000.00 3,000,000.00
拨款转入 41,533,300.00 41,533,300.00
股权投资准备 975,000.00 975,000.00
其他资本公积 1,792,190.00 1,792,190.00
合 计 1,907,572,569.51 1,907,572,569.51
28. 盈余公积 期末数 1,140,918,096.88
(1) 明细情况
项 目 期初数 本期增加 本期减少 期末数
法定盈余公积 570,459,048.44 570,459,048.44 1,140,918,096.88
法定公益金 570,459,048.44 570,459,048.44 0.00
合 计 1,140,918,096.88 1,140,918,096.88
根据财政部财企[2006]67 号《关于<公司法>施行后有关企业财务处理问题的通知》，2005 年 12 月
31 日的公益金结余转作盈余公积金管理使用。
29. 未分配利润 期末数 1,183,849,340.40
(1) 明细情况
期初数 1,256,420,498.81
本期增加 329，428，841.59
本期减少 402,000,000.00
期末数 1,183,849,340.40
(2) 其他说明
本期未分配利润增减变动以及利润分配比例情况的说明
1）本期增加数系本期实现的净利润转入；
2）本期减少系根据公司 2005 年度股东大会决议分配的 2005 年股利。
(二) 合并利润及利润分配表项目注释
1．主营业务收入/主营业务成本 本期数 2,937,944,579.87/2,238,688,463.80
(1) 业务分部
项 目 本期数 上年同期数
主营业务收入
售电业务 2,937,944,579.87 2,695,269,003.67
合 计 2,937,944,579.87 2,695,269,003.67
主营业务成本
售电业务 2,238,688,463.80 2,009,766,913.85
合 计 2,238,688,463.80 2,009,766,913.85
浙江东南发电股份有限公司 2006 年中期报告
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(2) 地区分部
项 目 本期数 上年同期数
主营业务收入
华东地区[注] 2,937,944,579.87 2,695,269,003.67
合 计 2,937,944,579.87 2,695,269,003.67
主营业务成本
华东地区[注] 2,238,688,463.80 2,009,766,913.85
合 计 2,238,688,463.80 2,009,766,913.85
[注]：公司的售电量统一并入华东地区电网。
(3) 本期公司的销售客户仅浙江省电力公司 1 户。
2．主营业务税金及附加 本期数 26,222,571.84
项 目 本期数 上年同期数 计缴标准
城市维护建设税 16,072,544.38 15,944,779.83 详见本会计报表附注三(三)
教育费附加 10,150,027.46 9,955,352.80 详见本会计报表附注三(四)
合 计 26,222,571.84 25,860,132.63
3. 其他业务利润 本期数 6,128,534.40
项 目 本期数 上年同期数
业务收入 业务支出 利 润 业务收入 业务支出 利 润
材料销售 1,167,072.90 1,083,163.71 83,909.19 67,678.73 19,286.32 48,392.41
供热
运营服务
租赁业务
其他 8,099,356.09 2,054,730.88 6,044,625.21 2,299,731.31 799,102.82 1,500,628.49
合 计 9,266,428.99 3,137,894.59 6,128,534.40 2,367,410.04 818,389.14 1,549,020.90
4. 财务费用 本期数 75,176,493.99
项 目 本期数 上年同期数
利息支出 77,330,583.41 33,255,793.44
减：利息收入 3,166,834.91 3,941,445.07
汇兑损益 15,171.09 27,956.71
其他 997,574.40 1,170,912.56
合 计 75,176,493.99 30,513,217.64
浙江东南发电股份有限公司 2006 年中期报告
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5. 投资收益 本期数 64,364,615.51
(1)明细情况
项 目 本期数 上年同期数
短期股票投资收益
成本法核算下被投资单位分配来的利润 4,820,774.24 8,553,278.00
权益法核算的调整被投资单位损益净增减的金额 59,743,852.51 26,967,249.33
股权投资转让收益
股权投资差额摊销 -200,011.24
计提的短期、长期投资减值准备 39,850,000.00
合 计 64,364,615.51 -4,329,472.67
(2) 本公司不存在投资收益汇回的重大限制。
6. 营业外收入 本期数 29,455.50
项 目 本期数 上年同期数
罚没收入 6,000.00
保险赔款收入
处置固定资产净收益 8,400.00 6,000.00
其他 21,055.50 5,500.00
合 计 29,455.50 17,500.00
7. 营业外支出 本期数 7,579,851.33
项 目 本期数 上年同期数
处置固定资产净损失 5,350,881.97 1,776,445.47
水利建设基金 2,161,951.36 2,682,378.83
综合规费
捐赠支出 55,800.00 131,000.00
税收滞纳金及罚款 10,918.00 24,612.07
其他 300.00 300.00
合 计 7,579,851.33 4,614,736.37
(三) 合并现金流量表项目注释
支付的价值较大的其他与经营活动有关的现金
项目 本期数
办公费 8,742,876.69
浙江东南发电股份有限公司 2006 年中期报告
37
运输费 7,812,969.82
租赁费 7,328,640.00
劳动保护费 2,698,493.78
外部劳务费 7,079,193.24
差旅费 4,763,731.86
保险费 3,707,992.20
聘请中介机构费用 2,650,000.00
会议费 2,054,094.27
小 计 46,837,991.86
七、母公司会计报表项目注释
(一) 母公司资产负债表项目注释
1. 应收账款 期末数 130,106,301.40
(1)账龄分析
期末数 期初数
账 龄 账面余额 比例(%) 坏账准备 账面价值 账面余额 比例(%) 坏账准备 账面价值
1 年以内 138,410,958.94 100.00 8,304,657.54 130,106,301.40 163,056,266.63 100.00 9,783,376.00 153,272,890.63
合 计 138,410,958.94 100.00 8,304,657.54 130,106,301.40 163,056,266.63 100.00 9,783,376.00 153,272,890.63
(2) 应收账款账面余额均系应收浙江省电力公司售电款项。
(3) 无持有本公司 5%以上(含 5%)表决权股份的股东欠款。
2.其他应收款 期末数 17,594,430.66
(1)账龄分析
期末数 期初数
账 龄 账面余额 比例(%) 坏账准备 账面价值 账面余额 比例(%) 坏账准备 账面价值
1 年以内 16,053,636.86 85.77 963,218.21 15,090,418.65 3,345,746.54 69.16 200,744.79 3,145,001.75
1-2 年 1,551,580.57 8.29 93,094.84 1,458,485.73 542,486.68 11.22 32,549.20 509,937.48
2-3 年 162,946.00 0.87 9,776.76 153,169.24 642,116.00 13.27 38,526.96 603,589.04
3 年以上 949,316.00 5.07 56,958.96 892,357.04 307,200.00 6.35 18,432.00 288,768.00
合 计 18,717,479.43 100.00 1,123,048.77 17,594,430.66 4,837,549.22 100.00 290,252.95 4,547,296.27
(2)金额较大的其他应收款
单位名称 期末数 款项性质及内容
浙江省建工集团有限公司 9,285,749.12 工程甲供材料款
浙江伊麦克斯基础工程建设公司 1,785,412.89 工程甲供材料款
浙江省二建建设集团有限公司 1,619,821.61 工程甲供材料款
小 计 12,690,983.62
浙江东南发电股份有限公司 2006 年中期报告
38
(3) 期末其他应收款中欠款金额前 5 名的欠款金额总计为 13,980,594.19 元，占其他应收款账面余额
的 74.69%。
(4) 无持有本公司 5%以上(含 5%) 表决权股份的股东欠款。
3. 长期股权投资 期末数 2,702,138,526.35
(1) 明细情况
期末数 期初数
项 目 账面余额 减值准备 账面价值 账面余额 减值准备 账面价值
对子公司投资 832,808,917.66 832,808,917.66 762,614,846.82 762,614,846.82
对联营企业投资 993,179,608.69 993,179,608.69 951,859,307.42 951,859,307.42
其他股权投资 1,096,150,000.00 220,000,000.00 876,150,000.00 1,096,150,000.00 220,000,000.00 876,150,000.00
合 计 2,922,138,526.35 220,000,000.00 2,702,138,526.35 2,810,624,154.24 220,000,000.00 2,590,624,154.24
(2) 权益法核算的长期股权投资
1) 明细情况
a. 期末余额构成明细情况
被投资单位 持股
比例
投资
期限
投资成本 损益调整 股权投资准
备
股权投资差额 期末数
浙江长兴发电有限责任公司 65% 25 年 712,400,000.00 119,433,917.66 975,000.00 832,808,917.66
浙江嘉华发电有限责任公司 24% 25 年 493,250,000.00 82,070,930.59 575,320,930.59
浙江北海水力发电有限公司 25% 35 年 145,000,000.00 3,300,185.40 148,300,185.40
浙江浙能兰溪发电有限责任
公司
25% 30 年 274,125,000.00 -4,566,507.30 269,558,492.70
小 计 1,624,775,000.00 196,938,340.95 975,000.00 3,300,185.40 1,825,988,526.35
b. 本期增减变动明细情况
被投资单位
名称
期初数 本期投资成本
增减额
本期损益
调整增减额
本期分得
现金红利额
本期投
资准备
增减额
本期股权投
资差额增减
额
期末数
浙江长兴发电有
限责任公司
762,614,846.82 62,400,000.00
[注]
70,469,633.33 62,675,562.49 832,808,917.66
浙江嘉华发电有
限责任公司
601,484,110.78 64,310,359.81 90,473,540.00 575,320,930.59
浙江浙能兰溪发
电有限责任公司
221,875,000.00 52,250,000.00 -4,566,507.30 269,558,492.70
浙江北海水力发
电有限公司
128,500,196.64 20,000,000.00 -200,011.24 148,300,185.40
小 计 1,714,474,154.24 134,650,000.00 130,213,485.84 153,149,102.49 -200,011.24 1,825,988,526.35
[注 1]：根据长兴发电有限责任公司 2006 年第一次股东会决议,公司按原出资比例向长兴发电有限责
任公司增加资本金 6240 万元。
(2) 被投资单位与公司会计政策无重大差异，不存在投资变现及投资收益汇回的重大限制。
(3) 成本法核算的长期股权投资
明细情况
浙江东南发电股份有限公司 2006 年中期报告
39
被投资单位名称 持股比例 投资期限 期初数 本期增加 本期减少 期末数
中国光大银行 2.14% 未明确 312,000,000.00 312,000,000.00
交通银行股份有限公司 0.33% 未明确 285,000,000.00 285,000,000.00
南方证券股份有限公司 5.78% 未明确 220,000,000.00 220,000,000.00
招商银行股份有限公司 0.478% 未明确 105,000,000.00 105,000,000.00
兴业银行股份有限公司 1.00% 未明确 82,400,000.00 82,400,000.00
浙江省天然气开发有限公司 10.00% 未明确 70,000,000.00 70,000,000.00
浙江省创业投资有限公司 10.00% 未明确 10,000,000.00 10,000,000.00
台州市凤凰山庄有限公司 14.28% 未明确 5,000,000.00 5,000,000.00
安徽兴皖矿业有限公司 15.00% 未明确 6,750,000.00 6,750,000.00
小 计 1,096,150,000.00 1,096,150,000.00
(4) 长期投资减值准备
项 目 期初数 本期增加 本期减少 期末数
价值回升转回 其他原因转出
南方证券股份有限公司 220,000,000.00 220,000,000.00
小 计 220,000,000.00 220,000,000.00
(二) 母公司利润及利润分配表项目注释
1. 主营业务收入 本期数 1,915,866,621.89
(1) 明细情况
项 目 本期数 上年同期数
售电业务 1,915,866,621.89 1,999,956,837.24
合 计 1,915,866,621.89 1,999,956,837.24
(2) 本期公司的销售客户仅浙江省电力公司 1 户。
2. 主营业务成本 本期数 1,495,951,122.98
项 目 本期数 上年同期数
售电业务 1,495,951,122.98 1,529,546,941.65
合 计 1,495,951,122.98 1,529,546,941.65
3. 投资收益 本期数 134,834,248.84
(1) 明细情况
项 目 本期数 上年同期数
短期股票投资收益
成本法核算下被投资单位分配来的利润 4,820,774.24 8,553,278.00
浙江东南发电股份有限公司 2006 年中期报告
40
权益法核算的调整被投资单位损益净增减的金额 130,213,485.84 87,939,021.10
股权投资转让收益
股权投资差额摊销 -200,011.24
计提的短期、长期投资减值准备 39,850,000.00
合 计 134,834,248.84 56,642,299.10
(2) 本公司不存在投资收益汇回的重大限制。
八、关联方关系及其交易
(一) 关联方关系
1．存在控制关系的关联方
(1) 存在控制关系的关联方
关联方名称 注册地址 主营业务
与本企业
关系
经济性质
或类型
法定
代表人
浙江省电力开发公司 杭州市环城北路华浙
广场 1 号
集资办电、开发电力、计划外电量
的加工销售
公司第一
大股东
国有 孙永森
浙江省能源集团有限
公司
杭州市环城北路华浙
广场 1 号
经营国家授权的集团公司及其所属
企业的国有资产和国有股权等
实际控制
人[注]
国有 孙永森
浙江长兴发电有限责
任公司
湖州市中心广场北侧
富城商楼
电力电量的生产和上网销售等
子公司 有限公司 寿德生
浙江长兴捷通物流有
限公司
长兴县雉城镇二虎头
桥
仓储、货物中转、联托运、集装箱
中转、货物配载、煤炭批发等
子公司 有限公司 马俊华
[注]：经浙江省人民政府批准，自 2001 年 2 月起，公司第一大股东浙江省电力开发公司整体划归浙
江省能源集团有限公司，成为浙江省能源集团有限公司的全资子公司，其全部人员和机构并入浙江省
能源集团有限公司，本公司控股股东的权利由浙江省能源集团有限公司直接行使，故浙江省能源集团
有限公司为本公司的实际控制人。
(2) 存在控制关系的关联方的注册资本及其变化
关联方名称 期初数 本期增减数 期末数
浙江省电力开发公司 3,300,000,000.00 3,300,000,000.00
浙江省能源集团有限公司 10,000,000,000.00 10,000,000,000.00
浙江长兴发电有限责任公司 1,000,000,000.00 96,000,000.00 1,096,000,000.00
浙江长兴捷通物流有限公司 47,000,000.00 47,000,000.00
(3) 存在控制关系的关联方所持股份及其变化
期关联方 期初数 本期增加 期末数
名称 金额 % 金额 % 金额 %
浙江省电力开发公司 799,963,200.00 39.80 799,963,200.00 39.80
浙江东南发电股份有限公司 2006 年中期报告
41
浙江省能源集团有限公司 [注]
浙江长兴发电有限责任公司 650,000,000.00 65.00 62,400,000.00 712,400.000.00 65.00
浙江长兴捷通物流有限公司 21,150,000.00 45.00 21,150,000.00 45.00
[注]：详见本会计报表附注八(一) 1(1) [注 1]之说明。
2．不存在控制关系的关联方
企业名称 与本企业关系
浙江富兴电力燃料有限公司 同受实际控制人控制
浙江浙能富兴燃料有限公司 同受实际控制人控制
长兴长风能源有限责任公司 子公司浙江长兴发电有限责任公司参与日常管理
景宁景风能源有限责任公司 子公司浙江长兴发电有限责任公司参与日常管理
浙江省电力建设总公司 同受实际控制人控制
浙江兴源投资有限公司 同受实际控制人控制
浙江天虹物资贸易有限公司 受浙江兴源投资有限公司控制
浙江省国际信托投资有限责任公司 受公司第一大股东控制
(二) 关联方交易情况
1. 采购货物
企业 本期数 上年同期数
名称 金额 定价政策 金额 定价政策
浙江富兴电力燃料有限公司 1,034,416,181.61 [注] 1,142,457,796.20 [注]
浙江浙能富兴燃料有限公司 563,027,326.20 [注] 485,775,179.45
小 计 1,597,443,507.81 1,628,232,975.65
[注]：公司发电所需燃料由浙江富兴电力燃料有限公司供应。1997 年 5 月，公司与该公司签订了
《燃料供应协议》，有效期限为 20 年。按协议，该公司向本公司供应的燃料价格条件应不高于其向
其他发电厂供应的同类燃料的价格条件，也不高于双方在商定价格时本公司在一般市场上可获得的同
类燃料的价格条件，否则本公司有权自行采购燃料。2004 年 7 月，浙江省能源集团有限公司根据电
力体制改革后形式变化的需要，在整合浙江省煤炭产业的基础上，新组建成立了浙江浙能富兴燃料有
限公司，浙江富兴电力燃料有限公司的部分业务移交给浙江浙能富兴燃料有限公司履行。本报告期
内，子公司浙江长兴发电有限责任公司发电所需燃料主要由浙江浙能富兴燃料有限公司供应。
2．销售货物
无关联方销售货物事项。
浙江东南发电股份有限公司 2006 年中期报告
42
3. 关联方应收（预收）应付（预付）款项余额
余额 占全部应收（付）款的比重（%）
项目及企业名称 期末数 期初数 期末数 期初数
应付票据
浙江富兴电力燃料有限公司 300,000,000.00 100.00
小计 300,000,000.00 100.00
应付账款
浙江富兴电力燃料有限公司 26,918,587.42 187,657,244.06 4.35 34.31
浙江浙能富兴燃料有限公司 48,251,784.00 103,882,630.84 7.80 19.00
浙江省电力建设总公司 63,126,100.00 66,588,061.00 10.21 12.18
浙江天虹物资贸易有限公司 10,040,658.62 0.00 1.62
小计 148,337,130.04 358,127,935.92 23.98 65.49
4. 其他关联方交易
(1)子公司浙江长兴发电有限责任公司根据与长兴长风能源有限责任公司签订的《房屋租赁合同》、
《废渣处理合同》、《饮食服务合同》等协议，本期向长兴长风能源有限责任公司支付财产租赁费、
灰渣处理费等共计 9,017,660.00 元。上年同期数为 1,988 万元。
(2)子公司浙江长兴发电有限责任公司根据与景宁景风能源有限责任公司签订的《进厂煤采制样及清
理服务合同》等，本期向景宁景风能源有限责任公司支付运煤清扫费等共计 2,050,354.40 元。上年
同期数为 524 万元。
(3）根据台州发电厂、萧山发电厂与浙江天虹物资贸易有限公司签订的《台州发电厂五期扩建工程物
资采购及代保管服务协议》、《萧山发电厂天然气发电工程物资采购及代保管服务协议》及其《补充
协议》，本报告期共向浙江天虹物资贸易有限公司采购物资及支付服务费 14,453,421.95 元。
(4）子公司浙江长兴发电有限责任公司二期 2×300MW 燃煤发电机组项目由浙江省电力建设总公司管
理承包，双方于 2004 年 12 月 9 日签订《管理承包合同》，合同总价为 100,931.38 万元。本报告期
结算工程款 58,608,039.00 元，累计结算 924,046,100.00 元。
(5）公司与浙江省电力建设总公司签订《浙江台州发电厂五期扩建工程建设管理服务合同》，合同总
价 2,800 万元，期限至 2007 年 12 月 31 日。截至 2006 年 6 月 30 日，公司已支付管理服务费 1,500
万元。
(6）2005 年度，浙江省能源集团公司通过浙江省国际信托投资有限责任公司向子公司浙江长兴发电
有限责任公司提供借款 20,000 万元，贷款期限自 2005 年 7 月 4 日至 2012 年 12 月 21 日。本报告期
新增贷款 10,000 万元, 贷款期限自 2006 年 2 月 27 日至 2007 年 2 月 26 日。
(7) 2005 年 12 月 6 日，子公司浙江长兴发电有限责任公司、浙江浙能富兴燃料有限公司和浙江兴源
投资有限公司分别与上海浦东发展银行杭州分行签订《最高额保证合同》，为子公司浙江长兴发电有
限责任公司之子公司浙江长兴捷通物流有限公司自 2005 年 12 月 6 日至 2009 年 12 月 6 日向上海浦东
发展银行杭州分行申请的 3,486 万元的额度内分别按 45%、35%和 20%的出资比例提供保证式担保。截
至 2006 年 6 月 30 日，浙江长兴捷通物流有限公司实际已取得该合同项下 3,486 万元的借款。
浙江东南发电股份有限公司 2006 年中期报告
43
(8）2001 年，联营企业浙江嘉华有限责任公司分别向中国工商银行浙江省分行和中国建设银行浙江
省分行申请 450,000 万元和 320,000 万元的长期借款，公司与中国工商银行浙江省分行和中国建设银
行浙江省分行分别签订了相应的保证合同，该合同为最高额保证合同，担保金额以实际借款本金和利
息为准。根据该保证合同，公司须按对该联营企业投资比例 24%对其在借款合同项下的债务的相应部
分承担连带还款责任，保证期间为 2001 年 12 月 17 日至 2026 年 12 月 16 日。截至 2006 年 6 月 30
日，该联营企业实际借款余额为 438,000 万元，公司按对该联营企业投资比例 24%计 105,120 万元承
担连带还款责任。
九、或有事项
(一) 本公司为关联方提供的担保事项详见本会计报表附注八(二)4（7)、（8)项之说明。
(二) 2005 年 5 月 16 日，公司为建设萧山发电厂天然气项目向中国工商银行杭州市庆春路支行申请
了 150,000 万元的长期借款额度，并与其签订《固定资产借款合同》。公司将项目建成后运行所产生
的售电收益权质押给该银行，质押比例以该银行占项目借款的比例为准。截至 2006 年 6 月 30 日，公
司已累计取得该合同项下借款 15,000.00 万元。
(三) 2005 年 7 月 22 日，公司为建设萧山发电厂天然气项目向中国光大银行杭州解放路支行申请了
42,000 万元的长期借款额度，并与其签订《固定资产借款合同》。公司将项目建成后运行所产生的
售电收益权质押给该银行，质押比例以该银行占项目借款的比例为准。截至 2006 年 6 月 30 日，公司
已累计取得该合同项下借款 25,160.00 万元。
(四)2006 年 3 月 28 日, 公司为建设台州发电厂五期扩建工程项目向农业银行杭州市城东支行申请了
198,700 万元的长期借款额度，并与其签订《固定资产借款合同》。公司将项目建成后运行所产生的
售电收益权质押给该银行，质押比例以该银行占项目借款的比例为准。截至 2006 年 6 月 30 日，公司
已累计取得该合同项下借款 6,725 万元。
(五) 子公司浙江长兴发电有限责任公司为建设燃煤发电机组项目分别于 2004 年 5 月 11 日、2005 年
2 月 28 日与中国工商银行长兴县支行签订《借款合同》，共计申请了 240,000 万元的长期借款额
度。该子公司就在项目建成后以与本合同贷款相对应的项目售电收益权向该银行提供质押担保作出承
诺。截至 2006 年 6 月 30 日，该子公司已累计取得该合同项下借款 95,500 万元。
(六) 子公司浙江长兴发电有限责任公司为建设燃煤发电机组项目分别于 2004 年 5 月 18 日、2005 年
2 月 6 日与中国农业银行长兴县支行签订《借款合同》，共计申请了 190,000 万元的长期借款额度。
该子公司就在项目建成后以与本合同贷款相对应的项目售电收益权向该银行提供质押担保作出承诺。
截至 2006 年 6 月 30 日，该子公司已累计取得该合同项下借款 75,000 万元。
(七) 2006 年 2 月 13 日，子公司浙江长兴捷通物流有限公司与上海浦东发展银行签订《最高额抵押
合同》，以账面原值为 55,029,710.00 元(净值 52,125,365.71 元)的土地作抵押向该行自 2006 年 2
月 10 日至 2007 年 12 月 30 日申请的 7,700 万元借款作抵押。截至 2006 年 6 月 30 日，该公司实际已
取得该合同项下的 3,000 万元借款。
十、承诺事项
(一) 2004 年 10 月 15 日，公司董事会三届十三次会议审议并经 2004 年公司第三次临时股东大会决
议通过，决定投资建设台州发电厂五期扩建工程 2×300MW 燃煤发电机组。根据 2006 年 2 月 14 日国
家发展与改革委员会发改能源[2006]235 号《国家发展改革委关于浙江台州电厂五期扩建工程项目核
准的批复》，工程动态总投资 26.5 亿元，其中项目资本金占总投资的 25%，约 6.63 亿元，其余 75%
资金由银行贷款解决。截至 2006 年 6 月 30 日，台州发电厂已累计发生五期工程费用 55,009.31 万元
(其中，在建工程 11,652.12 万元，工程物资 43,357.19 万元) 。
浙江东南发电股份有限公司 2006 年中期报告
44
(二) 2003 年 9 月 12 日，公司董事会三届三次会议决议并经 2003 年度第二次临时股东大会审议通
过，公司以自有资金投资建设萧山发电厂天然气发电工程。根据国家发展和改革委员会发改能源
[2005]345 号《国家发展改革委关于浙江萧山电厂天然气发电工程核准的批复》，该工程为扩建
2×350MW 级燃气蒸汽联合循环机组，工程动态总投资 25.7 亿元，25%为项目注册资本金约 6.5 亿
元，其余 75%以借款方式解决。截至 2006 年 6 月 30 日，萧山发电厂已累计投入工程成本 52,860.61
万元(其中，在建工程 24,573.81 万元，工程物资 28,286.80 万元) 。
(三) 2004 年 2 月 25 日，经 2004 年度第一次临时股东大会决议审议通过，公司投资浙江浙能兰溪发
电有限责任公司 25%的股权。根据国家发展和改革委员会发改能源[2005]586 号文《国家发展改革委
关于浙江浙能兰溪发电厂新建工程核准的批复》，浙江浙能兰溪发电有限责任公司一期 2×600 MW 国
