Net Profit Attributable to Shareholders of the Company Amounted
to RMB1.205 Billion, an Increase of 5.73%
BEIJING, April 25/Xinhua-PRNewswire-FirstCall/ -- Huaneng Power International, Inc. (the "Company") (NYSE: HNP; HKEx: 902; SSE: 600011) announced on April 24 its unaudited results for the three months ended March 31, 2007.
Under the PRC Accounting Standards, for the first quarter of 2007, the Company realized consolidated operating revenues of RMB11.183 billion, representing an increase of 10.32% over the same period last year. Net profit attributable to shareholders of the Company amounted to RMB1.205 billion, representing an increase of 5.73% over the same period last year. The Company’s total power generation on a consolidated basis amounted to 38.867 billion kWh, an increase of 7.61% over the same period last year.
Effective from the first quarter of 2007, the statutory financial statements of the Company are compiled in accordance with the "Accounting Standards for Enterprises" issued by the PRC Ministry of Finance in 2006. According to the stipulations under "Question and Answer No.7 Regarding the Rules on Information Disclosure for Companies That Publicly Offer Securities - Compilation and Disclosure of Comparative Financial and Accounting Information During the Transition Period between the New and Old Accounting Standards", adjustments were made on the profit and loss statement for the same period last year and the comparative balance sheet as at the end of last year as well as stating the adjusted profit and loss statement as the comparative profit and loss statement of the reporting period. In addition, after 4 January 2007, the shareholding of the Company in Huaneng Sichuan Hydropower Company Limited ("Sichuan Hydropower") decreased from 60% to 49% and the scope of consolidation for the financial statements for the first quarter of 2007 did not include Sichuan Hydropower anymore.
During the first quarter of 2007, the power generation, revenues, net profit attributable to shareholders of the Company and earnings per share of the Company and its subsidiaries increased to various extents when compared with the first quarter of 2006. Regarding power output, owing to a continued growth in social power demand, the new generating units of the Company have obtained a share in the market and the power output of the Company and its subsidiaries increased by 7.47% when compared with the same period of last year (excluding Sichuan Hydropwoer). However, the Company’s power generation growth was below the national average. The unit fuel cost for power output of the Company increased by 9.22% compared with the same period last year. The Company faced relatively substantial operating pressure in terms of power output and fuel cost control.
Huaneng Power International, Inc. develops, constructs, operates and manages large-scale power plants in China nationwide, with a total generation capacity of 28,187MW on an equity basis and a total controlling generation capacity of 32,224MW. The Company wholly owns seventeen operating power plants, and has controlling interests in twelve operating power companies and minority interests in five operating power companies. Currently, it is the largest listed power producer in China.
Encl: The unaudited summary financial information of the Company for the three months ended March 31, 2007. The summary financial information is published under the listing regulations of the China Securities Regulatory Commission. The summary financial information was prepared in accordance "Accounting Standards for Business Enterprises" of the People’s Republic of China ("PRC GAAP"), which differs from the International Financial Reporting Standards ("IFRS") and the accounting principles generally accepted in the United States of America ("US GAAP"). No reconciliation with IFRS or US GAAP has been made in the presentation of the summary financial information.
-- Tables to Follow --
HUANENG POWER INTERNATIONAL, INC.
