600027 2004 1

...3...3...4...7...9...14...15...16...24...25...27...90...95 2

HUADIAN POWER INTERNATIONAL CORPORATION LIMITED HDPI 14 0531-2366808 0531-2366090 zhoulq@hdpi.com.cn 14 0531-2366095 0531-2366090 zhanggl@hdpi.com.cn 14 14 250001 www.hdpi.com.cn hdpi@hdpi.com.cn 3

www.sse.com.cn 14 1 600027 2 1071 1994 6 28 14 003922-1/1 370103267170228 1 2 8 10 8 2004 1,583,430 1,044,058 1,026,538 2,702,749 15,586 1,551,021 30,329 2,080 2,939,111 691,288 4

8,884 (6,804) 24,069 (8,629) 17,520 2003 2004 2004 2003 1,044,058 1,023,534 (a) (32,721) (35,025) / (b) 25,653 22,587 (c) 605 8,039 8,113 9,512 1,045,708 1,028,647 2004 2003 9,814,755 9,059,177 (a) 374,916 368,850 / (b) (225,362) (218,639) (c) (127) (127) (90,623) (92,325) 9,873,559 9,116,936 a) 5

b) (a) c) 2004 2003 2002 10,175,438 8,065,832 7,808,238 1,044,058 1,023,534 1,193,092 27,790,708 20,429,719 18,997,403 9,814,755 9,059,177 8,328,059 / 0.199 0.195 0.227 A / 0.173 - - / 1.87 1.72 1.58 / 1.87 1.72 1.58 / 0.56 0.52 0.54 10.64 11.30 14.33 10.86 12.02 14.46 2004 2004 % % / / 27.54 28.59 0.51 0.51 15.80 16.41 0.30 0.30 10.64 11.04 0.20 0.20 10.46 10.86 0.20 0.20 2003 2003 % % / / 29.86 31.05 0.51 0.51 17.96 18.68 0.31 0.31 11.30 11.75 0.19 0.19 11.56 12.02 0.20 0.20 6

5,256,08 754,778 1,100,897 283,920 1,947,418 9,059,177-605 156, 52,200 1,044,058 1,201,263 - - - 3,035 445,685 445,685 5,256,08 755,383 1,257,497 333,085 2,545,791 9,814,755-1 8,653.68 2 3 4 1 281,507.543 382,505.62 1 2 3 143,102.8 4 100,998.077 92,344.397 143,102.8 - - - - - - - 100,998.077-92,344.397 8,653.68 - - - - 281,507.543 382,505.62 - - - 143,102.8-143,102.8 2 525,608.42 - - - - - 525,608.42 1 2003 4 1 2 A 2005 2 3 A 7.65 1.96 2.52 A 6,021,084,200 1 7

2 1 2004 12 31 218 4 214 2 2005 2 3 2004 12 31 0 2,815,075,430 53.56 0 0 903,443,970 17.19 0 0 86,536,800 1.64 0 0 20,000,000 0.38 0 3 1 120 2003 4 1 2 3 4 2004 12 31 8

4 10 1988 2 28 128,000 2002 8 1 5 1. 62 2003.4.15-2005 0 0 0 62 2002.4.16-2005 0 0 0 57 2002.4.16-2005 0 0 0 45 2002.4.16-2005 0 0 0 60 2002.4.16-2005 0 0 0 43 2003.4.15-2005 0 0 0 47 2002.4.16-2005 0 0 0 44 2003.4.15-2005 0 0 0 47 2003.10.22-2005 0 0 0 43 2003.10.22-2005 0 0 0 51 2003.10.22-2005 0 0 0 40 2003.10.22-2005 0 0 0 59 2002.4.16-2005 0 0 0 43 2003.4.15-2005 0 0 0 50 2002.4.16-2005 0 0 0 45 2002.4.16-2005 0 0 0 45 2002.4.16-2005 0 0 0 45 2004.1.5-2005 0 0 0 42 2002.4.16-2005 0 0 0 54 2002.4.16-2005 0 0 0 9

2. 1 38 2 37 3 32 4 23 5 36 6 24 7 22 8 22 9 10 10

11 12 13 33 14 22 15 22 16 17 22 18 22 19 22 20 32 3. 11

2003 4 2002 2 2003 4 2004 5 2002 3 2002 2 2003 4 4. 12

5. 1 2 3 481 196 166 5 4 3 1 5 60 3 20 60 5 20 1 6. 7. 2004 2 9 2004 12 31 13016 8474 990 209 1283 2060 199 1267 3879 4477 3194 3015 13

2004 5 5 0 0 5 5 0 0 5 4 1 0 5 4 1 0 2004 A 1. 2. ( ) 2003 4 1 3. 14

4. 5. 2004 6 29 9 7 4,248,812,732 80.84 1 2003 2 2003 3 2003 4 2003 5 2004 15

6 7 2004 6 30 1 2004 12 31 254 100 2 60+4 33.5 128.5 100 2 30+4 14 +1 12.5 120 100 4 30 66 55 2 30+6 2 30 66 30 2 33 46.7 100 2 8.85 +2 14.5 29 70 2 14.5 33.3 54.49 2 15+1 3.3 120 80 4 30-50 2 33 1 2005 1 22 6 31.11 6-40 2 30 1 863.5 2 741.62 1 2 16

