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ANNUAL REPORT 2020 ANNUAL REPORT ANNUAL REPORT 2020 WE PROVIDE SUFFICIENT, RELIABLE AND ECO-FRIENDLY ENERGY CONTENTS OVERVIEW 2 Company Profile 6 Major Corporate Events in 2020 8 Financial Highlights 10 Letter to Shareholders 14 Management’s Discussion and Analysis 38 Corporate Governance Report 57 Social Responsibility Report 65 Investor Relations 69 Report of the Board of Directors 99 Report of the Supervisory Committee 105 Profiles of Directors, Supervisors and Senior Management 117 Corporate Information 120 Glossary FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS 121 Independent Auditor’s Report 128 Consolidated Statement of WE PROVIDE Comprehensive Income 131 Consolidated Statement of Financial Position SUFFICIENT, 134 Consolidated Statement of Changes in Equity 138 Consolidated Statement of Cash Flows RELIABLE AND 141 Notes to the Financial Statements FINANCIAL STATEMENTS RECONCILIATION ECO-FRIENDLY BETWEEN PRC GAAP AND IFRS 358 Financial statements reconciliation between ENERGY PRC GAAP and IFRS 2 HUANENG POWER INTERNATIONAL, INC. | 2020 Annual Report COMPANY PROFILE Huaneng Power International, Inc. (the “Company”, “Huaneng Power” or “Huaneng International”) and its subsidiaries are mainly engaged in developing, constructing, operating and managing large- scale power plants throughout China. As at 31 December 2020, the Company is one of China’s largest listed power producers with controlled installed capacity of 113,357 MW and equity-based installed capacity of 98,948 MW. The Company’s domestic power plants are located in 26 provinces, autonomous regions and municipalities. The Company wholly owns a power company in Singapore and invests in a power company in Pakistan. The Company was incorporated on 30 June 1994. In November 2015, the Company completed the It completed its initial global public offering of non-public issuance of 780,000,000 H Shares. In 1,250,000,000 overseas listed foreign shares (“foreign October 2018, the Company completed the non- shares”) in October 1994, which were listed on the public issuance of 498,000,000 A shares. Currently, New York Stock Exchange (Stock Code: HNP) in the total share capital of the Company amounts to the United States by issuing 31,250,000 American approximately 15.7 billion shares. Depository Shares (“ADS”). In January 1998, the foreign shares of the Company were listed on The The core business of the Company is, by making Stock Exchange of Hong Kong Limited (the “Hong use of modern technology and equipment and Kong Stock Exchange”) by way of introduction also financial resources available domestically and (Stock Code: 902). Subsequently, in March 1998, internationally, to develop, construct and operate large the Company successfully completed a global placing scale power plants. As a power generation enterprise, of 250,000,000 foreign shares along with a private the Company has been insisting on innovations in placing of 400,000,000 domestic shares. In November technologies, structure, and management since its 2001, the Company successfully completed the issue incorporation. On aspects regarding the advancement of 350,000,000 A Shares (Stock Code: 600011) in in power technologies and construction and the People’s Republic of China (“China”, “PRC”), of management of power plants, the Company has which 250,000,000 domestic public shares were listed been the pioneer and has created various milestones on the Shanghai Stock Exchange. In December 2010, within the domestic power industry, which facilitated the Company completed the non-public issuance the great leap development of the power business of 1,500,000,000 A Shares and 500,000,000 H and technological advancement of the power station Shares. In November 2014, the Company completed equipment manufacturing industry in China, and the non-public issuance of 365,000,000 H Shares. also significantly contributed to the improvement of OVERVIEW | Company Profile 3 China’s best overseas power construction project in terms of safety, quality and speed. The Company was the first power company in China to get listed in New York, Hong Kong and Shanghai. The technical and economic indicators as well as the overall manpower efficiency of the Company have been remaining at the forefront in China’s power industry. The Company constantly optimizes the power structure and regional distribution, and accelerates development of new energy while consolidating its leading position in conventional energy, aiming to enhance industrial synergy effect. Furthermore, it has expanded the service range for power distribution and sales to achieve an overall improvement in operation, quality and corporate vigour. Throughout the years, with dedicated efforts, the Company has expanded successively with steady