Huaneng Power International, Inc.: 2014 First Quarter Net Profit Increasing 44.22% YOY

22 Apr, 2014, 09:15 ET from Huaneng Power International, Inc.

BEIJING, April 22, 2014 /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, 2014.

Under the PRC GAAP, the Company realized consolidated operating revenue of RMB32.825 billion for the first quarter of 2014, representing an increase of 2.14% over the same period last year. Consolidated net profit attributable to the shareholders of the Company was RMB3.683 billion, representing an increase of 44.22% over the same period last year. The increase is mainly attributable to the decrease of domestic coal price and increase of power generation compared with the same period last year.

Encl: The unaudited summary financial information of the Company for the three months ended March 31, 2014. 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.

HUANENG POWER INTERNATIONAL, INC.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(PRC GAAP)

AS AT 31 MARCH, 2014

(Amounts expressed in thousands)

ASSETS

As at 31 March, 2014

As at 31 December, 2013

RMB

US$

RMB

CURRENT ASSETS

Cash

9,233,214

1,500,823

9,433,385

Derivative financial assets

37,192

6,045

91,727

Notes receivable

1,098,922

178,626

755,331

Accounts receivable

14,038,855

2,281,961

14,806,790

Advances to suppliers

982,367

159,680

434,953

Interest receivables

1,976

321

70

Dividends receivable

150,000

24,382

150,000

Other receivables

932,512

151,576

793,638

Inventories

6,259,910

1,017,524

6,469,026

Current portion of non-current assets

14,483

2,354

13,842

Other current assets

33,656

5,471

17,292

Assets held for sale

-

-

557,671

Total current assets

32,783,087

5,328,763

33,523,725

NON-CURRENT ASSETS

Available-for-sale financial assets

1,486,120

241,563

1,627,778

Derivative financial assets

5,137

835

14,245

Long-term receivables

741,452

120,520

726,214

Long-term equity investment

18,242,018

2,965,169

17,951,940

Fixed assets

158,851,741

25,820,735

160,926,056

Fixed assets pending for disposal

62,416

10,145

58,603

Construction-in-progress

20,994,006

3,412,494

18,877,533

Construction materials

2,339,661

380,303

2,678,280

Intangible assets

10,447,125

1,698,140

10,350,136

Goodwill

12,434,970

2,021,256

12,180,957

Long-term deferred expenses

160,238

26,046

150,245

Deferred income tax assets

702,970

114,265

762,561

Other non-current assets

496,580

80,718

446,580

Total non-current assets

226,964,434

36,892,189

226,751,128

TOTAL ASSETS

259,747,521

42,220,952

260,274,853

 

HUANENG POWER INTERNATIONAL, INC.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(PRC GAAP)

AS AT 31 MARCH, 2014

(Amounts expressed in thousands)