17 2004, GDP 136,515 9.5% / GDP,2004 / GDP 15.3% 12.7% 11% 12.5% 5.8 3.2 1.5 3 GDP 2004 2004 374. 5 28.47% 2004 2004 101.75 80.66 26.15 27.03 27.05 0.09 10.24 2.01 10.44 272.6 28.11% 349.3 33 2003 30 60 90 255 30 217 60 38 53 30 43 60 10 20.8 16 30 14 60 2 7 43.8 6 30 6 60 2004 12.5 14 13.5 14.5 13.5 14.5 2004 12 31 863.5 741.62 2004 6 1.5 / 5500 260 / 2004 6 15 2 30 331.4 / 316.4 / 3060 4500 310 / 4500 240 / 2004 7 1

18 / 1 336.4 337.9 2 3 4 320 321.5 1 2 418.48 419.98 3 4 320 321.5 1 373.13 374.63 2 3 320 321.5 320 321.5 1 2 437.86 439.36 358.18 359.68 331.4 316.4 310 2004 8 2004 15% 2004 2004 12 28 2004 8 40 30 2004 7 21 10 26 33 2005 1 22 2004 30 33 2005 3 30 100 60 67 70% 60 60 2004 2373 90% 30 54.49% 31.5 2004 2005 5 A 2005 2 3 A 7.65 2.52 A 6,021,084,200

( 10% ) (%) (%) (%) (%) 9,975,734 7,121,000 28.62 25.94 39.34-6.86 1 1. (%) 9,021,456 11.85% 954,278 100% 10,175,438 26.15 2 2004 1 1 700,000,000 2004 12 31 52.56 7.88 2004 0.99 120 3 : : 23.15 (%) 44.44% 101.33 (%) 99.59% 4 1 2004 2004 9.88 2 2005 1 28 A 2. 1 80 40% 19

80 80 2004 0.99 40 40 2 2 100 2.39 2 60 2.75 2 30 5.65 2 30 9.2 2004 7 10 2 60 3.12 1. 2. 2004 2003 % 27,790,708 20,429,719 7,360,989 36.03 17,227,985 11,184,127 6,043,858 54.04 9,814,755 9,059,177 755,578 8.34 2,702,749 2,705,096 (2,347) -0.09 1,044,058 1,023,534 20,524 2.01 691,288 (476,563) 1,167,851 245.06 2003 73.6 2003 2,347 0.09 2004 26.15% 101.75 2003 21.10 20.55 5,475 2004 46.48 63.11% 1. 2003 2004 2. 2004 20

3. 2005 1. 2. 30 33 30 3. 4. 5. 6. 1 2004 1 2004 2 9 12 12 3 1) 2) 3) 2 2004 3 26 28 12 3 1) 2) 3) 2003 2004 4) 2003 2003 0.035 183,962.9 2003 5) 6) 7) 2003 8) 2004 9) A 10) 2003 11) 21

12) 13) 14) 15) 2003 16) 17) 18) 3 2004 5 13 12 3 1) 2) A 3) A 4) A < > 5) < > 6) 2004 2004 7) 2004 6 29 2003 4 2004 8 16 17 12 3 1) 2) 3) 4) 2004 5) 2004 6) 2004 7) 5 2004 11 16 12 3 40 600MW 2004 12 31 0.035 210,737,947 2003 0.035 183,963,000 2004 2004 10 15 2004 0.02 105,122,000 2003 0.02 105,122,000 2003 9 26 2004 1,044,058 22

10% 104,400 5% 52,200 1 [2003]56 2005 3 22 2 1 2004 23

2 2004 12 31 100 6.35 3 2004 12 31 70 2.8 4 2004 12 31 54.49 2.83 5 70 6 2004 12 31 11.98 12.21 50 7 A 2003 56 8 2003 1. 2004 2004 3 26 3 3 2. 2004 24

2004 1. 2. 2004 2004 2004 2004 2004 2004 3. 2004 12 31 1999 6 H 4. 5. 42,275.3 80 40 1 80 2 40 1 80% 2003 5 9 2003 6 24 2002 80 20 2.378 2003 12 31 2004 6 30 2004 1 1 30 1999 10 25

2000 2 30 2004 7 10 2003 5 9 5 10 6 24 2003 5 30 2 40% 2004 6 29 40% 7,974 2003 7 19,200 35% 20% 5% 2004 6 30 2004 7 9 3 2003 12 579 2004 1,979.7 1 2 1 2004 12 31 6.35 2 2004 12 31 2.8 3 2004 12 31 2.83 63,462.70 28,000.00 28,334.80 119,797.50 2003 56 119 797.5 80 70 2003 56 3 4 5% 5 26

2004 2004 4,779,000 8 2004 12 31 27

KPMG-AH (2005) AR No.0002 2004 12 31 2004 2004 12 31 2004 2004 1 2 8 100738 2005 3 22 29

2004 12 31 ( ) 2004 2003 4 1,270,879 589,871 49,633-5 1,000,862 835,677 6 96,779 38,057 7 349,578 14,365 8 358,036 189,339 3,125,767 ----------- 1,667,309 ----------- 9 845,812 ----------- 566,279 ----------- 262,827 259,640 30,992,853 24,523,213 (10,267,481) (7,469,383) 10 20,725,372 17,053,830 11 1,881,316 499,993 11 1,007,498 209,706 23,614,186 ----------- 17,763,529 ----------- 12 143,276 136,899 13-237,800 143,276 ----------- 374,699 ----------- 21 61,667 ----------- 57,903 ----------- 27,790,708 20,429,719 45 89 30