产超临界燃煤机组工程动态总投资 56.5 亿元，其中项目资本金为总投资的 20%，约 11.3 亿元，公司
按约定需出资 2.825 亿元。截至 2006 年 6 月 30 日，公司已累计出资 27,412.5 万元,其中本报告期投
入 5,225.00 万元。
(四) 2004 年，公司受让浙江北海水力发电有限公司 25%股权，参与该公司 3×200 MW 混流式水轮发
电机组的建设。根据国家发展和改革委员会发改能源[2004]1614 号《国家发展改革委关于浙江瓯江
滩坑水电站项目核准的批复》，该工程项目动态总投资 47.19 亿元，其中项目资本金为总投资的
26.50%，约 12.51 亿元，公司按约定需出资 31,275 万元。截至 2006 年 6 月 30 日，公司已累计出资
14,500.00 万元，其中本报告期投入 2,000.00 万元。
十一、资产负债表日后事项中的非调整事项
无
十二、其他重要事项
(一) 公司本期无重大债务重组事项。
(二) 公司本期无重大非货币性交易事项。
(三) 公司本期无重大的资产置换、转让及其出售行为。
(四) 其他对会计报表使用者决策有影响的重要事项
1．子公司浙江长兴发电有限责任公司二期工程 4 号机组于 2006 年 5 月 31 日完成 168 小时调试正式
投入商业运行，该公司于运行当月按 842,081,167.50 元的估计价值转入固定资产。至此，浙江长兴
发电有限责任公司二期工程已全部完成基本建设，投入生产运行。
2．浙江浙能兰溪发电有限责任公司#1 机组于 2006 年 4 月 19 日投入商业运行,至 2006 年 6 月 30 日
完成上网电量 72,040 万千瓦时，实现销售收入 22,224 万元。净利润-1826.60 万元。按 25%的投资比
例计算，本报告期影响公司损益-456.65 万元。浙江浙能兰溪发电有限责任公司#2 机组目前尚处于建
设期。
3. 根据浙江省物价局浙价商[2006]194 号《关于国家发展改革委调整我省电网统调电厂上网电价有
关事项的通知》，自 2006 年 6 月 1 日起，公司全资及控股的发电企业上网电价调整如下：
单位：元/千瓦时
上网电价（含税）
发电企业名称 持股比例（%）
调整后 调整前
台州发电厂 100 0.4383 0.4348
浙江东南发电股份有限公司 2006 年中期报告
45
萧山发电厂 100 0.4133 0.4038
浙江长兴发电有限责任公司 65 0.4059 0.4038
第八节 备查文件目录
一、载有法定代表人、总会计师、会计机构负责人签名并盖章的会计报表。
二、报告期内在中国证监会指定报纸上公开披露过的所有公司文件的正本及公告的原稿。
三、在伦敦证券交易所公布的 2006 年中期报告。
董事长：沈志云
浙江东南发电股份有限公司
2006 年 8 月 22 日
浙江东南发电股份有限公司 2006 年中期报告
46
公司董事、高级管理人员确认意见
我们保证：本报告所载资料不存在任何虚假记载、误导性陈述或者重大遗漏，并对
其内容的真实性、准确性和完整性承担个别及连带责任。
董事签名：
沈志云______________________ 王晓松______________________
张 谦______________________ 寿德生______________________
曹 路______________________ 王莉娜______________________
孙玮恒______________________ 刘冉星______________________
邢俊杰______________________ 李 桦______________________
钱忠伟______________________ 吴贤权______________________
姚先国______________________ 黄董良______________________
毛付根______________________
其他高级管理人员签名：
吴耀忠______________________ 夏晶寒______________________
裘宝兴______________________ 胡森健______________________
1
Zhejiang Southeast Electric Power Company Limited
Interim Report 2006
2
Contents
I. Important Notice .........................................................................................................................3
II. About the Company ..................................................................................................................4
III. Change in Share Capital and Shareholder Profile ................................................................6
IV. Particulars of Directors, Supervisors and Senior Management Personnel..........................7
V. The Management’s Discussion and Analysis ............................................................................8
VI. Important Events....................................................................................................................14
VII. Financial Statements (unaudited) ........................................................................................21
XIII. Documents Available for Inspection...................................................................................67
3
I. Important Notice
1. The Directors of Zhejiang Southeast Electric Power Company Limited (the
“Company”) confirm that there are no false representations, misleading statements
or material omissions in this Report. And they jointly and severally accept full
responsibility for the authenticity, accuracy and completeness of the information
contained herein.
2. The interim financial statements attached hereto are unaudited.
3. The Board Chairman of the Company, Shen Zhiyun and the management personnel
in charge of accounting affairs including Shou Desheng, Hu Senjian and Manager
of Finance Department Yang Xiaodong state that the financial statements contained
herein are true and complete.
4. The text of this Interim Report is prepared in both Chinese and English. Should
there be any discrepancies between the Chinese version and English version, the
Chinese version shall prevail.
4
II. About the Company
1. Particulars of the Company
(1) Registered Name in Chinese:
浙江东南发电股份有限公司
Abbreviation of Registered Chinese Name: 东南发电
Registered Name in English:
Zhejiang Southeast Electric Power Company Limited
Abbreviation of the Registered Name in English: ZSEPC
Listing place of B shares: Shanghai Stock Exchange
Abbreviation of B shares: ZSEPC B Shares
Code of B shares: 900949
Listing place of GDRs: London Stock Exchange
Name of GDRs: ZHEJIANG GDRs
Code of GDRs: 0949QLT
(2) Registered Address and Office Location:
22-23 Floor, Biao Li Tower, 528 Yan’an Road,
Hangzhou, Zhejiang Province, the People’s Republic of China
Postal Code: 310006
Website: http://www.zsepc.com/
E-mail address: xjh@zsepc.com
(3) Legal Representative: Shen Zhiyun
(4) Secretary to the Board of Directors: Xia Jinghan
Tel: 86-571-85774566
Fax: 86-571-85774321
E-mail Address: xjh@zsepc.com
Office Address: 22-23 Floor, Biao Li Tower, 528 Yan’an Road,
Hangzhou, Zhejiang Province, the People’s Republic of China
(5) Press for Information Disclosure
China Securities Journal, Shanghai Securities News, South China Morning Post
(Hong Kong), Wen Wei Po (Hong Kong)
Website for Publication of the Interim Report as designated by the China Securities
Regulatory Commission (CSRC):
http://www.sse.com.cn/
Venues for inspection of the Interim Report:
Head office of the Company, Herbert Smith Hong Kong Office and London Office
2. Main Financial Figures and Indicators
(1) Main Accounting Figures and Financial Indicators
5
Unit: RMB yuan
At End of Current
Period
At End of Prior
Year
Increase/decrease at end
of current period
compared with ending
amount of prior year (%)
Current Assets 1,303,140,878.13 975,091,057.89 33.64
Current Liabilities 1,452,095,804.05 975,174,440.80 48.91
Total Assets 11,475,091,952.77 10,738,523,895.30 6.86
Shareholders’ Equity (excluding
minority shareholders’ equity) 6,242,340,006.79 6,314,911,165.20 -1.15
Net Assets per Share (yuan) 3.11 3.14 -0.96
Adjusted Net Assets per Share
(yuan)
3.09 3.13 -1.28
Current Period
(Jan.—June)
Prior Period Increase/decrease in
current period compared
with prior period (%)
Net Profit 329,428,841.59 287,613,761.75 14.54
Net Profit after Deducting
Non-recurring Gains & Losses 332,604,553.55 288,891,265.33 15.13
Earnings per Share (yuan) 0.164 0.143 14.69
Yield on Net Assets (%) 5.28 4.81 Increasing by 0.47%
Net Cash Flow Generated from
Operating Activities 835,608,505.77 1,037,366,728.83 -19.45
(2) Non-recurring Gains & Losses Deducted
Unit: RMB yuan
Items of Non-recurring gains and losses Amount
Gains and losses from disposal of long-term equity
investment, fixed assets, construction in progress, intangible
assets and other long-term assets
-5,342,481.97
Other non-operating income/outlays after deducting asset
devaluation reserves allocated in accordance with the
Enterprise Accounting Systems
-45,962.50
Reversal of devaluation reserves allocated in previous years 645,922.64
Subtotal -4,742,521.83
Impact of income tax -1,546,618.20
Impact of minority shareholders’ equity -20,191.67
Total -3,175,711.96
(3) Yield on Net Asset and Earnings per Share computed pursuant to No. 9 “Rule for Open
Disclosure and Publication of Information about Publicly Listed Companies” issued by CSRC:
6
Unit: RMB yuan
Yield on Net Asset（%） Earnings per Share
Profit in Current Period Fully
Diluted
Weighted
Average
Fully
Diluted
Weighted
Average
Principal operating profit 10.78 10.39 0.33 0.33
Operating profit 7.37 7.10 0.23 0.23
Net profit 5.28 5.08 0.16 0.16
Net profit after deducting
non-recurring gains/losses 5.33 5.13 0.17 0.17
III. Change in Share Capital and Shareholder Profile
1. Changes in Share Capital
There was no change in the total number of shares or structure of share capital in
the current reporting period.
2. Profile of Shareholders
(1) Total Number of Shareholders and Shareholding
Unit: Share
Total number of Shareholders at End of This Reporting period 74,439
Shareholding of Top 10 Shareholders
Name of Shareholder
Nature of
shareholders
Percentage of
Shareholding
Total Number
of Shares
Held
Increase/
Decease in
Current
Period
Type of
Shares
Number of
Non-listed
Shares Held
Number of
Shares in Pledge
or Freeze
Zhejiang Provincial Electric
Power Development Co.
State-owned
shareholder
39.80 799,963,200 0
Nonlisted
799,963,200
Nil
China Huaneng Group
State-owned
Shareholder
25.57 514,036,800 0
Nonlisted
514,036,800
Nil
NAITO SECURITIES CO.,LTD.
Foreign
investment
shareholder
1.07 21,422,641 174,340 Listed 0 Unknown
TOYO SECURITIES ASIA LTD.
A/C CLIENT
Foreign
investment
shareholder
0.67 13,531,440 -4,899 Listed 0 Unknown
GUOTAI JUNAN SECURITIES
(HONGKONG) LIMITED
Foreign
investment
shareholder
0.30 6,104,079 -3,979,630 Listed 0 Unknown
AIZAWA SECURITIES CO.,LTD
Foreign
investment
shareholder
0.22 4,332,520 50,916 Listed 0 Unknown
SCBHK A/C BBH S/A VANGUARD
EMERGING MARKETS STOCK
INDEX FUND
Foreign
investment
shareholder
0.20 4,075,991 730,200 Listed 0 Unknown
Zhejiang Bada Company Ltd Other 0.20 4,000,000 0
Nonlisted
4,000,000 Nil
UBS Warburg Custody Pte Ltd.
Foreign
investment
shareholder
0.19 3,801,980 3,801,980 Listed 0 Unknown
7
HKSBCSB A/C SSBT S/A FIRST
UNION EMERGING MARKETS
GROWTH PORTFOLIO (KB7
RKB7)
Foreign
investment
shareholder
0.19 3,800,013 -200,000 Listed 0 Unknown
Unit: Share
Shareholding of Top 10 Holders of Listed Shares
Name of Shareholder Number of Listed Shares Held Type of Shares
NAITO SECURITIES CO.,LTD. 21,422,641 B share
TOYO SECURITIES ASIA LTD. A/C CLIENT 13,531,440 B share
GUOTAI JUNAN SECURITIES (HONGKONG)
LIMITED
6,104,079 B share
AIZAWA SECURITIES CO.,LTD. 4,332,520 B share
SCBHK A/C BBH S/A VANGUARD EMERGING
MARKETS STOCK INDEX FUND
4,075,991 B share
UBS Warburg Custody Pte Ltd 3,801,980 B share
HKSBCSB A/C SSBT S/A FIRST UNION EMERGING
MARKETS GROWTH PORTFOLIO (KB7 RKB7)
3,800,013 B share
HKSBCSB A/C THE NORTHERN TRUST CO S/A
GOVERNMENT OF SINGAPORE INV. CORPORATION
3,306,070 B share
蒋荣方 (Jiang Rongfang) 2,828,928 B share
SHENYIN WANGUO NOMENEES (H.K.) LTD. 2,689,848 B share
Note on whether the above shareholders have connection or joint action:
There is no connection or joint action among the holders of the non-listed shares. Apart from that,
the Company is unaware whether the shareholders have any connection or joint action.
(2) Controlling Shareholders and De Facto Controllers
The controlling shareholders and the de facto controller of ZSEPC remain
unchanged during the current reporting period.
IV. Particulars of Directors, Supervisors and Senior Management
Personnel
1. Change in Shareholding of Directors, Supervisors and Senior Management
Personnel
8
There was no change in shareholding of directors, supervisors and senior
management personnel in this reporting period.
2. Appointment or Dismissal of Directors, Supervisors and Senior Management
Personnel
In the current reporting period, the Board of Directors and the Supervisory
Committee of the Company were re-elected. Having been reviewed and approved
in the shareholders’ general meeting for 2005, Shen Zhiyun, Wang Xiaosong,
Zhang Qian, Shou Desheng, Cao Lu, Wang Lina, Sun Weiheng, Liu Ranxing,
Xing Junjie, Li Hua, Qian Zhongwei, Wu Xianquan, Yao Xianguo, Huang
Dongliang and Mao Fugen were elected as directors of the 4th Board of Directors
of the Company; Huang Lixin, Hu Xing’er, Yang Jianxiong, Chen Xi, Wang Jiafu,
Huang Guanlin and Jiang Pingzhou were elected as supervisors of the 4th
Supervisory Committee of the Company.
Having been reviewed and approved in the 1st meeting of the 4th Board of
Directors, Shen Zhiyun was elected as Chairman of the Board of Directors, and
Wang Xiaosong as Vice-chairman of the Board; Shou Desheng was appointed as
General Manager, Wu Yaozhong, Chen Juemin and Xia Jinghan as Deputy
General Managers, Xia Jinghan as Secretary to Board of Directors, and Hu
Senjian as Chief Accountant of the Company.
Having been reviewed and approved in the 1st meeting of the 4th Supervisory
Committee, Huang Lixin was elected as Chairman of the Supervisory Committee
of the Company.
V. The Management’s Discussion and Analysis
1. The Management’s Discussion and Analysis
During the current reporting period, the electricity sales delivered to the power
grid by the Company amounted to 8.029 billion kwh, representing an increase by
5.06% compared with that in the prior period; the net profit grew by 14.54% to
RMB 329 million yuan compared with that in the prior period. The improvement
of the Company’s operating results was mainly due to the commissioning of new
generating units in the power generating enterprises in which the Company holds
majority or minority shares, giving the Company the new profit growth engines.
