Huaneng Power International, Inc. Net Profit for the First Three Quarters of 2015 Increases by 16.74%

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20 Oct, 2015, 10:58 ET

BEIJING, Oct. 20, 2015 /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, 2015.

Under the PRC GAAP, the Company realized consolidated operating revenue of RMB 97.249 billion for the first three quarters of 2015, representing a decrease of 7.98% over the same period last year. Consolidated net profit attributable to the shareholders of the Company was RMB 13.235 billion, representing an increase of 16.74% 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 32.41% 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 nine months ended September 30, 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 "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 Huaneng Power International, Inc.

Huaneng Power International, Inc. is one of China's largest listed power producers with controlled generation capacity of 81,132 MW and equity-based generation capacity of 72,375MW. 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 Enquires, Please Contact

Huaneng Power International, Inc.

Ms. MENG Jing / Ms. ZHAO Lin
Tel: +86-10-6608-6765 / 6322-6596
Fax: +86-10-6641-2321
E-mail: [email protected]

Wonderful Sky Financial Group Limited

Wonderful Sky Financial Group Limited
Mr. Kimmi Jiang / 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, 2015 (Amounts expressed in thousands)
	As at		As at
	30 September, 2015		31 December, 2014
			(Restated)
	RMB	US$	RMB
ASSETS

CURRENT ASSETS
Cash	9,827,522	1,544,892	13,580,878
Derivative financial assets	162,803	25,593	261,135
Notes receivable	1,660,373	261,012	881,835
Accounts receivable	11,389,400	1,790,421	15,590,721
Advances to suppliers	586,105	92,136	759,747
Interest receivable	199	31	357
Dividends receivable	80,000	12,576	205,179
Other receivables	1,194,720	187,811	1,074,450
Inventories	5,701,532	896,284	7,409,681
Current portion of non-current assets	177,273	27,867	179,084
Other current assets	151,884	23,876	36,709
Total current assets	30,931,811	4,862,499	39,979,776
NON-CURRENT ASSETS
Available-for-sale financial assets	5,331,335	838,089	4,383,515
Derivative financial assets	71,054	11,170	40,598
Long-term receivables	503,450	79,143	530,840
Long-term equity investments	20,049,332	3,151,766	17,517,888
Fixed assets	190,160,134	29,893,282	188,277,382
Fixed assets pending for disposal	106,912	16,807	87,456
Construction in progress	22,488,399	3,535,189	21,751,943
Construction materials	2,784,282	437,691	3,387,861
Intangible assets	12,257,663	1,926,912	11,601,321
Goodwill	10,760,446	1,691,548	11,148,481
Long-term deferred expenses	149,145	23,446	166,055
Deferred income tax assets	885,788	139,246	1,115,232
Other non-current assets	816,951	128,425	892,509
Total non-current assets	266,364,891	41,872,714	260,901,081
TOTAL ASSETS	297,296,702	46,735,213	300,880,857

