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High Quality Development Innovative Progress Innovative progress, 2 High quality development 01 8 Annual Report 2018 Annual Report Stock Code: 00991 Contents Company Profile 2 Distribution of Projects 4 Financial and Operating Highlights 6 Chairman’s Statement 8 Management Discussion and Analysis 11 Fulfillment of Social Responsibilities 18 Company History 22 Human Resources Overview 24 Management of Investor Relations 38 Investor Q&A 39 Corporate Governance Report 42 Report of the Directors 67 Report of the Supervisory Committee 84 Taxation in the United Kingdom 88 Independent Auditor’s Report 89 Consolidated Statement of Profit or Loss 95 Consolidated Statement of Profit or Loss and 96 Other Comprehensive Income Consolidated Statement of Financial Position 97 Consolidated Statement of Changes in Equity 99 Consolidated Statement of Cash Flows 102 Notes to the Consolidated Financial Statements 104 Differences between Financial Statements 240 Corporate Information 242 Glossary of Terms 244 COMPANY PROFILE Company overview: in the PRC. As at 31 December 2018, the total consolidated assets of the Company and its subsidiaries Datang International Power Generation Co., Ltd. amounted to approximately RMB288.250 billion. Total (“Datang Power” or the “Company”) was registered installed capacity under management of the Company with the State Administration for Industry and amounted to 62,853.30MW, and the power generation Commerce of the People’s Republic of China (the businesses of the Company and its subsidiaries are “PRC”) on 13 December 1994. Datang Power is one of mainly distributed across 20 provinces (including the largest independent power generation companies municipalities and autonomous regions) throughout the country. EQUITY STRUCTURE AND SHAREHOLDING OF THE COMPANY H shares* China Datang Corporation Ltd. and its parties acting in concert (Note) 33.02% 35.34% Other A shares* 10.90% 6.81% 6.93% 7.00% Beijing Energy Holding Co., Ltd. Tianjin Jinneng Investment Co., Ltd. Hebei Construction & Investment Group Co., Ltd. EQUITY STRUCTURE: * Excluding the equity interest held by China Datang Corporation Ltd. (“CDC”) and its parties acting in concert Note: In March 2018, the Company completed the non-public issuance of A-Shares and H-Shares. As of 31 December 2018, the total number of shares of the Company was 18,506,710,504 shares, CDC and its subsidiaries held a total of 9,825,068,940 shares of the Company, representing approximately 53.09% of the Company’s total issued shares, being the controlling shareholder of the Company. 2 DATANG INTERNATIONAL POWER GENERATION CO., LTD. Company Profile Facilitation of continuous structure Commitment to the power generation optimisation industry upgrade Datang Power continuously adjusts and optimises its Datang Power develops renewable energy vigorously, regional structure, business structure, power generation speeds up the layout of distributed energy, keeps on structure and shareholding structure to strengthen optimising the thermal power structure, fosters the the leading position of its principal power generation heat industry proactively, strengthens the management business. of power sales business constantly, and expands the overseas market steadily. By leveraging the balance of innovation-driven power industry, Datang Power fully promotes its development and green low carbon development and follows up the reform in power system, with focus on advancing the scientific development of Datang Power. Installed capacity structure of the Company 50,000 40,000 nalle Capay o ermal Comon nne • nalle Capay o Coalfire eneran n Managed an installed nalle Capay o yropoer • capacity of 30,000 nalle Capay o Pooola Poer approximately 62,853.3 nalle Capay o n Poer nalle Capay o oma Poer MW. 20,000 Completed power generation of approximately 269.704 billion kWh. 10,000 0 46,164 4,163.6 9,204.7 2,735.1 555.9 30 MW MW MW MW MW MW ANNUAL REPORT 2018 3 DISTRIBUTION OF PROJECTS Heilongjiang Harbin Changchun Jilin Urumqi Shenyang Liaoning Xinjiang Beijing Inner Hohhot Mongolia Hebei Gansu Tianjin Shijiazhuang Yinchuan Shanxi Taiyuan Shandong Qinghai Xining Jinan Lanzhou Ningxia Shaanxi Zhengzhou Jiangsu Henan Tibet Xi'an Nanjing Anhui Hefei Shanghai Sichuan Hubei Hangzhou Lhasa Chengdu Wuhan Zhejiang Nanchang Chongqing Hunan Changsha Jiangxi Fujian Guizhou Diaoyu Islands Taipei Fuzhou Changsha Diao yu Island Jiangxi Guiyang Guizhou Fujian uzhouF Guiy ang Taipei Coal-fired Power Project Tai w an Kunming Taiwan Gas Power Project Yunnan Guangxi Guangdong Guangzhou Nanning Guangdong Hong Kong Hydro Power Project Guangxi Macau Wind Power Project Guangzhou Dongsha Islands Hai ouk Nanning Hainan Nuclear Power Project Hong Kong Macau Paracel Islands Photovoltaic Power Project Sand Islands Huangyan Island South China Sea