As at the end of the current reporting period, the installed capacity equity-owned
by the Company amounted to 3,226 MW, increasing by 684 MW compared with
that in the prior period.
In the first half of this year, the demand for power in Zhejiang province continued
to grow rapidly, with the provincial power consumption registering an increase by
13.57% over the period from January to June 2006 compared with that in the prior
period. However, the commissioning of new generating units increased the power
supply and eased the power shortage in the province. In the current reporting
period, the Company’s generator utilization hours dropped by 340 hours compared
9
with that in the prior period.
2. Scope of Principal Operations and Operational Status
(1) Status of Principal Operations by Sector or product
Unit: RMB yuan
By Sector or
by Product
Principal
Operating Income
Principal
Operating Cost
Profit
Rate
（%）
Increase/decrease in
principal operating
income compared
with prior period (%)
Increase/decrease in
principal operating
cost compared with
prior period (%)
Increase/decrease
in profit rate
compared with
prior period (%)
By Sector
Electric
Power 2,937,944,579.87 2,238,688,463.80 23.80 9.00 11.39
Decreased by
1.63%
By Product
Electricity
2,937,944,579.87 2,238,688,463.80 23.80 9.00 11.39
Decreased by
1.63%
In the current reporting period, the Company made no product sales or labour service
supply to its controlling shareholders and subsidiaries.
(2) Principal Operations by Region
Unit: RMB yuan
By Region Principal Operating Income Increase/decrease in principal operating
income compared with prior period (%)
East China Region [Note] 2,937,944,579.87 9.00
Note: The power sale of the Company is incorporated into the East China power grid.
(3) Business Operations of Main Controlled Subsidiary
Unit: RMB yuan
Name Scope of Business Net Profit
Zhejiang Changxing Power
Generation Co. Ltd
Production and sale of electric power and energy
and derivative industries/ancillary services
108,414,800
(4) Business Operations of Non-controlled Subsidiary Which Yielded Investment
Return Accounting for Over 10% of the Company’s Net Profit
Unit: RMB yuan
Name of
Company
Scope of Business Net Profit
Investment
Return
Contributed
Percentage of the
Company’s Net
Profit (%)
Zhejiang Jiahua
Power
Generation Co.
Ltd
Production and sale of electric
power and energy and derivative
industries/ancillary services
267,959,800 64,310,400 19.74
10
3. Investment by the Company
(1) Use of Proceeds Raised Through Listing of Shares
The proceeds raised from the domestic listing of foreign investment shares (B
shares) of the Company in 1997 totalled USD 230.59 million (equivalent to RMB
1,910.8759 million yuan). The Company undertook to use the raised proceeds for
continued construction for Unit 8 of Taizhou Power Plant and acquisition of
Xiaoshan Power Plant. As approved in the extraordinary shareholders’ meeting in
2001, the remaining amount of the proceeds raised from share listing was used (a)
to make equity investment in Zhejiang Jiahua Power Generation Company
Limited (ZJPGC); and (b) to supplement the working capital of the Company. As
at the end of the current reporting period, the proceeds expended cumulatively by
the Company amounted to RMB 1,787.3259 million yuan, the remaining proceeds
amounting to RMB 123.55 million yuan. No proceeds was expended in the current
reporting period.
(2) Use of Proceeds in Committed Projects
Unit: in RMB millions yuan
Name of
Committed
Project
Planned
Investment
Whether
having
changed
project
Actual
Investment
Anticipated
Income Actual Income
Whether
meeting
schedule
Whether
getting
anticipated
income
Continued
construction for
Unit 8 of Taizhou
Power Plant
330.0000 No 269.6475
Obtained income
from power
generation
amounting to
RMB 362.2317
million yuan
Yes /
Acquisition of
Xiaoshan Power
Plant
903.6985 No 903.6985
Due to changes in
operating
environment, the
income is
incomparable.
Obtained income
from power
generation
amounting to
RMB 290.0021
million yuan
Yes /
Equity investment
in ZJPGC 616.8000 No 493.2500 Return on equity
8%
Obtained returns
on investment
amounting to
RMB 64.3104
million yuan
Yes Yes
To supplement
working capital 60.3774 No 120.7299 / / / /
Total 1,910.8759 / 1,787.3259 / / / /
ZJPGC is the project company responsible for construction and operation of four
600 MW coal-fired generating units of Jiaxing Power Plant Phase II. ZSEPC holds
24% of the equity interest of ZJPGC. Based on Document Ji Ji Chu [2002]2349
“Approval of Adjusted Construction Plan for Jiaxing Power Plant Phase II” issued
by the State Development Planning Commission, the adjusted dynamic total
investment of Jiaxing Power Plant Phase II amounts to RMB 10.28 billion yuan, of
which the project equity capital amounts to RMB 2.57 billion yuan, accounting for
25% of the dynamic total project investment.
The equity investment in ZJPGC is injected in installments. As at the end of the
11
current reporting period, ZJPGC’s registered capital reached RMB 2055.19 million
yuan; ZSEPC made cumulative equity capital injection to ZJPGC amounting to
RMB 493.25 million yuan in proportion to its shareholding ratio. During this
reporting period, ZJPGC made no increase in its registered capital.
By October 2005, all the four 600 MW generating units of ZJPGC had been put in
operation.
(3) Use of Capital Not Raised from Listing of Shares
a. Taizhou Power Plant Phase V Extension Project
Taizhou Power Plant Phase V Extension Project will erect two 300 MW coal-fired
cogeneration units, to be all invested by the Company as a sole investor. Based on
Document Fa Gai Neng Yuan [2006] 235 “NDRC’s Sanction to Taizhou Power
Plant Phase V Extension Project” issued by the National Development &
Restructuring Commission (NDRC), the dynamic total investment of the project
amounts to RMB 2,650 million yuan, of which the registered capital of the project
amounts to RMB 663 million yuan, accounting for 25% of the total dynamic
investment. The remaining amount of RMB 1,987 million yuan needs to be
financed with the bank loans. As at the end of this reporting period, the cumulative
expenses incurred by the project amounted to RMB 550.0931 million yuan
(including the construction in progress amounting to RMB 116.5212 million yuan
and the project equipment & materials amounting to RMB 433.5719 million
yuan).
b. Xiaoshan Power Plant Natural Gas Power Generation Project
Xiaoshan Power Plant Natural Gas Power Generation Project is to erect 2 sets of
350 MW gas-steam combined cycle generating units, to be all invested by the
Company as a sole investor. In accordance with Document Fa Gai Neng Yuan
[2005]345 “NDRC’s Confirmation of Zhejiang Xiaoshan Natural Gas Power
Generation Project” issued by NDRC, the total dynamic project investment
amounts to RMB 2,570 million yuan, of which equity capital will be about RMB
650 million yuan accounting for 25% of the total; the rest of the capital amounting
to RMB 1,920 million yuan will be financed with the bank loans. At present, the
project is under construction. As of the end of this reporting period, the
cumulative project expenses incurred amounted to RMB 528.6061 million yuan
(including the construction in progress amounting to RMB 245.7381 million yuan
and the project equipment & material amounting to RMB 282.8680 million yuan).
c. Zhejiang Changxing Power Generation Company Limited
Zhejiang Changxing Power Generation Company Limited (ZCPGC) is a
controlled subsidiary of the Company. The Company holds 65% of its equity
interest. It now owns 4 x 300 MW coal-fired generating units, including the 2 x
300 MW coal-fired generating units in Phase II Project (also referred to as
Zhejiang Changxing Power Plant Phase II) completed on 31 May 2006. In
12
accordance with Document Fa Gai Neng Yuan [2004]1572 entitled “NDRC’s
Approval of Project Feasibility Study Report for Zhejiang Changxing Power Plant
Phase II” issued by NDRC, the total dynamic investment of the Phase II project
amounts to RMB 2,681 million yuan (including investment of RMB 180 million
yuan for desulfurization of Phase I), of which equity capital will be RMB 540
million yuan accounting for 20% of the total; the rest of the capital amounting to
RMB 2,141 million yuan will be financed with the bank loans.
The registered capital of ZCPGC will be contributed in installments. As at the end
of 2005, ZCPGC’s registered capital amounted to RMB 1,000 million yuan, of
which equity capital contributed by the shareholders for the construction of Phase
II Project amounted to RMB 390 million yuan. In accordance with the resolution
of the 1st shareholders’ general meeting of ZCPGC in 2006, ZCPGC will increase
its registered capital by 96 million yuan in 2006. In the current reporting period,
the Company injected equity investment in ZCPGC amounting to RMB 62.40
million yuan in proportion to its shareholding ratio.
d. Zhejiang Zheneng Lanxi Power Generation Company Limited
Zhejiang Zheneng Lanxi Power Generation Company Limited (ZLPGC) is
responsible for construction and operation of 4 x 600 MW coal-fired generating
units of Zheneng Lanxi Power Plant. The Company holds 25% of its equity. Based
on Document Fa Gai Neng Yuan [2005]586 “NDRC’s Sanction to Construction of
Zheneng Lanxi Power Plant” issued by NDRC, the dynamic total investment of
Phase I project containing two 600 MW supercritical coal-fired generating units
amounts to RMB 5,650 million yuan, of which the project equity capital accounts
for 20% of the total dynamic investment amounting to RMB 1,130 million yuan;
the funds other than the equity needed for the project will be financed with the
bank loans. In addition, based on Document Dian Gui Fa Dian [2006]168
“Comments upon Review of Feasibility Study Report for Zheneng Lanxi Power
Plant Phase II” issued by the Electric Power Planning & Design Institute, the
dynamic total investment of Phase II project containing two 600 MW supercritical
coal-fired generating units amounts to RMB 4,489 million yuan, of which the
project equity capital accounts for 20% of the total dynamic investment
amounting to RMB 898 million yuan; the funds other than the equity needed for
the project will be financed with the bank loans
The registered capital of ZLPGC will be contributed by the shareholders in
installments. As at the end of 2005, the registered capital of ZLPGC amounted to
RMB 887.50 million yuan. Based on the resolution of its 3rd shareholders’ general
meeting, ZLPGC increased its registered capital by RMB 418 million yuan in
2006. In proportion to its shareholding ratio, ZSEPC should pay in RMB 104.50
million yuan of equity capital to ZLPGC. In the current reporting period, the
Company paid in equity capital of RMB 52.25 million yuan as required.
Unit 1 of ZLPGC was put into operation on 19 April 2006. As at the end of the
current reporting period, sales income amounting to RMB 222.24 million yuan
13
was made. The other generating units are under construction.
e. Zhejiang Beihai Hydropower Generation Company Limited
Zhejiang Beihai Hydropower Generation Company Limited (ZBHGC) is
responsible for construction and operation of Tankeng Hydropower Station Project
to erect 3 x 200 MW Francis type hydraulic turbine generating units. The
Company will hold 25% of its equity interest. Based on Document Fa Gai Neng
Yuan [2004]1614 “NDRC’s Sanction to Zhejiang Ou’jiang Tankeng Hydropower
Station Project” issued by NDRC, the total dynamic investment for the project
amounts to RMB 4,719 million yuan, of which equity capital amounts to RMB
1,251 million yuan accounting for 26.5% of the total; a support fund of RMB 850
million yuan will be provided by the government; the rest of the capital will be
financed with the bank loans.
The registered capital of ZBHGC will be contributed in installments. As at end of
2005, the registered capital of ZBHGC amounted to RMB 500 million yuan. Based
on the resolution of its shareholders’ general meeting 2006, ZBHGC will increase
its equity capital by RMB 80 million yuan. In proportion to its shareholding ratio,
the Company paid in contribution to the equity capital amounting to RMB 20
million yuan. At present, the project is under construction.
(4) Other Investment
a. Zhejiang Zheneng Transport & Trade Co. Ltd
In the light of coal transport conditions by rail in China, in order to ensure the
supply of electric coal for power plants necessary for safe and stable operation of
generating units, the Company’s subsidiary ZCPGC decided to collaborate with
ZLPGC, Zhejiang Zheneng Fuxing Fuel Co. Ltd (ZNFFC), Shanghai Rail
Transport & Trade Co. Ltd and Huainan Mining Co. Ltd to make joint
investment to establish Zhejiang Zheneng Transport & Trade Co. Ltd (ZTTC).
ZTTC will purchase and operate its own train. The registered capital of ZTTC
amounted to RMB 150 million yuan, of which ZCPGC contributed RMB 37.50
million yuan to hold 25% of its equity. This investment plan has been reviewed
and approved in the 3rd meeting of the 4th Board of Directors of the Company.
b. For details of the Company’s external investment as at the end of the current
reporting period, refer to “Long-term Equity Investment” in the notes to financial
statements attached hereto.
4. Operational Difficulties and Solutions
The coal price has all the time been hovering at a high level in China. In order to
alleviate the power tariff problem, the government issued the second directive to
allow cost pass-through from the coal price to the power tariff. Yet the coal cost
pressure on the Company has not been effectively eased because the adjustment to
power sale price within Zhejiang power grid is limited. Meanwhile, the power
supply/demand tension is progressively relaxed due to commissioning of new
generating units in Zhejiang, the high utilization hours of the Company’s
14
generating units dropped to some extent. In response to such circumstantial
changes, the Company firstly relied on its own effort to carry out production and
operation well and attempt to improve efficiency through management, and
secondly strive to accelerate the construction of the construction-in-progress
projects with safety and quality in a bid to bring them into operation early and
generate new sources of profit for the Company.
VI. Important Events
1. Governance of the Company
The Company strictly followed the various stipulations and requirements set out in
the Company Act, the Securities Act and by the securities regulatory authorities to
establish and refine the various rules and regulations of the Company and
regularize its corporate operations. In the current reporting period, the Company
revised the Articles of Association, the Rules of Procedures for Shareholders’
General Meeting, the Rules of Procedures for Meetings of Board of Directors and
the Rules of Procedures for Meetings of Supervisory Committee in accordance with
a set of formal documents such as the Guideline for Articles of Association of
Listed Companies (Revised in 2006) and Rules of Procedures for Shareholders’
General Meetings of Listed Companies issued by CSRC, and the Guideline for
Rules of Procedures for Board Meetings of Listed Companies and the Guideline for
Rules of Procedures for Supervisory Committee Meetings of Listed Companies
issued by Shanghai Stock Exchange.
In the current reporting period, the Company’s shareholders’ general meetings and
board of directors seriously exercised their lawful rights, strictly abided by the
stipulations regarding vote and voting procedures, and made decisions within the
framework of the laws and regulations; the Company’s management closely
followed the resolutions reached in the shareholders’ general meetings and the
board meetings, and make sure that they can be carried out in practice; the
Company’s supervisory committee earnestly conducted supervision over the board
of directors and the management so as to safeguard the shareholders’ lawful rights
and interests.
2. Implementation of Profit Distribution Plan
In this reporting period, the profit distribution plan was implemented in accordance
with the resolution of the shareholders’ general meeting for 2005 as follows: based
on 2,010,000,000 shares at the end of 2005, a cash dividend of RMB 2.00 yuan per
10 shares (including tax) is to be distributed to all the shareholders, totaling RMB
402,000,000.00 yuan. The dividends of the B share were converted to the US
dollars for distribution, equivalent to USD 0.024936 per one B share (including tax).
The Company made dividends distribution to all the shareholders in cash on 9 June
2006 (the dividend distribution date). The dividends payable to the domestic
investment shareholders were directly transferred to their designated accounts; the
dividends payable to B share holders were transferred to the account designated by
15
China Securities Registration & Settlement Company Limited Shanghai Branch,
who then distributed the dividends on behalf of the Company.
3. Major Cases of Litigation and Arbitration
The Company was not subjected to any major cases of litigation or arbitration.
4. Asset Transaction
The Company made no asset purchase/sale, acquisition or merger in this reporting
period.
5. Important Related Party Transactions
(1) Related Party Transactions in Connection with Daily Operations
Unit: RMB yuan
Related Parties Relationship
Related
Transaction
Pricing
Principle
Transaction
Price
Transaction Volume
Percentage out
of same type of
transaction (%)
Settlement
Method
Market
Price
Impact on Profit
of the Company
Zhejiang Fuxing
Electric Power
Fuel Co. Ltd
(ZFEFC)
1,034,416,181.61 64.75
Based on
the actual
cost
ZNFFC
Controlled by
the de facto
controller
Purchase of coal
needed for
power
generation
[Note]
563,027,326.20 35.25
Based on
the actual
cost
Fuel cost is a
major component
of the generation
cost. It has a
great impact on
the Company’s
profit.
Necessity,
Continuity and
Reason of
Related Party
Transaction
The coal suppliers of the Company enjoy preferential price of bulk purchase and stable supply/transportation channels, which ensure the normal operations of the
power plants under the Company. Especially when the coal market price is on the rise, the long-term cooperative relationship between the Company and the coal
suppliers is of great importance. The Company will continue long-term amicable cooperation with the coal suppliers on the precondition that the pricing
principles remain unchanged.
Impact on
Independence of
the company
This related party transaction has no impact on the independence of the Company.
Note on Related
Party
Transaction
The predecessor of ZFEFC was Zhejiang Provincial Electric Power Fuel Company (ZPEFC). Based on the “Fuel Supply Agreement” with a validity of 20 years
signed in May 1997 between the Company and ZPEFC, ZFEFC shall supply coal to the Company for power generation. In July 2004, on basis of the power
industry restructuring and the integration of Zhejiang coal industry, Zhejiang Provincial Energy Group founded ZNFFC, which would take over part of ZFEFC’s
business. During this reporting period, the coal needed by the Company’s subsidiary ZCPGC was mainly supplied by ZNFFC. This related party transaction as
part of the daily related party transactions was approved in the shareholders’ general meeting for 2004.
[Note]: Pursuant to the Fuel Supply Agreement, the coal suppliers shall supply fuel to the
Company at a price neither higher than the price at which it charges other power plants
for the same type of fuel, nor higher than the price at which the Company can purchase
the same type of fuel in the open market at the time of the price negotiation between both
sides. Otherwise, the Company shall have the right to purchase fuel at its own discretion.
(2) Related Credits and Debts
16
Unit: RMB million yuan
Funds provided to related
parties
Funds provided by related
parties to the CompanItem and Related Parties y
Relationship
Amount Balance Amount Balance
Bills payable
ZFEFC
Controlled by the same
de facto controller
300.00 300.00
Accounts Payable
ZFEFC 1,034.4162 26.9186
ZNFFC 563.0273 48.2518
Zhejiang Provincial Electric
Power Construction Co. 73.6080 63.1261
Zhejiang Tianhong
Equipment & Material Trade
Co. Ltd
Controlled by the same
de facto controller
14.4534 10.0407
Total 1,985.5049 448.3372
Amount of funds provided
by the Company to its
subsidiaries in this reporting
period
0.00
Balance of funds provided
by the Company to its
subsidiaries
0.00
Formation of related credits
and debts
Payables not yet paid to related parties who
provided goods or labour service to the
Company
(3) Other Important Related Party Transactions
a. The project management for Phase II Project of the Company’s subsidiary ZCPGC
containing two 300 MW coal-fired generating units is undertaken by Zhejiang
Provincial Electric Power Construction Co. (ZPEPCC). The Project Management
Contract was signed between them on 9 December 2004, with the contract price
totaling RMB 1,009.3138 million yuan. In the current reporting period, the project
payment of RMB 58,608,039.00 yuan was settled. As at the end of this reporting
period, the cumulative project payment settled between the two parties amounted to
RMB 924,046,100.00 yuan.
b. In the current reporting period, the Construction Management Contract for
Zhejiang Taizhou Power Plant Phase V Extension Project was signed between the
Company and ZPEPCC, with the contract price totaling RMB 28 million yuan and
the contract term up to 31 December 2007. As at 30 June 2006, the management
service fee paid by the Company amounted to RMB 15 million yuan.
c. As at the end of the current reporting period, Zhejiang Provincial Energy Group
Corp., through Zhejiang International Trust Investment Co. Ltd, provided the
Company’s subsidiary ZCPGC with loans cumulatively amounting to RMB 300
million yuan, of which the new loan provided to ZCPGC in this reporting period
17
amounted to RMB 100 million yuan.
d. Based on the Goods Procurement and Caretaking Service Contract for Taizhou
Power Plant Phase V Extension Project and the Goods Procurement and Caretaking
Service Contract for Xiaoshan Power Plant Natural Gas Power Generation Project
and the Supplementary Agreements with Zhejiang Tianhong Equipment & Material
Trade Co. Ltd (ZTEMTC), Taizhou Power Plant and Xiaoshan Power Plant paid
ZTEMTC a total of RMB 14,453,421.95 yuan for purchase of goods and service
charges, of which the service charges amounted to RMB 225,896.78 yuan.
