Final Results

Beijing Datang Power Generation Com
6 March 2002


             BEIJING DATANG POWER GENERATION COMPANY LIMITED 

(A Sino-foreign Joint Venture Limited Company incorporated in the People's 
Republic of China) 

                      Announcement of 2001 Annual Results 


                            Financial Highlights

* On-grid electricity for the year 2001 amounted to 24,590,612MWh, representing 
  an increase of 18.51% over 2000

* Consolidated operating revenue amounted to approximately Rmb6,550,620,000, 
  representing an increase of 15.04% over 2000

* Consolidated net profit amounted to approximately Rmb1,438,060,000, 
  representing an increase of 4.56% over 2000

* Earnings per share amounted to Rmb0.28. representing an increase of Rmb0.01 
  per share over 2000



I.  ANNUAL RESULTS

The Board of Directors of Beijing Datang Power Generation Company Limited (The
'company') hereby announces the audited operating results of the Company and its
subsidiaries prepared in conformity with the International Financial Reporting
Standards for the year ended 31st December 2001 (the 'Year'), together with the
operating results of the corresponding period in 2000 (the 'previous Year') for
comparison. Such operating results have been reviewed and confirmed by the
Company's Audit Committee.

The Company's consolidated operating revenue for the Year was approximately
Rmb6,550,620,000, representing a 15.04% growth compared to the Previous Year.
Consolidated net profit amounted to approximately Rmb1,438,060,000, representing
a 4.56% growth over the Previous Year. Earnings per share amounted to Rmb0.28,
representing a net increase of Rmb0.01 over the Previous Year.

In view of the positive operating results, the Board of Directors has
recommended a dividend of Rmb0.17 per share for the Year.

The Board of Directors is satisfied with the above results. Please refer to the
audited consolidated income statement set out below for details of the operating
results.


CONSOLIDATED INCOME STATEMENT
For the year ended 31st December 2001 
(All amounts expressed in thousands of Renminbi, except per share data)



                                            Note           2001            2000 

Operating revenue                            2        6,550,620       5,694,195

Operating costs

Local government surcharges                             (86,749)        (73,554)

Fuel                                                 (1,954,115)     (1,686,775)

Repair and maintenance                                 (220,468)       (194,281)

Depreciation                                         (1,071,866)       (904,356)

Wages and staff welfare                                (364,163)       (285,887)

Others                                                 (755,544)       (505,840)


Total operating costs                                (4,452,905)     (3,650,693)


Operating profit                                      2,097,715       2,043,502

Share of profit of an associate                           3,913               -

Interest income                                          144,507        171,698

Finance costs                                            (99,974)      (144,643)


Profit before taxation                                 2,146,161      2,070,557

Taxation                                     3          (714,492)      (695,257)


Profit after taxation                                  1,431,669      1,375,300

Minority interests                                         6,391              -


Net profit                                             1,438,060      1,375,300


Proposed dividends                           4           877,684        516,285


Earnings per share, basic (Rmb)              5              0.28           0.27


Proposed dividend per share (Rmb)            5              0.17           0.10



Notes 

1. Basis of presentation 

The accompanying consolidated income statement is extracted from the audited
financial statements prepared in accordance with International Financial
Reporting Standards, as published by International Accounting Standards Board.

2. Operating revenue 

Operating revenue represents amount of tariffs billed for electricity generated
and transmitted to North China Power Group Company ('NCPGC'), the substantial
shareholder. Tariff revenues are billed and recognised upon billing and
transmission of electricity to the power grid controlled and owned by NCPGC.

3. Taxation

Enterprise income tax is provided on the basis of the statutory profit for
financial reporting purposes, adjusted for income and expense items which are
not assessable or deductible for income tax purposes. The applicable PRC
enterprise income tax rate for the Company and its subsidiaries is 33%.

Deferred taxes are provided under the balance sheet liability method in respect
of significant temporary differences between the tax base of an asset or
liability and its carrying amount in the balance sheet. The tax base of an asset
or liability is the amount attributed to that asset or liability for tax
purposes. Deferred tax liabilities are recognised for all taxable temporary
differences. Deferred tax assets are recognised for all deductible temporary
differences to the extent that it is probable that taxable profits will be
available against which the deductible temporary differences can be utilised.

4. Profit appropriations 

Dividends 

On 6th March 2001, the Board of Directors proposed a dividend of Rmb0.10 per
share, totaling approximately Rmb516,285,000, for the year ended 31st December
2000. The proposed dividend distribution was approved by the shareholders in the
general meeting dated 29th April 2001. 

