2014

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

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.



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