BEIJING, April 23, 2013 /PRNewswire/ -- Huaneng Power International, Inc. ("HPI", the "Company") (NYSE: HNP; HKEx: 902; SSE: 600011) today announced its unaudited results for the three months ended March 31, 2013.
Under the PRC GAAP, the Company realized consolidated operating revenue of RMB32.136 billion for the first quarter of 2013, representing a decrease of 6.20% over the same period last year. Consolidated net profit attributable to the shareholders of the Company was RMB2.554 billion, representing an increase of 177.77% over the same period last year. The increase is mainly attributable to the decrease of fuel cost compared with the same period last year.
Unit 3 of Huaneng Jinling Combined Cycle Cogeneration Power Plant (191 MW) (of which the Company has 51% equity interest) has recently completed trial run. To-date, the controlled generation capacity of the Company has increased to 66,150 MW, and the equity-based power generation capacity has increased to 59,058 MW.
Encl: The unaudited summary financial information of the Company for the three months ended March 31, 2013. The summary financial information is published under the listing regulations of the China Securities Regulatory Commission. The summary financial information was prepared in accordance with "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.
About the Company
The Company is one of China's largest listed power producers with controlled generation capacity of 66,150 MW and equity-based generation capacity of 59,058 MW. The power plants of the Company are located in 19 provinces, municipalities and autonomous regions in China. The Company also has a wholly-owned power company in Singapore.
For enquiries, please contact:
Huaneng Power International, Inc.
Ms. MENG Jing / Ms. ZHAO Lin
Tel: (8610) 6608 6765 / 6322 6596
Fax: (8610) 6641 2321
Email: zqb@hpi.com.cn
Wonderful Sky Financial Group Limited
Ms. Linda Wong / Ms. Olive Zhang/ Ms. Erica Tao / Ms. Irene Gao /Ms. Shine Li
Tel: (852) 2851 1038
Fax: (852) 2865 1638
Email: lindawong@wsfg.hk / olivezhang@wsfg.hk / ericatao@wsfg.hk / irenegao@wsfg.hk / shineli@wsfg.hk
HUANENG POWER INTERNATIONAL, INC. | |||
UNAUDITED CONSOLIDATED BALANCE SHEETS | |||
AS AT 31 MARCH, 2013 | |||
(Amounts expressed in thousands) | |||
As at | As at | ||
RMB | US$ | RMB | |
ASSETS | |||
CURRENT ASSETS | |||
Cash | 11,113,842 | 1,772,854 | 10,624,497 |
Held for trading financial assets | - | - | 93,753 |
Derivative financial assets | 64,621 | 10,308 | 55,268 |
Notes receivable | 762,214 | 121,587 | 357,590 |
Accounts receivable | 13,911,857 | 2,219,186 | 14,942,374 |
Advances to suppliers | 1,073,372 | 171,222 | 1,010,888 |
Interest receivables | 458 | 73 | 65 |
Dividends receivable | 50,000 | 7,976 | 50,000 |
Other receivables | 1,096,633 | 174,932 | 939,847 |
Inventories | 7,439,615 | 1,186,750 | 7,022,384 |
Current portion of non-current assets | 14,368 | 2,292 | 13,745 |
Other current assets | 39,327 | 6,273 | 34,661 |
Total current assets | 35,566,307 | 5,673,453 | 35,145,072 |
NON-CURRENT ASSETS | |||
Available-for-sale financial assets | 1,913,669 | 305,264 | 1,769,435 |
Derivative financial assets | 16,016 | 2,555 | 13,723 |
Long-term receivables | 811,308 | 129,418 | 823,941 |
Long-term equity investment | 15,833,981 | 2,525,799 | 15,653,316 |
Fixed assets | 160,683,773 | 25,631,893 | 159,363,081 |
Fixed assets pending for disposal | 94,174 | 15,022 | 93,245 |
Construction-in-progress | 15,366,672 | 2,451,255 | 17,947,373 |
Construction materials | 908,365 | 144,900 | 708,874 |
Intangible assets | 10,269,782 | 1,638,211 | 10,362,011 |
Goodwill | 13,641,215 | 2,176,014 | 13,839,913 |
Long-term deferred expenses | 159,894 | 25,506 | 158,096 |
Deferred income tax assets | 595,477 | 94,989 | 672,840 |
Other non-current assets | 311,301 | 49,658 | 310,949 |
Total non-current assets | 220,605,627 | 35,190,484 | 221,716,797 |
TOTAL ASSETS | 256,171,934 | 40,863,937 | 256,861,869 |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
CURRENT LIABILITIES | |||
Short-term loans | 23,404,871 | 3,733,489 | 27,442,076 |
Derivative financial liabilities | 46,931 | 7,486 | 88,641 |
Notes payable | 2,409 | 384 | 54,874 |
Accounts payable | 8,559,728 | 1,365,427 | 7,299,387 |
Advances from customers | 74,208 | 11,837 | 161,329 |
Salary and welfare payables | 196,472 | 31,341 | 217,967 |