UNAUDITED BALANCE SHEETS (PRC GAAP)
AS AT 31ST March, 2007
Amounts: In Rmb Yuan
31st March 31st December 31st March 31st December
2007 2006 2007 2006
ASSETS Consolidated Consolidated The Company The Company
CURRENT ASSETS
Cash 3,281,473,736 3,411,054,724 1,969,715,712 1,623,357,667
Financial
assets at
fair value
through
profit
and loss 212,739,874 100,179,545 212,739,874 100,179,545
Notes
receivable 1,273,021,192 1,133,980,632 327,889,279 358,225,876
Accounts
receivable 5,516,306,352 6,181,701,887 3,142,179,190 3,757,011,387
Advance to
suppliers 3,661,405,542 3,957,213,746 2,770,728,937 2,913,893,470
Interest
receivable 2,169,134 1,552,634 2,169,134 1,552,634
Dividend
receivable -- 12,844 -- --
Other
receivables 240,197,495 206,037,788 162,854,047 226,431,421
Inventories 2,589,816,287 2,133,534,601 1,612,044,557 1,246,903,789
Current
portion of
non-current
assets -- -- -- --
Other current
assets 14,390,569 2,200,338 6,797,778 137,319
Total
current
assets 16,791,520,181 17,127,468,739 10,207,118,508 10,227,693,108
NON-CURRENT ASSETS
Available-
for-sale
financial
assets 1,947,002,400 1,458,758,700 1,947,002,400 1,458,758,700
Held-to-
maturity
investment -- -- -- --
Long-term
receivables -- -- -- --
Long-term
equity
investments 6,511,049,008 5,177,040,904 14,969,108,515 14,680,259,555
Investment
properties -- -- -- --
Fixed
assets 66,857,305,321 75,096,255,786 34,583,788,636 35,644,252,152
Construction-
in-progress 7,095,192,604 8,271,679,768 6,426,484,095 4,747,432,486
Construction
materials 867,159,573 531,086,222 744,916,532 350,736,780
Fixed asset
disposals 516,670 -- (23,119) --
Production-
related
biological
assets -- -- -- --
Oil-gas
properties -- -- -- --
Intangible
assets 1,912,049,790 1,848,960,731 1,265,971,355 1,271,731,865
Research and
development -- -- -- --
Goodwill 140,442,016 144,341,787 1,528,308 1,528,308
Long-term
deferred
expenses 21,845,556 43,958,341 2,461,902 2,969,283
Deferred
income tax
assets 121,743,381 173,464,942 63,419,521 58,267,494
Other
non-current
assets -- 68,943,706 -- --
Total
non-current
assets 85,474,306,319 92,814,490,887 60,004,658,145 58,215,936,623
TOTAL
ASSETS 102,265,826,500 109,941,959,626 70,211,776,653 68,443,629,731
Legal Person in charge of Person in charge of
representative: accounting function: accounting department:
Li Xiaopeng Zhou Hui Huang Lixin
HUANENG POWER INTERNATIONAL, INC.
UNAUDITED BALANCE SHEETS (PRC GAAP) (CONTINUED)
AS AT 31ST March, 2007
Amounts: In Rmb Yuan
31st 31st 31st 31st
March December March December
2007 2006 2007 2006
Consolidated Consolidated The Company The Company
LIABILITIES AND
SHAREHOLDERS’
EQUITY
CURRENT
LIABILITIES
Short-term
loans 8,308,506,814 8,161,909,781 3,473,000,000 3,422,750,000
Held-for-trading
financial
liability -- -- -- --
Notes payable 419,416,400 751,507,699 416,176,400 542,494,600
Accounts payable 1,741,042,781 1,276,992,234 1,140,864,358 765,329,899
Advance from
customers -- -- -- --
Salary and
welfare
payables 401,487,181 584,043,125 283,782,209 372,238,817
Taxes payables 683,445,189 1,191,782,771 323,713,216 666,037,521
Interest payable 189,613,828 195,642,558 136,466,456 119,863,967
Dividends payable -- -- -- --
Other payables 3,945,189,416 4,912,104,399 2,200,509,036 2,078,292,827
Current portion
of non-current
liabilities 2,849,183,156 3,331,954,866 1,059,718,583 1,085,447,233
Provisions 4,416,483 4,416,483 -- --
Other current
liabilities 5,342,269,187 5,233,590,021 5,257,470,336 5,177,272,291
Total current
Liabilities 23,884,570,435 25,643,943,937 14,291,700,594 14,229,727,155
NON-CURRENT
LIABILITIES
Long-term
loans 29,083,297,869 35,098,618,749 11,346,038,509 11,182,454,295
Long-term
bonds -- -- -- --
Long-term
payables -- -- -- --
Specific
payable 216,254,292 203,480,035 169,374,292 157,600,035
Deferred
income tax
liabilities 433,618,914 378,585,382 429,983,518 347,024,298
Other
non-current
liabilities -- 37,847,158 -- --
Total
non-current
liabilities 29,733,171,075 35,718,531,324 11,945,396,319 11,687,078,628
TOTAL
LIABILITIES 53,617,741,510 61,362,475,261 26,237,096,913 25,916,805,783
SHAREHOLDERS’
EQUITY
Share capital 12,055,383,440 12,055,383,440 12,055,383,440 12,055,383,440
Capital
surplus 10,436,102,918 9,929,681,615 10,435,502,918 9,929,681,615
Less:
Treasury
stock -- -- -- --
Surplus
reserves 5,470,468,342 5,470,468,342 5,470,468,342 5,470,468,342
Undistributed
profits 16,229,324,087 15,024,443,205 16,013,325,040 15,071,290,551
Minority
interests 4,456,806,203 6,099,507,763 -- --
Total
shareholders’
equity 48,648,084,990 48,579,484,365 43,974,679,740 42,526,823,948
TOTAL LIABILITIES
AND
SHAREHOLDERS’
EQUITY 102,265,826,500 109,941,959,626 70,211,776,653 68,443,629,731
Legal Person in charge of Person in charge of
representative: accounting function: accounting department:
Li Xiaopeng Zhou Hui Huang Lixin
HUANENG POWER INTERNATIONAL, INC.
