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. |
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| UNAUDITED CONSOLIDATED BALANCE SHEETS |
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| (PRC GAAP) |
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| AS AT 31 MARCH, 2014 |
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| (Amounts expressed in thousands) |
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| ASSETS |
As at |
As at |
||
| 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 |
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| 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. |
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| UNAUDITED CONSOLIDATED BALANCE SHEETS |
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| (PRC GAAP) |
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| AS AT 31 MARCH, 2014 |
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| (Amounts expressed in thousands) |
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| LIABILITIES AND SHAREHOLDERS' EQUITY |
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| As at |
As at |
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| RMB |
US$ |
RMB |
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| CURRENT LIABILITIES |
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| Short-term loans |
40,461,102 |
6,576,795 |
37,937,046 |
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| Derivative financial liabilities |
48,391 |
7,866 |
43,591 |
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| Notes payable |
80,933 |
13,155 |
103,385 |
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| Accounts payable |
10,139,628 |
1,648,157 |
12,174,486 |
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| Advances from customers |
48,150 |
7,827 |
147,799 |
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| Salary and welfare payables |
201,584 |
32,767 |
188,837 |
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| Taxes payable |
947,856 |
154,070 |
409,847 |
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| Interest payables |
1,051,044 |
170,843 |
1,047,410 |
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| Dividends payable |
163,270 |
26,539 |
166,270 |
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| Other payables |
9,121,975 |
1,482,742 |
10,677,357 |
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| Current portion of non-current liabilities |
20,013,710 |
3,253,151 |
18,487,606 |
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| Provision |
196,922 |
32,009 |
182,188 |
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| Other current liabilities |
10,541,309 |
1,713,449 |
15,565,630 |
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| Liabilities held for sale |
- |
- |
51,172 |
|||
| Total current liabilities |
93,015,874 |
15,119,370 |
97,182,624 |
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| NON-CURRENT LIABILITIES |
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| Long-term loans |
58,974,008 |
9,585,996 |
60,513,671 |
|||
| Derivative financial liabilities |
343,893 |
55,898 |
383,405 |
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| Bonds payable |
23,736,985 |
3,858,355 |
23,726,550 |
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| Long-term payables |
223,577 |
36,342 |
208,820 |
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| Specific accounts payable |
53,438 |
8,686 |
51,469 |
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| Deferred income tax liabilities |
1,825,019 |
296,650 |
1,788,922 |
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| Other non-current liabilities |
2,394,956 |
389,291 |
2,374,774 |
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| Total non-current liabilities |
87,551,876 |
14,231,218 |
89,047,611 |
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| TOTAL LIABILITIES |
180,567,750 |
29,350,588 |
186,230,235 |
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| SHAREHOLDERS' EQUITY |
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| Share capital |
14,055,383 |
2,284,648 |
14,055,383 |
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| Capital surplus |
16,580,141 |
2,695,038 |
16,662,522 |
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| Special reserves |
43,927 |
7,140 |
45,806 |
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| Surplus reserves |
7,131,700 |
1,159,230 |
7,131,700 |
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| Undistributed profits |
28,352,405 |
4,608,573 |
24,669,611 |
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| Currency translation differences |
(419,886.00) |
(68,251) |
(817,243) |
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| Shareholder's equity attributable to |
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| shareholders of the Company |
65,743,670 |
10,686,378 |
61,747,779 |
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| Non-controlling interests |
13,436,101 |
2,183,986 |
12,296,839 |
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| Total shareholders' equity |
79,179,771 |
12,870,364 |
74,044,618 |
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| TOTAL LIABILITIES AND SHAREHOLDER'S |
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| EQUITY |
259,747,521 |
42,220,952 |
260,274,853 |
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| 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$1.00=Rmb6.1521 announced by the People's Bank of China on March 31, 2014. No representation is made that Renminbi amounts could have been, or could be, converted into United States dollars at that rate as of March 31, 2014, or at any other certain rate. |
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| HUANENG POWER INTERNATIONAL, INC. |
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| UNAUDITED CONSOLIDATED BALANCE SHEETS |
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| (PRC GAAP) |
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| AS AT 31 MARCH, 2014 |
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| (Amounts expressed in thousands) |
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| For the first quarter ended 31 March |
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| 2014 |
2013 |
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| RMB |
US$ |
RMB |
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| 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 |
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| 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 |
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| non-current assets |
2,612 |
425 |
4,414 |
|
| Less:Non-operating expenses |
13,358 |
2,171 |
21,181 |
|
| Including: Loss on disposals of |
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| 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: |
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| 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 |
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| （expressed in RMB per share） |
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| - 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: |
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| 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. |
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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: |
|
| 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: |
[email protected] / [email protected] / [email protected] / [email protected] |
SOURCE Huaneng Power International, Inc.
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