LIABILITIES AND SHAREHOLDERS' EQUITY

As at 31 March, 2014

As at 31 December, 2013

RMB

US$

RMB

CURRENT LIABILITIES

Short-term loans

40,461,102

6,576,795

37,937,046

Derivative financial liabilities

48,391

7,866

43,591

Notes payable

80,933

13,155

103,385

Accounts payable

10,139,628

1,648,157

12,174,486

Advances from customers

48,150

7,827

147,799

Salary and welfare payables

201,584

32,767

188,837

Taxes payable

947,856

154,070

409,847

Interest payables

1,051,044

170,843

1,047,410

Dividends payable

163,270

26,539

166,270

Other payables

9,121,975

1,482,742

10,677,357

Current portion of non-current liabilities

20,013,710

3,253,151

18,487,606

Provision

196,922

32,009

182,188

Other current liabilities

10,541,309

1,713,449

15,565,630

Liabilities held for sale

-

-

51,172

Total current liabilities

93,015,874

15,119,370

97,182,624

NON-CURRENT LIABILITIES

Long-term loans

58,974,008

9,585,996

60,513,671

Derivative financial liabilities

343,893

55,898

383,405

Bonds payable

23,736,985

3,858,355

23,726,550

Long-term payables

223,577

36,342

208,820

Specific accounts payable

53,438

8,686

51,469

Deferred income tax liabilities

1,825,019

296,650

1,788,922

Other non-current liabilities

2,394,956

389,291

2,374,774

Total non-current liabilities

87,551,876

14,231,218

89,047,611

TOTAL LIABILITIES

180,567,750

29,350,588

186,230,235

SHAREHOLDERS' EQUITY

Share capital

14,055,383

2,284,648

14,055,383

Capital surplus

16,580,141

2,695,038

16,662,522

Special reserves

43,927

7,140

45,806

Surplus reserves

7,131,700

1,159,230

7,131,700

Undistributed profits

28,352,405

4,608,573

24,669,611

Currency translation differences

(419,886.00)

(68,251)

(817,243)

Shareholder's equity attributable to

shareholders of the Company

65,743,670

10,686,378

61,747,779

Non-controlling interests

13,436,101

2,183,986

12,296,839

Total shareholders' equity

79,179,771

12,870,364

74,044,618

TOTAL LIABILITIES AND SHAREHOLDER'S

EQUITY

259,747,521

42,220,952

260,274,853

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=Rmb6.1521 announced by the People's Bank of China on March 31, 2014.

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, 2014, or at any other certain rate.

 

HUANENG POWER INTERNATIONAL, INC.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(PRC GAAP)

AS AT 31 MARCH, 2014

(Amounts expressed in thousands)

For the first quarter ended 31 March

2014

2013

RMB

US$

RMB

1. Operating revenue

32,825,135

5,335,598

32,136,096

Less:Operating cost

24,708,031

4,016,195

24,944,125

Tax and levies on operations

246,263

40,029

252,015

Selling expenses

1,104

179

5,088

General and administrative expenses

769,212

125,032

773,509

Financial expenses

1,847,220

300,258

1,933,835

Assets impairment loss

(59.00)

(10.00)

(376.00)

Add:   Income (loss) on fair value changes of financial assets/liabilities

7,083

1,151

(1,413)

Investment income

255,485

41,527

105,677

Including: Investment income from associates and a jointly

controlled entities

207,899

33,793

98,245

2. Operating profit

5,515,932

896,593

4,332,164

Add:  Non-operating income

563,143

91,537

54,774

Including: gain on disposals of

non-current assets

2,612

425

4,414

Less:Non-operating expenses

13,358

2,171

21,181

Including: Loss on disposals of

non-current assets

2,402

390

835

3. Profit before taxation

6,065,717

985,959

4,365,757

Less: Income tax expense

1,501,964

244,139

1,075,503

4. Net profit

4,563,753

741,820

3,290,254

Attributable to:

Shareholders of the Company

3,682,793

598,624

2,553,658

Non-controlling interests

880,960

143,197

736,596

5. Earnings per share (based on the net profit  attributable to shareholders of the Company)

expressed in RMB per share

- Basic earnings per share

0.26

0.04

0.18

- Diluted earnings per share

0.26

0.04

0.18

6. Other comprehensive income (loss)

267,073

43,412

(18,640)

7. Total comprehensive income

4,830,826

785,232

3,271,614

Attributable to:

Shareholders of the Company

3,949,576

641,988

2,535,303

Non-controlling interests

881,250

143,244

736,311

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=Rmb6.1521 announced by the People's Bank of China on March 31, 2014. 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, 2014, 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. Abbey Zhao / Ms. Erica Tao / Ms. Shine Li / Ms. Irene Gao

Tel:

852) 2851 1038

Fax:

(852) 2865 1638

Email:

abbeyzhao@wsfg.hk / ericatao@wsfg.hk / shineli@wsfg.hk / irenegao@wsfg.hk

SOURCE Huaneng Power International, Inc.