6. Trust Management, Contracting and Leases
There was no significant events of trust management, contracting and leases during
the current reporting period.
7. Guarantees
Unit: in RMB millions yuan
External Guarantees of the Company (excluding guarantees for controlled subsidiaries)
Guaranteed
Party
Commencement Date
(Agreement Signing
Date)
Value of
Guarantee
Type of
Guarantee
Term of
Guarantee
Whether
guarantee
has
expired
Whether
it is
guarantee
for
related
parties
ZJPGC 17-12- 2001 1,051.20
Joint liability and
share-proportional
shareholders’
guarantee
17-12-2001～
16-12-2026
No Yes
Total value of guarantee in the reporting period -132.00
Balance of guarantee at end of the reporting period 1,051.20
The Company’s Guarantee for Controlled Subsidiaries
Total value of guarantee for controlled subsidiaries in the
reporting period
0
Balance of guarantee for controlled subsidiaries at end of
reporting period
15.6870
Total Value of the Company’s Guarantees (including guarantee for controlled subsidiaries)
Total value of guarantees 1,066.8870
Ratio of total value of guarantee to the Company’s net assets
(%)
17.09
Including:
Value of guarantees for shareholders, de facto controllers and
other related parties 1,051.20
Value of direct or indirect debt guarantee for companies with
debt ratio exceeding 70% 1,051.20
Value of guarantee exceeding 50% of the net asset 0
Total of the Above Three Guarantees 1,051.20
18
(1) Share-proportional Shareholder’s Guarantee Provided by the Company to
ZJPGC
ZJPGC is the project company responsible for construction and operation of 4 x
600 MW generating units of Jiaxing Power Plant Phase II. The Company holds
24% of its equity.
Based on Document Ji Ji Chu [2002]2349 “State Planning Commission’s Approval
of Adjustment to Construction Plan of Zhejiang Jiaxing Power Plant Phase II”
issued by the State Development & Planning Commission, the adjusted dynamic
investment of ZJPGC totals RMB 10.28 billion yuan. The adjusted project equity
amounts to RMB 2.57 billion yuan, accounting for 25% of the total investment. The
capital needed for the project other than the equity will be sourced from Industrial
& Commercial Bank of China (ICBC) providing a loan up to a ceiling of RMB 4.5
billion yuan and China Construction Bank (CCB) providing a loan up to a ceiling
of RMB 3.21 billion yuan separately. ZJPGC founded by the investors will be
responsible for the project construction, operation management and debt service.
ZJPGC signed Fixed Assets Loan Contract with ICBC Zhejiang Branch and CCB
Zhejiang Branch for the Project separately in 2001, based on which ICBC Zhejiang
Branch and CCB Zhejiang Branch agreed to provide ZJPGC with a loan up to a
ceiling of RMB 4.5 billion yuan and a loan up to a ceiling of RMB 3.2 billion yuan
respectively.
Since the amount of loan is substantial, the Banks required shareholder’s
guarantees to ensure security of the loan capital. So the Company and the other
shareholders of ZJPGC signed Guarantee Contract with ICBC Zhejiang Branch and
CCB Zhejiang Branch separately. The contract is up to a ceiling, with the actual
guarantee based on the actual amount of principal and interest of the loan.
According to the Guarantee Contract, the Company is to provide a guarantee for the
24% of the loan to ZJPGC with corresponding liability but without joint liability
between shareholders, with the term of guarantee being from 17 December 2001 to
16 December 2026.
The Company completed the approval procedure necessary for the guarantee
provided to ZJPGC. The provision of this guarantee was endorsed in the
extraordinary shareholders’ general meeting of the Company in 2001. The
resolutions of the Board meeting and the shareholders’ meeting were announced in
China Securities Journal, Shanghai Securities News, Hongkong-based South China
Morning Post and Wen Wei Po dated 10 November 2001 and 11 December 2001
separately.
Up to the end of the current reporting period, the actual balance of ZJPGC’s
long-term loan stood at RMB 4,380 million yuan. In proportion to its equity
investment ratio of 24%, the Company provided a guarantee for part of the loan
amounting to RMB 1,051.20 million yuan. In this reporting period, ZJPGC’s loan
19
decreased by RMB 550 million yuan, and thus the guarantee provided by the
Company decreased by RMB 132.00 million yuan correspondingly.
All the four 600 MW generating units had been put in operation by October 2005.
During the current reporting period, the net profit realized by ZJPGC amounted to
RMB 267.9598 million yuan. As at the end of the current reporting period, there
appeared no signs of joint liabilities on the part of the Company.
(2) Share-proportional Shareholder’s Guarantee Provided by Company’s subsidiary
ZCPGC to Its Majority-owned Subsidiary Zhejiang Changxing Jietong
Logistics Co. Ltd (ZCJLC)
ZCJLC is the project company for development and operation of Tiegong Jetty,
with a registered capital of RMB 47 million yuan. ZCPGC is the largest
shareholder of ZCJLC, holding 45% of its equity.
ZCJLC paid RMB 81 million yuan to acquire Changxing Tiegong Jetty and built
three 300-ton (with ship berthing capacity of 500 tons) coal jetties each with coal
unloading capacity of 1.26 million tons/year. Based on Document Hu Ji Tou Zhi
[2005]90 “Approval of ZCJLC’s Jetty Renovation Project” issued by Huzhou
Municipal Development Planning Commission, the total investment for the project
amounts to RMB 49.80 million yuan, of which the equity capital amounts to RMB
14.94 million yuan, the remaining amount of RMB 34.86 million yuan to be
financed with the bank loans.
To satisfy the bank’s lending requirement, the shareholders of ZCJLC signed
Ceiling Guarantee Contracts with Shanghai Pudong Development Bank Hangzhou
Branch separately to provide share-proportional shareholder’s guarantee in
proportion to their respective shareholding ratios for a loan ceiling of RMB 34.86
million yuan, with the term of guarantee being from 6 December 2005 to 6
December 2009. As at the end of the current reporting period, ZCJLC had obtained
a loan of RMB 34.86 million yuan.
In proportion to ZCPGC’s shareholding ratio, ZCPGC provided ZCJLC with a
guarantee up to RMB 15.687 million yuan.
The provision of this share-proportional shareholder’s guarantee was endorsed in
the shareholders’ general meeting of ZCPGC. As at the end of the current
reporting period, there appeared no signs of joint liabilities on the part of the
Company.
8. Trust Fund Management
The Company made no trust fund management in this reporting period.
9. Other Important Contracts
(1) For construction of the Xiaoshan Power Plant Natural Gas Power Generation
20
Project, the Company applied to China Industrial & Commercial Bank Hangzhou
Qingchun Lu Branch and China Everbright Bank Hangzhou Jiefang Lu Branch
for long-term loans up to RMB 1,500 million yuan and RMB 420 million yuan,
and signed the Fixed Assets Loan Contract on 16 May 2005 and on 22 July 2005
respectively. As at 30 June 2006, the Company obtained loans under the
contracts cumulatively amounting to RMB 150.00 million yuan and 251.60
million yuan separately.
(2) For construction of Taizhou Power Plant Phase V Extension Project, the
Company applied to China Agricultural Bank Hangzhou Chengdong Branch for
a loan up to RMB 1,987 million yuan, and signed the Fixed Assets Loan Contract
on 28 March 2006. As at 30 June 2006, the Company obtained loans under the
contract cumulatively amounting to RMB 67.25 million yuan.
(3) For construction of its coal-fired power generation project, the Company’s
subsidiary ZCPGC signed the Loan Contract with China Industrial &
Commercial Bank Changxing County Branch and China Agricultural Bank
Changxing County Branch in 2004 and 2005 for long-term loans up to RMB
2,400 million yuan and RMB 1,900 million yuan respectively. As at 30 June
2006, the Company obtained loans under the contracts cumulatively amounting
to RMB 955 million yuan and 750 million yuan separately.
10. Implementation of Committed Projects
For details of committed investments of the Company, refer to the section entitled
“Use of Capital not Raised from Listing of Shares” under “Management’s
Discussion and Analysis” herein.
11. Appointment of Accounting Firms
No change in appointment of the Company’s accounting firms was made in the
current reporting period. The Company continued to appoint Zhejiang Pan-China
Certified Public Accountants as its domestic auditor and PricewaterhouseCoopers
Zhong Tian CPAs Co. Ltd as its overseas auditor.
12. Punishment on the Company, Board of Directors and Directors and Rectification
The Company, its board of directors and directors were free from any audit,
administrative punishment or open criticism by CSRC, or open accusation by the
stock exchanges during this reporting period.
13. Other Important Events
Based on Document Zhe Jia Shang [2006]194 “Notice about NDRC’s Decision to
Adjust Power Sale Tariff Applicable to Power Plants in Zhejiang Power Grid”,
starting from 30 June 2006, the power sale tariff applicable to the wholly-owned
and majority-owned power plants under the Company was adjusted as follows:
21
Unit: yuan/KWh
Name of Generator
Post-adjustment Tariff
(including tax)
Pre-adjustment Tariff
(including tax)
Taizhou Power Plant 0.4383 0.4348
Xiaoshan Power Plant 0.4133 0.4038
ZCPGC 0.4059 0.4038
14. Index of Announcements
Contents
Name of Press
Publishing
Announcements
Date of
Publication Publication Websites
Announcement of Resolutions of 22nd
Meeting of 3rd Board of Directors 24-03-2006
Announcement of Resolutions of 5th
Meeting of 3rd Board of Directors 24-03-2006
Statements of Nominees of Independent
Directors, Statements of Candidates of
Independent Directors
24-03-2006
Annual Report 2004 and its summary 24-03-2006
Announcement on Holding of
Shareholders’ General Meeting for 2005 24-03-2006
Announcement on Additional Proposals
in Shareholders’ General Meeting for
2005
18-04-2006
Announcement of Resolutions of
Shareholders’ General Meeting 2005 27-04-2006
Legal Opinion of Shareholders’ General
Meeting 2005 27-04-2006
Announcement of Resolutions of 1st
Meeting of 4th Board of Directors 27-04-2006
Announcement of Resolutions of 1st
Meeting of 4th Supervisory Committee 27-04-2006
Announcement on Distribution of
Dividends for 2005
China Securities
Journal,
Shanghai
Securities News,
South China
Morning Post
(Hong Kong) and
Wen Wei Po
(Hong Kong)
20-05-2006
http://www.zsepc.com/
http://www.sse.com.cn/
VII. Financial Statements (unaudited)
1. Financial Statements
22
Balance Sheet
30 June 2006
Prepared by: Zhejiang Southeast Electric Power Company Limited Unit: RMB yuan
Notes Consolidated Parent Company
Item
Consolidated Parent
Company
Ending Amount Beginning Amount Ending Amount Beginning Amount
Current assets
Monetary assets 659,839,381.77 394,273,545.17 415,007,308.16 285,776,435.89
Short term investments 40,905,000.00 41,490,000.00 40,905,000.00 41,490,000.00
Bills receivable
Share dividends receivable
Interests receivable
Accounts receivable 347,122,178.83 331,421,789.04 130,106,301.40 153,272,890.63
Other receivables 18,784,504.83 4,658,103.47 17,594,430.66 4,547,296.27
Prepayments 28,100,845.88 20,435,986.00 22,523,638.67 10,240,866.00
Subsidy receivable
Inventories 204,285,261.01 181,002,533.20 114,666,394.75 103,805,402.52
Deferred expenses 4,103,705.81 1,809,101.01 2,004,769.35
Long term investments in
bond due within 1 year
Other current assets
Total current assets 1,303,140,878.13 975,091,057.89 742,807,842.99 599,132,891.31
Long term investments:
Long term equity
investments
1,913,579,608.69 1,834,759,307.42 2,702,138,526.35 2,590,624,154.24
Long term debt
investments
Total long term
investments
1,913,579,608.69 1,834,759,307.42 2,702,138,526.35 2,590,624,154.24
Including: consolidated
price differences
Including: equity
investments differences
3,300,185.40 3,500,196.64 3,300,185.40 3,500,196.64
Fixed assets:
Costs of fixed assets 11,866,673,562.44 10,881,760,093.77 7,057,359,907.96 7,079,657,644.43
Less: Accumulated
depreciation
5,134,926,462.43 4,782,151,171.54 4,482,640,183.15 4,280,149,405.40
Net value of fixed assets 6,731,747,100.01 6,099,608,922.23 2,574,719,724.81 2,799,508,239.03
Less: Devaluation reserve for
fixed assets
Net value of fixed assets 6,731,747,100.01 6,099,608,922.23 2,574,719,724.81 2,799,508,239.03
Project equipment &
material
716,808,559.53 674,491,897.17 716,808,559.53 634,983,897.17
Construction in progress 519,610,060.97 854,206,463.13 475,568,144.86 273,406,252.78
Disposal of fixed assets
23
Total fixed assets 7,968,165,720.51 7,628,307,282.53 3,767,096,429.20 3,707,898,388.98
Intangible assets and other
assets:
Intangible assets 270,024,551.04 276,148,814.00 215,042,213.69 219,579,421.76
Long term deferred
expenses
20,181,194.40 24,217,433.46 20,181,194.40 24,217,433.46
Other long term assets
Total intangible and other
assets
290,205,745.44 300,366,247.46 235,223,408.09 243,796,855.22
Deferred tax:
Deferred tax debit
Total assets 11,475,091,952.77 10,738,523,895.30 7,447,266,206.63 7,141,452,289.75
Current liabilities:
Short term borrowings 134,860,000.00 59,860,000.00
Bills payable 300,000,000.00 300,000,000.00
Accounts payable 618,313,803.49 546,888,343.83 148,690,536.06 274,382,703.99
Accounts received in
advance
Salaries payable 87,659,278.91 68,888,297.68 87,656,687.57 68,885,706.34
Welfare expenses payable 15,134,947.43 21,733,605.31 14,708,508.00 21,525,581.80
Dividends payable
Tax payable 156,536,263.18 120,622,292.28 103,606,336.26 114,995,198.61
Other payments due 3,805,881.65 4,465,526.71 3,852,420.61 2,229,720.31
Other payables 85,515,596.29 102,528,591.99 65,561,711.34 76,298,032.87
Accruals 193,533.10 103,633.00
Anticipated liabilities
Long term liabilities due
within one year
50,076,500.00 50,084,150.00
Other current liabilities
Total current liabilities 1,452,095,804.05 975,174,440.80 724,076,199.84 558,316,943.92
Long term liabilities:
Long term borrowings 3,278,178,500.00 2,985,779,755.63 468,850,000.00 256,224,180.63
Bonds payable
Long term payables
Special payables 32,000,000.00 32,000,000.00 12,000,000.00 12,000,000.00
Other long term liabilities
Total long term
liabilities
3,310,178,500.00 3,017,779,755.63 480,850,000.00 268,224,180.63
Deferred tax:
Deferred tax credit
Total liabilities 4,762,274,304.05 3,992,954,196.43 1,204,926,199.84 826,541,124.55
Minority shareholders’ equity 470,477,641.93 430,658,533.67
24
Owner’s equity (or
shareholders’ equity)
Paid-in capital (or share
capital)
2,010,000,000.00 2,010,000,000.00 2,010,000,000.00 2,010,000,000.00
Less: investments paid
back
Net value of paid-in
capital (share capital)
2,010,000,000.00 2,010,000,000.00 2,010,000,000.00 2,010,000,000.00
Capital reserve 1,907,572,569.51 1,907,572,569.51 1,907,572,569.51 1,907,572,569.51
Surplus reserve 1,140,918,096.88 1,140,918,096.88 1,140,918,096.88 1,140,918,096.88
Including: statutory
common welfare reserve
570,459,048.44 570,459,048.44
Undistributed profits 1,183,849,340.40 1,256,420,498.81 1,183,849,340.40 1,256,420,498.81
Proposed cash dividend
distribution
Foreign currency
statement conversion
difference
Less: unconfirmed
investment loss
Total owner’s equity (or
shareholders’ equity)
6,242,340,006.79 6,314,911,165.20 6,242,340,006.79 6,314,911,165.20
Total liabilities and owner’
s equity (or shareholders’
equity)
11,475,091,952.77 10,738,523,895.30 7,447,266,206.63 7,141,452,289.75
25
Statement of Profit and Profit Distribution
January-June 2006
Prepared by: Zhejiang Southeast Electric Power Company Limited Unit: RMB Yuan
Notes Consolidated Parent Company
Item
Consolidated Parent
Company
Current Amount Prior Amount Current Amount Prior Amount
1. Income from principal operating
activities 2,937,944,579.87 2,695,269,003.67 1,915,866,621.89 1,999,956,837.24
Less: Principal operating costs 2,238,688,463.80 2,009,766,913.85 1,495,951,122.98 1,529,546,941.65
Principal operating tax and
surtax 26,222,571.84 25,860,132.63 17,070,213.34 19,508,714.19
2. Profit from principal operating
activities
(with loss denoted by “-”)
673,033,544.23 659,641,957.19 402,845,285.57 450,901,181.40
Add: Profit from other activities
(with loss denoted by “-”) 6,128,534.40 1,549,020.90 4,443,914.48 1,350,581.60
Less: Operating expenses
Administrative expenses 144,091,920.17 153,649,981.44 107,759,198.90 110,394,067.33
Financial expenses 75,176,493.99 30,513,217.64 3,138,901.21 4,934,286.32
3. Operating profit
(with loss denoted by “-”) 459,893,664.47 477,027,779.01 296,391,099.94 336,923,409.35
Add: Investment returns
(with loss denoted by “-”) 64,364,615.51 -4,329,472.67 134,834,248.84 56,642,299.10
Subsidy income
Non-operating income 29,455.50 17,500.00 11,500.00 8,000.00
Less: Non-operating expenses 7,579,851.33 4,614,736.37 5,914,656.11 2,493,347.08
4.Gross profit
(with loss denoted by “-”) 516,707,884.15 468,101,069.97 425,322,192.67 391,080,361.37
Less: Income tax 147,311,554.50 147,656,354.20 95,893,351.08 103,466,599.62
Less: Minority shareholders’ gains
and losses 39,967,488.06 32,830,954.02
Add: unconfirmed investment loss
(applicable to consolidated
financial statements)
5.Net profit
(with loss denoted by “-”) 329,428,841.59 287,613,761.75 329,428,841.59 287,613,761.75
26
Statement of Cash Flow
January-June 2006
Prepared by: Zhejiang Southeast Electric Power Company Limited Unit: RMB yuan
Notes
Item
Consolidated Parent
Company
Consolidated Parent Company
1.Cash flow generated from operating activities
Cash received from sale of goods and supply of labor
service 3,434,260,639.19 2,264,262,594.59
Cash received from refund of taxes
Other cash received relating to operating activities 6,635,626.96 3,340,397.85
Sub-total of cash inflow 3,440,896,266.15 2,267,602,992.44
Cash paid for purchase of goods and labor services 1,898,041,017.47 1,171,848,874.03
Cash paid to and for the employees 178,581,063.88 149,379,728.38
Taxes paid 441,786,484.56 305,660,847.95
Other cash paid relating to operating activities 86,879,194.47 65,130,756.84
Sub-total of cash outflow 2,605,287,760.38 1,692,020,207.20
Net cash flow generated from operating activities 835,608,505.77 575,582,785.24
2.Cash flow generated from investment activities
Cash received from investment recovery
Including: cash received for sale of subsidiaries
Cash received from investment return 95,879,314.24 158,554,876.73
Net cash received from disposal of fixed assets, intangible
assets and other long-term assets 1,567,649.86 1,564,394.60
Other cash received relating to investment activities 3,166,834.91 2,538,915.84
Sub-total of cash inflow 100,613,799.01 162,658,187.17
Cash paid for acquisition of fixed assets, intangible assets
and other long-term assets 434,547,600.84 276,732,438.10
Cash paid for investment 109,750,000.00 134,650,000.00
Other cash paid relating to investment activities
Sub-total of cash outflow 544,297,600.84 411,382,438.10
Net cash flow generated from investment activities -443,683,801.83 -248,724,250.93
3. Cash flow from financing activities
Cash received by absorbing investment 33,600,000.00
Including: cash received by subsidiaries absorbing
minority shareholders’ equity investment 33,600,000.00
Cash received from borrowing 443,000,000.00 213,000,000.00
Other cash received relating to financing activities
Sub-total of cash inflow 476,600,000.00 213,000,000.00
27
Cash paid for debt service 75,000,000.00
Cash paid for distribution of dividend, profit or repayment
of interest 527,943,696.25 410,612,490.95
Including: distribution of minority shareholders’
dividends 33,748,379.80
Other cash paid relating to financing activities
Including: subsidiaries legally decreasing equity to pay
cash to minority shareholders
Sub-total of cash outflow 602,943,696.25 410,612,490.95
Net cash flow generated from financing activities -126,343,696.25 -197,612,490.95
4. Impact of foreign exchange fluctuation on cash -15,171.09 -15,171.09
5. Net increase in cash and cash equivalents 265,565,836.60 129,230,872.27
Supplementary Information
1. Net profit converted to operating cash flow
Net profit 329,428,841.59 329,428,841.59
Add: Minority shareholders’ gains and losses (with losses
denoted by “-”) 39,967,488.06
Less: unconfirmed investment loss
Add: Allocated reserve for assets devaluation 1,903,837.74 -645,922.64
Depreciation of fixed assets 371,375,659.36 220,896,878.26
Amortization of intangible assets 6,153,762.96 4,537,208.07
Amortization of long term deferred expenses 4,036,239.06 4,036,239.06
Decrease in deferred expenses (less: increase) -2,294,604.80 -2,004,769.35
Increase in accrued expenses (less: decrease)
Loss on disposal of fixed assets, intangible assets
and other long-term assets (less: income) 5,342,481.97 5,241,406.34
Loss on retirement of fixed assets
Financial expenses 69,124,786.27 -2,897,925.38
Loss on investment (less: income) -64,364,615.51 -134,834,248.84
Deferred tax credit (less: debit)
Decrease in inventory (less: increase) -23,282,727.81 -10,860,992.23
Decrease in operational receivables (less:
increase) -60,346,464.40 -12,461,470.82
