BEIJING, July 29, 2014 /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, 2014.
For the six months ended June 30,
2014, the Company and its subsidiaries recorded consolidated
operating revenue of RMB 64.606
billion, representing an increase of 0.85% compared to the
same period last year. The profit attributable to equity holders of
the Company was RMB 6.808 billion,
representing an increase of 21.09% compared to the same period last
year. Its earnings per share were RMB
0.48 and earnings per American Depositary Share ("ADS") were
RMB 19.2 (equivalent to approximately
USD 3.12). The increase of the
Company's net profit was mainly attributable to the fall of the
coal price and the increase of power generation , each compared to
the same period last year.
During the first half of 2014, in face of structural changes of
the Chinese economy and the stagnant growth of total electricity
consumption nationwide compared to the same period last year, the
Company seized the favorable situation of the decline coal prices
with strict controls on expenditure and strengthened internal fuel
management efforts, while encouraging its power plants to make more
power generation and control coal prices. The Company has achieved
satisfactory performance of each of its business plans in the first
half of 2014.
Power Generation. In the first
half of this year, the operating power plants of the Company within
China achieved a total power
generation of 151.739 billion kWh, aggregate electricity sold of
143.554 billion kWh, and a total of 2,374 utilization hours,
representing an increase of 1.51%, an increase of 1.62%, and a
decrease of 24 hours, respectively, compared to the same period
previous year.
Cost Control. Coal supply still outstripped demand
within China in the first half of
2014, leading to a sharp fall of the prices of both domestic and
imported coal. With a close watch on market changes, the Company
seized the favorable market opportunity by taking various efforts
for fuel cost controls, including adjustment of business modes and
structures, strengthened strategic cooperation with large coal
companies, increased purchase of competitively priced imported
coal, and enhanced management of internal fuels through automatic
and digital means.
Energy Conservation and Environmental Protection.
The Company attaches great importance to energy conservation and
environmental protection and has equipped all of its coal-fired
generating units with desulphurization devices. For the first half
of this year, the Company's coal-fired generating units with a
total power generation capacity of 55,059 MW (representing
approximately 90% of its total coal fired generating capacity) had
completed the denitrification process or were newly equipped with
denitrification devices. Since the new emission standards
promulgated by PRC Government took effect on July 1, 2014, emissions of sulfur dioxide and
nitrogen oxide from the Company's generating units were generally
in compliance with the requirements of these standards, while the
dust removal devices on certain generating units of the Company
will be upgraded.
Project Development and Construction. For
the first half of 2014, the Company obtained approval for its
Liaoning Huaneng Yingkou Xianrendao thermal power project (100 MW),
Shanxi Huaneng Dongshan Gas Turbine Project (859 MW), Jiangsu
Huaneng Liuhe Wind Farm Project (49.5 MW) and Huaneng Hunan Guidong
Wind Farm Project (36 MW).
In addition, Tembusu Phase II Project A (32.5 MW) of Tuas Power
Ltd., which is wholly owned by the Company, was put into operation.
The aggregate power generation of Tuas Power Ltd. accounted for a
market share of 21.6% in Singapore, representing an increase of 0.7%
from the same period last year. Certain generating units of the
Company had also experienced upgrade for increased capacity, and
the installed capacity from power plants which we have minor
interests has also changed. As of June 30,
2014, the Company had a controlled installed capacity of
66,888 MW, of which 9.34% came from clean energy sources
(hydropower, wind power and gas turbine).
For the second half of this year, the Company will continue
accelerating the transformation of its development mode; further
consolidate and optimize its geographical coverage; make increased
efforts on structural change; strengthen its investment and
strategy in clean energy so as to further advance its synergy in
relevant sectors as well as to accomplish its targets for the year.
The Company will also strengthen the management of safe production
to ensure safe, stable and economical operation of its generating
units; reinforce the marketing efforts to maintain its leading
position in terms of utilization hours. It will also strengthen its
efforts for cost and expense controls and improved construction
project management, make consistent endeavors focusing on sustained
profitability, and maintain sustainable, healthy and sound
development of the Company.
~ End ~
Encl: The consolidated financial information of the Company and
its subsidiaries prepared under IFRS for the six months ended
June 30, 2014.
About the Company
The Company is one of China's largest listed power producers with
controlled generation capacity of 66,888 MW and equity-based
generation capacity of 60,184 MW. 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: zqb@hpi.com.cn
Wonderful Sky Financial Group Limited
Ms.
Erica Tao / Ms.
Irene Gao / Ms.
