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: zqb@hpi.com.cn
Wonderful Sky Financial Group Limited
Ms. Erica Tao / Ms. Shiloh Xiang
Tel: (852) 2851 1038
Fax: (852) 2865 1638
Email: ericatao@wsfg.hk / shilohxiang@wsfg.hk
- 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. |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/huaneng-power-international-inc-2015-first-quarterly-net-profit-attributable-to-shareholders-increased-by-2102-300069379.html
SOURCE Huaneng Power International, Inc.