Increase in operational payables (less: decrease) 158,563,821.28 175,147,541.18
Others
Net cash flow generated from operating activities 835,608,505.77 575,582,785.24
2. Investment and financing activities not involving cash
income and expenditure
Debt converted to capital
Convertible corporate bonds due within 1 year
Fixed assets leased in by financing lease
28
3. Net increase in cash and cash equivalents:
Ending balance of cash 659,839,381.77 415,007,308.16
Less: Beginning balance of cash 394,273,545.17 285,776,435.89
Add: Ending balance of cash equivalents
Less: Beginning balance of cash equivalents
Net increase in cash and cash equivalents 265,565,836.60 129,230,872.27
29
Devaluation Reserves for Consolidated Assets
January-June 2006
Prepared by: Zhejiang Southeast Electric Power Company Ltd Unit: RMB yuan
Decrease in the year
Item
Beginning
Amount
Increase in
the year
Reversal due to
asset revaluation
Reversal due to
other reasons
Total
Ending
Amount
Total allowance for bad debt 21,451,908.03 1,903,837.74 23,355,745.77
Of which: accounts receivable 21,154,582.28 1,002,152.54 22,156,734.82
other receivable 297,325.75 901,685.20 1,199,010.95
Total devaluation reserve for short-term
investment
Of which: stock investment
bond investment
Total reserve for inventory devaluation
Of which: inventories
raw material
Total devaluation reserve for long-term
investment
220,000,000.00 220,000,000.00
Of which: long-term equity investment 220,000,000.00 220,000,000.00
long-term debt investment
Total devaluation reserve for fixed
assets
Of which: houses and buildings
equipment and plant
Total devaluation reserve for intangible
assets
Of which: patent right
trademark
Total devaluation reserve for
construction in progress
Total devaluation reserve for trust loans
Total asset devaluation 241,451,908.03 1,903,837.74 243,355,745.77
30
Devaluation Reserves for Parent Company’s Asset
January-June 2006
Prepared by: Zhejiang Southeast Electric Power Company Ltd Unit: RMB yuan
Beginning
Amount
Increase in this
period
Decrease in this period
Item
Reversal due to
asset revaluation
Reversal due to
other reasons
Total
Ending Amount
Total allowance for bad debt 10,073,628.95 832,795.82 1,478,718.46 9,427,706.31
Of which: accounts receivable 9,783,376.00 1,478,718.46 8,304,657.54
other receivable 290,252.95 832,795.82 1,123,048.77
Total devaluation reserve for short-term
investment
Of which: stock investment
bond investment
Total reserve for inventory devaluation
Of which: inventories
raw material
Total devaluation reserve for long-term
investment
220,000,000.00 220,000,000.00
Of which: long-term equity investment 220,000,000.00 220,000,000.00
long-term debt investment
Total devaluation reserve for fixed assets
Of which: houses and buildings
equipment and plant
Total devaluation reserve for intangible
assets
Of which: patent right
trademark
Total devaluation reserve for construction in
progress
Total devaluation reserve for trust loans
Total asset devaluation 230,073,628.95 832,795.82 1,478,718.46 229,427,706.31
31
2. Notes to Financial Statements
Unit: RMB yuan
(1) Company Profile
Zhejiang Southeast Electric Power Company Limited (the Company) is a joint
stock limited company established by way of promotion by Zhejiang Provincial
Electric Power Company (ZPEPC), Zhejiang Provincial Electric Power
Development Company (ZPEPDC), Zhejiang Bada Company Limited, Zhejiang
Electric Power Equipment & Materials Supply Company and Zhejiang Electric
Power Real Estate Development Company Limited as the promoters in
accordance with Document Zhe Zheng Wei (1997) 49 entitled “Approval for
Establishment of Zhejiang Southeast Electric Power Company Limited” released
by the Securities Commission of Zhejiang Provincial Government and Document
(1997) 4 entitled “Reply to the Proposal of Zhejiang Southeast Electric Power
Company Limited (Preparation Office) to Issue New Shares Right After Its
Incorporation” released by Division of International Affairs of China Securities
Regulatory Commission. The registration of the Company with the local industrial
and commercial administration authority was made, and the Business License No.
14294345 was obtained on 15th May 1997. It now has a registered capital of RMB
2,010 million yuan, and a total of 2,010 million shares (with a par value of RMB 1
yuan per share) including listed shares amounting to 690 million B shares. The
Company’s shares went public on Shanghai Stock Exchange on 23 September
1997.
The Company was transformed to a stock limited company with foreign
investment on 23 May 2000 upon the approval by the Ministry of Foreign Trade &
Economic Cooperation with Document Wai Jing Mao Zi [2000]373. The
procedure relating to the re-registration with the industrial and commercial
administration was then completed on 18 April 2001, and the altered Business
License Qi Gu Zhe Zong No.002189 obtained.
In accordance with Document Ji Ji Chu [2002]2704 “The State Planning
Commission’s Approval of the Plan for Restructuring of the Generation Assets of
the State Power Corp.” issued by the State Planning Commission, the 514,036,800
state-owned legal person shares of the Company originally held by ZPEPC were
decreed to be transferred to China Huaneng Group Corporation (CHNG) at no
cost. Based on the Share Transfer Agreement entered into by the two parties in
February 2003, the effective date of the transfer was 1 January 2003. After the
share transfer, CHNG came into possession of 514,036,800 shares of the
Company, accounting for 25.57% of the total as its second largest shareholder.
ZPEPC no longer holds any shares of the Company. In accordance with Document
Guo Zi Chan Quan [2005]161 entitled “Approval for Change of State-owned
Shareholders of Zhejiang Southeast Electric Power Company Limited” released
by the State-owned Assets Supervision & Administration Commission of State
32
Council on 7 February 2005, the shareholder of the 514,036,800 shares of the
Company was changed from ZPEPC to CHNG. The type of shares is the
state-owned share.
The Company belongs to the power sector, with its business scope covering
investment in, development and operation of the electric power projects.
Under the Company, it has Head Office, Taizhou Power Plant, Xiaoshan Power
Plant, a subsidiary namely Zhejiang Changxing Power Generation Co. Ltd and
Zhejiang Changxing Jietong Logistics Company Ltd.
(2) Main Accounting Policies, Assumptions and Method for Preparation of
Consolidated Financial Statements Adopted by the Company
a. Accounting Standards and System
Enterprise Accounting Standards and Enterprise Accounting System and the
supplementary regulations relating thereto are followed.
b. Accounting Year
The accounting year starts from 1 January and ends on 31 December of the
Gregorian calendar year.
c. Bookkeeping Base Currency
RMB is adopted as the bookkeeping base currency.
d. Bookkeeping Basis and Valuation Principle
The bookkeeping is made on accrual basis. And the valuation is based on
historical cost.
e. Accounting of Foreign Currency Transaction
The accounting of the foreign currency transaction is based on RMB converted as
per the market exchange rate (the median rate) published by the People’s Bank of
China on the transaction date. The ending balances of the various foreign currency
accounts are adjusted per the exchange rate (the median rate) prevailing at the end
of the period. With regard to the differences arising therefrom, those in relation to
the formation of fixed assets but before reaching readiness for use are stated as the
cost of acquisition of fixed assets; those irrelevant to the acquisition of fixed
assets but occurring during the formation period are stated as the long-term
deferred expenses, and those occurring during the operating period are stated as
the current financial expenses.
f. Identification of Cash Equivalents
Cash equivalents refer to the investment made by the Company with a short
maturity (generally mature within 3 months after the date of purchase), strong
liquidity, ready convertibility to cash of known amount and low volatility in value.
33
g. Accounting of Short-term Investment
1. The accounting of short-term investment is made based on the actual cost paid
deducting the cash dividends declared to be distributed but not yet collected or
interest on bonds payable but not yet collected. The dividends or interest
gained during the term of the investment and not recognized as investment
income is treated as offset against investment cost. The difference obtained
from the short-term investment sale income deducting the book value of the
short-term investment and the accrued receivables of cash dividends or interest
will be recognized as investment income & loss and recorded as the current
gains & losses. The investment cost carried over from sale of short-term
investment is determined by weighted average method.
2. At the end of the period, the short-term investment is accounted for based on
the lower of cost or market price method; and the reserve for devaluation is
allocated for a single investment project.
h. Accounting of Bad Debt
1. Adopting allowance method for accounting of bad debt
The allowance for bad debt is allocated as per 6% of the ending balance of
accounts receivable (including account receivables and other receivables).
2. The bad debt is determined as such when
(1) The debtor is bankrupt or dead, and the proceeds from the bankrupt’s estates
or the legacy of the deceased is unable to cover the debt;
(2) The debtor fails to repay the overdue debt with plain evidences indicating
that this debt is irrecoverable.
The confirmed irrecoverable accounts receivable are treated as loss on bad debt
after approval, which will be written off from the allowance for bad debt.
i. Accounting of Inventories
1. The inventories include the fuel, auxiliary materials, spare parts for repair,
low-cost consumables, etc. stored for the purposes of sale or consumption in
the process of production and operation.
2. The inventories are accounted for at the actual cost. The fuel bought and
checked into the warehouse is stated at the actual cost; the cost of outgoing fuel
is stated based on weighted average cost method. The spare parts for repair and
auxiliary materials such as cement, steel and wood are stated at planned cost,
with the difference between the planned cost and the actual cost shared and
written off per a composite differential rate at the end of a month. The low-cost
consumables are stated based on lump-sum write-off method.
3. The inventories are taken using the perpetual inventory method.
4. For the irrecoverable portion of the inventory cost due to physical damages,
obsolescence in full or in part and the selling price of the inventory item lower
than the cost, the reserve for devaluation is allocated at the end of the period
based on the difference by which the cost of a single inventory item is more than
its net realizable value. However, for the inventories of the production material,
34
if the net realizable value of the finished product made from the production
material is higher than its cost, it is accounted for at its actual cost; if the
opposite is true, it is accounted for at its net realizable value.
j. Accounting of Long-term Investment
1. The accounting of the long-term equity investment is stated based on the cost
paid at the time of investment. If the investment in other companies
constitutes less than 20% of the total capital with voting right in the
companies, or constitutes 20% or above but without significant influence, it is
accounted for by the cost method; if the investment in other companies
constitutes 20% or above of the total capital with voting right in the
companies, or less than 20% but with significant influence, it is accounted for
by the equity method.
2. The difference of equity investment is amortized over the investment period
specified in the contract. If no specific investment period is stated in the
contract, the difference of the initial investment cost over the deserved share
of the owner’s equity of the investee is amortized in not more than 10 years,
whereas the difference of the initial investment cost under the deserved share
of the owner’s equity of the investee is amortized over the period not less than
10 years.
For the difference of equity investment occurring after the release of
Document [2003]10 of the Ministry of Finance, the difference of the initial
investment cost over the deserved share of the owner’s equity of the investee
is amortized in not more than 10 years; the difference of the initial investment
cost under the deserved share of the owner’s equity of the investee is recorded
as “capital reserve—equity investment reserve”.
3. The long-term debt investment is stated at its initial investment cost. The bond
premium or discount will be amortized on straight-line basis within the bond
term. The bond interest receivable deducting the amortized value of the bond
investment premium or discount will be recognized as the current investment
returns; significant expenses contained in the initial bond investment cost will
be amortized in the period from bond purchase up to maturity when
recognizing bond interest income, and will be stated as gains and losses; the
other bond interest receivable will be stated as the current investment returns.
4. At the end of the accounting period, the reserve for long-term investment
devaluation is allocated based on the difference of the recoverable amount less
than the book value of the long term investment due to its declining market
value or the worsening business operations of the investment recipient
company.
k. Accounting of Fixed Assets and Depreciation
1. The fixed assets refer to the tangible assets that possess the following features
simultaneously: (1) held for purposes of goods production, labor service
provision, lease or management; (2) with their useful life exceeding 1 year; (3)
with high unit values.
35
2. The fixed assets are accounted for at actual cost. The fixed assets acquired by
financial leasing are stated as per the original book value of the leased assets
on the lease commencement date or the present value of the minimum
payment for the lease cost, whichever is lower. (If the assets on financial
leasing account for 30% or less of the total assets, such assets are stated as per
the minimum payment for the lease cost on the lease commencement date.)
3. The depreciation of the fixed assets is on straight-line basis. When allowing
for no reserve for devaluation, the rates and periods of depreciation are
determined based on the classification, estimated useful life and estimated
residual value (as per 0-3% of the original cost; the amount resulting from the
difference of the stipulated term of the land use right longer than the expected
life of the housing and building is reserved as the net residual value) of fixed
assets as follows:
Classification of Fixed
Assets
Period of
Depreciation
Annual Depreciation
Rate (%)
Housing and Buildings 8-35 12.50-2.86
General Equipment 4-18 25.00-5.56
Special Equipment 7-18 14.29-5.56
Vehicles 6 16.67
Other Equipment 5-9 20.00-11.11
4. At the end of the accounting period, the recoverable amount of the fixed assets
may be lower than its book value due to its declining market price, technical
obsolescence, damages, long-time disuse, etc. The reserve for fixed assets
devaluation is allocated based on the difference of the recoverable value of a
single asset less its the book value.
l. Accounting of Construction in Progress
1. The construction in progress will be accounted for based on its actual cost.
2. The estimated value of the construction in progress is transferred into the fixed
assets per its actual cost when ready for use. If final accounting upon
completion is not yet done, it will be transferred into the fixed assets per its
estimated value. Adjustment will be made after the actual value is determined.
3. At the period end, if one or more of the following cases take place, the reserve
for construction-in-progress devaluation is allocated based on the difference of
the recoverable value of a single item of construction in progress less its book
value.
(1) the construction in progress is suspended for a long time and will not be
resumed presumably in 3 years;
(2) the project is outdated in terms of technicality and functions, and uncertain in
terms of profitability for the enterprise;
(3) other cases of devaluation of the construction in progress with sufficient
evidences.
36
m. Accounting of Borrowing Expenses
1. Borrowing Expenses Recognition Principle
The interest, discount/premium amortization and exchange difference arising
from the special borrowing for purchase of fixed assets are capitalized and
stated as the cost of the asset if meeting capitalization conditions during the
capitalization period. The other interest on borrowing, discount/premium
amortization and exchange difference are recognized as expenses in the period.
The auxiliary expenses for arrangement of special borrowings occurring before
the purchased fixed assets are ready for use are capitalized at the time of its
occurrence. The other auxiliary expenses are recognized as expenses in the
occurring period. The auxiliary expenses of small value are recognized as
expenses in the occurring period.
2. Capitalization of Borrowing Expenses
(1) Inception of capitalization
When the following 3 conditions are met at the same time, the capitalization of
the interest, discount/premium amortization and exchange difference arising
from the special borrowing begins: (a) the expenditure has occurred; (b) the
borrowing expenses have occurred; (c) the activities to bring the fixed assets to
readiness for use have started.
(2) Suspension of capitalization
In case the purchase/building of fixed assets is interrupted for more than 3
consecutive months, the capitalization of borrowing expenses will be
suspended with the borrowing expenses being recognized as current expenses
until the asset purchase/building activities are resumed.
(3) Termination of capitalization
When the purchased fixed assets reach readiness for use, the capitalization
terminates.
3. Amount of Capitalization of Borrowing Expenses
In each accounting period subject to capitalization, the amount of interest
capitalization is equal to the product of cumulative expenditures for the
purchase of fixed assets up to the end of the period end and the rate of
capitalization. The amount of amortizable discount or premium in each
accounting period will form adjustment to the interest, which in turn will adjust
the capitalization rate. The amount of capitalization of exchange difference is
the exchange difference of the principal and interest of the special foreign
currency borrowing in that period.
n. Accounting of Intangible Assets
1. The intangible assets are stated at the actual cost.
2. The intangible assets are amortized in equal installments over its expected
useful life and recorded in gains & losses.
If its expected useful life exceeds the service term specified in the contract or
the useful life prescribed by the law, the amortization period of this intangible
asset is determined on the following principles:
37
(1) If there is a service term specified by the contract but no valid term
provided by the law, the term specified by the contract will apply;
(2) If there is no term specified by the contract but there is a valid term
provided by the law, the legal term will apply;
(3) If there are both a term specified by the contract and a valid term provided
by the law, the shorter of two terms will apply.
In the event that there is neither a term specified by the contract nor a useful life
prescribed by the law, the amortization period will be not more than 10 years.
In the event that a certain intangible asset cannot presumably bring future
benefit to the enterprise, all the book value of this intangible asset will be
transferred to the current administrative expenses.
3. At the period end, the anticipated economic benefit that the intangible asset can
bring to the company is measured. Based on the difference of the recoverable
value of a single intangible asset less than its book value, the reserve for
devaluation of the intangible asset is allocated.
o. Accounting of Long-term Deferred Expenses
1. The long-term deferred expenses are stated as actually expended and are
amortized in equal installment over the useful life of the project.
2. The expenses incurred during the construction period (except for the purchase
of fixed assets) are firstly put together in the long-term deferred expenses, and
then are transferred at once to gains & losses in the month of operation
commencement.
p. Income Recognition Principle
1. Sale of Commodities
Income from electricity sale: The sales income is calculated and recognized by
multiplying the actual quantity of electricity delivered by the approved
contractual tariff (including the tariff rates for base quantity and excess quantity)
or the competitive bid price as applicable.
