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

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Apr 23, 2013, 11:52 ET

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: [email protected]

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: [email protected] / [email protected] / [email protected] / [email protected] / [email protected]

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.