On 5th March 2002, the Board of Directors proposed a dividend of Rmb0.17 per
share, totaling approximately Rmb887,684,000 for the year ended 31st December
2001. The proposed dividend distribution is subject to the shareholders'
approval in their general meeting.

Surplus reserve and statutory public welfare fund 

In accordance with the relevant laws and regulations of the PRC and the
Company's articles of association, the Company is required to appropriate 10% of
its net profit determined based on the financial statements prepared in
accordance with the PRC accounting standards and regulations ('PRC GAAP') to
each of the statutory surplus reserve and statutory public welfare fund. For the
year ended 31st December 2001, approximately Rmbl42,845,000 (2000:137,530,000)
and Rmbl42,845,000 (2000: 137,530,000) have been appropriated to statutory
surplus reserve and statutory public welfare fund, respectively.

In accordance with the Company's articles of association, the appropriation of
profit to the discretionary surplus reserve and its utilisation are made in
accordance with the recommendation of the Board of Directors and is subject to
shareholders, approval at their general meeting. The Company's current policy is
to transfer all unappropriated retained earnings to the discretionary surplus
reserve.

5. Earnings per share and dividend per share 

The calculation of basic earnings per share for the year ended 31st December
2001 was based on the consolidated net profit of approximately Rmb1,438,060,000
(2000: Rmb1,375,300,000) and on the weighted average number of 5,162,849,000
shares (2000: 5,162,849,000 shares) in issue during the year.



Dividend per share for the year ended 31st December 2001 was calculated based on
the proposed dividends of approximately Rmb877,684,000 (2000: Rmb516,285,000)
divided by the number of 5,162,849,000 shares (2000: 5,162,849,000 shares) in
issue as at 31st December 2001 and 2000.

No diluted earnings per share was presented as there were no dilutive potential
ordinary shares outstanding for the years ended 31st December 2001 and 2000.

II.  MANAGEMENT DISCUSSION AND ANALYSIS 

China's economy continued to grow steadily during the Year with national GDP
growth reaching 7.3%. The Beijing-Tianjin-Tangshan ('BIT') area, the major area
served by the Company, continued to outgrow the national average with a 9.92%
GDP growth.

Driven by economic growth and benefiting from the launch of large-scale
development projects in West China as well as the implementation of West-to-East
power transmission projects, and also due to the Company's pro-active and
effective management, the Company was able to maintain safe and stable power
generation and achieve solid profit growth, whilst rolling out its expansion
strategy outside of the BTT area.

(1) Operating Conditions 

As at 31st December 2001, the Company and its subsidiaries (collectively the
'Group') owned installed capacity of 4,950MW, and another 620MW which had
commenced on-grid power generation and will enter into commercial operation in
2002. Total power generation for the Year amounted to 26,477,988MW, representing
an 18.58% growth over the Previous Year. A total of 24,590,612MWh of on-grid
electricity was completed, representing a growth of 18.51% over the Previous
Year. A total of 5,477 utilisation hours were recorded and the equivalent
availability factor of the Company's units was 92.35%. The increase in power
generation was mainly attributable to the expansion of the Group's installed
capacity, increased demand for power supply driven by domestic economic growth
and the safe and stable operation of the Group's power generation equipment.

(2) Operational Management

The Company secured operating revenues of approximately Rmb6,550,620,000 during
the Year, representing an increase of 15.04% over the Previous Year,
Consolidated net profit amounted to approximately Rmb1,438,060,000, representing
an increase of 4.56% over the Previous Year. The operating targets for 2001 set
by the Board of Directors at the beginning of the Year were achieved and
exceeded.

During the Year, the Company continued to exercise stringent cost-control
measures and conscientiously implemented the system of accountability for
financial targets. Measures to reduce consumption of energy were upkept and
budget estimates were set to facilitate effective control over expenditures. As
a result, the Company's unit fuel cost was lowered by Rmb0.88/MWh when compared
to that of the Previous Year and the coal consumption rate for electricity
generation was reduced by 2.96g/KWh when compared to that of the Previous Year.

(3) Business Expansion

The construction projects of the Company progressed smoothly during the Year.
Power units with capacity of 300MW commenced commercial operation during the
Year, and another 620MW commenced on-grid power generation. Breakthroughs were
achieved in preliminary project works which ensured continued growth in the
Company's production capacity.

