BEIJING, Aug. 25, 2015 /PRNewswire/ -- Huaneng Power International, Inc. ("HPI", the "Company") (NYSE: HNP; HKEx: 902; SSE: 600011) today announced its unaudited operating results prepared in accordance with the International Financial Reporting Standards ("IFRS") for the six months ended June 30, 2015.
For the first half of 2015, The Company and its subsidiaries recorded consolidated operating revenue of RMB65.305billion (equivalent to approximately USD10.682 billion, based on the exchange rate of USD1 to RMB6.1136 as of June 30, 2015), representing an increase of 1.08% compared to the same period of last year, and net profit attributable to equity holders of the Company of RMB 8.951 billion (equivalent to approximately USD1.464 billion), representing an increase of 31.47% compared to the same period of last year. Earnings per share amounted to RMB 0.62, and earnings per ADS amounted to RMB24.80 (equivalent to approximately USD 4.06). The profit increase was mainly due to reduced domestic fuel costs, and the profit contribution from the newly acquired power plants and the operation of new generating units.
During the first half of 2015, in face of the structural changes in the State's economy and the stagnant growth of total electricity consumption nationwide compared to the same period of last year, the Company seized the favorable situation of the decline in coal market prices, demanded power plants to grasp power generation and at the same time controlled coal prices. Through strict control in expenditures, the Company improved its profitability substantially, and accomplished well comparatively each of the business plans in the first half of 2015.
Power Generation. In the first half of this year, the power plants of the Company in operation within China achieved a total power generation of 159.816 billion kWh, representing an increase of 5.32% from the same period of last year, as well as an electricity sold of 150.653 billion kWh, an increase of 4.95% from the same period of last year, and with 2,101 utilization hours, representing a decrease of 273 hours compared to the same period of previous year. The accumulated power generation of Tuas Power Limited in Singapore, which is wholly owned by the Company, accounted for a market share of 22.4%, representing an increase of 0.8 percentage point compared to the same period last year (which was 21.6%).
Cost Control. Affected by the slowdown in the development of the economy in China, the demand for coal decreased. Coal supply still outstripped demand in the coal market, and the coal prices dropped significantly. Seizing the opportunity from the prevailing loose coal market and the transportation by railway, and further shifting and adjusting business modes and structures, the Company continued to reinforce its co-operation with large-scale coal companies, adopting the price-competitive approach in purchase of coal in the market, and at the same time strengthening the management of suppliers in order to have a full control of fuel costs.
Energy Conservation and Environmental Protection. The Company attaches great importance to energy conservation and environmental protection. To-date, all of the coal-fired generating units of the Company have been equipped with desulphurization, denitrification and dust emission devices, with all indicators meeting with the environmental protection requirements. At the same time, the Company proposes to implement super low emission reform to generation units in certain areas according to schedule. In the first half of 2015, the Company has completed reform to 10 generation units, thereby achieving a total of 18 generation units of the Company that meet with the indicators for super low emission.
Project Development and Construction. In the first half of 2015, the Company obtained approvals in projects with a total capacity of 4,919 MW, including Jiangxi Jinggangshan Photovoltaic (21 MW), Hainan Yangpu Co-generation (700 MW), Anhui Chaohu Phase II (1320 MW), Beijing Co-generation Phase III (998 MW), Chongqing Jinfengshan Wind Power (110MW), Jiangsu Guanyun Co-generation (50 MW), Huichang Photovoltaic of Jiangsu Taicang Power Plant (20 MW), Jiangsu Suzhou Gas Turbine (400 MW), Jiangsu Rudong Off-shore Wind Power (300 MW) and Jiangxi Ruijin Phase II (1,000 MW).
In the first half of 2015, the Company's newly increased generation capacity was 2,081 MW, including No.2 coal-fired generation unit (350 MW) of Huaneng Yingcheng Thermal Power Co., Ltd., No.1 coal-fired generation unit (660 MW) of Huaneng Anyuan Power Generation Co., Ltd., the 5 MW photovoltaic (PV) units out of a total of 10 MW distributed PV modules project of Zhejiang Si'an Power
Plant, the 35x2 MW power generation units of Huaneng Hunan Subaoding Wind Farm Project, the 24x2 MW wind turbines at Huaneng Hubei Jieshan Wind Farm Phase I Project, the 100x2 MW wind turbines at Huaneng Gansu Jiuquan Wind Power Phase II Project and the 24x2 MW wind turbines at Huaneng Gansu Qiaowan Sanbeiyi Wind Farm Project and Nos.1 and 2 coal-fired generation units (2x350 MW) of Huaneng Luoyang Co-generation Co., Ltd. as at 30 June 2015, the controlled generation capacity of the Company reached 80,424 MW, and the equity based generation capacity reached 71,667 MW. The proportion of clean energy (gas turbine, hydro-power, wind power and PV) reached 11.48%.