( ) 2004 12 31 ( ) 2004 2003 14 3,115,847 268,600 15 1,426,699 959,466 105,552 53,708 16 308,045 412,020 17 17,551 9,387 18 426,171 294,233 19 1,734,175 611,525 7,134,040 2,608,939 ----------- ----------- 20 9,762,943 8,463,500 98,920 11,220 9,861,863 8,474,720 ----------- ----------- 21 232,082 ----------- 100,468 ----------- 17,227,985 11,184,127 ----------- ----------- 747,968 186,415 ----------- ----------- 45 89 31

( ) 2004 12 31 ( ) ( ) 2004 2003 22 5,256,084 5,256,084 23(a) 755,383 754,778 23(b) 1,257,497 1,100,897 333,085 283,920 2,545,791 1,947,418 24(b) 210,738 183,963 9,814,755 9,059,177 ----------- ----------- 27,790,708 20,429,719 2005 3 22 45 89 32

2004 12 31 ( ) 2004 2003 4 485,299 481,795 5 572,929 544,172 6 75,436 21,950 7 309,571 12,791 8 183,269 121,284 1,626,504 1,181,992 ----------- ----------- 9 2,674,992 ----------- 1,462,502 ----------- 18,803,782 18,643,429 (7,015,439) (6,055,122) 10 11,788,343 12,588,307 11 501,231 74,910 11 207,100 85,738 12,496,674 12,748,955 ----------- ----------- 12 121,819 119,717 13-237,800 121,819 357,517 ----------- ----------- 21 50,411 ----------- 43,398 ----------- 16,970,400 15,794,364 45 89 33

( ) 2004 12 31 ( ) 2004 2003 14 1,159,548 50,000 15 590,851 440,741 92,141 48,918 16 255,938 378,593 17 16,214 8,881 18 171,094 192,306 19 1,298,959 340,878 3,584,745 1,460,317 20 3,555,900 5,274,870 15,000-3,570,900 ----------- 5,274,870 ----------- 7,155,645 ----------- 6,735,187 ----------- 22 5,256,084 5,256,084 23(a) 755,383 754,778 23(b) 1,257,497 1,100,897 333,085 283,920 2,545,791 1,947,418 24(b) 210,738 183,963 9,814,755 9,059,177 ---------- ----------- 16,970,400 15,794,364 2005 3 22 45 89 34

2004 ( ) 2004 2003 25 10,175,438 8,065,832 (7,364,476) (5,264,785) 26 (108,213) (95,951) 2,702,749 2,705,096 15,586 6,190 - (14,537) (673,606) (595,220) 27 (493,708) (474,567) 1,551,021 1,626,962 28 30,329-8,884 3,042 (6,804) (38,714) 1,583,430 1,591,290 29 (512,384) (548,189) (26,988) (19,567) 1,044,058 1,023,534 1,947,418 1,371,755 2,991,476 2,395,289 23(b) (104,400) (102,353) 23(b) (52,200) (51,177) 2,834,876 2,241,759 24(a) (289,085) (294,341) 2,545,791 1,947,418 24(b) 210,738 183,963 2005 3 22 45 89 35

2004 ( ) 2004 2003 25 6,668,344 6,129,644 (4,679,280) (3,894,870) 26 (75,649) (74,898) 1,913,415 2,159,876 2,590 1,200 - (11,960) (432,184) (414,111) 27 (223,241) (311,495) 1,260,580 1,423,510 28 201,313 96,119 40 2,023 (3,436) (22,925) 1,458,497 1,498,727 29 (414,439) (475,193) 1,044,058 1,023,534 1,947,418 1,371,755 2,991,476 2,395,289 23(b) (104,400) (102,353) 23(b) (52,200) (51,177) 2,834,876 2,241,759 24(a) (289,085) (294,341) 2,545,791 1,947,418 24(b) 210,738 183,963 2005 3 22 45 89 36

2004 ( ) 2004 11,912,563 133,589 12,046,152 ----------------- (5,847,761) (843,218) (1,858,265) (557,797) (9,107,041) ----------------- i 2,939,111 ------------ 30,066 231 66,088 12,717 109,102 ---------------- (2,801,012) (55,808) (262,700) ii (216,293) (3,335,813) ----------------- (3,226,711) ----------- 45 89 37

( ) 2004 ( ) 2004 9,000 7,371,568 45,445 7,426,013 ---------------- (5,534,719) (616,045) (289,085) (7,276) (6,447,125) ---------------- 978,888 ---------- iii 691,288 45 89 38

( ) 2004 ( ) i 2004 1,044,058 591 1,488,431 7,602 29,189 (51) 493,708 (30,452) 26,988 57,977 (112,290) (308,063) 241,423 2,939,111 45 89 39

( ) ( ) 2004 ( ) ii 2004 126,720 230,107 39,399 8,424 57,491 16,200 3,075,301 1,359,268 4,241 (185,899) (4,014) (34,171) (384) (56,760) (3,432,491) (42,860) (74,114) (535,081) 551,377 29,436 580,813 2003 (237,800) 2004 343,013 (126,720) 216,293 45 89 40