Mary Ma/ Ms. Corrine Wang
Tel: (852) 2851 1038
Fax: (852) 2865 1638
Email: ericatao@wsfg.hk / irenegao@wsfg.hk /
maryma@wsfg.hk / corrinewang@wsfg.hk
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HUANENG POWER INTERNATIONAL,
INC. CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
(UNAUDITED)
AS AT June 30,
2014
(Amounts expressed in thousands)
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As at
June 30, 2014
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|
As at
December 31, 2013
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ASSETS
|
RMB
|
|
US$
|
|
RMB
|
Non-current
assets
|
|
|
|
|
|
Property, plant and
equipment
|
182,484,813
|
|
29,658,824
|
|
181,415,181
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Investments in
associates
|
|
|
|
|
|
and
joint ventures
|
17,139,717
|
|
2,785,678
|
|
16,678,694
|
Available-for-sale
financial assets
|
3,087,236
|
|
501,761
|
|
3,111,164
|
Land use
rights
|
4,447,762
|
|
722,884
|
|
4,491,285
|
Power generation
licence
|
3,989,469
|
|
648,399
|
|
3,837,169
|
Mining
rights
|
1,922,655
|
|
312,485
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|
1,922,655
|
Deferred income tax
assets
|
1,064,199
|
|
172,962
|
|
652,358
|
Derivative financial
assets
|
7,241
|
|
1,177
|
|
14,245
|
Goodwill
|
13,090,776
|
|
2,127,613
|
|
12,758,031
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Other non-current
assets
|
3,505,361
|
|
569,717
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|
3,165,067
|
Total non-current
assets
|
230,739,229
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|
37,501,500
|
|
228,045,849
|
Current
assets
|
|
|
|
|
|
Inventories
|
6,690,458
|
|
1,087,384
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|
6,469,026
|
Other receivables and
assets
|
2,563,746
|
|
416,680
|
|
2,072,981
|
Accounts
receivable
|
13,558,063
|
|
2,203,560
|
|
15,562,121
|
Derivative financial
assets
|
67,644
|
|
10,994
|
|
91,727
|
Bank balances and
cash
|
11,957,720
|
|
1,943,460
|
|
9,433,385
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Assets held for
sale
|
-
|
|
-
|
|
557,671
|
Total current
assets
|
34,837,631
|
|
5,662,078
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|
34,186,911
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Total assets
|
265,576,860
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|
43,163,578
|
|
262,232,760
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As at
June 30, 2014
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|
As at
December 31, 2013
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|
RMB
|
|
US$
|
|
RMB
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EQUITY AND
LIABILITIES
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|
|
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Capital and
reserves attributable to equity
holders of the Company
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|
|
|
|
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Share capital
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14,055,383
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|
2,284,388
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|
14,055,383
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Capital
surplus
|
17,306,919
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|
2,812,853
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|
17,347,068
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Surplus
reserves
|
7,085,454
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|
1,151,582
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|
7,085,454
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Currency translation
differences
|
(326,211)
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|
(53,018)
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|
(817,243)
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Retained
earnings
|
|
|
|
|
|
-Proposed
dividend
|
-
|
|
-
|
|
5,341,046
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-Others
|
26,247,328
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|
4,265,916
|
|
19,438,957
|
|
64,368,873
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|
10,461,721
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|
62,450,665
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Non-controlling
interests
|
14,324,735
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|
2,328,165
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|
12,742,309
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Total equity
|
78,693,608
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|
12,789,886
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|
75,192,974
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|
|
|
|
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Non-current
liabilities
|
|
|
|
|
|
Long-term
loans
|
60,990,577
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|
9,912,654
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|
60,513,671
|
Long-term
bonds
|
18,723,908
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|
3,043,152
|
|
23,726,550
|
Deferred income tax
liabilities
|
2,052,316
|
|
333,558
|
|
2,032,417
|
Derivative financial
liabilities
|
438,370
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|
71,247
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|
383,405
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Other non-current
liabilities
|
2,358,441
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|
383,312
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|
1,404,898
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Total non-current
liabilities
|
84,563,612
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|
13,743,923
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|
88,060,941
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Current
liabilities
|
|
|
|
|
|
Accounts payable and
other liabilities
|
22,209,276
|
|
3,609,622
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|
25,321,374
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Taxes
payable
|
1,738,134
|
|
282,495
|
|
1,647,925
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Dividends
payable
|
5,771,894
|
|
938,092
|
|
166,270
|
Salary and welfare
payables
|
199,526
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|
32,428
|
|
188,837
|
Derivative financial
liabilities
|
55,213
|
|
8,974
|
|
43,591
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Short-term
bonds
|
15,336,846
|
|
2,492,661
|
|
15,135,024
|
Short-term
loans
|
39,024,528
|
|
6,342,564
|
|
37,937,046
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Current portion of
long-term loans
|
11,273,276
|
|
1,832,219
|
|
12,796,956
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Current portion of
long-term bonds
|
6,710,947
|
|
1,090,714
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|
5,690,650
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Liabilities held for
sale
|
-
|
|
-
|
|
51,172
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Total current
liabilities
|
102,319,640
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|
16,629,769
|
|
98,978,845
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Total
liabilities
|
186,883,252
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|
30,373,692
|
|
187,039,786
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Total equity and
liabilities
|
265,576,860
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|
43,163,578
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|
262,232,760
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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$1.00=Rmb6.1528 announced by the People's Bank of China on June
30, 2014. No representation is made that Renminbi amounts could
have been, or could be, converted into United States dollars at
that rate as at June 30, 2014, or at any other certain
rate.