UNAUDITED PROFIT AND LOSS ACCOUNTS (PRC GAAP)
FOR THE FIRST QUARTER ENDED 31ST March, 2007
Amounts: In Rmb Yuan
For the For the For the For the
first first first first
quarter quarter quarter quarter
ended ended ended ended
31st 31st 31st 31st
March, March, March, March,
2007 2006 2007 2006
Consolidated Consolidated The Company The Company
1.Revenues
from
operations 11,183,347,938 10,136,761,657 7,131,046,613 6,499,581,414
Less:
Cost of
operations (8,992,805,016)(7,805,042,141)(5,942,337,111)(5,280,070,179)
Tax and levies
on operations (35,764,284) (34,683,597) (2,967,540) (1,458,550)
Selling and
distribution
expenses -- -- -- --
General and
administrative
expenses (358,812,486) (331,205,795) (265,411,690) (247,562,408)
Financial
expenses (423,591,036) (376,018,251) (124,608,439) (118,977,268)
Loss on assets
impairment 112,716 (456,527) 134,414 (392,234)
Add:
Gains on the
change of
fair value 112,560,330 -- 112,560,330 --
Investment
income 132,695,899 111,106,246 132,284,805 111,077,459
Including:
Investment
income
in associates
and
jointly
controlled
entities 132,695,899 111,055,120 132,284,805 111,026,333
2. Operating
profit 1,617,744,061 1,700,461,592 1,040,701,382 962,198,234
Add: Non-operating
income 1,803,861 3,628,863 1,576,977 3,405,107
Less:
Non-operating:
expenses (1,876,248) (2,665,595) (1,635,961) (1,576,694)
Including:
gain/(loss)
on
disposal
of non-
current
assets -- (73,300) -- (73,300)
3. Profit before
taxation and
minority
interests 1,617,671,674 1,701,424,860 1,040,642,398 964,026,647
Less:
Income tax (262,752,597) (305,778,730) (98,607,909) (147,325,322)
1,354,919,077 1,395,646,130 942,034,489 816,701,325
4. Net profit
Attributable to:
Equity holders
Of
the Company 1,204,880,882 1,139,532,706 942,034,489 816,701,325
Minority
interests 150,038,195 256,113,424 -- --
5. Earnings per share
- Basic 0.10 0.09 0.08 0.07
- Diluted 0.10 0.09 0.08 0.07
Legal Person in charge of Person in charge of
representative: accounting function: accounting department:
Li Xiaopeng Zhou Hui Huang Lixin
For further information, please contact:
Ms. Meng Jing / Ms. Zhao Lin
Huaneng Power International, Inc.
Tel: +86-10-6649-1856 / 1866
Fax: +86-10-6649-1860
Email: ir@hpi.com.cn
Ms. Sally Wong / Ms. Christy Lai
Rikes Communications Limited
Tel: +852-2520-2201
Fax: +852-2520-2241