Sale of commodity: The business income is recognized when the significant
risk in connection with the ownership of the commodity and the remuneration
have transferred to the buyer so that the Company no longer has custody and
control of the commodity, the income from the sale or the voucher of the
payment has been received, and the cost in relation to the commodity sale can
be measured accurately.
2. Supply of Labor Service
(1) For the labor service started and completed in the same year, the income
from labor service is recognized when the service has been rendered, and
the payment or the voucher of payment has been received.
(2) For the labor service started and completed in different accounting years,
the income from labor service is recognized per the percentage of
completion when the total income from the labor service and the
percentage of completion can be reliably determined, the corresponding
38
revenue can flow in and the cost of the labor service incurred and to be
incurred can be reliably measured.
3. Assignment of Asset Use Right
The income from assignment of intangible asset use right (such as trademark
right, patent right, franchise, software and copyright, etc) and other non-cash
assets is recognized based on the charging time and method specified in
related contract or agreement. The above revenue is determined when both of
the following conditions can met: (1) the income in connection with the
transaction can flow into the Company; and (2) the amount of income can be
reliably measured.
q. Accounting of Corporate Income Tax
The accounting of the corporate income tax is based on tax payable method.
r. Method for Preparation of Consolidated Financial Statement
The investees which the parent company has more than half of their equity capital,
or which the parent company has less than half of their equity capital but has
actual control of are incorporated into the scope of consolidation of financial
statements. Consolidated financial statement is prepared based on the financial
statements and other related information of the parent company and its
subsidiaries covered in the scope of consolidation in accordance with the Interim
Provisions for the Consolidated Financial Statement. The joint ventures will be
incorporated into consolidation based on equity ratio. The main accounting
policies of the subsidiaries shall conform to the accounting policies of their parent
companies. The major transactions and current accounts between parent
companies and their subsidiaries offset each other during the consolidation.
(3) Taxation
a. Value-added tax: at a rate of 17%
b. Operating tax: at a rate of 5%
c. Urban maintenance & construction tax:
The head office of the Company and Xiaoshan Power Plant were exempted from
this tax as agreed respectively by International Division of Zhejiang Local
Taxation Bureau and Hangzhou Xiaoshan Local Taxation Bureau Linpu Branch;
Taizhou Power Plant was taxed at 7% of the turnover tax payable and the
subsidiary Zhejiang Changxing Power Generation Co. Ltd at 5% of the turnover
tax payable.
d. Education surtax:
The head office of the Company was exempted from this tax as agreed by
International Division of Zhejiang Local Taxation Bureau; Xiaoshan Power Plant
was exempted from this tax based on Document Zhe Di Shui Fa [2005]67 issued
by Zhejiang Provincial Local Taxation Bureau; and Taizhou Power Plant and the
subsidiary Zhejiang Changxing Power Generation Co. Ltd was to pay this tax at
4% of the turn-over tax payable, but changed to be at 3% plus 2% of local
39
education surtax starting from 1 May 2006 based on Document Zhe Zheng Fa
[2006]31 issued by Zhejiang Provincial Government.
e. Corporate Income tax: at a rate of 33%
(4) Majority-owned Subsidiaries
a. Majority-owned Subsidiaries
Name of Enterprise Type of business Registered
capital
Scope of
business
Actual investment Shareholding
percentage
Zhejiang Changxing
Power Generation
Company Ltd
Coal-fired power
generation
RMB 1,096
million yuan
[Note]
Production and
sale of
electricity
RMB 712.40 million
yuan
65%
Zhejiang Changxing
Jietong Logistics
Company Ltd.
Services RMB 47 million
yuan
Warehousing
service,
commodity
transfer, coal
wholesale and
retails, etc
RMB 21.15 million
yuan
45%
[Note]: The registered capital of this company was increased from RMB 1,000 million yuan to
RMB 1,096 million yuan in this reporting period. Correspondingly, the Company made
additional investment amounting to RMB 62.40 million yuan.
(5) Distribution of Profit
The Company made no interim profit distribution or conversion of capital reserves
into equity in this reporting period. The distribution of share dividends for 2005
totaling RMB 402,000,000.00 yuan was completed in this reporting period, with the
dividends of B shares distributed in US dollars.
(6) Notes to the Consolidated Financial Statements
a. Notes to the Consolidated Balance Sheet
(a) Monetary Assets Ending Amount: 659,839,381.77
i. Details
Item Ending Amount Beginning Amount
Cash 13,985.42 8,048.30
Bank deposits 658,826,534.84 393,798,426.40
Other monetary assets 998,861.51 467,070.47
Total 659,839,381.77 394,273,545.17
ii. There was no cash subject to such realization constraint as pledge and freeze or
deposited overseas or subject to recovery risks.
iii. Monetary assets—in foreign currency
Ending Amount Beginning Amount
Item Amount in original
currency (USD)
Exchange
rate
Equivalent to
RMB yuan
Amount in original
currency (USD)
Exchange
rate
Equivalent to
RMB yuan
Bank deposits USD2,136,647.91 7.9956 17,083,782.03 USD2,242,837.29 8.0702 18,100,145.50
Subtotal 17,083,782.03 18,100,145.50
40
(b) Short-term investment Ending Amount: 40,905,000.00
i. Details
Ending Amount Beginning Amount
Item Book balance Reserve for
devaluation
Book value Book balance Reserve for
devaluation
Book value
Bond
Investment
40,905,000.00 40,905,000.00 41,490,000.00 41,490,000.00
Total 40,905,000.00 40,905,000.00 41,490,000.00 41,490,000.00
ii. Stock investment, bond investment and fund investment accounting for 10% and
above of total short-term investment
Name of Bond Par Value Ending Amount
02 Treasury Bond (13) 45 million 40,905,000.00
Subtotal 40,905,000.00
(c) Accounts receivable Ending Amount: 347,122,178.83
i. Classified by account age
Ending Amount Beginning Amount
Account
age
Book
balance
Percentage
(%)
Allowance
for bad debt
Book
value
Book
balance
Percentage
(%)
Allowance
for bad debt
Book
value
Within 1
year
369,278,913.65 100.00 22,156,734.82 347,122,178.83 352,576,371.32 100.00 21,154,582.28 331,421,789.04
Total
369,278,913.65 100.00 22,156,734.82 347,122,178.83 352,576,371.32 100.00 21,154,582.28 331,421,789.04
ii. The accounts receivable were the amount receivable from ZPEPC for sale of
electricity.
iii. There were no accounts due from the shareholders holding 5% and above of the
Company’s voting shares.
(d) Other receivables Ending Amount: 18,784,504.83
i. Classified by account age
Ending Amount Beginning Amount
Account
age
Book balance Percentage
(%)
Allowance
for bad debt
Book value Book
balance
Percentage
(%)
Allowance
for bad debt
Book value
Within 1
year
17,319,673.21 86.67 1,039,180.40 16,280,492.81 3,463,626.54 69.89 207,817.59 3,255,808.95
1~2
years
1,551,580.57 7.76 93,094.83 1,458,485.74 542,486.68 10.95 32,549.20 509,937.48
2~3
years
162,946.00 0.82 9,776.76 153,169.24 642,116.00 12.96 38,526.96 603,589.04
Over 3
years
949,316.00 4.75 56,958.96 892,357.04 307,200.00 6.20 18,432.00 288,768.00
Total
19,983,515.78 100.00 1,199,010.95 18,784,504.83 4,955,429.22 100.00 297,325.75 4,658,103.47
ii. Other large-amount receivables
Name of Organization Ending Amount What Receivables are
41
Zhejiang Construction
Engineering Group 9,285,749.12
Payment for materials supplied
Zhejiang Emax Foundation
Construction Co.
1,785,412.89 Payment for materials supplied
Zhejiang Second Construction
Group Corp.
1,619,821.61 Payment for materials supplied
Subtotal 12,690,983.62
iii. The ending amount of other receivables due from the top 5 debtors totaled RMB
13,980,594.19 yuan, accounting for 69.96% of the book value of other
receivables.
iv. There were no accounts due from main shareholders holding 5% and above of
the Company’s voting shares.
(e) Prepayments Ending Amount: 28,100,845.88
i. Classified by account age
Ending Amount Beginning Amount
Account age
Amount Percentage (%) Amount Percentage (%)
Within 1 year 18,100,845.88 64.41 7,073,320.00 34.61
1~2 years 3,362,666.00 16.46
2~3 years
Over 3 years 10,000,000.00 35.59 10,000,000.00 48.93
Total 28,100,845.88 100.00 20,435,986.00 100.00
ii. There were no accounts due from main shareholders holding 5% and above of
the Company’s voting shares.
iii. Explanation about the unsettled prepayment with account age of more than 1
year
Taizhou Power Plant signed an Agreement with Taizhou Municipal Land
Resources Administration Bureau Development Zone Branch on 18 April 2002 to
buy the land use right of a piece of land with an area of over 30 mu located on the
east of Taizhou Avenue and south of No.6 Road at a provisional price of RMB 18
million yuan for the construction of Employee’s Education and Training Center.
Yet the formalities relating to the land use right transfer were not completed due to
restrictions imposed by the municipal government’s unified planning. So the
amount of 10 million yuan already paid in 2002 is provisionally stated as
prepayment.
(f) Inventories Ending Amount: 204,285,261.01
i. Details
Ending Amount Beginning Amount
Item Book
Balance
Devaluation
Reserve
Book
Value
Book
Balance
Devaluation
Reserve
Book
Value
Goods
procurement
Raw materials 95,118,858.47 95,118,858.47 86,758,934.40 86,758,934.40
42
Fuel 109,166,402.54 109,166,402.54 94,240,802.39 94,240,802.39
Low-cost
consumables 2,796.41 2,796.41
Total 204,285,261.01 204,285,261.01 181,002,533.20 181,002,533.20
ii. The inventories in the current period were all outsourced.
iii. The above inventories were not subjected to any debt guarantees.
iv. Explanation as to how to determine the net realizable value of the inventory
The reserve for inventory devaluation was allocated based on the difference by
which the net realizable value of a single inventory item is less than its cost. As
the analysis indicated that no inventories had damages or had their costs less
than their realizable values in the current report period, no reserve for
devaluation was allocated.
(g) Long-term equity investment Ending Amount: 1,913,579,608.69
i. Details
Ending Amount Beginning Amount
Item
Book
Balance
Devaluation
Reserve
Book
Value
Book
Balance
Devaluation
Reserve
Book
Value
Investment in
affiliated enterprises
1,044,179,608.69 1,044,179,608.69 965,359,307.42 965,359,307.42
Other equity
investment
1,089,400,000.00 220,000,000.00 869,400,000.00 1,089,400,000.00 220,000,000.00 869,400,000.00
Total 2,133,579,608.69 220,000,000.00 1,913,579,608.69 2,054,759,307.42 220,000,000.00 1,834,759,307.42
ii. Long-term equity investment using the equity accounting method
i) Details
a) Composition of ending amount
Investee
Company
Shareholding
ratio
Investment
term
Cost of
investment
Gains & losses
adjustment
Equity
investment
reserve
Equity
investment
difference
Ending amount
ZJPGC
24% 25 years 493,250,000.00 82,070,930.59 575,320,930.59
ZBHGC
25% 35 years 145,000,000.00 3,300,185.40 148,300,185.40
ZLPGC
25% 30 years 274,125,000.00 -4,566,507.30 269,558,492.70
Anhui Xingwan
Mining Co. Ltd
(AXMC)
30% Not specified 13,500,000.00
13,500,000.00
ZTTC 25%[Note] 20 years 37,500,000.00 37,500,000.00
Subtotal 963,375,000.00 77,504,423.29 3,300,185.40 1,044,179,608.69
[Note]: Pursuant to the resolution of the shareholders’ general meeting of ZCPGC,
ZCPGC invested RMB 37.50 million yuan to co-establish ZTTC and hold
25% of its equity.
b) Increase/decrease in current period
43
Investee
Company
Initial
investment
Increase/decrease in
investment in this
period
Increase/decrease
in gain/loss
adjustment in this
period
Cash dividend
obtained in this
period
Increase/Decrease in
investment reserve
in this period
Increase/decrease in
equity investment
difference in this
period
Ending
Amount
ZJPGC 601,484,110.78 64,310,359.81 90,473,540.00 575,320,930.59
ZLPGC
221,875,000.00 52,250,000.00
[Note 1]
-4,566,507.30 269,558,492.70
ZBHGC 128,500,196.64 20,000,000.00
[Note 2]
-200,011.24 148,300,185.40
AXMC 13,500,000.00 13,500,000.00
ZTTC 37,500,000.00 37,500,000.00
Subtotal 965,359,307.42 109,750,000.00 59,743,852.51 90,473,540.00 -200,011.24 1,044,179,608.69
[Note 1]: Pursuant to the resolution of the 3rd shareholders’ general meeting of
ZLPGC, the Company made additional capital contribution of RMB
52.25 million yuan in proportion to the Company’s original investment
ratio.
[Note 2]: Pursuant to the resolution of the shareholders’ general meeting 2006 of
ZBHGC, the Company made additional capital contribution of RMB 20
million yuan in proportion to the Company’s original investment ratio.
iii. Long-term equity investment using cost accounting method
Details
Investee Company Shareholding
percentage
Investment
Term
Beginning amount Increase in this
period
Decrease in this
period
Ending amount
China Everbright
Bank 2.14% Not
specified
312,000,000.00 312,000,000.00
Communication
Bank Co. Ltd 0.33% Not
specified
285,000,000.00 285,000,000.00
China Southern
Securities Co., Ltd 5.78% Not
specified
220,000,000.00 220,000,000.00
Merchants Bank Co.
Ltd 0.478% Not
specified
105,000,000.00 105,000,000.00
Industrial Bank Co.
Ltd 1.00%
Not
specified 82,400,000.00 82,400,000.00
Zhejiang Provincial
Natural Gas
Development Co. Ltd
(ZPNGDC)
10.00% Not
specified
70,000,000.00 70,000,000.00
Zhejiang Venture
Capital Co., Ltd
10.00% Not
specified
10,000,000.00 10,000,000.00
Taizhou Phoenix
Hotel Co. Ltd
14.28% Not
specified
5,000,000.00 5,000,000.00
Subtotal
1,089,400,000.00 1,089,400,000.00
iv. Reserve for long-term investment devaluation
Item Beginning Increase in the Decrease in the Period Ending Amount
44
Amount Period
Incoming
Transfer due
to revaluation
Outward
Transfer for
other reasons
China Southern
Securities Co.,
Ltd
220,000,000.00 220,000,000.00
Subtotal 220,000,000.00 220,000,000.00
(h) Original cost of fixed assets Ending Amount: 11,866,673,562.44
i. Details
Category
Beginning Amount
Increase during
this period
Decrease during
this period
Ending Amount
Housing and
buildings
2,911,718,870.91 46,568.00 17,337,615.87 2,894,427,823.04
General
Equipment
853,459,040.66 56,522,720.85 3,050,201.95 906,931,559.56
Special Equipment 6,995,091,266.72 971,960,231.62 20,663,432.20 7,946,388,066.14
Vehicles 60,759,928.39 287,230.00 1,948,078.88 59,099,079.51
Other Equipment 60,730,987.09 496,113.25 1,400,066.15 59,827,034.19
Total 10,881,760,093.77 1,029,312,863.72 44,399,395.05 11,866,673,562.44
ii. The increase during this reporting period includes the amount of RMB
1,008,833,600.30 yuan transferred in from completion of the construction in
progress.
iii. The decrease of RMB 25,510,500.30 yuan included provisional adjustment of
RMB 18,888,894.75 yuan.
iv. There was no fixed assets rented on financial lease.
v. There was no temporarily idle fixed assets.
vi. There was no retired fixed assets pending disposal.
vii. There was no fixed assets placed under debt guarantee.
(i) Accumulated Depreciation Ending Amount: 5,134,926.462.43
Category Beginning Amount
Increase during
this period
Decrease during
this period
Ending Amount
Housing and
buildings 1,014,819,149.14 67,539,752.52 0.00 1,082,346,001.34
General
Equipment 438,034,427.62 44,649,791.48 2,911,781.54 479,772,437.56
Special Equipment 3,266,978,141.95 252,742,712.74 14,328,816.20 3,505,392,038.49
Vehicles 39,623,374.85 3,422,536.76 396,800.00 42,649,111.61
Other Equipment 22,696,077.98 3,033,766.18 962,970.73 24,766,873.43
45
Total 4,782,151,171.54 371,375,659.36 18,600,368.47 5,134,926,462.43
(j) Net value of fixed assets Ending Amount: 6,731,747,100.01
i. Details
Category Ending Amount Beginning Amount
Housing and buildings 1,812,081,821.70 1,896,899,721.77
General equipment 427,159,122.00 415,448,263.04
Special equipment 4,440,996,027.65 3,728,113,124.77
Vehicles 16,449,967.90 21,136,553.54
Other equipment 35,060,160.76 38,011,259.11
Total 6,731,747,100.01 6,099,608,922.23
ii. Analysis indicates that the above fixed assets bore no visible signs of
devaluation, hence no allocation of the reserve for devaluation of fixed assets.
(k) Project equipment & materials Ending Amount: 716,808,559.53
Category Ending Amount Beginning Amount
Special equipment 2,925,125.32
Prepayment for large-size equipment 716,808,559.53 671,566,771.85
Total 716,808,559.53 674,491,897.17
(l) Construction in progress Ending Amount: 519,610,060.97
i. Details
Ending Amount Beginning Name of ng Amount
project Book Balance Devaluation
reserve
Book value Book Balance Devaluation
reserve
Book value
ZSEPC
Head
Office
7,662,073.50 7,662,073.50 2,893,100.00 2,893,100.00
Taizhou
Power
Plant
[Note 1]
219,555,853.27 219,555,853.27 156,728,757.87 156,728,757.87
Xiaoshan
Power Plant
[Note 2]
248,350,218.09 248,350,218.09 113,784,394.91 113,784,394.91
ZCPGC
[Note 3]
44,041,916.11 44,041,916.11 580,800,210.35 580,800,210.35
Total 519,610,060.97 519,610,060.97 854,206,463.13 854,206,463.13
[Note 1]: of which the balance of the construction in progress of Taizhou Power Plant
Phase V at 30 June 2006 amounted to RMB 116,521,201.70 yuan.
[Note 2]: of which the balance of the construction in progress of Xiaoshan Power
Plant Natural Gas Project at 30 June 2006 amounted to RMB
245,738,065.96 yuan.
46
[Note 3]: Unit 4 of ZCPGC Phase II Project was put into commercial operation in this
reporting period and its estimated value of RMB 842,081,167.50 yuan was
transferred from the construction in progress to the fixed assets.
ii. Capitalized borrowing expenses
Name of project Beginning Amount Increase in this
period
Transferred to fixed
assets in this period
Other decrease
in this period
Ending Amount Capitalization
rate
(per annum)
Xiaoshan Power
Plant Natural Gas
Project
6,102,654.19 8,425,424.82 14,528,079.01 5.27%
Taizhou Power
Plant Phase V 187,066.13 187,066.13 5.27%
Changxing Power
Plant Phase II 23,829,288.47 10,787,369.88 34,616,658.35 0.00 5.06%
Subtotal 29,931,942.66 33,481,121.92 48,697,919.44 14,715,145.14
iii. Analysis indicates that the above projects in construction bore no visible signs of
devaluation, hence no allocation of the devaluation reserve.
