BEIJING, March 19, 2014 /PRNewswire/ -- Huaneng Power International, Inc. ("HPI" or the "Company") (NYSE: HNP; HKEx: 902; SSE: 600011) today announced its audited annual operating results for the twelve months ended December 31, 2013 prepared under the International Financial Reporting Standards, in which the Company recorded consolidated operating revenue of RMB133.833 billion (equivalent to approximately USD21.951 billion, based on the exchange rate of USD1 to RMB6.0969 as of December 31, 2013), representing a decrease of 0.10% over 2012, and net profit attributable to equity holders of the Company of RMB 10.426 billion (equivalent to approximately USD1.710 billion), representing an increase of 89.14% over 2012. Earnings per share amounted to RMB 0.74 (equivalent to approximately USD0.12), and earnings per ADS amounted to RMB29.60 (equivalent to approximately USD 4.85). The Board is satisfied with the Company's operating results in 2013.
The Board of the Company proposed to declare a cash dividend of RMB 0.38 (inclusive of tax) for each ordinary share of the Company held by shareholders for the year of 2013.
In 2013, the Company had made new progress in many aspects, including power generation, operation, energy saving and environmental protection, management improvement, project development. In respect of domestic business, the Company overcame difficulties posed by intensified competition in the electricity market, strived to explore markets, increased power generation, adjusted fuel procurement strategy, fostered strict control over fuel costs, thereby delivering record high operating results. Concurrently, the Company managed to fulfill the duties of providing sufficient, reliable and green energy to the society.
In 2013, total power generated by the Company's operating power plants in China amounted to 317.481 billion kWh, representing an increase of 4.98% year-on-year. The electricity sold aggregated to 300.003 billion kWh, representing an increase of 5.10% year-on-year. The annual average utilization hours of the Company's domestic generating plants reached 5,036 hours, of which the utilization hours of the thermal units reached 5,089 hours, which was 77 hours higher than the average utilization hours of thermal units in China.
The Company purchased a total of 134 million tons of natural coal. Through adopting two strategies, namely enhancing long term cooperation with major suppliers and increasing the imported coal, the coal supply structure was further improved, thus the fuel cost was effectively controlled. The fuel costs per unit of power sold of the Company's domestic power plants were RMB 218.59 per MWh, representing a decrease of 12.50% compared to last year.
The Company led the industry in terms of technical, economic and energy consumption indicators. The average equivalent availability ratio of the Company's domestic power plants was 94.53%, and its weighted average house consumption rate was 5.28%. The Company's average coal consumption rate for the power generated was 291.26 grams/kWh, which is 1.69 grams/kWh lower than that of the same period last year. The Company's average coal consumption rate for power sold was 308.26 grams/kWh, representing a decrease of 2.08 grams/kWh from that of the same period last year. At the same time, the Company continued to intensify the technological renovation of the existing units, proceeded with the desulfurization and denitration of the thermal units as scheduled and proactively updated the flue gas dust removal devices of coal-fired units, with a view to enhancing the Company's performance in energy-saving and environmental protection and securing the leading market position, and achieving the goal of "green development".
The controlled generating capacity of the newly commissioned domestic coal-fired, gas turbine and wind generating units of the Company was 3,072 MW, 382 MW and 48 MW, respectively. As of 18 March 2014, the Company's controlled and equity-based generating capacity was 66,795 MW and 59,993 MW, respectively.
In 2013, Tuas Power Ltd. ("Tuas Power"), a wholly-owned subsidiary of the Company in Singapore, maintained safe and stable operation of the generation units throughout the year. In conjunction with commencement of operation of Phase I (101 MW) of Tembusu Multi-Utility Complex Project and No.5 combined cycle unit of Tuas Power (405.9 MW), the total market share of Tuas Power in the power generation market for the whole year was 20.6%, representing a decrease of 4.6 percentage points, thereby realizing a net profit attributable to shareholders of the Company of RMB 0.113 billion, which represented a decrease of 89.16%. It was mainly attributable to the increase of newly operated generation units in the electricity market of Singapore, which intensified competitions in the power and gas market, resulting in a decline in return levels in power generation business in 2013. The Company made goodwill impairment provision for overseas projects.
In 2013, the Company delivered promising performance in the capital market. The Company was included as one of the constituent stocks of Hang Seng China 50 Index and was awarded the "Best Listed Company Award" of the China Securities Golden Bauhinia Awards 2013. The Company has been on the league table of "Platts Top 250 Global Energy Listed Companies Award" for five years and ranked 96th for the year, which is much higher than that of last year.
In 2014, the Company will further pursue improvement in efficiency, structural adjustment, management enhancement, stability and efficiency of profitability, sustainability and its leading competitive edge in the sector. The Company will strive to realize an annual power generation of 325 billion kWh at the Company's domestic power plants, and attain a utilization hour of 5,000 hours.