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HUANENG POWER
INTERNATIONAL, INC. CONDENSED CONSOLIDATED INTERIM
STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THE SIX MONTHS
ENDED JUNE 30, 2014
(Amounts expressed
in thousands, except per share data)
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|
For the six months
ended June 30,
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|
2014
|
|
2013
|
|
RMB
|
US$
|
|
RMB
|
Operating
revenue
|
64,605,521
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10,500,182
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|
64,062,329
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Tax and levies on
operations
|
(488,913)
|
(79,462)
|
|
(521,253)
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Operating
expenses
Fuel
|
(34,570,038)
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(5,618,586)
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|
(35,677,117)
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Maintenance
|
(1,534,273)
|
(249,362)
|
|
(1,433,270)
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Depreciation
|
(5,792,669)
|
(941,469)
|
|
(5,605,718)
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Labor
|
|
|
|
|
Service fees on
transmission and
|
(2,518,878)
|
(409,387)
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|
(2,409,750)
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transformer facilities
of HIPDC
|
(70,386)
|
(11,440)
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|
(70,386)
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Purchase of
electricity
|
(2,572,420)
|
(418,089)
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|
(2,664,797)
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Others
|
(2,640,025)
|
(429,077)
|
|
(3,364,720)
|
Total operating
expenses
|
(49,698,689)
|
(8,077,410)
|
|
(51,225,758)
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Profit from
operations
|
14,417,919
|
2,343,310
|
|
12,315,318
|
Interest
income
|
80,816
|
13,135
|
|
83,862
|
Financial
expenses, net
|
|
|
|
|
Interest expense
|
(3,726,906)
|
(605,725)
|
|
(3,948,892)
|
Exchange (loss)/gain
and bank charges, net
|
(51,126)
|
(8,310)
|
|
85,959
|
Total financial
expenses, net
|
(3,778,032)
|
(614,035)
|
|
(3,862,933)
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Share of profits of
associates/jointly controlled entities
|
728,274
|
118,365
|
|
319,493
|
Gain on fair value
changes of financial assets/liabilities
|
4,119
|
669
|
|
7,427
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Other investment
income
|
57,573
|
9,358
|
|
185,576
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Profit before income
tax expense
|
11,510,669
|
1,870,802
|
|
9,048,743
|
Income tax
expense
|
(3,089,354)
|
(502,106)
|
|
(2,288,062)
|
Net
profit
|
8,421,315
|
1,368,696
|
|
6,760,681
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HUANENG POWER INTERNATIONAL,
INC.
|
|
For the six months
ended June 30,
|
|
2014
|
|
2013
|
|
RMB
|
|
US$
|
|
RMB
|
|
|
|
|
|
|
Other
comprehensive income/(loss), net of tax
|
|
|
|
|
|
Items that may be
reclassified subsequently to profit or loss:
|
|
|
|
|
|
Fair value changes of
available-for-sale financial asset
|
(19,317)
|
|
(3,140)
|
|
9,659
|
Share of other
comprehensive income/ (loss)
|
|
|
|
|
|
of investees
accounted for under the equity method
|
7,730
|
|
1,256
|
|
(38,022)
|
Effective portion of
cash flow hedges
|
(76,754)
|
|
(12,475)
|
|
308,856
|
Translation
differences of the financial
|
|
|
|
|
|
statements of foreign
operations
|
491,391
|
|
79,866
|
|
(629,007)
|
Other
comprehensive income/(loss), net of tax
|
403,050
|
|
65,507
|
|
(348,514)
|
Total
comprehensive income
|
8,824,365
|
|
1,434,203
|
|
6,412,167
|
|
|
|
|
|
|
Net profit
attributable to:
|
|
|
|
|
|
- Equity holders of
the Company
|
6,808,372
|
|
1,106,549
|
|
5,622,740
|
- Non-controlling
interests
|
1,612,943
|
|
262,147
|
|
1,137,941
|
|
8,421,315
|
|
1,368,696
|
|
6,760,681
|
|
|
|
|
|
|
Total comprehensive
income attributable to:
|
|
|
|
|
|
- Equity holders of the
Company
|
7,211,063
|
|
1,171,997
|
|
5,274,863
|
- Non-controlling interests
|
1,613,302
|
|
262,206
|
|
1,137,304
|
|
8,824,365
|
|
1,434,203
|
|
6,412,167
|
|
|
|
|
|
|
Earnings per share
attributable to the
|
|
|
|
|
|
equity holders of
the Company
|
|
|
|
|
|
(expressed in
RMB per share)
|
|
|
|
|
|
- Basic and
diluted
|
0.48
|
|
0.08
|
|
0.40
|
Dividends
paid
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
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=Rmb6.1528 announced by the People's Bank of China on June
30, 2014. 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, 2014, or at any other certain
rate.
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SOURCE Huaneng Power International, Inc.