(m) Intangible assets Ending Amount: 270,024,551.04
i. Details
Ending amount
——————————————————————
Beginning ng amount
Category
Book Balance Devaluation
reserve
Book value Book Balance Devaluation
reserve
Book value
Land use right for
Taizhou Power
Plant
139,129,650.00 139,129,650.00 140,852,636.67 140,852,636.67
Land use right for
Xiaoshan Power
Plant
61,088,979.62 61,088,979.62 61,820,510.78 61,820,510.78
Land use right for
ZCJLC 52,125,365.71 52,125,365.71 53,042,527.57 53,042,527.57
Computer software 17,448,430.41 17,448,430.41 20,123,638.70 20,123,638.70
Others 232,125.30 232,125.30 309,500.28 309,500.28
Total 270,024,551.04 270,024,551.04 276,148,814.00 276,148,814.00
ii. Increase/decrease in intangible assets
Category
Acquisition
method
Original amount Beginning amount Increase in
this period
Transferred
from
current
amount
Amortization
in this period
Ending amount Accumulated
amortization
Residual
amortization
term (years)
Land use right
for Taizhou
Power Plant
Outsourcing 171,765,500.00 140,852,636.67 1,722,986.67 139,129,650.00 32,635,850.00 40.5
Land use right
for Xiaoshan
Power Plant
Outsourcing 73,525,010.57 61,820,510.78 731,531.16 61,088,979.62 12,436,030.95 41-61
47
Land use right
ZCJLC
Outsourcing 54,876,851.29 53,042,527.57 917,161.86 52,125,365.71 2,751,485.58 28.5
Computer
software
Outsourcing 31,207,692.23 20,123,638.70 29,500.00 2,704,708.29 17,448,430.41 13,759,261.82 0.10-7.25
Others Outsourcing 1,547,500.00 309,500.28 77,374.98 232,125.30 1,315,374.70 1.5
Total 332,922,554.09 276,148,814.00 29,500.00 6,153,762.96 270,024,551.04 62,898,003.05
iii. Analysis revealed that there were no obvious signs of devaluation of the intangible
assets, hence no allocation of the devaluation reserve.
iv. Among the intangible assets, the land with an original value of RMB
54,876,851.29 yuan and a net value of RMB 52,125,365.71 yuan was used for
debt guarantee.
(n) Long-term deferred expenses Ending Amount: 20,181,194.40
Item
Original
amount
Beginning
amount
Increase in
this period
Amortization
in this period
Transfer out
in this period
Ending
amount
Accumulated
amortization
Residual
amortization
term
Rental expenses
for No. 7 ash silo
of Taizhou Power
Plnat
45,495,548.12 24,217,433.46 4,036,239.06 20,181,194.40 25,314,353.72 2.42 years
Total 45,495,548.12 24,217,433.46 4,036,239.06 20,181,194.40 25,314,353.72
(o) Short-term borrowings Ending Amount: 134,860,000.00
Conditions of Borrowing Ending Amount Beginning Amount
Borrowing on credit 100,000,000.00 [Note]
Borrowing on pledge 25,000,000.00
Borrowing on guarantee 34,860,000.00 34,860,000.00
Total 134,860,000.00 59,860,000.00
[Note]: which is the loan provided to the Company’s subsidiary ZCPGC by ZPEGC
through Zhejiang International Trust Investment Corp.
(p) Bills payable Ending Amount: 300,000,000.00
i. Details
Category Ending Amount Beginning Amount
Bank-accepted bills 300,000,000.00 0.00
The bills payable are the short term bank-accepted bills produced by the Company for
payment to Zhejang Fuxing Electric Fuel Company for coal charges.
ii. Large-amount bills payable
Name of Company Term Amount What for
ZFEFC 6 months 220,000,000.00 Fuel charges
ZFEFC 3 months 80,000,000.00 Fuel charges
48
Subtotal 300,000,000.00
iii. There were no bills payable to the shareholders holding 5% and above of the
Company’s voting shares.
(q) Accounts payable Ending Amount: 618,313,803.49
There were no accounts payable to the shareholders holding 5% and above of the
Company’s voting shares.
(r) Wages payable Ending Amount: 87,659,278.91
i. There was no wage payment in arrears.
ii. The performance-related wage system was practiced in the Company. The amount
of salary for the current period was proposed by ZPEGC and approved by the
State-owned Assets Supervision & Administration Commission under Zhejiang
provincial government. The ending balance is the salary reserve payable but not
yet paid out.
(s) Tax payable Ending Amount: 156,536,263.18
Category Ending Amount Beginning Amount Statutory Tax Rate
VAT 58,405,582.22 19,709,037.94 At a rate of 17%
Business tax 169,052.13 316,121.02 At a rate of 5%
Urban maintenance
and construction tax
3,367,112.86 2,896,515.73 Refer to Item (3)-c of the
Notes herein
Corporate income tax 96,239,563.08 92,445,605.92 At a rate of 33%
Individual income
tax withheld and paid
in advance [Note]
-1,647,411.01 1,545,655.99
At a stipulated rate
Property tax 2,363.90 2,158,361.90 At a stipulated rate
Land usage tax 0.00 1,355,943.78 At a stipulated rate
Stamp duty 195,050.00 At a stipulated rate
Total 156,536,263.18 120,622,292.28
[Note]: This is the advance payment on behalf of employees, but not yet
settled and not yet deducted from the employees.
(t) Other payment due Ending Amount: 3,805,881.65
Category Ending Amount Beginning Amount Payment Standard
Education surtax 1,926,248.70 1,979,410.35 Refer to Item (3)-d of the Notes
herein
Housing reserve for
employees 1,778,548.73 1,382,158.07 At a stipulated rate
Comprehensive dues 101,084.22 1,102,958.29 [Note]
49
Total 3,805,881.65 4,464,526.71
[Note]: This is the payment made by the Company’s subsidiary ZCPGC and ZCJLC at a rate
equal to 0.15% of the sales income in accordance with Document [2006] 9 “Notice on
Adjustment to Comprehensive Dues” released by Changxing County Local Taxation
Bureau.
(u) Other accounts payable Ending Amount: 85,515,596.29
i. The Company has no accounts payable to the shareholders holding 5%
and above of the Company’s voting shares.
ii. Description of other large-amount accounts payable
Item Description Amount
Supplementary medical insurance
premium for Taizhou Power Plant Account payable but not yet paid 26,266,059.02
Zhejiang Tiandi Environmental
Protection Engineering Co. Account payable but not yet paid 15,413,789.00
Subtotal 41,679,848.02
(v) Pre-allocated expenses Ending Amount: 193,533.10
Item Ending Amount Beginning Amount Causes of Ending
Balance
Interest 193,533.10 103,633.00 Accrued but not yet paid
at period end
Total 193,533.10 103,633.00
（w）Long-term borrowings due within one year Ending balance 50,076,500.00
i. Details
Categories Ending Amount Beginning Amount
Long-term borrowing 50,076,500.00 50,084,150.00
Total 50,076,500.00 50,084,150.00
(x) Long-term borrowings Ending Amount: 3,278,178,500.00
Borrowing Conditions Ending Amount Beginning Amount
Borrowing on credit 1,890,068,600.00[Note] 1,121,884,960.00
Borrowing on pledge 1,358,061,150.00 1,863,894,795.63
Borrowing on security 30,048,750.00
Total 3,278,178,500.00 2,985,779,755.63
[Note]: of which RMB 200 million yuan is the loan provided to the Company’s
50
subsidiary ZCPGC by ZPEGC through Zhejiang International Trust
Investment Corp. Refer to Item (8)-b-(d)-iv of the Notes to Financial
Statements herein for details.
(y) Special payables Ending balance: 32,000,000.00
i. Details:
Item Ending Amount Beginning Amount
Special purpose fund
appropriated by the State 32,000,000.00 32,000,000.00
Total 32,000,000.00 32,000,000.00
(z) Share Capital Ending Amount: 2,010,000,000.00
Beginning Amount
Increase/decrease during the year (+,-) Ending Amount
Item
Amount PercentageAllotment
shares
Bonus
shares
Shares
converted
from
reserves
Others Subtotal
Amount Percentage
State-owned
shares
1,315,000,000.00 65.42% 1,315,000,000.00 65.42%
Shares held by
domestic legal
persons
5,000,000.00 0.25% 5,000,000.00 0.25%
Shares held by
foreign legal
persons
1. Promoters’
Shares
Others
2. Legal person shares by
subscription
3.Employee shares
4.Preference shares or others
I.
Nonlisted
shares
Total number of non-negotiable
shares 1,320,000,000.00 65.67% 1,320,000,000.00 65.67%
1.Domestically listed ordinary
shares in RMB
2.Domestically listed foreign
investment shares
690,000,000.00 34.33% 690,000,000.00 34.33%
3.Overseas listed foreign
investment shares
4.Others
II.
Listed
shares
Total number of outstanding
shares
690,000,000.00 34.33% 690,000,000.00 34.33%
III. Total number of shares 2,010,000,00.00 100.00% 2,010,000,000.00 100.00%
(za) Capital Reserve Ending Amount: 1,907,572,569.51
i. Details
Item Beginning Amount Increase in
this period
Decrease in
this period
Ending Amount
Share premium 1,859,977,258.75 1,859,977,258.75
Non-cash asset
provision for
donations
294,820.76 294,820.76
Differences of
foreign capital 3,000,000.00 3,000,000.00
51
conversion
Incoming
transfer from
appropriation
41,533,300.00 41,533,300.00
Provisions for
equity
investment
975,000.00 975,000.00
Other capital
reserve 1,792,190.00 1,792,190.00
Total 1,907,572,569.51 1,907,572,569.51
(zb) Surplus Reserve Ending Amount: 1,140,918,096.88
i. Details
Item Beginning
Amount
Increase in
this period
Decrease in this
period
Ending Amount
Statutory
surplus reserve
570,459,048.44 570,459,048.4
4
1,140,918,096.88
Statutory
common
welfare reserve
570,459,048.44 570,459,048.44 0.00
Total 1,140,918,096.88 1,140,918,096.88
Based on Document Cai Qi [2006]67 “Notice about Corporate Financial Treatment After
Enforcement of Company Act” issued by the Ministry of Finance, the balance of the common
welfare reserve as at 31 December 2005 was transferred to the surplus reserve for
management and use.
(zc) Undistributed Profit Ending Amount: 1,183,849,340.40
i. Details
Beginning Amount 1,256,420,498.81
Add: increase in this period 329，428，841.59
Less: decrease in this period 402,000,000.00
Ending Amount 1,183,849,340.40
ii. Other notes
Notes on change in the undistributed profit and profit distribution ratio in this
reporting period
i) The increase in this reporting period is due to incoming transfer of the net profit
realized in this reporting period.
ii) The decrease in this period is because of the dividends distribution for 2005 in
accordance with the resolution of the shareholders’ general meeting 2005.
b. Notes to Consolidated Statement of Profit and Profit Distribution
(a) Principal operating income/cost
52
Amount occurring in this period: 2,937,944,579.87/2,238,688,463.80
i. Classified by operating activities
Item Current Amount Prior Amount
Principal operating income
Sale of electricity 2,937,944,579.87 2,695,269,003.67
Total 2,937,944,579.87 2,695,269,003.67
Principal operating cost
Cost of electricity sale 2,238,688,463.80 2,009,766,913.85
Total 2,238,688,463.80 2,009,766,913.85
ii. Classified by operating regions
Item Current Amount Prior Amount
Principal operating income
East China region [Note] 2,937,944,579.87 2,695,269,003.67
Total 2,937,944,579.87 2,695,269,003.67
Principal operating cost
East China region [Note] 2,238,688,463.80 2,009,766,913.85
Total 2,238,688,463.80 2,009,766,913.85
[Note]: The electricity generated by the Company was incorporated into the electric power
grid of the East China region.
iii. There was only one customer in this period, namely ZPEPC.
(b) Tax and surtax on principal operating activities
Amount incurred in this period: 26,222,571.84
Item Current Amount Prior Amount Tax rate
Urban
maintenance &
construction tax
16,072,544.38 15,944,779.83
Refer to Notes to
Financial Statements
(3)-c
Educational
surtax 10,150,027.46 9,955,352.80
Refer to Notes to
Financial Statements
(3)-d
Total 26,222,571.84 25,860,132.63
(c) Profit from Other Operating Activities
Amount gained in this period: 6,128,534.40
Current Amount ount Prior Amount
Item Operating
income
Operating
expenses
Profit Operating
income
Operating
expenses
Profit
Sale of
materials 1,167,072.90 1,083,163.71 83,909.19 67,678.73 19,286.32 48,392.41
53
Heat
supply
Operating
service
Lease
service
Others 8,099,356.09 2,054,730.88 6,044,625.21 2,299,731.31 799,102.82 1,500,628.49
Total 9,266,428.99 3,137,894.59 6,128,534.40 2,367,410.04 818,389.14 1,549,020.90
(d) Financial Expenses Amount incurred in this period: 75,176,493.99
Item Current Amount Prior Amount
Interest expenses 77,330,583.41 33,255,793.44
Less: interest income 3,166,834.91 3,941,445.07
Exchange gains and losses 15,171.09 27,956.71
Others 997,574.40 1,170,912.56
Total 75,176,493.99 30,513,217.64
(e) Returns on Investment Amount gained in this period: 64,364,615.51
i. Details
Item Current Amount Prior Amount
Returns on short-term stock
investment
Profit distribution from the
investees based on cost
accounting
4,820,774.24 8,553,278.00
Net increase/decrease in
adjusting investee’s gains
and losses based on equity
accounting
59,743,852.51 26,967,249.33
Income from assignment
of equity investment
Amortization of equity
investment differences -200,011.24
Reserves for short-term/
long-term investment
devaluation
39,850,000.00
Total 64,364,615.51 -4,329,472.67
ii. There was no significant limitation on remittance of investment income back to
the Company.
(f) Non-operating Income
Amount realized in this period: 29,455.50
54
Item Current Amount Prior Amount
Fines and confiscation 6,000.00
Insurance indemnity
Net income on disposal of fixed assets 8,400.00 6,000.00
Others 21,055.50 5,500.00
Total 29,455.50 17,500.00
(g) Non-operating Expenses
Amount incurred in this period: 7,579,851.33
Item Current Amount Prior Amount
Net loss on disposal of
fixed assets
5,350,881.97 1,776,445.47
Water conservation
construction fund
2,161,951.36 2,682,378.83
Comprehensive dues
Donation expenditure 55,800.00 131,000.00
Tax demurrage and fines 10,918.00 24,612.07
Others 300.00 300.00
Total 7,579,851.33 4,614,736.37
c. Notes to Consolidated Statement of Cash Flow
Other significant cash payment in relation to operating activities
Item Current Amount
Office expenses 8,742,876.69
Transportation expenses 7,812,969.82
Lease fees 7,328,640.00
Labour protection
expenses
2,698,493.78
Outsourced labour
service charges
7,079,193.24
Traveling expenses 4,763,731.86
Insurance premium 3,707,992.20
55
Agency fees 2,650,000.00
Conference expenses 2,054,094.27
Subtotal 46,837,991.86
(7) Notes to the Financial Statement of Parent Company
a. Notes to the Balance Sheet of Parent Company
(a)Accounts receivable Ending Amount: 130,106,301.40
i. Classified by account age
Ending Amount Beginning Amount
Account age Book balance Percent
%
Allowance for
bad debt
Book value Book balance Percent
%
Allowance for
bad debt
Book value
Within 1
year 138,410,958.94 100.00 8,304,657.54 130,106,301.40 163,056,266.63 100.00 9,783,376.00 153,272,890.63
Total
138,410,958.94 100.00 8,304,657.54 130,106,301.40 163,056,266.63 100.00 9,783,376.00 153,272,890.63
ii. The book balances were the amount receivable from ZPEPC for sale of
electricity.
iii. There was no accounts receivable due from the shareholders holding 5% and
above of the Company’s voting shares.
(b) Other receivables Ending Amount: 17,594,430.66
i. Classified by account age
Ending Amount Beginning Amount
Account
age
Book balance Percent
%
Allowance
for bad debt
Book value Book balance Percent
%
Allowance for
bad debt
Book value
Within 1
year 16,053,636.86 85.77 963,218.21 15,090,418.65 3,345,746.54 69.16 200,744.79 3,145,001.75
1~2 years
1,551,580.57 8.29 93,094.84 1,458,485.73 542,486.68 11.22 32,549.20 509,937.48
2~3 years
162,946.00 0.87 9,776.76 153,169.24 642,116.00 13.27 38,526.96 603,589.04
Over 3 years
949,316.00 5.07 56,958.96 892,357.04 307,200.00 6.35 18,432.00 288,768.00
Total
18,717,479.43 100.00 1,123,048.77 17,594,430.66 4,837,549.22 100.00 290,252.95 4,547,296.27
ii. Other large-amount receivables
Name of Organization Ending Amount Description
Zhejiang Construction
Engineering Group 9,285,749.12
Payment for materials supplied
Zhejiang Emax Foundation
Construction Co.
1,785,412.89 Payment for materials supplied
Zhejiang Second Construction
Group Corp.
1,619,821.61 Payment for materials supplied
Subtotal 12,690,983.62
iii. The amount of receivables due from the top 5 debtors totals RMB13,980,594.19
yuan, accounting for 74.69% of the book balance of other receivables.
56
iv. There were no accounts due from main shareholders holding 5% and above of
the Company’s voting share capital.
(c) Long-term equity investment Ending Amount: 2,702,138,526.35
i. Details
Ending Amount Beginning Amount
Item
Book
Balance
Devaluation
Reserve
Book
Value
Book
Balance
Devaluation
Reserve
Book
Value
Investment in
subsidiary Companies
832,808,917.66 832,808,917.66 762,614,846.82
762,614,846.82
Investment in affiliated
enterprises
993,179,608.69 993,179,608.69 951,859,307.42
951,859,307.42
Other equity
investment
1,096,150,000.00 220,000,000.00 876,150,000.00 1,096,150,000.00 220,000,000.00 876,150,000.00
Total 2,922,138,526.35 220,000,000.00 2,702,138,526.35 2,810,624,154.24 220,000,000.00 2,590,624,154.24
ii. Long-term equity investment based on equity accounting
i) Details
① Composition of ending balance
Investee
Company
Shareholding
Percentage
Investment
term
Investment
amount
Gains & losses
adjustment
Equity
investment
reserve
Equity
investment
difference
Ending amount
ZCPGC
65% 25 years 712,400,000.00 119,433,917.66 975,000.00 832,808,917.66
ZJPGC
24% 25 years 493,250,000.00 82,070,930.59 575,320,930.59
ZBHGC
25% 35 years 145,000,000.00 3,300,185.40 148,300,185.40
ZLPGC
25% 30 years 274,125,000.00 -4,566,507.30 269,558,492.70
Subtotal 1,624,775,000.00 196,938,340.95 975,000.00 3,300,185.40 1,825,988,526.35
② Increase/decrease in current period
Investee
Company
Initial
investment
Increase/decrease in
investment cost during
this period
Increase/decrease in
gain/loss adjustment
during this period
Cash dividend
obtained in this
period
Increase/
Decrease in
investment
reserve in this
period
Increase/
decrease in equity
investment
difference in this
period
Ending
Amount
ZCPGC 762,614,846.82 62,400,000.00
[Note 1]
70,469,633.33 62,675,562.49 832,808,917.66
ZJPGC 601,484,110.78 64,310,359.81 90,473,540.00 575,320,930.59
ZLPGC 221,875,000.00 52,250,000.00 -4,566,507.30 269,558,492.70
ZBHGC 128,500,196.64 20,000,000.00 -200,011.24 148,300,185.40
57
Subtotal 1,714,474,154.24 134,650,000.00 130,213,485.84 153,149,102.49 -200,011.24 1,825,988,526.35
[Note 1]: Pursuant to the resolution of the 1st shareholders’ general meeting of
ZCPGC in 2006, the Company made additional equity contribution of
RMB 62.40 million yuan to ZCPGC in proportion to its original
shareholding ratio.
iii. There is no significant difference between the accounting policies of the
investee company and those of the Company. So there is no significant
restriction on investment realization or remittance of investment income.
iv. Long-term equity investment based on cost accounting
i) Details
Investee Company Shareholding
percentage
Investment
Term
Beginning amount Increase in this
period
Decrease in this
period
Ending amount
China Everbright
Bank 2.14% Not
specified
312,000,000.00 312,000,000.00
Communication
Bank Co. 0.33% Not
specified
285,000,000.00 285,000,000.00
China Southern
Securities Co. Ltd 5.78% Not
specified
220,000,000.00 220,000,000.00
Merchants Bank
Co. Ltd 0.478% Not
specified
105,000,000.00 105,000,000.00
Industrial Bank
Co. Ltd 1.00% Not
specified
82,400,000.00 82,400,000.00
ZPNGDC 10.00% Not
specified
70,000,000.00 70,000,000.00
Zhejiang Venture
Capital Co., Ltd
10.00% Not
specified
10,000,000.00 10,000,000.00
Taizhou Phoenix
Hotel Co. Ltd
14.28% Not
specified
5,000,000.00 5,000,000.00
AXMC 15.00% Not
specified
6,750,000.00 6,750,000.00
Subtotal
1,096,150,000.00 1,096,150,000.00
v. Reserve for long-term investment devaluation
Decrease in the Period
Item
Beginning
Amount
Increase in the
Period
Inward
transfer due to
revaluation
Outward
transfer due to
other reasons
Ending Amount
China Southern
Securities Co. Ltd 220,000,000.00 220,000,000.00
Subtotal 220,000,000.00 220,000,000.00
b. Notes to Statement of Profit and Profit Distribution of Parent Company
(a) Principal operating income
58
Amount gained in this period: 1,915,866,621.89
i. Details
Item Current Amount Prior Amount
Sale of electricity 1,915,866,621.89 1,999,956,837.24
Total 1,915,866,621.89 1,999,956,837.24
ii. There is only 1 customer of the Company, namely ZPEPC.