During the second half of the year, the Company will continue to focus on safety production, strive to strengthen the management and improve its operation efficiency, reinforce the adjustment in structure and industry synergy, proactively respond to and participate in the reform of power system, and persistently create a long-term, stable and growing return to the shareholders of the Company.
Encl: The consolidated financial information of the Company and its subsidiaries prepared under IFRS for the six months ended June 30, 2015.
About Huaneng Power International, Inc.
Huaneng Power International, Inc. is one of China's largest listed power producers with controlled generation capacity of 80,424 MW and equity-based generation capacity of 71,667MW. 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: 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
HUANENG POWER INTERNATIONAL, INC. |
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINACIAL POSITION (UNAUDITED) |
AS AT JUNE 30, 2015 |
(Amounts expressed in thousands) |
| As at |
| As at |
| June 30, 2015 |
| December 31, 2014 |
| RMB |
| US$ |
| RMB |
ASSETS |
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Property, plant and equipment | 215,722,036 |
| 35,285,599 |
| 188,379,057 |
Investments in associates and joint ventures | 18,814,992 |
| 3,077,563 |
| 17,626,910 |
Available-for-sale financial assets | 5,379,208 |
| 879,876 |
| 4,333,377 |
Land use rights | 7,937,224 |
| 1,298,290 |
| 4,953,844 |
Power generation licence | 3,655,516 |
| 597,932 |
| 3,720,959 |
Mining rights | 2,406,567 |
| 393,642 |
| 1,922,655 |
Deferred income tax assets | 567,185 |
| 92,774 |
| 884,274 |
Derivative financial assets | 41,929 |
| 6,858 |
| 40,598 |
Goodwill | 12,719,023 |
| 2,080,447 |
| 11,725,555 |
Other non-current assets | 4,052,869 |
| 662,927 |
| 3,719,255 |
Total non-current assets | 271,296,549 |
| 44,375,908 |
| 237,306,484 |
Current assets |
|
|
|
|
|
Inventories | 6,054,347 |
| 990,308 |
| 6,702,274 |
Other receivables and assets | 4,313,206 |
| 705,510 |
| 3,411,720 |
Accounts receivable | 13,717,037 |
| 2,243,692 |
| 14,881,963 |
Derivative financial assets | 94,181 |
| 15,405 |
| 261,135 |
Bank balances and cash | 10,155,332 |
| 1,661,105 |
| 12,608,192 |
Total current assets | 34,334,103 |
| 5,616,020 |
| 37,865,284 |
Total assets | 305,630,652 |
| 49,991,928 |
| 275,171,768 |
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
|
Capital and reserves attributable to equity |
|
|
|
|
|
holders of the Company |
|
|
|
|
|
Share capital | 14,420,383 |
| 2,358,738 |
| 14,420,383 |
Capital surplus | 20,970,717 |
| 3,430,175 |
| 19,622,199 |
Surplus reserves | 8,140,030 |
| 1,331,463 |
| 7,196,349 |
Currency translation differences | (1,402,778) |
| (229,452) |
| (1,194,819) |
Retained earnings | 32,612,736 |
| 5,334,457 |
| 30,085,379 |
| 74,741,088 |
| 12,225,381 |
| 70,129,491 |
Non-controlling interests | 17,125,638 |
| 2,801,236 |
| 14,653,215 |
Total equity | 91,866,726 |
| 15,026,617 |
| 84,782,706 |
Non-current liabilities |
|
|
|
|
|
Long-term loans | 67,209,165 |
| 10,993,386 |
| 57,638,458 |
Long-term bonds | 16,254,344 |
| 2,658,719 |
| 22,725,535 |
Deferred income tax liabilities | 2,832,699 |
| 463,344 |
| 1,810,755 |
Derivative financial liabilities | 396,050 |
| 64,782 |
| 649,513 |
Other non-current liabilities | 3,177,893 |
| 519,807 |
| 2,718,680 |
Total non-current liabilities | 89,870,151 |
| 14,700,038 |
| 85,542,941 |
Current liabilities |
|
|
|
|
|
Accounts payable and other liabilities | 25,673,967 |
| 4,199,484 |
| 27,035,864 |
Taxes payable | 2,105,147 |
| 344,338 |
| 1,858,024 |
Dividends payable | 6,969,115 |
| 1,139,936 |
| 431,681 |
Salary and welfare payables | 328,576 |
| 53,745 |
| 171,262 |
Derivative financial liabilities | 332,645 |
| 54,411 |
| 832,727 |
Short-term bonds | 19,213,739 |
| 3,142,786 |
| 18,244,806 |
Short-term loans | 52,110,355 |
| 8,523,678 |
| 43,529,004 |
Current portion of long-term loans | 10,273,481 |
| 1,680,431 |
| 7,392,433 |
Current portion of long-term bonds | 6,485,172 |
| 1,060,778 |
| 5,020,760 |
