BEIJING, March 18, 2014 /PRNewswire/ -- Huaneng Power
International, Inc. ("HPI" or the "Company") (NYSE: HNP; HKEx: 902;
SSE: 600011) today announced its audited annual operating results
for the twelve months ended December 31,
2013 prepared under the International Financial Reporting
Standards, in which the Company recorded consolidated operating
revenue of RMB133.833 billion
(equivalent to approximately USD21.951
billion, based on the exchange rate of USD1 to RMB6.0969 as of December 31, 2013), representing a decrease of
0.10% over 2012, and net profit attributable to equity holders of
the Company of RMB 10.426 billion
(equivalent to approximately USD1.710
billion), representing an increase of 89.14% over 2012.
Earnings per share amounted to RMB
0.74 (equivalent to approximately USD0.12), and earnings per ADS amounted to
RMB29.60 (equivalent to approximately
USD 4.85). The Board is satisfied
with the Company's operating results in 2013.
The Board of the Company proposed to declare a cash dividend of
RMB 0.38 (inclusive of tax) for each
ordinary share of the Company held by shareholders for the year of
2013.
In 2013, the Company had made new progress in many aspects,
including power generation, operation, energy saving and
environmental protection, management improvement, project
development. In respect of domestic business, the Company overcame
difficulties posed by intensified competition in the electricity
market, strived to explore markets, increased power generation,
adjusted fuel procurement strategy, fostered strict control over
fuel costs, thereby delivering record high operating results.
Concurrently, the Company managed to fulfill the duties of
providing sufficient, reliable and green energy to the society.
In 2013, total power generated by the Company's operating power
plants in China amounted to
317.481 billion kWh, representing an increase of 4.98%
year-on-year. The electricity sold aggregated to 300.003 billion
kWh, representing an increase of 5.10% year-on-year. The annual
average utilization hours of the Company's domestic generating
plants reached 5,036 hours, of which the utilization hours of the
thermal units reached 5,089 hours, which was 77 hours higher than
the average utilization hours of thermal units in China.
The Company purchased a total of 134 million tons of natural
coal. Through adopting two strategies, namely enhancing long term
cooperation with major suppliers and increasing the imported coal,
the coal supply structure was further improved, thus the fuel cost
was effectively controlled. The fuel costs per unit of power sold
of the Company's domestic power plants were RMB 218.59 per MWh, representing a decrease of
12.50% compared to last year.
The Company led the industry in terms of technical, economic and
energy consumption indicators. The average equivalent availability
ratio of the Company's domestic power plants was 94.53%, and its
weighted average house consumption rate was 5.28%. The Company's
average coal consumption rate for the power generated was 291.26
grams/kWh, which is 1.69 grams/kWh lower than that of the same
period last year. The Company's average coal consumption rate for
power sold was 308.26 grams/kWh, representing a decrease of 2.08
grams/kWh from that of the same period last year. At the same time,
the Company continued to intensify the technological renovation of
the existing units, proceeded with the desulfurization and
denitration of the thermal units as scheduled and proactively
updated the flue gas dust removal devices of coal-fired units, with
a view to enhancing the Company's performance in energy-saving and
environmental protection and securing the leading market position,
and achieving the goal of "green development".
The controlled generating capacity of the newly commissioned
domestic coal-fired, gas turbine and wind generating units of the
Company was 3,072 MW, 382 MW and 48 MW, respectively. As of
18 March 2014, the Company's
controlled and equity-based generating capacity was 66,795 MW and
59,993 MW, respectively.
In 2013, Tuas Power Ltd. ("Tuas Power"), a wholly-owned
subsidiary of the Company in Singapore, maintained safe and stable
operation of the generation units throughout the year. In
conjunction with commencement of operation of Phase I (101 MW) of
Tembusu Multi-Utility Complex Project and No.5 combined cycle unit
of Tuas Power (405.9 MW), the total market share of Tuas Power in
the power generation market for the whole year was 20.6%,
representing a decrease of 4.6 percentage points, thereby realizing
a net profit attributable to shareholders of the Company of
RMB 0.113 billion, which represented
a decrease of 89.16%. It was mainly attributable to the increase of
newly operated generation units in the electricity market of
Singapore, which intensified
competitions in the power and gas market, resulting in a decline in
return levels in power generation business in 2013. The Company
made goodwill impairment provision for overseas projects.