HUANENG POWER INTERNATIONAL, INC. UNAUDITED CONSOLIDATED BALANCE SHEETS (PRC GAAP) AS AT 30 SEPTEMBER, 2015 (Amounts expressed in thousands)
	As at 30 September, 2015		As at 31 December, 2014
			(Restated)
	RMB	US$	RMB
LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
Short-term loans	49,414,895	7,768,050	46,626,004
Derivative financial liabilities	624,652	98,196	832,727
Notes payable	1,049,573	164,993	1,637,554
Accounts payable	7,530,065	1,183,731	11,380,689
Advances from customers	417,483	65,629	367,774
Salary and welfare payables	357,485	56,197	247,517
Taxes payable	(1,010,383)	(158,833)	(617,844)
Interest payable	885,103	139,139	1,162,367
Dividends payable	1,727,246	271,524	457,759
Other payables	13,188,185	2,073,190	14,963,223
Current portion of non-current liabilities	17,873,142	2,809,668	14,994,140
Provision	9,000	1,415	28,647
Short-term bonds payable	24,344,364	3,826,948	18,244,806
Other current liabilities	338,135	53,154	342,404
Total current liabilities	116,748,945	18,353,001	110,667,767
NON-CURRENT LIABILITIES
Long-term loans	67,248,710	10,571,536	70,660,512
Derivative financial liabilities	433,403	68,131	649,513
Bonds payable	16,252,920	2,554,968	22,725,535
Long-term payables	1,535,135	241,324	1,435,037
Long-term salary and welfare payables	98,165	15,432	85,903
Specific accounts payable	44,363	6,974	45,024
Deferred income	2,573,333	404,529	2,555,018
Deferred income tax liabilities	1,707,879	268,480	1,595,025
Total non-current liabilities	89,893,908	14,131,374	99,751,567
TOTAL LIABILITIES	206,642,853	32,484,375	210,419,334
SHAREHOLDERS' EQUITY
Share capital	14,420,383	2,266,892	14,420,383
Capital surplus	14,346,463	2,255,272	23,993,711
Other comprehensive income/(loss)	495,536	77,899	(1,020,395)
Including:Currency translation differences	(1,655,156)	(260,191)	(1,194,819)
Special reserves	47,853	7,523	39,606
Surplus reserves	8,186,275	1,286,887	7,242,594
Retained earnings	37,072,553	5,827,827	30,317,015
Shareholder's equity attributable to shareholders of the Company	74,569,063	11,722,300	74,992,914
Non-controlling interests	16,084,786	2,528,538	15,468,609
Total shareholders' equity	90,653,849	14,250,838	90,461,523
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY	297,296,702	46,735,213	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=Rmb6.3613 announced by the People's Bank of China on 30 September, 2015. No representation is made that Renminbi amounts could have been, or could be, converted into United States dollars at that rate as of 30 September, 2015, or at any other certain rate.

HUANENG POWER INTERNATIONAL, INC UNAUDITED CONSOLIDATED INCOME STATEMENTS (PRC GAAP) FOR THE THIRD QUARTER ENDED 30 SEPTEMBER, 2015 (Amounts expressed in thousands, except per share data)
	For the third quarter ended 30 September
	2015		2014
			(Restated)
	RMB	US$	RMB
1. Operating revenue	97,249,319	15,287,649	105,683,602
Less: Operating cost	67,746,083	10,649,723	78,217,252
Tax and levies on operations	891,648	140,168	803,112
Selling expenses	3,055	480	3,221
General and administrative expenses	2,746,545	431,759	2,713,203
Financial expenses	5,962,978	937,384	6,129,888
Impairment loss	177,171	27,851	442,547
Add: loss on fair value changes of financial assets/liabilities	(25,916)	(4,074)	(425)
Investment income	1,313,342	206,458	1,238,644
Including: Investment income from associates and joint ventures	1,178,917	185,326	1,118,189
2. Operating profit	21,009,265	3,302,668	18,612,598
Add: Non-operating income	741,731	116,602	793,851
Including: Gains from disposals of non-current assets	31,123	4,893	14,319
Less: Non-operating expenses	220,262	34,626	493,282
Including: Loss from disposals of non-current assets	106,827	16,793	323,254
3. Profit before income tax	21,530,734	3,384,644	18,913,167
Less: Income tax expense	5,226,958	821,681	4,948,442
4. Net profit	16,303,776	2,562,963	13,964,725
Attributable to:
Shareholders of the Company	13,234,753	2,080,511	11,337,105
Non-controlling interests	3,069,023	482,452	2,627,620
5. Earnings per share (based on the net profit attributable to shareholders of the Company)
(expressed in RMB per share)
- Basic earnings per share	0.92	0.14	0.81
- Diluted earnings per share	0.92	0.14	0.81
6. Other comprehensive income	1,515,549	238,245	327,180
7. Total comprehensive income	17,819,325	2,801,208	14,291,905
Attributable to:
Shareholders of the Company	14,750,684	2,318,816	11,664,213
Non-controlling interests	3,068,641	482,392	2,627,692
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=Rmb6.3613 announced by the People's Bank of China on 30 September, 2015. No representation is made that Renminbi amounts could have been, or could be, converted into United States dollars at that rate as of 30 September, 2015, or at any other certain rate

SOURCE Huaneng Power International, Inc.

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