The Company will strengthen the competitiveness of marketing activities and optimize the production, operation and administration systems; insist in fostering the establishment of a stable and reliable fuel supply system; enhance the operation and management of the Tuas Power and endeavor to extend its market share; thus creating long term, stable and increasing returns for shareholders of the Company.
~ End ~
Encl: The 2013 consolidated financial information of the Company and its subsidiaries prepared under IFRS.
HUANENG POWER INTERNATIONAL, INC. | ||||||
CONSOLIDATED BALANCE SHEET | ||||||
AS AT DECEMBER 31, 2013 | ||||||
(Amounts expressed in thousands) | ||||||
As at | As at | |||||
December 31, 2013 | December 31, 2012 | |||||
RMB | US$ | RMB | ||||
ASSETS | ||||||
Non-current assets | ||||||
Property, plant and equipment | 181,415,181 | 29,755,315 | 177,013,627 | |||
Investments in associates | 16,678,694 | 2,735,602 | 14,596,771 | |||
Available-for-sale financial assets | 3,111,164 | 510,286 | 3,052,822 | |||
Land use rights | 4,491,285 | 736,651 | 4,297,183 | |||
Power generation licence | 3,837,169 | 629,364 | 4,084,506 | |||
Mining rights | 1,922,655 | 315,350 | 1,922,655 | |||
Deferred income tax assets | 652,358 | 106,998 | 532,387 | |||
Derivative financial assets | 14,245 | 2,336 | 13,723 | |||
Goodwill | 12,758,031 | 2,092,544 | 14,417,543 | |||
Other non-current assets | 3,165,067 | 519,128 | 3,082,894 | |||
Total non-current assets | 228,045,849 | 37,403,574 | 223,014,111 | |||
Current assets | ||||||
Inventories | 6,469,026 | 1,061,035 | 7,022,384 | |||
Other receivables and assets | 2,072,981 | 340,005 | 2,990,395 | |||
Accounts receivable | 15,562,121 | 2,552,465 | 15,299,964 | |||
Trading securities | - | - | 93,753 | |||
Derivative financial assets | 91,727 | 15,045 | 55,268 | |||
Bank balances and cash | 9,433,385 | 1,547,243 | 10,624,497 | |||
Assets held for sale | 557,671 | 91,468 | - | |||
Total current assets | 34,186,911 | 5,607,261 | 36,086,261 | |||
Total assets | 262,232,760 | 43,010,835 | 259,100,372 | |||
As at | As at | |||||
December 31, 2013 | December 31, 2012 | |||||
RMB | US$ | RMB | ||||
EQUITY AND LIABILITIES | ||||||
Capital and reserves attributable to equity | ||||||
holders of the Company | ||||||
Share capital | 14,055,383 | 2,305,333 | 14,055,383 | |||
Capital surplus | 17,347,068 | 2,845,228 | 17,719,077 | |||
Surplus reserves | 7,085,454 | 1,162,140 | 7,085,454 | |||
Currency translation differences | (817,243) | (134,042) | (35,937) | |||
Retained earnings | ||||||
-Proposed dividend | 5,341,046 | 876,027 | 2,951,631 | |||
-Others | 19,438,957 | 3,188,334 | 14,354,526 | |||
62,450,665 | 10,243,020 | 56,130,134 | ||||
Non-controlling interests | 12,742,309 | 2,089,965 | 9,830,208 | |||
Total equity | 75,192,974 | 12,332,985 | 65,960,342 | |||
Non-current liabilities | ||||||
Long-term loans | 60,513,671 | 9,925,318 | 72,564,824 | |||
Long-term bonds | 23,726,550 | 3,891,576 | 22,884,688 | |||
Deferred income tax liabilities | 2,032,417 | 333,353 | 2,011,729 | |||
Derivative financial liabilities | 383,405 | 62,885 | 837,005 | |||
Other non-current liabilities | 1,404,898 | 230,428 | 1,247,464 | |||
Total non-current liabilities | 88,060,941 | 14,443,560 | 99,545,710 | |||
Current liabilities | ||||||
Accounts payable and other liabilities | 25,321,374 | 4,153,155 | 19,992,901 | |||
Taxes payable | 1,647,925 | 270,289 | 1,275,430 | |||
Dividends payable | 166,270 | 27,271 | 70,839 | |||
Salary and welfare payables | 188,837 | 30,973 | 217,967 | |||
Derivative financial liabilities | 43,591 | 7,150 | 88,641 | |||
Short-term bonds | 15,135,024 | 2,482,413 | 35,449,763 | |||
Short-term loans | 37,937,046 | 6,222,350 | 27,442,076 | |||
Current portion of long-term loans | 12,796,956 | 2,098,928 | 9,056,703 | |||
Current portion of long-term bonds | 5,690,650 | 933,368 | - | |||
Liabilities held for sale | 51,172 | 8,393 | - | |||
Total current liabilities | 98,978,845 | 16,234,290 | 93,594,320 | |||
Total liabilities | 187,039,786 | 30,677,850 | 193,140,030 | |||
Total equity and liabilities | 262,232,760 | 43,010,835 | 259,100,372 | |||