( ) 2004 ( ) ( ) iii 2004 1,260,127 (568,839) 691,288 2005 3 22 45 89 41

2004 ( ) 2004 7,773,205 16,186 7,789,391 ---------------- (3,654,915) (577,556) (1,402,568) (312,684) (5,947,723) ---------------- i 1,841,668 ---------- 49,548 138 66,088 9,291 125,065 ---------------- (890,074) (55,808) (820,953) (1,766,835) ---------------- (1,641,770) ---------- 45 89 42

( ) 2004 ( ) 2004 3,279,531 15,000 3,294,531 ---------------- (2,930,872) (260,688) (289,085) (3,480,645) ---------------- (186,114) ---------- ii 13,784 45 89 43

( ) 2004 ( ) 2004 i 1,044,058 (371) 977,116 7,081 28,538 (103) 223,241 (229,851) (7,013) (62,318) (355,229) 216,519 1,841,668 ii 474,547 (460,763) 13,784 2005 3 22 45 89 44

( ) 1 ( ) ) [1994] 76 1994 6 28 ( ) 1 3,825,056,200 3,825,056,200 ( ) 1998 12 15 [1998] 317 (H ) 1 5,256,084,200 3,825,056,200 ( 72.77%) (H ) 1,431,028,000 ( 27.23%) 1999 6 1,431,028,000 (H ) 2003 4 1 53.56% ( ) 2003 6 24 2003 11 1 003922 2005 1 [2005] 2 765,000,000 A 1 6,021,084,200 A 196,000,000 569,000,000 A 2005 2 3 45

2 ( ) 33 (a) 1 1 12 31 (b) ( [1995] 11 ) 50% ( 50%) 50% 50% 50% (c) 46

2 ( ) (d) (e) ( 2(j)) (f) ( ) (g) (h) ( ) 47

2 ( ) (i) 10 ( ) ( [2003] 10 ) 10 [2003] 10 20% 50% ( 2(m)) 48

2 ( ) (j) 1 ( 2(m)) ( 2(m)) ( ) 15 50 0% - 3% 10 20 3% 5 10 3% (k) (l) ( 2(m)) 49

2 ( ) (m) ( ) (n) ( ) 50

2 ( ) (o) (p) (q) (i) (ii) (r) (s) 51

2 ( ) (t) (u) (v) (w) 3 17% 13% 5 7% ( ) 15% 33% 52

3 ( ) ( ) 2003 2004 33% 2004 15% ( [2001] 202 ) ( [2002] 47 ) 2001 2010 15% 2004 15% 4 2004 2003 2004 2003 / / / / 3,801 ------------- 470 ------------- 1,406 ------------- 401 -------------- (3 ) 1,256,266 567,586 473,081 459,579 6 48 91 752 6 48 91 752 11 12 29 31 11 12 29 31 1,256,326 568,369 473,141 460,362 ------------ ----------- ----------- ----------- 1,260,127 568,839 474,547 460,763 (3 ) 10,752 21,032 10,752 21,032 1,270,879 589,871 485,299 481,795 53

4 ( ) 2004 2003 8.2765 8.2767 1.0637 1.0657 5 2004 2003 2004 2003 961,758 780,134 572,929 544,172 40,694 55,543 - - 1,002,452 835,677 572,929 544,172 (1,590) - - - 1,000,862 835,677 572,929 544,172 2004 1,590 54

5 ( ) 2004 2003 1 970,647 96.8% - - 835,677 100% - - 1 2 3,189 0.3% 159 5.0% - - - - 2 3 26,918 2.7% 1,346 5.0% - - - - 3 1,698 0.2% 85 5.0% - - - - 1,002,452 100% 1,590 0.2% 835,677 100% - - 2004 2003 1 572,929 100% - - 544,172 100% - - 5 2004 2003 997,996 99% 831,102 99% 572,929 100% 544,172 100% 5% 55

6 2004 2003 2004 2003 - - 37,096 2,562 108,892 49,296 41,968 23,720 108,892 49,296 79,064 26,282 (12,113) (11,239) (3,628) (4,332) 96,779 38,057 75,436 21,950 2004 2003 2004 2003 11,239 13,167 4,332 6,538 2,957 - - - (2,083) (1,928) (704) (2,206) 12,113 11,239 3,628 4,332 56

6 ( ) 2004 2003 1 86,634 79.6% 1,103 1.3% 32,697 66.3% 1,250 3.8% 1 2 3,708 3.4% 2 0.1% 1,730 3.5% 11 0.6% 2 3 385 0.4% 7 1.8% 7,838 15.9% 3,557 45.4% 3 18,165 16.6% 11,001 60.6% 7,031 14.3% 6,421 91.3% 108,892 100% 12,113 11.1% 49,296 100% 11,239 22.8% 2004 2003 1 72,223 91.4% 68 0.1% 20,774 79.0% 779 3.7% 1 2 3,276 4.1% 2 0.1% 413 1.6% 11 2.7% 2 3 14-7 50% - - - - 3 3,551 4.5% 3,551 100% 5,095 19.4% 3,542 69.5% 79,064 100% 3,628 4.6% 26,282 100% 4,332 16.5% 5 2004 2003 43,091 39.6% 25,420 51.6% 41,199 52.1% 19,069 72.6% 5% 57

