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Annual Report 2018

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Annual Report 2018 Annual Report 2018 ANNUAL REPORT ANNUAL 2018 * For identification purpose only Overview The Company is committed to the investment, construction and operation of new energy projects. It focuses on developing and operating wind power projects while promoting synergistic growth of solar power and other renewable energies. The Company adheres to scientific development and rational business distribution. With operations of scaled wind farms and distributed wind farms, utilization of onshore and offshore wind resources, attention to both development and acquisition, the Company strives to improve its growth quality and efficiency and to continuously increase its profitability, competitiveness and sustainable development capabilities, so as to maintain its established position in the People’s Republic of China (the “PRC”) and to expand into international markets with a view to becoming an internationally competitive and premier renewable energy provider. Since its establishment, the Company has been focusing on its mission of green power development and clean energy production. The Company places great emphasis on protecting and improving the environment and on fulfilling its social responsibilities, and strives to bring sustainable, stable and increasing returns to its shareholders. Contents 2 Chairman’s Statement 4 President’s Statement 6 Corporate Profile 10 Major Corporate Events in 2018 12 Financial and Operational Summary 18 Management Discussion and Analysis 28 Human Resources 30 Environmental, Social and Governance Report 51 Corporate Governance Report 63 Report of the Board of Directors 81 Report of the Supervisory Committee 83 Biographies of Directors, Supervisors & Senior Management 93 Independent Auditor’s Report 98 Consolidated Statement of Comprehensive Income 100 Consolidated Statement of Financial Position 102 Consolidated Statement of Changes in Equity 104 Consolidated Cash Flow Statement 107 Notes to the Financial Statements 202 Corporate Information 204 Glossary of Technical Terms Chairman’s Statement LIN Gang Chairman Dear shareholders, In 2018, faced with the complicated external environment, At the moment, the Company is facing both challenges the Board of Directors, faithfully adhered to the goal and opportunities simultaneously, while opportunities of maximizing the shareholders’ interest, led the outweighed challenges. On the one hand, taking concerted management and all the staff to adapt to the evolving action to accelerate the development of non-fossil energy, situation, actively grasp arising opportunities and especially new energy such as wind and photovoltaic constantly overcome emerging challenges. The operating power has already become the global consensus. The State results of the Company reached another record high, its has been vigorously implementing the new strategy of market image and influence were further improved and a energy security, “four revolutions and one cooperation”, solid progress has been made towards realizing the goal to construct a clean, low carbon, safe and efficient of establishing a world-class new energy enterprise with energy system, which provides a wider leeway for the global competitiveness. 2 Huaneng Renewables Corporation Limited Annual Report 2018 Chairman’s Statement Board of Directors will pre-emptively seize the time gap prior to grid parity, unswervingly promote the Company’s high-quality development in light of three guidelines of “base form, large scale and high technology”, thus standing out from the competition, wining in the market, building a bright future and creating stable return growth for its shareholders. Finally, on behalf of the Board of Directors, I would development of China’s new energy industry. On the like to express my sincere gratitude to all shareholders, other hand, with the acceleration of grid parity and the investors, the public and our friends for their long-held continuous expansion of the market trading scale at the trust and support! end of the 13th Five-Year Plan, the trend of “volume up, price down” will continue, which puts forward higher requirements for China’s new energy industry to achieve high-quality development. In 2019, the Board of Directors will continuously adhere to the “economic efficiency centric” principle, closely follow industry policies and market trend and make further improvement in six aspects including green development, operational excellence, technological innovation, international outreach, safety and environmental protection and corporate governance. The Huaneng Renewables Corporation Limited Annual Report 2018 3 President’s Statement CAO Shiguang President 4 Huaneng Renewables Corporation Limited Annual Report 2018 President’s Statement Dear shareholders, In 2018, with the substantial support of all shareholders and under the professional leadership of the Board of Directors, the management actively put the philosophy of high-quality development in place, focused on laying a solid foundation of safety, made great efforts to deepen quality improvement and efficiency enhancement, seized development opportunities and consummated corporate governance. The Company’s profitability, competitiveness, risk resistance and sustainable development capabilities has been further increased. The Company maintained a stable situation of safe In 2019, facing increasingly stringent market competition, operation. The gross power generation of the Company the management will effectively strengthen the sense of reached 24,973,793.2 MWh, representing a year-on-year crisis alertness, urgency, and responsibility, unswervingly increase of 11.3%, and the weighted average utilization implement all the work assigned by the Board of hours of wind power were 2,234 hours, maintaining a Directors, closely center around the annual task, seize leading position in the industry; the operation performance opportunities ahead of others and integrate innovation has reached a new height with revenue amounting to into work. We will lead all the staff to make great efforts RMB11.65 billion, representing a year-on-year increase of to consolidate safe operation, continuously deepen 10.4%, and net profit attributable to equity shareholders quality improvement and efficiency enhancement, strive of the Company reaching RMB3.09 billion, representing for development breakthroughs, strengthen the leading a year-on-year increase of 2.5%. The Company won role of science and technology and innovate corporate multiple awards in capital market. Chairman LIN Gang governance, endeavoring to open up a new prospect for was entitled the “Outstanding Contribution Entrepreneur high-quality development and constantly create new in the Forty Years Course of Reform and Opening Up” values for shareholders. of the 8th China Securities Golden Bauhinia Awards. The Company was granted various important awards in capital Lastly, on behalf of the management and all the staff of market such as the highest corporate governance award the Company, I would like to extend my sincere gratitude “Platinum Award” presented by “The Assets”. to all the shareholders and investors for their continued support, care and trust. Huaneng Renewables Corporation Limited Annual Report 2018 5 Corporate Profile CORPORATE INTRODUCTION The predecessor of Huaneng Renewables Corporation scientific development and rational business distribution. Limited (the “Company”) is Huaneng New Energy With operations of scaled wind farms and distributed Industrial Co., Ltd., which was established in November wind farms, utilization of onshore and offshore wind 2002. On 10 June 2011, the Company was successfully resources, attention to both development and acquisition, listed on the Main Board of the Stock Exchange of Hong the Company strives to improve its growth quality and Kong Limited (“Hong Kong Stock Exchange”) with efficiency and to continuously increase its profitability, an aggregate of 8,446,898,000 shares in issue, and later competitiveness and sustainable development capabilities, in 2013, 2014 and 2017, 582,317,360 new H shares, so as to maintain its established position in the People’s 698,780,832 new H shares and 838,536,000 new H shares Republic of China (the “PRC”) and to expand into were issued respectively by way of non-public offering. international markets with a view to becoming an As at the end of 2018, the total number of shares of the internationally competitive and premier renewable energy Company was 10,566,532,192 shares, of which China provider. Huaneng Group Co., Ltd. (“Huaneng Group”), the controlling shareholder of the Company, and its subsidiary Since its establishment, the Company has been focusing held 52.39% of the Company’s total issued shares. on its mission of green power development and clean energy production. The Company places great emphasis The Company is committed to the investment, on protecting and improving the environment and construction and operation of new energy projects. It on fulfilling its social responsibilities, and strives to focuses on developing and operating wind power projects bring sustainable, stable and increasing returns to its while promoting synergistic growth of solar power and shareholders. other renewable energies. The Company adheres to 6 Huaneng Renewables Corporation Limited Annual Report 2018 Corporate Profile CORPORATE STRUCTURE 61.22% HUANENG GROUP Huaneng Capital Services 2.62% 47.61% Corporation Ltd. Holders of H Share 49.77% The Company 100% Huaneng Tongliao Wind Power Co., Ltd. 100% Huaneng New Energy Shanghai Power Co., Ltd.
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