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.