(b) Cost of principal operating activities
Amount incurred during this period: 1,495,951,122.98
Item Current Amount Prior Amount
Electricity sale 1,495,951,122.98 1,529,546,941.65
Total 1,495,951,122.98 1,529,546,941.65
(c) Investment Returns Amount gained during current year: 134,834,248.84
i. Details
Item Current Amount Prior Amount
Income from short-term
stock investment
Profit distributed from
investee companies on
cost accounting basis
4,820,774.24 8,553,278.00
Net increase/decrease in
investees’ gains and losses
adjusted on equity
accounting basis
130,213,485.84 87,939,021.10
Income from assignment
of equity investment
Amortization of equity
investment difference
-200,011.24
Devaluation reserves
allocated for short-term
and long-term investment
39,850,000.00
Total 134,834,248.84 56,642,299.10
ii. There was no significant limitation on remittance of investment incomes back to
the Company.
(8) Relationship and Transactions with Related Parties
a. Relationship with Related Parties
(a) Related Parties with Controlling Relationship
59
i. Related parties with controlling relationship
Name of
Enterprise
Registered Address Principal Business
Relationship with
the Company
Ownership or
Type of Business
Legal
Representative
ZPEPDC
No. 1 Huazhe Plaza,
North Ring-road,
Hangzhou
Raising capital for power
construction and development,
generation and sale of
electricity in excess of plan
The 1st largest
shareholder
State-owned Sun Yongsen
ZPEGC
No. 1 Huazhe Plaza,
North Ring-road,
Hangzhou
State-authorized operations of
the stated-owned assets and
stocks of the group corporation
and its subsidiaries
De facto controller
[Note ]
State-owned Sun Yongsen
ZCPGC
Fucheng Commercial
Building at North
Side of Central
Square, Huzhou
Production and sale of
electricity delivered to the
power grid
Subsidiary Limited Company Shou Desheng
ZCJLC
Erhutou Bridge,
Zhicheng Town,
Changxing County
Warehousing, freight transport,
combined shipment, container
transport, commodity transfer,
coal wholesale
Subsidiary Limited Company Ma Junhua
[Note]: As approved by Zhejiang Provincial Government, effective from February 2001, the
first largest shareholder of the Company, ZPEPDC, was wholly transferred to ZPEGC
and became a wholly-owned subsidiary of ZPEGC. The whole staff and organization of
ZPEPC were merged into ZPEGC. Hence, ZPEGC is the de factor controller of the
Company.
ii. Registered capital of related parties with controlling relationship and their
movements
Name of Enterprise Beginning Amount
Increase/decrease
in current period
Ending Amount
ZPEPDC 3,300,000,000.00 3,300,000,000.00
ZPEGC 10,000,000,000.00 10,000,000,000.00
ZCPGC 1,000,000,000.00 96,000,000.00 1,096,000,000.00
ZCJLC 47,000,000.00 47,000,000.00
iii. Shares held by related parties with controlling relationship and their
movements
Beginning Amount Increase in current Name of ent period Ending Amount
Enterprise Amount % Amount % Amount %
ZPEPDC 799,963,200.00 39.80 799,963,200.00 39.80
ZPEGC [Note]
ZCPGC 650,000,000.00 65.00 62,400,000.00 712,400.000.00 65.00
60
ZCJLC 21,150,000.00 45.00 21,150,000.00 45.00
[Note]: Refer to [Note 1] of Item (8)-a-(a)-i for details.
(b) Related parties Without Controlling Relationship
Name of Enterprise Relationship with the Company
ZFEFC Controlled by the same de facto controller
ZNFFC Controlled by the same de facto controller
Changxing Changfeng Energy Co. Ltd The Company’s subsidiary ZCPGC is involved in
its day-to-day management.
Jingning Jingfeng Energy Co. Ltd The Company’s subsidiary ZCPGC is involved in
its day-to-day management.
ZPEPCC Controlled by the same de facto controller
Zhejiang Xingyuan Investment Co.Ltd Controlled by the same de facto controller
Zhejiang Tianhong Goods Trading Co.
Ltd
Controlled by Zhejiang Xingyuan Investment Co.
Ltd
Zhejiang International Trust
Investment Corp.
Controlled by the first largest shareholder
b. Transactions between Related parties
(a) Purchase of commodities
Current Period Prior Name of Enterprise Period
Amount Pricing policy Amount Pricing policy
ZFEFC 1,034,416,181.61 [Note] 1,142,457,796.20 [Note]
ZNFFC 563,027,326.20 [Note] 485,775,179.45
Subtotal 1,597,443,507.81 1,628,232,975.65
[Note]: The fuel needed by the Company for power generation is supplied by ZFEFC, which
entered into the Fuel Supply Agreement with the Company in May 1997. The Agreement
is valid for 20 years. In accordance with the agreement, ZFEFC shall supply fuel to the
Company at a price neither higher than the price at which it charges other power plants
for the same type of fuel, nor higher than the price at which the Company can purchase
the same type of fuel in the open market at the time of the price negotiation between both
sides. Otherwise, the Company shall have the right to purchase fuel at its own discretion.
In July 2004, on basis of the power industry restructuring and the integration of Zhejiang
coal industry, ZPEGC founded ZNFFC, which would take over part of ZFEFC’s business.
During this reporting period, the coal needed by the Company’s subsidiary ZCPGC was
mainly supplied by ZNFFC.
(b) Sales of commodities
There were no sales of commodities of related parties.
61
(c) Balance of receivables and payables of related parties
Balance
Percentage out of Total Receivables
(Item and Name of Enterprise (Payables) (%)
Ending Amount
Beginning
Amount
Ending Amount
Beginning
Amount
Bills payable
ZFEFC 300,000,000.00 100.00
Subtotal 300,000,000.00 100.00
Account payable
ZFEFC 26,918,587.42 187,657,244.06 4.35 34.31
ZNFFC 48,251,784.00 103,882,630.84 7.80 19.00
ZPEPCC 63,126,100.00 66,588,061.00 10.21 12.18
Zhejiang Tianhong Goods
Trading Co. Ltd
10,040,658.62 0.00 1.62
Subtotal 148,337,130.04 358,127,935.92 23.98 65.49
(d) Other Related Party Transactions
i. In the current reporting period, ZCPGC under the Company paid Changxing
Changfeng Energy Co. Ltd for asset lease cost and ash disposal totalling RMB
9,017,660.00 yuan based on House Lease Contract, Ash Disposal Contract and
Catering Service Contract signed between them. The payment to the same company
in the prior period was RMB 19,880,000 yuan.
ii. In this reporting period, ZCPGC under the Company paid Jingning Jingfeng
Energy Co. Ltd for coal cleaning cost totaling RMB 2,050,354.40 yuan based on
the Coal Sampling and Cleaning Contract signed between them. The payment to
the same company in the prior period was RMB 5,240,000 yuan.
iii. Based on the Goods Procurement and Caretaking Service Contract for Taizhou
Power Plant Phase V Extension Project and the Goods Procurement and
Caretaking Service Contract for Xiaoshan Power Plant Natural Gas Power
Generation Project and the Supplementary Agreements with ZTEMTC, Taizhou
Power Plant and Xiaoshan Power Plant paid ZTEMTC a total of RMB
14,453,421.95 yuan for purchase of goods and service charges.
iv. The project management for Phase II Project of the Company’s subsidiary ZCPGC
containing two 300 MW coal-fired generating units is undertaken by ZPEPCC.
The Project Management Contract was signed between them on 9 December 2004,
with the contract price totaling RMB 1,009.3138 million yuan. In the current
62
reporting period, the project payment of RMB 58,608,039.00 yuan was settled. As
at the end of this reporting period, the cumulative project payment amounted to
RMB 924,046,100.00 yuan.
v. The Construction Management Contract for Zhejiang Taizhou Power Plant Phase V
Extension Project was signed between the Company and ZPEPCC, with the
contract price totaling RMB 28 million yuan and the contract term up to 31
December 2007. As at 30 June 2006, the management service fee paid by the
Company amounted to RMB 15 million yuan.
vi. In 2005, ZPEGC provided a trust loan of RMB 200 million yuan through Zhejiang
International Trust Investment Co. to the Company’s subsidiary ZCPGC with the
loan term spanning from 4 July 2005 to 21 December 2012. In this reporting
period, an additional loan of RMB 100 million yuan was provided, with the loan
term spanning from 27 February 2006 to 26 February 2007.
vii. The Company’s subsidiary ZCPGC, ZNFFC and Zhejiang Xingyuan Investment
Co. Ltd signed Ceiling Guarantee Contracts on 6 December 2005 with Shanghai
Pudong Development Bank Hangzhou Branch to provide share-proportional
shareholder’s guarantees in proportion to their respective shareholding ratios of
45%, 35% and 20% for the loan ceiling of RMB 34.86 million yuan applied by
ZCPGC’s subsidiary ZCJLC to Shanghai Pudong Development Bank Hangzhou
Branch for a term from 6 December 2005 to 6 December 2009. As at 30 June 2006,
ZCJLC had obtained a loan of RMB 34.86 million yuan in accordance with the
contract.
viii. In 2001, the affiliated enterprise of the Company ZJPGC applied to Industrial and
Commercial Bank of China Zhejiang Branch and China Construction Branch
Zhejiang Branch for long-term loans amounting to RMB 4,500 million yuan and
RMB 3,200 million yuan respectively. The Company signed Guarantee Contract
with Industrial & Commercial Bank of China Zhejiang Branch and China
Construction Bank Zhejiang Branch correspondingly. The contract is up to a ceiling,
with the actual guarantee based on the actual amount of principal and interest of the
loan. According to the Guarantee Contract, the Company is to provide guarantee in
proportion to the Company’s equity contribution ratio for the 24% of the loan to
ZJPGC with corresponding joint liability for ZJPGC, with the term of guarantee
being from 17 December 2001 up to 16 December 2026. As of 30 June 2006, the
actual balance of ZJPGC’s loan stood at RMB 4,380 million yuan, of which 24% of
the loan, i.e. RMB 1,051.20 million yuan was guaranteed by the Company with
joint liability.
(9) Contingent Events
a. For information about guarantees provided by the Company to the related parties,
refer to Item (8)-b-(d)-vii and –viii.
b. The Company applied to China Industrial & Commercial Bank Hangzhou
Qingchun Lu Branch for a long-term loan up to RMB 1,500 million yuan for
63
construction of the Xiaoshan Power Plant Natural Gas Power Generation Project,
and signed the Fixed Assets Loan Contract on 16 May 2005. The title to the
energy sale revenue after project completion was pledged to the Bank with its
pledge ratio equal to the Bank’s percentage of share of the project loan. As at 30
June 2006, the Company had obtained a cumulative loan of RMB 150 million
yuan in accordance with the contract.
c. The Company applied to China Everbright Bank Hangzhou Jiefang Lu Branch for
a long-term loan up to RMB 420 million yuan for construction of the Xiaoshan
Power Plant Natural Gas Power Generation Project, and signed the Fixed Assets
Loan Contract on 22 July 2005. The title to the energy sale revenue after project
completion was pledged to the Bank with its pledge ratio equal to the Bank’s
percentage of share of the project loan. As at 30 June 2006, the Company had
obtained a cumulative loan of RMB 251.60 million yuan in accordance with the
contract.
d. The Company applied to China Agricultural Bank Hangzhou Chengdong Branch
for a loan up to RMB 1,987 million yuan for construction of Taizhou Power Plant
Phase V Extension Project, and signed the Fixed Assets Loan Contract on 28
March 2006. The title to the energy sale revenue after project completion was
pledged to the Bank with its pledge ratio equal to the Bank’s percentage of share
of the project loan. As at 30 June 2006, the Company obtained loans under the
contract cumulatively amounting to RMB 67.25 million yuan
e. The Company’s subsidiary ZCPGC signed the Loan Contract with China
Industrial & Commercial Bank Changxing County Branch on 11 May 2004 and
28 February 2005 for long-term loans up to a total ceiling of RMB 2,400 million
yuan for construction of its coal-fired power generation project. The title to the
energy sale revenue after project completion corresponding to the contractual loan
was pledged to the Bank. As at 30 June 2006, the Company had obtained a
cumulative loan of RMB 955 million yuan in accordance with the contract.
f. The Company’s subsidiary ZCPGC signed the Loan Contract with China
Agricultural Bank Changxing County Branch on 18 May 2004 and 6 February
2005 for long-term loans up to a total ceiling of RMB 1,900 million yuan for its
construction of coal-fired power generation project. The title to the energy sale
revenue after project completion corresponding to the contractual loan was
pledged to the Bank. As at 30 June 2006, the Company had obtained a cumulative
loan of RMB 750 million yuan in accordance with the contract.
g. ZCJLC signed the Loan Ceiling Guarantee Contract with Shanghai Pudong
Development Bank on 13 February 2006, providing a land area with an original
book value of RMB 55,029,710.00 yuan (a net value of RMB 52,125,365.71 yuan)
as an security for its loan of RMB 77 million yuan from the Bank with a term
from 10 February 2006 to 30 December 2007. As at 30 June 2006, ZCJLC had
64
obtained a loan of RMB 30 million yuan in accordance with the contract.
(10) Commitments
a. As reviewed in the 13th meeting of the 3rd Board of Directors and endorsed in the
3rd interim shareholders’ general meeting of the Company on 15 October 2004, the
Company decided to invest in construction of Taizhou Power Plant Phase V
Extension Project to erect two 300 MW coal-fired generating units. Based on
Document Fa Gai Neng Yuan [2006]235 “NDRC’s Sanction to Zhejiang Taizhou
Power Plant Phase V Project” issued by NDRC on 14 February 2006, the dynamic
total investment of the project amounts to RMB 2,650 million yuan, of which the
registered capital of the project accounts for 25% amounting to RMB 663 million
yuan, with the remaining 75% to be financed with the bank loans. As at 30 June
2006, the cumulative project cost incurred amounted to RMB 550.0931 million
yuan (including the construction in progress amounting to RMB 116.5212 million
yuan and the project equipment & material amounting to RMB 433.5719 million
yuan).
b. As resolved in 3rd Board meeting and approved in the 2nd interim shareholders’
general meeting of the Company on 12 September 2003, the Company invested in
the construction of Xiaoshan Power Plant Natural Gas Power Generation Project
with its own equity. Based on Document Fa Gai Neng Yuan [2005]345 entitled
“NDRC’s Sanction to Zhejiang Xiaoshan Power Plant Natural Gas Power
Generation Project” issued by NDRC, the project will erect two 350 MW gas-steam
combined cycle generating units with a dynamic total investment amounting to
RMB 2,570 million yuan, of which the registered capital of the project accounts for
25%, amounting to RMB 650 million yuan, the remaining 75% to be financed with
bank loans. As at 30 June 2006, the cumulative project investment by Xiaoshan
Power Plant amounted to RMB 528.6061 million yuan (including the construction
in progress amounting to RMB 245.7381 million yuan and the project equipment &
material amounting to RMB 282.8680 million yuan).
c. As approved in the 1st extraordinary shareholders’ general meeting of the Company
on 25 February 2004, the Company invested in ZLPGC to hold 25% of its equity.
Based on Document Fa Gai Neng Yuan [2005]586 entitled “NDRC’s Sanction to
Zhejiang Zheneng Lanxi Power Plant” issued by NDRC, the Phase I project will
erect two 600 MW domestically-made supercritical coal-fired generating units. The
dynamic total investment of the project amounts to RMB 5,650 million yuan, of
which the registered capital of the project accounts for 20%, amounting to RMB
1,130 million yuan. In accordance with the agreement, the Company needs to make
equity contribution of RMB 282.5 million yuan. As at 30 June 2006, the
cumulative investment by the Company amounted to RMB 274.125 million yuan,
including RMB 52.25 million yuan injected in this reporting period.
d. In 2004, the Company was assigned 25% of ZBHGC’s equity to participate in the
construction for three 200 MW Francis type hydraulic generating units. Based on
65
Document Fa Gai Neng Yuan [2004]1614 entitled “NDRC’s Sanction to Zhejiang
Oujiang Tankeng Hydropower Station Project” issued by NDRC, the dynamic total
investment of the project amounts to RMB 4,719 million yuan, of which the
registered capital of the project accounts for 26.50%, amounting to approximately
RMB 1,251 million yuan. In accordance with the agreement, the Company needs to
make equity contribution of RMB 312.75 million yuan. As at 30 June 2006, the
cumulative investment by the Company amounted to RMB 145 million yuan,
including RMB 20 million yuan injected in this reporting period.
(11) Post Balance Sheet Events Not Requiring Account Adjustment
Nil
(12) Other Important Events
a. The Company had no significant events of liability restructuring in the current
reporting period.
b. The Company had no non-currency transactions in the current reporting period.
c. The Company made no significant asset swap, transfer or sale in the current
reporting period.
d. Other Important Events Having Impact on Decisions of Financial Statements
Users
(a) Unit 4 of the Phase II Project of the Company’s subsidiary ZCPGC was put into
commercial operation on 31 May 2006 after passing 168 hours of trial operation.
The value of the generating unit estimated at RMB 842,081,167.50 yuan was
transferred to the fixed asset. Up to this point, the Phase II Project of ZCPGC was
wholly completed and put into operation.
(b) Unit 1 of ZLPGC was put into commercial operation on 19 April 2006. Up to 30
June 2006, the power sale delivered to the power grid amounted to 720.40 million
kwh, with the sale income amounting to RMB 222.24 million yuan and the net
profit amounting to RMB -18.2660 million yuan. In proportion to the investment
ratio of 24%, this translated into an impact on the Company’s gains and losses
amounting to RMB -4.5665 million yuan. Unit 2 of ZLPGC is now under
construction.
(c) Based on Document Zhe Jia Shang [2006]194 “Notice on NDRC’s Adjustment to
Power Sale Tariff Rates Applicable to Power Plants under Unified Dispatch in
Zhejiang”, effective from 1 June 2006, the power sale tariff rates applied to the
power plants wholly owned or controlled by the Company were adjusted as
follows:
Unit: RMB yuan/KWh
Shareholding Ratio
(%)
Tariff for Power Sales Delivered to
Power Grid (including tax)
Name of Generators After Adjustment Before Adjustment
66
Taizhou Power Plant 100 0.4383 0.4348
Xiaoshan Power Plant 100 0.4133 0.4038
ZCPGC 65 0.4059 0.4038
67
XIII. Documents Available for Inspection
1. Financial Statements affixed with the signatures and stamps of the Legal
Representative, Chief Accountant and Accounting Department Manager;
2. Originals of all the documents and announcements published on the press
designated by CSRC during the reporting period;
3. Interim Report 2006 published on the London Stock Exchange.
Chairman of Board of Directors: Shen Zhiyun
Zhejiang Southeast Electric Power Company Limited
22 August 2006
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