2004 12 31 7 2004 2003 2004 2003 - - 2,716-349,578 14,365 306,855 12,791 349,578 14,365 309,571 12,791 2004 2003 2004 2003 1 342,558 98% 14,205 99% 304,904 98% 12,631 99% 1 2 7,020 2% 160 1% 4,667 2% 160 1% 349,578 100% 14,365 100% 309,571 100% 12,791 100% 5% 1 8 2004 2003 2004 2003 155,869 51,023 58,741 22,618 39,712 8,603 23,250 4,158 229,723 194,264 160,033 152,930 425,304 253,890 242,024 179,706 (67,268) (64,551) (58,755) (58,422) 358,036 189,339 183,269 121,284 58

8 ( ) 2004 2003 2004 2003 64,551 40,727 58,422 38,215 1,633 - - - 1,084 23,824 333 20,207 67,268 64,551 58,755 58,422 2004 2003 5,098,095 3,023,549 3,158,380 2,219,027 9 173,600 133,039 259,640 566,279 16,200-29,436 45,636 217,160 42,600 2,940 262,700 386 - - 386 - - (29,189) (29,189) 407,346 175,639 262,827 845,812 59

9 ( ) 593,469 310,660 173,600 130,339 254,434 1,462,502 784,577-199,200 42,600 32,376 1,058,753 111,121 89,124 386 - - 200,631 - - - - (28,538) (28,538) (16,298) (2,058) - - - (18,356) ( ) 269,490 (269,490) - - - - 1,742,359 128,236 373,186 172,939 258,272 2,674,992 ( ) 2004 12 28 ( ) 2004 12 28 33 (a) 2004 12 31 ( ) ( )( ) ( ) 80% 55% 100% 70% 54.49% 20 ( 2004 12 31 ) 580,813 248,318 254,800 126,000 133,620 63,322 1,406,873 - - 282,834 141,588 130,524 38,523 593,469-269,490 - - - - 269,490 551,377 209,000 - - - 24,200 784,577 78,846-8,285 10,952 3,592 9,446 111,121 - - - (10,079) (6,219) - (16,298) 630,223 478,490 291,119 142,461 127,897 72,169 1,742,359 60

9 ( ) ( ) (b) 2004 12 31 55% 30% 15 15 ( 2004 12 31 ) - 193,983 193,983 215,647 95,013 310,660 53,843 35,281 89,124 - (2,058) (2,058) (269,490) - (269,490) - 128,236 128,236 (c) 2004 12 31 ( 2004 12 31 ) ( 25 ) ( ) 25,600 50% 5,600 20,000 - - 25,600 ( ) 168,000 31.11% 168,000 - - 386 168,386 ( ) 30 182,140 40% - 179,200 - - 179,200 375,740 173,600 199,200-386 373,186 ( ) 34,160 36% - 17,960 16,200-34,160 409,900 173,600 217,160 16,200 386 407,346 61

9 ( ) (d) 2004 12 31 ( 2004 12 31 ) ( ) 50 91,339 18.4% 91,339-91,339 ( ) 69,000 7.04% 39,000 30,000 69,000 12,600 14% - 12,600 12,600 172,939 130,339 42,600 172,939 2,700-2,700-2,700 175,639 133,039 42,600 175,639 10 15 15 10 10-90,412 235,706-37,556 363,674 6,506 370,180 29,436 - - 2,940-32,376-32,376 29,436 90,412 235,706 2,940 37,556 396,050 6,506 402,556 -------- -------- -------- -------- --------- -------- -------- ---- ---- ---- ---- --- ---- ---- ---------- - (27,122) (2,944) (6,027) (2,944) (33,149) -------- -------- ---- ---- (66,785 ) - (15,333) (109,240 ) (1,300) (110,540) (15,713 ) (123) (3,731) (28,538) (651) (29,189) (82,498 (137,778 ) (123) (19,064) ) (1,951) (139,729) -------- -------- --------- -------- -------- ---- ---- --- ---- ---- ---------- 26,492 57,263 153,208 2,817 18,492 258,272 4,555 262,827-63,290 168,921-22,223 254,434 5,206 259,640 2004 12 31 8.6% (2003 6.3%) 62

10 5,711,832 18,298,680 512,701 24,523,213 1,533,535 2,816,465 55,531 4,405,531 11,448 6,096 16,409 33,953 679,442 1,319,086 52,371 2,050,899 ( 11) - (19,115) (1,628) (20,743) 7,936,257 22,421,212 635,384 30,992,853 ------------------------- -------------------- (1,553,655) (5,711,819) (203,909) (7,469,383) (332,316) (964,605) (33,309) (1,330,230) (320,440) (1,107,417) (60,574) (1,488,431) - 19,102 1,461 20,563 (2,206,411) (7,764,739) (296,331)(10,267,481) ----------- ----------- ----------- ---------- 5,729,846 14,656,473 339,053 20,725,372 4,158,177 12,586,861 308,792 17,053,830 63

10 ( ) 3,916,729 14,335,101 391,599 18,643,429 433 1,793 14,761 16,987 ( 11) 3,022 122,968 34,210 160,200 - (16,321) (513) (16,834) 3,920,184 14,443,541 440,057 18,803,782 ---------- ------------ ----------- ---------- (1,222,558) (4,681,118) (151,446) (6,055,122) (188,713) (752,544) (35,859) (977,116) - 16,308 491 16,799 (1,411,271) (5,417,354) (186,814) (7,015,439) ----------- ----------- ----------- ---------- 2,508,913 9,026,187 253,243 11,788,343 2,694,171 9,653,983 240,153 12,588,307 2004 2003 1,137,597 1,066,666 687,574 670,180 2004 12 31 64

