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2 019 a Nnua L Rep O Rt Stock Code: 00991 2 01 9 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 16 Company History 20 Human Resources Overview 22 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 Other 96 Comprehensive Income Consolidated Statement of Financial Position 97 Consolidated Statement of Changes in Equity 99 Consolidated Statement of Cash Flows 101 Notes to the Consolidated Financial Statements 103 Differences between Financial Statements 232 Corporate Information 234 Glossary of Terms 236 COMPANY PROFILE Company overview: in the PRC. As at 31 December 2019, the total consolidated assets of the Company and its subsidiaries Datang International Power Generation Co., Ltd. amounted to approximately RMB282.415 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 approximately 64,422.60 MW, and the Commerce of the People’s Republic of China (the power generation businesses of the Company and its “PRC”) on 13 December 1994. Datang Power is one of subsidiaries are mainly distributed across 19 provinces the largest independent power generation companies (including municipalities and autonomous regions) throughout the country. EQUITY STRUCTURE AND SHAREHOLDING OF THE COMPANY Other H shares China Datang Corporation Ltd. and its parties acting in concert (Note) 15.32% Other A shares 53.09% 10.90% 6.76% Beijing Energy Holding Co., Ltd. 6.93% Hebei Construction & 7.00% Investment Group Co., Ltd. Tianjin Jinneng Investment Co., Ltd. Note: As of 31 December 2019, the total number of shares of the Company was 18,506,710,504 shares, China Datang Corporation Ltd. (“CDC”) and its subsidiaries held a total of 9,825,068,940 shares of the Company, accounting for approximately 53.09% of the Company’s total issued shares in aggregate, being the controlling shareholder of the Company, of which, CDC held 6,540,706,520 A shares of the Company, accounting for approximately 35.34% of the total share capital of the Company; China Datang Group Finance Company Limited, a wholly-owned subsidiary of CDC, held 8,738,600 A shares of the Company, accounting for approximately 0.05% of the total share capital of the Company; and China Datang Overseas (HK) Co., Limited, a wholly-owned subsidiary of CDC, held 3,275,623,820 H shares of the Company, accounting for approximately 17.70% of the total share capital of the Company. 2 DATANG INTERNATIONAL POWER GENERATION CO., LTD. Company Profile Facilitation of continuous structure Commitment to continuous optimisation improvement of development quality Datang Power continuously adjusts and optimises its The Company adhered to the implementation of the regional structure, business structure, power generation new development concept, fully focusing on “wind, structure and shareholding structure to strengthen light, gas and service” projects, and accelerated the the leading position of its principal power generation implementation of new energy and clean coal-fired business. power projects. In active response to the “Belt and Road” initiative, the Company set up overseas business department to start a new journey to tap into the overseas market. Installed capacity structure of the Company 50,000 nalle Capay o Coalfire eneran n 40,000 nalle Capay o ermal Comon nne Managed an installed capacity of nalle Capay o yropoer nalle Capay o Pooola Poer approximately• 64,422.6 MW. 30,000 oma Poer eneraon Capay nalle Capay o n Poer Completed power generation of approximately 265.290 billion kWh. 20,000 10,000 0 46,654 4,622.4 9,204.7 3,271.6 639.9 30 MW MW MW MW MW MW ANNUAL REPORT 2019 3 DISTRIBUTION OF PROJECTS 燃煤發電項目 燃氣發電項目 水電項目 Coal-fired Power Project Gas Power Project Hydro Power Project 風電項目 核電項目 光伏發電項目 Wind Power Project Nuclear Power Project Photovoltaic Power Project 生物質能發電 航運項目 煤礦項目 Biomass Power Shipping Project Coal Mine Project 4 DATANG INTERNATIONAL POWER GENERATION CO., LTD. 燃煤發電項目 燃氣發電項目 水電項目 Coal-fired Power Project Gas Power Project Hydro Power Project 風電項目 核電項目 光伏發電項目 Wind Power Project Nuclear Power Project Photovoltaic Power Project 生物質能發電 航運項目 煤礦項目 Biomass Power Shipping Project Coal Mine Project ANNUAL REPORT 2019 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 2015 2016 2017 2018 2019 Operating revenue 80,481 75,829 84,185 93,390 95,453 Profit before tax 13,383 10,832 2,858 4,166 4,619 Income tax (expense)/credit (4,051) 237 (677) (1,379) (1,721) Profit for the year attributable to: – Ordinary shares 7,581 4,954 1,495 1,232 391 – Other equity instruments – – – – 595 – Non-controlling interests 1,751 6,115 686 1,555 1,911 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Amounts expressed in millions of RMB) As