In 2013, the Company delivered promising performance in the
capital market. The Company was included as one of the constituent
stocks of Hang Seng China 50 Index and was awarded the "Best Listed
Company Award" of the China Securities Golden Bauhinia Awards 2013.
The Company has been on the league table of "Platts Top 250 Global
Energy Listed Companies Award" for five years and ranked 96th for
the year, which is much higher than that of last year.
In 2014, the Company will further pursue improvement in
efficiency, structural adjustment, management enhancement,
stability and efficiency of profitability, sustainability and its
leading competitive edge in the sector. The Company will strive to
realize an annual power generation of 325 billion kWh at the
Company's domestic power plants, and attain a utilization hour of
5,000 hours.
The Company will strengthen the competitiveness of marketing
activities and optimize the production, operation and
administration systems; insist in fostering the establishment of a
stable and reliable fuel supply system; enhance the operation and
management of the Tuas Power and endeavor to extend its market
share; thus creating long term, stable and increasing returns for
shareholders of the Company.
~ End ~
Encl: The 2013 consolidated financial information of the Company
and its subsidiaries prepared under IFRS.
HUANENG POWER
INTERNATIONAL, INC.
|
CONSOLIDATED
BALANCE SHEET
|
AS AT DECEMBER 31,
2013
|
(Amounts expressed
in thousands)
|
|
|
|
|
|
As
at
|
|
As
at
|
|
|
December 31,
2013
|
|
December 31,
2012
|
|
|
RMB
|
|
US$
|
|
RMB
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
Property, plant and
equipment
|
181,415,181
|
|
29,755,315
|
|
177,013,627
|
|
Investments in
associates
and joint ventures
|
16,678,694
|
|
2,735,602
|
|
14,596,771
|
|
Available-for-sale
financial assets
|
3,111,164
|
|
510,286
|
|
3,052,822
|
|
Land use
rights
|
4,491,285
|
|
736,651
|
|
4,297,183
|
|
Power generation
licence
|
3,837,169
|
|
629,364
|
|
4,084,506
|
|
Mining
rights
|
1,922,655
|
|
315,350
|
|
1,922,655
|
|
Deferred income tax
assets
|
652,358
|
|
106,998
|
|
532,387
|
|
Derivative financial
assets
|
14,245
|
|
2,336
|
|
13,723
|
|
Goodwill
|
12,758,031
|
|
2,092,544
|
|
14,417,543
|
|
Other non-current
assets
|
3,165,067
|
|
519,128
|
|
3,082,894
|
|
|
|
|
|
|
|
Total non-current
assets
|
228,045,849
|
|
37,403,574
|
|
223,014,111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Inventories
|
6,469,026
|
|
1,061,035
|
|
7,022,384
|
|
Other receivables and
assets
|
2,072,981
|
|
340,005
|
|
2,990,395
|
|
Accounts
receivable
|
15,562,121
|
|
2,552,465
|
|
15,299,964
|
|
Trading
securities
|
-
|
|
-
|
|
93,753
|
|
Derivative financial
assets
|
91,727
|
|
15,045
|
|
55,268
|
|
Bank balances and
cash
|
9,433,385
|
|
1,547,243
|
|
10,624,497
|
|
Assets held for
sale
|
557,671
|
|
91,468
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
34,186,911
|
|
5,607,261
|
|
36,086,261
|
|
|
|
|
|
|
|
Total
assets
|
262,232,760
|
|
43,010,835
|
|
259,100,372
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
at
|
|
As
at
|
|
|
December 31,
2013
|
|
December 31,
2012
|
|
|
RMB
|
|
US$
|
|
RMB
|
EQUITY AND
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital and
reserves attributable to equity
|
|
|
|
|
|
holders of the Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
capital
|
14,055,383
|
|
2,305,333
|
|
14,055,383
|
|
Capital
surplus
|
17,347,068
|
|
2,845,228
|
|
17,719,077
|
|
Surplus
reserves
|
7,085,454