* Unit 8 (300MW) at Zhang Jia Kou Power Plant commenced commercial operation 
  during the Year, bringing the total installed capacity of the plant to 2,400MW 
  making it the largest power plant of the Group and in North China, as well as 
  the second largest power plant throughout the nation;

* Unit 1 of Tianjin Datang Panshan Power Generation Company Limited ('Tianjin 
  Datang Panshan'), the first 600MW unit of the Group, commenced on-grid power 
  generation during the Year and commenced commercial operation in January 2002. 
  It is currently the largest unit of the Group as well as in the BTT power grid 
  in terms of unit capacity;

* Units 1 and 2 of Hebei Huaze Hydropower Development Company Limited (2 X 10MW) 
  commenced on-grid power generation during the Year and will commence 
  commercial operation in 2002, ending its history of dependence on coal-fired
  generation and marking the Group's breakthrough in hydropower and its first 
  step towards the strategy of dual emphasis on hydropower and coal-fired power;

* Yunnan Datang Honghe Power Generation Company Limited ('Datang Honghe') and 
  Gansu Datang Liancheng Power Generation Company Limited ('Datang Liancheng') 
  were established during the Year. Project proposals for the two ventures have 
  been approved by the State, marking the Group's expansion beyond North China 
  and opening up more extensive market frontiers for the Group's swift 
  trans-regional development.

* The Company acquired a 60% equity interest in Shanxi Datang Shentou Power 
  Generation Company Limited ('Datang Shentou') and an 80% equity interest in 
  Shanxi Datang Pingwang Heat and Power Company Limited ('Datang Pingwang')
  during the Year. Feasibility studies for the power plants developed by Datang 
  Shentou (2 X 500MW) and Datang Pingwang (2 X 200MW) have been approved by the 
  State and construction works' will commence shortly. Hebei Datang Tangshan
  Thermal Power Co Ltd ('Datang Tangshan Thermal') was formed during the Year. 
  The feasibility study for Phase I technological upgrade works (1 X 300MW) has 
  been submitted to the State for approval.

* The construction of Inner Mongolia Datang Tuoketuo Power Generation Company 
  Limited ('Datang Tuoketuo Power') Phase I (2 X 600MW) progressed smoothly. The 
  first generation unit is expected to commence on-grid power generation in 
  2003.

(4)  Financial Analysis 

* Operating Results

The Group's consolidated operating revenues amounted to approximately
Rmb6,550,620,000 during the Year, representing an increase of 15.04% over the
Previous Year. Consolidated net profit amounted to Rmb1,438,060,000,
representing an increase of 4.56% over the Previous Year. Earnings per share
amounted to Rmb0.28, representing an increase per share of Rmb0.01 over the
Previous Year. The Group's profit growth was mainly attributed to the increase
of its on-grid electricity and of its sales revenue, as well as the effective
control of its costs.

During the Year, the Group's on-grid electricity increased by 18.51% over the
Previous Year, while sales revenue increased by 15.04% over the Previous Year.
The Group's operating costs increased by 21.97% over the Previous Year mainly
due to the Company's acquisition of Unit 2 of Zhang Jia Kou Power Plant on 1st
October 2000 and the on-grid power generation of Unit 7 and Unit 8 of Zhang Jia
Kou Power Plant in December 2000 and August 2001, respectively. This led to an
increase of assets which in turn led to an increase of depreciation costs on
fixed assets. The corresponding costs caused by the increase in power generation
also increased other operating costs. However, the Group's unit fuel cost
decreased by Rmb0.88/MWh and the coal consumption rate for electricity
generation decreased by 2.96g/KWh when compared to the Previous Year as a result
of the Group's rigid and effective cost controls and the increase in on-grid
electricity. As a consequence, the Company's profit increased by 4.56% over the
Previous Year.


In view of the positive operating results, the Board of Directors has 
recommended a dividend of Rmb0.17 per share for the Year.

* Financial Position 

As at 31st December 2001, total assets of the Group amounted to approximately
Rmb23,190,043,000, representing an increase of Rmb3,203,898 over the Previous
Year. Total liabilities amounted to approximately Rmb8,807,802,000, representing
an increase of Rmb2,155,695,000 over the Previous Year. Minority interests
amounted to Rmb529,890,000, representing an increase of approximately
Rmb126,428,000 over the Previous Year. Shareholders' equity amounted to
Rmbl3,852,351,000, representing an increase of approximately Rmb921,775,000 over
the Previous Year. The increase in total assets owned by the Group mainly
reflected the implementation of the Group's expansion strategy and the increase
in investments in projects under construction by the Company.