Taxes payable | 584,815 | 93,288 | (207,186) |
Interest payables | 844,068 | 134,644 | 897,839 |
Dividends payable | 66,091 | 10,543 | 70,839 |
Other payables | 9,610,525 | 1,533,048 | 10,246,266 |
Current portion of non-current liabilities | 8,991,921 | 1,434,370 | 9,056,703 |
Provision | 163,512 | 26,083 | 157,263 |
Other current liabilities | 36,068,004 | 5,753,483 | 35,796,676 |
Total current liabilities | 88,613,555 | 14,135,423 | 91,282,674 |
NON-CURRENT LIABILITIES | |||
Long-term loans | 69,834,589 | 11,139,847 | 72,564,824 |
Derivative financial liabilities | 751,893 | 119,940 | 837,005 |
Bonds payable | 24,400,011 | 3,892,232 | 22,884,688 |
Long-term payables | 203,671 | 32,489 | 255,889 |
Specific accounts payable | 50,052 | 7,984 | 50,865 |
Deferred income tax liabilities | 1,785,121 | 284,758 | 1,776,203 |
Other non-current liabilities | 2,262,685 | 360,939 | 2,291,481 |
Total non-current liabilities | 99,288,022 | 15,838,189 | 100,660,955 |
TOTAL LIABILITIES | 187,901,577 | 29,973,612 | 191,943,629 |
SHAREHOLDERS' EQUITY | |||
Share capital | 14,055,383 | 2,242,081 | 14,055,383 |
Less: Treasury Stock | - | - | - |
Capital surplus | 17,244,274 | 2,750,766 | 17,034,532 |
Special reserves | 51,408 | 8,200 | 37,496 |
Surplus reserves | 7,131,700 | 1,137,632 | 7,131,700 |
Undistributed profits | 19,704,387 | 3,143,197 | 17,357,616 |
Currency translation differences | (260,339) | (41,529) | (35,937) |
Shareholder's equity attributable to shareholders of the Company | |||
57,926,813 | 9,240,347 | 55,580,790 | |
Non-controlling interests | 10,343,544 | 1,649,978 | 9,337,450 |
Total shareholders' equity | 68,270,357 | 10,890,325 | 64,918,240 |
TOTAL LIABILITIES AND SHAREHOLDER'S | |||
EQUITY | 256,171,934 | 40,863,937 | 256,861,869 |
For the convenience of the reader, translation of amounts from Renminbi (Rmb) into United States dollars (US$) has been made at the rate of US$1.00=Rmb6.2689 announced by the People's Bank of China on March 29, 2013. No representation is made that Renminbi amounts could have been, or could be, converted into United States dollars at that rate as of March 31, 2013, or at any other certain rate. | |||
HUANENG POWER INTERNATIONAL, INC. | |||
FOR THE FIRST QUARTER ENDED 31 MARCH, 2013 | |||
(Amounts expressed in thousands, except per share data) | |||
For the first quarter ended 31 March | |||
2013 | 2012 | ||
RMB | US$ | RMB | |
1. Operating revenue | 32,136,096 | 5,126,274 | 34,261,273 |
Less:Operating cost | 24,944,125 | 3,979,027 | 29,787,487 |
Tax and levies on operations | 252,015 | 40,201 | 164,177 |
Selling expenses | 5,088 | 812 | 1,895 |
General and administrative expenses | 773,509 | 123,388 | 710,198 |
Financial expenses | 1,933,835 | 308,481 | 2,301,864 |
Assets impairment loss (reversal) | (376) | (60) | (641) |
Add: Income (loss) on fair value changes of | (1,413) | (225) | (326) |
Investment income | 105,677 | 16,857 | 263,978 |
Including: Investment income from | 98,245 | 15,672 | 143,400 |
2. Operating profit | 4,332,164 | 691,057 | 1,559,945 |
Add: Non-operating income | 54,774 | 8,737 | 92,388 |
Less:Non-operating expenses | 21,181 | 3,379 | 6,086 |
Including: Loss on disposals of | 835 | 133 | 1,280 |
3. Profit before taxation | 4,365,757 | 696,415 | 1,646,247 |
Less: Income tax expense | 1,075,503 | 171,562 | 485,180 |
4. Net profit | 3,290,254 | 524,853 | 1,161,067 |
Attributable to: | |||
Shareholders of the Company | 2,553,658 | 407,353 | 919,359 |
Non-controlling interests | 736,596 | 117,500 | 241,708 |
5. Earnings per share (based on the net profit | |||
(expressed in RMB per share) | |||
- Basic earnings per share | 0.18 | 0.03 | 0.07 |
- Diluted earnings per share | 0.18 | 0.03 | 0.07 |
6. Other comprehensive income (loss) | (18,640) | (2,973) | 509,026 |
7. Total comprehensive income | 3,271,614 | 521,880 | 1,670,093 |
Attributable to: | |||
Shareholders of the Company | 2,535,303 | 404,425 | 1,427,542 |
Non-controlling interests | 736,311 | 117,455 | 242,551 |
For the convenience of the reader, translation of amounts from Renminbi (Rmb) into United States dollars (US$) has been made at the rate of US$1.00=Rmb6.2689 announced by the People's Bank of China on March 29, 2013. No representation is made that Renminbi amounts could have been, or could be, converted into United States dollars at that rate as of March 31, 2013, or at any other certain rate. | |||
