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

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Apr 22, 2014, 09:15 ET

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:	[email protected]

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]