Biomass Power Shipping Project Haikou Spratly Islands Hainan Coal Mine Project 4 DATANG INTERNATIONAL POWER GENERATION CO., LTD. Heilongjiang Harbin Changchun Jilin Urumqi Shenyang Liaoning Xinjiang Beijing Inner Hohhot Mongolia Hebei Gansu Tianjin Shijiazhuang Yinchuan Shanxi Taiyuan Shandong Qinghai Xining Jinan Lanzhou Ningxia Shaanxi Zhengzhou Jiangsu Henan Tibet Xi'an Nanjing Anhui Hefei Shanghai Sichuan Hubei Hangzhou Lhasa Chengdu Wuhan Zhejiang Nanchang Chongqing Hunan Changsha Jiangxi Fujian Guizhou Diaoyu Islands Taipei Fuzhou Changsha Diao yu Island Jiangxi Guiyang Guizhou Fujian Fuzhou Guiy ang Taipei Coal-fired Power Project Tai w an Kunming Taiwan Gas Power Project Yunnan Guangxi Guangdong Guangzhou Nanning Guangdong Hong Kong Hydro Power Project Guangxi Macau Wind Power Project Guangzhou Dongsha Islands Haikou Nanning Hainan Nuclear Power Project Hong Kong Macau Paracel Islands Photovoltaic Power Project Sand Islands Huangyan Island South China Sea Biomass Power Shipping Project Haikou Spratly Islands Hainan Coal Mine Project ANNUAL REPORT 2018 5 FINANCIAL AND OPERATING HIGHLIGHTS CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (Amounts expressed in millions of RMB) For the year ended 31 December 2014 2015 2016 2017 2018 Operating revenue 87,085 80,481 75,829 84,185 93,390 Profit before tax 11,010 13,383 10,832 2,858 4,166 Income tax (expense)/credit (3,392) (4,051) 237 (677) (1,379) Profit for the year attributable to: – Owners of the Company 5,659 7,581 4,954 1,495 1,232 – Non-controlling interests 1,959 1,751 6,115 686 1,555 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Amounts expressed in millions of RMB) As at 31 December 2014 2015 2016 2017 2018 Total assets 352,732 351,527 276,263 279,123 288,250 Total liabilities 280,475 276,640 204,768 207,044 217,760 Non-controlling interests 20,805 20,075 20,540 19,832 20,015 Equity attributable to owners of the Company 51,452 54,812 50,955 52,247 45,475 6 DATANG INTERNATIONAL POWER GENERATION CO., LTD. Financial and Operating Highlights CONSOLIDATED OPERATING CONSOLIDATED PROFIT ATTRIBUTABLE REVENUE TO OWNERS OF THE COMPANY (RMB million) (RMB million) 2014 87,085 2014 5,659 2015 80,481 2015 7,581 2016 75,829 2016 4,954 2017 84,185 2017 1,495 2018 93,390 2018 1,232 CONSOLIDATED ASSETS TOTAL INSTALLED CAPACITY (RMB million) (MW) 2014 352,732 2014 41,341 2015 351,527 2015 42,337 2016 276,263 2016 44,338 2017 279,123 2017 48,031 2018 288,250 2018 62,853 TOTAL POWER GENERATION TOTAL ON-GRID POWER GENERATION (billion kWh) (billion kWh) 2014 188.845 2014 178.637 2015 169.725 2015 160.830 2016 172.475 2016 163.516 2017 198.694 2017 188.276 2018 269.704 2018 254.612 ANNUAL REPORT 2018 7 CHAIRMAN’S STATEMENT 8 DATANG INTERNATIONAL POWER GENERATION CO., LTD. Chairman’s Statement Sustaining good achievements in operating results. Under the condition that coal prices continued to stay at a high level, positive operating results were still achieved by the Company through seizing advantages such as the rapid growth rate of electricity consumption of the entire society and improvement in consumption of clean energy. The power generation of the Company accumulated to 269.704 billion kWh, representing a year-on-year increase of 5.31% as compared to the restated power generation in 2017; the on-grid power generation accumulated to 254.612 billion kWh, representing a year-on-year increase of 5.26% as compared to the restated on- grid power generation in 2017; operating revenue was approximately RMB93,390 million, representing a year-on-year increase of 10.93% as compared to the previous year; net profit attributable to equity holders of the Company was approximately RMB1,232 million. In 2018, facing the complicated market environment, Optimising development to achieve breakthroughs. the Company insisted on building a world class energy The Company adhered to structural adjustment company as its goal pursued persistently, adhered of power generation and positively promoted the to “Act with First Class Standard, be the World implementation of major projects. Power supply projects Class Energy Group”, while surmounting difficulties of the Company with a total capacity of 2,308MW and forging ahead to fully promote high-quality were approved, including 2 coal power projects with a development, which made accomplishments in all total capacity of 219MW; 1 combustion engine project objective tasks for the year. with a capacity of 800MW; 1 hydropower project with a capacity of 525MW; 5 wind power projects with Maintaining the stability of overall production a total capacity of 764MW. The installed capacity of safety. The Company always regarded safety and clean energy accounted for 90.51% and 12 power stability as the key task of overriding importance by supply projects were in operation
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