Stock Code: 00991 2020 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 40 Investor Q&A 40 Corporate Governance Report 41 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 236 Corporate Information 238 Glossary of Terms 240 COMPANY PROFILE Company overview: in the PRC. As at 31 December 2020, the total consolidated assets of the Company and its subsidiaries Datang International Power Generation Co., Ltd. amounted to approximately RMB280.471 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 68,278.13 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 Beijing Energy Holding Co., Ltd. 6.66% Hebei Construction & 6.93% Investment Group Co., Ltd. Tianjin Jinneng Investment Co., Ltd. 7.00% 11.01% Other A shares Other H shares 15.32% 53.09% China Datang Corporation Ltd. and its parties acting in concert (Note) Note: As of 31 December 2020, 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 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 green optimisation and low carbon transformation 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 the development the leading position of its principal power generation of new energy has accelerated substantially. business. Installed capacity structure of the Company 50,000 nalle Capay o Coalfire eneran n 40,000 nalle Capay o ermal Comon nne nalle Capay o yropoer • nalle Capay o Pooola Poer Managed an installed capacity of 30,000 30,000 nalle Capay o n Poer approximately 68,278.13 MW. oma Poer eneraon Capay Completed power generation of 20,000 approximately 272.630 billion kWh. 10,000 0 48,204 4,622.4 9,204.73 4,663.1 1,583.9 30 MW MW MW MW MW MW ANNUAL REPORT 2020 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 2020 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 2016 2017 2018 2019 2020 Operating revenue 75,829 84,185 93,390 95,453 95,614 Profit before tax 10,832 2,858 4,166 4,619 7,144 Income tax (expense)/credit 237 (677) (1,379) (1,721) (1,891) Profit for the year attributable to: – Ordinary shares 4,954 1,495 1,232 391 1,830 – Other equity instruments – – – 595 1,159 – Non-controlling interests 6,115 686 1,555 1,911 2,264 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Amounts expressed in millions of RMB) As at 31 December 2016 2017 2018 2019 2020 Total assets 276,263 279,123 288,250 282,415 280,471 Total liabilities 204,768 207,044 217,760 200,386 188,962 Other equity instruments – – 5,000 22,935 31,316 Non-controlling interests 20,540 19,832 20,015 16,903 18,322 Equity attributable to owners of the Company 50,955 52,247 45,475 42,191 41,871 6 DATANG INTERNATIONAL POWER GENERATION CO., LTD. Financial and Operating Highlights CONSOLIDATED OPERATING CONSOLIDATED PROFIT ATTRIBUTABLE REVENUE TO ORDINARY SHARES (RMB million) (RMB million) 2016 75,829 2016 4,954 2017 84,185 2017 1,495 2018 93,390 2018 1,232 2019 95,453 2019 391 2020 95,614 2020 1,830 CONSOLIDATED ASSETS TOTAL INSTALLED CAPACITY (RMB million) (MW) 2016 276,263 2016 44,338 2017 279,123 2017 48,031 2018 288,250 2018 62,853 2019 282,415 2019 64,423 2020 280,471 2020 68,278 TOTAL POWER GENERATION TOTAL ON-GRID POWER GENERATION (billion kWh) (billion kWh) 2016 172.475 2016 163.516 2017 198.694 2017 188.276 2018 269.704 2018 254.612 2019 265.290 2019 250.537 2020 272.630 2020 254.770 ANNUAL REPORT 2020 7 CHAIRMAN’S STATEMENT 8 DATANG INTERNATIONAL POWER GENERATION CO., LTD. Chairman’s Statement The year 2020 marks the last year for the goal of This year, we continued to maintain good operating building a moderately well-off society and the “13th results. We completed power generation of Five-Year” plan, and is also the year crucial for Datang approximately 272.630 billion kWh, representing an Power to promote development with high quality. increase of approximately 2.77% year-on-year; and on- The Company always insisted on taking benefit as grid power generation of approximately 254.770 billion center, overcame the adverse effects of the COVID-19 kWh, representing an increase of approximately 1.69% pandemic, and successfully completed various annual year-on-year. The Company realised operating revenue tasks. of approximately RMB95,614 million, representing an increase of 0.17% year-on-year; net profit attributable This year, we committed to building a green, low- to equity holders of the Company of approximately carbon, safe and efficient modern energy system. In RMB2,989 million, representing an increase of 2020, the Company had a total production capacity approximately 203.14% year-on-year. of 4,705.50 MW, of which thermal power projects had a production capacity of 2,400 MW, wind power This year, we performed the responsibility as a state- projects had a production capacity of 1,361.50 MW, owned enterprise more firmly and always adhered to photovoltaic projects had a production capacity of 944 the guidance of Xi Jinping Thought on Socialism with MW. The power generation structure has been further Chinese Characteristics for a New Era, thoroughly optimized, and the approved capacity of new energy implemented the spirit of the 19th National Congress projects achieved 3,748.50 MW, of which approved of the Communist Party of China and the 2nd, 3rd, capacity of wind power projects totaled 569.50 MW; 4th and 5th Plenary Sessions of the 19th Central and the approved capacity of photovoltaic projects Committee, and resolutely implemented the various totaled 3,179 MW. We adhered to the overall strategy decisions and deployments of the central government. of safety and stability, and the safety management We fought together against the COVID-19 pandemic, and control in the fields of production, infrastructure, fully committed to poverty alleviation program, environmental protection, transportation and Internet comprehensively served the “six stabilities” and “six information has been steadily improved. guarantees”, and fulfilled the responsibility as a state- owned enterprise in coordination and promotion of This year, we have made every effort to promote pandemic prevention and control as well as economic energy conservation and emission reduction, and and social development. dedicated to be the main force to support “peaking carbon dioxide emissions”. We persistently increased investment in energy conservation and emission reduction, committed to achieve green transformation, and continuously improved the level of green production, unit energy efficiency and ultralow emission. The total coal consumption for power supply of the Company achieved 293.17 g/kWh, representing a year-on-year decrease of 3.06 g/kWh. 9 units of the Company were awarded the title of Reliable Class A Units, and 32 units were awarded in the energy efficiency benchmarking of thermal power units in the power industry. ANNUAL REPORT 2020 9 Chairman’s Statement This year, we continued to promote independent As the new year begins, everything also starts anew. innovation, quality and efficiency improvement.