Huaneng Power International, Inc. 2015 First Quarterly Net Profit Attributable To Shareholders Increased By 21.02%

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Apr 21, 2015, 10:54 ET

BEIJING, April 21, 2015 /PRNewswire/ -- Huaneng Power International, Inc. ("HPI", or the "Company") (NYSE: HNP; HKEx: 902; SSE: 600011) today announced its unaudited results for the three months ended March 31, 2015.

Under the PRC GAAP, the Company realized consolidated operating revenue of RMB34.278 billion for the first quarter of 2015, representing a decrease of 6.42% over the same period last year. Consolidated net profit attributable to the shareholders of the Company was RMB5.034 billion, representing an increase of 21.02% over the same period last year. Without regard to the financial restatement for assets acquisition from parent company last year required under the PRC GAAP, the net profit attributable to the shareholders of the Company increased by 36.69% over the same period last year. The profit increase was mainly attributable to the year-on-year decrease of domestic fuel cost and acquisition of generation assets from parent company in 2014.

Encl: The unaudited summary financial information of the Company for the three months ended March 31, 2015. 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 the 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

Huaneng Power International, Inc. is one of China's largest listed power producers with controlled generation capacity of 78,693 MW and equity-based generation capacity of 70,736MW. Its power plants are located in 21 provinces, municipalities and autonomous regions in China. It 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. Erica Tao / Ms. Shiloh Xiang
Tel: (852) 2851 1038
Fax: (852) 2865 1638
Email: [email protected] / [email protected]

- tables to follow -

HUANENG POWER INTERNATIONAL, INC
UNAUDITED CONSOLIDATED INCOME STATEMENTS
(PRC GAAP)
FOR THE FIRST QUARTER ENDED 31 March, 2015
(Amounts expressed in thousands, except per share data)


		For the first quarter ended 31 March
	2015					2014
	RMB		US$			RMB
1. Operating revenue	34,277,583		5,580,669		36,630,791
Less: Operating cost	23,665,292		3,852,902		27,407,466
Tax and levies on operations	347,943		56,648		279,247
Selling expenses	992		162		1,104
General and administrative expenses	921,139		149,969		852,760
Financial expenses	1,910,412		311,031		2,051,633
Assets impairment loss	293		48		(59)
Add: (loss) on fair value changes of financial assets/liabilities	(28,911)		(4,707)		7,083
Investment income	344,468		56,084		256,106
Including: Investment income from associates and joint ventures	296,634			48,294		208,519
2. Operating profit	7,747,069			1,261,286		6,301,829
Add: Non-operating income	512,362		83,418		565,494
Including: gain on disposals of non-current assets	1,778		289		2,612
Less: Non-operating expenses	24,718		4,026		14,189
Including: Loss on disposals of non-current assets	11			2		2,450
3. Profit before taxation	8,234,713			1,340,678		6,853,134
Less: Income tax expense	2,005,038			326,436		1,693,930
4. Net profit	6,229,675			1,014,242		5,159,204
Attributable to:
Shareholders of the Company	5,034,089		819,591		4,159,784
Non-controlling interests	1,195,586		194,651		999,420
5. Earnings per share (based on the net profit attributable to shareholders of the Company)
(expressed in RMB per share)
- Basic earnings per share	0.35		0.06		0.30
- Diluted earnings per share	0.35		0.06		0.30
6. Other comprehensive income (loss)	(12,837)			(2,090)			267,073
7. Total comprehensive income	6,216,838			1,012,152			5,426,277
Attributable to:
Shareholders of the Company	5,021,592		817,556		4,426,567
Non-controlling interests	1,195,246		194,596		999,710

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=Rmb6.1422 announced by the People's Bank of China on March 31, 2015.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, 2015, or at any other certain rate

HUANENG POWER INTERNATIONAL, INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(PRC GAAP)
AS AT 31 MARCH, 2015
(Amounts expressed in thousands)