11 74,910-426,321-501,231-6,867 85,738-281,562 (160,200) 207,100 - - 160,648-707,883 (160,200) 708,331 6,867 ---------- ---------- ---------- --------- ---------- -------- ----- ( 10) 2,204,38 0-968,830 923,394 (1,838,363 ) 53,861 86% 41,961 300,794 446,749 472,844-1,220,387-30,887 112,767 326,183 282,001 (30,839) 690,112-13,585 413,561 1,741,762 1,678,239 (1,869,202 1,964,360 86,433 ) ---------- ---------- ---------- ---------- ----------- -------- - 124,289 (244,718) 280,127-159,698-7,084 11,201 (137,776) 204,497 (21,497) 56,425-56 135,490 (382,494) 484,624 (21,497) 216,123 7,140 ---------- ---------- ---------- ---------- ----------- ------- 709,699 1,359,268 2,870,746 (2,050,899 ) ( 10) 2,888,814 100,440 ( 27) 4.99% (2003 5.39%) 65

12 161,103 141,123 13,979 9,183 175,082 150,306 ------------ --------- - (24,204) (21,406) (7,602) (7,081) (31,806) (28,487) --------- --------- 143,276 121,819 136,899 119,717 ( ) 2004 12 31 7 67 13 2003 12 31 80% 2004 1 30 5% 66

14 2004 2003 4.54% - 1,740,160 4.54% - 268,600 5.58% 5.31% 2.30% - 100,000 827,650 - - 2.76% 4.54% - 548,037 - - ( ) 4.78% 3,115,847 268,600 2004 2003 5.02% 133,861 4.54% - 50,000 5.04% 2.30% - 100,000 827,650 - - 2.76% 4.54% 198,037 - - ( ) 1,159,548 50,000 67

14 ( ) 2004 2003 2004 2003 ( ) 248,037-198,037-300,000 - - - 548,037-198,037-10% 2004 2003 8.2765-5% 2004 12 31 76,428 ( ) 300MW 1996 2000 5.76% 2005 15 5% 2003 2004 12 31 68

16 2004 2003 2004 2003 192,660 209,502 148,981 196,839 16,699 15,771 13,978 14,529 84,681 172,734 74,380 154,129 (9,210) - - - 23,215 14,013 18,599 13,096 308,045 412,020 255,938 378,593 17 3% 18 2004 2003 2004 2003 - - 48,000-246,362 184,381 48,458 132,081 179,809 109,852 74,636 60,225 426,171 294,233 171,094 192,306 5% 2003 2004 12 31 3 69

19 2004 2003 2004 2003 / / / / 1 1,041,428 422,119 690,000 200,000 32,300 267,331 16,130 133,505 32,000 264,848 16,000 132,427 1 335,000 36,944 335,000-1 1,101 9,111 1,021 8,451 1,101 9,111 1,021 8,451 1 62,206 - - - 2,308 19,099 1,269 10,506 - - 1,734,175 611,525 1,298,959 340,878 ( 20b) ( 20b) ( 20b) ( 20b) 2004 2003 8.2765 8.2767 20 70

20 (a) 2004 2003 2004 2003 1 2 1,863,331 2,270,432 564,848 1,533,854 2 5 4,414,719 3,335,240 1,394,560 1,950,415 5 2,222,025 1,616,821 642,000 1,192,000 8,500,075 7,222,493 2,601,408 4,676,269 ----------- ---------- ---------- ---------- ( (i)) 1 2 175,000 335,000 175,000 335,000 2 5-175,000-175,000 175,000 510,000 175,000 510,000 ----------- ---------- ---------- ---------- ( (ii)) 1 2 9,831 9,113 9,831 9,113 2 5 34,380 31,865 34,380 31,865 5 35,281 47,623 35,281 47,623 79,492 88,601 79,492 88,601 ----------- ---------- ---------- ---------- ( (iii)) 1 2 99,102 138,711 - - 2 5 899,720 487,937 700,000-5 9,554 15,758 - - 1,008,376 642,406 700,000 - ----------- ----------- ----------- --------- 9,762,943 8,463,500 3,555,900 5,274,870 30 5% 71

20 ( ) (b) 2004 2003 / / 2004 12 31 4.78% 5.85% (2003 4.54% 5.76%) 2021 9,226,698 7,085,770 2004 12 31 3.94% (2003 2.19%) 2017 70,336 582,136 83,650 692,347 9,808,834 --------- 7,778,117 ----------- ( (i)) 2004 12 31 5.76% (2003 5.76%) 2006 510,000 --------- 546,944 ----------- ( (ii)) 2004 12 31 2.05% (2003 1.27%) 2012 10,705 88,603 ---------- 11,726 97,052 ---------- ( (iii)) 2004 12 31 4.94% 5.76% (2003 5.49% 5.76%) 2008 984,627 584,626 2004 12 31 3.41% (2003 3.32%) 2010 12,693 105,054 8,250 68,286 72 1,089,681 652,912 --------- ----------- 11,497,118 9,075,025 ( 19) (1,734,17) (611,525) 9,762,943 8,463,500