* Liquidity

As at 31st December 2001, the Group's asset-to-liability ratio (i.e. the ratio
between total assets and total liabilities, excluding minority interests) of the
Group was 37.98%. The net equity-to-debt ratio (i.e. (total debt - cash and cash
equivalents - short term bank deposits for over 3 months - investments held for
trading)/shareholders' equity) was 14.74%.

Cash 

As at 31st December 2001, the Group had total cash and cash equivalents and
short-term bank deposits for over 3 months amounting to approximately
Rmb4,503,168,000, among which the equivalent of approximately Rmb2,521,506,000
of deposits was held in foreign currencies. The Company had no trust deposits or
overdue fixed deposit during the Year.

Borrowings

As at 31st December 2001, the Group had short-term loans of approximately
Rmb241,120,000 at an annual interest rate of 5.85%. Long-term loans (excluding
those repayable within 1 year) amounted to approximately Rmb6,229,064,000 and
long-term loans repayable within 1 year amounted to approximately Rmb360,356,000
at annual interest rates of 3.0% to 6.2%, including USD loans equivalent to
approximately Rmb590,450,000. 

As at 31st December 2001, the Company provided guarantee of approximately Rmb2.3
billion for loan facilities granted to its subsidiaries. The Group did not
provide any form of guarantee for any company outside the Group.

(5) Outlook for 2002 

China's successful bid for hosting the 2008 Olympic Games and her WTO entry have
generated enormous new business opportunities for the nation as well as Beijing,
and in particular for a power generation company that mainly serves the BTT area
such as the Company. As most of the new installed capacities for satisfying the
area's power demand will be built by the Group, annual growth in its power
generation is virtually assured. Meanwhile, the kick-off of the West-to-East
power transmission policy and relatively high demand for power supply in the
eastern coastal regions are creating favourable conditions for the Group's
expansion beyond the BTT area. The Group's profitability will improve when
tariffs for Units 5-8 of Zhang Jia Kou Power Plant are approved. However, we
should avoid over-optimism towards the Group's operating situation as there are
still many uncertainties affecting the power sector. Co-incidental commissioning
of new units and increased trans-regional power supply might result in less
utilisation hours for the Group's existing power generation units, while rising
fuel prices might affect the Group's profitability. In view of the above, the
Group will continue to strengthen internal management, ensure production safety,
procure active yet steady progress for ongoing and new projects, with a view to
preserving and enhancing shareholders' value. The Group shall:

1. Actively pursue business expansion to strengthen the Group's competitive 
   advantages: 

   *  The Board of Directors of the Company has already decided to further 
      invest an amount of approximately Rmb480 million in Datang Tuoketuo 
      Power to continue the construction of its Phase II (2 X 600MW). The 
      proposal of the Phase II project has already been approved by the State. 
      With Phases I and II to be constructed in a row, Datang Tuoketuo
      Power's total installed capacity will reach 2,400MW, making it one of the 
      two largest power plants in North China alongside Zhang Jia Kou Power 
      Plant.

   *  The Board of Directors of the Company has already decided to further 
      invest an amount of approximately Rmb202 million in Datang Tangshan 
      Thermal to continue the construction of its Phase II technological upgrade 
      project (1 X 300MW). The proposal of the Phase II project has already been 
      approved by the State.

   *  The Board of Directors of the Company has already decided to invest an 
      amount of approximately Rmb43 million to jointly form a project company 
      with Beijing Thermal Group, for the purpose of constructing Gao Jing Power 
      Plant's thermal pipeline project. The proposal of the project has been 
      approved by government authorities, and construction works are expected to 
      commence within 2002.

2.  Complete preliminary works for the following projects so that conditions for 
    construction may be available within 2002: the Datang Pingwang thermal 
    project (2 X 200MW), the Datang Shentou project (2 X 500MW), the Datang 
    Liancheng project (2 X 300MW), Datang Tuoketuo Power Phase II (2 X 600MW) 
    and Datang Tangshan Thermal Phase I (1 X 300MW).

3.  Procure completion of construction to ensure commencement of operation of 
    Unit 2 of Tianjin Datang Panshan (600MW)within 2002.

4.  Continue to enhance management of production safety and ensure safe and 
    stable operation of all generation units. 