technical and management standards of the domestic growth in competitive strengths. The success of the power generation enterprises. The Company was the Company is attributable to its various advantages, first to introduce a 600 MW supercritical generating including advantages in scale and equipment, unit into China and we also started operating the first advantages in geographic layout of power plants, domestically built single 1,000 MW ultra-supercritical strong support from major shareholders, sound coal-fired generating unit, and the first digitalized corporate governance structure, advantages in 1,000 MW ultra-supercritical coal-fired generating unit market reputation, extensive experience in the capital in China. The Company completed the construction markets, advantages in overseas development, staff of the first 1,000 MW generating unit in the world with high calibre and professional management. using sea water desulphurization facilities and the 660 MW high-efficiency ultra-supercritical coal- fired generating unit with the highest parameter in The objectives of the Company are: as China. The Company completed the construction of a power company, devoted to providing the first double reheat ultra-supercritical coal-fired sufficient, reliable and eco-friendly energy to generating unit, and developed the technology for the community; as a listed company, devoted synergistic treatment of flue gas of coal-fired power to creating long-term, stable and increasing plants, which was widely applied in environmental returns for shareholders; and as a first- protection renovation and newly-constructed projects. class power producer, devoted to having The Company put into operation the first set of excellency in operation, becoming a leading domestic distributed control system (“DCS”) of power enterprise in China and an advanced large thermal power generating unit. The Company enterprise in the international market. completed the offshore wind power project with the largest generating capacity in Asia, was the first to Huaneng International Power Development realise mass production of wind turbine of 5 MW Corporation (“HIPDC”), the Company’s parent in China, and completed and put into operation company and controlling shareholder, was the furthest offshore wind power project in China. incorporated as a Sino-foreign joint stock company in The Company also invested and operated the most 1985. advanced gas turbine with the largest generation capacity and heat supplying capacity in China. The Company completed the first major energy project in the China-Pakistan Economic Corridor, creating 4 HUANENG POWER INTERNATIONAL, INC. | 2020 Annual Report HEILONGJIANG 3,696 JILIN 2,750 LIAONING 5,106 INNER BEIJING MONGOLIA 2,766 TIANJIN 99 1,675 GANSU CHINA 3,697 HEBEI NETWORK 2,965 SHANDONG 21,138 DISTRIBUTION OF POWER NINGXIA PLANTS OF THE COMPANY 20 The controlled installed capacity of the Company as at JIANGSU SHANXI HENAN 31 December 2020 was 113,357 MW, distributed in areas 3,682 7,774 10,930 as depicted in the chart (Unit: MW) SHANGHAI 5,012 CHONGQING 3,685 ANHUI HUBEI 1,614 ZHEJIANG 3,973 5,841 GUIZHOU 365 JIANGXI HUNAN 4,728 FUJIAN 2,954 4,050 YUNNAN 3,800 GUANGDONG 6,306 GUANGXI 321 OVERSEAS NETWORK HAINAN 2,403 SINGAPORE 2,009 OVERVIEW | Company Profile 5 HEILONGJIANG 3,696 JILIN 2,750 LIAONING 5,106 INNER BEIJING MONGOLIA 2,766 TIANJIN 99 1,675 GANSU CHINA 3,697 HEBEI NETWORK 2,965 SHANDONG 21,138 DISTRIBUTION OF POWER NINGXIA PLANTS OF THE COMPANY 20 The controlled installed capacity of the Company as at JIANGSU SHANXI HENAN 31 December 2020 was 113,357 MW, distributed in areas 3,682 7,774 10,930 as depicted in the chart (Unit: MW) SHANGHAI 5,012 CHONGQING 3,685 ANHUI HUBEI 1,614 ZHEJIANG 3,973 5,841 GUIZHOU 365 JIANGXI HUNAN 4,728 FUJIAN 2,954 4,050 YUNNAN 3,800 GUANGDONG 6,306 GUANGXI 321 OVERSEAS NETWORK HAINAN 2,403 SINGAPORE 2,009 6 HUANENG POWER INTERNATIONAL, INC. | 2020 Annual Report MAJOR CORPORATE EVENTS IN 2020 The First sludge coupling power The Company held global investor generation project in the Southwest telephone conferences for its annual China was built and put into operation results for 2019. in Huaneng Chongqing Luohuang Power The Company announced that its Plant. The Project is a pilot project of total power generation within China technical transformation at the national for the first quarter of 2020 recorded level in China, which can dispose almost a decrease of 18.45% year-on-year. one third of the sludge in Chongqing City. The Company convened the 29th meeting of the Ninth Session of The Company convened the first meeting Board of Directors and announced its of the Tenth Session of the Board of Sinosing Services Pte. Ltd., an oversea results for the first quarter of 2020.
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