at 31 December 2015 2016 2017 2018 2019 Total assets 351,527 276,263 279,123 288,250 282,415 Total liabilities 276,640 204,768 207,044 217,760 200,386 Non-controlling interests 20,075 20,540 19,832 20,015 16,903 Equity attributable to owners of the Company 54,812 50,955 52,247 45,475 42,191 6 DATANG INTERNATIONAL POWER GENERATION CO., LTD. Financial and Operating Highlights CONSOLIDATED OPERATING CONSOLIDATED PROFIT ATTRIBUTABLE REVENUE TO ORDINARY SHARES (RMB million) (RMB million) 2015 80,481 2015 7,581 2016 75,829 2016 4,954 2017 84,185 2017 1,495 2018 93,390 2018 1,232 2019 95,453 2019 391 CONSOLIDATED ASSETS TOTAL INSTALLED CAPACITY (RMB million) (MW) 2015 351,527 2015 42,337 2016 276,263 2016 44,338 2017 279,123 2017 48,031 2018 288,250 2018 62,853 2019 282,415 2019 64,423 TOTAL POWER GENERATION TOTAL ON-GRID POWER GENERATION (billion kWh) (billion kWh) 160.830 2015 169.725 2015 163.516 2016 172.475 2016 188.276 2017 198.694 2017 254.612 2018 269.704 2018 250.537 2019 265.290 2019 ANNUAL REPORT 2019 7 CHAIRMAN’S STATEMENT 8 DATANG INTERNATIONAL POWER GENERATION CO., LTD. Chairman’s Statement The year 2019 marked an extraordinary year in the development, equipment procurement and technology reform and development process of Datang Power. services. In active response to the “Belt and Road” Under the scientific guidance of Xi Jinping’s ideology of initiative, we accelerated the implementation of our socialism with Chinese characteristics, we adhered to internationalisation. We implemented the relevant the new energy security strategy of “four revolutions policies and measures for stabilizing growth launched and one cooperation” to achieve the general goal of by the central government to effectively cope with the “building a world-class energy company”. Adhering slowdown in the growth rate of electricity consumption to the general requirements of “Act with First-class amidst economic downturn, and effectively pushed Standard, be the World-class Energy Group”, we forward the governance of zombie enterprises and proactively fulfilled our corporate mission, with an aim loss-making entities by strengthening benchmarking to develop into a implementer of national strategy, upgrade and broadening income sources and reducing leader of industry development, provider of clean expenditures, with the key techno-economic indicators energy, creator of corporate value and protector of exceeding our expectation. public interests. We stepped up efforts to fulfill our responsibility We focused on the study and implementation of as a state-owned enterprise during the year. We the Xi Jinping Thought on Socialism with Chinese comprehensively strengthened management and control Characteristics for a New Era during the year. By over major risks, and kept the overall risk related to organising education themed “staying true to our debts, finance, investment, overseas business and other original aspiration, keeping our mission firmly in mind”, key areas under control. We made full efforts to push we gave priority to political development and made forward the poverty alleviation program, and provided every effort to implement the decisions and plans of support to the targeted poverty-stricken villages to lift the Central Committee of the Party and the State themselves out of poverty. In addition, we made steady Council. We organised a variety of celebration events progress in pollution prevention and control and energy for the 70th anniversary of the founding of the PRC, consumption reduction, with continuous improvement celebrating the remarkable achievements China has in energy consumption management and control. We made and demonstrating the commitment to braving a placed great emphasis on the safety and stability of the new era. We are determined to fulfill our responsibility Company, and fulfilled the tasks of power preservation and mission as a state-owned enterprise, and integrate for significant events such as the 70th anniversary of our corporate development with national strategic the founding of the PRC and the “Belt and Road” arrangement. Focusing on the goal of “build a Datang Summit. We continued to pay close attention and made Power featured with quality, efficiency, vitality, beauty response to the expectations of all stakeholders, in an and happiness”, we spared no effort to open a new effort to create a good development environment. road for the high-quality development in the new era. The year 2020 marks the last year for the goal of We continued to promote development with high building a moderately well-off society and the “13th quality during the year.
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