Huaneng Power International, Inc. Net Profit for the First Three Quarters of 2014 Increases by 8.80%

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Oct 21, 2014, 10:44 ET

BEIJING, Oct. 21, 2014 /PRNewswire/ -- Huaneng Power International, Inc. ("HPI", the "Company") (NYSE: HNP; HKEx: 902; SSE: 600011) today announced its unaudited results for the nine months ended September 30, 2014.

Under the PRC GAAP, the Company realized consolidated operating revenue of RMB 94.627 billion for the first three quarters of 2014, representing a decrease of 4.65% over the same period last year. Consolidated net profit attributable to the shareholders of the Company was RMB 9.996 billion, representing an increase of 8.80% over the same period last year. The increase is mainly attributable to the decrease of domestic fuel costs compared with the same period last year.

Encl: The unaudited summary financial information of the Company for the nine months ended September 30, 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.

About the Company

The Company is one of China's largest listed power producers with controlled generation capacity of 67,394MW and equity-based generation capacity of 60,667MW 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. Erica Tao /Ms. Shiloh Xiang
Tel: (852) 2851 1038
Fax: (852) 2865 1638
Email: [email protected] / [email protected]

HUANENG POWER INTERNATIONAL, INC. UNAUDITED CONSOLIDATED BALANCE SHEETS (PRC GAAP) AS AT 30 SEPTEMBER, 2014 (Amounts expressed in thousands)
	As at 30 September, 2014		As at 31 December, 2013
	RMB	US$	RMB
ASSETS

CURRENT ASSETS
Cash	9,380,936	1,524,736	9,433,385
Derivative financial assets	84,546	13,742	91,727
Notes receivable	739,747	120,235	755,331
Accounts receivable	10,645,508	1,730,274	14,806,790
Advances to suppliers	1,140,073	185,302	434,953
Interest receivables	87	14	70
Dividends receivable	150,000	24,380	150,000
Other receivables	951,338	154,626	793,638
Inventories	6,740,812	1,095,622	6,469,026
Current portion of non-current assets	14,206	2,309	13,842
Other current assets	47,167	7,666	17,292
Assets held for sale	-	-	557,671
Total current assets	29,894,420	4,858,906	33,523,725
NON-CURRENT ASSETS
Available-for-sale financial assets	3,569,937	580,242	3,162,992
Derivative financial assets	13,045	2,120	14,245
Long-term receivables	724,085	117,690	726,214
Long-term equity investment	17,354,447	2,820,715	16,416,726
Fixed assets	159,482,090	25,921,510	160,926,056
Fixed assets pending for disposal	61,328	9,968	58,603
Construction-in-progress	23,326,871	3,791,446	18,877,533
Construction materials	2,984,179	485,035	2,678,280
Intangible assets	10,293,718	1,673,095	10,350,136
Goodwill	12,199,639	1,982,875	12,180,957
Long-term deferred expenses	166,121	27,001	150,245
Deferred income tax assets	1,023,928	166,425	762,561
Other non-current assets	745,530	121,174	446,580
Total non-current assets	231,944,918	37,699,296	226,751,128
TOTAL ASSETS	261,839,338	42,558,202	260,274,853