	31 March, 2015				31 December, 2014
	RMB	US$		RMB

ASSETS

CURRENT ASSETS
Cash	9,282,019	1,511,188		13,580,878
Derivative financial assets	140,645	22,898		261,135
Notes receivable	1,244,055	202,542		881,835
Accounts receivable	14,118,134	2,298,547		15,590,721
Advances to suppliers	926,996	150,922		759,747
Interest receivables	747	122		357
Dividends receivable	80,000	13,025		205,179
Other receivables	1,396,157	227,306		1,074,450
Inventories	6,615,852	1,077,114		7,409,681
Current portion of non-current assets	178,046	28,987		179,084
Other current assets	139,865		22,771		36,709
Total current assets	34,122,516		5,555,422		39,979,776
NON-CURRENT ASSETS
Available-for-sale financial assets	4,440,178	722,897		4,383,515
Derivative financial assets	68,169	11,098		40,598
Long-term receivables	509,895	83,015		530,840
Long-term equity investment	17,807,196	2,899,156		17,517,888
Fixed assets	186,065,054	30,292,901		188,277,382
Fixed assets pending for disposal	87,905	14,312		87,456
Construction-in-progress	24,035,627	3,913,195		21,751,943
Construction materials	2,940,629	478,758		3,387,861
Intangible assets	11,414,083	1,858,305		11,601,321
Goodwill	10,794,188	1,757,381		11,148,481
Long-term deferred expenses	156,415	25,466		166,055
Deferred income tax assets	1,045,118	170,154		1,115,232
Other non-current assets	892,029		145,230		892,509
Total non-current assets	260,256,486		42,371,868		260,901,081
TOTAL ASSETS	294,379,002		47,927,290		300,880,857

HUANENG POWER INTERNATIONAL, INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(PRC GAAP)
AS AT 31 MARCH, 2015
(Amounts expressed in thousands)
	As at			As at
	31 March, 2015				31 December, 2014
	RMB	US$		RMB

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term loans	51,966,306	8,460,536		46,626,004
Derivative financial liabilities	442,543	72,050		832,727
Notes payable	1,727,438	281,241		1,637,554
Accounts payable	9,232,790	1,503,173		11,380,689
Advances from customers	235,299	38,309		367,774
Salary and welfare payables	268,784	43,760		247,517
Taxes payable	(236,701)	(38,537)		(617,844)
Interest payables	1,021,217	166,262		1,162,367
Dividends payable	122,794	19,992		457,759
Other payables	16,093,102	2,620,088		14,963,223
Current portion of non-current liabilities	8,016,851	1,305,208		14,994,140
Provision	31,647	5,152		28,647
Short-term bonds payable	18,458,820	3,005,246		18,244,806
Other current liabilities	412,499		67,158		342,404
Total current liabilities	107,793,389		17,549,638		110,667,767
NON-CURRENT LIABILITIES
Long-term loans	70,474,521	11,473,824		70,660,512
Derivative financial liabilities	495,133	80,612		649,513
Bonds payable	22,760,934	3,705,665		22,725,535
Long-term payables	1,525,713	248,398		1,435,037
Long-term Salary and welfare payables	85,903	13,986		85,903
Specific accounts payable	46,002	7,489		45,024
Deferred income	2,521,253	410,481		2,555,018
Deferred income tax liabilities	1,618,687		263,535		1,595,025
Total non-current liabilities	99,528,146		16,203,990		99,751,567
TOTAL LIABILITIES	207,321,535		33,753,628		210,419,334
SHAREHOLDERS' EQUITY
Share capital	14,420,383	2,347,755		14,420,383
Capital surplus	14,346,463	2,335,721		23,993,711
Other comprehensive income (loss)	(1,032,891)	(168,162)		(1,020,395)
Including: Currency translation differences	(1,616,090)	(263,113)		(1,194,819)
Special reserves	36,989	6,022		39,606
Surplus reserves	7,242,594	1,179,153		7,242,594
Undistributed profits	35,351,104	5,755,447		30,317,015
Shareholder's equity attributable to shareholders of the Company	70,364,642	11,455,935		74,992,914
Non-controlling interests	16,692,825		2,717,727		15,468,609
Total shareholders' equity	87,057,467		14,173,662		90,461,523
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY	294,379,002		47,927,290		300,880,857

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=Rmb6.1422 announced by the People's Bank of China on March 31, 2015.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, 2015, or at any other certain rate.