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

News provided by

Huaneng Power International, Inc.

Oct 20, 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.