HUANENG POWER INTERNATIONAL, INC. UNAUDITED CONSOLIDATED BALANCE SHEETS (PRC GAAP) AS AT 30 SEPTEMBER, 2014 (Amounts expressed in thousands)
	As at 30 September, 2014		As at 31 December, 2013
	RMB	US$	RMB
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES Short-term loans	40,610,957	6,600,724	37,937,046
Derivative financial liabilities	186,456	30,306	43,591
Notes payable	645,377	104,897	103,385
Accounts payable	7,620,857	1,238,660	12,174,486
Advances from customers	93,296	15,164	147,799
Salary and welfare payables	218,121	35,452	188,837
Taxes payable	(173,074)	(28,131)	409,847
Interest payables	1,115,666	181,335	1,047,410
Dividends payable	968,254	157,376	166,270
Other payables	10,107,251	1,642,788	10,677,357
Current portion of non-current liabilities	13,269,002	2,156,685	18,487,606
Provision	201,276	32,715	182,188
Other current liabilities	15,647,855	2,543,332	15,565,630
Liabilities held for sale	-	-	51,172
Total current liabilities	90,511,294	14,711,303	97,182,624
NON-CURRENT LIABILITIES
Long-term loans	61,501,379	9,996,161	60,513,671
Derivative financial liabilities	351,278	57,095	383,405
Bonds payable	23,671,919	3,847,528	23,726,550
Long-term payables	1,091,469	177,403	208,820
Specific accounts payable	47,604	7,737	51,469
Deferred income tax liabilities	1,791,217	291,136	1,788,922
Other non-current liabilities	2,331,325	378,924	2,374,774
Total non-current liabilities	90,786,191	14,755,984	89,047,611
TOTAL LIABILITIES	181,297,485	29,467,287	186,230,235
SHAREHOLDERS' EQUITY Share capital	14,055,383	2,284,499	14,055,383
Capital surplus	16,937,464	2,752,940	16,662,522
Special reserves	63,540	10,328	45,806
Surplus reserves	7,131,700	1,159,155	7,131,700
Undistributed profits	29,322,957	4,766,023	24,669,611
Currency translation differences	(716,885)	(116,519)	(817,243)
Shareholder's equity attributable to
shareholders of the Company	66,794,159	10,856,426	61,747,779
Non-controlling interests	13,747,694	2,234,489	12,296,839
Total shareholders' equity	80,541,853	13,090,915	74,044,618
TOTAL LIABILITIES AND SHAREHOLDER'S
EQUITY	261,839,338	42,558,202	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=Rmb6.1525 announced by the People's Bank of China on September 30, 2014. No representation is made that Renminbi amounts could have been, or could be, converted into United States dollars at that rate as of September 30, 2014, or at any other certain rate.

HUANENG POWER INTERNATIONAL, INC. UNAUDITED CONSOLIDATED INCOME STATEMENTS (PRC GAAP) FOR THE THIRD QUARTER ENDED 30 SEPTEMBER, 2014 (Amounts expressed in thousands, except per share data)
	For the third quarter ended 30 September
	2014		2013
	RMB	US$	RMB
1. Operating revenue	94,627,497	15,380,333	99,237,917
Less:Operating cost	70,397,821	11,442,149	75,385,540
Tax and levies on operations	709,460	115,312	808,990
Selling expenses	3,221	524	7,788
General and administrative expenses	2,404,391	390,799	2,386,932
Financial expenses	5,551,513	902,318	5,666,363
Assets impairment loss	410,763	66,764	647,805
Add: (loss) on fair value changes of financial assets/liabilities	(425)	(69)	(967)
Investment income	1,237,302	201,105	697,056
Including: Investment income from associates and joint ventures	1,116,847	181,527	477,577
2. Operating profit	16,387,205	2,663,503	15,030,588
Add: Non-operating income	784,957	127,584	316,289
Including: gain on disposals of non-current assets	13,827	2,247	25,668
Less: Non-operating expenses	434,618	70,641	354,700
Including: Loss on disposals of non-current assets	314,869	51,177	227,998
3. Profit before taxation	16,737,544	2,720,446	14,992,177
Less: Income tax expense	4,397,538	714,757	3,842,504
4. Net profit	12,340,006	2,005,689	11,149,673
Attributable to:
Shareholders of the Company	9,995,550	1,624,632	9,186,673
Non-controlling interests	2,344,456	1,963,000	381,057
5. Earnings per share (based on the net profit attributable to shareholders of the Company) (expressed in RMB per share)
- Basic earnings per share	0.71	0.12	0.65
- Diluted earnings per share	0.71	0.12	0.65
6. Other comprehensive income (loss)	327,180	53,179	(345,098)
7. Total comprehensive income	12,667,186	2,058,868	10,804,575
Attributable to: Shareholders of the Company	10,322,657	1,677,799	8,842,290
Non-controlling interests	2,344,529	381,069	1,962,285