20 ( ) (b) ( ) 2004 2003 / / 2004 12 31 4.94% 5.51% (2003 4.54% 5.76%) 2010 3,026,560 4,346,560 2004 12 31 3.94% (2003 2.19%) 2006 64,00 0 529,696 80,000 662,136 3,556,256 5,008,696 ( (i)) 2004 12 31 5.76% (2003 5.76%) 2006 510,000 510,000 ( (ii)) 2004 12 31 2.05% (2003 1.27%) 2012 10,70 5 88,603 11,726 97,052 ( (iii)) 2004 12 31 4.94% (2003 ) 2007 700,000-5,615,74 4,854,859 8 ( 19) (1,298,95) (340,878) 3,555,900 5,274,87 0 2004 2003 8.2765 8.2767 73

20 ( ) (b) ( ) (i) 2004 2003 2004 2003 510,000 546,944 510,000 510,000 (ii) ( ) 1992 310,000,000 1997 8 5 278,250,000 (iii) 2004 2003 2004 2003 730,000-700,000-359,681 652,912 - - 1,089,681 652,912 700,000-10% 74

20 ( ) (c) 2004 2003 2004 2003 8,236,773 8,498,624 4,766,256 5,518,696 88,603 169,152 88,603 97,052 1,691,742 407,249 - - 1,480,000 - - - 11,497,118 9,075,025 4,854,859 5,615,748 (1,734,175) (611,525) (1,298,959) (340,878) 9,762,943 8,463,500 3,555,900 5,274,870 21 ( ) / 2004 2003 2004 2003 12,537 19,183 1,914 5,141 26,289 25,010 20,588 20,710 1,160 2,697 1,160 2,697 28,862 16,006 26,749 14,850 68,848 62,896 50,411 43,398 (7,181) (4,993) - - 61,667 57,903 50,411 43,398 ----------- ----------- ----------- ------------ 75

21 ( ) 2004 2003 2004 2003 (239,263) (105,461) - - 7,181 4,993 - - (232,082) (100,468) - - ----------- ----------- ----------- ---------- ( ) / (170,415) (42,565) 50,411 43,398 22 2004 2003 3,825,056,200 1 3,825,056 3,825,056 1,431,028,000 1 H 1,431,028 1,431,028 5,256,084 5,256,084 H 1994 6 18 ( ) 102 H 1999 8 30 KPMG C (1999) CV No.0005 76

23 (a) 2003 1 1 747,941 4,912 752,853-1,925 1,925 2003 12 31 747,941 6,837 754,778-605 605 2004 12 31 747,941 7,442 755,383 1999 6 H (b) 2003 1 1 653,969 289,979 3,419 947,367 102,353 51,177-153,530 - (57,236) 57,236-2003 12 31 756,322 283,920 60,655 1,100,897 104,400 52,200-156,600 - (3,035) 3,035-2004 12 31 860,722 333,085 63,690 1,257,497 77

23 ( ) (c) (i) (ii) 10% 50% ( ) 25% (iii) 5% 10% ( ) (iv) 2004 12 31 3,035,000 (2003 57,236,000 ) (v) 2003 2004 2004 2003 (a) 10% 10% (b) 5% 5% 24 (vi) ( ) 78

24 (a) 2004 2003 0.0200 105,122 105,122 2003 0.0350 183,963-2002 0.0360-189,219 289,085 294,341 (b) 2004 2003 2004 ( 0.0350 ) ( ) 210,738-2003 ( 0.0350 ) - 183,963 210,738 183,963 25 2004 2003 2004 2003 9,975,734 7,920,881 6,668,344 6,129,644 199,704 144,951 - - 10,175,438 8,065,832 6,668,344 6,129,644 17% 13% ( ) ( ) 79

25 ( ) 2004 2003 10,133,544 99.6% 8,038,367 99.7% 6,668,344 100% 6,129,644 100% 26 2004 2003 2004 2003 75,128 67,166 52,955 52,429 33,085 28,785 22,694 22,469 108,213 95,951 75,649 74,898 27 2004 2003 2004 2003 630,934 519,590 263,465 340,493 (100,440) (29,769) (6,867) (6,752) 530,494 489,821 256,598 333,741 (12,717) (15,254) (9,288) (22,246) ( ) (24,069) - (24,069) - 493,708 474,567 223,241 311,495 2004 1 80

28 2004 2003 2004 2003 30,066-29,825-386 - 200,026 123,591 (123) - (28,538) (27,472) 30,329-201,313 96,119 29 2004 2003 2004 2003 457,050 540,846 421,452 500,728 ( ) / (2,643) 11,802 - - 454,407 552,648 421,452 500,728 57,977 (4,459) (7,013) (25,535) 512,384 548,189 414,439 475,193 2003 2004 15% 33% ( 3) 81

30 (a) 2003 3 31 2003 4 1 2003 4 1 2003 4 1 (b) ( ) 9,860,000 12,000,000 2003 3 31 3 2003 4 1 2004 12 31 82

30 ( ) (c) 2003 4 1 2003 2004 3 31 12 31 % % % % 2,815,075 53.56 2,815,075 53.56 - - - - - - - - 2,815,075 53.56 2,815,075 53.56 2003 3 31 3 2004 12 31 (d) 2004 12 31 17.19% ( ) 2003 3 31 ( ) 2003 4 1 83

30 ( ) (e) 2003 3 31 3 2003 4 1 2004 2003 (i) - 1,885,413 (ii) - 48,473 (iii) 19,797 58,560 (iv) 58,250 37,122 / ( ) (iv) 941,093 (151,000) (i) (ii) 2003 ( ) (iii)2003 / 2004 / ( ) 2003 12 ( ) 5,790,000 (iv) 14 20 84