|
|
1,162,140
|
|
7,085,454
|
|
Currency translation
differences
|
(817,243)
|
|
(134,042)
|
|
(35,937)
|
|
Retained
earnings
|
|
|
|
|
|
|
-Proposed
dividend
|
5,341,046
|
|
876,027
|
|
2,951,631
|
|
-Others
|
19,438,957
|
|
3,188,334
|
|
14,354,526
|
|
|
|
|
|
|
|
|
|
62,450,665
|
|
10,243,020
|
|
56,130,134
|
|
|
|
|
|
|
|
Non-controlling
interests
|
12,742,309
|
|
2,089,965
|
|
9,830,208
|
|
|
|
|
|
|
|
Total
equity
|
75,192,974
|
|
12,332,985
|
|
65,960,342
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
Long-term
loans
|
60,513,671
|
|
9,925,318
|
|
72,564,824
|
|
Long-term
bonds
|
23,726,550
|
|
3,891,576
|
|
22,884,688
|
|
Deferred income tax
liabilities
|
2,032,417
|
|
333,353
|
|
2,011,729
|
|
Derivative financial
liabilities
|
383,405
|
|
62,885
|
|
837,005
|
|
Other non-current
liabilities
|
1,404,898
|
|
230,428
|
|
1,247,464
|
|
|
|
|
|
|
|
Total non-current
liabilities
|
88,060,941
|
|
14,443,560
|
|
99,545,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accounts payable and
other liabilities
|
25,321,374
|
|
4,153,155
|
|
19,992,901
|
|
Taxes
payable
|
1,647,925
|
|
270,289
|
|
1,275,430
|
|
Dividends
payable
|
166,270
|
|
27,271
|
|
70,839
|
|
Salary and welfare
payables
|
188,837
|
|
30,973
|
|
217,967
|
|
Derivative financial
liabilities
|
43,591
|
|
7,150
|
|
88,641
|
|
Short-term
bonds
|
15,135,024
|
|
2,482,413
|
|
35,449,763
|
|
Short-term
loans
|
37,937,046
|
|
6,222,350
|
|
27,442,076
|
|
Current portion of
long-term loans
|
12,796,956
|
|
2,098,928
|
|
9,056,703
|
|
Current portion of
long-term bonds
|
5,690,650
|
|
933,368
|
|
-
|
|
Liabilities held for
sale
|
51,172
|
|
8,393
|
|
-
|
|
|
|
|
|
|
|
Total current
liabilities
|
98,978,845
|
|
16,234,290
|
|
93,594,320
|
|
|
|
|
|
|
|
Total
liabilities
|
187,039,786
|
|
30,677,850
|
|
193,140,030
|
|
|
|
|
|
|
|
Total equity and
liabilities
|
262,232,760
|
|
43,010,835
|
|
259,100,372
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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$1.00=Rmb6.0969 announced by the People's Bank of China on
December 31, 2013. No representation is made that Renminbi amounts
could have been, or could be, converted into United States dollars
at that rate as at December 31, 2013, or at any other certain
rate.
|
HUANENG POWER
INTERNATIONAL, INC.
|
CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
|
FOR THE YEAR ENDED
DECEMBER 31, 2013
|
(Amounts expressed
in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
For the year ended
December 31,
|
|
|
2013
|
|
2012
|
|
|
RMB
|
|
US$
|
|
RMB
|
|
|
|
|
|
|
|
Operating
revenue
|
133,832,875
|
|
21,950,971
|
|
133,966,659
|
Tax and levies on
operations
|
(1,043,855)
|
|
(171,211)
|
|
(672,040)
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
Fuel
|
(73,807,817)
|
|
(12,105,794)
|
|
(82,355,449)
|
|
Maintenance
|
(3,856,975)
|
|
(632,612)
|
|
(2,846,521)
|
|
Depreciation
|
(11,293,522)
|
|
(1,852,338)
|
|
(11,032,748)
|
|
Labor
|
(5,762,884)
|
|
(945,215)
|
|
(5,112,484)
|
|
Service fees on
transmission and
transformer facilities of HIPDC
|
(140,771)
|
|
(23,089)
|
|
(140,771)
|
|
Purchase of
electricity
|
(4,955,603)
|
|
(812,807)
|
|
(7,101,878)
|
|
Others
|
(8,860,409)
|
|
(1,453,266)
|
|
(7,747,828)
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
(108,677,981)
|
|
(17,825,121)
|
|
(116,337,679)
|
|
|
|
|
|
|
|
Profit from
operations
|
24,111,039
|
|
3,954,639
|
|
16,956,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
170,723
|
|
28,002
|
|