Current portion of other non-current liabilities | 401,578 |
| 65,686 |
| 329,560 |
Total current liabilities | 123,893,775 |
| 20,265,273 |
| 104,846,121 |
Total liabilities | 213,763,926 |
| 34,965,311 |
| 190,389,062 |
Total equity and liabilities | 305,630,652 |
| 49,991,928 |
| 275,171,768 |
|
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$1.00=Rmb 6.1136 announced by the People's Bank of China on June 30, 2015. No representation is made that Renminbi amounts could have been, or could be, converted into United States dollars at that rate as at June 30, 2015, or at any other certain rate. |
HUANENG POWER INTERNATIONAL, INC. CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2015 (Amounts expressed in thousands, except per share data) |
| For the six months ended 30 June |
| 2015 |
|
| 2014 |
RMB |
| US$ |
| RMB |
Operating revenue | 65,305,472 |
| 10,681,999 |
| 64,605,521 |
Tax and levies on operations | (610,521) |
| (99,862) |
| (488,913) |
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
Fuel | (31,316,199) |
| (5,122,383) |
| (34,570,038) |
Maintenance | (1,567,361) |
| (256,373) |
| (1,534,273) |
Depreciation | (7,091,105) |
| (1,159,890) |
| (5,792,669) |
Labor | (3,166,354) |
| (517,920) |
| (2,581,273) |
Service fees on transmission and transformer facilities of HIPDC | (70,386) |
| (11,513) |
| (70,386) |
Purchase of electricity | (1,688,708) |
| (276,222) |
| (2,572,420) |
Others | (2,282,126) |
| (373,286) |
| (2,577,630) |
Total operating expenses | (47,182,239) |
| (7,717,587) |
| (49,698,689) |
Profit from operations | 17,512,712 |
| 2,864,550 |
| 14,417,919 |
|
|
|
|
|
|
Interest income | 83,678 |
| 13,687 |
| 80,816 |
Financial expenses, net |
|
|
|
|
|
Interest expense | (4,087,769) |
| (668,635) |
| (3,726,906) |
Exchange gain/ (loss) and bank charges, net | 157,672 |
| 25,790 |
| (51,126) |
Total financial expenses, net | (3,930,097) |
| (642,845) |
| (3,778,032) |
Share of profits less losses of associates and joint ventures | 736,184 |
| 120,417 |
| 728,274 |
(Loss)/ gain on fair value changes of financial assets/liabilities | (40,574) |
| (6,637) |
| 4,119 |
Other investment income | 157,184 |
| 25,711 |
| 57,573 |
Profit before income tax expense | 14,519,087 |
| 2,374,883 |
| 11,510,669 |
Income tax expense | (3,547,356) |
| (580,240) |
| (3,089,354) |
Net profit | 10,971,731 |
| 1,794,643 |
| 8,421,315 |
|
|
|
|
|
|
Other comprehensive income, net of tax |
|
|
|
|
|
Items that may be reclassified subsequently to profit or loss: |
|
|
|
|
|
Fair value changes of available-for-sale |
|
|
|
|
|
financial asset | 784,270 |
| 128,283 |
| (19,317) |
Share of other comprehensive income of investees accounted for under the equity method
| 59,019 |
| 9,654 |
| 7,730 |
Effective portion of cash flow hedges | 505,229 |
| 82,640 |
| (76,754) |
Translation differences of the financial statements of foreign operations | (208,127) |
| (34,043) |
| 491,391 |
Other comprehensive income, net of tax | 1,140,391 |
| 186,534 |
| 403,050 |
Total comprehensive income | 12,112,122 |
| 1,981,177 |
| 8,824,365 |
|
|
|
|
|
|
Net profit attributable to: |
|
|
|
|
|
- Equity holders of the Company | 8,950,784 |
| 1,464,077 |
| 6,808,372 |
- Non-controlling interests | 2,020,947 |
| 330,566 |
| 1,612,943 |
| 10,971,731 |
| 1,794,643 |
| 8,421,315 |
|
|
|
|
|
|
Total comprehensive income attributable to: - Equity holders of the Company | 10,091,343 |
| 1,650,638 |
| 7,211,063 |
- Non-controlling interests | 2,020,779 |
| 330,539 |
| 1,613,302 |
| 12,112,122 |
| 1,981,177 |
| 8,824,365 |
Earnings per share attributable to the equity holders of the Company (expressed in RMB per share) |
|
|
|
|
|
- Basic and diluted | 0.62 |
| 0.10 |
| 0.48 |
|
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=Rmb6.1136 announced by the People's Bank of China on June 30, 2015. No representation is made that Renminbi amounts could have been, or could be, converted into United States dollars at that rate as at June 30, 2015, or at any other certain rate. |
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SOURCE Huaneng Power International, Inc.