Huaneng Power International, Inc. 2013 First Quarter Net Profit Increasing 177.77% YOY

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
(PRC GAAP)

AS AT 31 MARCH, 2013


(Amounts expressed in thousands)



As at
31 March, 2013

As at
31 December, 2012


 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.
UNAUDITED CONSOLIDATED INCOME STATEMENTS (PRC GAAP)




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
                  financial assets/liabilities

(1,413)

(225)

(326)

               Investment income

105,677

16,857

263,978

               Including: Investment income from
                               associates and a jointly
                               controlled entities

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
                             non-current assets

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
       attributable to shareholders of the
       Company)




      (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.

 

 

SOURCE Huaneng Power International, Inc.




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