5.  Actively procure the renewal and establishment of the Group's management 
    information system and fully implement the Group's financial management 
    model and innovative measures for job functions, work approaches and 
    operating mechanisms.

6.  Continue to explore new sources for revenues and opportunities for cost 
    savings and seek growth in sales revenues by increasing power generation, 
    raising tariffs and optimising on-grid electricity structures.


III. SHARE CAPITAL AND DIVIDENDS 

(1) Share Capital

No new shares were issued by the Company during the Year. As at 31st December
2001, the total share capital of the Company was Rmb5,162,849,000, divided into
5,162,849,000 shares of Rmb1.00 each.

(2) Substantial Shareholders

As at 31st December 2001, substantial shareholders holding more than 10% of the 
shares of the Company were as follows:

                                                                     Percentage
Name of shareholder                     class of        Number of      of share
                                          shares           shares    capital (%)

North China Power Group Company         Domestic    1,828,768,200         35.43 
Shares                                    shares

Beijing International Power             Domestic      671,792,400         13.01
Development and Investment Company        shares   

Hebei Construction Investment Company   Domestic      671,792,400         13.01
                                          Shares

Tianjin Jinneng Investment Company      Domestic      559,827,000         10.84 
                                          shares


(3) Dividends 

The Board of Directors has declared dividends for the Year of Rmb0.17 per share.
Dividends to be distributed to domestic shareholders will be declared and paid
in Rmb, while those to be distributed to foreign shareholders will be declared
in Rmb but paid in Hong Kong Dollars. Hong Kong Dollar exchange rate for the
purpose of dividends payment shall be based on the average of the closing rates
of the Hong Kong Dollar/Rmb exchange rates quoted by the People's Bank of China
on each business day within the week immediately prior to payment. The dividends
will be distributed on 30th June 2002.

IV. USE OF PROCEEDS 

The Company's shares were listed on The Stock Exchange of Hong Kong Limited and
the London Stock Exchange on 21st March 1997. Net proceeds were Rmb3.702
billion. As at 31st December 2001, total proceeds had been utilised as follows:

*  approximately Rmb1.383 billion for acquisition of Unit 1 of Zhang Jia Kou 
   Power Plant;

*  approximately Rmb1.253 billion for the development of Zhang Jia Kou Power 
   Plant Phase II;

*  approximately Rmb0.765 billion for investment in Tianjin Datang Panshan Power 
   Plant;

*  approximately Rmb0.301 billion for investment in Inner Mongolia Datang 
   Tuoketuo Power Plant.


V. SIGNIFICANT MATTERS 

(1) Disposal of Staff Quarters 

    The Company and its subsidiaries have finalised a scheme for selling staff
    quarters to its staff in 1999. Under the scheme, the Company and its
    subsidiaries would provide housing benefits, which represented the 
    difference between the net book value of the staff quarters sold and the 
    proceeds collected from the employees, to its staff to enable them to buy 
    staff quarters from the Company and its subsidiaries at preferential prices. 
    The estimated housing benefits are expected to benefit the Company and its 
    subsidiaries over 10 years which is the estimated remaining average service 
    life of 10 years of the relevant employees. Upon completion of the sales of 
    staff quarters to the employees, the housing benefits incurred are recorded 
    by offsetting against the accruals previously made and the remaining balance 
    is recorded as a deferred asset to be amortised over the remaining average 
    service life of the relevant employees.

(2) During the Year, the Company actively enhanced capital operation. The 
    Company's American Depositary Receipts ('ADRs') have been approved by the 
    China Securities Regulatory Commission and the U.S. Securities and Exchange
    Commission to trade in the U.S. market.

VI. PURCHASE, SALE AND REDEMPTION OF THE COMPANY'S LISTED SECURITIES 

During the Year, the Company has not purchased, sold or redeemed any of the its 
listed securities.

VII. CODE OF BEST PRACTICE 

During the Year, the Company has complied with the Code of Best Practice set out 
in Appendix 14 of the Listing Rules of The Stock Exchange of Hong Kong Limited.



                                                          By Order of the Board 
                                                          Zhai Ruoyu 
                                                          Chairman


Beijing, 5th March 2002


The 2001 annual report of the Company containing all the information required by
paragraphs 45(1) to 45(3) of Appendix 16 of the Listing Rules will subsequently
be published on The Stock Exchange of Hong Kong Limited's website within 21 days
from the date of this announcement.





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