CHINA SHENHUA ENERGY COMPANY LIMITED (a joint stock limited company incorporated in the People's Republic of China with limited liability)
(Stock Code: 01088)OVERSEAS REGULATORY ANNOUNCEMENT
The "Announcement of Resolutions Passed at the 14th Meeting of the Third Session of the Board of Directors" and so on as published in Chinese on the website of the Shanghai Stock Exchange (www.sse.com.cn) on 30 January 2016 is enclosed hereto as overseas regulatory announcement.
By Order of the Board China Shenhua Energy Company Limited Huang Qing Secretary to the Board of Directors |
Beijing, 29 January, 2016 |
As at the date of this announcement, the Board comprises the following: Dr. Zhang Yuzhuo, Dr. Ling Wen and Mr. Han Jianguo as executive directors, Mr. Chen Hongsheng as non-executive director, and Ms. Fan Hsu Lai Tai, Mr. Gong Huazhang and Mr. Guo Peizhang as independent non-executive directors.
Stock Code: 601088 Stock Short Name: China Shenhua No. of Announcement: Lin 2016-004
The board of directors and all directors of China Shenhua Energy Company Limited guarantee that the information set out in this announcement does not contain any false statements, misleading representations or material omissions, and severally and jointly accept responsibility as to the truthfulness, accuracy and completeness of the content herein.
The 14th meeting of the third session of the board of directors of China Shenhua Energy Company Limited (the "Company"), with written notice served on 25 January 2016, was held by way of physical meeting at Shenhua Tower, 22 Andingmen Xibinhe Road, Dongcheng District, Beijing on 29 January 2016. Six out of seven directors attended the meeting in person, while Fan Hsu Lai Tai, the independent director, appointed Gong Huazhang, the independent director, to attend the meeting and exercise voting rights on her behalf. Zhai Richeng, being the chairman of the Supervisory Committee, and Shen Lin, being the employees' representative supervisor, attended the meeting as non-voting participants. The meeting was convened in compliance with relevant laws including the Company Law, administrative regulations, departmental rules and the Articles of Association of the Company.
The meeting was chaired by Zhang Yuzhuo, the chairman of the board of directors of the Company. The following resolutions were passed after due consideration of the participating directors:
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RESOLUTION IN RELATION TO PROPOSED PROVISIONS FOR IMPAIRMENT OF ASSETS OF CHINA SHENHUA
1. The provisions for impairment of assets are in accordance with the Accounting Standards for Business Enterprises, the International Accounting Standards and relevant regulations of the Company, and are in accordance with the actual conditions of the Company's assets. After the provisions for impairment, the financial statements for the year of 2015 of the Company will give a more impartial view of the financial status, asset values and operating results of the Company as of 31 December 2015. It has been agreed that the Company would make provisions for impairment of assets amounting to RMB4.809 billion, among which, 11 power plants including Hebei Guohua Dingzhou Power Generation Co., Ltd. and Guohua Beijing Thermal Power Plant to make a provision for impairment of assets amounting to RMB1.251 billion; Shenhua Bayannaoer Energy Co., Ltd. to make a provision for impairment of assets amounting to RMB993 million; Hulunbeier Shenhua Clean Coal Co., Ltd. to make a provision for impairment of assets amounting to RMB587 million; Tahan Railway Project to make a provision for impairment of assets amounting to RMB799 million; Wanli No.1 mine under Shenhua Baotou Energy Co., Ltd. to make a provision for impairment of assets amounting to RMB305 million; Shuiquan Preparation Plant to make a provision for impairment of assets amounting to RMB65 million; Shendong Coal Branch to make a provision for price reduction in inventories
(spare parts) amounting to RMB509 million; Zhunge'er Energy Co., Ltd. to make a provision for price reduction in inventories (spare parts) amounting to RMB300 million.
2．To authorize a director committee formed by the chairman and the vice
chairman of the board of directors and the president (director) of the Company to implement the aforementioned provisions for impairment of assets and to execute all relevant documents.
The independent directors of the Company are of the view that: the provisions for impairment of assets are in accordance with the Accounting Standards for Business Enterprises, the International Accounting Standards and relevant regulations of the Company, and are in accordance with the actual conditions of the Company's assets. The approval procedures for the provisions for impairment are in compliance with relevant laws and regulations. After the provisions for impairment, the financial statements for 2015 will give a more impartial view of the financial status, asset values and operating results of the Company as of 31 December 2015, which allows the Company to provide more accurate and reliable accounting information to investors without impairing the interests of the Company and the shareholders, especially the interests of minority shareholders. In view of the above, it is agreed that the Company would make provisions for impairment of assets.
Voting result: 7 valid votes, including 7 votes in favour, 0 vote against and 0 vote abstained.
For details of the provisions for impairment of assets, please refer to the Announcement on Provisions for Impairment of Assets disclosed with this announcement simultaneously.
- RESOLUTION IN RELATION TO ESTABLISHMENT OF JOINT VENTURE OF SHENHUA GUOHUA (INDONESIA) JAVA POWER GENERATION CO., LTD.
Voting result: 7 valid votes, including 7 votes in favour, 0 vote against and 0 vote abstained.
By order of the Board
China Shenhua Energy Company Limited Huang QingSecretary to the Board of Directors
30 January 2016
CSEC - China Shenhua Energy Company Ltd. issued this content on 29 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 January 2016 13:04:56 UTC
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