175,402
|
Financial
expenses, net
|
|
|
|
|
|
|
Interest
expense
|
(7,787,472)
|
|
(1,277,284)
|
|
(8,897,097)
|
|
Exchange gain/(loss)
and bank charges, net
|
94,109
|
|
15,436
|
|
(166,778)
|
|
|
|
|
|
|
|
|
Total financial
expenses, net
|
(7,693,363)
|
-
|
(1,261,848)
|
|
(9,063,875)
|
|
|
|
|
|
|
|
Share of profits of
associates and joint ventures
|
615,083
|
|
100,885
|
|
622,358
|
Loss on fair value
changes of financial assets/liabilities
|
(5,701)
|
|
(935)
|
|
(1,171)
|
Other investment
income
|
224,908
|
|
36,888
|
|
187,131
|
|
|
|
|
|
|
|
Profit before
income tax expense
|
17,422,689
|
|
2,857,631
|
|
8,876,785
|
|
|
|
|
|
|
|
Income tax
expense
|
(4,522,671)
|
|
(741,799)
|
|
(2,510,370)
|
|
|
|
|
|
|
|
Net
profit
|
12,900,018
|
-
|
2,115,832
|
|
6,366,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended
December 31,
|
|
|
2013
|
|
2012
|
|
|
RMB
|
|
US$
|
|
RMB
|
Other
comprehensive (loss)/income, net of tax
|
|
|
|
|
|
Items that may be
reclassified subsequently to profit or loss:
|
|
|
|
|
|
Fair value changes of
available-for-sale
financial asset
|
(106,244)
|
|
(17,426)
|
|
98,516
|
Share of other
comprehensive (loss)/income
of investees accounted for under the
equity method
|
(35,481)
|
|
(5,820)
|
|
30,070
|
Effective portion of
cash flow hedges
|
417,891
|
|
68,542
|
|
(325,375)
|
Translation
differences of the financial
statements of foreign operations
|
(782,063)
|
|
(128,272)
|
|
536,231
|
|
|
|
|
|
|
|
Other
comprehensive (loss)/income, net of tax
|
(505,897)
|
|
(82,976)
|
|
339,442
|
|
|
|
|
|
|
|
Total
comprehensive income
|
12,394,121
|
|
2,032,856
|
|
6,705,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit
attributable to:
|
|
|
|
|
|
|
- Equity holders of
the Company
|
10,426,024
|
|
1,710,053
|
|
5,512,454
|
|
- Non-controlling
interests
|
2,473,994
|
|
405,779
|
|
853,961
|
|
|
|
|
|
|
|
|
|
12,900,018
|
|
2,115,832
|
|
6,366,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income attributable to:
|
|
|
|
|
|
|
- Equity holders of
the Company
|
9,920,884
|
|
1,627,201
|
|
5,850,701
|
|
- Non-controlling
interests
|
2,473,237
|
|
405,655
|
|
855,156
|
|
|
|
|
|
|
|
|
|
12,394,121
|
|
2,032,856
|
|
6,705,857
|
|
|
|
|
|
|
|
Earnings per share
attributable to the
|
|
|
|
|
|
equity holders of the Company
|
|
|
|
|
|
|
(expressed in
RMB per share)
|
|
|
|
|
|
|
-
Basic and diluted
|
0.74
|
|
0.12
|
|
0.39
|
|
|
|
|
|
|
|
Dividends
paid
|
2,951,631
|
|
484,120
|
|
702,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proposed
dividend
|
5,341,046
|
|
876,027
|
|
2,951,631
|
|
|
|
|
|
|
|
Proposed dividend
per share
|
|
|
|
|
|
|
(expressed in
RMB per share)
|
0.38
|
|
0.06
|
|
0.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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=Rmb6.0969 announced by the People's Bank of China on
December 31, 2013. No representation is made that Renminbi amounts
could have been, or could be, converted into United States dollars
at that rate as at December 31, 2013, or at any other certain
rate.
|
About the Company
The Company is one of China's
largest listed power producers with controlled generation capacity
of 66,795MW and equity-based generation capacity of 59,993MW
currently. 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.
Olive Zhang/ Ms. Erica Tao / Ms. Shine Li/Ms. Irene Gao
Tel:
(852) 2851 1038
Fax: (852) 2865 1638
Email: olivezhang@wsfg.hk / ericatao@wsfg.hk /
shineli@wsfg.hk / irenegao@wsfg.hk
SOURCE Huaneng Power International, Inc.