Correction of Accounting Erro

RNS Number : 8871P

Datang Intl Power Generation Co Ld

01 April 2009

 



Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

 

DATANG INTERNATIONAL POWER GENERATION CO., LTD

(a sino-foreign joint stock limited company incorporated in the People's Republic of China)(Stock Code: 991)

OVERSEAS REGULATORY ANNOUNCEMENT

Announcement of correction of accounting errors for the Year 2008

The board of directors (the 'Board') and all directors (the 'Directors') of the Company  warrant that there are no false representations and misleading statements contained in, or material omissions from this announcement, and severally and jointly accept the responsibility for the truthfulness, accuracy and completeness of the contents of this announcement. 

This announcement is made pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

Datang International Power Generation Co., Ltd. (the 'Company') made errors in calculating, auditing and approving the corporate annuity (a total of approximately RMB182 million, affecting profit and loss of approximately RMB165 million) which had been appropriated at the end of 2007 and was paid in early 2008. The Company received the refund of the extra annuity paid in 2008 and made adjustment to the opening balance of the year 2008. Except for the Company, a total of 27 subsidiaries were involved in this restatement of the financial figures for the previous year.

In the process of preparing the comparative financial figures for the previous year in the Company's consolidated financial statements for the year 2008, correction has been made to the errors. After correction, construction-in-progress at the end of 2007 decreased by RMB17,457,728; other payables decreased by RMB181,957,728; tax payable increased by RMB52,704,348; surplus reserve increased by RMB6,458,825; undistributed profits increased by RMB91,272,367; and minority interests increased by RMB14,064,460. 

In the process of preparing the comparative financial figures for the previous year in the Company's financial statements for the year 2008, correction has also been made to the errors. After correction, construction-in-progress at the end of 2007 decreased by RMB7,012,357; tax payable increased by RMB38,951,748; other payables decreased by RMB110,552,357; surplus reserve increased by RMB6,458,825; and undistributed profits increased by RMB58,129,427. 

PricewaterhouseCoopers (普華永道會計師事務所) is of the view that the above-mentioned correction of errors made by the Company at earlier stage is in compliance with the actual condition of the Company and the accounting treatment is in compliance with the relevant requirements of Accounting Standards for Business Enterprises.

The Board is of the view that it is appropriate for the Company to make the correction of accounting errors for the above-mentioned items, which helps to enhance the quality of the accounting information of the Company and truthfully reflects the financial position of the Company.

The supervisory committee and the independent Directors of the Company are of the view that the above-mentioned correction of accounting errors is in compliance with the relevant requirements of the relevant accounting systems and accounting standards and that the Company is not making use of the correction of the accounting errors for adjusting the profits of the Company.

By Order of the Board

Zhou Gang  

Secretary to the Board 

Beijing, the PRC, 30 March 2009

As at the date of this announcement, the Directors of the Company are:Zhai Ruoyu, Hu Shengmu, Cao Jingshan, Fang Qinghai, Zhou Gang, Liu Haixia,Guan Tiangang, Su Tiegang, Ye Yonghui, Li Gengsheng, Xie Songlin*, Liu Chaoan*, 

Yu Changchun*, Xia Qing* and Li Hengyuan*.

* Independent non-executive Directors

 

END

 

 

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