30 ( ) (f) 2004 1 5.8 80% (g) 2004 8 79,740,000 40% (h) 2003 2004 12 31 14 20 / 31 12 31 ( ) 2004 2003 2004 2003 7,259,773 2,455,432 3,799,415 1,700,700 9,934,627 531,023 5,661,312 437,350 17,194,400 2,986,455 9,460,727 2,138,050 2004 2003 312,096 745,324 85

32 : 2004 2003 1 34,778 30,178 1 2 30,178 30,178 2 3 30,178 30,178 3 593,501 623,679 688,635 714,213 1997 9 1 30 5 30% 2001 1 1 30,178,000 30,178,000 86

33 2004 12 31 (i) (%) (%) (%) 700,000 80 80-580,81 2004 3 380,000 55 55-248,31 8 1999 ( 9) 254,800 100 100-254,80 0 2001 245,000 54.49 54.49-133,62 0 2002 180,000 70 70-126,00 0 2002 26,047 90 90-23,447 1997 19,989 90 90-15,675 1997 30,000 94 40 60 12,000 2004 20,000 55 55-11,000 2004 3,000 94 40 60 1,200 2004 2004 1 1 80% 2004 12 28 45% ( 9) 2004 12 31 462,141 16,200 4,434,569 4,241 (1,298,300) (2,458,279) (74,114) 1,086,458 87

33 ( ) (i) ( ) 2004 12 31 954,278 304,186 143,570 (45,012) 98,558 (ii) (%) - 30 193,983 1999 2004 12 31 2004 12 28 9 (iii) (%) (%) (%) 51,200 50 50-25,600 600,000 31.11 31.11-168,000 448,000 40 40-182,140 75,920 36-45 34,160 88

34 2004 12 31 1,197,975,000 35 1 (2004) 2004 2003 2004 2003 8,884 3,042 40 2,023 (6,804) (38,714) (3,436) (22,925) 24,069-24,069-26,149 (35,672) 20,673 (20,902) (8,629) 11,772 (6,822) 6,898 17,520 (23,900) 13,851 (14,004) 36 37 38 89

2003 2004 2004 2003 1,044,058 1,023,534 (a) (32,721) (35,025) / (b) 25,653 22,587 (c) 605 8,039 8,113 9,512 1,045,708 1,028,647 2004 2003 9,814,755 9,059,177 (a) 374,916 368,850 / (b) (225,362) (218,639) (c) (127) (127) (90,623) (92,325) 9,873,559 9,116,936 a) b) (a) c) 90

2004 12 31 / / % % 27.54 28.59 0.51 0.51 15.80 16.41 0.30 0.30 10.64 11.04 0.20 0.20 10.46 10.86 0.20 0.20 2003 12 31 2004 12 31 11,239 4,332 4,547 (2,083) (704) 13,703 3,628 1,590 1,590 11,239 4,332 2,957 (2,083) (704) 12,113 3,628 64,551 58,422 2,717 333 67,268 58,755 64,551 58,422 2,717 333 67,268 58,755 91

2004 2003 1 1,270,879 589,871 681,008 115.5% 1 49,633 49,633 1 96,779 38,057 58,722 154.3% 2 349,578 14,365 335,213 2333.5% 3 358,036 189,339 168,697 89.1% 4 845,812 566,279 279,533 49.4% 5 30,992,853 24,523,213 6,469,640 26.4% 5 20,725,372 17,053,830 3,671,542 21.5% 6 1,881,316 499,993 1,381,323 276.3% 6 1,007,498 209,706 797,792 380.4% 7 237,800-237,800-100.0% 8 3,115,847 268,600 2,847,247 1060.0% 9 1,426,699 959,466 467,233 48.7% 10 17,551 9,387 8,164 87.0% 10 426,171 294,233 131,938 44.8% 11 1,734,175 611,525 1,122,650 183.6% 11 9,762,943 8,463,500 1,299,443 15.4% 12 98,920 11,220 87,700 781.6% 13 232,082 100,468 131,614 131.0% 14 747,968 186,415 561,553 301.2% 15 10,175,438 8,065,832 2,109,606 26.2% 16 7,364,476 5,264,785 2,099,691 39.9% 17 14,537-14,537-100.0% 18 30,329 30,329 19 6,804 38,714-31,910-82.4% 2004 1 1 2004 2003 1 2004 55% 100% 2 2004 55% 100% 3 2004 92

4 2004 5 2004 55% 100% 6 2004 7 2003 80 2004 1 8 2004 9 2004 10 2004 11 2004 12 2004 13 2004 55% 100% 14 2004 55% 100% 15 2004 16 2004 17 2003 3 2004 18 2004 19 2003 93

( ) 2004 2003 10,175,438 8,065,832 ----------- ------------ (4,647,567) (2,842,814) (1,532,923) (1,282,979) (233,417) (374,620) (144,180) (247,609) (919,543) (519,344) (357,708) (428,534) (108,213) (95,951) (214,414) (219,258) (8,157,965) (6,011,109) --------------- ------------ 2,017,473 2,054,723 30,066-20,632 10,851 (493,708) (474,567) / ( ) ( ) 1,487 (3,798) 439-1,576,389 1,587,209 (504,328) (538,681) 1,072,061 1,048,528 (26,353) (19,881) 1,045,708 1,028,647 94

2005-03-22 95