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$1.00=Rmb6.0969 announced by the People's Bank of China on December 31, 2013. No representation is made that Renminbi amounts could have been, or could be, converted into United States dollars at that rate as at December 31, 2013, or at any other certain rate. | ||||||
HUANENG POWER INTERNATIONAL, INC. | ||||||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | ||||||
(Amounts expressed in thousands, except per share data) | ||||||
For the year ended December 31, | ||||||
2013 | 2012 | |||||
RMB | US$ | RMB | ||||
Operating revenue | 133,832,875 | 21,950,971 | 133,966,659 | |||
Tax and levies on operations | (1,043,855) | (171,211) | (672,040) | |||
Operating expenses | ||||||
Fuel | (73,807,817) | (12,105,794) | (82,355,449) | |||
Maintenance | (3,856,975) | (632,612) | (2,846,521) | |||
Depreciation | (11,293,522) | (1,852,338) | (11,032,748) | |||
Labor | (5,762,884) | (945,215) | (5,112,484) | |||
Service fees on transmission and | (140,771) | (23,089) | (140,771) | |||
Purchase of electricity | (4,955,603) | (812,807) | (7,101,878) | |||
Others | (8,860,409) | (1,453,266) | (7,747,828) | |||
Total operating expenses | (108,677,981) | (17,825,121) | (116,337,679) | |||
Profit from operations | 24,111,039 | 3,954,639 | 16,956,940 | |||
Interest income | 170,723 | 28,002 | 175,402 | |||
Financial expenses, net | ||||||
Interest expense | (7,787,472) | (1,277,284) | (8,897,097) | |||
Exchange gain/(loss) and bank charges, net | 94,109 | 15,436 | (166,778) | |||
Total financial expenses, net | (7,693,363) | - | (1,261,848) | (9,063,875) | ||
Share of profits of associates and joint ventures | 615,083 | 100,885 | 622,358 | |||
Loss on fair value changes of financial assets/liabilities | (5,701) | (935) | (1,171) | |||
Other investment income | 224,908 | 36,888 | 187,131 | |||
Profit before income tax expense | 17,422,689 | 2,857,631 | 8,876,785 | |||
Income tax expense | (4,522,671) | (741,799) | (2,510,370) | |||
Net profit | 12,900,018 | - | 2,115,832 | 6,366,415 | ||
For the year ended December 31, | ||||||
2013 | 2012 | |||||
RMB | US$ | RMB | ||||
Other comprehensive (loss)/income, net of tax | ||||||
Items that may be reclassified subsequently to profit or loss: | ||||||
Fair value changes of available-for-sale | (106,244) | (17,426) | 98,516 | |||
Share of other comprehensive (loss)/income | (35,481) | (5,820) | 30,070 | |||
Effective portion of cash flow hedges | 417,891 | 68,542 | (325,375) | |||
Translation differences of the financial | (782,063) | (128,272) | 536,231 | |||
Other comprehensive (loss)/income, net of tax | (505,897) | (82,976) | 339,442 | |||
Total comprehensive income | 12,394,121 | 2,032,856 | 6,705,857 | |||
Net profit attributable to: | ||||||
- Equity holders of the Company | 10,426,024 | 1,710,053 | 5,512,454 | |||
- Non-controlling interests | 2,473,994 | 405,779 | 853,961 | |||
12,900,018 | 2,115,832 | 6,366,415 | ||||
Total comprehensive income attributable to: | ||||||
- Equity holders of the Company | 9,920,884 | 1,627,201 | 5,850,701 | |||
- Non-controlling interests | 2,473,237 | 405,655 | 855,156 | |||
12,394,121 | 2,032,856 | 6,705,857 | ||||
Earnings per share attributable to the | ||||||
equity holders of the Company | ||||||
(expressed in RMB per share) | ||||||
- Basic and diluted | 0.74 | 0.12 | 0.39 | |||
Dividends paid | 2,951,631 | 484,120 | 702,867 | |||
Proposed dividend | 5,341,046 | 876,027 | 2,951,631 | |||
Proposed dividend per share | ||||||
(expressed in RMB per share) | 0.38 | 0.06 | 0.21 | |||
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=Rmb6.0969 announced by the People's Bank of China on December 31, 2013. No representation is made that Renminbi amounts could have been, or could be, converted into United States dollars at that rate as at December 31, 2013, or at any other certain rate. | ||||||
About the Company
The Company is one of China's largest listed power producers with controlled generation capacity of 66,795MW and equity-based generation capacity of 59,993MW currently. 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. Olive Zhang/ Ms. Erica Tao / Ms. Shine Li/Ms. Irene Gao
Tel: (852) 2851 1038
Fax: (852) 2865 1638
Email: olivezhang@wsfg.hk / ericatao@wsfg.hk / shineli@wsfg.hk / irenegao@wsfg.hk
